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

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016 are summarized below (dollars in thousands):

September 30, 2017:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	22,535,830		$	615,433	$	20,648,377		$	1,272,020
Canadian and Canadian provincial governments	3,991,185			—		3,465,820			525,365
Residential mortgage-backed securities	1,679,305			—		1,561,310			117,995
Asset-backed securities	1,694,568			—		1,549,371			145,197
Commercial mortgage-backed securities	1,313,322			—		1,311,375			1,947
U.S. government and agencies	1,603,669			1,480,357		100,061			23,251
State and political subdivisions	661,031			—		619,519			41,512
Other foreign government supranational and foreign government-sponsored enterprises	2,902,832			319,147		2,578,057			5,628
Total fixed maturity securities – available-for-sale	36,381,742			2,414,937		31,833,890			2,132,915
Funds withheld at interest – embedded derivatives	84,325			—		—			84,325
Cash equivalents	332,186			332,186		—			—
Short-term investments	56,454			—		53,095			3,359
Other invested assets:
Non-redeemable preferred stock	38,901			38,901		—			—
Other equity securities	74,030			74,030		—			—
Derivatives:
Interest rate swaps	46,258			—		46,258			—
Foreign currency forwards	1,418			—		1,418			—
CPI swaps	230			—		230			—
Credit default swaps	6,903			—		6,903			—
Equity options	9,700			—		9,700			—
Foreign currency swaps	68,896			—		68,896			—
FVO contractholder-directed unit-linked investments	210,660			209,136		1,524			—
Total other invested assets	456,996			322,067		134,929			—
Other assets - longevity swaps	37,827			—		—			37,827
Total	$	37,349,530		$	3,069,190	$	32,021,914		$	2,258,426
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	989,940		$	—	$	—		$	989,940
Other liabilities:
Derivatives:
Interest rate swaps	8,953			—		8,953			—
Foreign currency forwards	10,287			—		10,287			—
CPI swaps	61			—		61			—
Credit default swaps	(512		)	—		(512		)	—
Equity options	(10,306		)	—		(10,306		)	—
Foreign currency swaps	11,740			—		11,740			—
Mortality swaps	1,683			—		—			1,683
Total	$	1,011,846		$	—	$	20,223		$	991,623

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 September 30, 2017 and December 31, 2016 (dollars in thousands):

	Estimated Fair Value					Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	September 30, 2017		December 31, 2016					September 30, 2017		December 31, 2016
Assets:
Corporate securities	$	150,170	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	23,251		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,544		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	84,325		(22,529		)	Total return swap	Mortality	0-100%  (3%)		0-100%  (2%)
							Lapse	0-35%  (10%)		0-35%  (8%)
							Withdrawal	0-5%  (4%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (3%)		2-4%  (2%)
Longevity swaps	37,827		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	821,821		805,672			Discounted cash flow	Mortality	0-100%  (3%)		0-100% (2%)
							Lapse	0-35%  (10%)		0-35% (8%)
							Withdrawal	0-5%  (4%)		0-5% (3%)
							Option budget projection	2-4%  (3%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	168,119		184,636			Discounted cash  flow	Mortality	0-100% (1%)		0-100% (2%)
							Lapse	0-25% (5%)		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	1,683		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 September 30, 2017 and December 31, 2016 (dollars in thousands):

	Estimated Fair Value					Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	September 30, 2017		December 31, 2016					September 30, 2017		December 31, 2016
Assets:
Corporate securities	$	150,170	$	167,815		Market comparable securities	Liquidity premium	0-2% (1%)		0-2%  (1%)
U.S. government and agencies	23,251		24,488			Market comparable securities	Liquidity premium	0-1% (1%)		0-1%  (1%)
State and political subdivisions	4,544		4,670			Market comparable securities	Liquidity premium	1	%	1	%
Funds withheld at interest- embedded derivatives	84,325		(22,529		)	Total return swap	Mortality	0-100%  (3%)		0-100%  (2%)
							Lapse	0-35%  (10%)		0-35%  (8%)
							Withdrawal	0-5%  (4%)		0-5%  (3%)
							CVA	0-5%  (1%)		0-5%  (1%)
							Crediting rate	2-4%  (3%)		2-4%  (2%)
Longevity swaps	37,827		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	821,821		805,672			Discounted cash flow	Mortality	0-100%  (3%)		0-100% (2%)
							Lapse	0-35%  (10%)		0-35% (8%)
							Withdrawal	0-5%  (4%)		0-5% (3%)
							Option budget projection	2-4%  (3%)		2-4% (2%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	168,119		184,636			Discounted cash  flow	Mortality	0-100% (1%)		0-100% (2%)
							Lapse	0-25% (5%)		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	1,683		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 nine months ended September 30, 2017 (dollars in thousands):

