Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2015 and December 31, 2014 are summarized below (dollars in thousands):

December 31, 2015:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	17,708,156		$	269,039	$	16,212,147		$	1,226,970
Canadian and Canadian provincial governments	3,576,759			—		3,160,683			416,076
Residential mortgage-backed securities	1,311,477			—		980,828			330,649
Asset-backed securities	1,212,676			—		908,840			303,836
Commercial mortgage-backed securities	1,483,087			—		1,414,524			68,563
U.S. government and agencies	1,381,659			1,227,858		127,536			26,265
State and political subdivisions	511,014			—		472,672			38,342
Other foreign government, supranational and foreign government-sponsored enterprises	2,458,077			260,552		2,183,460			14,065
Total fixed maturity securities – available-for-sale	29,642,905			1,757,449		25,460,690			2,424,766
Funds withheld at interest – embedded derivatives	(76,698		)	—		—			(76,698		)
Cash equivalents	406,521			406,521		—			—
Short-term investments	530,773			524,946		5,827			—
Other invested assets:
Non-redeemable preferred stock	87,520			81,809		5,711			—
Other equity securities	38,342			38,342		—			—
Derivatives:
Interest rate swaps	71,882			—		71,882			—
Foreign currency forwards	20			—		20			—
CPI swaps	(292		)	—		(292		)	—
Credit default swaps	2,567			—		2,567			—
Equity options	40,644			—		40,644			—
Foreign currency swaps	141,357			—		141,357			—
FVO contractholder-directed unit-linked investments	197,547			195,317		2,230			—
Other	8,170			8,170		—			—
Total other invested assets	587,757			323,638		264,119			—
Other assets - longevity swaps	14,996			—		—			14,996
Total	$	31,106,254		$	3,012,554	$	25,730,636		$	2,363,064
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,070,584		$	—	$	—		$	1,070,584
Other liabilities:
Derivatives:
Interest rate swaps	20,989			—		20,989			—
Foreign currency forwards	6,744			—		6,744			—
Credit default swaps	5,390			—		5,390			—
Equity options	(6,009		)	—		(6,009		)	—
Foreign currency swaps	(4,908		)	—		(4,908		)	—
Mortality swaps	2,619			—		—			2,619
Total	$	1,095,409		$	—	$	22,206		$	1,073,203

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 Inputs, Assets, 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 December 31, 2015 and 2014 (dollars in thousands):

	Fair Value					Valuation	Unobservable	Range (Weighted Average)
Assets:	2015			2014		Technique	Input	2015		2014
State and political subdivisions	$	4,770		$	4,994	Market comparable  securities	Liquidity premium	1	%	1	%
Corporate securities	195,557			205,392		Market comparable securities	Liquidity premium	0-2%  (1%)		0-2%  (1%)
U.S. government and agencies	26,265			28,530		Market comparable securities	Liquidity premium	0-1%  (1%)		0-1%  (1%)
Funds withheld at interest- embedded derivatives	(76,698		)	22,094		Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
							Lapse	0-35%  (7%)		0-35%  (7%)
							Withdrawal	0-5%  (3%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (3%)		2-4%  (3%)
Longevity swaps	14,996			7,727		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
							Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	878,114			925,887		Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (7%)		0-35% (7%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							Option budget projection	2-4% (3%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	192,470			159,279		Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-25% (7%)		0-25% (8%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (14%)		0-27% (11%)
Mortality swaps	2,619			797		Discounted cash flow	Mortality	0-100%  (1%)		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 December 31, 2015 and 2014 (dollars in thousands):

	Fair Value					Valuation	Unobservable	Range (Weighted Average)
Assets:	2015			2014		Technique	Input	2015		2014
State and political subdivisions	$	4,770		$	4,994	Market comparable  securities	Liquidity premium	1	%	1	%
Corporate securities	195,557			205,392		Market comparable securities	Liquidity premium	0-2%  (1%)		0-2%  (1%)
U.S. government and agencies	26,265			28,530		Market comparable securities	Liquidity premium	0-1%  (1%)		0-1%  (1%)
Funds withheld at interest- embedded derivatives	(76,698		)	22,094		Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
							Lapse	0-35%  (7%)		0-35%  (7%)
							Withdrawal	0-5%  (3%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (3%)		2-4%  (3%)
Longevity swaps	14,996			7,727		Discounted cash flow	Mortality	0-100%  (2%)		0-100%  (2%)
							Mortality improvement	(10%)-10%  (3%)		(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	878,114			925,887		Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-35% (7%)		0-35% (7%)
							Withdrawal	0-5% (3%)		0-5% (3%)
							Option budget projection	2-4% (3%)		2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	192,470			159,279		Discounted cash flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-25% (7%)		0-25% (8%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (14%)		0-27% (11%)
Mortality swaps	2,619			797		Discounted cash flow	Mortality	0-100%  (1%)		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 years ended December 31, 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
Fixed maturity securities - available-for-sale:
Corporate securities	$	32,206	$	127,653	$	6,000	$	22,537

