Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized below (dollars in thousands):

June 30, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	16,489,406		$	157,790	$	15,094,299		$	1,237,317
Canadian and Canadian provincial governments	3,793,807			—		3,793,807			—
Residential mortgage-backed securities	1,190,879			—		892,503			298,376
Asset-backed securities	1,062,624			—		482,114			580,510
Commercial mortgage-backed securities	1,525,469			—		1,447,650			77,819
U.S. government and agencies	1,263,998			1,111,189		125,450			27,359
State and political subdivisions	506,172			—		465,986			40,186
Other foreign government supranational and foreign government-sponsored enterprises	2,231,620			268,042		1,948,921			14,657
Total fixed maturity securities – available-for-sale	28,063,975			1,537,021		24,250,730			2,276,224
Funds withheld at interest – embedded derivatives	(3,329		)	—		—			(3,329		)
Cash equivalents	665,037			665,037		—			—
Short-term investments	34,733			20,896		13,837			—
Other invested assets:
Non-redeemable preferred stock	90,574			78,186		—			12,388
Other equity securities	37,094			37,094		—			—
Derivatives:
Interest rate swaps	52,864			—		52,864			—
CPI swaps	(23		)	—		(23		)	—
Credit default swaps	8,248			—		8,248			—
Equity options	44,883			—		44,883			—
Foreign currency swaps	88,303			—		88,303			—
FVO contractholder-directed unit-linked investments	137,529			132,870		4,659			—
Other	9,852			9,852		—			—
Total other invested assets	469,324			258,002		198,934			12,388
Other assets – longevity swaps	10,853			—		—			10,853
Total	$	29,240,593		$	2,480,956	$	24,463,501		$	2,296,136
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,069,154		$	—	$	—		$	1,069,154
Other liabilities:
Derivatives:
Interest rate swaps	16,152			—		16,152			—
Foreign currency forwards	7,422			—		7,422			—
Credit default swaps	428			—		428			—
Foreign currency swaps	413			—		413			—
Mortality swaps	1,754			—		—			1,754
Total	$	1,095,323		$	—	$	24,415		$	1,070,908

December 31, 2014:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	14,885,583		$	115,822	$	13,459,334		$	1,310,427
Canadian and Canadian provincial governments	3,865,265			—		3,865,265			—
Residential mortgage-backed securities	1,037,896			—		849,802			188,094
Asset-backed securities	1,069,586			—		496,626			572,960
Commercial mortgage-backed securities	1,532,591			—		1,445,845			86,746
U.S. government and agencies	525,851			437,129		60,193			28,529
State and political subdivisions	426,076			—		383,365			42,711
Other foreign government, supranational and foreign government-sponsored enterprises	2,138,124			285,995		1,832,466			19,663
Total fixed maturity securities – available-for-sale	25,480,972			838,946		22,392,896			2,249,130
Funds withheld at interest – embedded derivatives	22,094			—		—			22,094
Cash equivalents	899,846			899,846		—			—
Short-term investments	45,190			21,536		23,654			—
Other invested assets:
Non-redeemable preferred stock	99,363			91,450		9			7,904
Other equity securities	27,497			27,497		—			—
Derivatives:
Interest rate swaps	84,578			—		84,578			—
Interest rate options	18,195			—		18,195			—
CPI swaps	(561		)	—		(561		)	—
Credit default swaps	8,606			—		8,606			—
Equity options	35,242			—		35,242			—
Foreign currency swaps	70,906			—		70,906			—
FVO contractholder-directed unit-linked investments	140,344			134,749		5,595			—
Other	6,420			6,420		—			—
Total other invested assets	490,590			260,116		222,570			7,904
Other assets - longevity swaps	7,727			—		—			7,727
Total	$	26,946,419		$	2,020,444	$	22,639,120		$	2,286,855
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,085,166		$	—	$	—		$	1,085,166
Other liabilities:
Derivatives:
Interest rate swaps	12,957			—		12,957			—
Foreign currency forwards	15,011			—		15,011			—
Credit default swaps	419			—		419			—
Forward purchase commitments	13,370			—		13,370			—
Mortality swaps	797			—		—			797
Total	$	1,127,720		$	—	$	41,757		$	1,085,963

