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

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 are summarized below (dollars in thousands):

June 30, 2017:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	22,341,661		$	603,002	$	20,447,605		$	1,291,054
Canadian and Canadian provincial governments	4,007,754			—		3,474,484			533,270
Residential mortgage-backed securities	1,539,299			—		1,390,614			148,685
Asset-backed securities	1,641,841			—		1,440,252			201,589
Commercial mortgage-backed securities	1,582,028			—		1,580,085			1,943
U.S. government and agencies	1,721,564			1,597,777		100,220			23,567
State and political subdivisions	638,970			—		604,536			34,434
Other foreign government supranational and foreign government-sponsored enterprises	2,872,309			326,033		2,534,282			11,994
Total fixed maturity securities – available-for-sale	36,345,426			2,526,812		31,572,078			2,246,536
Funds withheld at interest – embedded derivatives	61,281			—		—			61,281
Cash equivalents	300,516			300,516		—			—
Short-term investments	91,024			21,586		65,890			3,548
Other invested assets:
Non-redeemable preferred stock	31,959			31,959		—			—
Other equity securities	72,318			72,318		—			—
Derivatives:
Interest rate swaps	55,154			—		55,154			—
CPI swaps	(187		)	—		(187		)	—
Credit default swaps	6,258			—		6,258			—
Equity options	15,804			—		15,804			—
Foreign currency swaps	81,019			—		81,019			—
FVO contractholder-directed unit-linked investments	204,630			203,150		1,480			—
Other	7,047			7,047		—			—
Total other invested assets	474,002			314,474		159,528			—
Other assets - longevity swaps	33,349			—		—			33,349
Total	$	37,305,598		$	3,163,388	$	31,797,496		$	2,344,714
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	974,631		$	—	$	—		$	974,631
Other liabilities:
Derivatives:
Interest rate swaps	17,012			—		17,012			—
Foreign currency forwards	4,200			—		4,200			—
Credit default swaps	(319		)	—		(319		)	—
Equity options	(12,497		)	—		(12,497		)	—
Foreign currency swaps	1,877			—		1,877			—
Mortality swaps	1,552			—		—			1,552
Total	$	986,456		$	—	$	10,273		$	976,183

December 31, 2016:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	19,619,084		$	310,995	$	18,035,836		$	1,272,253
Canadian and Canadian provincial governments	3,644,046			—		3,168,081			475,965
Residential mortgage-backed securities	1,278,576			—		1,118,285			160,291
Asset-backed securities	1,429,344			—		1,210,064			219,280
Commercial mortgage-backed securities	1,363,654			—		1,342,509			21,145
U.S. government and agencies	1,468,302			1,345,755		98,059			24,488
State and political subdivisions	591,796			—		550,130			41,666
Other foreign government, supranational and foreign government-sponsored enterprises	2,698,823			276,729		2,409,225			12,869
Total fixed maturity securities – available-for-sale	32,093,625			1,933,479		27,932,189			2,227,957
Funds withheld at interest – embedded derivatives	(22,529		)	—		—			(22,529		)
Cash equivalents	338,601			338,601		—			—
Short-term investments	44,241			8,276		32,619			3,346
Other invested assets:
Non-redeemable preferred stock	51,123			38,317		12,806			—
Other equity securities	224,238			224,238		—			—
Derivatives:
Interest rate swaps	93,508			—		93,508			—
Credit default swaps	9,136			—		9,136			—
Equity options	26,070			—		26,070			—
Foreign currency swaps	100,394			—		100,394			—
FVO contractholder-directed unit-linked investments	190,120			188,891		1,229			—
Other	11,036			11,036		—			—
Total other invested assets	705,625			462,482		243,143			—
Other assets - longevity swaps	26,958			—		—			26,958
Total	$	33,186,521		$	2,742,838	$	28,207,951		$	2,235,732
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	990,308		$	—	$	—		$	990,308
Other liabilities:
Derivatives:
Interest rate swaps	24,374			—		24,374			—
Foreign currency forwards	5,070			—		5,070			—
CPI swaps	262			—		262			—
Credit default swaps	(5		)	—		(5		)	—
Equity options	(7,389		)	—		(7,389		)	—
Foreign currency swaps	(3,231		)	—		(3,231		)	—
Mortality swaps	2,462			—		—			2,462
Total	$	1,011,851		$	—	$	19,081		$	992,770