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 year ended December 31, 2015, as well as the portion of gains or losses included in income for the year ended December 31, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2015 (dollars in thousands):

For the year ended December 31, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage-backed securities			Asset-backed securities
Fair value, beginning of period	$	1,310,427		$	—	$	188,094		$	572,960
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,517		)	2,788		(1,754		)	4,526
Investment related gains (losses), net	(2,814		)	—		(216		)	808
Claims & other policy benefits	—			—		—			—
Interest credited	—			—		—			—
Policy acquisition costs and other insurance expenses	—			—		—			—
Included in other comprehensive income	(32,452		)	70,144		(944		)	(2,490		)
Other revenue	—			—		—			—
Purchases(1)	243,871			—		249,208			229,220
Sales(1)	(3,949		)	—		(985		)	(13,105		)
Settlements(1)	(279,495		)	—		(39,494		)	(98,918		)
Transfers into Level 3	15,455			343,144		2,853			13,542
Transfers out of Level 3	(20,556		)	—		(66,113		)	(402,707		)
Fair value, end of period	$	1,226,970		$	416,076	$	330,649		$	303,836
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	$	(3,396	)	$	2,788	$	(1,753	)	$	2,465
Investment related gains (losses), net	(2,278		)	—		—			—
Other revenue	—			—		—			—
Claims & other policy benefits	—			—		—			—
Interest credited	—			—		—			—
Policy acquisition costs and other insurance expenses	—			—		—			—

For the year ended December 31, 2015 (continued):	Fixed maturity securities - available-for-sale
	Commercial mortgage-backed securities			U.S. government and agencies			State and political subdivisions			Other foreign government, supranational and foreign government-sponsored  enterprises
Fair value, beginning of period	$	86,746		$	28,529		$	42,711		$	19,663
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	2,817			(48		)	32			—
Investment related gains (losses), net	(4,737		)	(233		)	(19		)	—
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—
Included in other comprehensive income	(337		)	(602		)	(3,055		)	(7		)
Other revenue	—			—			—			—
Purchases(1)	42			544			—			—
Sales(1)	(6,153		)	—			—			—
Settlements(1)	(7,226		)	(1,925		)	(492		)	(1,258		)
Transfers into Level 3	12,828			—			—			—
Transfers out of Level 3	(15,417		)	—			(835		)	(4,333		)
Fair value, end of period	$	68,563		$	26,265		$	38,342		$	14,065
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	$	2,718		$	(48	)	$	32		$	—
Investment related gains (losses), net	(3,593		)	—			—			—
Other revenue	—			—			—			—
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—

For the year ended December 31, 2015 (continued):
	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	$	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	(98,792		)	—			—			(33,191		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			19,440			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	—			(412		)	(959		)	—			—
Other revenue	—			—			8,228			—			(1,822		)
Purchases(1)	—			4,529			—			(42,798		)	—
Sales(1)	—			—			—			—			—
Settlements(1)	—			—			—			71,131			—
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			(12,021		)	—			—			—
Fair value, end of period	$	(76,698	)	$	—		$	14,996		$	(1,070,584	)	$	(2,619	)
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	(98,792		)	—			—			(43,496		)	—
Other revenue	—			—			8,228			—			(1,822		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(51,691		)	—
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 year ended December 31, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands).

