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Document and Entity Information (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2013
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Feb. 28, 2014
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Jun. 28, 2013
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| Document Information [Line Items] | |||
| Entity Registrant Name | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO | ||
| Entity Central Index Key | 0001039828 | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2013 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2013 | ||
| Document Fiscal Period Focus | Q4 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 967,404,076 | ||
| Entity Common Stock, Shares Outstanding | 71,806,543 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Details
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due. This amount is the total of current and noncurrent accrued income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The unamortized carrying amount of deferred sales inducement costs as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the carrying amount of shares held by the ESOP as of the balance sheet date in which no ESOP participant has a vested interest and no lender has a claim. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of the reinsurer's funds held on its behalf by the ceding insurer, including funds held in trust, under reinsurance treaties or contracts with the assuming insurer as security for the payment of the obligations thereunder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of accrued obligation to policyholders that relates to insured events for long-duration contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The balance represents the amount of loans that are secured by real estate mortgages, offset by the reserve to cover probable credit losses on the loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other investments not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Liability as of the balance sheet date to the policyholders for funds held that are returnable under the terms of insurance contracts that were not separately reported. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified |
Dec. 31, 2013
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Dec. 31, 2012
|
|---|---|---|
| Investments: | ||
| Available for sale, at fair value, amortized cost | $ 26,527,730 | $ 21,957,027 |
| Held for investment, at amortized cost, fair value | 60,840 | 61,521 |
| Equity securities, available for sale, at fair value, cost | $ 7,503 | $ 44,598 |
| Stockholders' equity: | ||
| Preferred stock, par value (dollars per share) | $ 1 | $ 1 |
| Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (dollars per share) | $ 1 | $ 1 |
| Common stock, shares authorized | 200,000,000 | 200,000,000 |
| Common stock, shares issued | 70,535,404 | 61,750,601 |
| Common stock, shares outstanding | 70,535,404 | 61,750,601 |
| Common stock, shares held in treasury | 4,876,735 | 5,127,379 |
| Unallocated common stock, shares held by ESOP | 58,618 | 239,799 |
| X | ||||||||||
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- Definition
This item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. No definition available.
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| X | ||||||||||
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- Definition
This item represents the cost of equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments for other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. No definition available.
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| X | ||||||||||
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Shares contributed to the ESOP that have not yet been released, committed to be released, or allocated to participant accounts. Suspense shares generally collateralize ESOP debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2013
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Sep. 30, 2013
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Jun. 30, 2013
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Mar. 31, 2013
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Dec. 31, 2012
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Sep. 30, 2012
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Jun. 30, 2012
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Mar. 31, 2012
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Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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||||||
| Revenues: | ||||||||||||||||
| Premiums and other considerations | $ 45,347 | $ 76,675 | $ 118,912 | |||||||||||||
| Annuity product charges | 103,591 | 89,006 | 76,189 | |||||||||||||
| Net investment income | 363,947 | 354,147 | 336,143 | 329,690 | 321,160 | 318,594 | 320,259 | 326,910 | 1,383,927 | 1,286,923 | 1,218,780 | |||||
| Change in fair value of derivatives | 444,985 | 193,028 | 64,040 | 373,962 | (48,266) | 161,090 | (150,847) | 259,161 | 1,076,015 | 221,138 | (114,728) | |||||
| Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses | 16,364 | (2,077) | 15,689 | 10,585 | 1,471 | (1,238) | (611) | (6,076) | 40,561 | (6,454) | (18,641) | |||||
| OTTI losses on investments: | ||||||||||||||||
| Total OTTI losses | (4,964) | (5,411) | (20,180) | |||||||||||||
| Portion of OTTI losses recognized from other comprehensive income | (1,270) | (9,521) | (13,796) | |||||||||||||
| Net OTTI losses recognized in operations | 0 | (222) | (2,775) | (3,237) | (9,387) | (1,686) | (978) | (2,881) | (6,234) | (14,932) | (33,976) | |||||
| Loss on extinguishment of debt | (30,988) | (938) | (589) | 0 | (32,515) | 0 | 0 | |||||||||
| Total revenues | 837,294 | 580,263 | 447,570 | 745,565 | 304,698 | 524,173 | 208,640 | 614,845 | 2,610,692 | 1,652,356 | 1,246,536 | |||||
| Benefits and expenses: | ||||||||||||||||
| Insurance policy benefits and change in future policy benefits | 53,071 | 81,481 | 115,291 | |||||||||||||
| Interest sensitive and index product benefits | 1,272,867 | 808,479 | 775,097 | |||||||||||||
| Amortization of deferred sales inducements | 253,113 | 87,157 | 71,781 | |||||||||||||
| Change in fair value of embedded derivatives | 133,968 | 286,899 | (105,194) | |||||||||||||
| Interest expense on notes payable | 38,870 | 28,479 | 31,633 | |||||||||||||
| Interest expense on subordinated debentures | 12,088 | 13,458 | 13,977 | |||||||||||||
| Amortization of deferred policy acquisition costs | 365,468 | 164,919 | 143,478 | |||||||||||||
| Other operating costs and expenses | 91,915 | 95,495 | 67,559 | |||||||||||||
| Total benefits and expenses | 2,221,360 | 1,566,367 | 1,113,622 | |||||||||||||
| Income before income taxes | 389,332 | 85,989 | 132,914 | |||||||||||||
| Income tax expense | 136,049 | 28,191 | 46,666 | |||||||||||||
| Net income | $ 50,958 | $ 56,181 | $ 120,113 | $ 26,031 | $ 36,397 | $ (7,829) | $ 18,759 | $ 10,471 | $ 253,283 | $ 57,798 | $ 86,248 | |||||
| Earnings per common share | $ 0.73 | $ 0.86 | $ 1.87 | $ 0.41 | $ 0.58 | $ (0.13) | $ 0.31 | $ 0.18 | $ 3.86 | $ 0.94 | $ 1.45 | |||||
| Earnings per common share - assuming dilution | $ 0.65 | $ 0.75 | $ 1.71 | $ 0.38 | $ 0.55 | $ (0.13) | $ 0.30 | $ 0.16 | $ 3.38 | $ 0.89 | $ 1.37 | |||||
| Weighted average common shares outstanding: earnings per common share | 65,543,895 | [1] | 61,258,825 | [1] | 59,482,349 | [1] | ||||||||||
| Weighted average common shares outstanding: earnings per common share - assuming dilution | 75,040,646 | 65,675,651 | 63,619,495 | |||||||||||||
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| X | ||||||||||
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- Definition
This element includes index credits on fixed index policies, interest allocated to policies that provide a guaranteed yield, and living income benefit rider credits to policies that the policyholder has elected to add to those policies. No definition available.
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| X | ||||||||||
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- Definition
The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of expense related to deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of deferred sales inducement costs charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest expense incurred during the reporting period on subordinated notes and debentures. Includes amortization of expenses incurred in the issuance of subordinated notes and debentures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before tax of other than temporary impairment loss (OTTI) on investments in available-for-sale and held-to-maturity debt securities, recognized in other comprehensive loss and attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after effects of policies assumed or ceded, of expense related to the provision for policy benefits and costs incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
||||||
| Net income | $ 253,283 | $ 57,798 | $ 86,248 | |||||
| Other comprehensive income (loss): | ||||||||
| Change in net unrealized investment gains/losses (1) | (1,001,943) | [1] | 358,894 | [1] | 595,141 | [1] | ||
| Noncredit component of OTTI losses (1) | 586 | [1] | 4,571 | [1] | 6,251 | [1] | ||
| Reclassification of unrealized investment gains/losses to net income (1) | 15,802 | [1] | (10,267) | [1] | (23,840) | [1] | ||
| Other comprehensive income (loss) before income tax | (985,555) | 353,198 | 577,552 | |||||
| Income tax effect related to other comprehensive income (loss) | 344,944 | (123,620) | (202,143) | |||||
| Other comprehensive income (loss) | (640,611) | 229,578 | 375,409 | |||||
| Comprehensive income (loss) | $ (387,328) | $ 287,376 | $ 461,657 | |||||
|
||||||||
| X | ||||||||||
|
- Definition
Noncredit portion of impairment losses on debt securities for the period that meet the criteria to have impairment losses bifurcated between net income (credit losses) and OCI (noncredit losses), before taxes, net of deferred policy acquisition costs and deferred sales inducements. No definition available.
|
| X | ||||||||||
|
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax, after reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit) allocated to other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax and reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period as a result of stock awards and stock options exercised. No definition available.
|
| X | ||||||||||
|
- Definition
Outstanding stock warrants that were originally issued with the intention to share settle if holder exercised before expiration, which resulted in the proceeds from the sale of the warrants to be recognized as equity. These warrants subsequently were assigned to a partial unwind agreement to be net cash settled, which required reclassification at fair value from equity to a derivative liability. No definition available.
