ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of September 30, 2019 and December 31, 2018.

Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Unrealized Gains and Losses on Investments⁽²⁾		Accumulated Gain and Loss Derivatives		Minimum Pension Liability Adjustment		Total Accumulated Other Comprehensive Income (Loss)
	(Dollars In Thousands, Net of Tax)
Balance, December 31, 2017	$	25,874	$	747	$	(13,925)	$	12,696
Other comprehensive income (loss) before reclassifications	(1,420,499)		(1,884)		(3,546)		(1,425,929)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	(20,751)		—		—		(20,751)
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾	15,651		1,130		1,989		18,770
Cumulative effect adjustments	(10,552)		—		—		(10,552)
Balance, December 31, 2018	$	(1,410,277)	$	(7)	$	(15,482)	$	(1,425,766)
Other comprehensive income (loss) before reclassifications	2,985,443		(8,116)		—		2,977,327
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings	4,308		—		—		4,308
Amounts reclassified from accumulated other comprehensive income (loss)⁽¹⁾	(5,722)		1,075		—		(4,647)

Balance, September 30, 2019	$	1,573,752	$	(7,048)	$	(15,482)	$	1,551,222

(1) See Reclassifications Out of Accumulated Other Comprehensive Income (Loss) table below for details.
(2) As of December 31, 2018 and September 30, 2019, net unrealized losses reported in AOCI were offset by $613.4 million and $(837.6) million, respectively, due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.

The following tables summarize the reclassifications amounts out of AOCI for the three and nine months ended September 30, 2019 and 2018.

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)


	Affected Line Item in the Condensed Consolidated Financial Statements
Gains/(losses) in net income:	Statements of Income	For The Three Months Ended September 30,						For The Nine Months Ended September 30,
		2019		2018		2019		2018
		(Dollars In Thousands)
Derivative instruments	Benefits and settlement expenses, net of reinsurance ceded⁽¹⁾	$	(746)	$	(481)	$	(1,360)	$	(799)
	Tax (expense) benefit	157		101		285		168
		$	(589)	$	(380)	$	(1,075)	$	(631)

Unrealized gains and losses on available-for-sale securities	Realized investment gains (losses): All other investments	$	15,686	$	(2,018)	$	21,901	$	6,304
	Net impairment losses recognized in earnings	(10,818)		(14)		(14,658)		(3,664)
	Tax (expense) benefit	(1,022)		427		(1,521)		(554)
		$	3,846	$	(1,605)	$	5,722	$	2,086





(1) See Note 7, Derivative Financial Instruments for additional information.