Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments [Abstract]

Available For Sale Securities

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of March 31, 2014 and December 31, 2013 (dollars in thousands):

March 31, 2014:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,858,578	$	762,137	$	102,415	$	12,518,300	56.4	%	$	—
Canadian and Canadian provincial governments	2,655,865		802,236		7,937		3,450,164		15.6		—
Residential mortgage-backed securities	969,944		45,270		13,343		1,001,871		4.5		(300		)
Asset-backed securities	933,130		23,247		11,798		944,579		4.3		(2,259		)
Commercial mortgage-backed securities	1,367,205		95,154		11,856		1,450,503		6.5		(1,609		)
U.S. government and agencies	447,071		18,158		2,967		462,262		2.1		—
State and political subdivisions	368,465		31,367		9,200		390,632		1.8		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,897,266		57,073		15,468		1,938,871		8.8		—
Total fixed maturity securities	$	20,497,524	$	1,834,642	$	174,984	$	22,157,182	100.0	%	$	(4,168	)
Non-redeemable preferred stock	$	84,156	$	7,273	$	2,662	$	88,767	31.5	%
Other equity securities	191,988		2,921		1,661		193,248		68.5
Total equity securities	$	276,144	$	10,194	$	4,323	$	282,015	100.0	%

December 31, 2013:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,697,394	$	616,147	$	202,786	$	12,110,755	56.4	%	$	—
Canadian and Canadian provincial governments	2,728,111		669,762		16,848		3,381,025		15.7		—
Residential mortgage-backed securities	970,434		38,126		18,917		989,643		4.6		(300		)
Asset-backed securities	891,751		18,893		15,812		894,832		4.2		(2,259		)
Commercial mortgage-backed securities	1,314,782		91,651		17,487		1,388,946		6.5		(1,609		)
U.S. government and agencies	489,631		16,468		4,748		501,351		2.3		—
State and political subdivisions	313,252		21,907		14,339		320,820		1.5		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,865,379		45,347		23,962		1,886,764		8.8		—
Total fixed maturity securities	$	20,270,734	$	1,518,301	$	314,899	$	21,474,136	100.0	%	$	(4,168	)
Non-redeemable preferred stock	$	81,993	$	5,342	$	5,481	$	81,854	20.2	%
Other equity securities	327,479		618		4,220		323,877		79.8
Total equity securities	$	409,472	$	5,960	$	9,701	$	405,731	100.0	%

Investments Classified By Contractual Maturity Date

	Amortized Cost		Fair Value
Available-for-sale:
Due in one year or less	$	616,796	$	624,013
Due after one year through five years	3,673,274		3,873,527
Due after five years through ten years	7,148,863		7,474,062
Due after ten years	5,788,312		6,788,627
Asset and mortgage-backed securities	3,270,279		3,396,953
Total	$	20,497,524	$	22,157,182

Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of March 31, 2014 and December 31, 2013 (dollars in thousands):

March 31, 2014:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,993,669	$	4,204,783	33.6	%
Industrial	5,967,291		6,295,510		50.3
Utility	1,886,833		2,007,246		16.0
Other	10,785		10,761		0.1
Total	$	11,858,578	$	12,518,300	100.0	%
December 31, 2013:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,838,716	$	3,983,623	32.9	%
Industrial	5,943,353		6,138,150		50.7
Utility	1,904,100		1,978,218		16.3
Other	11,225		10,764		0.1
Total	$	11,697,394	$	12,110,755	100.0	%

RollForward Of Cumulative Credit Loss Component Of OTTI Income Loss

The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):

	Three months ended March 31,
	2014		2013
Balance, beginning of period	$	11,696	$	16,675
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	—		(1,902		)
Balance, end of period	$	11,696	$	14,773

Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block]

The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands):

	March 31, 2014		December 31, 2013
Outstanding principal and interest balance(1)	$	208,044	$	192,644
Carrying value, including accrued interest(2)	165,740		148,822

(1) Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest.

(2) Estimated fair value plus accrued interest.

Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities At Acquisition Date [Table Text Block]

The following table presents information about purchased credit impaired investments acquired during the periods, as of the acquisition dates (dollars in thousands):

	Three months ended March 31,
	2014		2013
Contractually required payments (including interest)	$	31,672	$	91,863
Cash flows expected to be collected(1)	25,722		72,940
Fair value of investments acquired	18,151		50,874

(1) Represents undiscounted principal and interest cash flow expectations at the date of acquisition.

Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Accretable Yield [Table Text Block]

The following table presents activity for the accretable yield on purchased credit impaired securities for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three months ended March 31,
	2014			2013
Balance, beginning of period	$	69,469		$	39,239
Investments purchased	7,571			22,066
Accretion	(2,139		)	(1,943		)
Disposals	(379		)	—
Reclassification from nonaccretable difference	(1,155		)	553
Balance, end of period	$	73,367		$	59,915

Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures

The following table presents the total gross unrealized losses for the 1,046 and 1,396 fixed maturity and equity securities as of March 31, 2014 and December 31, 2013, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

	March 31, 2014				December 31, 2013
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	161,371	90.0	%	$	296,731	91.4	%
20% or more for less than six months	163		0.1		6,444		2.0
20% or more for six months or greater	17,773		9.9		21,425		6.6
Total	$	179,307	100.0	%	$	324,600	100.0	%

Fair Value And Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosures

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
March 31, 2014:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	2,057,301	$	64,535	$	311,738	$	31,273	$	2,369,039	$	95,808
Canadian and Canadian provincial governments	114,845		6,334		12,421		1,603		127,266		7,937
Residential mortgage-backed securities	190,212		9,802		32,621		3,294		222,833		13,096
Asset-backed securities	214,774		3,140		79,532		7,023		294,306		10,163
Commercial mortgage-backed securities	106,146		1,295		26,181		5,443		132,327		6,738
U.S. government and agencies	75,193		2,777		4,104		190		79,297		2,967
State and political subdivisions	103,058		5,440		8,158		3,760		111,216		9,200
Other foreign government, supranational and foreign government-sponsored enterprises	502,280		10,605		68,811		4,829		571,091		15,434
Total investment grade securities	3,363,809		103,928		543,566		57,415		3,907,375		161,343
Non-investment grade securities:
Corporate securities	191,113		3,886		43,178		2,721		234,291		6,607
Residential mortgage-backed securities	26,209		197		1,776		50		27,985		247
Asset-backed securities	1,694		10		8,483		1,625		10,177		1,635
Commercial mortgage-backed securities	—		—		5,969		5,118		5,969		5,118
Other foreign government, supranational and foreign government-sponsored enterprises	2,440		34		—		—		2,440		34
Total non-investment grade securities	221,456		4,127		59,406		9,514		280,862		13,641
Total fixed maturity securities	$	3,585,265	$	108,055	$	602,972	$	66,929	$	4,188,237	$	174,984
Non-redeemable preferred stock	$	20,765	$	2,660	$	1	$	2	$	20,766	$	2,662
Other equity securities	—		—		32,833		1,661		32,833		1,661
Total equity securities	$	20,765	$	2,660	$	32,834	$	1,663	$	53,599	$	4,323

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2013:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	3,141,179	$	148,895	$	301,303	$	40,548	$	3,442,482	$	189,443
Canadian and Canadian provincial governments	188,491		14,419		12,029		2,429		200,520		16,848
Residential mortgage-backed securities	283,967		15,900		23,068		1,688		307,035		17,588
Asset-backed securities	255,656		4,916		56,668		4,983		312,324		9,899
Commercial mortgage-backed securities	219,110		3,725		20,068		5,745		239,178		9,470
U.S. government and agencies	133,697		4,469		4,406		279		138,103		4,748
State and political subdivisions	120,193		9,723		15,202		4,616		135,395		14,339
Other foreign government, supranational and foreign government-sponsored enterprises	665,313		21,075		36,212		2,847		701,525		23,922
Total investment grade securities	5,007,606		223,122		468,956		63,135		5,476,562		286,257
Non-investment grade securities:
Corporate securities	283,603		9,451		38,256		3,892		321,859		13,343
Residential mortgage-backed securities	62,146		1,075		3,945		254		66,091		1,329
Asset-backed securities	28,670		415		32,392		5,498		61,062		5,913
Commercial mortgage-backed securities	15,762		81		10,980		7,936		26,742		8,017
Other foreign government, supranational and foreign government-sponsored enterprises	9,403		40		—		—		9,403		40
Total non-investment grade securities	399,584		11,062		85,573		17,580		485,157		28,642
Total fixed maturity securities	$	5,407,190	$	234,184	$	554,529	$	80,715	$	5,961,719	$	314,899
Non-redeemable preferred stock	$	51,386	$	5,479	$	1	$	2	$	51,387	$	5,481
Other equity securities	218,834		1,748		32,550		2,472		251,384		4,220
Total equity securities	$	270,220	$	7,227	$	32,551	$	2,474	$	302,771	$	9,701

Investment Income

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):

	Three months ended March 31,
	2014			2013
Fixed maturity securities available-for-sale	$	243,962		$	239,244
Mortgage loans on real estate	33,092			28,243
Policy loans	13,438			17,910
Funds withheld at interest	112,739			137,259
Short-term investments	965			813
Other invested assets	14,501			13,922
Investment income	418,697			437,391
Investment expense	(14,322		)	(12,260		)
Investment income, net of related expenses	$	404,375		$	425,131

Gain Loss On Investments

Investment related gains (losses), net consist of the following (dollars in thousands):

	Three months ended March 31,
	2014			2013
Fixed maturities and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturities	$	(303	)	$	(202	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)	—			—
Net other-than-temporary impairment losses on fixed maturity securities recognized in earnings	(303		)	(202		)
Impairment losses on equity securities	—			—
Gain on investment activity	8,067			21,680
Loss on investment activity	(6,583		)	(11,212		)
Other impairment losses and change in mortgage loan provision	1,664			(1,626		)
Derivatives and other, net	81,726			85,731
Total investment related gains (losses), net	$	84,571		$	94,371

Disclosure Of Real Estate Holdings By Property Type [Table Text Block]