|
| X | ||||||||||
|
- Definition
The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross value of stock issued during the period upon the conversion of convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate value of stock issued during the period as a result of employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Statement of Stockholders' Equity [Abstract] | |||
| Shares of common stock allocated by ESOP, including excess income tax benefits | 181,181 | 96,294 | 110,955 |
| Shares of common stock issued under compensation plans, including excess income tax benefits | 3,294,995 | 1,349,914 | 916,329 |
| Shares of common stock issued upon extinguishment of convertible senior notes | 5,489,808 | ||
| Dividends on common stock (per share amount) | $ 0.18 | $ 0.15 | $ 0.12 |
| Conversion of subordinated debentures | $ 0 | $ 20,770 | $ 0 |
| Acquisition of shares of common stock | 48,235 | ||
| X | ||||||||||
|
- Definition
The carrying value of the subordinated debentures that were converted into common stock of the issuing company. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of shares of capital stock issued (purchased by employees) in connection with an employee stock ownership plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the amount of cash that is held as security and received from counterparties when one-year call options are purchased and returned to counterparties when call options mature. No definition available.
|
| X | ||||||||||
|
- Definition
This element includes index credits on fixed index policies, interest allocated to policies that provide a guaranteed yield, and living income benefit rider credits to policies that the policyholder has elected to add to those policies. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage loans on real estate sales financed. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) associated with coinsurance deposits during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outlfow related the purchase of options with various parties whereby we have the option to receive cash based upon a number of shares and strike price per share, subject to certain conversion rate adjustments on the 2015 notes. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying value of the subordinated debentures that were converted into common stock of the issuing company. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expense related to deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total amount of policy acquisition costs capitalized during the income statement period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of deferred sales inducement costs capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of deferred sales inducement costs charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in investment income that has been earned but not yet received in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) in insurance liability balances during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in other policyholder funds recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in cash during the period due to the net increase or decrease in outstanding checks, the liability that represents checks that have been issued but that have not cleared. The entity may classify these cash flows as financing or operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for derivative instruments during the period, which are classified as investing activities, excluding those designated as hedging instruments. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash outflow from the purchase of receivables arising from the mortgage note on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with other investments held by the entity for investment purposes not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from an insurance contract under which the policy holder make a lump sum payment or a series of payments in exchange for periodic payments to the policyholder beginning immediately or at some future date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow provided by derivative instruments during the period, which are classified as investing activities, excluding those designated as hedging instruments. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash received during the period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from proceeds from sale of receivables arising from the mortgage note on real estate; includes collections on mortgage notes receivable that are not classified as operating cash flows. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale and maturity (principal being due) of other investments, prepayment and call (request of early payment) of other investments not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale of equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for an insurance contract under which the policy holder make a lump sum payment or a series of payments in exchange for periodic payments to the policyholder beginning immediately or at some future date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the repayment of long-term borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed. No definition available.
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Value transferred out of real estate owned (REO) in noncash transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Significant Accounting Policies
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Dec. 31, 2013
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| Significant Accounting Policies | Significant Accounting Policies Nature of Operations American Equity Investment Life Holding Company ("we", "us" or "our"), through its wholly-owned subsidiaries, American Equity Investment Life Insurance Company ("American Equity Life"), American Equity Investment Life Insurance Company of New York ("American Equity Life of New York") and Eagle Life Insurance Company ("Eagle Life"), is licensed to sell insurance products in 50 states and the District of Columbia at December 31, 2013. We operate solely in the insurance business. We primarily market fixed index and fixed rate annuities and to a lesser extent, life insurance. Premiums and annuity deposits (net of coinsurance) collected in 2013, 2012 and 2011, by product type were as follows:
One national marketing organization through which we market our products accounted for more than 10% of the annuity deposits and insurance premium collections during 2013 representing 11% of the annuity deposits and insurance premiums collected. Three national marketing organization accounted for more than 10% of the annuity deposits and insurance premium collections during 2012 representing 12%, 11% and 10% individually, of the annuity deposits and insurance premiums collected. Two national marketing organization accounted for more than 10% of the annuity deposits and insurance premium collections during 2011 representing 14% and 12% individually, of the annuity deposits and insurance premiums collected. Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., American Equity Capital, Inc., American Equity Investment Properties, L.C., American Equity Advisors, Inc. and American Equity Investment Service Company. All significant intercompany accounts and transactions have been eliminated. During 2013, we identified certain classification errors related to the presentation of premiums and other considerations, insurance policy benefits and change in future policy benefits and interest sensitive and index product benefits related to life contingent immediate annuities in our consolidated statements of operations. We evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded they were not material to any prior periods. However, we revised the 2012 and 2011 consolidated statements of operations to be consistent with the 2013 presentation. The changes resulted in increases to premiums and other considerations of $63.8 million and $106.8 million and insurance policy benefits and change in future policy benefits of $73.4 million and $107.4 million, as well as decreases to interest sensitive and index product benefits of $9.6 million and $0.6 million for the years ended December 31, 2012 and 2011, respectively. Reclassifications have been made to prior period consolidated financial statements to conform to the December 31, 2013 presentation. Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, valuation of derivatives, including embedded derivatives on index annuity reserves, contingent convertible senior notes, valuation of investments, other than temporary impairment of investments, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized. Investments Fixed maturity securities (bonds and redeemable preferred stocks maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Fair values, as reported herein, of fixed maturity and equity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. Fixed maturity securities that we have the positive intent and ability to hold to maturity are classified as held for investment. Such securities may, at times, be called prior to maturity. Held for investment securities are reported at cost adjusted for amortization of premiums and discounts. Changes in the fair value of these securities, except for declines that are other than temporary, are not reflected in our consolidated financial statements. Equity securities, comprised of common and perpetual preferred stocks, are classified as available for sale and are reported at fair value. Unrealized gains and losses are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Dividends are recognized when declared. The carrying amounts of our impaired investments in fixed maturity and equity securities are adjusted for declines in value that are other than temporary. Other than temporary impairment losses are reported as a component of revenues in the consolidated statements of operations, which presents the amount of noncredit impairment losses for certain fixed maturity securities that is reported in accumulated other comprehensive income (loss). See Note 3 for further discussion of other than temporary impairment losses. Deterioration in credit quality of the companies or assets backing our investment securities, deterioration in the condition of the financial services industry, imbalances in liquidity recurring in the marketplace or declines in real estate values may further affect the fair value of these investment securities and increase the potential that certain unrealized losses will be recognized as other than temporary impairments in the future. Mortgage loans on real estate are reported at cost, adjusted for amortization of premiums and accrual of discounts. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. We evaluate the mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss, if any, for each impaired loan identified and an analysis of the mortgage loan portfolio for the need of a general loan allowance for probable losses on all loans. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's contractual interest rate, or the fair value of the underlying collateral, less costs to sell. The amount of the general loan allowance, if any, is based upon our evaluation of the probability of collection, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. The carrying value of impaired loans is reduced by the establishment of an allowance for loan losses, changes to which are recognized as realized gains or losses on investments. Interest income on impaired loans is recorded on a cash basis. Other invested assets include company owned life insurance, real estate, limited partnerships accounted for using the equity method and policy loans. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Policy loans are stated at current unpaid principal balances. Real estate owned is reported at cost less accumulated depreciation. Cost is determined at the time ownership is acquired in satisfaction of mortgage loans and is the lower of the carrying value of the mortgage loan or fair value of the real estate less its estimated cost to sell. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives. Impairment losses on real estate owned are recognized when there are indicators of impairment present and the expected future undiscounted cash flows are not sufficient to recover the real estate's carrying value. Any impairment losses are reported as realized losses and are part of net income. Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits, interest rate swap and caps used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures, call options to hedge the conversion spread on our convertible senior notes (see Note 9) and certain other derivative instruments embedded in other contracts. All of our derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. See Note 5 for more information on derivative instruments. Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. We also consider reverse repurchase agreements, which typically have an initial maturity of 6 weeks or less, to be cash equivalents. Amounts advanced under these agreements represent short-term loans that carry a fixed rate of interest. Borrowers under these agreements are required to post collateral that is investment grade debt securities with fair value in excess of the amount advanced. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance. Deferred Policy Acquisition Costs and Deferred Sales Inducements To the extent recoverable from future policy revenues and gross profits, certain costs that are incremental or directly related to the successful production of new business are not expensed when incurred but instead are capitalized as deferred policy acquisition costs or deferred sales inducements. Deferred policy acquisition costs and deferred sales inducements are subject to loss recognition testing on a quarterly basis or when an event occurs that may warrant loss recognition. Deferred policy acquisition costs consist primarily of commissions and certain costs of policy issuance. Deferred sales inducements consist of premium and interest bonuses credited to policyholder account balances. For annuity products, these capitalized costs are being amortized generally in proportion to expected gross profits from investment spreads, including the cost of hedging the fixed indexed annuity obligations, and, to a lesser extent, from product charges and mortality and expense margins. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of net realized gains on investments and net OTTI losses recognized in operations) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities and equity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income within consolidated stockholders' equity, net of applicable taxes. See Note 6 for more information on deferred policy acquisition costs and deferred sales inducements. Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2013, 2012 and 2011, interest crediting rates for these products ranged from 1.50% to 5.00%. These rates include interest bonuses capitalized as deferred sales inducements. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 7 for more information on reinsurance. The liability for future policy benefits for traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality, and other assumptions underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 3.00% to 5.50%. Policy benefit claims are charged to expense in the period that the claims are incurred. Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available for sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss. Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances. In addition, the change in fair value of embedded derivatives within fixed index annuity contracts is included in benefits and expenses. Considerations from immediate annuities with life contingencies are recognized as revenue when the policy is issued. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Certain group policies include provisions for annual experience refunds of premiums equal to net premiums received less a 16% administrative fee and less claims incurred. Such amounts (2013 - $1.1 million; 2012 - $1.1 million; and 2011 - $1.8 million) are reported as a reduction of traditional life insurance premiums in the consolidated statements of operations. Future policy benefits are recognized as expenses over the life of the policy by means of the provision for future policy benefits. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 7), benefits, losses and expenses are reported net of reinsurance ceded. Other Comprehensive Income Other comprehensive income includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income excludes net realized investment gains (losses) included in net income which merely represent transfers from unrealized to realized gains and losses. These amounts totaled $34.3 million, $(21.4) million and $(52.6) million in 2013, 2012 and 2011, respectively. Such amounts, which have been measured through the date of sale, are net of adjustments to deferred policy acquisition costs, deferred sales inducements and income taxes totaling $24.1 million in 2013, $(12.8) million in 2012 and $(34.3) million in 2011. Adopted Accounting Pronouncements In October 2010, as a result of a consensus of the Financial Accounting Standards Board ("FASB") Emerging Issues Task Force (EITF), the FASB issued an accounting standards update (ASU) that modifies the definition of the types of costs incurred that can be capitalized in the acquisition of new and renewal insurance contracts. This guidance defines the costs that qualify for deferral as incremental direct costs that result directly from and are essential to successful contract transactions and would not have been incurred by the insurance entity had the contract transactions not occurred. In addition, it lists certain costs as deferrable as those that are directly related to underwriting, policy issuance and processing, medical and inspection, and sales force contract selling as deferrable, as well as the portion of an employee's total compensation related directly to time spent performing those activities for actual acquired contracts and other costs related directly to those activities that would not have been incurred if the contract had not been acquired. This amendment to current GAAP became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. For the year ended December 31, 2011, other operating costs and expenses that were deferred that would not qualify for deferral under this guidance totaled $9.8 million, which if expensed as incurred would have decreased net income $6.2 million and earnings per common share and earnings per common - assuming dilution by $0.10. In May 2011, the FASB issued an ASU that addresses fair value measurement and disclosure as part of its convergence efforts with the International Accounting Standards Board. The guidance is intended to create common fair value measurement and disclosure requirements in GAAP and International Financial Reporting Standards. This ASU changes the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. Some changes clarify the FASB's intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The disclosure requirements add information about transfers between Level 1 and Level 2 of the fair value hierarchy, information about the sensitivity of a fair value measurement categorized within Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs and the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed. This ASU became effective for interim and annual periods beginning after December 15, 2011. See Note 2 for disclosures regarding fair value measurements. In June 2011, the FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to present the total of comprehensive income (loss), the components of net income, and the components of other comprehensive income (loss) either in a single continuous statement of comprehensive income (loss) or in two separate but consecutive statements. Under both choices, the reporting entity is required to present each component of net income along with total net income, each component of other comprehensive income (loss) along with a total for other comprehensive income (loss) and a total amount for comprehensive income (loss). This ASU became effective for interim and annual periods beginning after December 15, 2011. We adopted this ASU on January 1, 2012. In February 2013, the FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, a reporting entity is required 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 but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. This ASU became effective for interim and annual periods beginning after December 15, 2012. We adopted this ASU on January 1, 2013. New Accounting Pronouncements There are no accounting standards updates finalized to become effective in the future that will significantly affect our consolidated financial statements. |
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- Definition
The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Values of Financial Instruments
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Financial Instruments | Fair Values of Financial Instruments The following sets forth a comparison of the carrying amounts and fair values of our financial instruments:
Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches. We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows:
Transfers of securities among the levels occur at times and depend on the type of inputs used to determine fair value of each security. There were no transfers between levels during 2013 and 2012. Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2013 and 2012 are presented below based on the fair value hierarchy levels:
The following methods and assumptions were used in estimating the fair values of financial instruments during the periods presented in these consolidated financial statements. Fixed maturity securities and equity securities The fair values of fixed maturity securities and equity securities in an active and orderly market are determined by utilizing independent pricing services. The independent pricing services incorporate a variety of observable market data in their valuation techniques, including:
The independent pricing services also take into account perceived market movements and sector news, as well as a security's terms and conditions, including any features specific to that issue that may influence risk and marketability. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The independent pricing services provide quoted market prices when available. Quoted prices are not always available due to market inactivity. When quoted market prices are not available, the third parties use yield data and other factors relating to instruments or securities with similar characteristics to determine fair value for securities that are not actively traded. We generally obtain one value from our primary external pricing service. In situations where a price is not available from this service, we may obtain further quotes or prices from additional parties as needed. In addition, for our callable United States Government sponsored agencies we obtain multiple broker quotes and take the average the broker prices received. Market indices of similar rated asset class spreads are considered for valuations and broker indications of similar securities are compared. Inputs used by the broker include market information, such as yield data and other factors relating to instruments or securities with similar characteristics. Valuations and quotes obtained from third party commercial pricing services are non-binding and do not represent quotes on which one may execute the disposition of the assets. We validate external valuations at least quarterly through a combination of procedures that include the evaluation of methodologies used by the pricing services, analytical reviews and performance analysis of the prices against trends, and maintenance of a securities watch list. Additionally, as needed we utilize discounted cash flow models or perform independent valuations on a case-by-case basis using inputs and assumptions similar to those used by the pricing services. Although we do identify differences from time to time as a result of these validation procedures, we did not make any significant adjustments as of December 31, 2013 and 2012. Mortgage loans on real estate Mortgage loans on real estate are not measured at fair value on a recurring basis. The fair values of mortgage loans on real estate are calculated using discounted expected cash flows using current competitive market interest rates currently being offered for similar loans. The fair values of impaired mortgage loans on real estate that we have considered to be collateral dependent are based on the fair value of the real estate collateral (based on appraised values) less estimated costs to sell. The inputs utilized to determine fair value of all mortgage loans are unobservable market data (competitive market interest rates and appraised property values); therefore, fair value of mortgage loans falls into Level 3 in the fair value hierarchy. Derivative instruments The fair values of derivative instruments, primarily call options, are based upon the amount of cash that we will receive to settle each derivative instrument on the reporting date. These amounts are determined by our investment team using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The nonperformance risk for each counterparty is based upon its credit default swap rate. We have no performance obligations related to the call options purchased to fund our fixed index annuity policy liabilities. Other investments None of the financial instruments included in other investments are measured at fair value on a recurring basis. Financial instruments included in other investments are policy loans, equity method investments and company owned life insurance (COLI). We have not attempted to determine the fair values associated with our policy loans, as we believe any differences between carrying value and the fair values afforded these instruments are immaterial to our consolidated financial position and, accordingly, the cost to provide such disclosure does not justify the benefit to be derived. The fair value of our equity method investment qualifies as a Level 3 fair value and was determined by calculating the present value of future cash flows discounted by a risk free rate, a risk spread and a liquidity discount. The risk spread and liquidity discount are rates determined by our investment professionals and are unobservable market inputs. The fair value of our COLI approximates the cash surrender value of the policies and whose fair values fall within Level 2 of the fair value hierarchy. Cash and cash equivalents Amounts reported in the consolidated balance sheets for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category. Interest rate caps and swap The fair values of our pay fixed/receive variable interest rate swap and interest rate caps are obtained from third parties and are determined by discounting expected future cash flows using projected LIBOR rates for the term of the swap and caps. 2015 notes hedges The fair value of these call options has been determined by a third party who applies market observable data such as our common stock price, its dividend yield and its volatility, as well as the time to expiration of the call options to determine a fair value of the buy side of these options. Counterparty collateral Amounts reported in other assets of the consolidated balance sheets for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category. Policy benefit reserves, coinsurance deposits and SPIA benefit reserves The fair values of the liabilities under contracts not involving significant mortality or morbidity risks (principally deferred annuities), are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The coinsurance deposits related to the annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly purchased immediate annuity contracts. We are not required to and have not estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value. Policy benefit reserves, coinsurance deposits and SPIA benefit reserves are not measured at fair value on a recurring basis. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data. Notes payable The fair values of our senior unsecured notes and convertible senior notes are based upon pricing matrices developed by a third party pricing service when quoted market prices are not available and are categorized as Level 2 within the fair value hierarchy. Notes payable are not remeasured at fair value on a recurring basis. Subordinated debentures Fair values for subordinated debentures are estimated using discounted cash flow calculations based principally on observable inputs including our incremental borrowing rates, which reflect our credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. These fair values are categorized as Level 2 within the fair value hierarchy. Subordinated debentures are not measured at fair value on a recurring basis. 2015 notes embedded conversion derivative The fair value of this embedded derivative is determined by pricing the call options that hedge this potential liability. The terms of the conversion option are identical to the 2015 notes hedges and the method of determining fair value of the call options is based upon observable market data. Fixed index annuities - embedded derivatives We estimate the fair value of the embedded derivative component of our fixed index annuity policy benefit reserves at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities. The projections of policy contract values are based on our best estimate assumptions for future policy growth and future policy decrements. Our best estimate assumptions for future policy growth include assumptions for the expected index credit on the next policy anniversary date which are derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of annual call options we will purchase in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. The following tables provide a reconciliation of the beginning and ending balances for our Level 3 assets and liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs for the years ended December 31, 2013 and 2012:
The Level 3 assets included in the table above are not material to our financial position, results of operations or cash flows, and it is management's opinion that the sensitivity of the inputs used in determining the fair value of these assets is not material as well.
