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INVESTMENT OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2013
INVESTMENT OPERATIONS  
Summary of major categories of net investment income

 

 

 
   For The Year Ended December 31,  
 
   2013   2012   2011  
 
   (Dollars In Thousands)
  

Fixed maturities

   $ 1,509,544   $ 1,453,702   $ 1,416,861  

Equity securities

     26,923     21,187     21,274  

Mortgage loans

     333,145     349,877     336,542  

Investment real estate

     3,556     3,290     3,459  

Short-term investments

     75,984     64,729     69,791  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     1,949,152     1,892,785     1,847,927  

Other investment expenses

     31,071     30,453     27,284  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net investment income

   $ 1,918,081   $ 1,862,332   $ 1,820,643  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of net realized investment gains (losses) for all other investments

 

 

 
   For The Year Ended December 31,  
 
   2013   2012   2011  
 
   (Dollars In Thousands)
  

Fixed maturities

   $ 63,180   $ 67,726   $ 80,180  

Equity securities

     3,276     (45 )   9,194  

Impairments on fixed maturity securities

     (19,100 )   (58,886 )   (47,442 )

Impairments on equity securities

     (3,347 )   —     —  

Modco trading portfolio

     (178,134 )   177,986     164,224  

Other investments

     (11,859 )   (14,632 )   (18,683 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total realized gains (losses)—investments

   $ (145,984 ) $ 172,149   $ 187,473  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of amortized cost and fair value of the Company's investments classified as available-for-sale

 

 

 
   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		   Total OTTI
Recognized
in OCI(1)		  
 
   (Dollars In Thousands)
    
  

2013

                                

Fixed maturities:

                                

Bonds

                                

Residential mortgage-backed securities

   $ 1,435,477   $ 34,155   $ (24,564 ) $ 1,445,068   $ 979  

Commercial mortgage-backed securities

     963,461     26,900     (19,705 )   970,656     —  

Other asset-backed securities

     926,396     15,135     (69,548 )   871,983     (51 )

U.S. government-related securities

     1,529,818     32,150     (54,078 )   1,507,890     —  

Other government-related securities

     49,171     2,257     (1 )   51,427     —  

States, municipals, and political subdivisions          

     1,315,457     103,663     (8,291 )   1,410,829     —  

Corporate bonds

     24,644,025     1,507,630     (392,067 )   25,759,588     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     30,863,805     1,721,890     (568,254 )   32,017,441     928  

Equity securities

     654,579     6,631     (36,362 )   624,848     —  

Short-term investments

     81,703     —     —     81,703     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 31,600,087   $ 1,728,521   $ (604,616 ) $ 32,723,992   $ 928  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

2012

                                

Fixed maturities:

                                

Bonds

                                

Residential mortgage-backed securities

   $ 1,766,440   $ 92,265   $ (19,375 ) $ 1,839,330   $ (406 )

Commercial mortgage-backed securities

     797,844     72,577     (598 )   869,823     —  

Other asset-backed securities

     1,023,649     12,788     (61,424 )   975,013     (241 )

U.S. government-related securities

     1,099,001     71,537     (595 )   1,169,943     —  

Other government-related securities

     93,565     7,258     (45 )   100,778     —  

States, municipals, and political subdivisions          

     1,188,077     255,900     (264 )   1,443,713     —  

Corporate bonds

     17,705,440     2,725,057     (48,446 )   20,382,051     (5,487 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     23,674,016     3,237,382     (130,747 )   26,780,651     (6,134 )

Equity securities

     389,821     12,443     (10,033 )   392,231     —  

Short-term investments

     98,877     —     —     98,877     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 24,162,714   $ 3,249,825   $ (140,780 ) $ 27,271,759   $ (6,134 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of amortized cost and fair value of the Company's investments classified as held-to-maturity

 

 

 
   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value		   Total OTTI
Recognized
in OCI		  
 
    
   (Dollars In Thousands)
    
    
  

2013

                                

Fixed maturities:

