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INVESTMENT OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Realized Gain (Loss) on Investments
Net realized gains (losses) for all other investments are summarized as follows:
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In Thousands)
Fixed maturities
$
(2,018
)
 
$
1,042

 
$
6,304

 
$
10,482

Equity gains and losses(1)
(6,638
)
 
(352
)
 
(16,466
)
 
(1,398
)
Impairments
(14
)
 
(273
)
 
(3,664
)
 
(10,889
)
Modco trading portfolio
(10,901
)
 
19,399

 
(148,427
)
 
93,181

Other investments
(312
)
 
(1,939
)
 
1,519

 
(7,557
)
Total realized gains (losses) - investments
$
(19,883
)
 
$
17,877

 
$
(160,734
)
 
$
83,819

 
 
 
 
 
 
 
 
(1) Beginning January 1, 2018, all changes in the fair market value of equity securities are recorded as a realized gains (loss) as a result of the adoption of ASU No. 2016-01.
Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities and short-term investments) are as follows:
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In Thousands)
Gross realized gains
$
3,410

 
$
1,933

 
$
21,596

 
$
14,968

Gross realized losses:
 
 
 
 
 
 


Impairment losses
$
(14
)
 
$
(273
)
 
$
(3,664
)
 
$
(10,889
)
Other realized losses
$
(5,428
)
 
$
(1,243
)
 
$
(15,292
)
 
$
(5,884
)
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
The chart below summarizes the fair value (proceeds) and the gains (losses) realized on available-for-sale securities the Company sold that were in an unrealized gain position and an unrealized loss position.
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In Thousands)
Securities in an unrealized gain position:
 
 
 
 
 
 
 
Fair value (proceeds)
$
306,600

 
$
121,459

 
$
914,885

 
$
566,064

Gains realized
$
3,410

 
$
1,933

 
$
21,596

 
$
14,968

 
 
 
 
 
 
 
 
Securities in an unrealized loss position(1):
 
 
 
 
 
 
 
Fair value (proceeds)
$
122,317

 
$
37,186

 
$
380,493

 
$
121,450

Losses realized
$
(5,428
)
 
$
(1,243
)
 
$
(15,292
)
 
$
(5,884
)
 
 
 
 
 
 
 
 
(1) The Company made the decision to exit these holdings in conjunction with its overall asset/liability management process.
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2018:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
2,831,969

 
$
(80,873
)
 
$
407,345

 
$
(25,077
)
 
$
3,239,314

 
$
(105,950
)
Commercial mortgage-backed securities
1,442,862

 
(40,080
)
 
757,095

 
(41,983
)
 
2,199,957

 
(82,063
)
Other asset-backed securities
645,956

 
(9,131
)
 
125,847

 
(7,251
)
 
771,803

 
(16,382
)
U.S. government-related securities
551,939

 
(14,066
)
 
1,012,450

 
(58,741
)
 
1,564,389

 
(72,807
)
Other government-related securities
256,902

 
(7,459
)
 
111,089

 
(14,229
)
 
367,991

 
(21,688
)
States, municipalities, and political subdivisions
2,268,935

 
(51,019
)
 
998,399

 
(88,908
)
 
3,267,334

 
(139,927
)
Corporate securities
21,828,788

 
(787,017
)
 
9,771,234

 
(1,137,654
)
 
31,600,022

 
(1,924,671
)
Redeemable preferred stock
43,712

 
(1,902
)
 
43,427

 
(5,321
)
 
87,139

 
(7,223
)
 
$
29,871,063

 
$
(991,547
)
 
$
13,226,886

 
$
(1,379,164
)
 
$
43,097,949

 
$
(2,370,711
)
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2017:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
766,599

 
$
(9,671
)
 
$
416,221

 
$
(13,362
)
 
$
1,182,820

 
$
(23,033
)
Commercial mortgage-backed securities
757,471

 
(8,592
)
 
796,456

 
(21,594
)
 
1,553,927

 
(30,186
)
Other asset-backed securities
86,506

 
(322
)
 
134,316

 
(5,441
)
 
220,822

 
(5,763
)
U.S. government-related securities
94,110

 
(688
)
 
1,072,232

 
(31,489
)
 
1,166,342

 
(32,177
)
Other government-related securities
24,830

 
(169
)
 
115,294

 
(4,778
)
 