Change in unrealized losses (gains), net for each period in our embedded derivatives are included in change in fair value of embedded derivatives in the consolidated statements of operations. Certain derivatives embedded in our fixed index annuity contracts are our most significant financial instrument measured at fair value that are categorized as Level 3 in the fair value hierarchy. The contractual obligations for future annual index credits within our fixed index annuity contracts are treated as a "series of embedded derivatives" over the expected life of the applicable contracts. We estimate the fair value of these embedded derivatives at each valuation date by the method described above under fixed index annuities - embedded derivatives. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. The most sensitive assumption in determining policy liabilities for fixed index annuities is the rates used to discount the excess projected contract values. As indicated above, the discount rate reflects our nonperformance risk. If the discount rates used to discount the excess projected contract values at December 31, 2013, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $279.3 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $192.9 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as an increase in amortization of deferred policy acquisition costs and deferred sales inducements. A decrease by 100 basis points in the discount rate used to discount the excess projected contract values would increase the fair value of the embedded derivatives by $309.9 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $183.5 million to our combined balance for deferred policy acquisition costs and deferred sales inducements recorded through operations as a decrease in amortization of deferred policy acquisition costs and deferred sales inducements. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Investments | Investments At December 31, 2013 and 2012, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:
During 2013 and 2012, we received $1.1 billion and $4.6 billion, respectively, in net redemption proceeds related to calls of our callable United States Government sponsored agency securities and public and private bonds, of which $2.6 billion for the year ended December 31, 2012, were classified as held for investment. The proceeds from these redemptions have been reinvested primarily in United States Government sponsored agencies, corporate securities, residential and commercial mortgage backed securities and other asset backed securities classified as available for sale. At December 31, 2013, 31% of our fixed income securities have call features, of which 0.5% ($0.1 billion) were subject to call redemption and another 5% ($1.2 billion) will become subject to call redemption during 2014. The amortized cost and fair value of fixed maturity securities at December 31, 2013, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
Net unrealized gains on available for sale fixed maturity securities and equity securities reported as a separate component of stockholders' equity were comprised of the following:
The National Association of Insurance Commissioners ("NAIC") assigns designations to fixed maturity securities. These designations range from Class 1 (highest quality) to Class 6 (lowest quality). In general, securities are assigned a designation based upon the ratings they are given by the Nationally Recognized Statistical Rating Organizations ("NRSRO's"). The NAIC designations are utilized by insurers in preparing their annual statutory statements. NAIC Class 1 and 2 designations are considered "investment grade" while NAIC Class 3 through 6 designations are considered "non-investment grade." Based on the NAIC designations, we had 98% of our fixed maturity portfolio rated investment grade at both December 31, 2013 and 2012. The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 1,047 and 198 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2013 and 2012:
The following is a description of the factors causing the temporary unrealized losses by investment category as of December 31, 2013: United States Government full faith and credit and sponsored agencies: These securities are relatively long in duration; however, they are callable in less than 12 months making the value of such securities sensitive to changes in market interest rates. The timing of when some of these securities were purchased gave rise to unrealized losses at December 31, 2013. United States municipalities, states and territories: These securities are relatively long in duration and their fair values are sensitive to changes in market interest rates. The timing of the purchase of these securities have resulted in unrealized losses at this point in time. Foreign government obligations: The unrealized losses on these securities are due to wider spreads on the announcement of increased capital expenditures with resulting higher leverage and greater supply. Corporate securities: The unrealized losses in these securities are due partially to the timing of purchases in 2012 and 2013. These securities carry yields less than those available at December 31, 2013 as a result of rising interest rates in 2013. In addition, a small number of securities have seen their credit spreads remain wide due to issuer or industry specific news while some financial and industrial sector credit spreads remain wide due to continued economic uncertainty and concerns of economic instability. Residential mortgage backed securities: At December 31, 2013, we had no exposure to sub-prime residential mortgage backed securities. All of our residential mortgage backed securities are pools of first-lien residential mortgage loans. Substantially all of the securities that we own are in the most senior tranche of the securitization in which they are structured and are not subordinated to any other tranche. Our "Alt-A" residential mortgage backed securities are comprised of 36 securities with a total amortized cost basis of $310.6 million and a fair value of $328.0 million. Despite recent improvements in the capital markets, the fair values of RMBS with weaker borrower characteristics continue at prices below amortized cost. These RMBS prices will likely remain below our cost basis until the housing market is able to absorb current and future foreclosures. Commercial mortgage backed securities: The unrealized losses in these securities are due partially to the timing of purchases in 2012 and 2013. A number of purchases made in the middle of the fourth quarter 2012 were at yields lower than what could be executed at the end of 2013 due to the increase in the treasury yield since the time of purchase. Other asset backed securities: The unrealized losses in these securities are predominantly assigned to financial sector capital trust securities which have longer maturity dates and have declined in price due to prolonged stress in the financial sector. No securities in an unrealized loss position are rated below investment grade. Approximately 95% and 75% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2013 and 2012, respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. All of the fixed maturity securities with unrealized losses are current with respect to the payment of principal and interest. Changes in net unrealized gains/losses on investments for the years ended December 31, 2013, 2012 and 2011 are as follows:
Components of net investment income are as follows:
Proceeds from sales of available for sale securities for the years ended December 31, 2013, 2012 and 2011 were $1.5 billion, $492.5 million and $252.2 million, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2013, 2012 and 2011 were $2.1 billion, $2.8 billion and $3.4 billion, respectively. Calls of held for investment fixed maturity securities for the years ended December 31, 2012 and 2011 were $2.6 billion and $0.2 billion, respectively. Realized gains and losses on sales are determined on the basis of specific identification of investments based on the trade date. Net realized gains (losses) on investments, excluding net OTTI losses are as follows:
Losses in 2013 were realized primarily due to strategies to reposition the fixed maturity security portfolio that result in improved net investment income, risk or duration profiles as they pertain to our asset liability management. Two corporate issues were sold at a loss in 2013 due to the our long-term fundamental concern with the issuer's ability to meet its future financial obligations. The following table summarizes the carrying value of our fixed maturity securities, mortgage loans on real estate and real estate owned that have been non-income producing for 12 consecutive months:
We review and analyze all investments on an ongoing basis for changes in market interest rates and credit deterioration. This review process includes analyzing our ability to recover the amortized cost basis of each investment that has a fair value that is materially lower than its amortized cost and requires a high degree of management judgment and involves uncertainty. The evaluation of securities for other than temporary impairments is a quantitative and qualitative process, which is subject to risks and uncertainties. We have a policy and process in place to identify securities that could potentially have an impairment that is other than temporary. This process involves monitoring market events and other items that could impact issuers. The evaluation includes but is not limited to such factors as:
We determine whether other than temporary impairment losses should be recognized for debt and equity securities by assessing all facts and circumstances surrounding each security. Where the decline in market value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to be other than temporarily impaired because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. For equity securities, we recognize an impairment charge in the period in which we do not have the intent and ability to hold the securities until recovery of cost or we determine that the security will not recover to book value within a reasonable period of time. We determine what constitutes a reasonable period of time on a security-by-security basis by considering all the evidence available to us, including the magnitude of any unrealized loss and its duration. In any event, this period does not exceed 18 months from the date of impairment for perpetual preferred securities for which there is evidence of deterioration in credit of the issuer and common equity securities. For perpetual preferred securities absent evidence of a deterioration in credit of the issuer we apply an impairment model, including an anticipated recovery period, similar to a debt security. Other than temporary impairment losses on equity securities are recognized in operations. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, other than temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations. If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, an impairment loss would be recognized in operations in the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The remaining amount of the other than temporary impairment is recognized in other comprehensive income. The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation. We utilize the models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as the credit loss component of the other than temporary impairment. The cash flow modeling is performed on a security-by-security basis and incorporates actual cash flows on the residential mortgage backed securities through the current period, as well as the projection of remaining cash flows using a number of assumptions including default rates, prepayment rates and loss severity rates. The default curves we use are tailored to the Prime or Alt-A residential mortgage backed securities that we own, which assume lower default rates and loss severity for Prime securities versus Alt-A securities. These default curves are scaled higher or lower depending on factors such as current underlying mortgage loan performance, rating agency loss projections, loan to value ratios, geographic diversity, as well as other appropriate considerations. The following table presents the range of significant assumptions used to determine the credit loss component of other than temporary impairments we have recognized on residential mortgage backed securities for the years ended December 31, 2013 and 2012, which are all senior level tranches within the structure of the securities:
The determination of the credit loss component of a corporate bond (including redeemable preferred stocks) is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings, should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements. The following table summarizes other than temporary impairments by asset type:
The cumulative portion of other than temporary impairments determined to be credit losses which have been recognized in operations for debt securities are summarized as follows:
The following table summarizes the cumulative noncredit portion of OTTI and the change in fair value since recognition of OTTI, both of which were recognized in other comprehensive income, by major type of security, for securities that are part of our investment portfolio at December 31, 2013 and 2012:
At December 31, 2013 and 2012, fixed maturity securities and short-term investments with an amortized cost of $31.7 billion and $27.2 billion, respectively, were on deposit with state agencies to meet regulatory requirements. There are no restrictions on these assets. At December 31, 2013 and 2012, we had no investment in any person or its affiliates (other than bonds issued by agencies of the United States Government) that exceeded 10% of stockholders' equity. |
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The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Mortgage Loans on Real Estate | Mortgage Loans on Real Estate Our mortgage loan portfolio, summarized in the following table, totaled $2.6 billion at both December 31, 2013 and 2012, respectively, with commitments outstanding of $79.6 million at December 31, 2013.
