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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of December 31, 2013 and 2012 (dollars in thousands):
 
 
December 31, 2013
 
December 31, 2012
 
 
Notional
 
Carrying Value/Fair Value
 
Notional
 
Carrying Value/Fair Value
 
 
Amount
 
Assets
 
Liabilities
 
Amount
 
Assets
 
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
1,592,943

 
$
32,555

 
$
21,873

 
$
2,195,059

 
$
123,085

 
$
17,867

Interest rate options
 
240,000

 
2,554

 
—

 
—

 
—

 
—

Financial futures
 
123,780

 
—

 
—

 
127,877

 
—

 
—

Foreign currency forwards
 
79,618

 
—

 
12,772

 
74,400

 
1,017

 
2,105

Consumer price index swaps
 
59,922

 
—

 
309

 
85,135

 
1,446

 
—

Credit default swaps
 
682,700

 
10,438

 
2,156

 
714,000

 
2,228

 
5,922

Equity options
 
757,352

 
33,902

 
—

 
696,776

 
62,514

 
—

Synthetic guaranteed investment contracts
 
4,629,859

 
—

 
—

 
2,018,073

 
—

 
—

Embedded derivatives in:
 
 
 
 
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
—

 
—

 
176,270

 
—

 
—

 
243,177

Indexed annuity products
 
—

 
—

 
838,670

 
—

 
—

 
740,256

Variable annuity products
 
—

 
—

 
30,055

 
—

 
—

 
172,105

Total non-hedging derivatives
 
8,166,174

 
79,449

 
1,082,105

 
5,911,320

 
190,290

 
1,181,432

Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
49,131

 
—

 
4,606

 
57,275

 
344

 
786

Foreign currency swaps
 
728,674

 
21,903

 
620

 
629,512

 
—

 
27,398

Total hedging derivatives
 
777,805

 
21,903

 
5,226

 
686,787

 
344

 
28,184

Total derivatives
 
$
8,943,979

 
$
101,352

 
$
1,087,331

 
$
6,598,107

 
$
190,634

 
$
1,209,616
Offsetting Assets [Table Text Block]
 
 
 
 
 
 
 
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
Gross Amounts   
Recognized
 
Gross Amounts
Offset in the
Balance Sheet   
 
Net Amounts
Presented in the
Balance Sheet   
 
Financial
Instruments     
 
Cash Collateral   
Pledged/
Received
 
Net Amount   
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
101,352

 
$
(26,125
)
 
$
75,227

 
$
(11,095
)
 
$
(51,006
)
 
$
13,126

Derivative liabilities
 
42,336

 
(26,125
)
 
16,211

 
(18,081
)
 
(8,033
)
 
(9,903
)
December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
190,634

 
$
(22,426
)
 
$
168,208

 
$
(22,458
)
 
$
(136,414
)
 
$
9,336

Derivative liabilities
 
54,078

 
(22,426
)
 
31,652

 
(1,565
)
 
(27,867
)
 
2,220
Offsetting Liabilities [Table Text Block]
 
 
 
 
 
 
 
 
Gross Amounts Not
Offset in the Balance Sheet
 
 
 
 
Gross Amounts   
Recognized
 
Gross Amounts
Offset in the
Balance Sheet   
 
Net Amounts
Presented in the
Balance Sheet   
 
Financial
Instruments     
 
Cash Collateral   
Pledged/
Received
 
Net Amount   
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
101,352

 
$
(26,125
)
 
$
75,227

 
$
(11,095
)
 
$
(51,006
)
 
$
13,126

Derivative liabilities
 
42,336

 
(26,125
)
 
16,211

 
(18,081
)
 
(8,033
)
 
(9,903
)
December 31, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
190,634

 
$
(22,426
)
 
$
168,208

 
$
(22,458
)
 
$
(136,414
)
 
$
9,336

Derivative liabilities
 
54,078

 
(22,426
)
 