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 internally by the Company as of June 30, 2017 and December 31, 2016 (dollars in thousands):

	Estimated Fair Value					Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2017		December 31, 2016					June 30, 2017		December 31, 2016
Assets:
Corporate securities	$	158,309	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	23,567		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,607		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	61,281		(22,529		)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
							Lapse	0-35%  (9%)		0-35%  (8%)
							Withdrawal	0-5%  (3%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (2%)		2-4%  (2%)
Longevity swaps	33,349		26,958			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	812,718		805,672			Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
							Lapse	0-35%  (9%)		0-35% (8%)
							Withdrawal	0-5%  (3%)		0-5% (3%)
							Option budget projection	2-4%  (2%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	161,913		184,636			Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-25% (6%)		0-25% (6%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (9%)		0-27% (14%)
Mortality swaps	1,552		2,462			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 internally by the Company as of June 30, 2017 and December 31, 2016 (dollars in thousands):

	Estimated Fair Value					Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	June 30, 2017		December 31, 2016					June 30, 2017		December 31, 2016
Assets:
Corporate securities	$	158,309	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	23,567		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,607		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	61,281		(22,529		)	Total return swap	Mortality	0-100%  (2%)		0-100%  (2%)
							Lapse	0-35%  (9%)		0-35%  (8%)
							Withdrawal	0-5%  (3%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (2%)		2-4%  (2%)
Longevity swaps	33,349		26,958			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	812,718		805,672			Discounted cash flow	Mortality	0-100%  (2%)		0-100% (2%)
							Lapse	0-35%  (9%)		0-35% (8%)
							Withdrawal	0-5%  (3%)		0-5% (3%)
							Option budget projection	2-4%  (2%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	161,913		184,636			Discounted cash  flow	Mortality	0-100% (2%)		0-100% (2%)
							Lapse	0-25% (6%)		0-25% (6%)
							Withdrawal	0-7% (3%)		0-7% (3%)
							CVA	0-5% (1%)		0-5% (1%)
							Long-term volatility	0-27% (9%)		0-27% (14%)
Mortality swaps	1,552		2,462			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 three and six months ended June 30, 2017 (dollars in thousands):

	2017
	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	$	—	$	49,999
Six months ended June 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	88,674

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, 2017, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2017 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2017 (dollars in thousands):

For the three months ended June 30, 2017:	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	$	1,263,925		$	483,560	$	143,430		$	208,436
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(396		)	3,201		(29		)	511
Investment related gains (losses), net	8,427			—		115			—
Included in other comprehensive income	(4,548		)	46,509		1,962			1,136
Purchases(1)	104,087			—		29,318			34,366
Sales(1)	(23,174		)	—		(4,467		)	—
Settlements(1)	(74,531		)	—		(4,655		)	(27,569		)
Transfers into Level 3	17,264			—		5,423			3,500
Transfers out of Level 3	—			—		(22,412		)	(18,791		)
Fair value, end of period	$	1,291,054		$	533,270	$	148,685		$	201,589
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	$	(396	)	$	3,201	$	(37	)	$	239
Investment related gains (losses), net	(1,495		)	—		—			—

For the three months ended June 30, 2017 (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	$	1,923		$	23,474		$	33,858		$	12,344
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			(115		)	(6		)	—
Included in other comprehensive income	21			211			823			(12		)
Purchases(1)	—			132			—			—
Settlements(1)	(1		)	(135		)	(241		)	(338		)
Fair value, end of period	$	1,943		$	23,567		$	34,434		$	11,994
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	$	—		$	(115	)	$	(6	)	$	—

For the three months ended June 30, 2017 (continued):	Short-term Investments			Funds withheld at interest- embedded derivatives		Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	3,276		$	46,173	$	29,170	$	(972,930	)	$	(2,857	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	—			15,108		—		360			—
Interest credited	—			—		—		(5,955		)	—
Included in other comprehensive income	(29		)	—		2,198		—			—
Other revenues	—			—		1,981		—			(395		)
Purchases(1)	324			—		—		(19,533		)	—
Settlements(1)	(23		)	—		—		23,427			1,700
Fair value, end of period	$	3,548		$	61,281	$	33,349	$	(974,631	)	$	(1,552	)
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 related gains (losses), net	—			15,108		—		(1,794		)	—
Other revenues	—			—		1,981		—			(395		)
Interest credited	—			—		—		(29,382		)	—

