Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Financial Instruments

Summary of derivative financial instruments

	December 31, 2012
			Net derivatives			Asset derivatives		Liability derivatives
	Notional amount		Fair value			Fair value (1)		Fair value (1)
Hedge designation/derivative type:
Derivatives designated as hedges:
Cash flow hedges:
Interest rate swaps	$	184,200	$	26,113		$	26,113	$	—
Cross-currency swaps	424,248		(81,109		)	4,643		85,752
Total cash flow hedges	608,448		(54,996		)	30,756		85,752
Fair value hedges:
Interest rate swaps	183,776		(1,391		)	258		1,649
Total fair value hedges	183,776		(1,391		)	258		1,649
Total derivatives designated as hedges	792,224		(56,387		)	31,014		87,401
Derivatives not designated as hedges:
Interest rate swaps	29,264		305			1,062		757
Futures on equity indices	3,133		—			—		—
Interest rate futures	80,550		—			—		—
Interest rate swaptions	688,674		342			342		—
Total derivatives not designated as hedges	801,621		647			1,404		757
Total cash flow hedges, fair value hedges and derivatives not designated as hedges	$	1,593,845	$	(55,740	)	$	32,418	$	88,158

(1) The estimated fair value of all derivatives in an asset position is reported within other assets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the consolidated balance sheets.

	December 31, 2011
			Net derivatives			Asset derivatives		Liability derivatives
	Notional amount		Fair value			Fair value (1)		Fair value (1)
Hedge designation/derivative type:
Derivatives designated as hedges:
Cash flow hedges:
Interest rate swaps	$	184,200	$	20,894		$	20,894	$	—
Cross-currency swaps	69,030		6,241			6,241		—
Total cash flow hedges	253,230		27,135			27,135		—
Fair value hedges:
Interest rate swaps	35,800		(1,011		)	—		1,011
Total fair value hedges	35,800		(1,011		)	—		1,011
Total derivatives designated as hedges	289,030		26,124			27,135		1,011
Derivatives not designated as hedges:
Interest rate swaps	392,235		(8,316		)	4,687		13,003
Futures on equity indices	2,680		—			—		—
Interest rate futures	59,090		—			—		—
Interest rate swaptions	890,400		944			944		—
Total derivatives not designated as hedges	1,344,405		(7,372		)	5,631		13,003
Total cash flow hedges, fair value hedges and derivatives not designated as hedges	$	1,633,435	$	18,752		$	32,766	$	14,014

(1) The estimated fair value of all derivatives in an asset position is reported within other assets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the consolidated balance sheets.

Schedule of the effect of derivative instruments in the condensed consolidated statement of income reported by cash flow hedges, fair value hedges and economic hedges

	Gain (loss) recognized in OCI on derivatives (Effective portion)								Gain (loss) reclassified from OCI into net income (Effective portion)							Gain (loss) recognized in net income on derivatives (Ineffective portion and amount excluded from effectiveness testing)
	Year ended December 31,								Year ended December 31,							Year ended December 31,
	2012			2011			2010		2012		2011		2010			2012		2011			2010
Cash flow hedges:
Interest rate swaps	$	5,220		$	21,322		$	13,896	$	2,856	$	2,820	$	1,582	(A)	$	—	$	9		$	—	(A)
Cross-currency swaps	(24,101		)	1,123			3,065		—		—		—			—		—
Interest rate futures	—			—			—		63		43		110		(A)	—		(92		)	92		(A)
Interest rate futures	—			(1,431		)	332		—		—		—			—		6			545		(B)
Total cash flow hedges	$	(18,881	)	$	21,014		$	17,293	$	2,919	$	2,863	$	1,691		$	—	$	(77	)	$	637

(A) Net investment income.

(B) Represents realized gains (losses) on closed positions recorded in realized investment gains (losses), net.

	Gain (loss) on derivatives recognized in net income									Gain (loss) on hedged assets recognized in net income
	Year ended December 31,									Year ended December 31,
	2012			2011			2010			2012		2011			2010
Fair value hedges:
Interest rate swaps	$	(380	)	$	(1,011	)	$	—	(A)	$	—	$	—		$	—
Interest rate futures	—			(285		)	(1,027		)(A)	—		—			—
Interest rate futures	—			(8,311		)	(1,088		)(B)	—		—			—
Items hedged in interest rate swaps	—			—			—			380		1,011			—		(A)
Items hedged in interest rate futures	—			—			—			—		(2,002		)	3,632		(A)
Items hedged in interest rate futures	—			—			—			—		8,470			—		(B)
Total fair value hedges (1)	$	(380	)	$	(9,607	)	$	(2,115	)	$	380	$	7,479		$	3,632

(1) Hedge ineffectiveness of zero, ($2,128) and $1,517 was recognized during the years ended December 31, 2012, 2011 and 2010, respectively.

(A) Net investment income.

(B) Represents realized gains (losses) on closed positions recorded in realized investment gains (losses), net.

	Gain (loss) on derivatives recognized in net income
	Year ended December 31,
	2012			2011			2010
Derivatives not designated as hedging instruments:
Futures on equity indices	2		(A)	(32		)(A)	(9		)(A)
Futures on equity indices	(774		)(B)	373		(B)	(363		)(B)
Interest rate swaps	8,620		(A)	(12,351		)(A)	4,036		(A)
Interest rate swaps	(4,979		)(B)	(38,377		)(B)	(4,476		)(B)
Interest rate futures	164		(A)	260		(A)	(3,600		)(A)
Interest rate futures	(2,641		)(B)	(251		)(B)	(11,640		)(B)
Interest rate swaptions	862		(A)	(3,798		)(A)	(3,450		)(A)
Interest rate swaptions	(1,827		)(B)	(704		)(B)	(54		)(B)
Total derivatives not designated as hedging instruments	$	(573	)	$	(54,880	)	$	(19,556	)

(A) Net investment income.

(B) Represents realized gains (losses) on closed positions recorded in realized investment gains (losses), net.