31,652

 
(1,565
)
 
(27,867
)
 
2,220
Net Derivatives Gains Losses Recognized On Fair Value Derivatives And Related Hedged Items [Table Text Block]
The gain or loss on the hedged item attributable to the hedged benchmark interest rate and the offsetting gain or loss on the related interest rate swaps for the year ended December 31, 2011 was (dollars in thousands):
 
Type of Fair Value
Hedge
 
Hedged Item
 
Gains (Losses)
    Recognized for    
Derivatives
 
Gains (Losses)
    Recognized for    
Hedged Items
 
Ineffectiveness
Recognized in
    Investment Related    
Gains (Losses)
For the year ended December 31, 2011:
 
 
 
 
Interest rate swaps
 
Fixed rate fixed maturities
 
$
(785
)
 
$
1,402

 
$
617
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the years ended December 31, 2013 and 2012 (dollars in thousands):
 
 
 
2013
 
2012
Accumulated other comprehensive income (loss), balance beginning of year
 
$
403

 
$
(828
)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges
 
(3,969
)
 
2,613

Amounts reclassified to investment income
 
(1,012
)
 
(1,382
)
Accumulated other comprehensive income (loss), balance end of period
 
$
(4,578
)
 
$
403
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders’ equity for the years ended December 31, 2013 and 2012 (dollars in thousands):
 
Derivatives in Cash Flow
Hedging Relationships
 
Amount of Gains
(Losses) Deferred in
AOCI on Derivatives
 
Amount and Location of Gains (Losses)
Reclassified from AOCI into Income (Loss)
 
Amount and Location of Gains (Losses)
Recognized in Income (Loss) on Derivatives
 
 
(Effective Portion)
 
(Effective Portion)
 
(Ineffective Portion and Amounts Excluded
from Effectiveness Testing)
 
 
 
 
    Investment Related    
Gains (Losses)
 
Investment
Income
 
    Investment Related    
Gains (Losses)
 
Investment
Income
For the year ended December 31, 2013:
 
 
 
 
Interest rate swaps
 
$
(3,969
)
 
$
—

 
$
1,012

 
$
6

 
$
—

For the year ended December 31, 2012:
 
 
 
 
Interest rate swaps
 
$
2,613

 
$
—

 
$
1,382

 
$
(41
)
 
$
—
Derivatives Hedging Instruments In Net Investment Hedging Relationships [Table Text Block]
The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
 
 
 
Derivative Gains (Losses) Deferred in AOCI       
 
 
For the year ended
Type of NIFO Hedge (1) (2)
 
2013
 
2012
 
2011
Foreign currency swaps
 
$
40,347

 
$
(20,470
)
 
$
4,858

(1)
There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.
Derivative Instruments Gain Loss By Income Statement Location [Table Text Block]
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 is as follows (dollars in thousands):
  
 
 
 
Gain (Loss) for the Years Ended  December 31,        
Type of Non-hedging Derivative
 
Income Statement
Location of Gain (Loss)
 
2013
 
2012
 
2011
Interest rate swaps
 
Investment related gains (losses), net
 
$
(84,398
)
 
$
16,028

 
$
178,338

Interest rate options
 
Investment related gains (losses), net
 
(11,518
)
 
—

 
—

Financial futures
 
Investment related gains (losses), net
 
(11,157
)
 
(20,245
)
 
(945
)
Foreign currency forwards
 
Investment related gains (losses), net
 
(13,201
)
 
(5,644
)
 
1,675

CPI swaps
 
Investment related gains (losses), net
 
(1,942
)
 
(267
)
 
1,821

Credit default swaps
 
Investment related gains (losses), net
 
24,188

 
18,359

 
(63
)
Equity options
 
Investment related gains (losses), net
 
(79,230
)
 
(69,677
)
 
7,818

Embedded derivatives in:
 
 
 
 
 
 
 
