Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, presented in the Consolidated Balance Sheets were as follows:

	March 31,			December 31,
	2017			2016
Assets
Derivative instruments, included in Short-term
and other investments		$	9,932		$	8,694
Liabilities
FIA - embedded derivatives,
included in Other policyholder funds			64,261			59,393
IUL - embedded derivatives,
included in Investment contract and life policy reserves			236			158

Derivative Instruments, Gain (Loss)

The changes in fair value of derivatives included in the Consolidated Statements of Operations were as follows:

	Three Months Ended
	March 31,
	2017				2016
Change in fair value of derivatives (1):
Revenues
Net realized investment gains (losses)		$	2,437			$	(218	)
Change in fair value of embedded derivatives:
Revenues
Net realized investment losses			(2,366	)			(676	)

(1) Includes the gains or losses recognized at the expiration of the option term or early termination and the changes in fair value for open options.

Financing Receivable Credit Quality Indicators

The notional amount and fair value of call options by counterparty and each counterparty’s long-term credit ratings were as follows:

	March 31, 2017								December 31, 2016
	Credit Rating (1)		Notional			Fair			Notional			Fair
Counterparty	S&P	Moody’s	Amount			Value			Amount			Value
Bank of America, N.A.	A+	A1		$	25,200		$	601		$	38,500		$	1,934
Barclays Bank PLC	A-	A1			80,900			2,332			66,800			1,543
Citigroup Inc.	BBB+	Baa1			-			-			-			-
Credit Suisse International	A	A1			57,700			5,164			65,200			4,281
Societe Generale	A	A2			40,200			1,835			15,600			936
Total				$	204,000		$	9,932		$	186,100		$	8,694

(1) As assigned by Standard & Poor’s Corporation (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”).