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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2013	Aug. 01, 2013
Document And Entitiy Information [Abstract]
Document Type	10-Q
Document period end date	Jun. 30, 2013
Amendment flag	false
Entity registrant name	REINSURANCE GROUP OF AMERICA INC
Entity central index key	0000898174
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity well-known seasoned issuer	Yes
Common Shares Outstanding		70,984,449
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Fixed maturity securities:
Available-for-sale at fair value (amortized cost of $19,757,321 and $19,559,432)	$ 21,284,216	$ 22,291,614
Mortgage loans on real estate (net of allowances of $7,903 and $11,580)	2,377,246	2,300,587
Policy loans	1,245,252	1,278,175
Funds withheld at interest	5,777,395	5,594,182
Short-term investments	38,601	288,082
Other invested assets	1,035,809	1,159,543
Total investments	31,758,519	32,912,183
Cash and cash equivalents	973,619	1,259,892
Accrued investment income	233,153	201,344
Premiums receivable and other reinsurance balances	1,314,004	1,356,087
Reinsurance ceded receivables	585,555	620,901
Deferred policy acquisition costs	3,453,513	3,619,274
Other assets	472,258	390,757
Total assets	38,790,621	40,360,438
Liabilities and Stockholders’ Equity
Future policy benefits	11,491,692	11,372,856
Interest-sensitive contract liabilities	12,991,981	13,353,502
Other policy claims and benefits	3,316,727	3,160,250
Other reinsurance balances	254,815	233,630
Deferred income taxes	1,839,909	2,120,501
Other liabilities	584,488	742,249
Short-term debt	120,000	0
Long-term debt	1,815,533	1,815,253
Collateral finance facility	487,556	652,010
Total liabilities	32,902,701	33,450,251
Commitments and contingent liabilities (See Note 8)
Stockholders’ Equity:
Preferred stock - par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock - par value $.01 per share, 140,000,000 shares authorized, 79,137,758 shares issued at June 30, 2013 and December 31, 2012	791	791
Additional paid-in-capital	1,772,811	1,755,421
Retained earnings	3,428,646	3,357,255
Treasury stock, at cost - 8,170,066 and 5,210,427 shares	(496,462)	(312,182)
Accumulated other comprehensive income	1,182,134	2,108,902
Total stockholders’ equity	5,887,920	6,910,187
Total liabilities and stockholders’ equity	$ 38,790,621	$ 40,360,438

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Available for Sale at Fair value - Amortized cost	$ 19,757,321	$ 19,559,432
Preferred stock par value (per share)	$ 0.01	$ 0.01
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued
Preferred stock shares outstanding
Common stock par value (per share)	$ 0.01	$ 0.01
Common stock shares authorized	140,000,000	140,000,000
Common stock shares issued	79,137,758	79,137,758
Common stock shares outstanding	73,300,797	73,927,331
Treasury stock, shares	8,170,066	5,210,427
Allowances for Loan and Lease Losses, Real Estate	$ 7,903	$ 11,580

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenues:
Net premiums	$ 2,035,156	$ 1,950,661	$ 4,014,849	$ 3,814,143
Investment income, net of related expenses	444,234	328,334	869,365	669,274
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(9,803)	(1,959)	(10,005)	(9,566)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	(306)	162	(306)	(7,059)
Other investment related gains (losses), net	58,352	25,598	152,925	83,946
Total investment related gains (losses), net	48,243	23,801	142,614	67,321
Other revenues	63,009	72,957	164,916	117,990
Total revenues	2,590,642	2,375,753	5,191,744	4,668,728
Benefits and Expenses:
Claims and other policy benefits	2,030,574	1,625,446	3,719,484	3,205,595
Interest credited	118,345	66,697	243,828	154,739
Policy acquisition costs and other insurance expenses	370,505	335,939	727,862	643,573
Other operating expenses	113,408	105,541	232,909	215,639
Interest expense	29,918	23,360	58,404	46,682
Collateral finance facility expense	2,650	2,878	5,188	5,845
Total benefits and expenses	2,665,400	2,159,861	4,987,675	4,272,073
Income (loss) before income taxes	(74,758)	215,892	204,069	396,655
Provision for income taxes	(25,146)	74,781	68,146	132,226
Net income (loss)	$ (49,612)	$ 141,111	$ 135,923	$ 264,429
Earnings per share:
Basic earnings per share	$ (0.69)	$ 1.91	$ 1.86	$ 3.59
Diluted earnings per share	(0.69)	1.91	1.85	3.57
Dividends declared per share	$ 0.24	$ 0.18	$ 0.48	$ 0.36

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Comprehensive income (loss)
Net income (loss)	$ (49,612)	$ 141,111	$ 135,923	$ 264,429
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	(88,832)	(16,865)	(102,937)	7,215
Change in net unrealized gains and losses on investments	(706,848)	203,156	(826,181)	167,741
Change in other-than-temporary impairment losses on fixed maturity securities	199	(106)	650	4,588
Changes in pension and other postretirement plan adjustments	875	1,211	1,700	1,501
Total other comprehensive income (loss), net of tax	(794,606)	187,396	(926,768)	181,045
Total comprehensive income (loss)	$ (844,218)	$ 328,507	$ (790,845)	$ 445,474

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities:
Net income (loss)	$ 135,923	$ 264,429
Change in operating assets and liabilities:
Accrued investment income	(35,457)	(38,182)
Premiums receivable and other reinsurance balances	(5,100)	(47,370)
Deferred policy acquisition costs	104,002	(63,690)
Reinsurance ceded receivable balances	64,814	(540)
Future policy benefits, other policy claims and benefits, and other reinsurance balances	806,172	755,790
Deferred income taxes	69,071	(5,469)
Other assets and other liabilities, net	(165,129)	62,682
Amortization of net investment premiums, discounts and other	(43,662)	(69,347)
Investment related gains, net	(142,614)	(67,321)
Gain on repurchase of collateral finance facility securities	(46,506)	0
Excess tax benefits from share-based payment arrangement	(2,420)	24
Other, net	66,027	27,251
Net cash provided by operating activities	805,121	818,257
Cash Flows from Investing Activities:
Sales of fixed maturity securities available-for-sale	1,898,833	1,759,932
Maturities of fixed maturity securities available-for-sale	62,734	104,008
Purchases of fixed maturity securities available-for-sale	(2,487,016)	(2,518,580)
Cash invested in mortgage loans	(244,939)	(225,005)
Cash invested in policy loans	(17)	(1,589)
Cash invested in funds withheld at interest	(60,156)	(60,145)
Principal payments on mortgage loans on real estate	150,098	46,313
Principal payments on policy loans	32,940	11,752
Change in short-term investments	241,136	35,989
Change in other invested assets	(1,591)	62,541
Net cash used in investing activities	(407,978)	(784,784)
Cash Flows from Financing Activities:
Dividends to stockholders	(35,169)	(26,524)
Repurchase of collateral finance facility securities	(112,000)	0
Net change in short-term debt	120,000	0
Purchases of treasury stock	(234,690)	(6,924)
Excess tax benefits from share-based payment arrangement	2,420	(24)
Exercise of stock options, net	11,439	(651)
Change in cash collateral for derivatives and other arrangements	(31,858)	(15,096)
Deposits on universal life and other investment type policies and contracts	39,706	79,134
Withdrawals on universal life and other investment type policies and contracts	(397,033)	(70,753)
Net cash used in financing activities	(637,185)	(40,838)
Effect of exchange rate changes on cash	(46,231)	1,836
Change in cash and cash equivalents	(286,273)	(5,529)
Cash and cash equivalents, beginning of period	1,259,892	962,870
Cash and cash equivalents, end of period	973,619	957,341
Supplementary information:
Cash paid for interest	58,387	49,094
Cash paid for income taxes, net of refunds	$ 105,401	$ 40,735

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2013
Organization And Basis Of Presentation [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. There were no subsequent events that would require disclosure or adjustments to the accompanying condensed consolidated financial statements through the date the financial statements were issued. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, all intercompany accounts and transactions have been eliminated. They should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K (“2012 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 1, 2013

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share on net income (loss) (in thousands, except per share information):



	Three months ended June 30,					Six months ended June 30,
	2013			2012		2013		2012
Earnings:
Net income (loss) (numerator for basic and diluted calculations)	$	(49,612	)	$	141,111	$	135,923	$	264,429
Shares:
Weighted average outstanding shares (denominator for basic calculation)	72,350			73,718		73,089		73,646
Equivalent shares from outstanding stock options	—			336		484		402
Denominator for diluted calculation	72,350			74,054		73,573		74,048
Earnings per share:
Basic	$	(0.69	)	$	1.91	$	1.86	$	3.59
Diluted	$	(0.69	)	$	1.91	$	1.85	$	3.57

As a result of the net loss for the three months ended June 30, 2013, the Company was required to use basic weighted average common shares outstanding in the calculation of diluted loss per share, since the inclusion of shares for outstanding stock options of 0.4 million would have been antidilutive to the earnings (loss) per share calculations. In the absence of the losses, weighted average common shares outstanding and dilutive potential common shares would have totaled 72.8 million.

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended June 30, 2013, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended June 30, 2012, approximately 1.8 million stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts.

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2013

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2013 and 2012 are as follows (dollars in thousands):



	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments⁽¹⁾			Pension and Postretirement Benefits			Total
Balance, December 31, 2012	$	267,475		$	1,877,657		$	(36,230	)	$	2,108,902
Other comprehensive income (loss) before reclassifications	(102,937		)	(819,019		)	206			(921,750		)
Amounts reclassified from AOCI	—			(6,512		)	1,494			(5,018		)
Net current-period other comprehensive income (loss)	(102,937		)	(825,531		)	1,700			(926,768		)
Balance, June 30, 2013	$	164,538		$	1,052,126		$	(34,530	)	$	1,182,134



	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Accumulated Currency Translation Adjustments		Unrealized Appreciation (Depreciation) of Investments⁽¹⁾		Pension and Postretirement Benefits			Total
Balance, December 31, 2011	$	229,795	$	1,419,318	$	(30,960	)	$	1,618,153
Change in component during the period	7,215		172,329		1,501			181,045
Balance, June 30, 2012	$	237,010	$	1,591,647	$	(29,459	)	$	1,799,198


(1)	Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

The following table presents the amounts reclassified out of AOCI for the three and six months ended June 30, 2013 (dollars in thousands):



	Amount Reclassified from AOCI
Details about AOCI Components	Three months ended June 30, 2013			Six months ended June 30, 2013			Affected Line Item in Statement of Income
Unrealized gains and losses on available-for-sale securities	$	13,510		$	23,858		Investment related gains (losses), net
Gains and losses on cash flow hedge - interest rate swap	201			506			Investment income
Deferred policy acquisition costs attributed to unrealized gains and losses⁽¹⁾	(13,283		)	(14,831		)
	428			9,533			Total before tax
	(87		)	(3,021		)	Tax expense
	$	341		$	6,512		Net of tax
Amortization of unrealized pension and postretirement benefits:
Prior service cost⁽²⁾	$	(213	)	$	(307	)
Actuarial gains/(losses)⁽²⁾	(968		)	(1,991		)
	(1,181		)	(2,298		)	Total before tax
	413			804			Tax benefit
	$	(768	)	$	(1,494	)	Net of tax

Total reclassifications for the period	$	(427	)	$	5,018		Net of tax


(1)	This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2012 Annual Report for additional details.


(2)	These AOCI components are included in the computation of the net periodic pension cost. See Note 9 – “Employee Benefit Plans” for additional details

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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+ Details

Investments

6 Months Ended

Jun. 30, 2013

Investments [Abstract]

Investments

Fixed Maturity and Equity Securities Available-for-Sale

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,346,144	$	648,955	$	191,618	$	11,803,481	55.4	%	$	—
Canadian and Canadian provincial governments	2,633,388		901,567		9,162		3,525,793		16.6		—
Residential mortgage-backed securities	1,015,155		53,581		13,768		1,054,968		5.0		(241		)
Asset-backed securities	789,849		18,998		18,537		790,310		3.7		(2,259		)
Commercial mortgage-backed securities	1,564,924		110,294		36,586		1,638,632		7.7		(5,125		)
U.S. government and agencies	394,026		21,417		2,453		412,990		1.9		—
State and political subdivisions	278,148		25,513		11,850		291,811		1.4		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,735,687		51,165		20,621		1,766,231		8.3		—
Total fixed maturity securities	$	19,757,321	$	1,831,490	$	304,595	$	21,284,216	100.0	%	$	(7,625	)
Non-redeemable preferred stock	$	85,483	$	6,722	$	1,747	$	90,458	56.4	%
Other equity securities	74,273		—		4,392		69,881		43.6
Total equity securities	$	159,756	$	6,722	$	6,139	$	160,339	100.0	%



December 31, 2012:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,333,431	$	1,085,973	$	39,333	$	12,380,071	55.5	%	$	—
Canadian and Canadian provincial governments	2,676,777		1,372,731		174		4,049,334		18.2		—
Residential mortgage-backed securities	969,267		76,520		3,723		1,042,064		4.7		(241		)
Asset-backed securities	700,455		19,898		28,798		691,555		3.1		(2,259		)
Commercial mortgage-backed securities	1,608,376		142,369		51,842		1,698,903		7.6		(6,125		)
U.S. government and agencies	231,256		33,958		24		265,190		1.2		—
State and political subdivisions	270,086		38,058		5,646		302,498		1.4		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,769,784		94,929		2,714		1,861,999		8.3		—
Total fixed maturity securities	$	19,559,432	$	2,864,436	$	132,254	$	22,291,614	100.0	%	$	(8,625	)
Non-redeemable preferred stock	$	68,469	$	6,542	$	170	$	74,841	33.6	%
Other equity securities	148,577		416		1,134		147,859		66.4
Total equity securities	$	217,046	$	6,958	$	1,304	$	222,700	100.0	%

The Company enters into various collateral arrangements that require both the pledging and acceptance of fixed maturity securities as collateral. The Company pledged fixed maturity securities as collateral to derivative and reinsurance counterparties with an amortized cost of $32.9 million and $16.9 million, and an estimated fair value of $33.9 million and $17.0 million, as of June 30, 2013 and December 31, 2012 respectively. The pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets as of June 30, 2013, and are included in other invested assets in the condensed consolidated balance sheets as of December 31, 2012. Securities with an amortized cost of $8,046.9 million and $7,549.0 million, and an estimated fair value of $8,377.6 million and $7,913.8 million, as of June 30, 2013 and December 31, 2012, respectively, were held in trust to satisfy collateral requirements under certain third-party reinsurance treaties.

The Company received fixed maturity securities as collateral from derivative and reinsurance counterparties with an estimated fair value of $91.5 million and $95.6 million, as of June 30, 2013 and December 31, 2012, respectively. The collateral is held in separate custodial accounts and is not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral; however, as of June 30, 2013 and December 31, 2012, none of the collateral had been sold or re-pledged.

As of June 30, 2013, the Company held securities with a fair value of $1,231.6 million that were guaranteed or issued by the Canadian province of Ontario and $1,516.3 million that were guaranteed or issued by the Canadian province of Quebec, both of which exceeded 10% of total stockholders’ equity. As of December 31, 2012, the Company held securities with a fair value of $1,400.0 million that were guaranteed or issued by the Canadian province of Ontario and $1,785.0 million that were guaranteed or issued by the Canadian province of Quebec, both of which exceeded 10% of total stockholders’ equity.

The amortized cost and estimated fair value of fixed maturity securities available-for-sale at June 30, 2013 are shown by contractual maturity in the table below. Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset and mortgage-backed securities are shown separately in the table below, as they are not due at a single maturity date. At June 30, 2013, the contractual maturities of investments in fixed maturity securities were as follows (dollars in thousands):



	Amortized Cost		Fair Value
Available-for-sale:
Due in one year or less	$	426,022	$	432,495
Due after one year through five years	3,613,328		3,773,306
Due after five years through ten years	6,893,971		7,127,743
Due after ten years	5,454,072		6,466,762
Asset and mortgage-backed securities	3,369,928		3,483,910
Total	$	19,757,321	$	21,284,216

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,636,121	$	3,770,773	32.0	%
Industrial	5,914,051		6,138,234		52.0
Utility	1,768,696		1,867,151		15.8
Other	27,276		27,323		0.2
Total	$	11,346,144	$	11,803,481	100.0	%

December 31, 2012:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,619,455	$	3,900,152	31.5	%
Industrial	5,881,967		6,443,846		52.0
Utility	1,799,658		2,002,611		16.2
Other	32,351		33,462		0.3
Total	$	11,333,431	$	12,380,071	100.0	%

Other-Than-Temporary Impairments

As discussed in Note 2 – “Summary of Significant Accounting Policies” of the 2012 Annual Report, a portion of certain other-than-temporary impairment (“OTTI”) losses on fixed maturity securities are recognized in AOCI. For these securities the net amount recognized in earnings (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in AOCI. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):



	Three months ended June 30,
	2013			2012
Balance, beginning of period	$	14,773		$	62,236
Initial impairments - credit loss OTTI recognized on securities not previously impaired	—			60
Additional impairments - credit loss OTTI recognized on securities previously impaired	—			161
Credit loss OTTI previously recognized on securities impaired to fair value during the period	(1,449		)	(8,288		)
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	—			(8,266		)
Balance, end of period	$	13,324		$	45,903

	Six months ended June 30,
	2013			2012
Balance, beginning of period	$	16,675		$	63,947
Initial impairments - credit loss OTTI recognized on securities not previously impaired	—			1,962
Additional impairments - credit loss OTTI recognized on securities previously impaired	—			8,881
Credit loss OTTI previously recognized on securities impaired to fair value during the period	(1,449		)	(19,669		)
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	(1,902		)	(9,218		)
Balance, end of period	$	13,324		$	45,903

Purchased Credit Impaired Fixed Maturity Securities Available-for-Sale

In the third quarter of 2012, the Company began purchasing certain structured securities that had experienced deterioration in credit quality since their issuance. Securities acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as purchased credit impaired securities. For each security, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. At the date of acquisition, the timing and amount of the cash flows expected to be collected was determined based on a best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. If subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI.

The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands):



	June 30, 2013		December 31, 2012
Outstanding principal and interest balance⁽¹⁾	$	178,911	$	108,831
Carrying value, including accrued interest⁽²⁾	$	132,985	$	84,765


(1)	Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest.


(2)	Estimated fair value plus accrued interest.

The following table presents information about purchased credit impaired investments acquired during the six months ended June 30, 2013 (dollars in thousands).



	At Date of Acquisition
Contractually required payments (including interest)	$	109,931
Cash flows expected to be collected⁽¹⁾	88,422
Fair value of investments acquired	58,471


(1)	Represents undiscounted principal and interest cash flow expectations at the date of acquisition.

The following table presents activity for the accretable yield on purchased credit impaired securities for the three and six months ended June 30, 2013 (dollars in thousands):



	Three months ended June 30, 2013			Six months ended June 30, 2013
Balance, beginning of period	$	59,915		$	39,239
Investments purchased	7,885			29,951
Accretion	(1,879		)	(3,822		)
Disposals	(832		)	(832		)
Reclassification from nonaccretable difference	1,180			1,733
Balance, end of period	$	66,269		$	66,269

Unrealized Losses for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the total gross unrealized losses for the 1,394 and 567 fixed maturity and equity securities as of June 30, 2013 and December 31, 2012, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):



	June 30, 2013				December 31, 2012
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	267,765	86.2	%	$	54,951	41.2	%
20% or more for less than six months	5,629		1.8		734		0.5
20% or more for six months or greater	37,340		12.0		77,873		58.3
Total	$	310,734	100.0	%	$	133,558	100.0	%

The Company’s determination of whether a decline in value is other-than-temporary includes analysis of the underlying credit and the extent and duration of a decline in value. The Company’s credit analysis of an investment includes determining whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. The Company continues to consider declines in value as a potential indicator of credit deterioration. However, the Company believes that due to fluctuating market conditions and an extended period of economic uncertainty, the extent and duration of a decline in value have become less indicative of when there has been credit deterioration with respect to a fixed maturity security since it may not have an impact on the ability of the issuer to service all scheduled payments and the Company’s evaluation of the recoverability of all contractual cash flows or the ability to recover an amount at least equal to amortized cost. In the Company’s impairment review process, the duration and severity of an unrealized loss position for equity securities are given greater weight and consideration given the lack of contractual cash flows or deferability features.

The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for 1,394 and 567 fixed maturity and equity securities that have estimated fair values below amortized cost as of June 30, 2013 and December 31, 2012, respectively (dollars in thousands). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.



	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2013:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	3,229,715	$	161,032	$	89,098	$	12,531	$	3,318,813	$	173,563
Canadian and Canadian provincial governments	138,843		9,162		—		—		138,843		9,162
Residential mortgage-backed securities	210,336		9,553		14,822		2,643		225,158		12,196
Asset-backed securities	220,912		4,719		51,673		5,567		272,585		10,286
Commercial mortgage-backed securities	227,712		9,172		18,893		6,455		246,605		15,627
U.S. government and agencies	191,973		2,344		4,037		109		196,010		2,453
State and political subdivisions	97,877		6,351		11,402		5,499		109,279		11,850
Other foreign government, supranational and foreign government-sponsored enterprises	657,957		19,787		5,698		721		663,655		20,508
Total investment grade securities	4,975,325		222,120		195,623		33,525		5,170,948		255,645
Non-investment grade securities:
Corporate securities	366,159		11,452		40,425		6,603		406,584		18,055
Residential mortgage-backed securities	53,715		1,007		2,359		565		56,074		1,572
Asset-backed securities	25,233		376		30,434		7,875		55,667		8,251
Commercial mortgage-backed securities	19,324		198		43,879		20,761		63,203		20,959
Other foreign government, supranational and foreign government-sponsored enterprises	952		113		—		—		952		113
Total non-investment grade securities	465,383		13,146		117,097		35,804		582,480		48,950
Total fixed maturity securities	$	5,440,708	$	235,266	$	312,720	$	69,329	$	5,753,428	$	304,595
Non-redeemable preferred stock	$	30,787	$	1,745	$	1	$	2	$	30,788	$	1,747
Other equity securities	69,881		4,392		—		—		69,881		4,392
Total equity securities	$	100,668	$	6,137	$	1	$	2	$	100,669	$	6,139



	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2012:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	786,203	$	13,276	$	108,187	$	17,386	$	894,390	$	30,662
Canadian and Canadian provincial governments	12,349		174		—		—		12,349		174
Residential mortgage-backed securities	22,288		97		19,394		3,199		41,682		3,296
Asset-backed securities	59,119		449		96,179		9,508		155,298		9,957
Commercial mortgage-backed securities	89,507		797		29,181		7,974		118,688		8,771
U.S. government and agencies	7,272		24		—		—		7,272		24
State and political subdivisions	20,602		1,514		11,736		4,132		32,338		5,646
Other foreign government, supranational and foreign government-sponsored enterprises	244,817		1,953		7,435		761		252,252		2,714
Total investment grade securities	1,242,157		18,284		272,112		42,960		1,514,269		61,244
Non-investment grade securities:
Corporate securities	181,168		3,170		39,123		5,501		220,291		8,671
Residential mortgage-backed securities	15,199		80		2,633		347		17,832		427
Asset-backed securities	3,421		26		31,938		18,815		35,359		18,841
Commercial mortgage-backed securities	3,317		764		68,405		42,307		71,722		43,071
Total non-investment grade securities	203,105		4,040		142,099		66,970		345,204		71,010
Total fixed maturity securities	$	1,445,262	$	22,324	$	414,211	$	109,930	$	1,859,473	$	132,254
Non-redeemable preferred stock	$	5,577	$	52	$	5,679	$	118	$	11,256	$	170
Other equity securities	85,374		1,134		—		—		85,374		1,134
Total equity securities	$	90,951	$	1,186	$	5,679	$	118	$	96,630	$	1,304

As of June 30, 2013, the Company does not intend to sell these fixed maturity securities and does not believe it is more likely than not that it will be required to sell these fixed maturity securities before the recovery of the fair value up to the current amortized cost of the investment, which may be maturity. As of June 30, 2013, the Company has the ability and intent to hold the equity securities until the recovery of the fair value up to the current cost of the investment. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity and equity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality, asset-liability management and liquidity guidelines.

Unrealized losses on non-investment grade securities are principally related to asset and mortgage-backed securities and were the result of wider credit spreads resulting from higher risk premiums since the time of initial purchase, largely due to macroeconomic conditions and credit market deterioration, including the impact of lower real estate valuations. As of June 30, 2013 and December 31, 2012, approximately $29.2 million and $61.5 million, respectively, of gross unrealized losses greater than 12 months was associated with non-investment grade asset and mortgage-backed securities. This class of securities was evaluated based on actual and projected collateral losses relative to the securities’ positions in the respective securitization trusts and security specific expectations of cash flows. This evaluation also takes into consideration credit enhancement, measured in terms of (i) subordination from other classes of securities in the trust that are contractually obligated to absorb losses before the class of security the Company owns, and (ii) the expected impact of other structural features embedded in the securitization trust beneficial to the class of securities the Company owns, such as overcollateralization and excess spread.

Investment Income, Net of Related Expenses

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Fixed maturity securities available-for-sale	$	240,590		$	193,388		$	479,834		$	384,806
Mortgage loans on real estate	28,362			16,000			56,605			30,966
Policy loans	15,450			16,334			33,360			33,117
Funds withheld at interest	159,212			62,992			296,471			178,006
Short-term investments	422			781			1,235			1,769
Investment receivable	—			36,752			—			36,752
Other invested assets	13,379			11,356			27,301			22,679
Investment revenue	457,415			337,603			894,806			688,095
Investment expense	(13,181		)	(9,269		)	(25,441		)	(18,821		)
Investment income, net of related expenses	$	444,234		$	328,334		$	869,365		$	669,274

Investment Related Gains (Losses), Net

Investment related gains (losses), net consist of the following (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Fixed maturities and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturities	$	(9,803	)	$	(1,959	)	$	(10,005	)	$	(9,566	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)	(306		)	162			(306		)	(7,059		)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	(10,109		)	(1,797		)	(10,311		)	(16,625		)
Impairment losses on equity securities	—			(2,186		)	—			(3,025		)
Gain on investment activity	26,845			26,593			48,525			48,905
Loss on investment activity	(6,760		)	(8,918		)	(17,972		)	(16,422		)
Other impairment losses and change in mortgage loan provision	125			1,762			(1,501		)	(4,081		)
Derivatives and other, net	38,142			8,347			123,873			58,569
Total investment related gains (losses), net	$	48,243		$	23,801		$	142,614		$	67,321

The net other-than-temporary impairment losses on fixed maturity securities recognized in earnings were $10.1 million and $1.8 million for the three months ended June 30, 2013 and 2012, and $10.3 million and $16.6 million for the first six months of 2013 and 2012, respectively. The other-than-temporary impairment losses on fixed maturity securities in the second quarter and first six months of 2013 were primarily due to the decision to sell certain subordinated commercial mortgage-backed securities. The other-than-temporary impairments in the first six months of 2012 were primarily due to a decline in value of structured securities with exposure to commercial mortgages and general credit deterioration in select corporate and foreign securities. The increase in derivatives and other in 2013 is primarily due to an increase in the fair value of embedded derivatives.