	2017
	Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1
Three months ended September 30:
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	—
Nine months ended September 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 nine months ended September 30, 2017, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2017 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2017 (dollars in thousands):

For the three months ended September 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	$	1,291,054		$	533,270		$	148,685		$	201,589
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(383		)	3,460			(30		)	160
Investment related gains (losses), net	396			—			44			—
Included in other comprehensive income	(2,700		)	(11,365		)	104			(101		)
Purchases(1)	107,670			—			26,765			—
Sales(1)	(26,337		)	—			(3,553		)	—
Settlements(1)	(88,551		)	—			(3,645		)	(15,243		)
Transfers into Level 3	3,844			—			15			36,994
Transfers out of Level 3	(12,973		)	—			(50,390		)	(78,202		)
Fair value, end of period	$	1,272,020		$	525,365		$	117,995		$	145,197
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	$	(394	)	$	3,460		$	(27	)	$	156

For the three months ended September 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	$	1,943		$	23,567		$	34,434		$	11,994
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			(116		)	26			(1		)
Included in other comprehensive income	5			6			(208		)	(7		)
Purchases(1)	—			134			—			495
Settlements(1)	(1		)	(340		)	(35		)	—
Transfers into Level 3	—			—			7,295			—
Transfers out of Level 3	—			—			—			(6,853		)
Fair value, end of period	$	1,947		$	23,251		$	41,512		$	5,628
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	$	—		$	(116	)	$	26		$	(1	)

For the three months ended September 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	$	3,548		$	61,281	$	33,349	$	(974,631	)	$	(1,552	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment related gains (losses), net	—			23,044		—		(10,047		)	—
Interest credited	—			—		—		(8,335		)	—
Included in other comprehensive income	(3		)	—		1,144		—			1
Other revenues	—			—		3,334		—			(132		)
Purchases(1)	3,164			—		—		(18,736		)	—
Settlements(1)	(114		)	—		—		21,809			—
Transfers out of Level 3	(3,236		)	—				—			—
Fair value, end of period	$	3,359		$	84,325	$	37,827	$	(989,940	)	$	(1,683	)
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	—			23,044		—		(11,900		)	—
Other revenues	—			—		3,334		—			(132		)
Interest credited	—			—		—		(30,145		)	—

For the nine months ended September 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	(1,202		)	9,731		(304		)	1,689
Investment related gains (losses), net	7,592			—		524			—
Interest credited
Included in other comprehensive income	(2,300		)	39,669		2,716			6,802
Purchases(1)	257,671			—		72,582			45,215
Sales(1)	(49,511		)	—		(18,624		)	—
Settlements(1)	(234,552		)	—		(15,084		)	(60,966		)
Transfers into Level 3	35,042			—		5,515			75,752
Transfers out of Level 3	(12,973		)	—		(89,621		)	(142,575		)
Fair value, end of period	$	1,272,020		$	525,365	$	117,995		$	145,197
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	$	(1,213	)	$	9,731	$	(155	)	$	556
Investment related gains (losses), net	(2,788		)	—		(346		)	—

For the nine months ended September 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			(348		)	(68		)	(1		)
Investment related gains (losses), net	(595		)	—			—			—
Included in other comprehensive income	(57		)	269			(228		)	(210		)
Other revenues	—			—			—			—
Purchases(1)	—			370			—			495
Sales(1)	(3,720		)	—			—			—
Settlements(1)	(5,403		)	(1,528		)	(309		)	(672		)
Transfers into Level 3	—			—			7,295			—
Transfers out of Level 3	(10,132		)	—			(6,844		)	(6,853		)
Fair value, end of period	$	1,947		$	23,251		$	41,512		$	5,628
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	$	—		$	(348	)	$	(68	)	$	(1	)

For the nine months ended September 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	—			106,854			—		9,005			—
Interest credited	—			—			—		(20,408		)	—
Included in other comprehensive income	1			—			3,689		—			1
Other revenues	—			—			7,180		—			(922		)
Purchases(1)	3,520			—			—		(51,276		)	—
Settlements(1)	(272		)	—			—		63,047			1,700
Transfers out of Level 3	(3,236		)	—			—		—			—
Fair value, end of period	$	3,359		$	84,325		$	37,827	$	(989,940	)	$	(1,683	)
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	—			106,854			—		2,934			—
Other revenues	—			—			7,180		—			(922		)
Interest credited	—			—			—		(83,456		)	—

