INVESTMENT OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Summary of net realized investment gains (losses) for all other investments

	Successor			Predecessor
	Company			Company
	February 1, 2015			January 1, 2015			For The Three
	to			to			Months Ended
	March 31, 2015			January 31, 2015			March 31, 2014
	(Dollars In Thousands)			(Dollars In Thousands)
Fixed maturities	$	373		$	6,891		$	7,370
Equity securities	—			—			—
Impairments on fixed maturity securities	—			(481		)	(1,591		)
Impairments on equity securities	—			—			—
Modco trading portfolio	(33,160		)	73,062			66,303
Other investments	(2,269		)	1,200			(1,559		)
Total realized gains (losses) - investments	$	(35,056	)	$	80,672		$	70,523

Schedule of amortized cost and fair value of the Company's investments classified as available-for-sale

			Gross		Gross					Total OTTI
As of March 31, 2015	Amortized		Unrealized		Unrealized			Fair		Recognized
(Successor Company)	Cost		Gains		Losses			Value		in OCI(1)
			(Dollars In Thousands)
Fixed maturities:
Residential mortgage-backed securities	$	1,561,365	$	5,648	$	(5,746	)	$	1,561,267	$	—
Commercial mortgage-backed securities	1,199,039		1,232		(5,431		)	1,194,840		—
Other asset-backed securities	824,614		1,832		(10,282		)	816,164		—
U.S. government-related securities	1,649,513		1,499		(13,976		)	1,637,036		—
Other government-related securities	19,516		—		(312		)	19,204		—
States, municipals, and political subdivisions	1,722,255		584		(44,750		)	1,678,089		—
Corporate securities	28,266,854		104,424		(562,102		)	27,809,176		—
Preferred stock	64,362		72		(690		)	63,744		—
	35,307,518		115,291		(643,289		)	34,779,520		—
Equity securities	735,175		4,483		(2,158		)	737,500		—
Short-term investments	184,753		—		—			184,753		—
	$	36,227,446	$	119,774	$	(645,447	)	$	35,701,773	$	—


As of December 31, 2014 (Predecessor Company)
Fixed maturities:
Residential mortgage-backed securities	$	1,374,206	$	56,330	$	(12,278	)	$	1,418,258	$	6,404
Commercial mortgage-backed securities	1,119,979		59,637		(2,364		)	1,177,252		—
Other asset-backed securities	857,441		17,885		(35,950		)	839,376		(95		)
U.S. government-related securities	1,394,028		44,149		(9,282		)	1,428,895		—
Other government-related securities	16,939		3,233		—			20,172		—
States, municipals, and political subdivisions	1,391,526		296,594		(431		)	1,687,689		—
Corporate securities	24,765,303		2,759,255		(139,031		)	27,385,527		—
	30,919,422		3,237,083		(199,336		)	33,957,169		6,309
Equity securities	757,259		38,669		(14,182		)	781,746		—
Short-term investments	155,500		—		—			155,500		—
	$	31,832,181	$	3,275,752	$	(213,518	)	$	34,894,415	$	6,309

(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

			Gross		Gross					Total OTTI
As of March 31, 2015	Amortized		Unrealized		Unrealized			Fair		Recognized
Successor Company	Cost		Gains		Losses			Value		in OCI
			(Dollars In Thousands)
Fixed maturities:
Other	$	551,320	$	—	$	(22,492	)	$	528,828	$	—
	$	551,320	$	—	$	(22,492	)	$	528,828	$	—


As of December 31, 2014 Predecessor Company
Fixed maturities:
Other	$	435,000	$	50,422	$	—		$	485,422	$	—
	$	435,000	$	50,422	$	—		$	485,422	$	—

Schedule of amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities, by expected maturity

	Successor Company
	Available-for-sale				Held-to-maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(Dollars In Thousands)				(Dollars In Thousands)
Due in one year or less	$	891,374	$	891,238	$	—	$	—
Due after one year through five years	5,134,060		5,134,012		—		—
Due after five years through ten years	8,836,511		8,795,750		—		—
Due after ten years	20,445,573		19,958,520		551,320		528,828
	$	35,307,518	$	34,779,520	$	551,320	$	528,828

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)

	Successor		Predecessor
	Company		Company
	February 1, 2015		January 1, 2015		For The Three
	to		to		Months Ended
	March 31, 2015		January 31, 2015		March 31, 2014
	(Dollars In Thousands)		(Dollars In Thousands)
Beginning balance	$	—	$	15,478	$	41,692
Additions for newly impaired securities	—		—		—
Additions for previously impaired securities	—		221		474
Reductions for previously impaired securities due to a change in expected cash flows	—		—		(21,327		)
Reductions for previously impaired securities that were sold in the current period	—		—		—
Ending balance	$	—	$	15,699	$	20,839

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 March 31, 2015 (Successor Company):

	Less Than 12 Months					12 Months or More				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Loss			Value		Loss		Value		Loss
						(Dollars In Thousands)
Residential mortgage-backed securities	$	834,640	$	(5,746	)	$	—	$	—	$	834,640	$	(5,746	)
Commercial mortgage-backed securities	941,676		(5,431		)	—		—		941,676		(5,431		)
Other asset-backed securities	724,228		(10,282		)	—		—		724,228		(10,282		)
U.S. government-related securities	1,303,006		(13,976		)	—		—		1,303,006		(13,976		)
Other government-related securities	19,204		(312		)	—		—		19,204		(312		)
States, municipalities, and political subdivisions	1,650,969		(44,750		)	—		—		1,650,969		(44,750		)
Corporate securities	21,229,892		(562,102		)	—		—		21,229,892		(562,102		)
Preferred stock	30,180		(690		)	—		—		30,180		(690		)
Equities	283,487		(2,158		)	—		—		283,487		(2,158		)
	$	27,017,282	$	(645,447	)	$	—	$	—	$	27,017,282	$	(645,447	)

	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
						(Dollars In Thousands)
Residential mortgage-backed securities	$	166,271	$	(9,562	)	$	67,280	$	(2,716	)	$	233,551	$	(12,278	)
Commercial mortgage-backed securities	49,909		(334		)	102,529		(2,030		)	152,438		(2,364		)
Other asset-backed securities	108,666		(6,473		)	537,486		(29,477		)	646,152		(35,950		)
U.S. government-related securities	231,917		(3,868		)	280,803		(5,414		)	512,720		(9,282		)
Other government-related securities	—		—			—		—			—		—
States, municipalities, and political subdivisions	1,904		(134		)	10,482		(297		)	12,386		(431		)
Corporate securities	1,659,287		(76,341		)	776,864		(62,690		)	2,436,151		(139,031		)
Equities	17,430		(217		)	129,719		(13,965		)	147,149		(14,182		)
	$	2,235,384	$	(96,929	)	$	1,905,163	$	(116,589	)	$	4,140,547	$	(213,518	)

Summary of change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale

	Successor			Predecessor
	Company			Company
	February 1, 2015			January 1, 2015		For The Three
	to			to		Months Ended
	March 31, 2015			January 31, 2015		March 31, 2014
	(Dollars In Thousands)			(Dollars In Thousands)
Fixed maturities	$	(343,199	)	$	670,229	$	628,612
Equity securities	1,511			10,226		18,413

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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