During the three months ended June 30, 2013 and 2012, the Company sold fixed maturity and equity securities with fair values of $257.6 million and $153.5 million at losses of $6.8 million and $8.9 million, respectively. During the six months ended June 30, 2013 and 2012, the Company sold fixed maturity and equity securities with fair values of $461.9 million and $401.6 million at losses of $18.0 million and $16.4 million, respectively. The Company generally does not engage in short-term buying and selling of securities.

Securities Borrowing and Other

The Company participates in a securities borrowing program whereby securities, which are not reflected on the Company’s condensed consolidated balance sheets, are borrowed from a third party. The Company is required to maintain a minimum of 100% of the fair value of the borrowed securities as collateral, which consists of rights to reinsurance treaty cash flows. The Company had borrowed securities with an amortized cost of $87.5 million as of June 30, 2013 and December 31, 2012, which was equal to the fair value in both periods. The borrowed securities are used to provide collateral under an affiliated reinsurance transaction.

The Company also participates in a repurchase/reverse repurchase program in which securities, reflected as investments on the Company’s condensed consolidated balance sheets, are pledged to a third party. In return, the Company receives securities from the third party with an estimated fair value equal to a minimum of 100% of the securities pledged. The securities received are not reflected on the Company’s condensed consolidated balance sheets. As of June 30, 2013 the Company had pledged securities with an amortized cost of $292.1 million and an estimated fair value of $307.7 million, and in return the Company received securities with an estimated fair value of $338.0 million. As of December 31, 2012 the Company had pledged securities with an amortized cost of $290.2 million and an estimated fair value of $305.9 million, and in return the Company received securities with an estimated fair value of $342.0 million.

Mortgage Loans on Real Estate

Mortgage loans represented approximately 7.5% and 7.0% of the Company’s total investments as of June 30, 2013 and December 31, 2012. The Company makes mortgage loans on income producing properties, such as apartments, retail and office buildings, and light industrial facilities. Loan-to-value ratios at the time of loan approval are 75% or less. The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of June 30, 2013 and December 31, 2012 (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Apartment	$	220,117	9.2	%	$	229,266	9.9	%
Retail	747,282		31.3		669,958		29.0
Office building	841,842		35.3		825,406		35.7
Industrial	450,140		18.9		455,682		19.7
Other commercial	125,768		5.3		131,855		5.7
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

As of June 30, 2013 and December 31, 2012, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Pacific	$	636,084	26.7	%	$	593,589	25.7	%
South Atlantic	507,010		21.3		477,068		20.5
Mountain	257,130		10.8		233,174		10.1
Middle Atlantic	276,799		11.6		300,475		13.0
West North Central	174,764		7.3		168,063		7.3
East North Central	222,991		9.2		224,122		9.7
West South Central	158,666		6.7		161,451		7.0
East South Central	61,966		2.6		62,789		2.7
New England	89,739		3.8		91,436		4.0
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

The maturities of the mortgage loans, gross of valuation allowances, as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	1,066,678	44.7	%	$	1,187,387	51.3	%
Due after five years through ten years	875,596		36.7		776,655		33.6
Due after ten years	442,875		18.6		348,125		15.1
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

Information regarding the Company’s credit quality indicators for its recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2013 and December 31, 2012 is as follows (dollars in thousands):



	June 30, 2013				December 31, 2012
Internal credit risk grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,475,089	61.8	%	$	1,235,605	53.5	%
Investment grade	694,476		29.1		834,494		36.1
Average	127,967		5.4		132,607		5.7
Watch list	53,831		2.3		76,463		3.3
In or near default	33,786		1.4		32,998		1.4
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2013 and December 31, 2012 is as follows (dollars in thousands):



	June 30, 2013		December 31, 2012
31-60 days past due	$	20,563	$	7,504
61-90 days past due	—		—
Greater than 90 days	7,930		16,886
Total past due	28,493		24,390
Current	2,356,656		2,287,777
Total	$	2,385,149	$	2,312,167

The following table presents the recorded investment in mortgage loans, by method of evaluation of credit loss, and the related valuation allowances, by type of credit loss, at (dollars in thousands):



	June 30, 2013		December 31, 2012
Mortgage loans:
Evaluated individually for credit losses	$	37,617	$	39,956
Evaluated collectively for credit losses	2,347,532		2,272,211
Mortgage loans, gross of valuation allowances	2,385,149		2,312,167
Valuation allowances:
Specific for credit losses	4,738		6,980
Non-specifically identified credit losses	3,165		4,600
Total valuation allowances	7,903		11,580
Mortgage loans, net of valuation allowances	$	2,377,246	$	2,300,587

Information regarding the Company’s loan valuation allowances for mortgage loans for the three and six months ended June 30, 2013 and 2012 is as follows (dollars in thousands):



	Three months ended June 30,
	2013			2012
Balance, beginning of period	$	9,924		$	14,650
Charge-offs	(1,296		)	(1,876		)
Provision (release)	(725		)	(1,763		)
Balance, end of period	$	7,903		$	11,011

	Six months ended June 30,
	2013			2012
Balance, beginning of period	$	11,580		$	11,793
Charge-offs	(2,148		)	(4,069		)
Provision (release)	(1,529		)	3,287
Balance, end of period	$	7,903		$	11,011

Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2013 and December 31, 2012 is as follows (dollars in thousands):



	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2013:
Impaired mortgage loans with no valuation allowance recorded	$	16,714	$	16,104	$	—	$	16,104
Impaired mortgage loans with valuation allowance recorded	21,582		21,513		4,738		16,775
Total impaired mortgage loans	$	38,296	$	37,617	$	4,738	$	32,879
December 31, 2012:
Impaired mortgage loans with no valuation allowance recorded	$	13,039	$	12,496	$	—	$	12,496
Impaired mortgage loans with valuation allowance recorded	27,527		27,460		6,980		20,480
Total impaired mortgage loans	$	40,566	$	39,956	$	6,980	$	32,976
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended June 30,
	2013				2012
	Average Investment⁽¹⁾		Interest Income		Average Investment⁽¹⁾		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	15,181	$	49	$	10,585	$	28
Impaired mortgage loans with valuation allowance recorded	24,211		294		41,747		410
Total	$	39,392	$	343	$	52,332	$	438

	Six months ended June 30,
	2013				2012
	Average Investment⁽¹⁾		Interest Income		Average Investment⁽¹⁾		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	14,286	$	184	$	17,555	$	197
Impaired mortgage loans with valuation allowance recorded	25,294		534		37,634		718
Total	$	39,580	$	718	$	55,189	$	915

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

The Company did not acquire any impaired mortgage loans during the six months ended June 30, 2013 and 2012. The Company had $7.9 million and $16.9 million of mortgage loans, gross of valuation allowances, that were on nonaccrual status at June 30, 2013 and December 31, 2012, respectively.

Policy Loans

Policy loans comprised approximately 3.9% of the Company’s total investments as of both June 30, 2013 and December 31, 2012, substantially all of which are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. As policy loans represent premature distributions of policy liabilities, they have the effect of reducing future disintermediation risk. In addition, the Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

Funds Withheld at Interest

Funds withheld at interest comprised approximately 18.2% and 17.0% of the Company’s total investments as of June 30, 2013 and December 31, 2012, respectively. As of June 30, 2013 and December 31, 2012, approximately 70.8% and 69.7%, respectively, of the Company’s funds withheld at interest balance, net of embedded derivatives, was associated with one client. For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances with amounts owed to the Company from the ceding company. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance.

Other Invested Assets

Other invested assets include equity securities, limited partnership interests, real estate joint ventures, structured loans, derivative contracts, Federal Home Loan Bank of Des Moines ("FHLB") common stock (included in other), and real estate held-for-investment (included in other). Other invested assets represented approximately 3.3% and 3.5% of the Company’s total investments as of June 30, 2013 and December 31, 2012, respectively. Carrying values of these assets as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	June 30, 2013		December 31, 2012
Equity securities	$	160,339	$	222,700
Limited partnerships and real estate joint ventures	423,790		356,419
Structured loans	245,734		306,497
Derivatives	118,791		168,208
Other	87,155		105,719
Total other invested assets	$	1,035,809	$	1,159,543

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Derivative Instruments

6 Months Ended

Jun. 30, 2013

Derivative Instruments [Abstract]

Derivative Instruments

Derivatives, except embedded derivatives, are carried on the Company’s condensed consolidated balance sheets in other invested assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. Embedded derivative assets are included on the condensed consolidated balance sheets in reinsurance ceded receivables. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2013 and December 31, 2012 (dollars in thousands):



	June 30, 2013						December 31, 2012
	Notional		Carrying Value/Fair Value				Notional		Carrying Value/Fair Value
	Amount		Assets		Liabilities		Amount		Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	$	1,531,811	$	54,742	$	16,971	$	2,195,059	$	123,085	$	17,867
Interest rate options	240,000		8,073		—		—		—		—
Financial futures	110,328		—		—		127,877		—		—
Foreign currency forwards	83,387		148		9,484		74,400		1,017		2,105
Consumer price index swaps	74,840		234		257		85,135		1,446		—
Credit default swaps	709,700		3,975		6,632		714,000		2,228		5,922
Equity options	727,641		61,102		—		696,776		62,514		—
Synthetic guaranteed investment contracts	3,469,027		—		—		2,018,073		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	—		—		108,473		—		—		243,177
Indexed annuity products	—		—		793,586		—		—		740,256
Variable annuity products	—		—		84,982		—		—		172,105
Total non-hedging derivatives	6,946,734		128,274		1,020,385		5,911,320		190,290		1,181,432
Derivatives designated as hedging instruments:
Interest rate swaps	50,349		—		5,058		57,275		344		786
Foreign currency swaps	729,890		18,298		2,498		629,512		—		27,398
Total hedging derivatives	780,239		18,298		7,556		686,787		344		28,184
Total derivatives	$	7,726,973	$	146,572	$	1,027,941	$	6,598,107	$	190,634	$	1,209,616

Netting Arrangements

Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.

The Company has elected to include all derivatives, except embedded derivatives, in the tables below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – "Investments" for information regarding the Company’s securities borrowing and repurchase/reverse repurchase programs. See “Embedded Derivatives” below for information regarding the Company’s bifurcated embedded derivatives.

The following table provides information relating to the Company’s derivative instruments as of June 30, 2013 and December 31, 2012 (dollars in thousands):



								Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet			Net Amounts Presented in the Balance Sheet		Financial Instruments			Cash Collateral Pledged/ Received			Net Amount
June 30, 2013:
Derivative assets	$	146,572	$	(27,781	)	$	118,791	$	(17,010	)	$	(89,829	)	$	11,952
Derivative liabilities	40,900		(27,781		)	13,119		(2,722		)	(6,950		)	3,447
December 31, 2012:
Derivative assets	$	190,634	$	(22,426	)	$	168,208	$	(22,458	)	$	(136,414	)	$	9,336
Derivative liabilities	54,078		(22,426		)	31,652		(1,565		)	(27,867		)	2,220

Accounting for Derivative Instruments and Hedging Activities

The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. As of June 30, 2013 and December 31, 2012, the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk. As of June 30, 2013 and December 31, 2012, the Company held foreign currency swaps that were designated and qualified as hedges of a portion of its net investment in its foreign operations. As of June 30, 2013 and December 31, 2012, the Company also had derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” of the Company’s 2012 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts.

Cash Flow Hedges

The Company designates and accounts for certain interest rate swaps, in which the cash flows are denominated in different currencies, commonly referred to as cross-currency swaps, as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging.

The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2013 and 2012 (dollars in thousands):



	Three months ended June 30,
	2013			2012
Accumulated other comprehensive income (loss), balance beginning of period	$	1,961		$	(862	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(6,797		)	464
Amounts reclassified to investment income	(201		)	(321		)
Accumulated other comprehensive income (loss), balance end of period	$	(5,037	)	$	(719	)

	Six months ended June 30,
	2013			2012
Accumulated other comprehensive income (loss), balance beginning of period	$	403		$	(828	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(4,934		)	787
Amounts reclassified to investment income	(506		)	(678		)
Accumulated other comprehensive income (loss), balance end of period	$	(5,037	)	$	(719	)

As of June 30, 2013, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $0.7 million. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the investment cash flows. There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments on existing financial instruments, for the three and six months ended June 30, 2013 and 2012.

The following table presents the effects of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and AOCI for the three and six months ended June 30, 2013 and 2012 (dollars in thousands):



Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in AOCI on Derivatives			Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)				Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)			(Effective Portion)				(Ineffective Portion and Amounts Excluded from Effectiveness Testing)
				Investment Related Gains (Losses)		Investment Income		Investment Related Gains (Losses)		Investment Income
For the three months ended June 30, 2013:
Interest rate swaps	$	(6,797	)	$	—	$	201	$	31	$	—
For the three months ended June 30, 2012:
Interest rate swaps	$	464		$	—	$	321	$	27	$	—
For the six months ended June 30, 2013:
Interest rate swaps	$	(4,934	)	$	—	$	506	$	14	$	—
For the six months ended June 30, 2012:
Interest rate swaps	$	787		$	—	$	678	$	3	$	—

Hedges of Net Investments in Foreign Operations

The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2013 and 2012 (dollars in thousands):



	Derivative Gains (Losses) Deferred in AOCI
	For the three months ended June 30,				For the six months ended June 30,
Type of NIFO Hedge ^{(1) (2)}	2013		2012		2013		2012
Foreign currency swaps	$	23,913	$	6,642	$	34,835	$	(4,003	)


(1)	There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.


(2)	There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.

The cumulative foreign currency translation gain (loss) recorded in AOCI related to these hedges was $18.4 million and $(16.4) million at June 30, 2013 and December 31, 2012, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation.

Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), in the condensed consolidated statements of income, except where otherwise noted. The Company recognized investment related gains (losses) of $52.4 million and $82.1 million, for the three months, and $(112.8) million and $(11.3) million for the six months ended June 30, 2013 and 2012, respectively, related to derivatives (not including embedded derivatives) that do not qualify or have not been qualified for hedge accounting.

A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s income statement for the three and six months ended June 30, 2013 and 2012 is as follows (dollars in thousands):



		Gain (Loss) for the Three Months Ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2013			2012
Interest rate swaps	Investment related gains (losses), net	$	(38,415	)	$	73,342
Interest rate options	Investment related gains (losses), net	(7,981		)	—
Financial futures	Investment related gains (losses), net	714			11,074
Foreign currency forwards	Investment related gains (losses), net	(2,958		)	516
CPI swaps	Investment related gains (losses), net	(1,117		)	(1,431		)
Credit default swaps	Investment related gains (losses), net	2,427			(4,795		)
Equity options	Investment related gains (losses), net	(5,049		)	3,367
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	47,717			(4,453		)
Indexed annuity products	Policy acquisition costs and other insurance expenses	—			859
Indexed annuity products	Interest credited	(28,019		)	26,279
Variable annuity products	Investment related gains (losses), net	35,809			(74,929		)
Total non-hedging derivatives		$	3,128		$	29,829

		Gain (Loss) for the Six Months Ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2013			2012
Interest rate swaps	Investment related gains (losses), net	$	(60,679	)	$	25,990
Interest rate options	Investment related gains (losses), net	(5,998		)	—
Financial futures	Investment related gains (losses), net	(6,167		)	(6,335		)
Foreign currency forwards	Investment related gains (losses), net	(8,617		)	(1,093		)
CPI swaps	Investment related gains (losses), net	(1,988		)	(2,233		)
Credit default swaps	Investment related gains (losses), net	6,332			7,019
Equity options	Investment related gains (losses), net	(35,672		)	(34,616		)
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	137,974			(13,881		)
Indexed annuity products	Policy acquisition costs and other insurance expenses	—			(139		)
Indexed annuity products	Interest credited	(61,015		)	7,538
Variable annuity products	Investment related gains (losses), net	87,123			71,446
Total non-hedging derivatives		$	51,293		$	53,696

Types of Derivatives Used by the Company

Interest Rate Swaps

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date.

Interest Rate Options

Interest rate options, commonly referred to as swaptions, are used by the Company primarily to hedge living benefit guarantees embedded in certain variable annuity products. A swaption, used to hedge against adverse changes in interest rates, is an option to enter into a swap with a forward starting effective date. The Company pays an upfront premium for the right to exercise this option in the future.

Financial Futures

Exchange-traded equity futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant stock indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded equity futures with regulated futures commission merchants that are members of the exchange.

Equity Options

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Consumer Price Index Swaps

Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap.

Foreign Currency Swaps

Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party.

Foreign Currency Forwards

Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date.

Credit Default Swaps

The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company’s maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default for credit default swaps, the Company is typically required to pay the protection holder the full notional value less a recovery rate determined at auction.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2013 and December 31, 2012 (dollars in thousands):



	June 30, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations⁽¹⁾	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps⁽²⁾		Weighted Average Years to Maturity⁽³⁾	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps⁽²⁾		Weighted Average Years to Maturity⁽³⁾
AAA/AA-/A+/A/A-
Single name credit default swaps	$	(1,149	)	$	122,500	5.4	$	(2,077	)	$	124,500	5.9
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(1,149		)	122,500		5.4	(2,077		)	124,500		5.9
BBB+/BBB/BBB-
Single name credit default swaps	(3,821		)	133,200		5.6	(2,345		)	135,500		5.5
Credit default swaps referencing indices	2,551			430,000		4.5	937			430,000		5.0
Subtotal	(1,270		)	563,200		4.7	(1,408		)	565,500		5.1
BB+
Single name credit default swaps	(101		)	6,000		4.0	(222		)	6,000		4.5
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(101		)	6,000		4.0	(222		)	6,000		4.5
Total	$	(2,520	)	$	691,700	4.8	$	(3,707	)	$	696,000	5.2


(1)	The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).


(2)	Assumes the value of the referenced credit obligations is zero.


(3)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par.

Synthetic Guaranteed Investment Contracts

The Company sells fee-based synthetic guaranteed investment contracts which include investment-only, stable value contracts, to retirement plans. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines agreed to with the Company. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are accounted for as derivatives, recorded at fair value and classified as interest rate derivatives.

Embedded Derivatives

The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance (“modco”) or funds withheld basis. Changes in fair values of embedded derivatives on modco or funds withheld treaties are net of an increase (decrease) in investment related gains (losses), net of $(0.4) million and $6.3 million for the three months, and $(2.1) million and $(57.2) million for the six months ended June 30, 2013 and 2012, respectively, associated with the Company’s own credit risk. Changes in fair values of embedded derivatives on variable annuity contracts are net of an increase (decrease) in investment related gains (losses), net of $(0.2) million and $14.6 million for the three months, and $(4.9) million and $51.6 million for the six months ended June 30, 2013 and 2012, respectively, associated with the Company’s own credit risk. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2013 and 2012 are reflected in the following table (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Embedded derivatives in modco or funds withheld arrangements included in investment related gains	$	47,717		$	(4,453	)	$	137,974		$	(13,881	)
After the associated amortization of DAC and taxes, the related amounts included in net income	13,911			(2,598		)	35,535			(665		)
Embedded derivatives in variable annuity contracts included in investment related gains	35,809			(74,929		)	87,123			71,446
After the associated amortization of DAC and taxes, the related amounts included in net income	29,082			(16,175		)	41,274			(1,093		)
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses	(28,019		)	27,138			(61,015		)	7,399
After the associated amortization of DAC and taxes, the related amounts included in net income	(30,845		)	15,378			(60,395		)	29,248

Credit Risk

The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties.

The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party’s ratings. Additionally, a decline in the Company’s or the counterparty’s credit ratings to specified levels could result in potential settlement of the derivative positions under the Company’s agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account.

The Company’s credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts and margin account for exchange-traded futures at June 30, 2013 and December 31, 2012 are reflected in the following table (dollars in thousands):



	June 30, 2013			December 31, 2012
Estimated fair value of derivatives in net asset position	$	105,672		$	136,558
Cash provided as collateral⁽¹⁾	6,950			27,867
Securities pledged to counterparties as collateral⁽²⁾	2,722			1,565
Cash pledged from counterparties as collateral⁽³⁾	(89,829		)	(136,414		)
Securities pledged from counterparties as collateral⁽⁴⁾	(17,010		)	(22,458		)
Net credit exposure	$	8,505		$	7,118
Margin account related to exchange-traded futures⁽⁵⁾	$	5,251		$	5,605


(1)	Consists of receivable from counterparty, included in other assets.


(2)	Included in other invested assets, primarily consists of U.S. Treasury securities.


(3)	Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.


(4)	Consists of U.S. Treasury securities.


(5)	Included in cash and cash equivalents.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value of Assets and Liabilities

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value of Assets and Liabilities

Fair Value Measurement

General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined as having the following characteristics for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. The Company’s Level 1 assets and liabilities include investment securities that are traded in exchange markets.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions with significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Such observable inputs include benchmarking prices for similar assets in active, liquid markets, quoted prices in markets that are not active and observable yields and spreads in the market. The Company’s Level 2 assets and liabilities include investment securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose values are determined using market standard valuation techniques. This category primarily includes corporate securities, Canadian and Canadian provincial government securities, and residential and commercial mortgage-backed securities, among others. Level 2 valuations are generally obtained from third party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs. Prices from services are validated through analytical reviews and assessment of current market activity.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using market standard valuation techniques described above. When observable inputs are not available, the market standard techniques for determining the estimated fair value of certain securities that trade infrequently, and therefore have little transparency, rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation and cannot be supported by reference to market activity. Even though unobservable, management believes these inputs are based on assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing similar assets and liabilities. For the Company’s invested assets, this category generally includes corporate securities (primarily private placements and bank loans), asset-backed securities (including those with exposure to subprime mortgages), and to a lesser extent, certain residential and commercial mortgage-backed securities, among others. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. Under certain circumstances, based on its observations of transactions in active markets, the Company may conclude the prices received from independent third party pricing services or brokers are not reasonable or reflective of market activity. In those instances, the Company would apply internally developed valuation techniques to the related assets or liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties, are classified in Level 3 since their values include significant unobservable inputs.

When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such assets and liabilities categorized within Level 3 may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Assets and Liabilities by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012 are summarized below (dollars in thousands):



June 30, 2013:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	11,803,481		$	63,568	$	10,147,908		$	1,592,005
Canadian and Canadian provincial governments	3,525,793			—		3,525,793			—
Residential mortgage-backed securities	1,054,968			—		914,914			140,054
Asset-backed securities	790,310			—		437,704			352,606
Commercial mortgage-backed securities	1,638,632			—		1,457,650			180,982
U.S. government and agencies securities	412,990			354,097		58,893			—
State and political subdivision securities	291,811			—		250,536			41,275
Other foreign government supranational and foreign government-sponsored enterprises	1,766,231			290,708		1,448,693			26,830
Total fixed maturity securities – available-for-sale	21,284,216			708,373		18,242,091			2,333,752
Funds withheld at interest – embedded derivatives	(108,473		)	—		—			(108,473		)
Cash equivalents	347,823			347,823		—			—
Short-term investments	21,092			19,169		1,923			—
Other invested assets:
Non-redeemable preferred stock	90,458			87,728		2,730			—
Other equity securities	69,881			69,881		—			—
Derivatives:
Interest rate swaps	36,853			—		36,853			—
Interest rate options	8,073			—		8,073			—
Foreign currency forwards	148			—		148			—
CPI swaps	(23		)	—		(23		)	—
Credit default swaps	(2,775		)	—		(2,775		)	—
Equity options	60,715			—		60,715			—
Foreign currency swaps	15,800			—		15,800			—
Other	14,759			14,759		—			—
Total other invested assets	293,889			172,368		121,521			—
Total	$	21,838,547		$	1,247,733	$	18,365,535		$	2,225,279
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	878,568		$	—	$	—		$	878,568
Other liabilities:
Derivatives:
Interest rate swaps	4,140			—		4,140			—
Foreign currency forwards	9,484			—		9,484			—
Credit default swaps	(118		)	—		(118		)	—
Equity options	(387		)	—		(387		)	—
Total	$	891,687		$	—	$	13,119		$	878,568



December 31, 2012:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	12,380,071		$	43,544	$	10,667,964		$	1,668,563
Canadian and Canadian provincial governments	4,049,334			—		4,049,334			—
Residential mortgage-backed securities	1,042,064			—		948,133			93,931
Asset-backed securities	691,555			—		459,164			232,391
Commercial mortgage-backed securities	1,698,903			—		1,531,897			167,006
U.S. government and agencies securities	265,190			192,780		67,872			4,538
State and political subdivision securities	302,498			—		259,286			43,212
Other foreign government, supranational and foreign government-sponsored enterprises	1,861,999			297,025		1,536,694			28,280
Total fixed maturity securities – available-for-sale	22,291,614			533,349		19,520,344			2,237,921
Funds withheld at interest – embedded derivatives	(243,177		)	—		—			(243,177		)
Cash equivalents	575,864			575,864		—			—
Short-term investments	239,131			178,923		38,177			22,031
Other invested assets:
Non-redeemable preferred stock	74,841			64,268		10,573			—
Other equity securities	147,859			147,859		—			—
Derivatives:
Interest rate swaps	104,972			—		104,972			—
Foreign currency forwards	1,017			—		1,017			—
CPI swaps	1,446			—		1,446			—
Credit default swaps	(1,741		)	—		(1,741		)	—
Equity options	62,514			—		62,514			—
Collateral	17,002			1,323		15,679			—
Other	11,951			11,951		—			—
Total other invested assets	419,861			225,401		194,460			—
Total	$	23,283,293		$	1,513,537	$	19,752,981		$	2,016,775
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	912,361		$	—	$	—		$	912,361
Other liabilities:
Derivatives:
Interest rate swaps	196			—		196			—
Foreign currency forwards	2,105			—		2,105			—
Credit default swaps	1,953			—		1,953			—
Foreign currency swaps	27,398			—		27,398			—
Total	$	944,013		—		$	31,652		$	912,361

The Company may utilize information from third parties, such as pricing services and brokers, to assist in determining the fair value for certain assets and liabilities; however, management is ultimately responsible for all fair values presented in the Company’s condensed consolidated financial statements. This includes responsibility for monitoring the fair value process, ensuring objective and reliable valuation practices and pricing of financial instruments, and approving changes to valuation methodologies and pricing sources. The selection of the valuation technique(s) to apply considers the definition of an exit price and the nature of the asset or liability being valued and significant expertise and judgment is required.

The Company performs initial and ongoing analysis and review of the various techniques utilized in determining fair value to ensure that the valuation approaches utilized are appropriate and consistently applied, and that the various assumptions are reasonable. The Company also performs ongoing analysis and review of the information and prices received from third parties to ensure that the prices represent a reasonable estimate of the fair value and to monitor controls around pricing, which includes quantitative and qualitative analysis and is overseen by the Company’s investment and accounting personnel. Examples of procedures performed include, but are not limited to, review of pricing trends, comparison of a sample of executed prices of securities sold to the fair value estimates, comparison of fair value estimates to management’s knowledge of the current market, and ongoing confirmation that third party pricing services use, wherever possible, market-based parameters for valuation. In addition, the Company utilizes both internal and external cash flow models to analyze the reasonableness of fair values utilizing credit spread and other market assumptions, where appropriate. As a result of the analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. The Company also determines if the inputs used in estimated fair values received from pricing services are observable by assessing whether these inputs can be corroborated by observable market data.

The fair value of embedded derivative liabilities, including those calculated by third parties, are monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatilities, from period to period. Actuarial assumptions are based on experience studies performed internally in combination with available industry information and are reviewed on a periodic basis, at least annually.