Fair Value Unobservable Input Measurements [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of June 30, 2015 and December 31, 2014 (dollars in thousands):

June 30, 2015:				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,817		Market comparable securities	Liquidity premium	1	%
Corporate securities	205,003			Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies securities	27,359			Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	(3,329		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (8%)
					Withdrawal	0-5%  (3%)
					CVA	0-5%  (1%)
					Crediting rate	2-4%  (3%)
Longevity swaps	10,853			Discounted cash flow	Mortality	0-100%  (2%)
					Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	935,619			Discounted cash flow	Mortality	0-100%  (2%)
					Lapse	0-35%  (8%)
					Withdrawal	0-5%  (3%)
					Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	133,535			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (9%)
					Withdrawal	0-7% (3%)
					CVA	0-5% (1%)
					Long-term volatility	0-27% (14%)
Mortality swaps	1,754			Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2014:	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable  securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				CVA	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100%  (1%)

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of June 30, 2015 and December 31, 2014 (dollars in thousands):

June 30, 2015:				Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,817		Market comparable securities	Liquidity premium	1	%
Corporate securities	205,003			Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies securities	27,359			Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	(3,329		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (8%)
					Withdrawal	0-5%  (3%)
					CVA	0-5%  (1%)
					Crediting rate	2-4%  (3%)
Longevity swaps	10,853			Discounted cash flow	Mortality	0-100%  (2%)
					Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	935,619			Discounted cash flow	Mortality	0-100%  (2%)
					Lapse	0-35%  (8%)
					Withdrawal	0-5%  (3%)
					Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	133,535			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (9%)
					Withdrawal	0-7% (3%)
					CVA	0-5% (1%)
					Long-term volatility	0-27% (14%)
Mortality swaps	1,754			Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2014:	Fair Value		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	4,994	Market comparable  securities	Liquidity premium	1	%
Corporate securities	205,392		Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies securities	28,530		Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	22,094		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				CVA	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	7,727		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	925,887		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-35% (7%)
				Withdrawal	0-5% (3%)
				Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	159,279		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (3%)
				CVA	0-5% (1%)
				Long-term volatility	0-27% (11%)
Mortality swaps	797		Discounted cash flow	Mortality	0-100%  (1%)

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block]

The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2015 and 2014 (dollars in thousands):

	2015				2014
	Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1		Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1
Three months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	31,896	$	—	$	10,058
Six months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	625	$	36,996	$	—	$	10,058

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2015, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2015 (dollars in thousands):

For the three months ended June 30, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies			State and political subdivisions
Fair value, beginning of period	$	1,286,979		$	192,579		$	609,436		$	93,869		$	27,756		$	41,875
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,051		)	(156		)	1,511			677			112			8
Investment related gains (losses), net	(166		)	17			283			(770		)	(10		)	(5		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(16,902		)	(1,291		)	(301		)	(386		)	(559		)	(1,480		)
Purchases(1)	76,982			118,868			44,181			42			154			—
Sales(1)	(3,949		)	—			(1,615		)	(2,000		)	—			—
Settlements(1)	(103,696		)	(8,617		)	(63,751		)	(893		)	(94		)	(212		)
Transfers into Level 3	413			1,800			—			—			—			—
Transfers out of Level 3	(1,293		)	(4,824		)	(9,234		)	(12,720		)	—			—
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(997	)	$	(156	)	$	706		$	640		$	112		$	8
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the three months ended June 30, 2015 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other invested assets - non-redeemable preferred stock			Other assets longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	15,202		$	19,769		$	7,992		$	8,602	$	(1,132,271	)	$	(1,276	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—		—			—
Investment related gains (losses), net	—			(23,098		)	—			—		50,878			—
Claims & other policy benefits	—			—			—			—		—			—
Interest credited	—			—			—			—		8,080			—
Policy acquisition costs and other insurance expenses	—			—			—			—		—			—
Included in other comprehensive income	(232		)	—			(104		)	340		—			—
Other revenues	—			—			—			1,911		—			(478		)
Purchases(1)	—			—			4,500			—		(13,924		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(313		)	—			—			—		18,083			—
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853	$	(1,069,154	)	$	(1,754	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			(23,098		)	—			—		48,603			—
Other revenues	—			—			—			1,911		—			(478		)
Claims & other policy benefits	—			—			—			—		—			—
Interest credited	—			—			—			—		(10,003		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—		—			—