For the year ended December 31, 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			State and political subdivisions
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,828		)	(93		)	7,929			1,892			(483		)	39
Investment related gains (losses), net	(1,984		)	(244		)	2,131			103			(401		)	(17		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(3,100		)	1,748			1,665			1,099			1,052			3,282
Purchases(1)	356,706			54,412			191,662			6,180			581			—
Sales(1)	(54,386		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements(1)	(273,392		)	(34,727		)	(54,175		)	(3,599		)	(13,139		)	(738		)
Transfers into Level 3	13,180			15,981			11,614			5,712			—			—
Transfers out of Level 3	(67,058		)	(1,744		)	(36,791		)	(11,800		)	—			(3,631		)
Fair value, end of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
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	$	(4,686	)	$	(97	)	$	5,306		$	1,949		$	(480	)	$	39
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the year ended December 31, 2014 (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		$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(5		)	—			—			—			—			—
Investment related gains (losses), net		—			198,364			—			—			(129,224		)	—
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			—			—			—			(104,843		)	—
Policy acquisition costs and other insurance expenses		—			—			—			—			—			—
Included in other comprehensive income		(59		)	—			(96		)	(361		)	—			—
Other revenue		—			—			—			8,088			—			(797		)
Purchases(1)		—			—			8,000			—			(56,234		)	—
Sales(1)		—			—			—			—			—			—
Settlements(1)		(1,210		)	—			—			—			—			—
Transfers into Level 3		9,482			—			—			—			73,860			—
Transfers out of Level 3		(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period		$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
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		$	(5	)	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net		—			—			—			—			(134,254		)	—
Other revenue		—			—			—			8,088			—			(797		)
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			198,365			—			—			(178,704		)	—
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 year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands).

For the year ended December 31, 2013:	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	$	1,668,563		$	93,931		$	232,391		$	167,006		$	4,538		$	43,212
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(8,194		)	19			6,430			1,917			(156		)	36
Investment related gains (losses), net	(1,078		)	(294		)	(1,131		)	(16,704		)	(175		)	(16		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(44,299		)	821			17,150			36,731			(639		)	222
Purchases (1)	331,439			73,563			264,804			19,420			128			—
Sales (1)	(271,402		)	(7,146		)	(26,005		)	(83,974		)	—			—
Settlements (1)	(285,586		)	(26,661		)	(20,872		)	(7,970		)	(2,633		)	(657		)
Transfers into Level 3	33,776			24,727			9,031			4,081			44,394			979
Transfers out of Level 3	(77,930		)	(5,455		)	(9,950		)	(18,722		)	(4,538		)	—
Fair value, end of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
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	$	(7,885	)	$	47		$	6,425		$	1,741		$	(156	)	$	36
Investment related gains (losses), net	(202		)	—			—			(10,243		)	—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the year ended December 31, 2013 (continued):	Fixed maturity securities - available-for-sale
		Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest-embedded derivatives			Short-term investments			Other invested assets - non- redeemable preferred stock		Interest  sensitive contract  liabilities embedded derivatives
Fair value, beginning of period		$	28,280		$	(243,177	)	$	22,031		$	—	$	(912,361	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(305		)	—			(4		)	—		—
Investment related gains (losses), net		—			66,907			—			—		142,050
Claims & other policy benefits		—			—			—			—		—
Interest credited		—			—			—			—		(115,409		)
Policy acquisition costs and other insurance expenses		—			—			—			—		—
Included in other comprehensive income		(1,570		)	—			(27		)	323		—
Purchases (1)		—			—			—			—		(57,391		)
Sales (1)		—			—			—			—		—
Settlements (1)		(295		)	—			(22,000		)	—		74,386
Transfers into Level 3		11,887			—			—			4,639		—
Transfers out of Level 3		—			—			—			—		—
Fair value, end of period		$	37,997		$	(176,270	)	$	—		$	4,962	$	(868,725	)
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		$	(305	)	$	—		$	(4	)	$	—	$	—
Investment related gains (losses), net		—			66,907			—			—		138,683
Claims & other policy benefits		—			—			—			—		—
Interest credited		—			—			—			—		(189,794		)
Policy acquisition costs and other insurance expenses		—			—			—			—		—

Fair Value, Liabilities 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 year ended December 31, 2015, as well as the portion of gains or losses included in income for the year ended December 31, 2015 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2015 (dollars in thousands):