The portfolio consists of commercial mortgage loans collateralized by the related properties and diversified as to property type, location and loan size. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The mortgage loan portfolio is summarized by geographic region and property type as follows:
We evaluate our mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss for each individual loan identified. A mortgage loan is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. In addition, we analyze the mortgage loan portfolio for the need of a general loan allowance for probable losses on all other loans. The amount of the general loan allowance is based upon management's evaluation of the collectability of the loan portfolio, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. Our financing receivables currently consist of one portfolio segment which is our commercial mortgage loan portfolio. These are mortgage loans with collateral consisting of commercial real estate and borrowers consisting mostly of limited liability partnerships or limited liability corporations. We have a population of mortgage loans that we have been carrying with workout terms (e.g. interest only periods, period of suspended payments, etc.) and a population of mortgage loans that have been in a delinquent status (i.e. more than 60 days past due). It is from this population that we have been recognizing some impairment loss due to nonpayment and, in some cases, eventual satisfaction of the loan by taking ownership of the collateral real estate. In most cases the fair value of the collateral less estimated costs to sell such collateral has been less than the outstanding principal amount of the mortgage loan. Our general loan loss allowance for periods through September 30, 2011 was calculated on the cumulative outstanding principal on loans making up the group of loans currently in workout terms and loans currently more than 60 days past due. We applied a factor to the total outstanding principal of these loans that was calculated as the average specific impairment loss for the most recent four quarters divided by the sum of the average of the total outstanding principal of delinquent loans for the most recent four quarters and the average of the total outstanding principal of loans in workout for the most recent four quarters. In the fourth quarter of 2011, we modified the calculation for determining our general loan loss allowance. The group of loans that we utilized to calculate an estimate of general loan loss allowance were those that had a debt service coverage ratio (DSCR) of less than 1.0. The DSCR is calculated by dividing the net operating income of the mortgaged property by the contractual principal and interest payment due for the corresponding period. We developed the loss rates to apply to this group of loans by dividing the specific impairment loss for the most recent four quarters by the principal outstanding of the loans with a DSCR of less than 1.0. For the years ended December 31, 2013 and 2012, we utilized a process of rating the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculated a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We applied the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of general loan loss allowance at December 31, 2013 and 2012. The change in methodology utilized to determine the general loan loss allowance did not result in a material adjustment. The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
The specific allowance represents the total credit loss allowances on loans which are individually evaluated for impairment. The general allowance is the group of loans discussed above which are collectively evaluated for impairment. The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
Charge-offs include allowances that have been established on loans that were satisfied by taking ownership of the collateral. When the property is taken it is recorded at its fair value as a component of other investments and the mortgage loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There could be other situations that develop where we have established a larger specific loan loss allowance than is needed based on increases in the fair value of collateral supporting collateral dependent loans or improvements in the financial position of a borrower so that a loan would become reliant on cash flows from debt service instead of dependent upon sale of the collateral. Charge-offs of the allowance would be recognized in those situations as well. We define collateral dependent loans as those mortgage loans for which we still depend on the value of the collateral real estate to satisfy the outstanding principal of the loan. During the years ended December 31, 2013 and 2012, five and thirteen mortgage loans, respectively, were satisfied by taking ownership of any real estate serving as collateral. The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
Mortgage loans are considered delinquent when they become 60 days past due. When loans become 90 days past due, become collateral dependent or enter a period with no debt service payments required we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If the payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan. Outstanding principal of loans in a non-accrual status at December 31, 2013 and 2012 totaled $8.2 million and $34.7 million, respectively. All of our commercial mortgage loans depend on the cash flow of the borrower to be at a sufficient level to service the principal and interest payments as they come due. In general, cash inflows of the borrowers are generated by collecting monthly rent from tenants occupying space within the borrowers' properties. Our borrowers face collateral risks such as tenants going out of business, tenants struggling to make rent payments as they become due, and tenants canceling leases and moving to other locations. We have a number of loans where the real estate is occupied by a single tenant. Our borrowers sometimes face both a reduction in cash flow on their mortgage property as well as a reduction in the fair value of the real estate collateral. If borrowers are unable to replace lost rent revenue and increases in the fair value of their property do not materialize we could potentially incur more losses than what we have allowed for in our specific and general loan loss allowances. Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
Financing receivables summarized in the following table represent all loans that we are either not currently collecting or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for more than 60 days at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
The loans that are categorized as "in workout" consist of loans that we have agreed to lower or no mortgage payments for a period of time while the borrowers address cash flow and/or operational issues. The key features of these workouts have been determined on a loan-by-loan basis. Most of these loans are in a period of low cash flow due to tenants vacating their space or tenants requesting rent relief during difficult economic periods. Generally, we have allowed the borrower a six month interest only period and in some cases a twelve month period of interest only. Interest only workout loans are expected to return to their regular debt service payments after the interest only period. Interest only loans that are not fully amortizing will have a larger balance at their balloon date than originally contracted. Fully amortizing loans that are in interest only periods will have larger debt service payments for their remaining term due to lost principal payments during the interest only period. In limited circumstances we have allowed borrowers to pay the principal portion of their loan payment into an escrow account that can be used for capital and tenant improvements for a period of not more than twelve months. In these situations new loan amortization schedules are calculated based on the principal not collected during this twelve month workout period and larger payments are collected for the remaining term of each loan. In all cases, original interest rate and maturity date have not been modified, and we have not forgiven any principal amounts. A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower is experiencing financial difficulty and the new terms constitute a concession on our part. We analyze all loans where we have agreed to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty:
If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:
Mortgage loan workouts, refinances or restructures that are classified as TDR are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2013 and 2012 that we determined to be TDRs are as follows:
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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | Derivative Instruments We recognize all derivative instruments as assets or liabilities in the consolidated balance sheets at fair value. None of our derivatives qualify for hedge accounting, thus, any change in the fair value of the derivatives is recognized immediately in the consolidated statements of operations. The fair value of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts and derivative instruments embedded in a convertible debt issue, presented in the consolidated balance sheets are as follows:
The changes in fair value of derivatives included in the consolidated statements of operations are as follows:
We have fixed index annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index. When fixed index annuity deposits are received, a portion of the deposit is used to purchase derivatives consisting of call options on the applicable market indices to fund the index credits due to fixed index annuity policyholders. Substantially all such call options are one year options purchased to match the funding requirements of the underlying policies. The call options are marked to fair value with the change in fair value included as a component of revenues. The change in fair value of derivatives includes the gains or losses recognized at the expiration of the option term or upon early termination and the changes in fair value for open positions. On the respective anniversary dates of the index policies, the index used to compute the annual index credit is reset and we purchase new one-year call options to fund the next annual index credit. We manage the cost of these purchases through the terms of our fixed index annuities, which permit us to change caps, participation rates, and/or asset fees, subject to guaranteed minimums on each policy's anniversary date. By adjusting caps, participation rates, or asset fees, we can generally manage option costs except in cases where the contractual features would prevent further modifications. Our strategy attempts to mitigate any potential risk of loss under these agreements through a regular monitoring process which evaluates the program's effectiveness. We do not purchase call options that would require payment or collateral to another institution and our call options do not contain counterparty credit-risk-related contingent features. We are exposed to risk of loss in the event of nonperformance by the counterparties and, accordingly, we purchase our option contracts from multiple counterparties and evaluate the creditworthiness of all counterparties prior to purchase of the contracts. All of these options have been purchased from nationally recognized financial institutions with a Standard and Poor's credit rating of A- or higher at the time of purchase and the maximum credit exposure to any single counterparty is subject to concentration limits. We also have credit support agreements that allow us to request the counterparty to provide collateral to us when the fair value of our exposure to the counterparty exceeds specified amounts. The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