For the six months ended June 30, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies			State and political subdivisions
Fair value, beginning of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,854		)	(296		)	2,930			1,271			93			15
Investment related gains (losses), net	(571		)	(65		)	356			(683		)	(117		)	(9		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(10,833		)	(768		)	3,331			(696		)	(383		)	(1,455		)
Purchases(1)	113,882			130,307			85,172			42			275			—
Sales(1)	(3,949		)	(714		)	(8,971		)	(2,956		)	—			—
Settlements(1)	(163,296		)	(14,336		)	(67,873		)	(6,013		)	(1,038		)	(241		)
Transfers into Level 3	413			2,400			9,055			12,828			—			—
Transfers out of Level 3	(6,902		)	(6,246		)	(16,450		)	(12,720		)	—			(835		)
Fair value, end of period	$	1,237,317		$	298,376		$	580,510		$	77,819		$	27,359		$	40,186
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(1,800	)	$	(297	)	$	2,105		$	1,229		$	93		$	15
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the six months ended June 30, 2015 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivatives			Other invested assets - non-redeemable preferred stock			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—			—
Investment related gains (losses), net	—			(25,423		)	—			—			25,745			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			(21,246		)	—
Included in other comprehensive income	(50		)	—			(16		)	(605		)	—			—
Other revenues	—			—			—			3,731			—			(957		)
Purchases(1)	—			—			4,529			—			(25,568		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(623		)	—			—			—			—			—
Transfers into Level 3	—			—			—			—			37,081			—
Transfers out of Level 3	(4,333		)	—			(29		)	—			—			—
Fair value, end of period	$	14,657		$	(3,329	)	$	12,388		$	10,853		$	(1,069,154	)	$	(1,754	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			(25,423		)	—			—			20,358			—
Other revenues	—			—			—			3,731			—			(957		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(58,327		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2014, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2014 (dollars in thousands):

For the three months ended June 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,291,701		$	177,927		$	502,675		$	90,373		$	38,031
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,273		)	42			2,055			447			(185		)
Investment related gains (losses), net	165			31			942			6			(55		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	6,086			368			514			1,639			572
Purchases (1)	52,549			13,398			64,884			—			165
Sales(1)	(8,929		)	—			(14,258		)	—			—
Settlements(1)	(49,002		)	(6,401		)	(6,318		)	(263		)	(5,534		)
Transfers into Level 3	—			901			5,666			5,712			—
Transfers out of Level 3	(3,357		)	(719		)	—			—			—
Fair value, end of period	$	1,287,940		$	185,547		$	556,160		$	97,914		$	32,994
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(1,274	)	$	42		$	2,005		$	447		$	(185	)
Investment related gains (losses), net	—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

	Fixed maturity securities - available-for-sale
For the three months ended June 30, 2014 (continued):	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds  withheld at interest- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	43,833		$	11,157		$	(99,029	)	$	(911,987	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	10			—			—			—
Investment related gains (losses), net	(4		)	—			78,835			(5,182		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			(27,285		)
Policy acquisition costs and other insurance expenses	—			—			—			—
Included in other comprehensive income	2,330			33			—			—
Purchases(1)	—			—			—			(14,215		)
Sales(1)	—			—			—			—
Settlements(1)	(402		)	(302		)	—			18,433
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			—			—			—
Fair value, end of period	$	45,767		$	10,888		$	(20,194	)	$	(940,236	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	10		$	—		$	—		$	—
Investment related gains (losses), net	—			—			78,835			(5,946		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			(45,718		)
Policy acquisition costs and other insurance expenses	—			—			—			—