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

For the three months ended September 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	$	1,297,382		$	554,192	$	165,979		$	298,816		$	37,935		$	26,255
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(567		)	3,085		(40		)	173			304			(122		)
Investment related gains (losses), net	17,917			—		—			—			—			—
Included in other comprehensive income	(19,635		)	16,342		2,597			3,410			(94		)	(135		)
Purchases(1)	54,492			—		27,548			5,013			—			147
Sales(1)	(26,320		)	—		—			—			—			—
Settlements(1)	(44,110		)	—		(6,935		)	(18,602		)	(1		)	(312		)
Transfers into Level 3	—			—		1,544			28,285			—			—
Transfers out of Level 3	(23,255		)	—		—			(93,444		)	(637		)	—
Fair value, end of period	$	1,255,904		$	573,619	$	190,693		$	223,651		$	37,507		$	25,833
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	$	(489	)	$	3,085	$	(40	)	$	173		$	304		$	(122	)

For the three months ended September 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	$	35,246		$	13,706		$	(91,981	)	$	17,781	$	(1,125,380	)	$	(1,997	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	10			—			—			—		—			—
Investment related gains (losses), net	—			—			49,078			—		7,988			—
Interest credited	—			—			—			—		(20,104		)	—
Included in other comprehensive income	553			48			—			327		—			—
Other revenues	—			—			—			8,921		—			(400		)
Purchases(1)	1,986			—			—			—		(11,853		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(32		)	(328		)	—			—		19,225			329
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	—			—			—			—		—			—
Fair value, end of period	$	37,763		$	13,426		$	(42,903	)	$	27,029	$	(1,130,124	)	$	(2,068	)
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	—			—			49,078			—		3,969			—
Other revenues	—			—			—			8,921		—			(400		)
Interest credited	—			—			—			—		(39,329		)	—

For the nine months ended September 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	(1,986		)	9,136		(411		)	599			1,437			(367		)
Investment related gains (losses), net	(3,939		)	—		(1,922		)	1,101			(3,289		)	—
Interest credited	—			—		—			—			—			—
Included in other comprehensive income	36,438			148,407		2,104			(4,324		)	(2,453		)	922
Other revenues	—			—		—			—			—			—
Purchases(1)	195,070			—		99,776			102,063			1,545			404
Sales(1)	(36,803		)	—		(167,684		)	(38,681		)	(25,976		)	—
Settlements(1)	(141,065		)	—		(31,839		)	(26,523		)	(138		)	(1,391		)
Transfers into Level 3	10,206			—		1,544			53,081			—			—
Transfers out of Level 3	(28,987		)	—		(41,524		)	(167,501		)	(2,182		)	—
Fair value, end of period	$	1,255,904		$	573,619	$	190,693		$	223,651		$	37,507		$	25,833
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	$	(1,917	)	$	9,136	$	2		$	523		$	1,335		$	(367	)

For the nine months ended September 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	205			—			—			—		—			—
Investment related gains (losses), net	—			—			33,795			—		(83,089		)	—
Interest credited	—			—			—			—		(20,730		)	—
Included in other comprehensive income	1,725			336			—			631		—			—
Other revenues	—			—			—			11,402		—			222
Purchases(1)	1,986			—			—			—		(9,817		)	—
Sales(1)	—			—			—			—		—			—
Settlements(1)	(290		)	(975		)	—			—		54,096			329
Transfers into Level 3	—			—			—			—		—			—
Transfers out of Level 3	(4,205		)	—			—			—		—			—
Fair value, end of period	$	37,763		$	13,426		$	(42,903	)	$	27,029	$	(1,130,124	)	$	(2,068	)
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	$	205		$	—		$	—		$	—	$	—		$	—
Investment related gains (losses), net	—			—			33,795			—		(92,842		)	—
Other revenues	—			—			—			11,402		—			222
Interest credited	—			—			—			—		(74,826		)	—

(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 September 30,				Three months ended September 30,					Nine months ended September 30,
(dollars in thousands)	2017		2016		2017			2016		2017			2016
Mortgage loans(1)	$	—	$	6,913	$	—		$	747	$	—		$	45
Limited partnership interests(2)	4,656		4,460		(896		)	—		(7,204		)	(2,039		)
Private equities(3)	106		—		(531		)	—		(531		)	—

(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.

(3) The fair value of the Company’s private equity investments is based on external valuation models.

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, as of September 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.

September 30, 2017:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	4,322,329	$	4,494,964	$	—	$	—	$	4,494,964	$	—
Policy loans	1,340,146		1,340,146		—		1,340,146		—		—
Funds withheld at interest(1)	5,931,416		6,309,369		—		—		6,309,369		—
Cash and cash equivalents(2)	872,404		872,404		872,404		—		—		—
Short-term investments(2)	24,128		24,128		24,128		—		—		—
Other invested assets(2)	601,905		627,650		28,267		68,342		230,355		300,686
Accrued investment income	420,111		420,111		—		420,111		—		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	12,616,104	$	12,960,161	$	—	$	—	$	12,960,161	$	—
Long-term debt	2,778,480		2,997,791		—		—		2,997,791		—
Collateral finance and securitization notes	796,825		708,342		—		—		708,342		—
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.