 
Modified coinsurance or funds withheld arrangements
 
Investment related gains (losses), net
 
70,177

 
115,009

 
(87,236
)
Indexed annuity products
 
Policy acquisition costs and other insurance expenses
 
—

 
(630
)
 
(24,551
)
Indexed annuity products
 
Interest credited
 
(115,409
)
 
(29,804
)
 
(90,370
)
Variable annuity products
 
Investment related gains (losses), net
 
142,050

 
104,613

 
(224,184
)
Total non-hedging derivatives
 
 
 
$
(80,440
)
 
$
127,742

 
$
(237,697
)
Disclosure Of Credit Derivatives [Table Text Block]
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at December 31, 2013 and 2012 (dollars in thousands):
 
 
December 31,
 
 
2013
 
2012
Rating Agency Designation of Referenced Credit Obligations(1)
 
Estimated Fair
Value of Credit
Default Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
 
Weighted
Average
Years to
Maturity(3)
 
Estimated Fair
Value of Credit
Default Swaps
 
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
 
Weighted
Average
Years to
Maturity(3)
AAA/AA-/A+/A/A-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
$
614

 
$
117,500

 
5.1

 
$
(2,077
)
 
$
124,500

 
5.9

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
614

 
117,500

 
5.1

 
(2,077
)
 
124,500

 
5.9

BBB+/BBB/BBB-
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
656

 
142,200

 
4.9

 
(2,345
)
 
135,500

 
5.5

Credit default swaps referencing indices
 
7,295

 
405,000

 
5.0

 
937

 
430,000

 
5.0

Subtotal
 
7,951

 
547,200

 
5.0

 
(1,408
)
 
565,500

 
5.1

BB+
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps
 
—

 
—

 
—

 
(222
)
 
6,000

 
4.5

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
—

 
—

 
—

 
(222
)
 
6,000

 
4.5

Total
 
$
8,565

 
$
664,700

 
4.4

 
$
(3,707
)
 
$
696,000

 
5.2

(1)
The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)
Assumes the value of the referenced credit obligations is zero.
(3)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Changes In Estimated Fair Value Related To Embedded Derivatives [Table Text Block]
The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2013, 2012 and 2011 are reflected in the following table (dollars in thousands):
 
 
2013
 
2012
 
2011
Embedded derivatives in modified coinsurance or funds withheld arrangements included in investment related gains
 
$
70,177

 
$
115,009

 
$
(87,236
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
18,920

 
25,454

 
(7,599
)
Embedded derivatives in variable annuity contracts included in investment related gains
 
142,050

 
104,613

 
(224,184
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
70,123

 
6,367

 
(30,230
)
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses
 
(115,409
)
 
(30,434
)
 
(114,921
)
After the associated amortization of DAC and taxes, the related amounts included in net income
 
(106,792
)
 
6,110

 
(55,915
)
Credit Risk [Table Text Block]
Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts and margin account for exchange-traded futures at December 31, 2013 and 2012 are reflected in the following table (dollars in thousands):
 
 
December 31, 2013
 
December 31, 2012
Estimated fair value of derivatives in net asset position
 
$
59,016

 
$
136,558

Cash provided as collateral(1)
 
8,033

 
27,867

Securities pledged to counterparties as collateral(2)
 
18,081

 
1,565

Cash pledged from counterparties as collateral(3)
 
(51,006
)
 
(136,414
)
Securities pledged from counterparties as collateral(4)
 
(11,095
)
 
(22,458
)
Initial margin for cleared derivatives
 
(13,350
)
 
—

Net credit exposure
 
$
9,679

 
$
7,118

Margin account related to exchange-traded futures(5)
 
$
2,566

 
$
5,605

(1)
Consists of receivable from counterparty, included in other assets.
(2)
Included in other invested assets, primarily consists of U.S. Treasury securities.
(3)
Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.
(4)
Consists of U.S. Treasury securities.
(5)
Included in cash and cash equivalents.