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OFFSETTING OF ASSETS AND LIABILITIES
3 Months Ended
Mar. 31, 2018
Offsetting [Abstract]  
OFFSETTING OF ASSETS AND LIABILITIES
OFFSETTING OF ASSETS AND LIABILITIES
Certain of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Company and a counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements associated with each master netting arrangement provide that the Company will receive or pledge financial collateral in the event either minimum thresholds, or in certain cases ratings levels, have been reached. Additionally, certain of the Company's repurchase agreements provide for net settlement on termination of the agreement. Refer to Note 10, Debt and Other Obligations for details of the Company’s repurchase agreement programs.
The tables below present the derivative instruments by assets and liabilities for the Company as of March 31, 2018:
 
Gross
Amounts of
Recognized
Assets
 
Gross
Amounts
Offset in the
Statement of
Financial
Position
 
Net Amounts
of Assets
Presented in
the
Statement of
Financial
Position
 
Gross Amounts Not Offset
in the Statement of
Financial Position
 
 
 
 
 
 
Financial
Instruments
 
Collateral Received
 
Net Amount
 
(Dollars In Thousands)
Offsetting of Assets
 

 
 

 
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

 
 

 
 

Free-Standing derivatives
$
442,253

 
$
—

 
$
442,253

 
$
194,876

 
$
126,320

 
$
121,057

Total derivatives, subject to a master netting arrangement or similar arrangement
442,253

 
—

 
442,253

 
194,876

 
126,320

 
121,057

Derivatives not subject to a master netting arrangement or similar arrangement
 

 
 

 
 

 
 

 
 

 
 

Embedded derivative - Modco reinsurance treaties
497

 
—

 
497

 
—

 
—

 
497

Embedded derivative - GLWB
143,855

 
—

 
143,855

 
—

 
—

 
143,855

Other
160

 
—

 
160

 
—

 
—

 
160

Total derivatives, not subject to a master netting arrangement or similar arrangement
144,512

 
—

 
144,512

 
—

 
—

 
144,512

Total derivatives
586,765

 
—

 
586,765

 
194,876

 
126,320

 
265,569

Total Assets
$
586,765

 
$
—

 
$
586,765

 
$
194,876

 
$
126,320

 
$
265,569


 
Gross
Amounts of
Recognized
Liabilities
 
Gross
Amounts
Offset in the
Statement of
Financial
Position
 
Net Amounts
of Liabilities
Presented in
the
Statement of
Financial
Position
 
Gross Amounts Not Offset
in the Statement of
Financial Position
 
 
 
 
 
 
Financial
Instruments
 
Collateral Posted
 
Net Amount
 
(Dollars In Thousands)
Offsetting of Liabilities
 

 
 

 
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

 
 

 
 

Free-Standing derivatives
$
196,603

 
$
—

 
$
196,603

 
$
194,876

 
$
1,727

 
$
—

Total derivatives, subject to a master netting arrangement or similar arrangement
196,603

 
—

 
196,603

 
194,876

 
1,727

 
—

Derivatives not subject to a master netting arrangement or similar arrangement
 

 
 

 
 

 
 

 
 

 
 

Embedded derivative - Modco reinsurance treaties
126,090

 
—

 
126,090

 
—

 
—

 
126,090

Embedded derivative - GLWB
199,322

 
—

 
199,322

 
—

 
—

 
199,322

Embedded derivative - FIA
218,340

 
—

 
218,340

 
—

 
—

 
218,340

Embedded derivative - IUL
77,350

 
—

 
77,350

 
—

 
—

 
77,350

Total derivatives, not subject to a master netting arrangement or similar arrangement
621,102

 
—

 
621,102

 
—

 
—

 
621,102

Total derivatives
817,705

 
—

 
817,705

 
194,876

 
1,727

 
621,102

Repurchase agreements(1)
665,000

 
—

 
665,000

 
—

 
—

 
665,000

Total Liabilities
$
1,482,705

 
$
—

 
$
1,482,705

 
$
194,876

 
$
1,727

 
$
1,286,102

 
 
 
 
 
 
 
 
 
 
 
 
(1) Borrowings under repurchase agreements are for a term less than 90 days.


The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2017: 
 
Gross
Amounts of
Recognized
Assets
 
Gross
Amounts
Offset in the
Statement of
Financial
Position
 
Net Amounts
of Assets
Presented in
the
Statement of
Financial
Position
 
Gross Amounts Not Offset
in the Statement of
Financial Position
 
 
 
 
 
 
Financial
Instruments
 
Collateral
Received
 
Net Amount
 
(Dollars In Thousands)
Offsetting of Assets
 

 
 

 
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

 
 

 
 

Free-Standing derivatives
$
468,871

 
$
—

 
$
468,871

 
$
242,105

 
$
108,830

 
$
117,936

Total derivatives, subject to a master netting arrangement or similar arrangement
468,871

 
—

 
468,871

 
242,105

 
108,830

 
117,936

Derivatives not subject to a master netting arrangement or similar arrangement
 

 
 

 
 

 
 

 
 

 
 

Embedded derivative - Modco reinsurance treaties
1,009

 
—

 
1,009

 
—

 
—

 
1,009

Embedded derivative - GLWB
134,995

 
—

 
134,995

 
—

 
—

 
134,995

Other
200

 
—

 
200

 
—

 
—

 
200

Total derivatives, not subject to a master netting arrangement or similar arrangement
136,204

 
—

 
136,204

 
—

 
—

 
136,204

Total derivatives
605,075

 
—

 
605,075

 
242,105

 
108,830

 
254,140

Total Assets
$
605,075

 
$
—

 
$
605,075

 
$
242,105

 
$
108,830

 
$
254,140


 
Gross
Amounts of
Recognized
Liabilities
 
Gross
Amounts
Offset in the
Statement of
Financial
Position
 
Net Amounts
of Liabilities
Presented in
the
Statement of
Financial
Position
 
Gross Amounts Not Offset
in the Statement of
Financial Position
 
 
 
 
 
 
Financial
Instruments
 
Collateral
Posted
 
Net Amount
 
(Dollars In Thousands)
Offsetting of Liabilities
 

 
 

 
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

 
 

 
 

Free-Standing derivatives
$
246,682

 
$
—

 
$
246,682

 
$
242,105

 
$
4,577

 
$
—

Total derivatives, subject to a master netting arrangement or similar arrangement
246,682

 
—

 
246,682

 
242,105

 
4,577

 
—

Derivatives not subject to a master netting arrangement or similar arrangement
 

 
 

 
 

 
 

 
 

 
 

Embedded derivative - Modco reinsurance treaties
215,247

 
—

 
215,247

 
—

 
—

 
215,247

Embedded derivative - GLWB
246,755

 
—

 
246,755

 
—

 
—

 
246,755

Embedded derivative - FIA
218,676

 
—

 
218,676

 
—

 
—

 
218,676

Embedded derivative - IUL
80,212

 
—

 
80,212

 
—

 
—

 
80,212

Total derivatives, not subject to a master netting arrangement or similar arrangement
760,890

 
—

 
760,890

 
—

 
—

 
760,890

Total derivatives
1,007,572

 
—

 
1,007,572

 
242,105

 
4,577

 
760,890

Repurchase agreements(1)
885,000

 
—

 
885,000

 
—

 
—

 
885,000

Total Liabilities
$
1,892,572

 
$
—

 
$
1,892,572

 
$
242,105

 
$
4,577

 
$
1,645,890

 
 
 
 
 
 
 
 
 
 
 
 
(1) Borrowings under repurchase agreements are for a term less than 90 days.