Significant Accounting Policies and Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Adoption of ASU 2016-01

The following table illustrates the impact on the Company’s Consolidated Statement of Financial Position as a result of recording this cumulative-effect adjustment on January 1, 2018.

Summary of ASU 2016-01 Transition Impacts on the Consolidated Statement
of Financial Position upon Adoption on January 1, 2018
(in thousands)
	Increase / (Decrease)
Other invested assets	$	8,097
Total assets	$	8,097
Income taxes	$	1,700
Total liabilities	1,700
Accumulated other comprehensive income (loss)	(1,539		)
Retained earnings	7,936
Total equity	6,397
Total liabilities and equity	$	8,097

The table below illustrates these changes by presenting the balances as previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and the reclassifications that were made, along with a footnote explanation of each reclassification.

	December 31, 2017
	As previously reported		Reclassifications									As currently reported
Consolidated Statements of Financial Position Line Items			(1)			(2)			(3)
	(in thousands)
Fixed maturities, available for sale, at fair value	$	5,223,302										$	5,223,302
*Fixed maturities, trading, at fair value	0					38,793						38,793
Equity securities, available for sale, at fair value	23,122		(23,122		)							0
*Equity securities, at fair value	0		23,122			17,488						40,610
Trading account assets, at fair value	56,281					(56,281		)				0
Policy loans	1,161,101											1,161,101
Short-term investments	1,339											1,339
Commercial mortgage and other loans	1,083,419											1,083,419
Other long-term investments	263,074								(263,074		)	0
*Other invested assets	0								263,074			263,074
Total investments	$	7,811,638	$	0		$	0		$	0		$	7,811,638

* - New line item effective January 1, 2018.

Strikethrough - Eliminated line item effective January 1, 2018.

(1) Retitled “Equity securities, available-for-sale, at fair value” to “Equity securities, at fair value” as equity securities can no longer be described as available-for-sale.

(2) Eliminated the line item “Trading account assets, at fair value” and reclassified each component to another line item.

(3) Retitled “Other long-term investments” to “Other invested assets”.