The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of March 31, 2014 and December 31, 2013 (dollars in thousands):

	March 31, 2014				December 31, 2013
	Recorded Investment		% of Total		Recorded Investment		% of Total
Apartment	$	346,918	13.7	%	$	289,394	11.6	%
Retail	720,921		28.4		748,731		30.0
Office building	917,985		36.2		917,284		36.7
Industrial	412,322		16.3		439,890		17.6
Other commercial	136,548		5.4		101,487		4.1
Total	$	2,534,694	100.0	%	$	2,496,786	100.0	%

Disclosure Of Real Estate Holdings By Geographical Region [Table Text Block]

As of March 31, 2014 and December 31, 2013, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
	Recorded Investment		% of Total		Recorded Investment		% of Total
Pacific	$	678,578	26.8	%	$	671,822	26.9	%
South Atlantic	521,853		20.6		543,658		21.8
Mountain	374,874		14.8		334,446		13.4
Middle Atlantic	251,235		10.0		266,802		10.7
West North Central	160,561		6.3		138,442		5.5
East North Central	243,936		9.6		236,766		9.5
West South Central	167,894		6.6		168,246		6.7
East South Central	59,384		2.3		59,625		2.4
New England	76,379		3.0		76,979		3.1
Total	$	2,534,694	100.0	%	$	2,496,786	100.0	%

Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]

The maturities of the mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	968,162	38.2	%	$	987,109	39.5	%
Due after five years through ten years	998,196		39.4		984,289		39.4
Due after ten years	568,336		22.4		525,388		21.1
Total	$	2,534,694	100.0	%	$	2,496,786	100.0	%

Mortgage Loan Internal Credit Risk Grade [Table Text Block]

Information regarding the Company’s credit quality indicators, as determined by the Company's internal evaluation methodology for its recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands):

	March 31, 2014				December 31, 2013
Internal credit quality grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,266,653	50.0	%	$	1,437,244	57.5	%
Investment grade	1,023,250		40.4		827,993		33.2
Average	183,250		7.2		155,914		6.2
Watch list	32,936		1.3		49,404		2.0
In or near default	28,605		1.1		26,231		1.1
Total	$	2,534,694	100.0	%	$	2,496,786	100.0	%

Schedule Of Analysis Of Past Due Financing Receivables

The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands):

	March 31, 2014		December 31, 2013
31-60 days past due	$	—	$	—
61-90 days past due	—		—
Greater than 90 days	7,087		—
Total past due	7,087		—
Current	2,527,607		2,496,786
Total	$	2,534,694	$	2,496,786

Recorded Investment And Allowance For Credit Losses

The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2014 and December 31, 2013 (dollars in thousands):

	March 31, 2014		December 31, 2013
Mortgage loans:
Individually measured for impairment	$	32,344	$	37,841
Collectively measured for impairment	2,502,350		2,458,945
Mortgage loans, gross of valuation allowances	2,534,694		2,496,786
Valuation allowances:
Individually measured for impairment	1,677		3,211
Collectively measured for impairment	6,789		6,895
Total valuation allowances	8,466		10,106
Mortgage loans, net of valuation allowances	$	2,526,228	$	2,486,680

Allowance For Mortgage Loan And Lease Losses Provision For Loss Net

Information regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands):

	Three months ended March 31,
	2014			2013
Balance, beginning of period	$	10,106		$	11,580
Recoveries	24			—
Charge-offs	—			(852		)
Provision (release)	(1,664		)	(804		)
Balance, end of period	$	8,466		$	9,924

Impaired Financing Receivables Table

Information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2014 and December 31, 2013 is as follows (dollars in thousands):

	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
March 31, 2014:
Impaired mortgage loans with no valuation allowance recorded	$	20,610	$	20,007	$	—	$	20,007
Impaired mortgage loans with valuation allowance recorded	12,308		12,337		1,677		10,660
Total impaired mortgage loans	$	32,918	$	32,344	$	1,677	$	30,667
December 31, 2013:
Impaired mortgage loans with no valuation allowance recorded	$	21,698	$	21,100	$	—	$	21,100
Impaired mortgage loans with valuation allowance recorded	16,772		16,741		3,211		13,530
Total impaired mortgage loans	$	38,470	$	37,841	$	3,211	$	34,630
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended March 31,
	2014				2013
	Average Investment(1)		Interest Income		Average Investment(1)		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	14,539	$	318	$	13,378	$	135
Impaired mortgage loans with valuation allowance recorded	20,554		193		27,184		240
Total	$	35,093	$	511	$	40,562	$	375

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances

Schedule Of Other Invested Assets [Table Text Block]

Carrying values of these assets as of March 31, 2014 and December 31, 2013 are as follows (dollars in thousands):

	March 31, 2014		December 31, 2013
Equity securities	$	282,015	$	405,731
Limited partnerships and real estate joint ventures	403,874		411,456
Structured loans	209,590		223,549
Derivatives	121,173		75,227
FVO contractholder-directed unit-linked investments	147,342		138,892
Other	70,785		70,105
Total other invested assets	$	1,234,779	$	1,324,960