140,124

 
(4,947
)
States, municipalities, and political subdivisions
170,268

 
(1,738
)
 
1,027,747

 
(43,874
)
 
1,198,015

 
(45,612
)
Corporate securities
5,054,316

 
(55,795
)
 
10,962,689

 
(472,394
)
 
16,017,005

 
(528,189
)
Redeemable preferred stock
22,048

 
(1,120
)
 
23,197

 
(2,383
)
 
45,245

 
(3,503
)
Equities
86,586

 
(1,401
)
 
91,195

 
(7,370
)
 
177,781

 
(8,771
)
 
$
7,062,734

 
$
(79,496
)
 
$
14,639,347

 
$
(602,685
)
 
$
21,702,081

 
$
(682,181
)
Realized Gain (Loss) on Equity Securities
The chart below summarizes the realized gains (losses) on equity securities sold during the period and equity securities still held at the reporting date.
 
For The
Three Months Ended
September 30, 2018
 
For The
Nine Months Ended
September 30, 2018
 
(Dollars In Thousands)
Net gains (losses) recognized during the period on equity securities
$
(6,638
)
 
$
(16,466
)
Less: net gains (losses) recognized on equity securities sold during the period
$
(1,476
)
 
$
(3,856
)
Gains (losses) recognized during the period on equity securities still held
$
(5,162
)
 
$
(12,610
)
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale
The amortized cost and fair value of the Company’s investments classified as available-for-sale are as follows:
As of September 30, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
 
 
(Dollars In Thousands)
 
 
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
3,515,247

 
$
5,808

 
$
(105,950
)
 
$
3,415,105

 
$
—

Commercial mortgage-backed securities
 
2,344,653

 
181

 
(82,063
)
 
2,262,771

 
—

Other asset-backed securities
 
1,456,768

 
13,749

 
(16,382
)
 
1,454,135

 
—

U.S. government-related securities
 
1,653,626

 
160

 
(72,807
)
 
1,580,979

 
—

Other government-related securities
 
548,343

 
2,926

 
(21,688
)
 
529,581

 
—

States, municipals, and political subdivisions
 
3,691,930

 
6,070

 
(139,927
)
 
3,558,073

 
—

Corporate securities
 
38,778,746

 
167,850

 
(1,924,671
)
 
37,021,925

 
—

Redeemable preferred stock
 
94,362

 
—

 
(7,223
)
 
87,139

 
—

 
 
52,083,675

 
196,744

 
(2,370,711
)
 
49,909,708

 
—

Short-term investments
 
476,188

 
—

 
—

 
476,188

 
—

 
 
$
52,559,863

 
$
196,744

 
$
(2,370,711
)
 
$
50,385,896

 
$
—

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
 
 
(Dollars In Thousands)
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
 
$
2,330,832

 
$
19,413

 
$
(23,033
)
 
$
2,327,212

 
$
10

Commercial mortgage-backed securities
 
1,914,998

 
5,010

 
(30,186
)
 
1,889,822

 
—

Other asset-backed securities
 
1,234,376

 
20,936

 
(5,763
)
 
1,249,549

 
—

U.S. government-related securities
 
1,255,244

 
185

 
(32,177
)
 
1,223,252

 
—

Other government-related securities
 
282,767

 
9,463

 
(4,948
)
 
287,282

 
—

States, municipals, and political subdivisions
 
1,770,299

 
16,959

 
(45,613
)
 
1,741,645

 
(37
)
Corporate securities
 
29,606,484

 
623,713

 
(528,187
)
 
29,702,010

 
(1
)
Redeemable preferred stock
 
94,362

 
232

 
(3,503
)
 
91,091

 
—

 
 
38,489,362

 
695,911

 
(673,410
)
 
38,511,863

 
(28
)
Equity securities
 
735,569

 
22,318

 
(8,771
)
 
749,116

 
—

Short-term investments
 
558,949

 
—

 
—

 
558,949

 
—

 
 
$
39,783,880

 
$
718,229

 
$
(682,181
)
 
$
39,819,928

 
$
(28
)
 
 
 
 
 
 
 
 
 
 
 
(1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of Fair Value of Trading Securities
The fair values of the Company’s investments classified as trading are as follows:    
 
 
As of
September 30, 2018
 
As of
December 31, 2017
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

Residential mortgage-backed securities
 
$
254,037

 
$
259,694

Commercial mortgage-backed securities
 
135,403

 
146,804

Other asset-backed securities
 
111,770

 
138,097

U.S. government-related securities
 
58,081

 
27,234

Other government-related securities
 
43,030

 
63,925

States, municipals, and political subdivisions
 
296,618

 
326,925

Corporate securities
 
1,569,652

 
1,698,183

Redeemable preferred stock
 
3,165

 
3,327

 
 
2,471,756

 
2,664,189

Equity securities
 
3,801

 
5,244

Short-term investments
 
55,865

 
56,261

 
 
$
2,531,422

 
$
2,725,694
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity
The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of September 30, 2018, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment.
 
