Summary of Investments (Tables)

9 Months Ended

Sep. 30, 2013

Summary of fixed maturity investments classified as available-for-sale and the non-credit related components of OTTI in AOCI

	September 30, 2013
	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	$	880,358	$	54,286	$	7,739	$	926,905	$	—
Obligations of U.S. states and their subdivisions	1,768,156		217,037		13,535		1,971,658		—
Foreign government securities	2,657		—		12		2,645		—
Corporate debt securities (2)	10,290,656		600,229		224,131		10,666,754		(2,343		)
Asset-backed securities	1,671,565		119,243		29,605		1,761,203		(83,505		)
Residential mortgage-backed securities	311,397		10,483		2,634		319,246		(178		)
Commercial mortgage-backed securities	571,740		23,544		6,894		588,390		—
Collateralized debt obligations	12,844		14		624		12,234		—
Total fixed maturities	$	15,509,373	$	1,024,836	$	285,174	$	16,249,035	$	(86,026	)

(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 $172,054 and estimated fair value of $134,641.

	December 31, 2012
	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	$	2,735,917	$	101,568	$	3,411	$	2,834,074	$	—
Obligations of U.S. states and their subdivisions	1,676,289		342,445		229		2,018,505		—
Corporate debt securities (2)	9,511,411		974,231		111,551		10,374,091		(2,293		)
Asset-backed securities	1,795,122		120,471		54,454		1,861,139		(66,293		)
Residential mortgage-backed securities	407,715		17,900		30		425,585		(240		)
Commercial mortgage-backed securities	616,011		48,247		1,303		662,955		—
Collateralized debt obligations	13,751		14		1,770		11,995		—
Total fixed maturities	$	16,756,216	$	1,604,876	$	172,748	$	18,188,344	$	(68,826	)

(2) Includes perpetual debt investments with amortized cost of $226,069 and estimated fair value of $153,100.

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

	September 30, 2013
	Amortized cost		Estimated fair value
Maturing in one year or less	$	711,203	$	745,013
Maturing after one year through five years	3,115,236		3,376,902
Maturing after five years through ten years	3,774,464		4,012,364
Maturing after ten years	4,658,928		4,706,795
Mortgage-backed and asset-backed securities	3,249,542		3,407,961
	$	15,509,373	$	16,249,035

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

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Proceeds from sales	$	2,661,364	$	2,010,884	$	8,022,277	$	4,400,898
Gross realized gains from sales	11,061		26,486		62,465		69,991
Gross realized losses from sales	2		—		26,914		2,901

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

	September 30, 2013			December 31, 2012
Principal	$	3,028,814		$	2,866,411
Unamortized premium (discount)	13,321			18,237
Mortgage provision allowance	(2,890		)	(2,890		)
Total mortgage loans	$	3,039,245		$	2,881,758

Schedule of activity in the mortgage provision allowance

	Nine months ended September 30, 2013			Year ended December 31, 2012
	Commercial mortgages			Commercial mortgages
Beginning balance	$	2,890		$	21,130
Provision increases	273			1,067
Charge-off	(273		)	(992		)
Recovery	—			(75		)
Provision decreases	—			(18,240		)
Ending balance	$	2,890		$	2,890

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:	$	3,042,135		$	2,884,648
Individually evaluated for impairment	20,606			14,970
Collectively evaluated for impairment	3,021,529			2,869,678

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

	September 30, 2013
	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	$	199,464	$	7,606	$	4,464	$	133	$	203,928	$	7,739
Obligations of U.S. states and their subdivisions	207,344		13,346		891		189		208,235		13,535
Foreign government securities	2,645		12		—		—		2,645		12
Corporate debt securities	2,582,039		151,637		253,749		72,494		2,835,788		224,131
Asset-backed securities	362,146		10,413		325,632		19,192		687,778		29,605
Residential mortgage-backed securities	33,899		2,615		1,058		19		34,957		2,634
Commercial mortgage-backed securities	98,575		4,854		16,984		2,040		115,559		6,894
Collateralized debt obligations	—		—		12,203		624		12,203		624
Total fixed maturities	$	3,486,112	$	190,483	$	614,981	$	94,691	$	4,101,093	$	285,174

Total number of securities in an unrealized loss position			359				93				452

	December 31, 2012
	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	$	538,612	$	3,270	$	7,252	$	141	$	545,864	$	3,411
Obligations of U.S. states and their subdivisions	25,679		229		—		—		25,679		229
Corporate debt securities	527,280		12,287		291,611		99,264		818,891		111,551
Asset-backed securities	30,810		97		647,715		54,357		678,525		54,454
Residential mortgage-backed securities	9,834		8		1,210		22		11,044		30
Commercial mortgage-backed securities	34,727		169		35,960		1,134		70,687		1,303
Collateralized debt obligations	—		—		11,963		1,770		11,963		1,770
Total fixed maturities	$	1,166,942	$	16,060	$	995,711	$	156,688	$	2,162,653	$	172,748

Total number of securities in an unrealized loss position			85				133				218

Schedule of recorded OTTI on fixed maturity investments

	Three months ended September 30,					Nine months ended September 30,
	2013		2012			2013		2012
Beginning balance	$	167,961	$	186,999		$	167,788	$	186,999
Additional credit loss recognized on securities previously impaired	—		—			173		—
Reductions due to sales, maturities, or payoffs during the period	—		(23,640		)	—		(23,640		)
Ending balance	$	167,961	$	163,359		$	167,961	$	163,359

- 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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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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