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Hierarchy of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Assets    
Fixed maturity available-for-sale securities, at estimated fair value $ 1,745,072 $ 1,665,337
Equity available-for-sale securities 33,827 34,667
Derivative assets 1,123 10,893
Limited partnerships 69,489 63,489
Fair value recoverable of ceded GMIB embedded derivatives 73,834 61,426
Separate Accounts assets 5,668,318 5,940,665
Liabilities    
Derivative liabilities 2,470 13,075
Corporate securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 1,022,552 1,016,792
Asset-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 84,397 122,654
Commercial mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 81,517 71,683
Residential mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 161,539 59,265
Municipals    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 807 807
Government and government agencies - United States    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 386,018 386,288
Government and government agencies - Foreign    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value 8,242 7,848
Banking securities    
Assets    
Equity available-for-sale securities 27,938 28,673
Industrial securities    
Assets    
Equity available-for-sale securities 5,889 5,994
Fair Value, Measurements, Recurring    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 1,745,072 1,665,337
Equity available-for-sale securities [1] 33,827 34,667
Cash equivalents [2] 330,702 234,500
Derivative assets [3] 1,123 10,893
Limited partnerships [4] 69,489 63,489
Fair value recoverable of ceded GMIB embedded derivatives [5] 73,834 61,426
Separate Accounts assets [6] 5,668,318 5,940,665
Total assets 7,922,365 8,010,977
Liabilities    
Future policy benefits (embedded derivatives only) [7] 85,001 61,129
Derivative liabilities [3] 2,470 13,075
Total liabilities 87,471 74,204
Fair Value, Measurements, Recurring | Corporate securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 1,022,552 1,016,792
Fair Value, Measurements, Recurring | Asset-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 84,397 122,654
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 81,517 71,683
Fair Value, Measurements, Recurring | Residential mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 161,539 59,265
Fair Value, Measurements, Recurring | Municipals    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 807 807
Fair Value, Measurements, Recurring | Government and government agencies - United States    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 386,018 386,288
Fair Value, Measurements, Recurring | Government and government agencies - Foreign    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 8,242 7,848
Fair Value, Measurements, Recurring | Banking securities    
Assets    
Equity available-for-sale securities [1] 27,938 28,673
Fair Value, Measurements, Recurring | Industrial securities    
Assets    
Equity available-for-sale securities [1] 5,889 5,994
Level 1 | Fair Value, Measurements, Recurring    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 387,543 387,787
Separate Accounts assets [6] 5,668,318 5,940,665
Total assets 6,055,861 6,328,452
Level 1 | Fair Value, Measurements, Recurring | Government and government agencies - United States    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 386,018 386,288
Level 1 | Fair Value, Measurements, Recurring | Government and government agencies - Foreign    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 1,525 1,499
Level 2 | Fair Value, Measurements, Recurring    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 1,350,769 1,270,884
Equity available-for-sale securities [1] 33,827 34,667
Cash equivalents [2] 330,702 234,500
Derivative assets [3] 1,123 10,893
Limited partnerships [4] 59,113 61,373
Total assets 1,775,534 1,612,317
Liabilities    
Derivative liabilities [3] 2,470 13,075
Total liabilities 2,470 13,075
Level 2 | Fair Value, Measurements, Recurring | Corporate securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 1,022,552 1,016,792
Level 2 | Fair Value, Measurements, Recurring | Asset-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 77,637 115,988
Level 2 | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 81,517 71,683
Level 2 | Fair Value, Measurements, Recurring | Residential mortgage-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 161,539 59,265
Level 2 | Fair Value, Measurements, Recurring | Municipals    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 807 807
Level 2 | Fair Value, Measurements, Recurring | Government and government agencies - Foreign    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 6,717 6,349
Level 2 | Fair Value, Measurements, Recurring | Banking securities    
Assets    
Equity available-for-sale securities [1] 27,938 28,673
Level 2 | Fair Value, Measurements, Recurring | Industrial securities    
