OFFSETTING OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2014

OFFSETTING OF ASSETS AND LIABILITIES

Schedule of derivative instruments by assets

The tables below present the derivative instruments by assets and liabilities for the Company as of March 31, 2014:

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Assets		Position		Position		Instruments		Received		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Assets
Derivatives:
Free-Standing derivatives	$	133,565	$	—	$	133,565	$	51,987	$	18,950	$	62,628
Embedded derivative - Modco reinsurance treaties	1,011		—		1,011		—		—		1,011
Embedded derivative - GMWB	142,797		—		142,797		—		—		142,797
Total derivatives, subject to a master netting arrangement or similar arrangement	277,373		—		277,373		51,987		18,950		206,436
Total derivatives, not subject to a master netting arrangement or similar arrangement	351		—		351		—		—		351
Total derivatives	277,724		—		277,724		51,987		18,950		206,787
Total Assets	$	277,724	$	—	$	277,724	$	51,987	$	18,950	$	206,787

The tables below present the derivative instruments by assets and liabilities for the Company as of December 31, 2013:

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Assets		Position		Position		Instruments		Received		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Assets
Derivatives:
Free-Standing derivatives	$	110,983	$	—	$	110,983	$	52,487	$	10,700	$	47,796
Embedded derivative - Modco reinsurance treaties	1,517		—		1,517		—		—		1,517
Embedded derivative - GMWB	194,616		—		194,616		—		—		194,616
Total derivatives, subject to a master netting arrangement or similar arrangement	307,116		—		307,116		52,487		10,700		243,929
Total derivatives, not subject to a master netting arrangement or similar arrangement	451		—		451		—		—		451
Total derivatives(1)	307,567		—		307,567		52,487		10,700		244,380
Total Assets	$	307,567	$	—	$	307,567	$	52,487	$	10,700	$	244,380

Schedule of derivative instruments by liabilities

The tables below present the derivative instruments by assets and liabilities for the Company as of March 31, 2014:

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Liabilities		Position		Position		Instruments		Paid		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Liabilities
Derivatives:
Free-Standing derivatives	$	126,835	$	—	$	126,835	$	51,987	$	58,615	$	16,233
Embedded derivative - Modco reinsurance treaties	266,581		—		266,581		—		—		266,581
Embedded derivative - GMWB	68,855		—		68,855		—		—		68,855
Embedded derivative - FIA	35,929		—		35,929		—		—		35,929
Total derivatives, subject to a master netting arrangement or similar arrangement	498,200		—		498,200		51,987		58,615		387,598
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	498,200		—		498,200		51,987		58,615		387,598
Repurchase agreements(1)	475,000		—		475,000		—		—		475,000
Total Liabilities	$	973,200	$	—	$	973,200	$	51,987	$	58,615	$	862,598

(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, 2013:

					Net Amounts
			Gross		of Assets		Gross Amounts Not Offset
			Amounts		Presented in		in the Statement of
	Gross		Offset in the		the		Financial Position
	Amounts of		Statement of		Statement of				Cash
	Recognized		Financial		Financial		Financial		Collateral
	Assets		Position		Position		Instruments		Paid		Net Amount
	(Dollars In Thousands)
Offsetting of Derivative Liabilities
Derivatives:
Free-Standing derivatives	$	187,172	$	—	$	187,172	$	52,487	$	98,359	$	36,326
Embedded derivative - Modco reinsurance treaties	206,918		—		206,918		—		—		206,918
Embedded derivative - GMWB	38,388		—		38,388		—		—		38,388
Embedded derivative - FIA	25,324		—		25,324		—		—		25,324
Total derivatives, subject to a master netting arrangement or similar arrangement	457,802		—		457,802		52,487		98,359		306,956
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	457,802		—		457,802		52,487		98,359		306,956
Repurchase agreements(1)	350,000		—		350,000		—		—		350,000
Total Liabilities	$	807,802	$	—	$	807,802	$	52,487	$	98,359	$	656,956

(1) Borrowings under repurchase agreements are for a term less than 90 days.