                                

Other

   $ 365,000   $ —   $ (29,324 ) $ 335,676   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 365,000   $ —   $ (29,324 ) $ 335,676   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

2012

                                

Fixed maturities:

                                

Other

   $ 300,000   $ 19,163   $ —   $ 319,163   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 300,000   $ 19,163   $ —   $ 319,163   $ —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
Schedule of amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities, by expected maturity

 

 

 
   Available-for-sale   Held-to-maturity  
 
   Amortized
Cost		   Fair
Value		   Amortized
Cost		   Fair
Value		  
 
   (Dollars In Thousands)
   (Dollars In Thousands)
  

Due in one year or less

   $ 1,016,117   $ 1,033,834   $ —   $ —  

Due after one year through five years

     4,987,917     5,251,806     —     —  

Due after five years through ten years

     9,085,348     9,334,786     —     —  

Due after ten years

     15,774,423     16,397,015     365,000     335,676  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 30,863,805   $ 32,017,441   $ 365,000   $ 335,676  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
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)

 

 

 
   For The Year Ended December 31,    
 
   2013   2012   2011    
 
   (Dollars In Thousands)
    

Beginning balance

   $ 122,121   $ 69,719   $ 39,427    

Additions for newly impaired securities

     3,516     26,961     12,731    

Additions for previously impaired securities

     12,066     25,441     20,650    

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

     (88,523 )   —     —    

Reductions for previously impaired securities that were sold in the current period

     (7,488 )   —     (3,089 )  

Other

     —     —     —    
                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending balance

   $ 41,692   $ 122,121   $ 69,719    
                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                 
Schedule of investments' 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

  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, 2013:

 
   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

   $ 333,235   $ (14,051 ) $ 210,486   $ (10,513 ) $ 543,721   $ (24,564 )  

Commercial mortgage-backed securities

     429,228     (18,467 )   13,840     (1,238 )   443,068     (19,705 )  

Other asset-backed securities

     175,846     (14,555 )   497,512     (54,993 )   673,358     (69,548 )  

U.S. government-related securities

     891,698     (53,508 )   6,038     (570 )   897,736     (54,078 )  

Other government-related securities

     10,161     (1 )   —     —     10,161     (1 )  

States, municipalities, and political subdivisions

     172,157     (8,113 )   335     (178 )   172,492     (8,291 )  

Corporate bonds

     7,484,010     (353,211 )   272,423     (38,856 )   7,756,433     (392,067 )  

Equities

     376,776     (27,861 )   21,974     (8,501 )   398,750     (36,362 )  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 9,873,111   $ (489,767 ) $ 1,022,608   $ (114,849 ) $ 10,895,719   $ (604,616 )  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             

              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, 2012:

 
   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

   $ 101,522   $ (9,605 ) $ 166,000   $ (9,770 ) $ 267,522   $ (19,375 )  

Commercial mortgage-backed securities

     50,601     (598 )   —     —     50,601     (598 )  

Other asset-backed securities

     479,223     (28,179 )   242,558     (33,245 )   721,781     (61,424 )  

U.S. government-related securities

     107,802     (595 )   —     —     107,802     (595 )  

Other government-related securities

     14,955     (45 )   —     —     14,955     (45 )  

States, municipalities, and political subdivisions

     11,526     (264 )   —     —     11,526     (264 )  

Corporate bonds

     777,552     (23,663 )   364,110     (24,783 )   1,141,662     (48,446 )  

Equities

     35,059     (5,150 )   21,954     (4,883 )   57,013     (10,033 )  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 1,578,240   $ (68,099 ) $ 794,622   $ (72,681 ) $ 2,372,862   $ (140,780 )  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             
Summary of change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale

 

 

 
   For The Year Ended December 31,    
 
   2013   2012   2011    
 
   (Dollars In Thousands)
    

Fixed maturities

   $ (1,269,449 ) $ 819,746   $ 761,437    

Equity securities

     (20,892 )   8,484     (13,292 )