For assets and liabilities reported at fair value, the Company utilizes when available, fair values based on quoted prices in active markets that are regularly and readily obtainable. Generally, these are very liquid investments and the valuation does not require management judgment. When quoted prices in active markets are not available, fair value is based on market valuation techniques, market comparable pricing and the income approach. The use of different techniques, assumptions and inputs may have a material effect on the estimated fair values of the Company’s securities holdings. For the quarters ended June 30, 2013 and 2012, the application of market standard valuation techniques applied to similar assets and liabilities has been consistent.

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.

Fixed Maturity Securities – The fair values of the Company’s publicly-traded fixed maturity securities are generally based on prices obtained from independent pricing services. Prices from pricing services are sourced from multiple vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company generally receives prices from multiple pricing services for each security, but ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. To validate reasonableness, prices are periodically reviewed as explained above. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service.

If the Company ultimately concludes that pricing information received from the independent pricing service is not reflective of market activity, non-binding broker quotes are used, if available. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information from the pricing service or broker with an internally developed valuation; however, this occurs infrequently. Internally developed valuations or non-binding broker quotes are also used to determine fair value in circumstances where vendor pricing is not available. These estimates may use significant unobservable inputs, which reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset. Circumstances where observable market data are not available may include events such as market illiquidity and credit events related to the security. Pricing service overrides, internally developed valuations and non-binding broker quotes are generally based on significant unobservable inputs and are reflected as Level 3 in the valuation hierarchy.

The inputs used in the valuation of corporate and government securities include, but are not limited to standard market observable inputs which are derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. For structured securities, valuation is based primarily on matrix pricing or other similar techniques using standard market inputs including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

When observable inputs are not available, the market standard valuation techniques for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management judgment or estimation, and cannot be supported by reference to market activity. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and are believed to be consistent with what other market participants would use when pricing such securities.

The fair values of private placement securities are primarily determined using a discounted cash flow model. In certain cases these models primarily use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 3. For certain private fixed maturities, the discounted cash flow model may also incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security. To the extent management determines that such unobservable inputs are not significant to the price of a security, a Level 2 classification is made. Otherwise, a Level 3 classification is used.

Embedded Derivatives – For embedded derivative liabilities associated with the underlying products in reinsurance treaties, primarily equity-indexed and variable annuity treaties, the Company utilizes a discounted cash flow model, which includes an estimate of future equity option purchases and an adjustment for the Company’s own credit risk. The variable annuity embedded derivative calculations are performed by third parties based on methodology and input assumptions provided by the Company. To validate the reasonableness of the resulting fair value, the Company’s internal actuaries perform reviews and analytical procedures on the results. The capital market inputs to the model, such as equity indexes, short-term equity volatility and interest rates, are generally observable. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

The fair value of embedded derivatives associated with funds withheld reinsurance treaties is determined based upon a total return swap technique with reference to the fair value of the investments held by the ceding company that support the Company’s funds withheld at interest asset with an adjustment for the Company’s own credit risk. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy, see “Level 3 Measurements and Transfers” below for a description.

Company’s Own Credit Risk – The Company uses a structural default risk model to estimate its own credit risk. The input assumptions are a combination of externally derived and published values (default threshold and uncertainty), market inputs (interest rate, Company equity price per share, Company debt per share, Company equity price volatility) and insurance industry data (Loss Given Default), adjusted for market recoverability.

Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Money market instruments are generally valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The fair value of certain other short-term investments, such as floating rate notes and bonds with original maturities less then twelve months, are based upon other market observable data and are typically classified as Level 2. However, certain short-term investments may incorporate significant unobservable inputs resulting in a Level 3 classification. Various time deposits carried as cash equivalents or short-term investments are not measured at estimated fair value and therefore are excluded from the tables presented.

Equity Securities – Equity securities consist principally of exchange-traded funds and preferred stock of publicly and privately traded companies. The fair values of publicly traded equity securities are primarily based on quoted market prices in active markets and are classified within Level 1 in the fair value hierarchy. The fair values of preferred equity securities, for which quoted market prices are not readily available, are based on prices obtained from independent pricing services and these securities are generally classified within Level 2 in the fair value hierarchy.

Derivative Assets and Derivative Liabilities – All of the derivative instruments utilized by the Company are classified within Level 2 on the fair value hierarchy. These derivatives are principally valued using an income approach. Valuations of interest rate contracts are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, and repurchase rates. Valuations of foreign currency contracts, non-option-based, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, and cross currency basis curves. Valuations of credit contracts, non-option-based, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves, and recovery rates. Valuations of equity market contracts, non-option-based, are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels, and dividend yield curves. Valuations of equity market contracts, option-based, are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves, and equity volatility. The Company does not currently have derivatives included in Level 3 measurement.

Level 3 Measurements and Transfers

As of June 30, 2013 and December 31, 2012, respectively, the Company classified approximately 11.0% and 10.0% of its fixed maturity securities in the Level 3 category. These securities primarily consist of private placement corporate securities and bank loans with inactive trading markets. Additionally, the Company has included asset-backed securities with subprime exposure and mortgage-backed securities with below investment grade ratings in the Level 3 category due to market uncertainty associated with these securities and the Company’s utilization of unobservable information from third parties for the valuation of these securities.

The significant unobservable inputs used in the fair value measurement of the Company’s corporate, sovereign, government-backed, other political subdivision and short-term investments are probability of default, liquidity premium and subordination premium. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumptions used for the liquidity premium and subordination premium. For securities with a fair value derived using the market comparable pricing valuation technique, liquidity premium is the only significant unobservable input.

The significant unobservable inputs used in the fair value measurement of the Company’s asset and mortgage-backed securities are prepayment rates, probability of default, liquidity premium and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the liquidity premium and loss severity and a directionally opposite change in the assumption used for prepayment rates.

The actuarial assumptions used in the fair value of embedded derivatives which include assumptions related to lapses, withdrawals, and mortality, are based on experience studies performed by the Company in combination with available industry information and are reviewed on a periodic basis, at least annually. The significant unobservable inputs used in the fair value measurement of embedded derivatives are assumptions associated with policyholder experience and selected capital market assumptions for equity-indexed and variable annuities. The selected capital market assumptions, which include long-term implied volatilities, are projections based on short-term historical information. Changes in interest rates, equity indices, equity volatility, the Company’s own credit risk, and actuarial assumptions regarding policyholder experience may result in significant fluctuations in the value of embedded derivatives.

Fair value measurements associated with funds withheld reinsurance treaties are generally not materially sensitive to changes in unobservable inputs associated with policyholder experience. The primary drivers of change in these fair values are related to movements of credit spreads, which are generally observable. Increases (decreases) in market credit spreads tend to decrease (increase) the fair value of embedded derivatives. Increases (decreases) in the own credit assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

Fair value measurements associated with variable annuity treaties are sensitive to both capital markets inputs and policyholder experience inputs. Increases (decreases) in lapse rates tend to decrease (increase) the value of the embedded derivatives associated with variable annuity treaties. Increases (decreases) in the long-term volatility assumption tend to increase (decrease) the fair value of embedded derivatives. Increases (decreases) in the own credit assumption tend to decrease (increase) the magnitude of the fair value of embedded derivatives.

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of June 30, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013:				Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
June 30, 2013:	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	5,139		Market comparable securities	Liquidity premium	1	%
Corporate securities	403,894			Market comparable securities	Liquidity premium	0-2% (1%)
Funds withheld at interest- embedded derivatives	(108,473		)	Total return swap	Mortality	0-100% (1%)
					Lapse	0-35% (6%)
					Withdrawal	0-5% (3%)
					Own Credit	0-1% (1%)
					Crediting rate	2-4% (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	793,586			Discounted cash flow	Mortality	0-100% (1%)
					Lapse	0-35% (6%)
					Withdrawal	0-5% (3%)
					Option budget projection	2-4% (3%)

Interest sensitive contract liabilities- embedded derivatives- variable annuities	84,982			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (5%)
					Withdrawal	0-7% (3%)
					Own Credit	0-1% (1%)
					Long-term volatility	0-27% (13%)

December 31, 2012:

Fair Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted Average)

Assets:

State and political subdivision securities

5,451

Market comparable securities

Liquidity premium

Corporate securities

450,177

Market comparable securities

Liquidity premium

0-2% (1%)

Short-term investments

22,031

Market comparable securities

Liquidity premium

Funds withheld at interest- embedded derivatives

(243,177

)

Total return swap

Mortality

0-100% (1%)

Lapse

0-35% (6%)

Withdrawal

0-5% (3%)

Own Credit

0-1% (1%)

Crediting Rate

2-4% (3%)

Liabilities:

Interest sensitive contract liabilities- embedded derivatives- indexed annuities

740,256

Discounted cash flow

Mortality

0-100% (1%)

Lapse

0-35% (6%)

Withdrawal

0-5% (3%)

Option budget projection

2-4% (3%)

Interest sensitive contract liabilities- embedded derivatives- variable annuities

172,105

Discounted cash flow

Mortality

0-100% (2%)

Lapse

0-25% (5%)

Withdrawal

0-7% (3%)

Own Credit

0-1% (1%)

Long-term volatility

0-27% (14%)

The Company recognizes transfers of financial instruments into and out of levels within the fair value hierarchy at the beginning of the quarter in which the actual event or change in circumstances that caused the transfer occurs. Financial instruments transferred into Level 3 are due to a lack of observable market transactions and price information. Financial instruments are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the financial instrument, a specific event, one or more significant input(s) becoming observable. Transfers out of Level 3 were primarily the result of the Company using observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those financial instruments, without the need for adjustment based on the Company’s own assumptions regarding the characteristics of a specific financial instrument or the current liquidity in the market. In addition, certain transfers out of Level 3 were also due to increased observations of market transactions and price information for those financial instruments.

Transfers from Level 1 to Level 2 are due to the lack of observable market data when pricing these securities, while transfers from Level 2 to Level 1 are due to an increase in the availability of market observable data in an active market. The following tables present the transfers between Level 1 and Level 2 during the three and six months ended June 30, 2013 and 2012 (dollars in thousands):



	Three months ended June 30,
	2013				2012
	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	$	—	$	—	$	2,996	$	—
U.S. government and agencies securities	—		—		—		11,152
State and political subdivision securities	—		—		12,794		—
Other foreign government, supranational and foreign government-sponsored enterprises	—		—		1,059		—
Total fixed maturity securities	$	—	$	—	$	16,849	$	11,152

	Six months ended June 30,
	2013				2012
	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	$	—	$	14,012	$	2,996	$	4
U.S. government and agencies securities	—		—		—		11,152
State and political subdivision securities	—		—		12,794		—
Other foreign government, supranational and foreign government-sponsored enterprises	—		—		1,059		—
Total fixed maturity securities	$	—	$	14,012	$	16,849	$	11,156

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, 2013, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2013 (dollars in thousands):



For the three months ended June 30, 2013:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities
Fair value, beginning of period	$	1,646,903		$	140,717		$	288,231		$	175,294
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,313		)	(111		)	1,526			581
Investment related gains (losses), net	350			198			226			(8,992		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—
Included in other comprehensive income	(37,672		)	(2,714		)	2,601			15,445
Purchases⁽¹⁾	100,690			11,383			72,542			—
Sales⁽¹⁾	(39,793		)	(1,018		)	(7,995		)	(1,118		)
Settlements⁽¹⁾	(80,533		)	(7,367		)	(5,559		)	(228		)
Transfers into Level 3	4,373			4,306			5,340			—
Transfers out of Level 3	—			(5,340		)	(4,306		)	—
Fair value, end of period	$	1,592,005		$	140,054		$	352,606		$	180,982

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	$	(2,191	)	$	(112	)	$	1,515		$	580
Investment related gains (losses), net	—			—			—			(10,109		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—



For the three months ended June 30, 2013 (continued):	Fixed maturity securities available-for-sale
	State and political subdivision securities			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Short-term investments			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	42,639		$	27,865		$	(156,189	)	$	22,001		$	(890,476	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	9			(76		)	—			—			—
Investment related gains (losses), net	(4		)	—			47,716			—			35,809
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(28,020		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(1,087		)	(959		)	—			(1		)	—
Purchases⁽¹⁾	—			—			—			—			(14,764		)
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	(282		)	—			—			(22,000		)	18,883
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	41,275		$	26,830		$	(108,473	)	$	—		$	(878,568	)
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	$	9		$	(76	)	$	—		$	—		$	—
Investment related gains (losses), net	—			—			47,717			—			34,788
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(46,902		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—


For the six months ended June 30, 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 securities
Fair value, beginning of period	$	1,668,563		$	93,931		$	232,391		$	167,006		$	4,538
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,339		)	(6		)	2,405			1,083			—
Investment related gains (losses), net	(913		)	25			(1,521		)	(9,862		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(36,710		)	(200		)	14,638			27,945			—
Purchases⁽¹⁾	175,362			51,920			128,423			—			—
Sales⁽¹⁾	(56,071		)	(2,617		)	(16,293		)	(2,722		)	—
Settlements⁽¹⁾	(145,899		)	(12,289		)	(11,436		)	(2,468		)	—
Transfers into Level 3	8,146			14,630			8,305			—			—
Transfers out of Level 3	(16,134		)	(5,340		)	(4,306		)	—			(4,538		)
Fair value, end of period	$	1,592,005		$	140,054		$	352,606		$	180,982		$	—



For the six months ended June 30, 2013 (continued):	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. Government and agencies securities
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	$	(4,218	)	$	(7	)	$	2,397		$	1,081		$	—
Investment related gains (losses), net	(202		)	—			—			(10,109		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

For the six months ended June 30, 2013 (continued):	Fixed maturity securities available-for-sale
	State and political subdivision securities			Other foreign government, supranational and foreign government- sponsored enterprises			Funds withheld at interest- embedded derivative			Short-term investments			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	43,212		$	28,280		$	(243,177	)	$	22,031		$	(912,361	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	18			(150		)	—			(3		)	—
Investment related gains (losses), net	(8		)	—			134,704			—			87,123
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(61,016		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(1,639		)	(1,300		)	—			(28		)	—
Purchases⁽¹⁾	—			—			—			—			(28,624		)
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	(308		)	—			—			(22,000		)	36,310
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	41,275		$	26,830		$	(108,473	)	$	—		$	(878,568	)
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	$	18		$	(150	)	$	—		$	(4	)	$	—
Investment related gains (losses), net	—			—			134,705			—			84,911
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(97,326		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—


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

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and six months ended June 30, 2012, as well as the portion of gains or losses included in income for the three and six months ended June 30, 2012 attributable to unrealized gains or losses related to those assets and liabilities still held at June 30, 2012 (dollars in thousands):



For the three months ended June 30, 2012:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities			State. and political subdivision securities
Fair value, beginning of period	$	977,671		$	54,435		$	146,362		$	118,678		$	5,239
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	77			188			195			545			9
Investment related gains (losses), net	(696		)	(315		)	164			393			(4		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	10,341			(172		)	1,782			(2,273		)	827
Purchases ⁽¹⁾	68,275			337			2,012			—			—
Sales⁽¹⁾	(17,876		)	(8,219		)	(7,902		)	(1,552		)	—
Settlements⁽¹⁾	(32,497		)	(1,902		)	(3,238		)	(58		)	(23		)
Transfers into Level 3	—			7,176			—			—			8,438
Transfers out of Level 3	(11,281		)	(1,937		)	(11,017		)	—			—
Fair value, end of period	$	994,014		$	49,591		$	128,358		$	115,733		$	14,486
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	$	84		$	148		$	151		$	545		$	9
Investment related gains (losses), net	(380		)	(161		)	—			—			—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—



For the three months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	(370,884	)	$	11,827		$	3,514		$	(903,282	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—
Investment related gains (losses), net	(4,453		)	1,098			—			(74,929		)
Claims & other policy benefits	—			—			—			(1,721		)
Interest credited	—			—			—			27,825
Policy acquisition costs and other insurance expenses	—			—			1,003			—
Included in other comprehensive income	—			505			—			—
Purchases⁽¹⁾	—			108			—			(16,107		)
Sales⁽¹⁾	—			(3,788		)	—			—
Settlements⁽¹⁾	—			—			(101		)	29,287
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			(6,523		)	—			—
Fair value, end of period	$	(375,337	)	$	3,227		$	4,416		$	(938,927	)



For the three months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
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	(4,452		)	(183		)	—			(76,737		)
Claims & other policy benefits	—			—			—			(1,959		)
Interest credited	—			—			—			(1,288		)
Policy acquisition costs and other insurance expenses	—			—			1,143			—

For the six months ended June 30, 2012:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities			State. and political subdivision securities
Fair value, beginning of period	$	974,169		$	81,655		$	193,492		$	115,976		$	10,373
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	107			298			444			1,133			4
Investment related gains (losses), net	(1,280		)	(36		)	(506		)	(11,682		)	(8		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	9,659			1,408			8,477			11,248			1,233
Purchases ⁽¹⁾	89,435			582			2,012			—			—
Sales⁽¹⁾	(27,285		)	(16,224		)	(7,902		)	(1,552		)	—
Settlements⁽¹⁾	(53,371		)	(3,702		)	(7,103		)	(58		)	(46		)
Transfers into Level 3	17,445			7,176			1,080			10,846			8,438
Transfers out of Level 3	(14,865		)	(21,566		)	(61,636		)	(10,178		)	(5,508		)
Fair value, end of period	$	994,014		$	49,591		$	128,358		$	115,733		$	14,486
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	$	114		$	255		$	400		$	1,133		$	4
Investment related gains (losses), net	(1,106		)	(269		)	(607		)	(12,075		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—



For the six months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	(361,456	)	$	11,489		$	4,945		$	(1,028,241	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—
Investment related gains (losses), net	(13,881		)	1,098			—			71,446
Claims & other policy benefits	—			—			—			557
Interest credited	—			—			—			6,632
Policy acquisition costs and other insurance expenses	—			—			(325		)	—
Included in other comprehensive income	—			843			—			—
Purchases⁽¹⁾	—			108			—			(39,697		)
Sales⁽¹⁾	—			(3,788		)	—			—
Settlements⁽¹⁾	—			—			(204		)	50,376
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			(6,523		)	—			—
Fair value, end of period	$	(375,337	)	$	3,227		$	4,416		$	(938,927	)
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	(13,881		)	(183		)	—			67,887
Claims & other policy benefits	—			—			—			79
Interest credited	—			—			—			(43,395		)
Policy acquisition costs and other insurance expenses	—			—			(46		)	—


(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.

Nonrecurring Fair Value Measurements

Certain assets are measured at estimated fair value on a non-recurring basis and are not included in the tables presented above. The amounts below relate to certain investments measured at estimated fair value during the period and still held at the reporting dates (dollars in thousands).



	Three months ended June 30,
	2013							2012
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)
Mortgage loans⁽¹⁾	$	13,602	$	13,575	$	(27	)	$	22,323	$	23,375	$	1,052
Real estate⁽³⁾	4,736		4,136		(600		)	—		—		—

	Six months ended June 30,
	2013							2012
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)
Mortgage loans⁽¹⁾	$	13,482	$	13,575	$	93		$	26,119	$	23,375	$	(2,744	)
Limited partnership interests⁽²⁾	11,590		9,161		(2,429		)	—		—		—
Real estate⁽³⁾	4,736		4,136		(600		)	—		—		—

(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 and were classified as Level 3 in the fair value hierarchy.

(2)

Limited partnership interests — The impaired investments 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 valuation of these investments is considered Level 3 in the fair value hierarchy due to the limited activity and price transparency inherent in the market for such investments.


(3)	Real estate investment - The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company.

Fair Value of Financial Instruments

The Company is required by general accounting principles for Fair Value Measurements and Disclosures to disclose the fair value of certain financial instruments including those that are not carried at fair value. 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, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
June 30, 2013	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,377,246	$	2,416,787	$	—	$	—	$	2,416,787
Policy loans	1,245,252		1,245,252		—		1,245,252		—
Funds withheld at interest⁽¹⁾	5,884,501		6,331,471		—		—		6,331,471
Cash and cash equivalents⁽²⁾	625,796		625,796		625,796		—		—
Short-term investments⁽²⁾	17,509		17,509		17,509		—		—
Other invested assets⁽²⁾	524,810		561,899		4,635		37,590		519,674
Accrued investment income	233,153		233,153		—		233,153		—
Liabilities:
Interest-sensitive contract liabilities⁽¹⁾	$	11,250,921	$	11,392,786	$	—	$	—	$	11,392,786
Long-term debt	1,935,533		2,080,701		—		—		2,080,701
Collateral finance facility	487,556		373,774		—		—		373,774
December 31, 2012:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
December 31, 2012:	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,300,587	$	2,426,688	$	—	$	—	$	2,426,688
Policy loans	1,278,175		1,278,175		—		1,278,175		—
Funds withheld at interest⁽¹⁾	5,837,359		6,362,324		—		—		6,362,324
Cash and cash equivalents⁽²⁾	684,028		684,028		684,028		—		—
Short-term investments⁽²⁾	48,951		48,951		48,951		—		—
Other invested assets⁽²⁾	596,336		626,358		—		32,250		594,108
Accrued investment income	201,344		201,344		—		201,344		—
Liabilities:
Interest-sensitive contract liabilities⁽¹⁾	$	11,566,962	$	11,926,339	$	—	$	—	$	11,926,339
Long-term debt	1,815,253		2,014,062		—		—		2,014,062
Collateral finance facility	652,010		456,050		—		—		456,050


(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.

Mortgage Loans on Real Estate – The fair value of mortgage loans on real estate is estimated by discounting cash flows, both principal and interest, using current interest rates for mortgage loans with similar credit ratings and similar remaining maturities. As such, inputs include current treasury yields and spreads, which are based on the credit rating and average life

of the loan, corresponding to the market spreads. The valuation of mortgage loans on real estate is considered Level 3 in the fair value hierarchy.

Policy Loans – Policy loans typically carry an interest rate that is adjusted annually based on an observable market index and therefore carrying value approximates fair value. The valuation of policy loans is considered Level 2 in the fair value hierarchy.

Funds Withheld at Interest – The carrying value of funds withheld at interest approximates fair value except where the funds withheld are specifically identified in the agreement. When funds withheld are specifically identified in the agreement, the fair value is based on the fair value of the underlying assets which are held by the ceding company. Ceding companies use a variety of sources and pricing methodologies, which are not transparent to the Company and may include significant unobservable inputs, to value the securities that are held in distinct portfolios, therefore the valuation of these funds withheld assets are considered Level 3 in the fair value hierarchy.

Cash and Cash Equivalents and Short-term Investments – The carrying values of cash and cash equivalents and short-term investments approximates fair values due to the short-term maturities of these instruments and are considered Level 1 in the fair value hierarchy.

Other Invested Assets – This primarily includes limited partnership interests accounted for using the cost method, structured loans and FHLB common stock. The fair value of limited partnerships and other investments accounted for using the cost method is determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The valuation of these investments is considered Level 3 in the fair value hierarchy due to the limited activity and price transparency inherent in the market for such investments. The fair value of structured loans is estimated based on a discounted cash flow analysis using discount rates applicable to each structured loan, this is considered Level 3 in the fair value hierarchy. The fair value of the Company’s common stock investment in the Federal Home Loan Bank of Des Moines is considered to be the carrying value and it is considered Level 2 in the fair value hierarchy. The fair value of the Company's cash collateral is considered to be the carrying value and considered to be Level 1 in the fair value hierarchy.

Accrued Investment Income – The carrying value for accrued investment income approximates fair value as there are no adjustments made to the carrying value. This is considered Level 2 in the fair value hierarchy.

Interest-Sensitive Contract Liabilities – The carrying and fair values of interest-sensitive contract liabilities reflected in the table above exclude contracts with significant mortality risk. The fair value of the Company’s interest-sensitive contract liabilities utilizes a market standard technique with both capital market inputs and policyholder behavior assumptions, as well as cash values adjusted for recapture fees. The capital market inputs to the model, such as interest rates, are generally observable. Policyholder behavior assumptions are generally not observable and may require use of significant management judgment. The valuation of interest-sensitive contract liabilities is considered Level 3 in the fair value hierarchy.

Long-term Debt and Collateral Finance Facility – The fair value of the Company’s long-term debt and collateral finance facility is generally estimated by discounting future cash flows using market rates currently available for debt with similar remaining maturities and reflecting the credit risk of the Company, including inputs when available, from actively traded debt of the Company or other companies with similar credit quality. The valuation of long-term debt and collateral finance facility are generally obtained from brokers and are considered Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information Statement [Abstract]

Segment Information

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2012 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income and investment related gains and losses are attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands).



	Three months ended June 30,				Six months ended June 30,
Total revenues:	2013		2012		2013		2012
U.S.	$	1,564,386	$	1,370,221	$	3,064,650	$	2,694,368
Canada	295,325		276,239		592,414		551,862
Europe & South Africa	338,910		323,943		678,139		632,280
Asia Pacific	368,173		377,733		757,142		737,418
Corporate and Other	23,848		27,617		99,399		52,800
Total	$	2,590,642	$	2,375,753	$	5,191,744	$	4,668,728



	Three months ended June 30,						Six months ended June 30,
Income (loss) before income taxes:	2013			2012			2013			2012
U.S.	$	170,443		$	140,586		$	344,852		$	233,331
Canada	35,659			35,030			71,967			90,093
Europe & South Africa	15,818			19,591			33,203			26,197
Asia Pacific	(290,448		)	23,859			(275,930		)	55,926
Corporate and Other	(6,230		)	(3,174		)	29,977			(8,892		)
Total	$	(74,758	)	$	215,892		$	204,069		$	396,655

The loss before income taxes for the three and six months ended June 30, 2013 in the Asia Pacific segment reflects an increase in Australian group claims liabilities related to total and permanent disability coverage and disability income benefits as well as poor claims experience in the Australian operation's individual lump sum and individual disability businesses.



Total Assets:	June 30, 2013		December 31, 2012
U.S.	$	24,653,033	$	24,924,363
Canada	4,069,624		3,764,002
Europe & South Africa	2,143,826		2,235,199
Asia Pacific	3,216,175		3,208,732
Corporate and Other	4,707,963		6,228,142
Total	$	38,790,621	$	40,360,438

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

At June 30, 2013, the Company’s commitments to fund investments were $241.8 million in limited partnerships, $42.5 million in commercial mortgage loans and $74.5 million in bank loans, including revolving credit agreements. At December 31, 2012, the Company’s commitments to fund investments were $176.7 million in limited partnerships, $22.2 million in commercial mortgage loans and $68.5 million in bank loans, including revolving credit agreements. The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnerships and private placements are carried at cost or reported using the equity method and included in other invested assets in the condensed consolidated balance sheets. Bank loans are carried at fair value and included in fixed maturities available-for-sale.

The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.

The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions. At June 30, 2013 and December 31, 2012, there were approximately $76.2 million and $45.4 million, respectively, of undrawn outstanding bank letters of credit in favor of third parties. Additionally, the Company utilizes letters of credit to secure reserve credits when it retrocedes business to its subsidiaries, including Parkway Reinsurance Company (“Parkway Re”), Rockwood Reinsurance Company (“Rockwood Re”), Timberlake Financial L.L.C. (“Timberlake Financial”), RGA Americas Reinsurance, Ltd. (“RGA Americas”), RGA Reinsurance Company (Barbados) Ltd. (“RGA Barbados”) and RGA Atlantic Reinsurance Company, Ltd. (“RGA Atlantic”). The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions such as the U.S. and the United Kingdom. The capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of June 30, 2013 and December 31, 2012, $861.3 million and $763.5 million, respectively, in undrawn letters of credit from various banks were outstanding, backing reinsurance between the various subsidiaries of the Company. The banks providing letters of credit to the Company are included on the National Association of Insurance Commissioners (“NAIC”) list of approved banks.