For the six months ended June 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. Government and agencies
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,385		)	98			4,112			819			(282		)
Investment related gains (losses), net	5			137			1,247			92			(250		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	8,536			3,255			6,014			4,674			877
Purchases(1)	132,061			32,148			124,108			—			293
Sales(1)	(47,676		)	(744		)	(20,870		)	(14,626		)	—
Settlements(1)	(100,946		)	(12,573		)	(12,633		)	(542		)	(8,563		)
Transfers into Level 3	6,930			11,464			11,614			5,712			—
Transfers out of Level 3	(53,874		)	(1,743		)	(29,280		)	—			—
Fair value, end of period	$	1,287,940		$	185,547		$	556,160		$	97,914		$	32,994
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(2,336	)	$	94		$	2,005		$	875		$	(282	)
Investment related gains (losses), net	—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

For the six months ended June 30, 2014 (continued):	Fixed maturity securities available-for-sale
	State and political subdivisions			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Other invested assets- non-redeemable preferred stock			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	43,776		$	37,997		$	(176,270	)	$	4,962		$	(868,725	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	21			—			—			—			—
Investment related gains (losses), net	(8		)	—			156,076			—			(28,844		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(51,125		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	2,443			33			—			—			—
Purchases(1)	—			—			—			—			(29,408		)
Sales(1)	—			—			—			—			—
Settlements(1)	(465		)	(599		)	—			—			37,866
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			(26,543		)	—			(4,962		)	—
Fair value, end of period	$	45,767		$	10,888		$	(20,194	)	$	—		$	(940,236	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	21		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			—			156,076			—			(30,156		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(88,991		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; they are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Carrying Value After Measurement				Net Investment Gains (Losses)
	At June 30,				Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2015		2014		2015			2014			2015			2014
Mortgage loans(1)	$	5,850	$	15,660	$	(11	)	$	(2,037	)	$	39		$	(1,656	)
Limited partnership interests(2)	13,667		8,889		—			(4,171		)	(4,509		)	(4,171		)

(1) Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows.

(2) Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at June 30, 2015 and December 31, 2014 (dollars in thousands). This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.

June 30, 2015:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	3,073,313	$	3,147,898	$	—	$	—	$	3,147,898
Policy loans	1,438,156		1,438,156		—		1,438,156		—
Funds withheld at interest(1)	5,840,518		6,278,068		—		—		6,278,068
Cash and cash equivalents(2)	670,624		670,624		670,624		—		—
Short-term investments(2)	41,385		41,385		41,385		—		—
Other invested assets(2)	374,351		424,186		4,916		35,006		384,264
Accrued investment income	322,069		322,069		—		322,069		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,679,250	$	10,083,745	$	—	$	—	$	10,083,745
Long-term debt	2,313,470		2,460,800		—		—		2,460,800
Collateral finance and securitization notes	926,410		832,750		—		—		832,750
December 31, 2014:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,712,238	$	2,803,942	$	—	$	—	$	2,803,942
Policy loans	1,284,284		1,284,284		—		1,284,284		—
Funds withheld at interest(1)	5,897,202		6,367,165		—		—		6,367,165
Cash and cash equivalents(2)	745,823		745,823		745,823		—		—
Short-term investments(2)	52,504		52,504		52,504		—		—
Other invested assets(2)	465,720		518,261		4,674		35,446		478,141
Accrued investment income	261,096		261,096		—		261,096		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,623,596	$	9,666,240	$	—	$	—	$	9,666,240
Long-term debt	2,314,293		2,518,399		—		—		2,518,399
Collateral finance and securitization notes	782,701		674,984		—		—		674,984

(1) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis.

(2) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis.