Income Tax (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Pre-tax income for the years ended December 31, 2017, 2016 and 2015 consists of the following (dollars in thousands):



	2017		2016		2015
Pre-tax income - U.S.	$	870,532	$	758,496	$	493,328
Pre-tax income - foreign	272,283		285,450		251,467
Total pre-tax income	$	1,142,815	$	1,043,946	$	744,795

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income tax expense for the years ended December 31, 2017, 2016 and 2015 consists of the following (dollars in thousands):



	2017			2016		2015
Current income tax expense (benefit):
U.S.	$	131,108		$	1,020	$	1,588
Foreign	36,830			47,706		92,045
Total current	167,938			48,726		93,633
Deferred income tax expense (benefit):
U.S.	159,853			273,928		193,204
U.S. Tax Reform provisional estimate	(1,033,755		)	—		—
Foreign	26,598			19,849		(44,208		)
Total deferred	(847,304		)	293,777		148,996
Total provision for income taxes	$	(679,366	)	$	342,503	$	242,629

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

U.S. federal income tax statutory rate of 35% as a result of the following for the years ended December 31, 2017, 2016 and 2015 (dollars in thousands):



	2017			2016			2015
Tax provision at U.S. statutory rate	$	399,985		$	365,381		$	260,678
Increase (decrease) in income taxes resulting from:
U.S. Tax Reform provisional estimate	(1,033,755		)	—			—
Foreign tax rate differing from U.S. tax rate	(21,867		)	(13,974		)	(9,950		)
Differences in tax basis in foreign jurisdictions	(23,324		)	(17,770		)	(32,472		)
Deferred tax valuation allowance	29,458			10,963			19,157
Amounts related to audit contingencies	(7,184		)	111			88
Equity compensation excess benefit	(10,532		)	—			—
Corporate rate changes	(6,065		)	—			—
Subpart F for non-full inclusion companies	1,528			1,783			3,473
Foreign tax Credits	(1,681		)	(1,683		)	(1,936		)
Return to provision Adjustments	(4,674		)	(1,473		)	1,482
Other, net	(1,255		)	(835		)	2,109
Total provision for income taxes	$	(679,366	)	$	342,503		$	242,629
Effective tax rate	(59.4		)%	32.8		%	32.6		%

Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block]

Total income taxes for the years ended December 31, 2017, 2016 and 2015 were as follows (dollars in thousands):



	2017			2016			2015
Provision for income taxes	$	(679,366	)	$	342,503		$	242,629
Income tax from OCI and additional paid-in-capital:
Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes	306,849			157,929			(339,889		)
Exercise of stock options	—			(162		)	(2,963		)
Foreign currency translation	(42,153		)	21,081			16,478
Unrealized pension and post retirement	404			1,772			1,726
Total income taxes provided	$	(414,266	)	$	523,123		$	(82,019	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities at December 31, 2017 and 2016, are presented in the following tables (dollars in thousands):



	2017			2016
Deferred income tax assets:
Nondeductible accruals	$	80,905		$	125,879
Differences between tax and financial reporting amounts concerning certain reinsurance transactions	96,043			87,688
Differences in the tax basis of cash and invested assets	557			775
Investment income differences	43,230			35,192
Deferred acquisition costs capitalized for tax	88,531			143,003
Net operating loss carryforward	535,374			325,806
Capital loss and tax credit carryforwards	102,143			101,223
Subtotal	946,783			819,566
Valuation allowance	(226,884		)	(133,354		)
Total deferred income tax assets	719,899			686,212
Deferred income tax liabilities:
Deferred acquisition costs capitalized for financial reporting	627,378			1,013,642
Differences between tax and financial reporting amounts concerning certain reinsurance transactions	1,547,101			1,773,929
Differences in the tax basis of cash and invested assets	674,569			505,841
Investment income differences	1,858			5,635
Differences in foreign currency translation	33,803			91,067
Prepaid expenses	—			—
Total deferred income tax liabilities	2,884,709			3,390,114
Net deferred income tax liabilities	$	2,164,810		$	2,703,902
Balance sheet presentation of net deferred income tax liabilities:
Included in other assets	$	33,499		$	66,738
Included in deferred income taxes	2,198,309			2,770,640
Net deferred income tax liabilities	$	2,164,810		$	2,703,902

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017, 2016 and 2015, is as follows (dollars in thousands):



	Total Unrecognized Tax Benefits
	2017			2016			2015
Beginning balance, January 1	$	297,290		$	296,213		$	274,661
Additions for tax positions of prior years	247,596			226,720			26,170
Reductions for tax positions of prior years	(246,894		)	(229,719		)	(7,820		)
Additions for tax positions of current year	36,438			4,186			3,396
Settlements with tax authorities	(13,206		)	(110		)	(194		)
Ending balance, December 31	$	321,224		$	297,290		$	296,213