XML 21 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
ASSETS                      
Fixed maturities (amortized cost, 2012-$137,330; 2011-$421,250) $ 4,227,339       $ 5,820,900       $ 4,227,339 $ 5,820,900  
Cash and cash equivalents 1,027,625       995,799       1,027,625 995,799 1,304,154
Accrued investment income 27,243       55,666       27,243 55,666  
Other assets 62,465       59,897       62,465 59,897  
Total assets 5,574,324       7,216,230       5,574,324 7,216,230  
Liabilities:                      
Senior notes 99,910       170,515       99,910 170,515  
Convertible senior notes 345,000       345,000       345,000 345,000  
Convertible junior debentures 379,609       344,422       379,609 344,422  
Total liabilities 5,377,384       6,019,415       5,377,384 6,019,415  
Shareholders' equity                      
Common stock, (one dollar par value, shares authorized 680,000; shares issued 2012 and 2011 - 205,047; shares outstanding 2012 - 202,032; 2011 - 201,172) 205,047       205,047       205,047 205,047  
Paid-in capital 1,135,296       1,135,821       1,135,296 1,135,821  
Treasury stock (shares at cost 2012 - 3,015; 2011 - 3,875) (104,959)       (162,542)       (104,959) (162,542)  
Accumulated other comprehensive (loss) income, net of tax (48,163)       30,124       (48,163) 30,124  
Retained deficit (990,281)       (11,635)       (990,281) (11,635)  
Total shareholders' equity 196,940       1,196,815       196,940 1,196,815  
Total liabilities and shareholders' equity 5,574,324       7,216,230       5,574,324 7,216,230  
Parenthetical information [Abstract]                      
Fixed maturities, amortized cost 4,185,937       5,700,894       4,185,937 5,700,894  
Common stock, par value (in dollars per share) $ 1       $ 1       $ 1 $ 1  
Common stock, shares authorized (in shares) 680,000       460,000       680,000 460,000  
Common stock, shares issued (in shares) 205,047       205,047       205,047 205,047  
Common stock, shares outstanding (in shares) 202,032       201,172       202,032 201,172  
Treasury stock, shares at cost (in shares) 3,015       3,875       3,015 3,875  
Revenues:                      
Investment income, net of expenses 21,660 [1] 30,394 32,178 37,408 40,339 48,898 55,490 56,543 121,640 201,270 247,253
Realized investment gains, net                 197,719 143,430 102,581
Other income                 28,145 36,459 11,588
Total revenues                 1,378,364 1,504,279 1,520,525
Expenses:                      
Interest expense 25,327 [1] 24,478 24,912 24,627 25,142 25,761 26,326 26,042 99,344 103,271 98,589
Total expenses                 2,307,008 1,988,578 1,879,925
Loss before income taxes                 (928,644) (484,299) (359,400)
Benefit from income taxes                 (1,565) 1,593 4,335
Net loss (386,691) [1] (246,942) (273,891) (19,555) (135,294) (165,205) (151,732) (33,661) (927,079) (485,892) (363,735)
Other comprehensive (loss) income, net                 (78,287) 7,988 (52,019)
Comprehensive loss                 (1,005,366) (477,904) (415,754)
Cash flows from operating activities:                      
Net loss (386,691) [1] (246,942) (273,891) (19,555) (135,294) (165,205) (151,732) (33,661) (927,079) (485,892) (363,735)
Adjustments to reconcile net loss to net cash used in operating activities:                      
Other                 (21,026) (14,218) (13,646)
Change in certain assets and liabilities:                      
Accrued investment income                 28,423 14,639 9,523
Net cash used in operating activities                 (1,568,600) (1,883,851) (875,430)
Cash flows from investing activities:                      
Purchase of fixed maturities                 (5,025,204) (4,393,471) (5,225,794)
Sale of fixed maturities                 5,216,934 4,742,213 4,287,312
Net cash used in investing activities                 1,653,533 1,754,217 (111,904)
Cash flows from financing activities:                      
Common stock shares issued                 0 0 772,376
Net cash (used in) provided by financing activities                 (53,107) (178,721) 1,105,749
Net increase (decrease) in cash and cash equivalents                 31,826 (308,355) 118,415
Cash and cash equivalents at beginning of year       995,799       1,304,154 995,799 1,304,154 1,185,739
Cash and cash equivalents at end of year 1,027,625       995,799       1,027,625 995,799 1,304,154
Dividends and Dividend Restrictions [Abstract]                      
Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) 10.00%               10.00%    
Parent Company [Member]
                     
ASSETS                      
Fixed maturities (amortized cost, 2012-$137,330; 2011-$421,250) 139,019       428,985       139,019 428,985  
Cash and cash equivalents 175,880       57,636       175,880 57,636 58,380
Investment in subsidiaries, at equity in net assets 709,946       1,544,017       709,946 1,544,017  
Accounts receivable - affiliates 669       0       669 0  
Income taxes receivable 17,955       23,864       17,955 23,864  
Accrued investment income 1,018       3,720       1,018 3,720  
Other assets 7,431       11,785       7,431 11,785  
Total assets 1,051,918       2,070,007       1,051,918 2,070,007  
Liabilities:                      
Senior notes 99,910       170,515       99,910 170,515  
Convertible senior notes 345,000       345,000       345,000 345,000  
Convertible junior debentures 379,609       344,422       379,609 344,422  
Accounts payable - affiliates 0       84       0 84  
Accrued interest 30,459       13,171       30,459 13,171  
Total liabilities 854,978       873,192       854,978 873,192  
Shareholders' equity                      
Common stock, (one dollar par value, shares authorized 680,000; shares issued 2012 and 2011 - 205,047; shares outstanding 2012 - 202,032; 2011 - 201,172) 205,047       205,047       205,047 205,047  
Paid-in capital 1,135,296       1,135,821       1,135,296 1,135,821  
Treasury stock (shares at cost 2012 - 3,015; 2011 - 3,875) (104,959)       (162,542)       (104,959) (162,542)  
Accumulated other comprehensive (loss) income, net of tax (48,163)       30,124       (48,163) 30,124  
Retained deficit (990,281)       (11,635)       (990,281) (11,635)  
Total shareholders' equity 196,940       1,196,815       196,940 1,196,815  
Total liabilities and shareholders' equity 1,051,918       2,070,007       1,051,918 2,070,007  
Parenthetical information [Abstract]                      
Fixed maturities, amortized cost 137,330       421,250       137,330 421,250  
Common stock, par value (in dollars per share) $ 1       $ 1       $ 1 $ 1  
Common stock, shares authorized (in shares) 680,000       460,000       680,000 460,000  
Common stock, shares issued (in shares) 205,047       205,047       205,047 205,047  
Common stock, shares outstanding (in shares) 202,032       201,172       202,032 201,172  
Treasury stock, shares at cost (in shares) 3,015       3,875       3,015 3,875  
Revenues:                      
Investment income, net of expenses                 6,921 15,693 5,573
Realized investment gains, net                 9,895 4,724 163
Other income                 17,775 27,688 0
Total revenues                 34,591 48,105 5,736
Expenses:                      
Operating expenses                 2,227 (133) 2,116
Interest expense                 99,344 103,271 98,589
Total expenses                 101,571 103,138 100,705
Loss before income taxes                 (66,980) (55,033) (94,969)
Benefit from income taxes                 0 (6,872) (2,078)
Equity in undistributed net loss of subsidiaries                 (860,099) (437,731) (270,844)
Net loss                 (927,079) (485,892) (363,735)
Other comprehensive (loss) income, net                 (78,287) 7,988 (52,019)
Comprehensive loss                 (1,005,366) (477,904) (415,754)
Cash flows from operating activities:                      
Net loss                 (927,079) (485,892) (363,735)
Adjustments to reconcile net loss to net cash used in operating activities:                      
Equity in undistributed net loss of subsidiaries                 860,099 437,731 270,844
Other                 23,765 7,378 40,638
Change in certain assets and liabilities:                      
Accounts receivable - affiliates                 (753) 770 658
Income taxes receivable                 5,909 (2,452) 6,330
Accrued investment income                 2,702 1,890 (5,474)
Accrued interest                 17,288 (2,438) (33,795)
Net cash used in operating activities                 (18,069) (43,013) (84,534)
Cash flows from investing activities:                      
Transactions with subsidiaries                 (100,000) (200,000) (200,000)
Purchase of fixed maturities                 (120,181) (130,503) (977,408)
Sale of fixed maturities                 409,601 551,493 135,413
Net cash used in investing activities                 189,420 220,990 (1,041,995)
Cash flows from financing activities:                      
Repayment of long-term debt                 (53,107) (178,721) (1,000)
Net proceeds from convertible senior notes                 0 0 334,373
Common stock shares issued                 0 0 772,376
Net cash (used in) provided by financing activities                 (53,107) (178,721) 1,105,749
Net increase (decrease) in cash and cash equivalents                 118,244 (744) (20,780)
Cash and cash equivalents at beginning of year       57,636       58,380 57,636 58,380 79,160
Cash and cash equivalents at end of year $ 175,880       $ 57,636       $ 175,880 $ 57,636 $ 58,380
Dividends and Dividend Restrictions [Abstract]                      
Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) 10.00%               10.00%    
[1] The results for the fourth quarter of 2012 include a loss of approximately $267 million related to our settlement with Freddie Mac and approximately $100 million related to our probable rescission settlement agreements. See Note 20 - "Litigation and Contingencies".