Available-for-Sale
 
Held-to-Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
(Dollars In Thousands)
Due in one year or less
$
957,984

 
$
955,779

 
$
—

 
$
—

Due after one year through five years
9,269,777

 
9,096,671

 
—

 
—

Due after five years through ten years
9,259,344

 
9,001,644

 
—

 
—

Due after ten years
32,596,570

 
30,855,614

 
2,653,605

 
2,577,841

 
$
52,083,675

 
$
49,909,708

 
$
2,653,605

 
$
2,577,841
Gain (Loss) on Investments
The charts below summarize the Company’s other-than-temporary impairments of investments. All of the impairments were related to fixed maturities.
 
For The
Three Months Ended
September 30, 2018
 
For The
Nine Months Ended
September 30, 2018
 
Fixed
Maturities
 
Fixed
Maturities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(14
)
 
$
(715
)
Non-credit impairment losses recorded in other comprehensive income
—

 
(2,949
)
Net impairment losses recognized in earnings
$
(14
)
 
$
(3,664
)

 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2017
 
2017
 
Fixed
Maturities
 
Equity
Securities
 
Total
Securities
 
Fixed Maturities
 
Equity Securities
 
Total Securities
 
(Dollars In Thousands)
Other-than-temporary impairments
$
(366
)
 
$
—

 
$
(366
)
 
$
(494
)
 
$
(2,630
)
 
$
(3,124
)
Non-credit impairment losses recorded in other comprehensive income
93

 
—

 
93

 
(7,765
)
 
—

 
(7,765
)
Net impairment losses recognized in earnings
$
(273
)
 
$
—

 
$
(273
)
 
$
(8,259
)
 
$
(2,630
)
 
$
(10,889
)
Schedule of Available-for-Sale Credit Losses on Fixed Maturities Held by the Company for Which a Portion of Other-than-Temporary Impairments were Recognized in Other Comprehensive Income (Loss)
The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss):
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In Thousands)
Beginning balance
$
2

 
$
2,783

 
$
3,268

 
$
12,685

Additions for newly impaired securities
—

 
266

 
—

 
266

Additions for previously impaired securities
—

 
6

 
2

 
2,791

Reductions for previously impaired securities due to a change in expected cash flows
—

 
(37
)
 
—

 
(12,724
)
Reductions for previously impaired securities that were sold in the current period
(2
)
 
(600
)
 
(3,270
)
 
(600
)
Ending balance
$
—

 
$
2,418

 
$
—

 
$
2,418
Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale
The change in unrealized gains (losses), net of income tax, on fixed maturities, classified as available-for-sale is summarized as follows:
 
For The
Three Months Ended
September 30,
 
For The
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In Thousands)
Fixed maturities
$
(229,912
)
 
$
168,062

 
$
(1,735,210
)
 
$
868,767
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity
The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of September 30, 2018 and December 31, 2017, are as follows:
As of September 30, 2018
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain, LLC
 
$
736,605

 
$
—

 
$
(77,492
)
 
$
659,113

 
$
—

Steel City, LLC
 
1,917,000

 
1,728

 
—

 
1,918,728

 
—

 
 
$
2,653,605

 
$
1,728

 
$
(77,492
)
 
$
2,577,841

 
$
—

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
Amortized
Cost
 
Gross
Unrecognized
Holding
Gains
 
Gross
Unrecognized
Holding
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
 
 
(Dollars In Thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain, LLC
 
$
704,904

 
$
—

 
$
(19,163
)
 
$
685,741

 
$
—

Steel City, LLC
 
2,014,000

 
76,586

 
—

 
2,090,586

 
—

 
 
$
2,718,904

 
$
76,586

 
$
(19,163
)
 
$
2,776,327

 
$
—