The Company maintains five credit facilities, a syndicated revolving credit facility with a capacity of $850.0 million and four letter of credit facilities with a combined capacity of $690.0 million. The Company may borrow cash and obtain letters of credit in multiple currencies under its syndicated revolving credit facility. The following table provides additional information on the Company’s credit facilities as of June 30, 2013 and December 31, 2012 (dollars in millions):



			Amount Utilized⁽¹⁾
Facility Capacity		Maturity Date	June 30, 2013		December 31, 2012		Basis of Fees
$	850.0	December 2015	$	94.2	$	402.9	Senior unsecured long-term debt rating
$	200.0	September 2019	200.0		200.0		Fixed
$	120.0	May 2016	80.0		100.0		Fixed
$	270.0	November 2017	270.0		—		Fixed
$	100.0	June 2017	90.3		—		Fixed


(1)	Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented.

RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain reinsurance treaties, securities borrowing arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. In limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration for any legally offsetting amounts due from the guaranteed party, totaled $815.2 million and $686.0 million as of June 30, 2013 and December 31, 2012, respectively, and are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. As of June 30, 2013 and December 31, 2012, the Company’s exposure related to treaty guarantees, net of assets held in trust, was $628.1 million and $463.5 million, respectively. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to borrowed securities provide additional security to third parties should a subsidiary fail to return the borrowed securities when due. As of June 30, 2013 and December 31, 2012, RGA’s obligation related to borrowed securities guarantees was $87.5 million. There were no amounts guaranteed under financing arrangements as of June 30, 2013 and December 31, 2012.

Manor Reinsurance, Ltd. (“Manor Re”), a subsidiary of RGA, has obtained $300.0 million of collateral financing through 2020 from an international bank which enabled Manor Re to deposit assets in trust to support statutory reserve credits for an affiliated reinsurance transaction. The bank has recourse to RGA should Manor Re fail to make payments or otherwise not perform its obligations under this financing.

RGA, through wholly-owned subsidiaries, has committed to provide statutory reserve support to third-parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). The third-parties have recourse to RGA should the subsidiary fail to provide the required funding, however, as of June 30, 2013, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents information about these commitments (dollars in millions):



Commitment Period	Maximum Potential Obligation
2033	$	350.0
2035	560.0

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2013

Employee Benefit Plans [Abstract]

Employee Benefit Plans

The components of net periodic benefit costs for the three and six months ended June 30, 2013 and 2012 were as follows (dollars in thousands):



	Pension Benefits						Other Benefits
	Three months ended June 30,						Three months ended June 30,
	2013			2012			2013		2012
Service cost	$	2,129		$	2,196		$	410	$	279
Interest Cost	1,020			1,090			311		258
Expected return on plan assets	(1,100		)	(799		)	—		—
Amortization of prior service cost	213			87			—		—
Amortization of prior actuarial loss	782			1,388			186		89
Net periodic benefit cost	$	3,044		$	3,962		$	907	$	626



	Pension Benefits						Other Benefits
	Six months ended June 30,						Six months ended June 30,
	2013			2012			2013		2012
Service cost	$	4,012		$	3,728		$	820	$	558
Interest Cost	2,038			2,070			623		517
Expected return on plan assets	(1,867		)	(1,533		)	—		—
Amortization of prior service cost	307			186			—		—
Amortization of prior actuarial loss	1,619			1,663			372		177
Net periodic benefit cost	$	6,109		$	6,114		$	1,815	$	1,252

The Company has made pension contributions of $3.4 million during the first six months of 2013 and expects to make total pension contributions of $6.8 million in 2013.

Equity Based Compensation	6 Months Ended
Equity Based Compensation	Jun. 30, 2013
Equity Based Compensation [Abstract]
Equity Based Compensation	Equity Based Compensation Equity compensation expense was $6.0 million and $5.5 million in the second quarter of 2013 and 2012, respectively. In the first quarter of 2013, the Company granted 0.7 million stock appreciation rights at $58.77 weighted average exercise price per share and 0.3 million performance contingent units to employees. Additionally, non-employee directors were granted a total of 14,200 shares of common stock. As of June 30, 2013, 1.8 million share options at $50.43 weighted average per share were vested and exercisable with a remaining weighted average exercise period of 5.1 years. As of June 30, 2013, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $38.2 million. It is estimated that these costs will vest over a weighted average period of 2.2 years.

Retrocession Arrangements and Reinsurance Ceded Receivables	6 Months Ended
	Jun. 30, 2013
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract]
Retrocession Arrangements and Reinsurance Ceded Receivables	Retrocession Arrangements and Reinsurance Ceded Receivables The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables. The cost of reinsurance related to long-duration contracts is recognized over the terms of the reinsured policies on a basis consistent with the reporting of those policies. In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage, quota share and coinsurance contracts. Certain retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2013 and December 31, 2012, all rated retrocession pool participants rated by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been given as additional security in favor of RGA Reinsurance Company (“RGA Reinsurance”). In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. As of June 30, 2013 and December 31, 2012, the Company had claims recoverable from retrocessionaires of $147.2 million and $156.0 million, respectively, which is included in reinsurance ceded receivables, in the condensed consolidated balance sheets. The Company considers outstanding claims recoverable in excess of 90 days to be past due. There were $9.8 million and $10.4 million of past due claims recoverable as of June 30, 2013 and December 31, 2012, respectively. Based on financial reviews of the counterparties, the Company has not established a valuation allowance for claims recoverable. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires or as to recoverability of any such claims

Repurchase of Collateral Finance Facility Notes	6 Months Ended
Repurchase of Collateral Finance Facility Notes	Jun. 30, 2013
Repurchase Of Collateral Finance Facility Notes [Abstract]
Repurchase of Collateral Finance Facility Notes	Repurchase of Collateral Finance Facility Notes During the first quarter of 2013, the Company repurchased $160.0 million face amount of its Series A Floating Rate Insured Notes issued by RGA’s subsidiary, Timberlake Financial, L.L.C., for $112.0 million, which was the market value at the date of the purchase. The notes were purchased by RGA Reinsurance Company, also a subsidiary of RGA. As a result, the Company recorded a pre-tax gain of $46.5 million, after fees, in other revenues

Stock Transactions	6 Months Ended
Stock Transactions	Jun. 30, 2013
Financing Activities And Stock Transactions [Abstract]
Stock Transactions	Stock Transactions In January 2013, RGA’s board of directors authorized a share repurchase program, with no expiration date, for up to $200.0 million of RGA’s outstanding common stock. In April 2013, RGA’s board of directors authorized an increase of $100.0 million to the share repurchase program previously authorized in January 2013. In July 2013, RGA’s board of directors authorized an additional increase of $100.0 million to the share repurchase program previously authorized in January 2013. With these authorizations, the total amount of the Company’s outstanding common stock authorized for repurchase is $400.0 million. During the first quarter of 2013, RGA repurchased 815,011 shares of common stock under this program for $47.6 million. During the second quarter of 2013, the Company repurchased an additional 2,865,132 shares of common stock under the program for $182.9 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. As of June 30, 2013 there was $69.5 million remaining under the board of directors authorized sh

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

New Accounting Standards	6 Months Ended
New Accounting Standards	Jun. 30, 2013
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Changes to the general accounting principles are established by the FASB in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. Adoption of New Accounting Standards Basis of Presentation In December 2011, the FASB amended the general accounting principles for Balance Sheet as it relates to the disclosures about offsetting assets and liabilities. The amendment requires disclosures about the Company’s rights of offset and related arrangements associated with its financial instruments and derivative instruments. This amendment also requires the disclosure of both gross and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB amended the general accounting principles for Balance Sheet as it relates to the disclosures about offsetting assets and liabilities. This amendment clarifies that the scope of the Balance Sheet amendment made in December 2011 applies only to derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset or subject to an enforceable master netting agreement or a similar agreement. These amendments are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Company adopted these amendments and the required disclosures are provided in Note 5 — “Derivative Instruments”. Transfers and Servicing In April 2011, the FASB amended the general accounting principles for Transfers and Servicing as it relates to the reconsideration of effective control for repurchase agreements. This amendment removes from the assessment of effective control the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets and also removes the collateral maintenance implementation guidance related to that criterion. The amendment is effective for interim and annual periods beginning after December 15, 2011. The adoption of this amendment did not have an impact on the Company’s condensed consolidated financial statements. Fair Value Measurements and Disclosures In May 2011, the FASB amended the general accounting principles for Fair Value Measurements and Disclosures as it relates to the measurement and disclosure requirements about fair value measurements. This amendment clarifies the FASB’s intent about the application of existing fair value measurement requirements. It also changes particular principles and requirements for measuring fair value and for disclosing information about fair value measurements. The amendment is effective for interim and annual periods beginning after December 15, 2011. The Company adopted this amendment and the required disclosures are provided in Note 6 — “Fair Value of Assets and Liabilities.” Deferred Policy Acquisition Costs In October 2010, the FASB amended the general accounting principles for Financial Services – Insurance as it relates to accounting for costs associated with acquiring or renewing insurance contracts. This amendment clarifies that only those costs that result directly from and are essential to the contract transaction and that would not have been incurred had the contract transaction not occurred can be capitalized. It also defines acquisitions costs as costs that are related directly to the successful acquisitions of new or renewal insurance contracts. The amendment is effective for fiscal years and interim periods beginning after December 15, 2011. The retrospective adoption of this amendment on January 1, 2012, resulted in a reduction in the Company’s deferred acquisition cost asset and a corresponding reduction to equity, reflected in the financial statements in all periods. There will be a decrease in amortization subsequent to adoption due to the reduced deferred acquisition cost asset. There has also been a reduction in the level of future costs the Company defers; thereby increasing expenses incurred in future periods. The cumulative effect of the adoption of this amendment was a decrease to total stockholders’ equity of $318.4 million and a decrease in the deferred policy acquisition costs balance of $470.1 million on January 1, 2012. Comprehensive Income In February 2013, the FASB amended the general accounting principles for Comprehensive Income as it relates to the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This amendment also requires entities to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. However, this is only necessary if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendment is effective for interim and annual reporting periods beginning after December 31, 2012. The Company adopted this amendment and the required disclosures are provided in Note 3 — “Accumulated Other Comprehensive Income.” In June 2011, the FASB amended the general accounting principles for Comprehensive Income as it relates to the presentation of comprehensive income. This amendment requires entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income in either a continuous statement of comprehensive income or in two separate but consecutive statements. The amendment does not change the items that must be reported in other comprehensive income. In December 2011, the FASB amended the general accounting principles for Comprehensive Income as it relates to the presentation of comprehensive income. This amendment defers the requirement to present the effects of reclassifications out of accumulated other comprehensive income on the Company’s consolidated statements of income, which was required in the Comprehensive Income amendment made in June 2011. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company adopted these amendments and the required presentation is provided in the Condensed Consolidated Statements of Comprehensive Income. Future Adoption of New Accounting Standards Income Taxes In July 2013, the FASB amended the general accounting principles for Income Taxes as it relates to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This amendment clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this amendment is not expected to have an impact on the Company's condensed consolidated financial statements.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share Basic And Diluted By Common Class [Text Block]

The following table sets forth the computation of basic and diluted earnings per share on net income (loss) (in thousands, except per share information):



	Three months ended June 30,					Six months ended June 30,
	2013			2012		2013		2012
Earnings:
Net income (loss) (numerator for basic and diluted calculations)	$	(49,612	)	$	141,111	$	135,923	$	264,429
Shares:
Weighted average outstanding shares (denominator for basic calculation)	72,350			73,718		73,089		73,646
Equivalent shares from outstanding stock options	—			336		484		402
Denominator for diluted calculation	72,350			74,054		73,573		74,048
Earnings per share:
Basic	$	(0.69	)	$	1.91	$	1.86	$	3.59
Diluted	$	(0.69	)	$	1.91	$	1.85	$	3.57

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2013

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Components of Accumulated Other Comprehensive Income

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2013 and 2012 are as follows (dollars in thousands):



	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Accumulated Currency Translation Adjustments			Unrealized Appreciation (Depreciation) of Investments⁽¹⁾			Pension and Postretirement Benefits			Total
Balance, December 31, 2012	$	267,475		$	1,877,657		$	(36,230	)	$	2,108,902
Other comprehensive income (loss) before reclassifications	(102,937		)	(819,019		)	206			(921,750		)
Amounts reclassified from AOCI	—			(6,512		)	1,494			(5,018		)
Net current-period other comprehensive income (loss)	(102,937		)	(825,531		)	1,700			(926,768		)
Balance, June 30, 2013	$	164,538		$	1,052,126		$	(34,530	)	$	1,182,134



	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Accumulated Currency Translation Adjustments		Unrealized Appreciation (Depreciation) of Investments⁽¹⁾		Pension and Postretirement Benefits			Total
Balance, December 31, 2011	$	229,795	$	1,419,318	$	(30,960	)	$	1,618,153
Change in component during the period	7,215		172,329		1,501			181,045
Balance, June 30, 2012	$	237,010	$	1,591,647	$	(29,459	)	$	1,799,198


(1)	Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

Reclassification Out Of Accumulated Other Comprehensive Income

The following table presents the amounts reclassified out of AOCI for the three and six months ended June 30, 2013 (dollars in thousands):



	Amount Reclassified from AOCI
Details about AOCI Components	Three months ended June 30, 2013			Six months ended June 30, 2013			Affected Line Item in Statement of Income
Unrealized gains and losses on available-for-sale securities	$	13,510		$	23,858		Investment related gains (losses), net
Gains and losses on cash flow hedge - interest rate swap	201			506			Investment income
Deferred policy acquisition costs attributed to unrealized gains and losses⁽¹⁾	(13,283		)	(14,831		)
	428			9,533			Total before tax
	(87		)	(3,021		)	Tax expense
	$	341		$	6,512		Net of tax
Amortization of unrealized pension and postretirement benefits:
Prior service cost⁽²⁾	$	(213	)	$	(307	)
Actuarial gains/(losses)⁽²⁾	(968		)	(1,991		)
	(1,181		)	(2,298		)	Total before tax
	413			804			Tax benefit
	$	(768	)	$	(1,494	)	Net of tax

Total reclassifications for the period	$	(427	)	$	5,018		Net of tax


(1)	This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2012 Annual Report for additional details.


(2)	These AOCI components are included in the computation of the net periodic pension cost. See Note 9 – “Employee Benefit Plans” for additional details.

Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments [Abstract]

Available For Sale Securities

The following tables provide information relating to investments in fixed maturity and equity securities by sector as of June 30, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,346,144	$	648,955	$	191,618	$	11,803,481	55.4	%	$	—
Canadian and Canadian provincial governments	2,633,388		901,567		9,162		3,525,793		16.6		—
Residential mortgage-backed securities	1,015,155		53,581		13,768		1,054,968		5.0		(241		)
Asset-backed securities	789,849		18,998		18,537		790,310		3.7		(2,259		)
Commercial mortgage-backed securities	1,564,924		110,294		36,586		1,638,632		7.7		(5,125		)
U.S. government and agencies	394,026		21,417		2,453		412,990		1.9		—
State and political subdivisions	278,148		25,513		11,850		291,811		1.4		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,735,687		51,165		20,621		1,766,231		8.3		—
Total fixed maturity securities	$	19,757,321	$	1,831,490	$	304,595	$	21,284,216	100.0	%	$	(7,625	)
Non-redeemable preferred stock	$	85,483	$	6,722	$	1,747	$	90,458	56.4	%
Other equity securities	74,273		—		4,392		69,881		43.6
Total equity securities	$	159,756	$	6,722	$	6,139	$	160,339	100.0	%



December 31, 2012:	Amortized		Unrealized		Unrealized		Estimated Fair		% of		Other-than- temporary impairments
	Cost		Gains		Losses		Value		Total		in AOCI
Available-for-sale:
Corporate securities	$	11,333,431	$	1,085,973	$	39,333	$	12,380,071	55.5	%	$	—
Canadian and Canadian provincial governments	2,676,777		1,372,731		174		4,049,334		18.2		—
Residential mortgage-backed securities	969,267		76,520		3,723		1,042,064		4.7		(241		)
Asset-backed securities	700,455		19,898		28,798		691,555		3.1		(2,259		)
Commercial mortgage-backed securities	1,608,376		142,369		51,842		1,698,903		7.6		(6,125		)
U.S. government and agencies	231,256		33,958		24		265,190		1.2		—
State and political subdivisions	270,086		38,058		5,646		302,498		1.4		—
Other foreign government, supranational and foreign government-sponsored enterprises	1,769,784		94,929		2,714		1,861,999		8.3		—
Total fixed maturity securities	$	19,559,432	$	2,864,436	$	132,254	$	22,291,614	100.0	%	$	(8,625	)
Non-redeemable preferred stock	$	68,469	$	6,542	$	170	$	74,841	33.6	%
Other equity securities	148,577		416		1,134		147,859		66.4
Total equity securities	$	217,046	$	6,958	$	1,304	$	222,700	100.0	%

Investments Classified By Contractual Maturity Date

At June 30, 2013, the contractual maturities of investments in fixed maturity securities were as follows (dollars in thousands):



	Amortized Cost		Fair Value
Available-for-sale:
Due in one year or less	$	426,022	$	432,495
Due after one year through five years	3,613,328		3,773,306
Due after five years through ten years	6,893,971		7,127,743
Due after ten years	5,454,072		6,466,762
Asset and mortgage-backed securities	3,369,928		3,483,910
Total	$	19,757,321	$	21,284,216

Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]

The tables below show the major industry types of the Company’s corporate fixed maturity holdings as of June 30, 2013 and December 31, 2012 (dollars in thousands):



June 30, 2013:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,636,121	$	3,770,773	32.0	%
Industrial	5,914,051		6,138,234		52.0
Utility	1,768,696		1,867,151		15.8
Other	27,276		27,323		0.2
Total	$	11,346,144	$	11,803,481	100.0	%

December 31, 2012:			Estimated
	Amortized Cost		Fair Value		% of Total
Finance	$	3,619,455	$	3,900,152	31.5	%
Industrial	5,881,967		6,443,846		52.0
Utility	1,799,658		2,002,611		16.2
Other	32,351		33,462		0.3
Total	$	11,333,431	$	12,380,071	100.0	%

RollForward Of Cumulative Credit Loss Component Of OTTI Income Loss

The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts (dollars in thousands):



	Three months ended June 30,
	2013			2012
Balance, beginning of period	$	14,773		$	62,236
Initial impairments - credit loss OTTI recognized on securities not previously impaired	—			60
Additional impairments - credit loss OTTI recognized on securities previously impaired	—			161
Credit loss OTTI previously recognized on securities impaired to fair value during the period	(1,449		)	(8,288		)
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	—			(8,266		)
Balance, end of period	$	13,324		$	45,903

	Six months ended June 30,
	2013			2012
Balance, beginning of period	$	16,675		$	63,947
Initial impairments - credit loss OTTI recognized on securities not previously impaired	—			1,962
Additional impairments - credit loss OTTI recognized on securities previously impaired	—			8,881
Credit loss OTTI previously recognized on securities impaired to fair value during the period	(1,449		)	(19,669		)
Credit loss OTTI previously recognized on securities which matured, paid down, prepaid or were sold during the period	(1,902		)	(9,218		)
Balance, end of period	$	13,324		$	45,903

Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block]

The following tables present information on the Company’s purchased credit impaired securities, which are included in fixed maturity securities available-for-sale (dollars in thousands):



	June 30, 2013		December 31, 2012
Outstanding principal and interest balance⁽¹⁾	$	178,911	$	108,831
Carrying value, including accrued interest⁽²⁾	$	132,985	$	84,765


(1)	Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest.


(2)	Estimated fair value plus accrued interest.

Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities At Acquisition Date [Table Text Block]

The following table presents information about purchased credit impaired investments acquired during the six months ended June 30, 2013 (dollars in thousands).



	At Date of Acquisition
Contractually required payments (including interest)	$	109,931
Cash flows expected to be collected⁽¹⁾	88,422
Fair value of investments acquired	58,471


(1)	Represents undiscounted principal and interest cash flow expectations at the date of acquisition.

Schedule Of Certain Loans Acquired In Transfer Accounted For As Available For Sale Debt Securities Accretable Yield [Table Text Block]

The following table presents activity for the accretable yield on purchased credit impaired securities for the three and six months ended June 30, 2013 (dollars in thousands):



	Three months ended June 30, 2013			Six months ended June 30, 2013
Balance, beginning of period	$	59,915		$	39,239
Investments purchased	7,885			29,951
Accretion	(1,879		)	(3,822		)
Disposals	(832		)	(832		)
Reclassification from nonaccretable difference	1,180			1,733
Balance, end of period	$	66,269		$	66,269

Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures



	June 30, 2013				December 31, 2012
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	267,765	86.2	%	$	54,951	41.2	%
20% or more for less than six months	5,629		1.8		734		0.5
20% or more for six months or greater	37,340		12.0		77,873		58.3
Total	$	310,734	100.0	%	$	133,558	100.0	%

Fair Value And Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosures



	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2013:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	3,229,715	$	161,032	$	89,098	$	12,531	$	3,318,813	$	173,563
Canadian and Canadian provincial governments	138,843		9,162		—		—		138,843		9,162
Residential mortgage-backed securities	210,336		9,553		14,822		2,643		225,158		12,196
Asset-backed securities	220,912		4,719		51,673		5,567		272,585		10,286
Commercial mortgage-backed securities	227,712		9,172		18,893		6,455		246,605		15,627
U.S. government and agencies	191,973		2,344		4,037		109		196,010		2,453
State and political subdivisions	97,877		6,351		11,402		5,499		109,279		11,850
Other foreign government, supranational and foreign government-sponsored enterprises	657,957		19,787		5,698		721		663,655		20,508
Total investment grade securities	4,975,325		222,120		195,623		33,525		5,170,948		255,645
Non-investment grade securities:
Corporate securities	366,159		11,452		40,425		6,603		406,584		18,055
Residential mortgage-backed securities	53,715		1,007		2,359		565		56,074		1,572
Asset-backed securities	25,233		376		30,434		7,875		55,667		8,251
Commercial mortgage-backed securities	19,324		198		43,879		20,761		63,203		20,959
Other foreign government, supranational and foreign government-sponsored enterprises	952		113		—		—		952		113
Total non-investment grade securities	465,383		13,146		117,097		35,804		582,480		48,950
Total fixed maturity securities	$	5,440,708	$	235,266	$	312,720	$	69,329	$	5,753,428	$	304,595
Non-redeemable preferred stock	$	30,787	$	1,745	$	1	$	2	$	30,788	$	1,747
Other equity securities	69,881		4,392		—		—		69,881		4,392
Total equity securities	$	100,668	$	6,137	$	1	$	2	$	100,669	$	6,139



	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
December 31, 2012:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate securities	$	786,203	$	13,276	$	108,187	$	17,386	$	894,390	$	30,662
Canadian and Canadian provincial governments	12,349		174		—		—		12,349		174
Residential mortgage-backed securities	22,288		97		19,394		3,199		41,682		3,296
Asset-backed securities	59,119		449		96,179		9,508		155,298		9,957
Commercial mortgage-backed securities	89,507		797		29,181		7,974		118,688		8,771
U.S. government and agencies	7,272		24		—		—		7,272		24
State and political subdivisions	20,602		1,514		11,736		4,132		32,338		5,646
Other foreign government, supranational and foreign government-sponsored enterprises	244,817		1,953		7,435		761		252,252		2,714
Total investment grade securities	1,242,157		18,284		272,112		42,960		1,514,269		61,244
Non-investment grade securities:
Corporate securities	181,168		3,170		39,123		5,501		220,291		8,671
Residential mortgage-backed securities	15,199		80		2,633		347		17,832		427
Asset-backed securities	3,421		26		31,938		18,815		35,359		18,841
Commercial mortgage-backed securities	3,317		764		68,405		42,307		71,722		43,071
Total non-investment grade securities	203,105		4,040		142,099		66,970		345,204		71,010
Total fixed maturity securities	$	1,445,262	$	22,324	$	414,211	$	109,930	$	1,859,473	$	132,254
Non-redeemable preferred stock	$	5,577	$	52	$	5,679	$	118	$	11,256	$	170
Other equity securities	85,374		1,134		—		—		85,374		1,134
Total equity securities	$	90,951	$	1,186	$	5,679	$	118	$	96,630	$	1,304

Investment Income

Major categories of investment income, net of related expenses, consist of the following (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Fixed maturity securities available-for-sale	$	240,590		$	193,388		$	479,834		$	384,806
Mortgage loans on real estate	28,362			16,000			56,605			30,966
Policy loans	15,450			16,334			33,360			33,117
Funds withheld at interest	159,212			62,992			296,471			178,006
Short-term investments	422			781			1,235			1,769
Investment receivable	—			36,752			—			36,752
Other invested assets	13,379			11,356			27,301			22,679
Investment revenue	457,415			337,603			894,806			688,095
Investment expense	(13,181		)	(9,269		)	(25,441		)	(18,821		)
Investment income, net of related expenses	$	444,234		$	328,334		$	869,365		$	669,274

Gain Loss On Investments

Investment related gains (losses), net consist of the following (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Fixed maturities and equity securities available for sale:
Other-than-temporary impairment losses on fixed maturities	$	(9,803	)	$	(1,959	)	$	(10,005	)	$	(9,566	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)	(306		)	162			(306		)	(7,059		)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	(10,109		)	(1,797		)	(10,311		)	(16,625		)
Impairment losses on equity securities	—			(2,186		)	—			(3,025		)
Gain on investment activity	26,845			26,593			48,525			48,905
Loss on investment activity	(6,760		)	(8,918		)	(17,972		)	(16,422		)
Other impairment losses and change in mortgage loan provision	125			1,762			(1,501		)	(4,081		)
Derivatives and other, net	38,142			8,347			123,873			58,569
Total investment related gains (losses), net	$	48,243		$	23,801		$	142,614		$	67,321

Disclosure Of Real Estate Holdings By Property Type [Table Text Block]

The distribution of mortgage loans, gross of valuation allowances, by property type is as follows as of June 30, 2013 and December 31, 2012 (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Apartment	$	220,117	9.2	%	$	229,266	9.9	%
Retail	747,282		31.3		669,958		29.0
Office building	841,842		35.3		825,406		35.7
Industrial	450,140		18.9		455,682		19.7
Other commercial	125,768		5.3		131,855		5.7
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

Disclosure Of Real Estate Holdings By Geographical Region [Table Text Block]

As of June 30, 2013 and December 31, 2012, the Company’s mortgage loans, gross of valuation allowances, were distributed throughout the United States as follows (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Pacific	$	636,084	26.7	%	$	593,589	25.7	%
South Atlantic	507,010		21.3		477,068		20.5
Mountain	257,130		10.8		233,174		10.1
Middle Atlantic	276,799		11.6		300,475		13.0
West North Central	174,764		7.3		168,063		7.3
East North Central	222,991		9.2		224,122		9.7
West South Central	158,666		6.7		161,451		7.0
East South Central	61,966		2.6		62,789		2.7
New England	89,739		3.8		91,436		4.0
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]