For the year ended December 31, 2015:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage-backed securities			Asset-backed securities
Fair value, beginning of period	$	1,310,427		$	—	$	188,094		$	572,960
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,517		)	2,788		(1,754		)	4,526
Investment related gains (losses), net	(2,814		)	—		(216		)	808
Claims & other policy benefits	—			—		—			—
Interest credited	—			—		—			—
Policy acquisition costs and other insurance expenses	—			—		—			—
Included in other comprehensive income	(32,452		)	70,144		(944		)	(2,490		)
Other revenue	—			—		—			—
Purchases(1)	243,871			—		249,208			229,220
Sales(1)	(3,949		)	—		(985		)	(13,105		)
Settlements(1)	(279,495		)	—		(39,494		)	(98,918		)
Transfers into Level 3	15,455			343,144		2,853			13,542
Transfers out of Level 3	(20,556		)	—		(66,113		)	(402,707		)
Fair value, end of period	$	1,226,970		$	416,076	$	330,649		$	303,836
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	$	(3,396	)	$	2,788	$	(1,753	)	$	2,465
Investment related gains (losses), net	(2,278		)	—		—			—
Other revenue	—			—		—			—
Claims & other policy benefits	—			—		—			—
Interest credited	—			—		—			—
Policy acquisition costs and other insurance expenses	—			—		—			—

For the year ended December 31, 2015 (continued):	Fixed maturity securities - available-for-sale
	Commercial mortgage-backed securities			U.S. government and agencies			State and political subdivisions			Other foreign government, supranational and foreign government-sponsored  enterprises
Fair value, beginning of period	$	86,746		$	28,529		$	42,711		$	19,663
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	2,817			(48		)	32			—
Investment related gains (losses), net	(4,737		)	(233		)	(19		)	—
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—
Included in other comprehensive income	(337		)	(602		)	(3,055		)	(7		)
Other revenue	—			—			—			—
Purchases(1)	42			544			—			—
Sales(1)	(6,153		)	—			—			—
Settlements(1)	(7,226		)	(1,925		)	(492		)	(1,258		)
Transfers into Level 3	12,828			—			—			—
Transfers out of Level 3	(15,417		)	—			(835		)	(4,333		)
Fair value, end of period	$	68,563		$	26,265		$	38,342		$	14,065
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	$	2,718		$	(48	)	$	32		$	—
Investment related gains (losses), net	(3,593		)	—			—			—
Other revenue	—			—			—			—
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—

For the year ended December 31, 2015 (continued):
	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	$	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	(98,792		)	—			—			(33,191		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			19,440			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	—			(412		)	(959		)	—			—
Other revenue	—			—			8,228			—			(1,822		)
Purchases(1)	—			4,529			—			(42,798		)	—
Sales(1)	—			—			—			—			—
Settlements(1)	—			—			—			71,131			—
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			(12,021		)	—			—			—
Fair value, end of period	$	(76,698	)	$	—		$	14,996		$	(1,070,584	)	$	(2,619	)
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	(98,792		)	—			—			(43,496		)	—
Other revenue	—			—			8,228			—			(1,822		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(51,691		)	—
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 year ended December 31, 2014, as well as the portion of gains or losses included in income for the year ended December 31, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2014 (dollars in thousands).

For the year ended December 31, 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			State and political subdivisions
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,828		)	(93		)	7,929			1,892			(483		)	39
Investment related gains (losses), net	(1,984		)	(244		)	2,131			103			(401		)	(17		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(3,100		)	1,748			1,665			1,099			1,052			3,282
Purchases(1)	356,706			54,412			191,662			6,180			581			—
Sales(1)	(54,386		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements(1)	(273,392		)	(34,727		)	(54,175		)	(3,599		)	(13,139		)	(738		)
Transfers into Level 3	13,180			15,981			11,614			5,712			—			—
Transfers out of Level 3	(67,058		)	(1,744		)	(36,791		)	(11,800		)	—			(3,631		)
Fair value, end of period	$	1,310,427		$	188,094		$	572,960		$	86,746		$	28,529		$	42,711
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	$	(4,686	)	$	(97	)	$	5,306		$	1,949		$	(480	)	$	39
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the year ended December 31, 2014 (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		$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(5		)	—			—			—			—			—
Investment related gains (losses), net		—			198,364			—			—			(129,224		)	—
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			—			—			—			(104,843		)	—
Policy acquisition costs and other insurance expenses		—			—			—			—			—			—
Included in other comprehensive income		(59		)	—			(96		)	(361		)	—			—
Other revenue		—			—			—			8,088			—			(797		)
Purchases(1)		—			—			8,000			—			(56,234		)	—
Sales(1)		—			—			—			—			—			—
Settlements(1)		(1,210		)	—			—			—			—			—
Transfers into Level 3		9,482			—			—			—			73,860			—
Transfers out of Level 3		(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period		$	19,663		$	22,094		$	7,904		$	7,727		$	(1,085,166	)	$	(797	)
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		$	(5	)	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net		—			—			—			—			(134,254		)	—
Other revenue		—			—			—			8,088			—			(797		)
Claims & other policy benefits		—			—			—			—			—			—
Interest credited		—			198,365			—			—			(178,704		)	—
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 year ended December 31, 2013, as well as the portion of gains or losses included in income for the year ended December 31, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at December 31, 2013 (dollars in thousands).

