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Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Comprehensive Income. Each of the components that comprise OCI are described in further detail in Note 2 (Foreign Currency Translation Adjustment and Net Unrealized Investment Gains (Losses)). The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
Foreign Currency
Translation
Adjustment
 
Net Unrealized
Investment Gains
(Losses)(1)
 
Total Accumulated
Other
Comprehensive
Income (Loss)
 
 
(in thousands)
Balance, December 31, 2016
 
$
(402
)
 
$
71,377

 
$
70,975

Change in OCI before reclassifications
 
259

 
164,482

 
164,741

Amounts reclassified from AOCI
 
0

 
(26,998
)
 
(26,998
)
Income tax benefit (expense)
 
(91
)
 
(43,281
)
 
(43,372
)
Balance, December 31, 2017
 
$
(234
)
 
$
165,580

 
$
165,346

Change in OCI before reclassifications
 
(17,745
)
 
(257,432
)
 
(275,177
)
Amounts reclassified from AOCI
 
0

 
(2,549
)
 
(2,549
)
Income tax benefit (expense)
 
581

 
54,593

 
55,174

Cumulative effect of adoption of ASU 2016-01
 
0

 
(1,539
)
 
(1,539
)
Cumulative effect of adoption of ASU 2018-02
 
(50
)
 
30,499

 
30,449

Balance, December 31, 2018
 
$
(17,448
)
 
$
(10,848
)
 
$
(28,296
)
Change in OCI before reclassifications
 
9,572

 
435,919

 
445,491

Amounts reclassified from AOCI
 
0

 
(54,472
)
 
(54,472
)
Income tax benefit (expense)
 
(41
)
 
(81,240
)
 
(81,281
)
Balance, December 31, 2019
 
$
(7,917
)
 
$
289,359

 
$
281,442

(1)
Includes cash flow hedges of $26 million, $22 million, and $(18) million as of December 31, 2019, 2018 and 2017, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
 
 
Year Ended
December 31, 2019
 
Year Ended
December 31, 2018
 
Year Ended
December 31, 2017
 
 
(in thousands)
Amounts reclassified from AOCI (1)(2):
 
 
 
 
 
 
Net unrealized investment gains (losses):
 
 
 
 
 
 
Cash flow hedges—Currency/Interest rate(3)
 
$
7,734

 
$
15,889

 
$
(1,103
)
Net unrealized investment gains (losses) on available-for-sale securities(4)
 
46,738

 
(13,340
)
 
28,101

Total net unrealized investment gains (losses)
 
54,472

 
2,549

 
26,998

Total reclassifications for the period
 
$
54,472

 
$
2,549

 
$
26,998

(1)
All amounts are shown before tax.
(2)
Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)
See Note 4 for additional information on cash flow hedges.
(4)
See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ account balances.
Net Unrealized Investment Gains (Losses)
Net unrealized investment gains (losses) on securities classified as available-for-sale and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities on which an OTTI loss has been recognized 
 
 
Net Unrealized
Gains (Losses)
on Investments
 
Deferred
Policy
Acquisition
Costs and
Other Costs(2)
 
Future Policy
Benefits, Policyholders' Account Balances and Other Liabilities(3)
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 
 
(in thousands)
Balance, December 31, 2016
 
$
4,883

 
$
(912
)
 
$
632

 
$
(1,643
)
 
$
2,960

Net investment gains (losses) on investments arising during the period
 
375

 
0

 
0

 
(119
)
 
256

Reclassification adjustment for (gains) losses included in net income
 
(3,699
)
 
0

 
0

 
1,171

 
(2,528
)
Reclassification adjustment for OTTI losses excluded from net income(1)
 
50

 
0

 
0

 
(16
)
 
34

Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
813

 
0

 
(289
)
 
524

Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
(610
)
 
214

 
(396
)
Balance, December 31, 2017
 
$
1,609

 
$
(99
)
 
$
22

 
$
(682
)
 
$
850

Net investment gains (losses) on investments arising during the period
 
(2,150
)
 
0

 
0

 
451

 
(1,699
)
Reclassification adjustment for (gains) losses included in net income
 
(20
)
 