The maturities of the mortgage loans, gross of valuation allowances, as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	June 30, 2013				December 31, 2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	1,066,678	44.7	%	$	1,187,387	51.3	%
Due after five years through ten years	875,596		36.7		776,655		33.6
Due after ten years	442,875		18.6		348,125		15.1
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

Mortgage Loan Internal Credit Risk Grade [Table Text Block]



	June 30, 2013				December 31, 2012
Internal credit risk grade:	Recorded Investment		% of Total		Recorded Investment		% of Total
High investment grade	$	1,475,089	61.8	%	$	1,235,605	53.5	%
Investment grade	694,476		29.1		834,494		36.1
Average	127,967		5.4		132,607		5.7
Watch list	53,831		2.3		76,463		3.3
In or near default	33,786		1.4		32,998		1.4
Total	$	2,385,149	100.0	%	$	2,312,167	100.0	%

Schedule Of Analysis Of Past Due Financing Receivables

The age analysis of the Company’s past due recorded investment in mortgage loans, gross of valuation allowances, as of June 30, 2013 and December 31, 2012 is as follows (dollars in thousands):



	June 30, 2013		December 31, 2012
31-60 days past due	$	20,563	$	7,504
61-90 days past due	—		—
Greater than 90 days	7,930		16,886
Total past due	28,493		24,390
Current	2,356,656		2,287,777
Total	$	2,385,149	$	2,312,167

Recorded Investment And Allowance For Credit Losses



	June 30, 2013		December 31, 2012
Mortgage loans:
Evaluated individually for credit losses	$	37,617	$	39,956
Evaluated collectively for credit losses	2,347,532		2,272,211
Mortgage loans, gross of valuation allowances	2,385,149		2,312,167
Valuation allowances:
Specific for credit losses	4,738		6,980
Non-specifically identified credit losses	3,165		4,600
Total valuation allowances	7,903		11,580
Mortgage loans, net of valuation allowances	$	2,377,246	$	2,300,587

Allowance For Mortgage Loan And Lease Losses Provision For Loss Net

Information regarding the Company’s loan valuation allowances for mortgage loans for the three and six months ended June 30, 2013 and 2012 is as follows (dollars in thousands):



	Three months ended June 30,
	2013			2012
Balance, beginning of period	$	9,924		$	14,650
Charge-offs	(1,296		)	(1,876		)
Provision (release)	(725		)	(1,763		)
Balance, end of period	$	7,903		$	11,011

	Six months ended June 30,
	2013			2012
Balance, beginning of period	$	11,580		$	11,793
Charge-offs	(2,148		)	(4,069		)
Provision (release)	(1,529		)	3,287
Balance, end of period	$	7,903		$	11,011

Impaired Financing Receivables Table

Information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2013 and December 31, 2012 is as follows (dollars in thousands):



	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2013:
Impaired mortgage loans with no valuation allowance recorded	$	16,714	$	16,104	$	—	$	16,104
Impaired mortgage loans with valuation allowance recorded	21,582		21,513		4,738		16,775
Total impaired mortgage loans	$	38,296	$	37,617	$	4,738	$	32,879
December 31, 2012:
Impaired mortgage loans with no valuation allowance recorded	$	13,039	$	12,496	$	—	$	12,496
Impaired mortgage loans with valuation allowance recorded	27,527		27,460		6,980		20,480
Total impaired mortgage loans	$	40,566	$	39,956	$	6,980	$	32,976
The Company’s average investment in impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in thousands):
	Three months ended June 30,
	2013				2012
	Average Investment⁽¹⁾		Interest Income		Average Investment⁽¹⁾		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	15,181	$	49	$	10,585	$	28
Impaired mortgage loans with valuation allowance recorded	24,211		294		41,747		410
Total	$	39,392	$	343	$	52,332	$	438

	Six months ended June 30,
	2013				2012
	Average Investment⁽¹⁾		Interest Income		Average Investment⁽¹⁾		Interest Income
Impaired mortgage loans with no valuation allowance recorded	$	14,286	$	184	$	17,555	$	197
Impaired mortgage loans with valuation allowance recorded	25,294		534		37,634		718
Total	$	39,580	$	718	$	55,189	$	915

(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances

Schedule Of Other Invested Assets [Table Text Block]

Carrying values of these assets as of June 30, 2013 and December 31, 2012 are as follows (dollars in thousands):



	June 30, 2013		December 31, 2012
Equity securities	$	160,339	$	222,700
Limited partnerships and real estate joint ventures	423,790		356,419
Structured loans	245,734		306,497
Derivatives	118,791		168,208
Other	87,155		105,719
Total other invested assets	$	1,035,809	$	1,159,543

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value

The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2013 and December 31, 2012 (dollars in thousands):



	June 30, 2013						December 31, 2012
	Notional		Carrying Value/Fair Value				Notional		Carrying Value/Fair Value
	Amount		Assets		Liabilities		Amount		Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	$	1,531,811	$	54,742	$	16,971	$	2,195,059	$	123,085	$	17,867
Interest rate options	240,000		8,073		—		—		—		—
Financial futures	110,328		—		—		127,877		—		—
Foreign currency forwards	83,387		148		9,484		74,400		1,017		2,105
Consumer price index swaps	74,840		234		257		85,135		1,446		—
Credit default swaps	709,700		3,975		6,632		714,000		2,228		5,922
Equity options	727,641		61,102		—		696,776		62,514		—
Synthetic guaranteed investment contracts	3,469,027		—		—		2,018,073		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	—		—		108,473		—		—		243,177
Indexed annuity products	—		—		793,586		—		—		740,256
Variable annuity products	—		—		84,982		—		—		172,105
Total non-hedging derivatives	6,946,734		128,274		1,020,385		5,911,320		190,290		1,181,432
Derivatives designated as hedging instruments:
Interest rate swaps	50,349		—		5,058		57,275		344		786
Foreign currency swaps	729,890		18,298		2,498		629,512		—		27,398
Total hedging derivatives	780,239		18,298		7,556		686,787		344		28,184
Total derivatives	$	7,726,973	$	146,572	$	1,027,941	$	6,598,107	$	190,634	$	1,209,616

Offsetting Assets And Liabilities

The following table provides information relating to the Company’s derivative instruments as of June 30, 2013 and December 31, 2012 (dollars in thousands):



								Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet			Net Amounts Presented in the Balance Sheet		Financial Instruments			Cash Collateral Pledged/ Received			Net Amount
June 30, 2013:
Derivative assets	$	146,572	$	(27,781	)	$	118,791	$	(17,010	)	$	(89,829	)	$	11,952
Derivative liabilities	40,900		(27,781		)	13,119		(2,722		)	(6,950		)	3,447
December 31, 2012:
Derivative assets	$	190,634	$	(22,426	)	$	168,208	$	(22,458	)	$	(136,414	)	$	9,336
Derivative liabilities	54,078		(22,426		)	31,652		(1,565		)	(27,867		)	2,220

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]



	Three months ended June 30,
	2013			2012
Accumulated other comprehensive income (loss), balance beginning of period	$	1,961		$	(862	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(6,797		)	464
Amounts reclassified to investment income	(201		)	(321		)
Accumulated other comprehensive income (loss), balance end of period	$	(5,037	)	$	(719	)

	Six months ended June 30,
	2013			2012
Accumulated other comprehensive income (loss), balance beginning of period	$	403		$	(828	)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(4,934		)	787
Amounts reclassified to investment income	(506		)	(678		)
Accumulated other comprehensive income (loss), balance end of period	$	(5,037	)	$	(719	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]



Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in AOCI on Derivatives			Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)				Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)			(Effective Portion)				(Ineffective Portion and Amounts Excluded from Effectiveness Testing)
				Investment Related Gains (Losses)		Investment Income		Investment Related Gains (Losses)		Investment Income
For the three months ended June 30, 2013:
Interest rate swaps	$	(6,797	)	$	—	$	201	$	31	$	—
For the three months ended June 30, 2012:
Interest rate swaps	$	464		$	—	$	321	$	27	$	—
For the six months ended June 30, 2013:
Interest rate swaps	$	(4,934	)	$	—	$	506	$	14	$	—
For the six months ended June 30, 2012:
Interest rate swaps	$	787		$	—	$	678	$	3	$	—

Derivatives Hedging Instruments In Net Investment Hedging Relationships

The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges for the three and six months ended June 30, 2013 and 2012 (dollars in thousands):



	Derivative Gains (Losses) Deferred in AOCI
	For the three months ended June 30,				For the six months ended June 30,
Type of NIFO Hedge ^{(1) (2)}	2013		2012		2013		2012
Foreign currency swaps	$	23,913	$	6,642	$	34,835	$	(4,003	)


(1)	There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.


(2)	There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.

Derivative Instruments Gain Loss By Income Statement Location



		Gain (Loss) for the Three Months Ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2013			2012
Interest rate swaps	Investment related gains (losses), net	$	(38,415	)	$	73,342
Interest rate options	Investment related gains (losses), net	(7,981		)	—
Financial futures	Investment related gains (losses), net	714			11,074
Foreign currency forwards	Investment related gains (losses), net	(2,958		)	516
CPI swaps	Investment related gains (losses), net	(1,117		)	(1,431		)
Credit default swaps	Investment related gains (losses), net	2,427			(4,795		)
Equity options	Investment related gains (losses), net	(5,049		)	3,367
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	47,717			(4,453		)
Indexed annuity products	Policy acquisition costs and other insurance expenses	—			859
Indexed annuity products	Interest credited	(28,019		)	26,279
Variable annuity products	Investment related gains (losses), net	35,809			(74,929		)
Total non-hedging derivatives		$	3,128		$	29,829

		Gain (Loss) for the Six Months Ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2013			2012
Interest rate swaps	Investment related gains (losses), net	$	(60,679	)	$	25,990
Interest rate options	Investment related gains (losses), net	(5,998		)	—
Financial futures	Investment related gains (losses), net	(6,167		)	(6,335		)
Foreign currency forwards	Investment related gains (losses), net	(8,617		)	(1,093		)
CPI swaps	Investment related gains (losses), net	(1,988		)	(2,233		)
Credit default swaps	Investment related gains (losses), net	6,332			7,019
Equity options	Investment related gains (losses), net	(35,672		)	(34,616		)
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	137,974			(13,881		)
Indexed annuity products	Policy acquisition costs and other insurance expenses	—			(139		)
Indexed annuity products	Interest credited	(61,015		)	7,538
Variable annuity products	Investment related gains (losses), net	87,123			71,446
Total non-hedging derivatives		$	51,293		$	53,696

Disclosure Of Credit Derivatives



	June 30, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations⁽¹⁾	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps⁽²⁾		Weighted Average Years to Maturity⁽³⁾	Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps⁽²⁾		Weighted Average Years to Maturity⁽³⁾
AAA/AA-/A+/A/A-
Single name credit default swaps	$	(1,149	)	$	122,500	5.4	$	(2,077	)	$	124,500	5.9
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(1,149		)	122,500		5.4	(2,077		)	124,500		5.9
BBB+/BBB/BBB-
Single name credit default swaps	(3,821		)	133,200		5.6	(2,345		)	135,500		5.5
Credit default swaps referencing indices	2,551			430,000		4.5	937			430,000		5.0
Subtotal	(1,270		)	563,200		4.7	(1,408		)	565,500		5.1
BB+
Single name credit default swaps	(101		)	6,000		4.0	(222		)	6,000		4.5
Credit default swaps referencing indices	—			—		—	—			—		—
Subtotal	(101		)	6,000		4.0	(222		)	6,000		4.5
Total	$	(2,520	)	$	691,700	4.8	$	(3,707	)	$	696,000	5.2


(1)	The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).


(2)	Assumes the value of the referenced credit obligations is zero.


(3)	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Changes In Estimated Fair Value Related To Embedded Derivatives

The related gains (losses) and the effect on net income after amortization of deferred acquisition costs (“DAC”) and income taxes for the three and six months ended June 30, 2013 and 2012 are reflected in the following table (dollars in thousands):



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Embedded derivatives in modco or funds withheld arrangements included in investment related gains	$	47,717		$	(4,453	)	$	137,974		$	(13,881	)
After the associated amortization of DAC and taxes, the related amounts included in net income	13,911			(2,598		)	35,535			(665		)
Embedded derivatives in variable annuity contracts included in investment related gains	35,809			(74,929		)	87,123			71,446
After the associated amortization of DAC and taxes, the related amounts included in net income	29,082			(16,175		)	41,274			(1,093		)
Amounts related to embedded derivatives in equity-indexed annuities included in benefits and expenses	(28,019		)	27,138			(61,015		)	7,399
After the associated amortization of DAC and taxes, the related amounts included in net income	(30,845		)	15,378			(60,395		)	29,248

Credit Risk

Information regarding the Company’s credit exposure related to its over-the-counter derivative contracts and margin account for exchange-traded futures at June 30, 2013 and December 31, 2012 are reflected in the following table (dollars in thousands):



	June 30, 2013			December 31, 2012
Estimated fair value of derivatives in net asset position	$	105,672		$	136,558
Cash provided as collateral⁽¹⁾	6,950			27,867
Securities pledged to counterparties as collateral⁽²⁾	2,722			1,565
Cash pledged from counterparties as collateral⁽³⁾	(89,829		)	(136,414		)
Securities pledged from counterparties as collateral⁽⁴⁾	(17,010		)	(22,458		)
Net credit exposure	$	8,505		$	7,118
Margin account related to exchange-traded futures⁽⁵⁾	$	5,251		$	5,605


(1)	Consists of receivable from counterparty, included in other assets.


(2)	Included in other invested assets, primarily consists of U.S. Treasury securities.


(3)	Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.


(4)	Consists of U.S. Treasury securities.


(5)	Included in cash and cash equivalents.

Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

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, 2013 and December 31, 2012 are summarized below (dollars in thousands):



June 30, 2013:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	11,803,481		$	63,568	$	10,147,908		$	1,592,005
Canadian and Canadian provincial governments	3,525,793			—		3,525,793			—
Residential mortgage-backed securities	1,054,968			—		914,914			140,054
Asset-backed securities	790,310			—		437,704			352,606
Commercial mortgage-backed securities	1,638,632			—		1,457,650			180,982
U.S. government and agencies securities	412,990			354,097		58,893			—
State and political subdivision securities	291,811			—		250,536			41,275
Other foreign government supranational and foreign government-sponsored enterprises	1,766,231			290,708		1,448,693			26,830
Total fixed maturity securities – available-for-sale	21,284,216			708,373		18,242,091			2,333,752
Funds withheld at interest – embedded derivatives	(108,473		)	—		—			(108,473		)
Cash equivalents	347,823			347,823		—			—
Short-term investments	21,092			19,169		1,923			—
Other invested assets:
Non-redeemable preferred stock	90,458			87,728		2,730			—
Other equity securities	69,881			69,881		—			—
Derivatives:
Interest rate swaps	36,853			—		36,853			—
Interest rate options	8,073			—		8,073			—
Foreign currency forwards	148			—		148			—
CPI swaps	(23		)	—		(23		)	—
Credit default swaps	(2,775		)	—		(2,775		)	—
Equity options	60,715			—		60,715			—
Foreign currency swaps	15,800			—		15,800			—
Other	14,759			14,759		—			—
Total other invested assets	293,889			172,368		121,521			—
Total	$	21,838,547		$	1,247,733	$	18,365,535		$	2,225,279
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	878,568		$	—	$	—		$	878,568
Other liabilities:
Derivatives:
Interest rate swaps	4,140			—		4,140			—
Foreign currency forwards	9,484			—		9,484			—
Credit default swaps	(118		)	—		(118		)	—
Equity options	(387		)	—		(387		)	—
Total	$	891,687		$	—	$	13,119		$	878,568



December 31, 2012:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	12,380,071		$	43,544	$	10,667,964		$	1,668,563
Canadian and Canadian provincial governments	4,049,334			—		4,049,334			—
Residential mortgage-backed securities	1,042,064			—		948,133			93,931
Asset-backed securities	691,555			—		459,164			232,391
Commercial mortgage-backed securities	1,698,903			—		1,531,897			167,006
U.S. government and agencies securities	265,190			192,780		67,872			4,538
State and political subdivision securities	302,498			—		259,286			43,212
Other foreign government, supranational and foreign government-sponsored enterprises	1,861,999			297,025		1,536,694			28,280
Total fixed maturity securities – available-for-sale	22,291,614			533,349		19,520,344			2,237,921
Funds withheld at interest – embedded derivatives	(243,177		)	—		—			(243,177		)
Cash equivalents	575,864			575,864		—			—
Short-term investments	239,131			178,923		38,177			22,031
Other invested assets:
Non-redeemable preferred stock	74,841			64,268		10,573			—
Other equity securities	147,859			147,859		—			—
Derivatives:
Interest rate swaps	104,972			—		104,972			—
Foreign currency forwards	1,017			—		1,017			—
CPI swaps	1,446			—		1,446			—
Credit default swaps	(1,741		)	—		(1,741		)	—
Equity options	62,514			—		62,514			—
Collateral	17,002			1,323		15,679			—
Other	11,951			11,951		—			—
Total other invested assets	419,861			225,401		194,460			—
Total	$	23,283,293		$	1,513,537	$	19,752,981		$	2,016,775
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	912,361		$	—	$	—		$	912,361
Other liabilities:
Derivatives:
Interest rate swaps	196			—		196			—
Foreign currency forwards	2,105			—		2,105			—
Credit default swaps	1,953			—		1,953			—
Foreign currency swaps	27,398			—		27,398			—
Total	$	944,013		—		$	31,652		$	912,361

Fair Value Unobservable Input Measurements [Table Text Block]



June 30, 2013:				Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
June 30, 2013:	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	5,139		Market comparable securities	Liquidity premium	1	%
Corporate securities	403,894			Market comparable securities	Liquidity premium	0-2% (1%)
Funds withheld at interest- embedded derivatives	(108,473		)	Total return swap	Mortality	0-100% (1%)
					Lapse	0-35% (6%)
					Withdrawal	0-5% (3%)
					Own Credit	0-1% (1%)
					Crediting rate	2-4% (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	793,586			Discounted cash flow	Mortality	0-100% (1%)
					Lapse	0-35% (6%)
					Withdrawal	0-5% (3%)
					Option budget projection	2-4% (3%)

Interest sensitive contract liabilities- embedded derivatives- variable annuities	84,982			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (5%)
					Withdrawal	0-7% (3%)
					Own Credit	0-1% (1%)
					Long-term volatility	0-27% (13%)

December 31, 2012:

Fair Value

Valuation

Technique(s)

Unobservable

Input

Range

(Weighted Average)

Assets:

State and political subdivision securities

5,451

Market comparable securities

Liquidity premium

Corporate securities

450,177

Market comparable securities

Liquidity premium

0-2% (1%)

Short-term investments

22,031

Market comparable securities

Liquidity premium

Funds withheld at interest- embedded derivatives

(243,177

)

Total return swap

Mortality

0-100% (1%)

Lapse

0-35% (6%)

Withdrawal

0-5% (3%)

Own Credit

0-1% (1%)

Crediting Rate

2-4% (3%)

Liabilities:

Interest sensitive contract liabilities- embedded derivatives- indexed annuities

740,256

Discounted cash flow

Mortality

0-100% (1%)

Lapse

0-35% (6%)

Withdrawal

0-5% (3%)

Option budget projection

2-4% (3%)

Interest sensitive contract liabilities- embedded derivatives- variable annuities

172,105

Discounted cash flow

Mortality

0-100% (2%)

Lapse

0-25% (5%)

Withdrawal

0-7% (3%)

Own Credit

0-1% (1%)

Long-term volatility

0-27% (14%)

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, 2013 and 2012 (dollars in thousands):



	Three months ended June 30,
	2013				2012
	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	$	—	$	—	$	2,996	$	—
U.S. government and agencies securities	—		—		—		11,152
State and political subdivision securities	—		—		12,794		—
Other foreign government, supranational and foreign government-sponsored enterprises	—		—		1,059		—
Total fixed maturity securities	$	—	$	—	$	16,849	$	11,152

	Six months ended June 30,
	2013				2012
	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	$	—	$	14,012	$	2,996	$	4
U.S. government and agencies securities	—		—		—		11,152
State and political subdivision securities	—		—		12,794		—
Other foreign government, supranational and foreign government-sponsored enterprises	—		—		1,059		—
Total fixed maturity securities	$	—	$	14,012	$	16,849	$	11,156

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block]



For the three months ended June 30, 2013:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities
Fair value, beginning of period	$	1,646,903		$	140,717		$	288,231		$	175,294
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,313		)	(111		)	1,526			581
Investment related gains (losses), net	350			198			226			(8,992		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—
Included in other comprehensive income	(37,672		)	(2,714		)	2,601			15,445
Purchases⁽¹⁾	100,690			11,383			72,542			—
Sales⁽¹⁾	(39,793		)	(1,018		)	(7,995		)	(1,118		)
Settlements⁽¹⁾	(80,533		)	(7,367		)	(5,559		)	(228		)
Transfers into Level 3	4,373			4,306			5,340			—
Transfers out of Level 3	—			(5,340		)	(4,306		)	—
Fair value, end of period	$	1,592,005		$	140,054		$	352,606		$	180,982

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	$	(2,191	)	$	(112	)	$	1,515		$	580
Investment related gains (losses), net	—			—			—			(10,109		)
Claims & other policy benefits	—			—			—			—
Interest credited	—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—



For the three months ended June 30, 2013 (continued):	Fixed maturity securities available-for-sale
	State and political subdivision securities			Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Short-term investments			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	42,639		$	27,865		$	(156,189	)	$	22,001		$	(890,476	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	9			(76		)	—			—			—
Investment related gains (losses), net	(4		)	—			47,716			—			35,809
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(28,020		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(1,087		)	(959		)	—			(1		)	—
Purchases⁽¹⁾	—			—			—			—			(14,764		)
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	(282		)	—			—			(22,000		)	18,883
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	41,275		$	26,830		$	(108,473	)	$	—		$	(878,568	)
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	$	9		$	(76	)	$	—		$	—		$	—
Investment related gains (losses), net	—			—			47,717			—			34,788
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(46,902		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—


For the six months ended June 30, 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 securities
Fair value, beginning of period	$	1,668,563		$	93,931		$	232,391		$	167,006		$	4,538
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(4,339		)	(6		)	2,405			1,083			—
Investment related gains (losses), net	(913		)	25			(1,521		)	(9,862		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(36,710		)	(200		)	14,638			27,945			—
Purchases⁽¹⁾	175,362			51,920			128,423			—			—
Sales⁽¹⁾	(56,071		)	(2,617		)	(16,293		)	(2,722		)	—
Settlements⁽¹⁾	(145,899		)	(12,289		)	(11,436		)	(2,468		)	—
Transfers into Level 3	8,146			14,630			8,305			—			—
Transfers out of Level 3	(16,134		)	(5,340		)	(4,306		)	—			(4,538		)
Fair value, end of period	$	1,592,005		$	140,054		$	352,606		$	180,982		$	—



For the six months ended June 30, 2013 (continued):	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. Government and agencies securities
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	$	(4,218	)	$	(7	)	$	2,397		$	1,081		$	—
Investment related gains (losses), net	(202		)	—			—			(10,109		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

For the six months ended June 30, 2013 (continued):	Fixed maturity securities available-for-sale
	State and political subdivision securities			Other foreign government, supranational and foreign government- sponsored enterprises			Funds withheld at interest- embedded derivative			Short-term investments			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	43,212		$	28,280		$	(243,177	)	$	22,031		$	(912,361	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	18			(150		)	—			(3		)	—
Investment related gains (losses), net	(8		)	—			134,704			—			87,123
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(61,016		)
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(1,639		)	(1,300		)	—			(28		)	—
Purchases⁽¹⁾	—			—			—			—			(28,624		)
Sales⁽¹⁾	—			—			—			—			—
Settlements⁽¹⁾	(308		)	—			—			(22,000		)	36,310
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	41,275		$	26,830		$	(108,473	)	$	—		$	(878,568	)
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	$	18		$	(150	)	$	—		$	(4	)	$	—
Investment related gains (losses), net	—			—			134,705			—			84,911
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			(97,326		)
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.



For the three months ended June 30, 2012:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities			State. and political subdivision securities
Fair value, beginning of period	$	977,671		$	54,435		$	146,362		$	118,678		$	5,239
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	77			188			195			545			9
Investment related gains (losses), net	(696		)	(315		)	164			393			(4		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	10,341			(172		)	1,782			(2,273		)	827
Purchases ⁽¹⁾	68,275			337			2,012			—			—
Sales⁽¹⁾	(17,876		)	(8,219		)	(7,902		)	(1,552		)	—
Settlements⁽¹⁾	(32,497		)	(1,902		)	(3,238		)	(58		)	(23		)
Transfers into Level 3	—			7,176			—			—			8,438
Transfers out of Level 3	(11,281		)	(1,937		)	(11,017		)	—			—
Fair value, end of period	$	994,014		$	49,591		$	128,358		$	115,733		$	14,486
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	$	84		$	148		$	151		$	545		$	9
Investment related gains (losses), net	(380		)	(161		)	—			—			—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—



For the three months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	(370,884	)	$	11,827		$	3,514		$	(903,282	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—
Investment related gains (losses), net	(4,453		)	1,098			—			(74,929		)
Claims & other policy benefits	—			—			—			(1,721		)
Interest credited	—			—			—			27,825
Policy acquisition costs and other insurance expenses	—			—			1,003			—
Included in other comprehensive income	—			505			—			—
Purchases⁽¹⁾	—			108			—			(16,107		)
Sales⁽¹⁾	—			(3,788		)	—			—
Settlements⁽¹⁾	—			—			(101		)	29,287
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			(6,523		)	—			—
Fair value, end of period	$	(375,337	)	$	3,227		$	4,416		$	(938,927	)



For the three months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
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	(4,452		)	(183		)	—			(76,737		)
Claims & other policy benefits	—			—			—			(1,959		)
Interest credited	—			—			—			(1,288		)
Policy acquisition costs and other insurance expenses	—			—			1,143			—

For the six months ended June 30, 2012:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial mortgage- backed securities			State. and political subdivision securities
Fair value, beginning of period	$	974,169		$	81,655		$	193,492		$	115,976		$	10,373
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	107			298			444			1,133			4
Investment related gains (losses), net	(1,280		)	(36		)	(506		)	(11,682		)	(8		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	9,659			1,408			8,477			11,248			1,233
Purchases ⁽¹⁾	89,435			582			2,012			—			—
Sales⁽¹⁾	(27,285		)	(16,224		)	(7,902		)	(1,552		)	—
Settlements⁽¹⁾	(53,371		)	(3,702		)	(7,103		)	(58		)	(46		)
Transfers into Level 3	17,445			7,176			1,080			10,846			8,438
Transfers out of Level 3	(14,865		)	(21,566		)	(61,636		)	(10,178		)	(5,508		)
Fair value, end of period	$	994,014		$	49,591		$	128,358		$	115,733		$	14,486
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	$	114		$	255		$	400		$	1,133		$	4
Investment related gains (losses), net	(1,106		)	(269		)	(607		)	(12,075		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—



For the six months ended June 30, 2012 (continued):	Funds withheld at interest- embedded derivatives			Other invested assets- other equity securities			Reinsurance ceded receivable- embedded derivatives			Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	(361,456	)	$	11,489		$	4,945		$	(1,028,241	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—
Investment related gains (losses), net	(13,881		)	1,098			—			71,446
Claims & other policy benefits	—			—			—			557
Interest credited	—			—			—			6,632
Policy acquisition costs and other insurance expenses	—			—			(325		)	—
Included in other comprehensive income	—			843			—			—
Purchases⁽¹⁾	—			108			—			(39,697		)
Sales⁽¹⁾	—			(3,788		)	—			—
Settlements⁽¹⁾	—			—			(204		)	50,376
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			(6,523		)	—			—
Fair value, end of period	$	(375,337	)	$	3,227		$	4,416		$	(938,927	)
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	(13,881		)	(183		)	—			67,887
Claims & other policy benefits	—			—			—			79
Interest credited	—			—			—			(43,395		)
Policy acquisition costs and other insurance expenses	—			—			(46		)	—


(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]



	Three months ended June 30,
	2013							2012
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)
Mortgage loans⁽¹⁾	$	13,602	$	13,575	$	(27	)	$	22,323	$	23,375	$	1,052
Real estate⁽³⁾	4,736		4,136		(600		)	—		—		—

	Six months ended June 30,
	2013							2012
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Net Investment Gains (Losses)
Mortgage loans⁽¹⁾	$	13,482	$	13,575	$	93		$	26,119	$	23,375	$	(2,744	)
Limited partnership interests⁽²⁾	11,590		9,161		(2,429		)	—		—		—
Real estate⁽³⁾	4,736		4,136		(600		)	—		—		—

(1)

(2)


(3)	Real estate investment - The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company.

