DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Realized Investments Gains and Losses

The following table sets forth realized investments gains and losses for the periods shown:

Realized investment gains (losses) - derivative financial instruments

	For The Three Months Ended March 31,
	2019			2018
	(Dollars In Thousands)
Derivatives related to VA contracts:
Interest rate futures	$	(6,022	)	$	(16,892	)
Equity futures	29,738			(6,428		)
Currency futures	2,244			(7,583		)
Equity options	(71,695		)	12,016
Interest rate swaptions	—			(14		)
Interest rate swaps	74,861			(63,710		)
Total return swaps	(40,027		)	6,490
Embedded derivative - GLWB	(19,626		)	56,292
Total derivatives related to VA contracts	(30,527		)	(19,829		)
Derivatives related to FIA contracts:
Embedded derivative	(38,814		)	11,330
Equity futures	(429		)	(161		)
Equity options	42,050			(4,669		)
Total derivatives related to FIA contracts	2,807			6,500
Derivatives related to IUL contracts:
Embedded derivative	(13,370		)	9,884
Equity futures	171			136
Equity options	6,180			(1,250		)
Total derivatives related to IUL contracts	(7,019		)	8,770
Embedded derivative - Modco reinsurance treaties	(84,998		)	82,658
Other derivatives	66			(40		)
Total realized gains (losses) - derivatives	$	(119,671	)	$	78,059

Components of the Gain or Loss on Derivatives that Qualify as a Cash Flow Hedging Relationship

The following table presents the components of the gain or loss on derivatives that qualify as a cash flow hedging relationship.

Gain (Loss) on Derivatives in Cash Flow Hedging Relationship

	Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives			Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)			Amount and Location of (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)			(Effective Portion)			(Ineffective Portion)
				Benefits and settlement			Realized investment
				expenses			gains (losses)
				(Dollars In Thousands)
For The Three Months Ended March 31, 2019
Foreign currency swaps	$	(1,893	)	$	(207	)	$	—
Interest rate swaps	(595		)	(71		)	—
Total	$	(2,488	)	$	(278	)	$	—
For The Three Months Ended March 31, 2018
Foreign currency swaps	$	615		$	(113	)	$	—
Total	$	615		$	(113	)	$	—

Information about the Nature and Accounting Treatment of the Company's Primary Derivative Financial Instruments and Location in and Effect on the Financial Statements

The table below presents information about the nature and accounting treatment of the Company’s primary derivative financial instruments and the location in and effect on the consolidated condensed financial statements for the periods presented below:

	As of
	March 31, 2019				December 31, 2018
	Notional Amount		Fair Value		Notional Amount		Fair Value
	(Dollars In Thousands)
Other long-term investments
Derivatives not designated as hedging instruments:
Interest rate swaps	$	1,583,000	$	47,915	$	1,515,500	$	28,501
Total return swaps	562,658		2,292		138,070		3,971
Embedded derivative - Modco reinsurance treaties	39,878		38		585,294		7,072
Embedded derivative - GLWB	3,922,844		109,494		3,984,070		105,272
Interest rate futures	295,638		7,267		286,208		10,302
Equity futures	70,902		1,261		12,633		483
Currency futures	174,407		718		—		—
Equity options	6,061,873		368,624		5,624,081		220,092
Interest rate swaptions	—		—		—		—
Other	157		166		157		136
	$	12,711,357	$	537,775	$	12,146,013	$	375,829
Other liabilities
Cash flow hedges:
Interest rate swaps	$	350,000	$	—	$	350,000	$	—
Foreign currency swaps	117,178		1,996		117,178		904
Derivatives not designated as hedging instruments:
Interest rate swaps	525,000		2,591		775,000		11,367
Total return swaps	54,342		276		768,177		23,054
Embedded derivative - Modco reinsurance treaties	2,325,352		107,457		1,795,287		32,828
Embedded derivative - GLWB	6,276,475		313,190		8,466,019		289,343
Embedded derivative - FIA	2,639,780		263,445		2,576,033		217,288
Embedded derivative - IUL	247,241		112,814		233,550		90,231
Interest rate futures	870,669		13,231		863,706		20,100
Equity futures	172,853		3,512		659,357		33,753
Currency futures	57,073		8		202,747		2,163
Equity options	4,161,969		153,460		4,199,687		34,178
Other	8,498		985		3,288		252
	$	17,806,430	$	972,965	$	21,010,029	$	755,461