OFFSETTING OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	170,970	$	—	$	170,970	$	58,156	$	34,311	$	78,503
Embedded derivative - Modco reinsurance treaties	1,381		—		1,381		—		—		1,381
Embedded derivative - GMWB	104,036		—		104,036		—		—		104,036
Total derivatives, subject to a master netting arrangement or similar arrangement	276,387		—		276,387		58,156		34,311		183,920
Total derivatives, not subject to a master netting arrangement or similar arrangement	307		—		307		—		—		307
Total derivatives	276,694		—		276,694		58,156		34,311		184,227
Total Assets	$	276,694	$	—	$	276,694	$	58,156	$	34,311	$	184,227

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	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 September 30, 2014:

					Net Amounts
			Gross		of Liabilities		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	$	85,665	$	—	$	85,665	$	58,156	$	25,961	$	1,548
Embedded derivative - Modco reinsurance treaties	298,728		—		298,728		—		—		298,728
Embedded derivative - GMWB	128,912		—		128,912		—		—		128,912
Embedded derivative - FIA	103,497		—		103,497		—		—		103,497
Embedded derivative - IUL	2,609		—		2,609		—		—		2,609
Total derivatives, subject to a master netting arrangement or similar arrangement	619,411		—		619,411		58,156		25,961		535,294
Total derivatives, not subject to a master netting arrangement or similar arrangement	—		—		—		—		—		—
Total derivatives	619,411		—		619,411		58,156		25,961		535,294
Repurchase agreements(1)	359,804		—		359,804		—		—		359,804
Total Liabilities	$	979,215	$	—	$	979,215	$	58,156	$	25,961	$	895,098

(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 Liabilities		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	$	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.