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



June 30, 2013	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
June 30, 2013	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,377,246	$	2,416,787	$	—	$	—	$	2,416,787
Policy loans	1,245,252		1,245,252		—		1,245,252		—
Funds withheld at interest⁽¹⁾	5,884,501		6,331,471		—		—		6,331,471
Cash and cash equivalents⁽²⁾	625,796		625,796		625,796		—		—
Short-term investments⁽²⁾	17,509		17,509		17,509		—		—
Other invested assets⁽²⁾	524,810		561,899		4,635		37,590		519,674
Accrued investment income	233,153		233,153		—		233,153		—
Liabilities:
Interest-sensitive contract liabilities⁽¹⁾	$	11,250,921	$	11,392,786	$	—	$	—	$	11,392,786
Long-term debt	1,935,533		2,080,701		—		—		2,080,701
Collateral finance facility	487,556		373,774		—		—		373,774
December 31, 2012:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
December 31, 2012:	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,300,587	$	2,426,688	$	—	$	—	$	2,426,688
Policy loans	1,278,175		1,278,175		—		1,278,175		—
Funds withheld at interest⁽¹⁾	5,837,359		6,362,324		—		—		6,362,324
Cash and cash equivalents⁽²⁾	684,028		684,028		684,028		—		—
Short-term investments⁽²⁾	48,951		48,951		48,951		—		—
Other invested assets⁽²⁾	596,336		626,358		—		32,250		594,108
Accrued investment income	201,344		201,344		—		201,344		—
Liabilities:
Interest-sensitive contract liabilities⁽¹⁾	$	11,566,962	$	11,926,339	$	—	$	—	$	11,926,339
Long-term debt	1,815,253		2,014,062		—		—		2,014,062
Collateral finance facility	652,010		456,050		—		—		456,050


(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.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2013

Segment Information [Abstract]

Reconciliation Of Revenue From Segments To Consolidated Text Block



	Three months ended June 30,				Six months ended June 30,
Total revenues:	2013		2012		2013		2012
U.S.	$	1,564,386	$	1,370,221	$	3,064,650	$	2,694,368
Canada	295,325		276,239		592,414		551,862
Europe & South Africa	338,910		323,943		678,139		632,280
Asia Pacific	368,173		377,733		757,142		737,418
Corporate and Other	23,848		27,617		99,399		52,800
Total	$	2,590,642	$	2,375,753	$	5,191,744	$	4,668,728

Reconciliation Of Operating Profit Loss From Segments To Consolidated Text Block



	Three months ended June 30,						Six months ended June 30,
Income (loss) before income taxes:	2013			2012			2013			2012
U.S.	$	170,443		$	140,586		$	344,852		$	233,331
Canada	35,659			35,030			71,967			90,093
Europe & South Africa	15,818			19,591			33,203			26,197
Asia Pacific	(290,448		)	23,859			(275,930		)	55,926
Corporate and Other	(6,230		)	(3,174		)	29,977			(8,892		)
Total	$	(74,758	)	$	215,892		$	204,069		$	396,655

Reconciliation Of Assets From Segment To Consolidated Text Block



Total Assets:	June 30, 2013		December 31, 2012
U.S.	$	24,653,033	$	24,924,363
Canada	4,069,624		3,764,002
Europe & South Africa	2,143,826		2,235,199
Asia Pacific	3,216,175		3,208,732
Corporate and Other	4,707,963		6,228,142
Total	$	38,790,621	$	40,360,438

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Credit Facilities

The following table provides additional information on the Company’s credit facilities as of June 30, 2013 and December 31, 2012 (dollars in millions):



			Amount Utilized⁽¹⁾
Facility Capacity		Maturity Date	June 30, 2013		December 31, 2012		Basis of Fees
$	850.0	December 2015	$	94.2	$	402.9	Senior unsecured long-term debt rating
$	200.0	September 2019	200.0		200.0		Fixed
$	120.0	May 2016	80.0		100.0		Fixed
$	270.0	November 2017	270.0		—		Fixed
$	100.0	June 2017	90.3		—		Fixed


(1)	Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented.

Commitment Obligations

The following table presents information about these commitments (dollars in millions):



Commitment Period	Maximum Potential Obligation
2033	$	350.0
2035	560.0

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2013

Employee Benefit Plans [Abstract]

Schedule Of Defined Benefit Plans Disclosures Text Block

The components of net periodic benefit costs for the three and six months ended June 30, 2013 and 2012 were as follows (dollars in thousands):



	Pension Benefits						Other Benefits
	Three months ended June 30,						Three months ended June 30,
	2013			2012			2013		2012
Service cost	$	2,129		$	2,196		$	410	$	279
Interest Cost	1,020			1,090			311		258
Expected return on plan assets	(1,100		)	(799		)	—		—
Amortization of prior service cost	213			87			—		—
Amortization of prior actuarial loss	782			1,388			186		89
Net periodic benefit cost	$	3,044		$	3,962		$	907	$	626



	Pension Benefits						Other Benefits
	Six months ended June 30,						Six months ended June 30,
	2013			2012			2013		2012
Service cost	$	4,012		$	3,728		$	820	$	558
Interest Cost	2,038			2,070			623		517
Expected return on plan assets	(1,867		)	(1,533		)	—		—
Amortization of prior service cost	307			186			—		—
Amortization of prior actuarial loss	1,619			1,663			372		177
Net periodic benefit cost	$	6,109		$	6,114		$	1,815	$	1,252

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings:
Net income (numerator for basic and diluted calculations)	$ (49,612)	$ 141,111	$ 135,923	$ 264,429
Shares:
Weighted average outstanding shares (denominator for basic calculation)	72,350	73,718	73,089	73,646
Equivalent shares from outstanding stock options	0	336	484	402
Denominator for diluted calculation	72,350	74,054	73,573	74,048
Earnings Per Share:
Basic earnings per share	$ (0.69)	$ 1.91	$ 1.86	$ 3.59
Diluted earnings per share	$ (0.69)	$ 1.91	$ 1.85	$ 3.57

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	400
Weighted Average Number Diluted Shares Outstanding Assuming Exercise Of Share Based Payment Arrangements	72,800
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount		0	1,800
Contingently Issuable Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount		700	700

Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]

Balance, Beginning of Period

$ 2,108,902

$ 1,618,153

Other comprehensive income (loss) before reclassifications

(921,750)

Amounts reclassified from AOCI

(5,018)

Net current-period other comprehensive income (loss)

$ (794,606)

$ 187,396

(926,768)

181,045

Change in component during the period

181,045

Balance, End of Period

1,182,134

1,799,198

1,182,134

1,799,198

Accumulated Currency Translation Adjustments [Member]

Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]

Balance, Beginning of Period

267,475

229,795

Other comprehensive income (loss) before reclassifications

(102,937)

Amounts reclassified from AOCI

Net current-period other comprehensive income (loss)

(102,937)

Change in component during the period

7,215

Balance, End of Period

164,538

237,010

164,538

237,010

Unrealized Appreciation Of Securities [Member]

Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]

Balance, Beginning of Period

^[1]

1,877,657

1,419,318

Other comprehensive income (loss) before reclassifications

^[1]

(819,019)

Amounts reclassified from AOCI

^[1]

(6,512)

Net current-period other comprehensive income (loss)

^[1]

(825,531)

Change in component during the period

^[1]

172,329

Balance, End of Period

^[1]

1,052,126

1,591,647

1,052,126

1,591,647

Pension And Postretirement Benefits [Member]

Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]

Balance, Beginning of Period

(36,230)

(30,960)

Other comprehensive income (loss) before reclassifications

206

Amounts reclassified from AOCI

1,494

Net current-period other comprehensive income (loss)

1,700

Change in component during the period

1,501

Balance, End of Period

$ (34,530)

$ (29,459)

$ (34,530)

$ (29,459)

[1]	Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Investment related gains (losses), net

$ 58,352

$ 25,598

$ 152,925

$ 83,946

Investment income

444,234

328,334

869,365

669,274

Total before tax

(74,758)

215,892

204,069

396,655

Tax (expense) benefit

25,146

(74,781)

(68,146)

(132,226)

Net income (loss)

(49,612)

$ 141,111

135,923

$ 264,429

Unrealized Appreciation Depreciation Of Investments [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Total before tax

428

9,533

Tax (expense) benefit

(87)

(3,021)

Net income (loss)

341

6,512

Unrealized Appreciation Depreciation Of Investments [Member] | Unrealized Gains Losses On Available For Sale Securities [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Investment related gains (losses), net

13,510

23,858

Unrealized Appreciation Depreciation Of Investments [Member] | Gains Losses On Qualifying Cash Flow Hedging Instruments [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Investment income

201

506

Unrealized Appreciation Depreciation Of Investments [Member] | DAC Attributed To Unrealized Gains Losses [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Deferred policy acquisition costs attributed to unrealized gains and losses

^[1]

(13,283)

(14,831)

Amortization Of Unrealized Pension And Postretirement Benefits [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Total before tax

(1,181)

(2,298)

Tax (expense) benefit

413

804

Net income (loss)

(768)

(1,494)

Amounts Reclassified From AOCI [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Net income (loss)

(427)

5,018

Prior Service Cost [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Prior service cost

^[2]

(213)

(307)

Actuarial Gains Losses [Member] | Amortization Of Unrealized Pension And Postretirement Benefits [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Actuarial gains/(losses)

^[2]

$ (968)

$ (1,991)

[1]	This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2012 Annual Report for additional details.
[2]	These AOCI components are included in the computation of the net periodic pension cost. See Note 9 – “Employee Benefit Plans” for additional details.

Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 11,346,144	$ 11,333,431
Unrealized Losses	310,734	133,558
Estimated Fair Value	$ 11,803,481	$ 12,380,071
% of Total	100.00%	100.00%
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 19,757,321	$ 19,559,432
Unrealized Gains	1,831,490	2,864,436
Unrealized Losses	304,595	132,254
Estimated Fair Value	$ 21,284,216	$ 22,291,614
% of Total	100.00%	100.00%
Other-than-temporary impairments in AOCI	$ (7,625)	$ (8,625)
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	159,756	217,046
Unrealized Gains	6,722	6,958
Unrealized Losses	6,139	1,304
Estimated Fair Value	$ 160,339	$ 222,700
% of Total	100.00%	100.00%
Corporate securities \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 11,346,144	$ 11,333,431
Unrealized Gains	648,955	1,085,973
Unrealized Losses	191,618	39,333
Estimated Fair Value	$ 11,803,481	$ 12,380,071
% of Total	55.40%	55.50%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Canadian and Canadian provincial governments \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,633,388	2,676,777
Unrealized Gains	901,567	1,372,731
Unrealized Losses	9,162	174
Estimated Fair Value	$ 3,525,793	$ 4,049,334
% of Total	16.60%	18.20%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Residential mortgage-backed securities \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,015,155	969,267
Unrealized Gains	53,581	76,520
Unrealized Losses	13,768	3,723
Estimated Fair Value	$ 1,054,968	$ 1,042,064
% of Total	5.00%	4.70%
Other-than-temporary impairments in AOCI	$ (241)	$ (241)
Asset-backed securities \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	789,849	700,455
Unrealized Gains	18,998	19,898
Unrealized Losses	18,537	28,798
Estimated Fair Value	$ 790,310	$ 691,555
% of Total	3.70%	3.10%
Other-than-temporary impairments in AOCI	$ (2,259)	$ (2,259)
Commercial mortgage-backed securities \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,564,924	1,608,376
Unrealized Gains	110,294	142,369
Unrealized Losses	36,586	51,842
Estimated Fair Value	$ 1,638,632	$ 1,698,903
% of Total	7.70%	7.60%
Other-than-temporary impairments in AOCI	$ (5,125)	$ (6,125)
US government and agencies \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	394,026	231,256
Unrealized Gains	21,417	33,958
Unrealized Losses	2,453	24
Estimated Fair Value	$ 412,990	$ 265,190
% of Total	1.90%	1.20%
Other-than-temporary impairments in AOCI	$ 0	$ 0
State and political subdivisions \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	278,148	270,086
Unrealized Gains	25,513	38,058
Unrealized Losses	11,850	5,646
Estimated Fair Value	$ 291,811	$ 302,498
% of Total	1.40%	1.40%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Other foreign government, supranational and foreign government-sponsored enterprises \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,735,687	1,769,784
Unrealized Gains	51,165	94,929
Unrealized Losses	20,621	2,714
Estimated Fair Value	$ 1,766,231	$ 1,861,999
% of Total	8.30%	8.30%
Other-than-temporary impairments in AOCI	$ 0	$ 0
Non-redeemable preferred stock \| Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	85,483	68,469
Unrealized Gains	6,722	6,542
Unrealized Losses	1,747	170
Estimated Fair Value	$ 90,458	$ 74,841
% of Total	56.40%	33.60%
Other equity securities \| Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 74,273	$ 148,577
Unrealized Gains	0	416
Unrealized Losses	4,392	1,134
Estimated Fair Value	$ 69,881	$ 147,859
% of Total	43.60%	66.40%

Investments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Available For Sale Securities Debt Maturities Amortized Cost
Due in one year or less	$ 426,022
Due after one year through five years	3,613,328
Due after five year through ten years	6,893,971
Due after ten years	5,454,072
Asset and mortgage-backed securities	3,369,928
Total	19,757,321	$ 19,559,432
Available For Sale Securities Debt Maturities Fair Value
Due in one year or less	432,495
Due after one year through five years	3,773,306
Due after five year through ten years	7,127,743
Due after ten years	6,466,762
Asset and mortgage-backed securities	3,483,910
Total	$ 21,284,216	$ 22,291,614

Investments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 11,346,144	$ 11,333,431
Estimated Fair Value	$ 11,803,481	$ 12,380,071
% of Total	100.00%	100.00%
Finance
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 3,636,121	$ 3,619,455
Estimated Fair Value	$ 3,770,773	$ 3,900,152
% of Total	32.00%	31.50%
Industrial
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 5,914,051	$ 5,881,967
Estimated Fair Value	$ 6,138,234	$ 6,443,846
% of Total	52.00%	52.00%
Utility
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 1,768,696	$ 1,799,658
Estimated Fair Value	$ 1,867,151	$ 2,002,611
% of Total	15.80%	16.20%
Other
Corporate Securities by Investment Sector And Credit Rating [Line Items]
Amortized Cost	$ 27,276	$ 32,351
Estimated Fair Value	$ 27,323	$ 33,462
% of Total	0.20%	0.30%

Investments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investments (Details 3) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Other Than Temporary Impairment Credit Losses Recognized In Earnings Roll Forward
Balance, beginning of period	$ 14,773	$ 62,236	$ 16,675	$ 63,947
Initial impairments - credit loss OTTI recognized on securities not previously impaired	0	60	0	1,962
Additional impairments - credit loss OTTI recognized on securities previously impaired	0	161	0	8,881
Credit loss OTTI previously recognized on securities impaired to fair value during the period	(1,449)	(8,288)	(1,449)	(19,669)
Credit loss impairments previously recognized on securities which were sold during the period	0	(8,266)	(1,902)	(9,218)
Balance, end of period	$ 13,324	$ 45,903	$ 13,324	$ 45,903

Investments (Details 4) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities [Abstract]

Outstanding principal and interest balance

^[1]

$ 178,911

$ 108,831

Carrying value, including accrued interest

^[2]

$ 132,985

$ 84,765

[1]	Represents the contractually required payments which is the sum of contractual principal, whether or not currently due, and accrued interest.
[2]	Estimated fair value plus accrued interest.

Investments (Details 5)
$ in Thousands

Jun. 30, 2013

USD ($)

Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Acquired [Abstract]

Contractually required payments (including interest)

$ 109,931

Cash flows expected to be collected

88,422

^[1]

Fair value of investments acquired

$ 58,471

[1]	Represents undiscounted principal and interest cash flow expectations at the date of acquisition.

Investments (Details 6) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Investments (Details 6) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2013
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 59,915	$ 39,239
Investments purchased	7,885	29,951
Accretion	(1,879)	(3,822)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans	(832)	(832)
Reclassification to nonaccretable difference	1,180	1,733
Balance, end of period	$ 66,269	$ 66,269

Investments (Details 7) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Investments (Details 7) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 310,734	$ 133,558
% of Total	100.00%	100.00%
Less than 20%
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 267,765	$ 54,951
% of Total	86.20%	41.20%
20% or more for less than six months
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 5,629	$ 734
% of Total	1.80%	0.50%
20% or more for six months or greater
Gross unrealized losses with number of securities [Line Items]
Gross Unrealized Losses	$ 37,340	$ 77,873
% of Total	12.00%	58.30%

Investments (Details 8) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Investments (Details 8) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	$ 5,440,708	$ 1,445,262
Gross Unrealized Losses - Less than 12 months	235,266	22,324
Estimated Fair Value - 12 months or greater	312,720	414,211
Gross Unrealized Losses - 12 months or greater	69,329	109,930
Estimated Fair Value	5,753,428	1,859,473
Gross Unrealized Losses	304,595	132,254
Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	100,668	90,951
Gross Unrealized Losses - Less than 12 months	6,137	1,186
Estimated Fair Value - 12 months or greater	1	5,679
Gross Unrealized Losses - 12 months or greater	2	118
Estimated Fair Value	100,669	96,630
Gross Unrealized Losses	6,139	1,304
Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	465,383	203,105
Gross Unrealized Losses - Less than 12 months	13,146	4,040
Estimated Fair Value - 12 months or greater	117,097	142,099
Gross Unrealized Losses - 12 months or greater	35,804	66,970
Estimated Fair Value	582,480	345,204
Gross Unrealized Losses	48,950	71,010
Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	4,975,325	1,242,157
Gross Unrealized Losses - Less than 12 months	222,120	18,284
Estimated Fair Value - 12 months or greater	195,623	272,112
Gross Unrealized Losses - 12 months or greater	33,525	42,960
Estimated Fair Value	5,170,948	1,514,269
Gross Unrealized Losses	255,645	61,244
Corporate securities \| Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	366,159	181,168
Gross Unrealized Losses - Less than 12 months	11,452	3,170
Estimated Fair Value - 12 months or greater	40,425	39,123
Gross Unrealized Losses - 12 months or greater	6,603	5,501
Estimated Fair Value	406,584	220,291
Gross Unrealized Losses	18,055	8,671
Corporate securities \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	3,229,715	786,203
Gross Unrealized Losses - Less than 12 months	161,032	13,276
Estimated Fair Value - 12 months or greater	89,098	108,187
Gross Unrealized Losses - 12 months or greater	12,531	17,386
Estimated Fair Value	3,318,813	894,390
Gross Unrealized Losses	173,563	30,662
Canadian and Canadian provincial governments \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	138,843	12,349
Gross Unrealized Losses - Less than 12 months	9,162	174
Estimated Fair Value - 12 months or greater	0	0
Gross Unrealized Losses - 12 months or greater	0	0
Estimated Fair Value	138,843	12,349
Gross Unrealized Losses	9,162	174
Residential mortgage-backed securities \| Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	53,715	15,199
Gross Unrealized Losses - Less than 12 months	1,007	80
Estimated Fair Value - 12 months or greater	2,359	2,633
Gross Unrealized Losses - 12 months or greater	565	347
Estimated Fair Value	56,074	17,832
Gross Unrealized Losses	1,572	427
Residential mortgage-backed securities \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	210,336	22,288
Gross Unrealized Losses - Less than 12 months	9,553	97
Estimated Fair Value - 12 months or greater	14,822	19,394
Gross Unrealized Losses - 12 months or greater	2,643	3,199
Estimated Fair Value	225,158	41,682
Gross Unrealized Losses	12,196	3,296
Asset-backed securities \| Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	25,233	3,421
Gross Unrealized Losses - Less than 12 months	376	26
Estimated Fair Value - 12 months or greater	30,434	31,938
Gross Unrealized Losses - 12 months or greater	7,875	18,815
Estimated Fair Value	55,667	35,359
Gross Unrealized Losses	8,251	18,841
Asset-backed securities \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	220,912	59,119
Gross Unrealized Losses - Less than 12 months	4,719	449
Estimated Fair Value - 12 months or greater	51,673	96,179
Gross Unrealized Losses - 12 months or greater	5,567	9,508
Estimated Fair Value	272,585	155,298
Gross Unrealized Losses	10,286	9,957
Commercial mortgage-backed securities \| Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	19,324	3,317
Gross Unrealized Losses - Less than 12 months	198	764
Estimated Fair Value - 12 months or greater	43,879	68,405
Gross Unrealized Losses - 12 months or greater	20,761	42,307
Estimated Fair Value	63,203	71,722
Gross Unrealized Losses	20,959	43,071
Commercial mortgage-backed securities \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	227,712	89,507
Gross Unrealized Losses - Less than 12 months	9,172	797
Estimated Fair Value - 12 months or greater	18,893	29,181
Gross Unrealized Losses - 12 months or greater	6,455	7,974
Estimated Fair Value	246,605	118,688
Gross Unrealized Losses	15,627	8,771
U.S. government and agencies \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	191,973	7,272
Gross Unrealized Losses - Less than 12 months	2,344	24
Estimated Fair Value - 12 months or greater	4,037	0
Gross Unrealized Losses - 12 months or greater	109	0
Estimated Fair Value	196,010	7,272
Gross Unrealized Losses	2,453	24
State and political subdivisions \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	97,877	20,602
Gross Unrealized Losses - Less than 12 months	6,351	1,514
Estimated Fair Value - 12 months or greater	11,402	11,736
Gross Unrealized Losses - 12 months or greater	5,499	4,132
Estimated Fair Value	109,279	32,338
Gross Unrealized Losses	11,850	5,646
Other foreign government, supranational and foreign government-sponsored enterprises \| Non-investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	952
Gross Unrealized Losses - Less than 12 months	113
Estimated Fair Value - 12 months or greater	0
Gross Unrealized Losses - 12 months or greater	0
Estimated Fair Value	952
Gross Unrealized Losses	113
Other foreign government, supranational and foreign government-sponsored enterprises \| Investment grade securities \| Fixed maturity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	657,957	244,817
Gross Unrealized Losses - Less than 12 months	19,787	1,953
Estimated Fair Value - 12 months or greater	5,698	7,435
Gross Unrealized Losses - 12 months or greater	721	761
Estimated Fair Value	663,655	252,252
Gross Unrealized Losses	20,508	2,714
Non-redeemable preferred stock \| Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	30,787	5,577
Gross Unrealized Losses - Less than 12 months	1,745	52
Estimated Fair Value - 12 months or greater	1	5,679
Gross Unrealized Losses - 12 months or greater	2	118
Estimated Fair Value	30,788	11,256
Gross Unrealized Losses	1,747	170
Other equity securities \| Equity securities
Estimated Fair Values And Gross Unrealized Losses, OTTI Impairment Losses Reported In AOCI [Line Items]
Estimated Fair Value - Less than 12 months	69,881	85,374
Gross Unrealized Losses - Less than 12 months	4,392	1,134
Estimated Fair Value - 12 months or greater	0	0
Gross Unrealized Losses - 12 months or greater	0	0
Estimated Fair Value	69,881	85,374
Gross Unrealized Losses	$ 4,392	$ 1,134

Investments (Details 9) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investments (Details 9) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	$ 457,415	$ 337,603	$ 894,806	$ 688,095
Investment expense	(13,181)	(9,269)	(25,441)	(18,821)
Investment income, net of related expenses	444,234	328,334	869,365	669,274
Fixed maturity securities available-for-sale
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	240,590	193,388	479,834	384,806
Mortgage loans on real estate
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	28,362	16,000	56,605	30,966
Policy loans
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	15,450	16,334	33,360	33,117
Funds withheld at interest
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	159,212	62,992	296,471	178,006
Short-term investments
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	422	781	1,235	1,769
Investment receivable
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue		36,752		36,752
Other invested assets
Major Categories Of Investment Income Net of Expenses [Line Items]
Investment revenue	$ 13,379	$ 11,356	$ 27,301	$ 22,679

Investments (Details 10) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investments (Details 10) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investment Gains And Losses [Abstract]
Other-than-temporary impairments on fixed maturity securities	$ (9,803)	$ (1,959)	$ (10,005)	$ (9,566)
Portion of loss recognized in accumulated other comprehensive income (before taxes)	(306)	162	(306)	(7,059)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	(10,109)	(1,797)	(10,311)	(16,625)
Impairment losses on equity securities	0	(2,186)	0	(3,025)
Gain on investment activity	26,845	26,593	48,525	48,905
Loss on investment activity	(6,760)	(8,918)	(17,972)	(16,422)
Other impairment losses and change in mortgage loan provision	125	1,762	(1,501)	(4,081)
Derivatives and other, net	38,142	8,347	123,873	58,569
Total investment related gains (losses), net	$ 48,243	$ 23,801	$ 142,614	$ 67,321

Investments (Details 11) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 2,385,149	$ 2,312,167
Percentage of total	100.00%	100.00%
Apartment
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 220,117	$ 229,266
Percentage of total	9.20%	9.90%
Retail
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 747,282	$ 669,958
Percentage of total	31.30%	29.00%
Office building
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 841,842	$ 825,406
Percentage of total	35.30%	35.70%
Industrial
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 450,140	$ 455,682
Percentage of total	18.90%	19.70%
Other commercial
Mortgage Loans Property Type Indicators [Line Items]
Recorded investment	$ 125,768	$ 131,855
Percentage of total	5.30%	5.70%