For the year ended December 31, 2013:	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	$	1,668,563		$	93,931		$	232,391		$	167,006		$	4,538		$	43,212
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(8,194		)	19			6,430			1,917			(156		)	36
Investment related gains (losses), net	(1,078		)	(294		)	(1,131		)	(16,704		)	(175		)	(16		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(44,299		)	821			17,150			36,731			(639		)	222
Purchases (1)	331,439			73,563			264,804			19,420			128			—
Sales (1)	(271,402		)	(7,146		)	(26,005		)	(83,974		)	—			—
Settlements (1)	(285,586		)	(26,661		)	(20,872		)	(7,970		)	(2,633		)	(657		)
Transfers into Level 3	33,776			24,727			9,031			4,081			44,394			979
Transfers out of Level 3	(77,930		)	(5,455		)	(9,950		)	(18,722		)	(4,538		)	—
Fair value, end of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
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	$	(7,885	)	$	47		$	6,425		$	1,741		$	(156	)	$	36
Investment related gains (losses), net	(202		)	—			—			(10,243		)	—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the year ended December 31, 2013 (continued):	Fixed maturity securities - available-for-sale
		Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest-embedded derivatives			Short-term investments			Other invested assets - non- redeemable preferred stock		Interest  sensitive contract  liabilities embedded derivatives
Fair value, beginning of period		$	28,280		$	(243,177	)	$	22,031		$	—	$	(912,361	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses		(305		)	—			(4		)	—		—
Investment related gains (losses), net		—			66,907			—			—		142,050
Claims & other policy benefits		—			—			—			—		—
Interest credited		—			—			—			—		(115,409		)
Policy acquisition costs and other insurance expenses		—			—			—			—		—
Included in other comprehensive income		(1,570		)	—			(27		)	323		—
Purchases (1)		—			—			—			—		(57,391		)
Sales (1)		—			—			—			—		—
Settlements (1)		(295		)	—			(22,000		)	—		74,386
Transfers into Level 3		11,887			—			—			4,639		—
Transfers out of Level 3		—			—			—			—		—
Fair value, end of period		$	37,997		$	(176,270	)	$	—		$	4,962	$	(868,725	)
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		$	(305	)	$	—		$	(4	)	$	—	$	—
Investment related gains (losses), net		—			66,907			—			—		138,683
Claims & other policy benefits		—			—			—			—		—
Interest credited		—			—			—			—		(189,794		)
Policy acquisition costs and other insurance expenses		—			—			—			—		—

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

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.

	Carrying Value After Measurement				Net Investment Gains (Losses)
	At December 31,					Years ended December 31,
(dollars in thousands)	2015		2014			2015			2014
Mortgage loans(1)	$	11,800	$	9,500		$	228		$	521
Limited partnership interests(2)	12,520		19,282			(6,550		)	(6,305		)

(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 December 31, 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.

			Estimated Fair		Fair Value Measurement Using:
December 31, 2015	Carrying Value		Value		Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,129,951	$	3,197,808	$	—	$	—	$	3,197,808	$	—
Policy loans	1,468,796		1,468,796		—		1,468,796		—		—
Funds withheld at interest(1)	5,956,380		6,311,780		—		—		6,311,780		—
Cash and cash equivalents(2)	1,118,754		1,118,754		1,118,754		—		—		—
Short-term investments(2)	27,511		27,511		27,511		—		—		—
Other invested assets(2)	399,799		444,342		4,445		34,886		111,412		293,599
Accrued investment income	339,452		339,452		—		339,452		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,746,870	$	9,841,576	$	—	$	—	$	9,841,576	$	—
Long-term debt	2,297,548		2,415,119		—		—		2,415,119		—
Collateral finance and securitization notes	899,161		791,275		—		—		791,275		—
December 31, 2014
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		229,419		248,722
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(3)	2,297,704		2,501,810		—		—		2,501,810		—
Collateral finance and securitization notes(3)	773,979		666,262		—		—		666,262		—

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