For the six months ended June 30, 2017:	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	$	1,272,253		$	475,965	$	160,291		$	219,280
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(819		)	6,271		(274		)	1,529
Investment related gains (losses), net	7,196			—		480			—
Interest credited
Included in other comprehensive income	400			51,034		2,612			6,903
Purchases(1)	150,001			—		45,817			45,215
Sales(1)	(23,174		)	—		(15,071		)	—
Settlements(1)	(146,001		)	—		(11,439		)	(45,723		)
Transfers into Level 3	31,198			—		5,500			38,758
Transfers out of Level 3	—			—		(39,231		)	(64,373		)
Fair value, end of period	$	1,291,054		$	533,270	$	148,685		$	201,589
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	$	(819	)	$	6,271	$	(128	)	$	400
Investment related gains (losses), net	(2,788		)	—		(346		)	—

For the six months ended June 30, 2017 (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	$	21,145		$	24,488		$	41,666		$	12,869
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	709			(232		)	(94		)	—
Investment related gains (losses), net	(595		)	—			—			—
Included in other comprehensive income	(62		)	263			(20		)	(203		)
Other revenues	—			—			—			—
Purchases(1)	—			236			—			—
Sales(1)	(3,720		)	—			—			—
Settlements(1)	(5,402		)	(1,188		)	(274		)	(672		)
Transfers out of Level 3	(10,132		)	—			(6,844		)	—
Fair value, end of period	$	1,943		$	23,567		$	34,434		$	11,994
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	$	—		$	(232	)	$	(94	)	$	—

For the six months ended June 30, 2017 (continued):	Short-term Investments			Funds withheld at interest- embedded derivatives			Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	3,346		$	(22,529	)	$	26,958	$	(990,308	)	$	(2,462	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	—			83,810			—		22,723			—
Interest credited	—			—			—		(22,357		)	—
Included in other comprehensive income	4			—			2,545		—			—
Other revenues	—			—			3,846		—			(790		)
Purchases(1)	356			—			—		(25,927		)	—
Settlements(1)	(158		)	—			—		41,238			1,700
Fair value, end of period	$	3,548		$	61,281		$	33,349	$	(974,631	)	$	(1,552	)
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 related gains (losses), net	—			83,810			—		18,505			—
Other revenues	—			—			3,846		—			(790		)
Interest credited	—			—			—		(63,596		)	—

(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, 2016, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2016 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2016 (dollars in thousands):

For the three months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,243,660		$	487,383	$	333,253		$	285,220		$	63,574		$	25,880
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(592		)	3,049		116			252			490			(122		)
Investment related gains (losses), net	12			—		(1,891		)	823			(2,669		)	—
Included in other comprehensive income	30,391			63,760		3,839			2,793			453			461
Other revenues	—			—		—			—			—			—
Purchases(1)	72,982			—		42,913			59,779			—			144
Sales(1)	(901		)	—		(167,236		)	(30,181		)	(22,338		)	—
Settlements(1)	(47,461		)	—		(13,464		)	(4,196		)	(68		)	(108		)
Transfers into Level 3	5,023			—		—			18,398			—			—
Transfers out of Level 3	(5,732		)	—		(31,551		)	(34,072		)	(1,507		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(608	)	$	3,049	$	530		$	187		$	485		$	(122	)

For the three months ended June 30, 2016 (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 derivatives			Other assets - longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	34,624		$	13,936		$	(168,948	)	$	15,806		$	(1,118,069	)	$	(3,043	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	12			—			—			—			—			—
Investment related gains (losses), net	—			—			76,967			—			(28,137		)	—
Interest credited	—			—			—			—			(2,019		)	—
Included in other comprehensive income	837			95			—			(419		)	—			—
Other revenues	—			—			—			2,394			—			1,046
Purchases(1)	—			—			—			—			4,703			—
Settlements(1)	(227		)	(325		)	—			—			18,142			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781		$	(1,125,380	)	$	(1,997	)
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	$	12		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			—			76,967			—			(31,333		)	—
Other revenues	—			—			—			2,394			—			1,046
Interest credited	—			—			—			—			(20,162		)	—