Investments (Details 12) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 2,385,149	$ 2,312,167
Percentage of total	100.00%	100.00%
Pacific
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 636,084	$ 593,589
Percentage of total	26.70%	25.70%
South Atlantic
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 507,010	$ 477,068
Percentage of total	21.30%	20.50%
Mountain
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 257,130	$ 233,174
Percentage of total	10.80%	10.10%
Middle Atlantic
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 276,799	$ 300,475
Percentage of total	11.60%	13.00%
West North Central
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 174,764	$ 168,063
Percentage of total	7.30%	7.30%
East North Central
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 222,991	$ 224,122
Percentage of total	9.20%	9.70%
West South Central
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 158,666	$ 161,451
Percentage of total	6.70%	7.00%
East South Central
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 61,966	$ 62,789
Percentage of total	2.60%	2.70%
New England
Mortgage Loans On Real Estate Geographic Location Of Property [Line Items]
Recorded investment	$ 89,739	$ 91,436
Percentage of total	3.80%	4.00%

Investments (Details 13) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, gross of valuation allowances	$ 2,385,149	$ 2,312,167
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	100.00%	100.00%
Due within five years
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, gross of valuation allowances	$ 1,066,678	$ 1,187,387
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	44.70%	51.30%
Due after five years through ten years
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, gross of valuation allowances	$ 875,596	$ 776,655
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	36.70%	33.60%
Due after ten years
Mortgage Loans on Real Estate [Line Items]
Mortgage loans, gross of valuation allowances	$ 442,875	$ 348,125
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	18.60%	15.10%

Investments (Details 14) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 2,385,149	$ 2,312,167
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	100.00%	100.00%
High investment grade
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 1,475,089	$ 1,235,605
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	61.80%	53.50%
Investment grade
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 694,476	$ 834,494
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	29.10%	36.10%
Average
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 127,967	$ 132,607
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	5.40%	5.70%
Watch list
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 53,831	$ 76,463
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	2.30%	3.30%
In or near default
Credit Quality Indicators [Line Items]
Mortgage loans, gross of valuation allowances	$ 33,786	$ 32,998
Mortgage Loans On Real Estate Commercial And Consumer Net Percentage Of Total	1.40%	1.40%

Investments (Details 15) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Financing Receivable Recorded Investment Aging
Total mortgage loans	$ 2,385,149	$ 2,312,167
Investment in mortgage loans
Financing Receivable Recorded Investment Aging
31-60 days past due	20,563	7,504
61-90 days past due	0	0
Greater than 90 days	7,930	16,886
Total past due	28,493	24,390
Current	2,356,656	2,287,777
Total mortgage loans	$ 2,385,149	$ 2,312,167

Investments (Details 16) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Mortgage Loans:
Total mortgage loans	$ 2,385,149	$ 2,312,167
Mortgage Loans Net Of Valuation Allowances [Abstract]
Mortgage loans on real estate (net of valuation allowances)	2,377,246	2,300,587
Commercial Real Estate Portfolio Segment
Mortgage Loans:
Evaluated individually for credit losses	37,617	39,956
Evaluated collectively for credit losses	2,347,532	2,272,211
Total mortgage loans	2,385,149	2,312,167
Valuation Allowances:
Specific for credit losses	4,738	6,980
Non-specifically identified credit losses	3,165	4,600
Total valuation allowances	$ 7,903	$ 11,580

Investments (Details 17) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investments (Details 17) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Allowance For Loan And Lease Losses Roll Forward
Balance, Beginning of Period	$ 9,924	$ 14,650	$ 11,580	$ 11,793
Charge-offs	(1,296)	(1,876)	(2,148)	(4,069)
Provision (release)	(725)	(1,763)	(1,529)	3,287
Balance, End of Period	$ 7,903	$ 11,011	$ 7,903	$ 11,011

Investments (Details 18) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

Financing Receivable Impaired [Line Items]

Unpaid Principal Balance

$ 38,296

$ 40,566

Recorded Investment

37,617

39,956

Related Allowance

4,738

6,980

Carrying Value

32,879

32,976

Average Investment

^[1]

39,392

$ 52,332

39,580

$ 55,189

Interest Income

343

438

718

915

Impaired mortgage loans with valuation allowance recorded

Financing Receivable Impaired [Line Items]

Unpaid Principal Balance

21,582

27,527

Recorded Investment

21,513

27,460

Related Allowance

4,738

6,980

Carrying Value

16,775

20,480

Average Investment

^[1]

24,211

41,747

25,294

37,634

Interest Income

294

410

534

718

Impaired mortgage loans with no valuation allowance recorded

Financing Receivable Impaired [Line Items]

Unpaid Principal Balance

16,714

13,039

Recorded Investment

16,104

12,496

Related Allowance

Carrying Value

16,104

$ 12,496

Average Investment

^[1]

15,181

10,585

14,286

17,555

Interest Income

$ 49

$ 28

$ 184

$ 197

[1]	Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.

Investments (Details 19) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Other Investments [Line Items]
Other invested assets	$ 1,035,809	$ 1,159,543
Equity securities
Other Investments [Line Items]
Other invested assets	160,339	222,700
Limited partnerships and real estate joint ventures
Other Investments [Line Items]
Other invested assets	423,790	356,419
Structured loans
Other Investments [Line Items]
Other invested assets	245,734	306,497
Derivatives
Other Investments [Line Items]
Other invested assets	118,791	168,208
Other
Other Investments [Line Items]
Other invested assets	$ 87,155	$ 105,719

Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Investments (Narrative) (Details) $ in Thousands	Jun. 30, 2013 USD ($) securities	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) securities	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($) securities
Investment Narrative [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 11,346,144		$ 11,346,144		$ 11,333,431
Proceeds From Sale Of Available For Sale Securities Sold At Loss	257,600	$ 153,500	461,900	$ 401,600
Available-for-sale Securities	$ 11,803,481		$ 11,803,481		$ 12,380,071
Securities as a percentage of consolidated stockholder equity	10.00%		10.00%		10.00%
Number of fixed maturity and equity securities in an unrealized loss position \| securities	1,394		1,394		567
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	$ (10,109)	(1,797)	$ (10,311)	(16,625)
Realized losses on fixed maturity and equity securities sold	(6,760)	$ (8,918)	$ (17,972)	$ (16,422)
Minimum percentage of fair value			100.00%
Collateral Obtained Percent Of Fair Value Reverse Repurchase Agreements			100.00%
Securities pledged or received	292,100		$ 292,100		$ 290,200
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	307,700		307,700		305,900
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	$ 338,000		$ 338,000		$ 342,000
Mortgage loans percentage of total investments	7.50%		7.50%		7.00%
Maximum loan to value ratio on mortgage loan approval			75.00%
Policy loans, percentage of total investments	3.90%		3.90%		3.90%
Funds withheld at interest, percentage of total investments	18.20%		18.20%		17.00%
Funds withheld at interest, percentage attibutable to one client	70.80%		70.80%		69.70%
Other invested assets, percentage of total investments	3.30%		3.30%		3.50%
Collateral Fixed Maturity Securities
Investment Narrative [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 32,900		$ 32,900		$ 16,900
Proceeds From Sale Of Available For Sale Securities Sold At Loss			91,500		95,600
Available-for-sale Securities	33,900		33,900		17,000
Canadian Province Of Ontario Securities
Investment Narrative [Line Items]
Available-for-sale Securities	1,231,600		1,231,600		1,400,000
Canadian Province Of Quebec Securities
Investment Narrative [Line Items]
Available-for-sale Securities	1,516,300		1,516,300		1,785,000
Available For Sale Securities Amortized Cost [Member]
Investment Narrative [Line Items]
Securities held in trust	8,046,900		8,046,900		7,549,000
Securities Borrowed	87,500		87,500		87,500
Available For Sale Securities Fair Value Disclosure [Member]
Investment Narrative [Line Items]
Securities held in trust	8,377,600		8,377,600		7,913,800
Securities Borrowed	87,500		87,500		87,500
Investment in mortgage loans
Investment Narrative [Line Items]
Mortgage loans on nonaccrual status	$ 7,930		7,930		16,886
Asset-backed and mortgage-backed securities \| Non-investment grade securities
Investment Narrative [Line Items]
Gross Unrealized Losses - 12 months or greater			$ 29,200		$ 61,500

Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Derivative Instruments [Line Items]
Notional Amount	$ 7,726,973	$ 6,598,107
Carrying Value / Fair Value of Assets	146,572	190,634
Carrying Value / Fair Value of Liabilities	1,027,941	1,209,616
Not Designated as Hedging Instrument
Derivative Instruments [Line Items]
Notional Amount	6,946,734	5,911,320
Carrying Value / Fair Value of Assets	128,274	190,290
Carrying Value / Fair Value of Liabilities	1,020,385	1,181,432
Not Designated as Hedging Instrument \| Interest Rate Swaps
Derivative Instruments [Line Items]
Notional Amount	1,531,811	2,195,059
Carrying Value / Fair Value of Assets	54,742	123,085
Carrying Value / Fair Value of Liabilities	16,971	17,867
Not Designated as Hedging Instrument \| Interest Rate Options
Derivative Instruments [Line Items]
Notional Amount	240,000	0
Carrying Value / Fair Value of Assets	8,073	0
Carrying Value / Fair Value of Liabilities	0	0
Not Designated as Hedging Instrument \| Financial Futures
Derivative Instruments [Line Items]
Notional Amount	110,328	127,877
Carrying Value / Fair Value of Assets	0	0
Carrying Value / Fair Value of Liabilities	0	0
Not Designated as Hedging Instrument \| Foreign Currency Forwards
Derivative Instruments [Line Items]
Notional Amount	83,387	74,400
Carrying Value / Fair Value of Assets	148	1,017
Carrying Value / Fair Value of Liabilities	9,484	2,105
Not Designated as Hedging Instrument \| Consumer Price Index Swaps
Derivative Instruments [Line Items]
Notional Amount	74,840	85,135
Carrying Value / Fair Value of Assets	234	1,446
Carrying Value / Fair Value of Liabilities	257	0
Not Designated as Hedging Instrument \| Credit Default Swaps
Derivative Instruments [Line Items]
Notional Amount	709,700	714,000
Carrying Value / Fair Value of Assets	3,975	2,228
Carrying Value / Fair Value of Liabilities	6,632	5,922
Not Designated as Hedging Instrument \| Equity Options
Derivative Instruments [Line Items]
Notional Amount	727,641	696,776
Carrying Value / Fair Value of Assets	61,102	62,514
Carrying Value / Fair Value of Liabilities	0	0
Not Designated as Hedging Instrument \| Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Derivative Instruments [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Carrying Value / Fair Value of Liabilities	108,473	243,177
Not Designated as Hedging Instrument \| Embedded Derivatives In Indexed Annuity Products
Derivative Instruments [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Carrying Value / Fair Value of Liabilities	793,586	740,256
Not Designated as Hedging Instrument \| Embedded Derivatives In Variable Annuity Products
Derivative Instruments [Line Items]
Notional Amount	0	0
Carrying Value / Fair Value of Assets	0	0
Carrying Value / Fair Value of Liabilities	84,982	172,105
Not Designated as Hedging Instrument \| Synthetic Guaranteed Investment Contracts
Derivative Instruments [Line Items]
Notional Amount	3,469,027	2,018,073
Carrying Value / Fair Value of Assets	0	0
Carrying Value / Fair Value of Liabilities	0	0
Designated As Hedging Instrument
Derivative Instruments [Line Items]
Notional Amount	780,239	686,787
Carrying Value / Fair Value of Assets	18,298	344
Carrying Value / Fair Value of Liabilities	7,556	28,184
Designated As Hedging Instrument \| Interest Rate Swaps
Derivative Instruments [Line Items]
Notional Amount	50,349	57,275
Carrying Value / Fair Value of Assets	0	344
Carrying Value / Fair Value of Liabilities	5,058	786
Designated As Hedging Instrument \| Foreign Currency Swaps
Derivative Instruments [Line Items]
Notional Amount	729,890	629,512
Carrying Value / Fair Value of Assets	18,298	0
Carrying Value / Fair Value of Liabilities	$ 2,498	$ 27,398

Derivative Instruments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Derivative Assets [Abstract]
Gross Amounts Recognized	$ 146,572	$ 190,634
Gross Amounts Offset in the Balance Sheet	(27,781)	(22,426)
Net Amounts Presented in the Balance Sheet	118,791	168,208
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments	(17,010)	(22,458)
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received	(89,829)	(136,414)
Net Amount	11,952	9,336
Derivative Liabilities [Abstract]
Gross Amounts Recognized	40,900	54,078
Gross Amounts Offset in the Balance Sheet	(27,781)	(22,426)
Net Amounts Presented in the Balance Sheet	13,119	31,652
Gross Amounts Not Offset in the Balance Sheet - Financial Instruments	(2,722)	(1,565)
Gross Amounts Not Offset in the Balance Sheet - Cash Collateral Pledged/Received	(6,950)	(27,867)
Net Amount	$ 3,447	$ 2,220

Derivative Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivative Instruments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
AOCI Cash Flow Hedges [Roll Forward]
Balance beginning	$ 1,961	$ (862)	$ 403	$ (828)
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges	(6,797)	464	(4,934)	787
Amounts reclassified to investment income	(201)	(321)	(506)	(678)
Balance ending	$ (5,037)	$ (719)	$ (5,037)	$ (719)

Derivative Instruments (Details 3) - Interest Rate Swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Derivatives In Cash Flow Hedging Relationships [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	$ (6,797)	$ 464	$ (4,934)	$ 787
Investment Related Gains (Losses)
Derivatives In Cash Flow Hedging Relationships [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0	0	0	0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	31	27	14	3
Investment Income
Derivatives In Cash Flow Hedging Relationships [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	201	321	506	678
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ 0	$ 0	$ 0

Derivative Instruments (Details 4) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Foreign Currency Swaps

Net Investments in Foreign Operations [Line Items]

Net Derivatives Gains (Losses) Deferred in AOCI

^[1],[2]

$ 23,913

$ 6,642

$ 34,835

$ (4,003)

[1]	There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations.
[2]	There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.

Derivative Instruments (Details 5) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivative Instruments (Details 5) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	$ 48,243	$ 23,801	$ 142,614	$ 67,321
Policy acquisition costs and other insurance expenses	(370,505)	(335,939)	(727,862)	(643,573)
Interest credited	(118,345)	(66,697)	(243,828)	(154,739)
Not Designated as Hedging Instrument
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	3,128	29,829	51,293	53,696
Not Designated as Hedging Instrument \| Interest Rate Swaps
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(38,415)	73,342	(60,679)	25,990
Not Designated as Hedging Instrument \| Interest Rate Options
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(7,981)	0	(5,998)	0
Not Designated as Hedging Instrument \| Financial Futures
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	714	11,074	(6,167)	(6,335)
Not Designated as Hedging Instrument \| Foreign Currency Forwards
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(2,958)	516	(8,617)	(1,093)
Not Designated as Hedging Instrument \| Consumer Price Index Swaps
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(1,117)	(1,431)	(1,988)	(2,233)
Not Designated as Hedging Instrument \| Credit Default Swaps
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	2,427	(4,795)	6,332	7,019
Not Designated as Hedging Instrument \| Equity Options
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	(5,049)	3,367	(35,672)	(34,616)
Not Designated as Hedging Instrument \| Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	47,717	(4,453)	137,974	(13,881)
Not Designated as Hedging Instrument \| Embedded Derivatives In Indexed Annuity Products
Income Affect Of Non Hedging Derivatives [Line Items]
Policy acquisition costs and other insurance expenses	0	859	0	(139)
Interest credited	(28,019)	26,279	(61,015)	7,538
Not Designated as Hedging Instrument \| Embedded Derivatives In Variable Annuity Products
Income Affect Of Non Hedging Derivatives [Line Items]
Total investment related gains (losses), net	$ 35,809	$ (74,929)	$ 87,123	$ 71,446

Derivative Instruments (Details 6) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ (2,520)

$ (3,707)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 691,700

$ 696,000

Derivative Average Remaining Maturity

^[1],[3]

4 years 9 months 18 days

5 years 2 months 12 days

Standard Poors AAA To A Minus Ratings [Member] | Single Name Credit Default Swaps [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ (1,149)

$ (2,077)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 122,500

$ 124,500

Derivative Average Remaining Maturity

^[1],[3]

5 years 4 months 24 days

5 years 10 months 24 days

Standard Poors AAA To A Minus Ratings [Member] | Credit Default Swaps Referencing Indices [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ 0

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

Standard Poors AAA To A Minus Ratings [Member] | Credit Default Subtotal [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

(1,149)

(2,077)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 122,500

$ 124,500

Derivative Average Remaining Maturity

^[1],[3]

5 years 4 months 24 days

5 years 10 months 24 days

Standard Poors BBB Rating [Member] | Single Name Credit Default Swaps [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ (3,821)

$ (2,345)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 133,200

$ 135,500

Derivative Average Remaining Maturity

^[1],[3]

5 years 7 months 6 days

5 years 6 months

Standard Poors BBB Rating [Member] | Credit Default Swaps Referencing Indices [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ 2,551

$ 937

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 430,000

Derivative Average Remaining Maturity

^[1],[3]

4 years 6 months

5 years

Standard Poors BBB Rating [Member] | Credit Default Subtotal [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ (1,270)

$ (1,408)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 563,200

$ 565,500

Derivative Average Remaining Maturity

^[1],[3]

4 years 8 months 12 days

5 years 1 month 6 days

Standard Poors BB Rating [Member] | Single Name Credit Default Swaps [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ (101)

$ (222)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 6,000

Derivative Average Remaining Maturity

^[1],[3]

4 years

4 years 6 months

Standard Poors BB Rating [Member] | Credit Default Swaps Referencing Indices [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

$ 0

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

Standard Poors BB Rating [Member] | Credit Default Subtotal [Member]

Credit Derivatives [Line Items]

Credit Derivative Current Fair Value

^[1]

(101)

(222)

Maximum Potential Future Exposure on Credit Risk Derivatives

^[1],[2]

$ 6,000

Derivative Average Remaining Maturity

^[1],[3]

4 years

4 years 6 months

[1]	The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
[2]	Assumes the value of the referenced credit obligations is zero.
[3]	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Derivative Instruments (Details 7) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivative Instruments (Details 7) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	$ 48,243	$ 23,801	$ 142,614	$ 67,321
Total benefits and expenses	2,665,400	2,159,861	4,987,675	4,272,073
Net income (loss)	(49,612)	141,111	135,923	264,429
Embedded Derivatives In Modified Coinsurance Or Funds Withheld Arrangements
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	47,717	(4,453)	137,974	(13,881)
Net income (loss)	13,911	(2,598)	35,535	(665)
Embedded Derivatives In Equity Indexed Annuities [Member]
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total benefits and expenses	(28,019)	27,138	(61,015)	7,399
Net income (loss)	(30,845)	15,378	(60,395)	29,248
Embedded Derivatives In Variable Annuity Contracts [Member]
Changes In Estimated Fair Value Related To Embedded Derivatives [Line Items]
Total investment related gains (losses), net	35,809	(74,929)	87,123	71,446
Net income (loss)	$ 29,082	$ (16,175)	$ 41,274	$ (1,093)

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivative Instruments (Details 8) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Credit Exposure of Derivative Contracts

Estimated fair value of derivatives in net asset (liability) position

$ 105,672

$ 136,558

Cash provided as collateral

^[1]

6,950

27,867

Securities provided as collateral

^[2]

2,722

1,565

Cash received as collateral

^[3]

(89,829)

(136,414)

Securities received as collateral

^[4]

(17,010)

(22,458)

Net credit exposure

8,505

7,118

Margin account related to exchange-traded futures

^[5]

$ 5,251

$ 5,605

[1]	Consists of receivable from counterparty, included in other assets.
[2]	Included in other invested assets, primarily consists of U.S. Treasury securities.
[3]	Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities.
[4]	Consists of U.S. Treasury securities.
[5]	Included in cash and cash equivalents.

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Derivative Instruments [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 0.7		$ 0.7
Cumulative Foreign Currency Translation Gain Loss Recorded In Accumulated Other Comprehensive Income Loss For Terminated Net Investment In Foreign Operations Hedges	18.4		18.4		$ (16.4)
Gain Loss On Investments Related To Change In Fair Value Of Derivatives Excluding Embedded Derivatives	52.4	$ 82.1	(112.8)	$ (11.3)
Embedded Derivative Gain Loss In Financial Statements From Use Of Own Credit Risk	(0.4)	6.3	(2.1)	(57.2)
Embedded Derivative Gain Loss On Variable Annuity Contracts In Financial Statements From Use Of Own Credit Risk	$ (0.2)	$ 14.6	$ (4.9)	$ 51.6

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	$ 21,284,216	$ 22,291,614
Funds withheld at interest embedded derivatives	(108,473)	(243,177)
Cash and cash equivalents	347,823	575,864
Short-term investments	21,092	239,131
Other invested assets	293,889	419,861
Total Assets	21,838,547	23,283,293
Liabilities Fair Value Disclosure
Interest-sensitive contract liabilities - embedded derivatives	878,568	912,361
Total Liabilities	891,687	944,013
Non-redeemable preferred stock
Assets Fair Value Disclosure
Other invested assets	90,458	74,841
Other equity securities
Assets Fair Value Disclosure
Other invested assets	69,881	147,859
Securities Pledged As Collateral Member
Assets Fair Value Disclosure
Other invested assets		17,002
Other
Assets Fair Value Disclosure
Other invested assets	14,759	11,951
Interest Rate Swaps
Assets Fair Value Disclosure
Other invested assets	36,853	104,972
Liabilities Fair Value Disclosure
Other liabilities	4,140	196
Interest Rate Options
Assets Fair Value Disclosure
Other invested assets	8,073
Foreign Currency Forwards
Assets Fair Value Disclosure
Other invested assets	148	1,017
Liabilities Fair Value Disclosure
Other liabilities	9,484	2,105
Equity Option
Assets Fair Value Disclosure
Other invested assets	60,715	62,514
Liabilities Fair Value Disclosure
Other liabilities	(387)
Consumer Price Index Swaps
Assets Fair Value Disclosure
Other invested assets	(23)	1,446
Credit Default Swaps
Assets Fair Value Disclosure
Other invested assets	(2,775)	(1,741)
Liabilities Fair Value Disclosure
Other liabilities	(118)	1,953
Foreign Currency Swaps
Assets Fair Value Disclosure
Other invested assets	15,800
Liabilities Fair Value Disclosure
Other liabilities		27,398
Corporate securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	11,803,481	12,380,071
Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	3,525,793	4,049,334
Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,054,968	1,042,064
Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	790,310	691,555
Commercial mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,638,632	1,698,903
US Treasury And Government Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	412,990	265,190
State and political subdivisions
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	291,811	302,498
Other foreign government, supranational and foreign government-sponsored enterprises
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,766,231	1,861,999
Fair Value Inputs Level 1 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	708,373	533,349
Funds withheld at interest embedded derivatives	0	0
Cash and cash equivalents	347,823	575,864
Short-term investments	19,169	178,923
Other invested assets	172,368	225,401
Total Assets	1,247,733	1,513,537
Liabilities Fair Value Disclosure
Interest-sensitive contract liabilities - embedded derivatives	0	0
Total Liabilities	0	0
Fair Value Inputs Level 1 Member \| Non-redeemable preferred stock
Assets Fair Value Disclosure
Other invested assets	87,728	64,268
Fair Value Inputs Level 1 Member \| Other equity securities
Assets Fair Value Disclosure
Other invested assets	69,881	147,859
Fair Value Inputs Level 1 Member \| Securities Pledged As Collateral Member
Assets Fair Value Disclosure
Other invested assets		1,323
Fair Value Inputs Level 1 Member \| Other
Assets Fair Value Disclosure
Other invested assets	14,759	11,951
Fair Value Inputs Level 1 Member \| Interest Rate Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member \| Interest Rate Options
Assets Fair Value Disclosure
Other invested assets	0
Fair Value Inputs Level 1 Member \| Foreign Currency Forwards
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member \| Equity Option
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0
Fair Value Inputs Level 1 Member \| Consumer Price Index Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 1 Member \| Credit Default Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 1 Member \| Foreign Currency Swaps
Assets Fair Value Disclosure
Other invested assets	0
Liabilities Fair Value Disclosure
Other liabilities		0
Fair Value Inputs Level 1 Member \| Corporate securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	63,568	43,544
Fair Value Inputs Level 1 Member \| Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member \| Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member \| Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member \| Commercial mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member \| US Treasury And Government Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	354,097	192,780
Fair Value Inputs Level 1 Member \| State and political subdivisions
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 1 Member \| Other foreign government, supranational and foreign government-sponsored enterprises
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	290,708	297,025
Fair Value Inputs Level 2 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	18,242,091	19,520,344
Funds withheld at interest embedded derivatives	0	0
Cash and cash equivalents	0	0
Short-term investments	1,923	38,177
Other invested assets	121,521	194,460
Total Assets	18,365,535	19,752,981
Liabilities Fair Value Disclosure
Interest-sensitive contract liabilities - embedded derivatives	0	0
Total Liabilities	13,119	31,652
Fair Value Inputs Level 2 Member \| Non-redeemable preferred stock
Assets Fair Value Disclosure
Other invested assets	2,730	10,573
Fair Value Inputs Level 2 Member \| Other equity securities
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 2 Member \| Securities Pledged As Collateral Member
Assets Fair Value Disclosure
Other invested assets		15,679
Fair Value Inputs Level 2 Member \| Other
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 2 Member \| Interest Rate Swaps
Assets Fair Value Disclosure
Other invested assets	36,853	104,972
Liabilities Fair Value Disclosure
Other liabilities	4,140	196
Fair Value Inputs Level 2 Member \| Interest Rate Options
Assets Fair Value Disclosure
Other invested assets	8,073
Fair Value Inputs Level 2 Member \| Foreign Currency Forwards
Assets Fair Value Disclosure
Other invested assets	148	1,017
Liabilities Fair Value Disclosure
Other liabilities	9,484	2,105
Fair Value Inputs Level 2 Member \| Equity Option
Assets Fair Value Disclosure
Other invested assets	60,715	62,514
Liabilities Fair Value Disclosure
Other liabilities	(387)
Fair Value Inputs Level 2 Member \| Consumer Price Index Swaps
Assets Fair Value Disclosure
Other invested assets	(23)	1,446
Fair Value Inputs Level 2 Member \| Credit Default Swaps
Assets Fair Value Disclosure
Other invested assets	(2,775)	(1,741)
Liabilities Fair Value Disclosure
Other liabilities	(118)	1,953
Fair Value Inputs Level 2 Member \| Foreign Currency Swaps
Assets Fair Value Disclosure
Other invested assets	15,800
Liabilities Fair Value Disclosure
Other liabilities		27,398
Fair Value Inputs Level 2 Member \| Corporate securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	10,147,908	10,667,964
Fair Value Inputs Level 2 Member \| Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	3,525,793	4,049,334
Fair Value Inputs Level 2 Member \| Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	914,914	948,133
Fair Value Inputs Level 2 Member \| Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	437,704	459,164
Fair Value Inputs Level 2 Member \| Commercial mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,457,650	1,531,897
Fair Value Inputs Level 2 Member \| US Treasury And Government Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	58,893	67,872
Fair Value Inputs Level 2 Member \| State and political subdivisions
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	250,536	259,286
Fair Value Inputs Level 2 Member \| Other foreign government, supranational and foreign government-sponsored enterprises
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,448,693	1,536,694
Fair Value Inputs Level 3 Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	2,333,752	2,237,921
Funds withheld at interest embedded derivatives	(108,473)	(243,177)
Cash and cash equivalents	0	0
Short-term investments	0	22,031
Other invested assets	0	0
Total Assets	2,225,279	2,016,775
Liabilities Fair Value Disclosure
Interest-sensitive contract liabilities - embedded derivatives	878,568	912,361
Total Liabilities	878,568	912,361
Fair Value Inputs Level 3 Member \| Non-redeemable preferred stock
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 3 Member \| Other equity securities
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 3 Member \| Securities Pledged As Collateral Member
Assets Fair Value Disclosure
Other invested assets		0
Fair Value Inputs Level 3 Member \| Other
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 3 Member \| Interest Rate Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member \| Interest Rate Options
Assets Fair Value Disclosure
Other invested assets	0
Fair Value Inputs Level 3 Member \| Foreign Currency Forwards
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member \| Equity Option
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0
Fair Value Inputs Level 3 Member \| Consumer Price Index Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Fair Value Inputs Level 3 Member \| Credit Default Swaps
Assets Fair Value Disclosure
Other invested assets	0	0
Liabilities Fair Value Disclosure
Other liabilities	0	0
Fair Value Inputs Level 3 Member \| Foreign Currency Swaps
Assets Fair Value Disclosure
Other invested assets	0
Liabilities Fair Value Disclosure
Other liabilities		0
Fair Value Inputs Level 3 Member \| Corporate securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	1,592,005	1,668,563
Fair Value Inputs Level 3 Member \| Canadian and Canadian provincial governments
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	0
Fair Value Inputs Level 3 Member \| Residential mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	140,054	93,931
Fair Value Inputs Level 3 Member \| Asset-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	352,606	232,391
Fair Value Inputs Level 3 Member \| Commercial mortgage-backed securities
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	180,982	167,006
Fair Value Inputs Level 3 Member \| US Treasury And Government Member
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	0	4,538
Fair Value Inputs Level 3 Member \| State and political subdivisions
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	41,275	43,212
Fair Value Inputs Level 3 Member \| Other foreign government, supranational and foreign government-sponsored enterprises
Assets Fair Value Disclosure
Fixed maturity securities, available-for-sale	$ 26,830	$ 28,280

