Derivative Instruments (Tables)

12 Months Ended

Dec. 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 are presented in the Consolidated Balance Sheets as follows:

($ in thousands)	December 31,
	2017		2016
Assets
Derivative instruments, included in Short-term and other investments	$	15,550	$	8,694
Liabilities
Fixed indexed annuities - embedded derivatives, included in Other policyholder funds	80,733		59,393
Indexed universal life - embedded derivatives, included in Investment contract and life policy reserves	594		158

Derivative Instruments, Gain (Loss)

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

($ in thousands)	Years Ended December 31,
	2017			2016			2015
Change in fair value of derivatives (1):
Revenues
Net realized investment gains (losses)	$	14,867		$	4,024		$	(1,483	)
Change in fair value of embedded derivatives:
Revenues
Net realized investment gains (losses)	(13,410		)	(5,076		)	2,529

____________________

(1)

Includes 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:

($ in thousands)	December 31, 2017						December 31, 2016
	Credit Rating		Notional		Fair		Notional		Fair
Counterparty	S&P	Moody's	Amount		Value		Amount		Value
Bank of America, N.A.	A+	Aa3	$	85,100	$	6,320	$	38,500	$	1,934
Barclays Bank PLC	A	A1	48,900		1,828		66,800		1,543
Citigroup Inc.	BBB+		—		—		—		—
Credit Suisse International	A	A1	21,100		1,444		65,200		4,281
Societe Generale	A		91,700		5,958		15,600		936
Total			$	246,800	$	15,550	$	186,100	$	8,694