0

 
0

 
4

 
(16
)
Reclassification adjustment for OTTI losses excluded from net income(1)
 
(128
)
 
0

 
0

 
27

 
(101
)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
(53
)
 
0

 
11

 
(42
)
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
15

 
(3
)
 
12

Balance, December 31, 2018
 
$
(689
)
 
$
(152
)
 
$
37

 
$
(192
)
 
$
(996
)
Net investment gains (losses) on investments arising during the period
 
2,112

 
0

 
0

 
(450
)
 
1,662

Reclassification adjustment for (gains) losses included in net income
 
210

 
0

 
0

 
(45
)
 
165

Reclassification adjustment for OTTI losses excluded from net income(1)
 
(65
)
 
0

 
0

 
14

 
(51
)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
316

 
0

 
(67
)
 
249

Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
(355
)
 
76

 
(279
)
Balance, December 31, 2019
 
$
1,568

 
$
164

 
$
(318
)
 
$
(664
)
 
$
750

(1)
Represents "transfers in" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.
(2)
"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.
(3)
"Other liabilities" primarily includes reinsurance payables.
All Other Net Unrealized Investment Gains (Losses) in AOCI 
 
 
Net Unrealized
Gains (Losses)
on
Investments(2)
 
Deferred
Policy
Acquisition
Costs and
Other Costs(3)
 
Future Policy
Benefits, Policyholders' Account Balances and Other Liabilities(4)
 
Deferred
Income Tax
(Liability)
Benefit
 
Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 
 
(in thousands)
Balance, December 31, 2016
 
$
107,549

 
$
(96,752
)
 
$
94,291

 
$
(36,671
)
 
$
68,417

Net investment gains (losses) on investments arising during the period
 
134,613

 
0

 
0

 
(42,628
)
 
91,985

Reclassification adjustment for (gains) losses included in net income
 
30,697

 
0

 
0

 
(9,721
)
 
20,976

Reclassification adjustment for OTTI losses excluded from net income(1)
 
(50
)
 
0

 
0

 
16

 
(34
)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
98,584

 
0

 
(35,060
)
 
63,524

Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
(123,289
)
 
43,151

 
(80,138
)
Balance, December 31, 2017
 
$
272,809

 
$
1,832

 
$
(28,998
)
 
$
(80,913
)
 
$
164,730

Net investment gains (losses) on investments arising during the period
 
(284,672
)
 
0

 
0

 
59,778

 
(224,894
)
Reclassification adjustment for (gains) losses included in net income
 
(2,529
)
 
0

 
0

 
531

 
(1,998
)
Reclassification adjustment for OTTI losses excluded from net income(1)
 
128

 
0

 
0

 
(27
)
 
101

Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
(67,575
)
 
0

 
14,190

 
(53,385
)
Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
97,003

 
(20,369
)
 
76,634

Cumulative effect of adoption of ASU 2016-01
 
(2,368
)
 
0

 
0

 
829

 
(1,539
)
Cumulative effect of adoption of ASU 2018-02
 
0

 
0

 
0

 
30,499

 
30,499

Balance, December 31, 2018
 
$
(16,632
)
 
$
(65,743
)
 
$
68,005

 
$
4,518

 
$
(9,852
)
Net investment gains (losses) on investments arising during the period
 
494,861

 
0

 
0

 
(105,395
)
 
389,466

Reclassification adjustment for (gains) losses included in net income
 
(54,682
)
 
0

 
0

 
11,646

 
(43,036
)
Reclassification adjustment for OTTI losses excluded from net income(1)
 
65

 
0

 
0

 
(14
)
 
51

Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs
 
0

 
488,806

 
0

 
(104,105
)
 
384,701

Impact of net unrealized investment (gains) losses on future policy benefits, policyholders' account balances and other liabilities
 
0

 
0

 
(549,821
)
 
117,100

 
(432,721
)
Balance, December 31, 2019
 
$
423,612

 
$
423,063

 
$
(481,816
)
 
$
(76,250
)
 
$
288,609

(1)
Represents "transfers out" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.
(2)
Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(3)
"Other costs" primarily includes reinsurance recoverables and deferred reinsurance losses.
(4)
"Other liabilities" primarily includes reinsurance payables.