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.