As of December 31, 2013 and 2012, we held $818.2 million and $328.7 million, respectively, of cash and cash equivalents and other securities from counterparties for derivative collateral, which is included in other liabilities on our consolidated balance sheets. This derivative collateral limits the maximum amount of economic loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts to $71.7 million and $93.7 million at December 31, 2013 and 2012, respectively. The future annual index credits on our fixed index annuities are treated as a "series of embedded derivatives" over the expected life of the applicable contract. We do not purchase call options to fund the index liabilities which may arise after the next policy anniversary date. We must value both the call options and the related forward embedded options in the policies at fair value. We entered into an interest rate swap and interest rate caps to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures. See Note 10 for more information on our subordinated debentures. The terms of the interest rate swap provide that we pay a fixed rate of interest and receive a floating rate of interest. The terms of the interest rate caps limit the three month London Interbank Offered Rate ("LIBOR") to 2.50%. The interest rate swap and caps are not effective hedges under accounting guidance for derivative instruments and hedging activities. Therefore, we record the interest rate swap and caps at fair value and any net cash payments received or paid are included in the change in fair value of derivatives in the consolidated statements of operations. Details regarding the interest rate swap are as follows:
Details regarding the interest rate caps are as follows:
The interest rate swap has a forward starting date beginning in March 2014 and converts floating rates to fixed rates for seven years. The interest rate caps have a forward starting date beginning in July 2014 and cap our interest rates for seven years. As of December 31, 2013 we held $6.7 million of cash and cash equivalents from the counterparty for derivative collateral related to the swap and caps, which is included in other liabilities on our consolidated balance sheets. In September 2010, concurrently with the issuance of $200.0 million principal amount of 3.5% Convertible Senior Notes Due 2015 (the "2015 notes"), we entered into hedge transactions (the "2015 notes hedges") with two counterparties whereby we have the option to receive the cash equivalent of the conversion spread on 16.0 million shares of our common stock based upon a strike price of $12.50 per share, subject to certain conversion rate adjustments in the 2015 notes. As of December 31, 2013, such adjustments and partial unwind agreements settled in cash during 2013, as described below, have resulted in 2015 notes hedges outstanding whereby we have the option to receive the cash equivalent of the conversion spread on 7.5 million shares of our common stock based upon a strike price of $12.35 per share. These options expire on September 15, 2015, and must be settled in cash. The 2015 notes hedges are accounted for as derivative assets and are included in other assets in our consolidated balance sheets. The 2015 notes embedded conversion derivative and the 2015 notes hedges are adjusted to fair value each reporting period and unrealized gains and losses are reflected in our consolidated statements of operations. In separate transactions, we also sold warrants (the "2015 warrants") to two counterparties for the purchase of up to 16.0 million shares of our common stock at a price of $16.00 per share. We received $15.6 million in cash proceeds from the sale of the 2015 warrants, which has been recorded as an increase in additional paid-in capital. The number of shares and strike price of the warrants are subject to adjustment based on dividends we pay subsequent to selling the warrants. As of December 31, 2013, such adjustments and partial unwind agreements settled in cash during 2013, as described below, have resulted in warrants outstanding for the purchase of up to 7.5 million shares of our common stock at a strike price of $15.75 per share. The warrants expire on various dates from December 2015 through March 2016 and are intended to be settled in net shares. The total number of shares of common stock deliverable under the 2015 warrants is, however, currently limited to 11.7 million shares. Changes in the fair value of these warrants will not be recognized in our consolidated financial statements as long as the instruments remain classified as equity. At December 31, 2013, the remaining 2015 warrants that were not settled with the partial unwind agreements were dilutive as the average price of our commons stock exceeded the $15.75 strike price of the 2015 warrants and the effect has been included in diluted earnings per share for the year ended December 31, 2013. The warrants were not dilutive for the year ended December 31, 2012. In 2013, we entered into three separate partial unwind agreements with the two counterparties to the 2015 notes hedges and the 2015 warrants to coincide with the extinguishment of a portion of our 2015 notes, see note 9. We agreed to settle 54% of both the outstanding 2015 notes hedges and the 2015 warrants and received net cash from the counterparties totaling $22.2 million. The agreements to settle the 2015 warrants in cash required us to reclassify $48.0 million from equity to a derivative liability which represented the fair value of the 2015 warrants committed to the unwind on the day that we entered into the unwind agreements. Subsequent to the reclassification, we were required to recognize any change in fair value of the 2015 warrants committed to the unwind agreements through net income. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Deferred Policy Acquisition Costs and Deferred Sales Inducements
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Dec. 31, 2013
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| Deferred Policy Acquisition Costs and Deferred Sales Inducements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Policy Acquisition Costs and Deferred Sales Inducements | Deferred Policy Acquisition Costs and Deferred Sales Inducements Policy acquisition costs deferred and amortized are as follows:
Sales inducements deferred and amortized are as follows:
We periodically revise the key assumptions used in the calculation of amortization of deferred policy acquisition costs and deferred sales inducements retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of realized investment gains and losses) to be realized from a group of products are revised. The unlocking adjustment in 2013 decreased amortization of deferred policy acquisition costs by $18.5 million and amortization of deferred sales inducements by $11.1 million and included the impact of account balance true ups and adjustment to future period assumptions for surrenders and certain expenses. The unlocking adjustment in 2012 increased amortization of deferred policy acquisition costs by $3.7 million and decreased amortization for deferred sales inducements by $0.2 million. The unlocking adjustment in 2011 decreased amortization of deferred policy acquisition costs by $9.1 million and amortization for deferred sales inducements by $5.0 million. |
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Reinsurance and Policy Provisions
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Dec. 31, 2013
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| Reinsurance Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance and Policy Provisions | Reinsurance and Policy Provisions Coinsurance We have two coinsurance agreements with EquiTrust Life Insurance Company ("EquiTrust"), covering 70% of certain of our index and fixed rate annuities issued from August 1, 2001 through December 31, 2001, 40% of those contracts issued during 2002 and 2003 and 20% of those contracts issued from January 1, 2004 to July 31, 2004. The business reinsured under these agreements may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to EquiTrust under these agreements) were $0.9 billion and $1.0 billion at December 31, 2013 and 2012, respectively. We remain liable to policyholders with respect to the policy liabilities ceded to EquiTrust should EquiTrust fail to meet the obligations it has coinsured. None of the coinsurance deposits with EquiTrust are deemed by management to be uncollectible. The balance due under these agreements to EquiTrust was $20.7 million and $9.2 million at December 31, 2013 and 2012, respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due to or from EquiTrust related to monthly settlements of policy activity and other expenses. We have two coinsurance agreements with Athene Life Re Ltd. ("Athene"), an unauthorized life reinsurer domiciled in Bermuda. One agreement cedes 20% of certain of our fixed index annuities issued from January 1, 2009 through March 31, 2010. The business reinsured under this agreement is not eligible for recapture until the end of the month following seven years after the date of issuance of the policy. The other agreement cedes 80% of our multi-year rate guaranteed annuities issued on or after July 1, 2009. The business reinsured under this agreement may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to Athene under these agreements) were $2.1 billion and $1.9 billion at December 31, 2013 and 2012, respectively. We remain liable to policyholders with respect to the policy liabilities ceded to Athene should Athene fail to meet the obligations it has coinsured. The annuity deposits that have been ceded to Athene are being held in a trust and American Equity Life is named as the sole beneficiary of the trust. The assets in the trust are required to remain at a value that is sufficient to support the current balance of policy benefit liabilities of the ceded business on a statutory basis. If the value of the trust account would ever reach a point where it is less than the amount of the ceded policy benefit liabilities on a statutory basis, Athene is required to either establish a letter of credit or deposit securities in a trust for the amount of any shortfall. None of the coinsurance deposits with Athene are deemed by management to be uncollectible. The balance due under these agreements to Athene was $27.3 million and $14.0 million at December 31, 2013 and 2012, respectively, and represents the fair value of call options held by us to fund index credits related to the ceded business net of cash due from Athene related to monthly settlements of policy activity. Amounts ceded to EquiTrust and Athene under these agreements are as follows:
