Summary of Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of fixed maturity investments classified as available-for-sale and the non-credit related components of other-than-temporary impairments (OTTI) in accumulated other comprehensive income (loss) (AOCI)

The following tables summarize fixed maturity investments classified as available-for-sale and the non-credit-related component of other-than-temporary impairments (“OTTI”) in accumulated other comprehensive income (loss) (“AOCI”):



	March 31, 2015
	Amortized		Gross unrealized		Gross unrealized		Estimated fair value		OTTI (gain) loss
Fixed maturities:	cost		gains		losses		and carrying value		included in AOCI ⁽¹⁾
U.S. government direct obligations and U.S. agencies	$	1,081,949	$	74,740	$	390	$	1,156,299	$	—
Obligations of U.S. states and their subdivisions	2,051,020		311,136		1,463		2,360,693		—
Foreign government securities	2,414		—		—		2,414		—
Corporate debt securities ⁽²⁾	11,536,443		873,106		79,718		12,329,831		(2,329		)
Asset-backed securities	1,284,772		151,734		11,461		1,425,045		(92,246		)
Residential mortgage-backed securities	157,318		6,637		1,509		162,446		(177		)
Commercial mortgage-backed securities	878,942		42,969		839		921,072		—
Collateralized debt obligations	9,850		17		—		9,867		—
Total fixed maturities	$	17,002,708	$	1,460,339	$	95,380	$	18,367,667	$	(94,752	)

⁽¹⁾ Indicates the amount of any OTTI (gain) loss included in AOCI that is included in gross unrealized gains and losses. OTTI (gain) loss included in AOCI, as presented above, includes both the initial recognition of non-credit losses and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities with previous non-credit impairment. The non-credit loss component of OTTI (gain) loss was in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

⁽²⁾ Includes perpetual debt investments with amortized cost of $157,742 and estimated fair value of $129,358.



	December 31, 2014
	Amortized		Gross unrealized		Gross unrealized		Estimated fair value		OTTI (gain) loss
Fixed maturities:	cost		gains		losses		and carrying value		included in AOCI ⁽¹⁾
U.S. government direct obligations and U.S. agencies	$	3,478,153	$	70,597	$	1,494	$	3,547,256	$	—
Obligations of U.S. states and their subdivisions	1,885,715		287,668		899		2,172,484		—
Foreign government securities	2,455		—		4		2,451		—
Corporate debt securities ⁽²⁾	11,258,517		763,036		82,104		11,939,449		(2,228		)
Asset-backed securities	1,263,089		149,152		13,702		1,398,539		(96,603		)
Residential mortgage-backed securities	167,793		7,368		1,932		173,229		(185		)
Commercial mortgage-backed securities	886,748		32,556		1,099		918,205		—
Collateralized debt obligations	10,674		—		209		10,465		—
Total fixed maturities	$	18,953,144	$	1,310,377	$	101,443	$	20,162,078	$	(99,016	)

⁽²⁾ Includes perpetual debt investments with amortized cost of $157,742 and estimated fair value of $131,799.

Schedule of amortized cost and estimated fair value of fixed maturity investments classified as available-for-sale

The amortized cost and estimated fair value of fixed maturity investments classified as available-for-sale, based on estimated cash flows, are shown in the table below. Actual maturities will likely differ from these projections because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	March 31, 2015
	Amortized cost		Estimated fair value
Maturing in one year or less	$	658,867	$	689,902
Maturing after one year through five years	3,603,240		3,922,438
Maturing after five years through ten years	4,427,116		4,729,717
Maturing after ten years	5,245,378		5,739,031
Mortgage-backed and asset-backed securities	3,068,107		3,286,579
Total fixed maturities	$	17,002,708	$	18,367,667

Summary of information regarding the sales of securities classified as available-for-sale

The following table summarizes information regarding the sales of securities classified as available-for-sale:



	Three Months Ended March 31,
	2015		2014
Proceeds from sales	$	2,658,671	$	2,239,661
Gross realized gains from sales	23,351		19,773
Gross realized losses from sales	20		1,062

Schedule of the carrying value of the mortgage loan portfolio by component

The following table summarizes the carrying value of the mortgage loan portfolio by component:



	March 31, 2015			December 31, 2014
Principal	$	3,433,510		$	3,356,374
Unamortized premium (discount) and fees, net	9,563			10,086
Mortgage provision allowance	(2,890		)	(2,890		)
Total mortgage loans	$	3,440,183		$	3,363,570

Summary of activity in the mortgage provision allowance



	Three Months Ended March 31, 2015		Year Ended December 31, 2014
	Commercial mortgages		Commercial mortgages
Allowance ending balance by basis of impairment method:
Collectively evaluated for impairment	$	2,890	$	2,890

Recorded investment balance in the mortgage loan portfolio, gross of allowance, by basis of impairment method:	$	3,443,073	$	3,366,460
Individually evaluated for impairment	12,878		12,986
Collectively evaluated for impairment	3,430,195		3,353,474

Schedule of unrealized investment losses, including the non-credit-related portion of OTTI losses reported in AOCI, by class of investment

The following tables summarize unrealized investment losses, including the non-credit-related portion of OTTI losses reported in AOCI, by class of investment:



	March 31, 2015
	Less than twelve months				Twelve months or longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
Fixed maturities:	fair value		loss and OTTI		fair value		loss and OTTI		fair value		loss and OTTI
U.S. government direct obligations and U.S. agencies	$	46,293	$	65	$	26,592	$	325	$	72,885	$	390
Obligations of U.S. states and their subdivisions	162,763		1,214		807		249		163,570		1,463
Corporate debt securities	773,294		23,499		381,146		56,219		1,154,440		79,718
Asset-backed securities	78,682		415		195,402		11,046		274,084		11,461
Residential mortgage-backed securities	3,945		10		22,622		1,499		26,567		1,509
Commercial mortgage-backed securities	60,370		699		24,939		140		85,309		839
Total fixed maturities	$	1,125,347	$	25,902	$	651,508	$	69,478	$	1,776,855	$	95,380

Total number of securities in an unrealized loss position			122				89				211



	December 31, 2014
	Less than twelve months				Twelve months or longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
Fixed maturities:	fair value		loss and OTTI		fair value		loss and OTTI		fair value		loss and OTTI
U.S. government direct obligations and U.S. agencies	$	566,335	$	503	$	74,322	$	991	$	640,657	$	1,494
Obligations of U.S. states and their subdivisions	18,280		218		41,064		681		59,344		899
Foreign government securities	2,451		4		—		—		2,451		4
Corporate debt securities	836,263		16,775		764,528		65,329		1,600,791		82,104
Asset-backed securities	88,312		849		200,072		12,853		288,384		13,702
Residential mortgage-backed securities	4,663		11		24,052		1,921		28,715		1,932
Commercial mortgage-backed securities	35,015		127		57,333		972		92,348		1,099
Collateralized debt obligations	10,465		209		—		—		10,465		209
Total fixed maturities	$	1,561,784	$	18,696	$	1,161,371	$	82,747	$	2,723,155	$	101,443

Total number of securities in an unrealized loss position			134				153				287

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The OTTI on fixed maturity securities where the loss portion is bifurcated and the credit related component is recognized in realized investment gains (losses) is summarized as follows:



	Three Months Ended March 31,
	2015			2014
Beginning balance	$	119,532		$	167,961
Initial impairments - credit loss on securities not previously impaired	450			—
Reductions due to increases in cash flows expected to be collected that are recognized over the remaining life of the security	(4,329		)	—
Ending balance	$	115,653		$	167,961

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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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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