Assets    
Equity available-for-sale securities [1] 5,889 5,994
Level 3 | Fair Value, Measurements, Recurring    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] 6,760 6,666
Limited partnerships [4] 10,376 2,116
Fair value recoverable of ceded GMIB embedded derivatives [5] 73,834 61,426
Total assets 90,970 70,208
Liabilities    
Future policy benefits (embedded derivatives only) [7] 85,001 61,129
Total liabilities 85,001 61,129
Level 3 | Fair Value, Measurements, Recurring | Asset-backed securities    
Assets    
Fixed maturity available-for-sale securities, at estimated fair value [1] $ 6,760 $ 6,666
[1] Securities are classified as Level 1 if the fair value is determined by observable inputs that reflect quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date. Level 1 securities primarily include highly liquid U.S. Treasury and U.S. government agency securities. Securities are classified as Level 2 if the fair value is determined by observable inputs, other than quoted prices included in Level 1, for the asset or prices for similar assets. Securities are classified as Level 3 if the valuations are derived from techniques in which one or more of the significant inputs are unobservable. Level 3 consists principally of fixed maturity securities whose fair value is estimated based on non-binding broker quotes and internal models. These internal models primarily use projected cash flows discounted using relevant risk spreads and market interest rate curves. At June 30, 2016 and December 31, 2015, there were no fixed maturity AFS securities valued using internal models.
[2] Cash equivalents are primarily valued at amortized cost, which approximates fair value. Operating cash is not included in the above table.
[3] Level 2 derivatives include interest rate swaps, inflation swaps, variance swaps, total return swaps, and credit default swaps for which the Company utilized readily accessible quoted index levels and broker quotes. The fair value of interest rate swaps is calculated based on the change in the underlying floating rate curve (LIBOR) at the reporting date, as compared to the fixed leg of the swap. The fair value for inflation swaps is calculated as the difference between the consumer price index (or related readily accessible quoted inflation index level) at the reporting date from the last reset date, multiplied by the notional value of the swap. The fair value for the variance swaps is calculated as the difference between the estimated volatility of the underlying Standard and Poor's 500 Composite Stock Price Index ("S&P") at maturity to the actual volatility of the underlying S&P index at initiation (i.e., strike) multiplied by the notional value of the swap. Total return swaps are valued based on the change in the underlying equity index as of the last reset date. Credit default swaps are valued using a discounted cash flow model where future premium payments and protection payments are corrected for the probability of default which is modeled using an arbitrage free credit spread model.
[4] Limited partnership investments in which management is able to determine that observable market inputs have been used and can be redeemed at the net asset value in 90 days or less are considered Level 2. The Company has investments in two limited partnerships for which the fair values are derived from management's review of the financial information that is obtained from the private equity funds and prepared on a GAAP basis and are considered Level 3 measurements. The valuation input of these financial statements is on a one quarter lag.
[5] Guaranteed minimum income benefit ("GMIB") reinsurance is treated as embedded derivatives and is reported as a recoverable of ceded GMIB embedded derivatives, at fair value in the Balance Sheets.
[6] Separate Accounts assets are carried at the net asset value provided by the fund managers.
[7] The Company issued contracts containing guaranteed minimum withdrawal benefit riders ("GMWB") and obtained GMIB reinsurance. GMWB and GMIB reinsurance are treated as embedded derivatives and are required to be reported separately from the host contract. In addition, the Company issues SALB contracts which are required to be reported at fair value. The fair value of these guarantees is calculated as the present value of future expected payments to policyholders less the present value of assessed fees attributable to the guarantees. Given the complexity and long-term nature of these guarantees, their fair values are determined using stochastic techniques under a variety of market return, discount rates and actuarial assumptions. Since two of the assumptions are unobservable and are considered to be significant inputs to the liability valuation, the liability included in future policy benefits has been reflected within Level 3 of the fair value hierarchy.