Fair Value of Assets and Liabilities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Discounted Cash Flow [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities	$ 793,586	$ 740,256
Interest-sensitive contract liabilities - embedded derivatives - variable annuities	$ 84,982	$ 172,105
Discounted Cash Flow [Member] \| Mortality [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	0.00%	0.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	0.00%	0.00%
Discounted Cash Flow [Member] \| Mortality [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	100.00%	100.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	100.00%	100.00%
Discounted Cash Flow [Member] \| Mortality [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	1.00%	1.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	2.00%	2.00%
Discounted Cash Flow [Member] \| Lapse [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	0.00%	0.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	0.00%	0.00%
Discounted Cash Flow [Member] \| Lapse [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	35.00%	35.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	25.00%	25.00%
Discounted Cash Flow [Member] \| Lapse [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	6.00%	6.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	5.00%	5.00%
Discounted Cash Flow [Member] \| Withdrawal [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	0.00%	0.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	0.00%	0.00%
Discounted Cash Flow [Member] \| Withdrawal [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	5.00%	5.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	7.00%	7.00%
Discounted Cash Flow [Member] \| Withdrawal [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	3.00%	3.00%
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	3.00%	3.00%
Discounted Cash Flow [Member] \| Own Credit [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	0.00%	0.00%
Discounted Cash Flow [Member] \| Own Credit [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	1.00%	1.00%
Discounted Cash Flow [Member] \| Own Credit [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	1.00%	1.00%
Discounted Cash Flow [Member] \| Option Budget Projection [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	2.00%	2.00%
Discounted Cash Flow [Member] \| Option Budget Projection [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	4.00%	4.00%
Discounted Cash Flow [Member] \| Option Budget Projection [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - indexed annuities Unobservable Input Range	3.00%	3.00%
Discounted Cash Flow [Member] \| Long Term Volatility [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	0.00%	0.00%
Discounted Cash Flow [Member] \| Long Term Volatility [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	27.00%	27.00%
Discounted Cash Flow [Member] \| Long Term Volatility [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Interest-sensitive contract liabilities - embedded derivatives - variable annuities Unobservable Input Range	13.00%	14.00%
Total Return Swap [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives	$ (108,473)	$ (243,177)
Total Return Swap [Member] \| Mortality [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	0.00%	0.00%
Total Return Swap [Member] \| Mortality [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	100.00%	100.00%
Total Return Swap [Member] \| Mortality [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	1.00%	1.00%
Total Return Swap [Member] \| Lapse [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	0.00%	0.00%
Total Return Swap [Member] \| Lapse [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	35.00%	35.00%
Total Return Swap [Member] \| Lapse [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	6.00%	6.00%
Total Return Swap [Member] \| Withdrawal [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	0.00%	0.00%
Total Return Swap [Member] \| Withdrawal [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	5.00%	5.00%
Total Return Swap [Member] \| Withdrawal [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	3.00%	3.00%
Total Return Swap [Member] \| Own Credit [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	0.00%	0.00%
Total Return Swap [Member] \| Own Credit [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	1.00%	1.00%
Total Return Swap [Member] \| Own Credit [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	1.00%	1.00%
Total Return Swap [Member] \| Crediting Rate [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	2.00%	2.00%
Total Return Swap [Member] \| Crediting Rate [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	4.00%	4.00%
Total Return Swap [Member] \| Crediting Rate [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
Funds withheld at interest - embedded derivatives Unobservable Input Range	3.00%	3.00%
Market Comparable Securities [Member] \| Liquidity Premium [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
State And Political Subdivision Securities	$ 5,139	$ 5,451
Corporate Securities	$ 403,894	450,177
Short-term Investments		$ 22,031
Market Comparable Securities [Member] \| Liquidity Premium [Member] \| Minimum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
State And Political Subdivision Securities Unobservable Input Range	1.00%	1.00%
Corporate Securities Unobservable Input Range	0.00%	0.00%
Short Term Investments Unobservable Input Range	0.00%	1.00%
Market Comparable Securities [Member] \| Liquidity Premium [Member] \| Maximum [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
State And Political Subdivision Securities Unobservable Input Range	1.00%	1.00%
Corporate Securities Unobservable Input Range	2.00%	2.00%
Short Term Investments Unobservable Input Range	0.00%	1.00%
Market Comparable Securities [Member] \| Liquidity Premium [Member] \| Weighted Average [Member]
Unobservable Inputs Used In Level 3 Fair Value Measurements [Line Items]
State And Political Subdivision Securities Unobservable Input Range	1.00%	1.00%
Corporate Securities Unobservable Input Range	1.00%	1.00%
Short Term Investments Unobservable Input Range	0.00%	1.00%

Fair Value of Assets and Liabilities (Details 2) - Fixed maturity securities available-for-sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	$ 16,849	$ 0	$ 16,849
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0	11,152	14,012	11,156
Corporate securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0	2,996	0	2,996
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0	0	14,012	4
US Treasury And Government Member
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0	0	0	0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0	11,152	0	11,152
State and political subdivisions
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0	12,794	0	12,794
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0	0	0	0
Other foreign government, supranational and foreign government-sponsored enterprises
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0	1,059	0	1,059
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	$ 0	$ 0	$ 0	$ 0

Fair Value of Assets and Liabilities (Details 3) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Funds Withheld At Interest Embedded Derivatives [Member]

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

$ (156,189)

$ (370,884)

$ (243,177)

$ (361,456)

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

47,716

(4,453)

134,704

(13,881)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

Transfers into Level 3

Transfers out of Level 3

Balance, End of period

(108,473)

(375,337)

(108,473)

(375,337)

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

Investment income, net of related expenses

Investment related gains (losses), net

47,717

(4,452)

134,705

(13,881)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Other Debt Securities Member

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

11,827

11,489

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

1,098

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

505

843

Purchases

^[1]

108

Sales

^[1]

(3,788)

Settlements

^[1]

Transfers into Level 3

Transfers out of Level 3

(6,523)

Balance, End of period

3,227

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

Investment income, net of related expenses

Investment related gains (losses), net

(183)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Reinsurance Ceded Receivable Embedded Derivatives [Member]

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

3,514

4,945

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

1,003

(325)

Included in other comprehensive income

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

(101)

(204)

Transfers into Level 3

Transfers out of Level 3

Balance, End of period

4,416

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

Investment income, net of related expenses

Investment related gains (losses), net

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

1,143

(46)

Interest Sensitive Contract Liabilities Embedded Derivatives [Member]

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

(890,476)

(903,282)

(912,361)

(1,028,241)

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

35,809

(74,929)

87,123

71,446

Claims and other policy benefits

(1,721)

557

Interest credited

(28,020)

27,825

(61,016)

6,632

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

Purchases

^[1]

(14,764)

(16,107)

(28,624)

(39,697)

Sales

^[1]

Settlements

^[1]

18,883

29,287

36,310

50,376

Transfers into Level 3

Transfers out of Level 3

Balance, End of period

(878,568)

(938,927)

(878,568)

(938,927)

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

Investment income, net of related expenses

Investment related gains (losses), net

34,788

(76,737)

84,911

67,887

Claims & other policy benefits

(1,959)

Interest credited

(46,902)

(1,288)

(97,326)

(43,395)

Policy acquisition costs and other insurance expenses

Short Term Investments Member

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

22,001

22,031

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

(3)

Investment related gains (losses), net

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

(1)

(28)

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

(22,000)

Transfers into Level 3

Transfers out of Level 3

Balance, End of period

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

Investment income, net of related expenses

(4)

Investment related gains (losses), net

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | Corporate securities

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

1,646,903

977,671

1,668,563

974,169

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

(2,313)

(4,339)

107

Investment related gains (losses), net

350

(696)

(913)

(1,280)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

(37,672)

10,341

(36,710)

9,659

Purchases

^[1]

100,690

68,275

175,362

89,435

Sales

^[1]

(39,793)

(17,876)

(56,071)

(27,285)

Settlements

^[1]

(80,533)

(32,497)

(145,899)

(53,371)

Transfers into Level 3

4,373

8,146

17,445

Transfers out of Level 3

(11,281)

(16,134)

(14,865)

Balance, End of period

1,592,005

994,014

1,592,005

994,014

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

Investment income, net of related expenses

(2,191)

(4,218)

114

Investment related gains (losses), net

(380)

(202)

(1,106)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | Residential mortgage-backed securities

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

140,717

54,435

93,931

81,655

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

(111)

188

(6)

298

Investment related gains (losses), net

198

(315)

(36)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

(2,714)

(172)

(200)

1,408

Purchases

^[1]

11,383

337

51,920

582

Sales

^[1]

(1,018)

(8,219)

(2,617)

(16,224)

Settlements

^[1]

(7,367)

(1,902)

(12,289)

(3,702)

Transfers into Level 3

4,306

7,176

14,630

7,176

Transfers out of Level 3

(5,340)

(1,937)

(5,340)

(21,566)

Balance, End of period

140,054

49,591

140,054

49,591

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

Investment income, net of related expenses

(112)

148

(7)

255

Investment related gains (losses), net

(161)

(269)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | Asset-backed securities

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

288,231

146,362

232,391

193,492

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

1,526

195

2,405

444

Investment related gains (losses), net

226

164

(1,521)

(506)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

2,601

1,782

14,638

8,477

Purchases

^[1]

72,542

2,012

128,423

2,012

Sales

^[1]

(7,995)

(7,902)

(16,293)

(7,902)

Settlements

^[1]

(5,559)

(3,238)

(11,436)

(7,103)

Transfers into Level 3

5,340

8,305

1,080

Transfers out of Level 3

(4,306)

(11,017)

(4,306)

(61,636)

Balance, End of period

352,606

128,358

352,606

128,358

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

Investment income, net of related expenses

1,515

151

2,397

400

Investment related gains (losses), net

(607)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | Commercial mortgage-backed securities

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

175,294

118,678

167,006

115,976

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

581

545

1,083

1,133

Investment related gains (losses), net

(8,992)

393

(9,862)

(11,682)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

15,445

(2,273)

27,945

11,248

Purchases

^[1]

Sales

^[1]

(1,118)

(1,552)

(2,722)

(1,552)

Settlements

^[1]

(228)

(58)

(2,468)

(58)

Transfers into Level 3

10,846

Transfers out of Level 3

(10,178)

Balance, End of period

180,982

115,733

180,982

115,733

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

Investment income, net of related expenses

580

545

1,081

1,133

Investment related gains (losses), net

(10,109)

(12,075)

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | US Treasury And Government Member

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

4,538

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

Transfers into Level 3

Transfers out of Level 3

(4,538)

Balance, End of period

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

Investment income, net of related expenses

Investment related gains (losses), net

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Fixed maturity securities available-for-sale | State and political subdivisions

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

42,639

5,239

43,212

10,373

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

Investment related gains (losses), net

(4)

(8)

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

(1,087)

827

(1,639)

1,233

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

(282)

(23)

(308)

(46)

Transfers into Level 3

8,438

Transfers out of Level 3

(5,508)

Balance, End of period

41,275

14,486

41,275

14,486

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

Investment income, net of related expenses

Investment related gains (losses), net

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

$ 0

Fixed maturity securities available-for-sale | Other foreign government, supranational and foreign government-sponsored enterprises

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Calculation [Roll Forward]

Balance, Beginning of period

27,865

28,280

Total gains or (losses) (realized/unrealized)

Investment income, net of related expenses

(76)

(150)

Investment related gains (losses), net

Claims and other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

Included in other comprehensive income

(959)

(1,300)

Purchases

^[1]

Sales

^[1]

Settlements

^[1]

Transfers into Level 3

Transfers out of Level 3

Balance, End of period

26,830

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

Investment income, net of related expenses

(76)

(150)

Investment related gains (losses), net

Claims & other policy benefits

Interest credited

Policy acquisition costs and other insurance expenses

$ 0

[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 of Assets and Liabilities (Details 4) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2013

Jun. 30, 2012

Mortgage Loans [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets Carrying Value Prior To Impairment

^[1]

$ 13,602

$ 22,323

$ 13,482

$ 26,119

Fair Value Assets Estimate Of Fair Value

^[1]

13,575

23,375

13,575

23,375

Fair Value Assets Gains Losses

^[1]

(27)

1,052

(2,744)

Limited Partnership Interest [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets Carrying Value Prior To Impairment

^[2]

11,590

Fair Value Assets Estimate Of Fair Value

^[2]

9,161

Fair Value Assets Gains Losses

^[2]

(2,429)

Real Estate Investment [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets Carrying Value Prior To Impairment

^[3]

4,736

Fair Value Assets Estimate Of Fair Value

^[3]

4,136

Fair Value Assets Gains Losses

^[3]

$ (600)

$ 0

$ (600)

$ 0

[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 and were classified as Level 3 in the fair value hierarchy.
[2]	Limited partnership interests — The impaired investments 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 valuation of these investments is considered Level 3 in the fair value hierarchy due to the limited activity and price transparency inherent in the market for such investments.
[3]	Real estate investment - The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company.

Fair Value of Assets and Liabilities (Details 5) - USD ($)
$ in Thousands

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2011

Assets

Mortgage loans on real estate (net of valuation allowances)

$ 2,377,246

$ 2,300,587

Policy loans

1,245,252

1,278,175

Funds withheld at interest

5,777,395

5,594,182

Cash and cash equivalents

973,619

1,259,892

$ 957,341

$ 962,870

Short-term investments

38,601

288,082

Other invested assets

1,035,809

1,159,543

Accrued investment income

233,153

201,344

Liabilities

Interest-sensitive contract liabilities

12,991,981

13,353,502

Collateral finance facility

487,556

652,010

Carrying Value [Member]

Assets

Mortgage loans on real estate (net of valuation allowances)

2,377,246

2,300,587

Policy loans

1,245,252

1,278,175

Funds withheld at interest

^[1]

5,884,501

5,837,359

Cash and cash equivalents

^[2]

625,796

684,028

Short-term investments

^[2]

17,509

48,951

Other invested assets

^[2]

524,810

596,336

Accrued investment income

233,153

201,344

Liabilities

Interest-sensitive contract liabilities

^[1]

11,250,921

11,566,962

Long And Short Term Debt

1,935,533

1,815,253

Collateral finance facility

487,556

652,010

Estimated Fair Value [Member]

Assets

Mortgage loans on real estate (net of valuation allowances)

2,416,787

2,426,688

Policy loans

1,245,252

1,278,175

Funds withheld at interest

^[1]

6,331,471

6,362,324

Cash and cash equivalents

^[2]

625,796

684,028

Short-term investments

^[2]

17,509

48,951

Other invested assets

^[2]

561,899

626,358

Accrued investment income

233,153

201,344

Liabilities

Interest-sensitive contract liabilities

^[1]

11,392,786

11,926,339

Long And Short Term Debt

2,080,701

2,014,062

Collateral finance facility

373,774

456,050

Estimated Fair Value [Member] | Fair Value Inputs Level 1 Member

Assets

Mortgage loans on real estate (net of valuation allowances)

Policy loans

Funds withheld at interest

^[1]

Cash and cash equivalents

^[2]

625,796

684,028

Short-term investments

^[2]

17,509

48,951

Other invested assets

^[2]

4,635

Accrued investment income

Liabilities

Interest-sensitive contract liabilities

^[1]

Long And Short Term Debt

Collateral finance facility

Estimated Fair Value [Member] | Fair Value Inputs Level 2 Member

Assets

Mortgage loans on real estate (net of valuation allowances)

Policy loans

1,245,252

1,278,175

Funds withheld at interest

^[1]

Cash and cash equivalents

^[2]

Short-term investments

^[2]

Other invested assets

^[2]

37,590

32,250

Accrued investment income

233,153

201,344

Liabilities

Interest-sensitive contract liabilities

^[1]

Long And Short Term Debt

Collateral finance facility

Estimated Fair Value [Member] | Fair Value Inputs Level 3 Member

Assets

Mortgage loans on real estate (net of valuation allowances)

2,416,787

2,426,688

Policy loans

Funds withheld at interest

^[1]

6,331,471

6,362,324

Cash and cash equivalents

^[2]

Short-term investments

^[2]

Other invested assets

^[2]

519,674

594,108

Accrued investment income

Liabilities

Interest-sensitive contract liabilities

^[1]

11,392,786

11,926,339

Long And Short Term Debt

2,080,701

2,014,062

Collateral finance facility

$ 373,774

$ 456,050

[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.

Fair Value of Assets and Liabilities (Narrative) (Details)	Jun. 30, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Percentage Of Fixed Maturity Securities Classified As Level 3	11.00%	10.00%

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Segment Total Revenue [Line Items]
Total revenues	$ 2,590,642	$ 2,375,753	$ 5,191,744	$ 4,668,728
US Segment Reporting Information [Member]
Segment Total Revenue [Line Items]
Total revenues	1,564,386	1,370,221	3,064,650	2,694,368
Canada Segment Reporting Information [Member]
Segment Total Revenue [Line Items]
Total revenues	295,325	276,239	592,414	551,862
Europe And South Africa Segment Reporting Information [Member]
Segment Total Revenue [Line Items]
Total revenues	338,910	323,943	678,139	632,280
Asia Pacific Segment Reporting Information [Member]
Segment Total Revenue [Line Items]
Total revenues	368,173	377,733	757,142	737,418
Corporate And Other Segment Reporting Information [Member]
Segment Total Revenue [Line Items]
Total revenues	$ 23,848	$ 27,617	$ 99,399	$ 52,800

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details 1) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	$ (74,758)	$ 215,892	$ 204,069	$ 396,655
US Segment Reporting Information [Member]
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	170,443	140,586	344,852	233,331
Canada Segment Reporting Information [Member]
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	35,659	35,030	71,967	90,093
Europe And South Africa Segment Reporting Information [Member]
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	15,818	19,591	33,203	26,197
Asia Pacific Segment Reporting Information [Member]
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	(290,448)	23,859	(275,930)	55,926
Corporate And Other Segment Reporting Information [Member]
Segment Income Loss From Continuing Operations Before Provision For Income Tax [Line Items]
Income Loss From Continuing Operations Before Provision For Income Tax Segment	$ (6,230)	$ (3,174)	$ 29,977	$ (8,892)

Segment Information (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Segment Total Assets [Line Items]
Total assets	$ 38,790,621	$ 40,360,438
US Segment Reporting Information [Member]
Segment Total Assets [Line Items]
Total assets	24,653,033	24,924,363
Canada Segment Reporting Information [Member]
Segment Total Assets [Line Items]
Total assets	4,069,624	3,764,002
Europe And South Africa Segment Reporting Information [Member]
Segment Total Assets [Line Items]
Total assets	2,143,826	2,235,199
Asia Pacific Segment Reporting Information [Member]
Segment Total Assets [Line Items]
Total assets	3,216,175	3,208,732
Corporate And Other Segment Reporting Information [Member]
Segment Total Assets [Line Items]
Total assets	$ 4,707,963	$ 6,228,142

Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Credit Facility One Hundred Million [Member]

Line Of Credit Facility [Line Items]

Facility Capacity

$ 100.0

Maturity Date

June 2017

Amount Utilized

^[1]

$ 90.3

$ 0.0

Basis Of Fees

Fixed

Credit Facility 270 Million [Member]

Line Of Credit Facility [Line Items]

Facility Capacity

$ 270.0

Maturity Date

November 2017

Amount Utilized

^[1]

$ 270.0

0.0

Basis Of Fees

Fixed

Credit Facility 120 Million [Member]

Line Of Credit Facility [Line Items]

Facility Capacity

$ 120.0

Maturity Date

May 2016

Amount Utilized

^[1]

$ 80.0

100.0

Basis Of Fees

Fixed

Credit Facility 200 Million [Member]

Line Of Credit Facility [Line Items]

Facility Capacity

$ 200.0

Maturity Date

September 2019

Amount Utilized

^[1]

$ 200.0

200.0

Basis Of Fees

Fixed

Credit Facility 850 Million [Member]

Line Of Credit Facility [Line Items]

Facility Capacity

$ 850.0

Maturity Date

December 2015

Amount Utilized

^[1]

$ 94.2

$ 402.9

Basis Of Fees

Senior unsecured long-term debt rating

[1]	Represents issued but undrawn letters of credit. There was no cash borrowed for the periods presented.

Commitments and Contingent Liabilities (Details 1) $ in Millions	Jun. 30, 2013 USD ($) credit_facilities	Dec. 31, 2012 USD ($)
Commitments And Contingent Liabilities [Line Items]
Undrawn outstanding letters of credit in favor of third parties	$ 76.2	$ 45.4
Undrawn outstanding letters of credit between subsidiaries	$ 861.3	763.5
Number of credit facilities \| credit_facilities	5
Syndicated revolving credit facility capacity	$ 850.0
Insurance Treaty Guarantee [Member]
Commitments And Contingent Liabilities [Line Items]
Guarantor Obligations, Current Carrying Value	815.2	686.0
Insurance Treaty Guarantee Net Of Assets Held In Trust [Member]
Commitments And Contingent Liabilities [Line Items]
Guarantor Obligations, Current Carrying Value	628.1	463.5
Guarantee Of Borrowed Securities [Member]
Commitments And Contingent Liabilities [Line Items]
Guarantor Obligations, Current Carrying Value	87.5
Guarantee Of Subsidiary Collateral Financing [Member]
Commitments And Contingent Liabilities [Line Items]
Guarantor Obligations, Current Carrying Value	$ 300.0
Letter of Credit [Member]
Commitments And Contingent Liabilities [Line Items]
Number of credit facilities \| credit_facilities	4
Facility Capacity	$ 690.0
Commitment Period 2033 [Member] \| Statutory Reserve Support Guarantee [Member]
Commitments And Contingent Liabilities [Line Items]
Maximum potential obligation, Undiscounted	350.0
Commitment Period 2035 [Member] \| Statutory Reserve Support Guarantee [Member]
Commitments And Contingent Liabilities [Line Items]
Maximum potential obligation, Undiscounted	560.0
Limited Partnerships [Member]
Commitments And Contingent Liabilities [Line Items]
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments	241.8	176.7
Commercial Mortgage Loans [Member]
Commitments And Contingent Liabilities [Line Items]
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments	42.5	22.2
Bank Loans [Member]
Commitments And Contingent Liabilities [Line Items]
Unfunded commitments to fund partnership investments, mortgage loans and private corporate bond investments	$ 74.5	$ 68.5

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,129	$ 2,196	$ 4,012	$ 3,728
Interest cost	1,020	1,090	2,038	2,070
Expected return on plan assets	(1,100)	(799)	(1,867)	(1,533)
Amortization of prior service cost	213	87	307	186
Amortization of prior actuarial loss	782	1,388	1,619	1,663
Total	3,044	3,962	6,109	6,114
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	410	279	820	558
Interest cost	311	258	623	517
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of prior actuarial loss	186	89	372	177
Total	$ 907	$ 626	$ 1,815	$ 1,252

Employee Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
Employee Benefit Plans (Narrative) (Details) $ in Millions	Jun. 30, 2013 USD ($)
Employee Benefit Plans [Abstract]
Defined Benefit Plan, Contributions by Employer	$ 3.4
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 6.8

Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Equity Based Compensation [Abstract]
Equity compensation expense	$ 6.0	$ 5.5
Stock appreciation rights granted	700,000
Stock appreciation rights granted, weighted average exercise price (per share)	$ 58.77
Performance contingent units	300,000
Shares Granted To Non Employee Directors	14,200
Options exercisable (shares)	1,800,000
Options exercisable, weighted average price (per share)	$ 50.43
Options, remaining term	5 years 1 month 6 days
Compensation cost not yet recognized	$ 38.2
Period for recognition	2 years 2 months 12 days

Retrocession Arrangements and Reinsurance Ceded Receivables (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Retrocession Arrangements And Reinsurance Ceded Receivables [Abstract]
Retrocession Pool Participants Minimum AM Best Rating	A- (excellent)	A- (excellent)
Reinsurance Claims Recoverables	$ 147.2	$ 156.0
Claims Recoverable From Retrocessionaires Past Due	$ 9.8	$ 10.4

Repurchase of Collateral Finance Facility Notes (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Repurchase Of Collateral Finance Facility Notes [Abstract]
Debt Instrument Repurchased Face Amount	$ 160,000
Repayments of Long-term Debt	112,000	$ 0
Gains Losses On Extinguishment Of Collateral Finance Securities	$ 46,500

Stock Transactions (Narrative) (Details) - USD ($)		1 Months Ended			6 Months Ended
Stock Transactions (Narrative) (Details) - USD ($)	Jul. 18, 2013	Apr. 30, 2013	Apr. 18, 2013	Jan. 24, 2013	Jun. 30, 2013
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 69,500,000
January 2013 Share Repurchase Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Shares, Acquired		2,865,132			815,011
Treasury Stock, Value, Acquired, Cost Method		$ 182,900,000			$ 47,600,000
Stock Repurchase Program, Authorized Amount				$ 200,000,000.0
April 2013 Share Repurchase Authorization [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 100,000,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 400,000,000
Subsequent Event \| July 2013 Share Repurchase Authorization
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 100,000,000

New Accounting Standards (Narrative) (Details) - Accounting Standards Update 2010-26 [Member] - Restatement Adjustment [Member] $ in Millions	Dec. 31, 2011 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect decrease to total stockholders' equity	$ (318.4)
Cumulative effect decrease to deferred policy acquisition costs balance	$ (470.1)

- Definition

Amount of cumulative effect of the change in accounting principle or new accounting pronouncement on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented.

+ References + Details