For the six months ended June 30, 2016:	Fixed maturity securities - available-for-sale
	Corporate securities			Canadian and Canadian provincial governments		Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. government and agencies
Fair value, beginning of period	$	1,226,970		$	416,076	$	330,649		$	303,836		$	68,563		$	26,265
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,419		)	6,051		(371		)	426			1,133			(245		)
Investment related gains (losses), net	(21,856		)	—		(1,922		)	1,101			(3,289		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	56,073			132,065		(493		)	(7,734		)	(2,359		)	1,057
Purchases(1)	140,578			—		72,228			97,050			1,545			257
Sales(1)	(10,483		)	—		(167,684		)	(38,681		)	(25,976		)	—
Settlements(1)	(96,955		)	—		(24,904		)	(7,921		)	(137		)	(1,079		)
Transfers into Level 3	10,206			—		—			24,796			—			—
Transfers out of Level 3	(5,732		)	—		(41,524		)	(74,057		)	(1,545		)	—
Fair value, end of period	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
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	$	(1,428	)	$	6,051	$	42		$	350		$	1,031		$	(245	)
Investment related gains (losses), net	(21,726		)	—		—			—			—			—

For the six months ended June 30, 2016 (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 derivatives			Other assets - longevity swaps		Interest sensitive contract liabilities embedded derivatives			Other liabilities - mortality swaps
Fair value, beginning of period	$	38,342		$	14,065		$	(76,698	)	$	14,996	$	(1,070,584	)	$	(2,619	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	195			—			—			—		—			—
Investment related gains (losses), net	—			—			(15,283		)	—		(91,077		)	—
Interest credited	—			—			—			—		(626		)	—
Included in other comprehensive income	1,171			288			—			304		—			—
Other revenues	—			—			—			2,481		—			622
Purchases(1)	—			—			—			—		2,035			—
Settlements(1)	(258		)	(647		)	—			—		34,872			—
Transfers out of Level 3	(4,204		)	—			—			—		—			—
Fair value, end of period	$	35,246		$	13,706		$	(91,981	)	$	17,781	$	(1,125,380	)	$	(1,997	)
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	$	195		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			—			(15,283		)	—		(96,811		)	—
Other revenues	—			—			—			2,481		—			622
Interest credited	—			—			—			—		(35,497		)	—

(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 and still held at the reporting date (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)	2017		2016		2017			2016			2017			2016
Mortgage loans(1)	$	—	$	6,993	$	—		$	(400	)	$	—		$	(702	)
Limited partnership interests(2)	3,690		4,460		(6,308		)	(112		)	(6,308		)	(2,039		)

(1) Estimated fair values for impaired mortgage loans are based on internal valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on external appraisals of the underlying collateral.

(2) 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, 2017 and December 31, 2016 (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, 2017:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	4,104,487	$	4,215,094	$	—	$	—	$	4,215,094	$	—
Policy loans	1,406,774		1,406,774		—		1,406,774		—		—
Funds withheld at interest(1)	5,904,679		6,258,874		—		—		6,258,874		—
Cash and cash equivalents(2)	822,834		822,834		822,834		—		—		—
Short-term investments(2)	32,284		32,284		32,284		—		—		—
Other invested assets(2)	567,448		603,783		27,815		66,501		198,931		310,536
Accrued investment income	388,008		388,008		—		388,008		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	12,718,836	$	12,711,801	$	—	$	—	$	12,711,801	$	—
Long-term debt	2,788,494		3,029,601		—		—		3,029,601		—
Collateral finance and securitization notes	823,108		730,809		—		—		730,809		—
December 31, 2016:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	3,775,522	$	3,786,987	$	—	$	—	$	3,786,987	$	—
Policy loans	1,427,602		1,427,602		—		1,427,602		—		—
Funds withheld at interest(1)	5,893,381		6,193,166		—		—		6,193,166		—
Cash and cash equivalents(2)	862,117		862,117		862,117		—		—		—
Short-term investments(2)	32,469		32,469		32,469		—		—		—
Other invested assets(2)	477,132		510,640		26,294		55,669		131,904		296,773
Accrued investment income	347,173		347,173		—		347,173		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	10,225,099	$	10,234,544	$	—	$	—	$	10,234,544	$	—
Long-term debt	3,088,635		3,186,173		—		—		3,186,173		—
Collateral finance and securitization notes	840,700		745,805		—		—		745,805		—

(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.