Financing Arrangements We have two reinsurance transactions with Hannover Life Reassurance Company of America ("Hannover"), which are treated as reinsurance under statutory accounting practices and as financing arrangements under GAAP. The statutory surplus benefits under these agreements are eliminated under GAAP and the associated charges are recorded as risk charges and included in other operating costs and expenses in the consolidated statements of operations. The transactions became effective March 31, 2011 (the "2011 Hannover Transaction") and July 1, 2013 (the "2013 Hannover Transaction"). The 2011 Hannover Transaction terminates on March 31, 2016, and the statutory surplus benefit is reduced over a five year period and is eliminated upon termination. The 2011 Hannover Transaction is a coinsurance and yearly renewable term reinsurance agreement for statutory purposes and provided $49.2 million in net pretax statutory surplus benefit at inception in 2011. Pursuant to the terms of this agreement, pretax statutory surplus was reduced by $11.3 million, $11.8 million and $9.2 million in 2013, 2012 and 2011, respectively, and is expected to be reduced as follows: 2014—$10.8 million and 2015—$10.3 million and 2016—$2.5 million. These amounts include risk charges equal to 1.25% of the pretax statutory surplus benefit as of the end of each calendar quarter. Risk charges attributable to this agreement were $1.3 million, $1.8 million and $1.7 million during 2013, 2012 and 2011, respectively. The 2013 Hannover Transaction is a yearly renewable term reinsurance agreement for statutory purposes covering 45.6% of waived surrender charges related to penalty free withdrawals, deaths and lifetime income benefit rider payments as well as lifetime income benefit rider payments in excess of policy fund values on certain business. We may recapture the risks reinsured under this agreement as of the end of any quarter after June 30, 2016. However, the agreement, as amended, makes it punitive to us if we do not recapture the business ceded no later than the first quarter of 2018. The reserve credit recorded on a statutory basis by American Equity Life was $288.2 million at December 31, 2013. We pay quarterly reinsurance premiums under this agreement with an experience refund calculated on a quarterly basis and a risk charge equal to 1.25% of the pretax statutory surplus benefit as of the end of each calendar quarter. Risk charges attributable to the 2013 Hannover Transaction were $7.0 million during 2013. The 2013 Hannover Transaction replaces a similar reinsurance agreement with Hannover that was entered into in 2005 (the "2005 Hannover Agreement") which was recaptured simultaneously with entering into the 2013 Hannover Transaction. The 2005 Hannover Agreement was a yearly renewable term reinsurance agreement for statutory purposes covering 47% of waived surrender charges related to penalty free withdrawals and deaths on certain business. The reserve credit recorded on a statutory basis by American Equity Life was $180.3 million at December 31, 2012 under the 2005 Hannover Agreement. Risk charges attributable to the 2005 Hannover Transaction were $5.4 million, $9.9 million and $8.6 million during 2013, 2012 and 2011, respectively. Prior to its recapture in 2013, we had a coinsurance and yearly renewable term reinsurance agreement for statutory purposes that provided $29.5 million in net pretax statutory surplus benefit at inception in 2008 (the "2008 Hannover Transaction"). Pursuant to the terms of this agreement, pretax statutory surplus was reduced by $6.9 million and $6.8 million in 2013 and 2012, respectively. These amounts include risk charges equal to 1.25% of the pretax statutory surplus benefit as of the end of each calendar quarter. Risk charges attributable to the 2008 Hannover Transaction were $0.1 million, $0.5 million and $0.8 million during 2013, 2012 and 2011, respectively. Indemnity Reinsurance In the normal course of business, we seek to limit our exposure to loss on any single insured and to recover a portion of benefits paid under our annuity, life and accident and health insurance products by ceding reinsurance to other insurance enterprises or reinsurers. Reinsurance contracts do not relieve us of our obligations to our policyholders. To the extent that reinsuring companies are later unable to meet obligations under reinsurance agreements, our life insurance subsidiaries would be liable for these obligations, and payment of these obligations could result in losses to us. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers, and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for amounts receivable from other insurance companies as none of the receivables are deemed by management to be uncollectible. |
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The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Dec. 31, 2013
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes We file consolidated federal income tax returns that include all of our wholly-owned subsidiaries except Eagle Life which must file a separate federal income tax return for 2009–2013 under applicable federal income tax guidelines. Our income tax expense as presented in the consolidated financial statements is summarized as follows:
Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rate of 35% as follows:
Deferred income tax assets or liabilities are established for temporary differences between the financial reporting amounts and tax bases of assets and liabilities that will result in deductible or taxable amounts, respectively, in future years. The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2013 and 2012, are as follows:
The total deferred income tax asset includes other than temporary impairments on investments. The other than temporary impairments will not be available for utilization for tax purposes until the securities are either sold at a loss or deemed completely worthless. The other than temporary impairments totaled $2.6 million and $23.4 million as of December 31, 2013 and 2012, respectively. Included in the deferred income taxes is the expected income tax benefit attributable to unrealized losses on available for sale fixed maturity securities. There is no valuation allowance provided for the deferred income tax asset attributable to unrealized losses on available for sale fixed maturity securities. Management expects that the passage of time will result in the reversal of these unrealized losses due to the fair value increasing as these securities near maturity. Management has the intent and ability to hold these securities to maturity because we generate adequate cash flow from new business to fund all foreseeable cash flow needs and do not believe it would be necessary to liquidate these securities at a loss to meet cash flow needs. Realization of our deferred income tax assets is more likely than not based on expectations as to our future taxable income and considering all other available evidence, both positive and negative. Therefore, no valuation allowance against deferred income tax assets has been established as of December 31, 2013 and 2012. There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2013. We are no longer subject to income tax examinations by tax authorities for years prior to 2009. At December 31, 2013, we had non-life net operating loss carryforwards for federal income tax purposes totaling $36.8 million which expire beginning in 2018 through 2033. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Notes Payable and Amounts Due Under Repurchase Agreements
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Dec. 31, 2013
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| Notes Payable and Amounts Due Under Repurchase Agreements | Notes Payable and Amounts Due Under Repurchase Agreements On July 17, 2013, we issued $400 million aggregate principal amount of senior unsecured notes due 2021 which bear interest at 6.625% per year and will mature on July 15, 2021. We used $15 million of the net proceeds from the issuance to repay the entire amount outstanding under our revolving credit facility and $168.7 million, net of proceeds of $22.2 million in settlement of 2015 notes hedges and 2015 warrants, to pay the cash consideration portion of the convertible note tender and exchange offers discussed below. We intend to use the remaining net proceeds from the notes issuance to tender for, redeem or repurchase the $160.3 million aggregate principal amount of convertible notes that are currently outstanding. The form and timing of any such activity will be dependent upon market conditions and other factors and there can be no assurance that any such transactions can be completed prior to the December 2014 call date for the 5.25% Contingent Convertible Senior Notes due December 15, 2029 (the "2029 notes") or the September 2015 maturity date for the 2015 notes. In September 2010, we issued $200.0 million principal amount of 2015 notes. The 2015 notes have a stated interest rate of 3.5%, mature on September 15, 2015, and are intended to be settled in cash; however, in certain limited circumstances we have the discretion to settle in shares of our common stock or a combination of cash and shares of our common stock. Contractual interest payable on the 2015 notes began accruing in September 2010 and is payable semi-annually in arrears each March 15th and September 15th. The initial transaction fees and expenses totaling $6.8 million were capitalized as deferred financing costs and are being amortized over the term of the 2015 notes using the effective interest method. Upon occurrence of any of the conditions described below, holders may convert their 2015 notes at the applicable conversion rate at any time prior to June 15, 2015. On or after June 15, 2015 through the maturity date of September 15, 2015, holders may convert each of their 2015 notes at the applicable conversion rate regardless of the following conditions:
The initial conversion rate for the 2015 notes was 80 shares of our common stock per $1,000 principal amount of 2015 notes, equivalent to a conversion price of approximately $12.50 per share of our common stock, with the amount due on conversion. Upon conversion, a holder will receive the sum of the daily settlement amounts, calculated on a proportionate basis for each day, during a specified observation period following the conversion date. The conversion rate for the 2015 notes was adjusted to 80.9486 shares in December 2012, equivalent to a conversion price of approximately $12.35 per share. If a fundamental change, as defined in the indenture, occurs prior to maturity and our stock price is at least $10.00 per share at that time, the conversion rate will increase by an additional amount of up to 20 shares of our common stock per $1,000 principal amount of 2015 notes, which amount would be paid to each holder that elects to convert its 2015 notes at that time. The conversion option of the 2015 notes (the "2015 notes embedded conversion derivative") is an embedded derivative that requires bifurcation from the 2015 notes and is accounted for as a derivative liability, which is included in Other liabilities in our Consolidated Balance Sheets. The fair value of the 2015 notes embedded conversion derivative at the time of issuance of the 2015 notes was $37.0 million, and was recorded as the original debt discount for purposes of accounting for the debt component of the 2015 notes. This discount is being recognized as interest expense using the effective interest method over the term of the 2015 notes. The estimated fair value of the 2015 notes embedded conversion derivative was $107.0 million and $43.1 million as of December 31, 2013 and 2012, respectively. In December 2004, we issued $260.0 million of convertible senior notes due December 15, 2024 (the "2024 notes"), of which $22.9 million was assigned to the equity component (net of income tax of $16.1 million). On March 25, 2013, notice of mandatory redemption was issued for the remaining outstanding amount of our 2024 notes and holders of $25.8 million principal amount of the convertible notes exercised their conversion rights prior to the April 30, 2013 mandatory redemption date. The holders of these notes received the principal amount of their notes in cash and the conversion premium in shares of our common stock, for which 216,729 shares were issued. The balance of the convertible notes ($2.5 million principal amount) was redeemed for cash. The 2024 notes bore interest at a fixed rate of 5.25% per annum. Interest was payable semi-annually in arrears on June 6 December 6 of each year. In December 2009, we issued $115.8 million of contingent convertible senior notes due December 15, 2029, of which $15.6 million was assigned to the equity component (net of income tax of $11.0 million), $52.2 million principal amount were issued for cash and $63.6 million were issued in exchange of $63.6 million of the 2024 notes. The 2029 notes bear interest at a fixed rate of 5.25% per annum. Interest is payable semi-annually in arrears on June 6 and December 6 of each year. In addition to regular interest on the 2029 notes, beginning with the six-month interest period ending June 6, 2015, we will also pay contingent interest under certain conditions at a rate of 0.5% per annum based on the average trading price of the notes during a specified period. The 2029 notes are convertible at the holders' option prior to the maturity date into cash and shares of our common stock under the following conditions:
Holders may convert any outstanding 2029 notes into cash and shares of our common stock at a conversion price per share of $9.57. This represents a conversion rate of approximately 104.5 shares of common stock per $1,000 in principal amount of notes (the "conversion rate"). Subject to certain exceptions described in the indentures covering these notes, at the time the notes are tendered for conversion, the value (the "conversion value") of the cash and shares of our common stock, if any, to be received by a holder converting $1,000 principal amount of the notes will be determined by multiplying the conversion rate by the "ten day average closing stock price", which equals the average of the closing per share prices of our common stock on the New York Stock Exchange on the ten consecutive trading days beginning on the second trading day following the day the notes are submitted for conversion. We will deliver the conversion value to holders as follows: (1) an amount in cash (the "principal return") equal to the lesser of (a) the aggregate conversion value of the notes to be converted and (b) the aggregate principal amount of the notes to be converted, and (2) if the aggregate conversion value of the notes to be converted is greater than the principal return, an amount in shares (the "net shares") equal to such aggregate conversion value less the principal return (the "net share amount") and (3) an amount in cash in lieu of fractional shares of common stock. The number of net shares to be paid will be determined by dividing the net share amount by the ten day average closing stock price. We may redeem some or all of the 2029 notes at any time on or after December 15, 2014. In addition, the holders may require us to repurchase all or a portion of their 2029 notes on December 15, 2014, 2019 and 2024, and upon a change in control, as defined in the indenture governing the notes, holders may require us to repurchase all or a portion of their notes for a period of time after the change in control. The redemption price or repurchase price shall be payable in cash and equal to 100% of the principal amount of the notes plus accrued and unpaid interest (contingent interest and liquidated damages, if any) up to but not including the date of redemption or repurchase. Our convertible notes are senior unsecured obligations and rank equally in right of payment with all existing and future senior indebtedness and senior to any existing and future subordinated indebtedness. Our convertible notes effectively rank junior in right of payment to any existing and future secured indebtedness to the extent of the value of the assets securing such secured indebtedness. Our convertible notes are structurally subordinated to all liabilities of our subsidiaries. We are required to include the dilutive effect of the 2029 notes in our diluted earnings per share calculation. Because these notes include a mandatory cash settlement feature for the principal amount, incremental dilutive shares will only exist when the fair value of our common stock at the end of the reporting period exceeds the conversion price per share disclosed above. At December 31, 2013 and 2012, the conversion premium of the 2029 notes was dilutive and the effect has been included in diluted earnings per share for the years ended December 31, 2013 and 2012. The 2015 notes and the 2015 notes hedges are excluded from the dilutive effect in our diluted earnings per share calculation as they are intended to be settled only in cash. In 2013, we extinguished $108.0 million principal amount of our 2015 notes and $47.5 million principal amount of our 2029 notes pursuant to public and private exchange offers with holders of our outstanding convertible debt instruments. Total consideration paid to holders of the 2015 notes consisted of $116.1 million in cash and $79.2 million in shares of our common stock (3,643,402 shares). Total consideration paid to holders of the 2029 notes consisted of $74.8 million in cash and $34.9 million in shares of our common stock (1,629,677 shares). Total consideration paid to the holders of the 2015 notes and 2029 notes excludes the accrued interest through the settlement date that was also paid. The carrying value of the convertible notes at extinguishment was $99.6 million and $44.5 million for the 2015 notes and 2029 notes, respectively, and losses net of tax of $15.2 million for the 2015 notes and $5.2 million for the 2029 notes were recognized. In connection with the extinguishment of our 2015 notes, we terminated the related 2015 notes hedges associated with the 2015 notes extinguished and received cash proceeds of $22.2 million from the 2015 notes hedges counterparties (see Notes 5). After the unwind agreements, 7,474,817 warrants remain outstanding with a strike price of $15.75 and continue to be accounted for as equity. The 2015 notes hedges with two counterparties remain outstanding whereby we have the option to receive the cash equivalent of the conversion spread on approximately 7,474,817 shares of our common stock based upon a strike price of $12.35 per share, subject to certain conversion rate adjustments in the 2015 notes. Subsequent to the year ended December 31, 2013, we extinguished $22.7 million principal amount of our 2029 notes for a combination of cash and shares of our common stock (946,793 shares) pursuant to a private exchange offer that was settled on February 10, 2014. The carrying value of the 2029 notes at extinguishment was $21.6 million which resulted in a loss of $1.7 million on extinguishment of debt net of income taxes. The convertible senior notes included in notes payable are accounted for separately as a liability component and an equity component in the consolidated balance sheets. The liability component and equity component are as follows:
The discount is being amortized over the expected lives of the notes, which is December 15, 2014 for the 2029 notes and September 15, 2015 for the 2015 notes and was December 15, 2011 for the 2024 notes. The effective interest rates during the discount amortization periods are 8.9%, 8.5% and 11.9% on the 2015 notes, the 2024 notes and 2029 notes, respectively. The interest cost recognized in operations for the convertible notes, inclusive of the coupon and amortization of the discount and debt issue costs was $26.4 million, $28.5 million, and $31.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. In November 2013, we terminated our $160 million unsecured revolving line of credit agreement and entered into a $140 million unsecured revolving line of credit agreement with five banks for which the revolving period is four years. The interest rate is floating at a rate based on our election that will be equal to the alternate base rate (as defined in the credit agreement) plus the applicable margin or the adjusted LIBOR rate (as defined in the credit agreement) plus the applicable margin. We also pay a commitment fee based on the available unused portion of the credit facility. The applicable margin and commitment fee rate are based on our credit rating and can change throughout the period of the credit facility. Based upon our current credit rating, the applicable margin is 1.00% for alternate base rate borrowings and 2.00% for adjusted LIBOR rate borrowings, and the commitment fee is 0.35%. Under this agreement, we are required to maintain a minimum risk-based capital ratio at American Equity Life of 275%, a maximum ratio of adjusted debt to total adjusted capital of 0.35, and a minimum level of statutory surplus at American Equity Life equal to the sum of 1) 80% of statutory surplus at September 30, 2013, 2) 50% of the statutory net income for each fiscal quarter ending after September 30, 2013, and 3) 50% of all capital contributed to American Equity Life after September 30, 2013. The agreement contains an accordion feature that allows us, on up to three occasions and subject to credit availability, to increase the credit facility by an additional $50 million in the aggregate. We also have the ability to extend the maturity date by an additional one year past the initial maturity date of November 22, 2017 with the consent of the extending banks. There are currently no guarantors of the credit facility, but certain of our subsidiaries must guarantee our obligations under the credit agreement if such subsidiaries guarantee other material amounts of our debt. No amounts were outstanding at December 31, 2013 and no amounts were outstanding under the previous line of credit at December 31, 2012. As of December 31, 2013, $389.0 million is unrestricted and could be distributed to shareholders and still be in compliance with all covenants under this credit agreement. As part of our investment strategy, we enter into securities repurchase agreements (short-term collateralized borrowings). The maximum amount borrowed during 2013 was $258.6 million. We had no borrowings under repurchase agreements during 2012. When we do borrow cash on these repurchase agreements, we pledge collateral in the form of debt securities with fair values approximately equal to the amount due and we use the cash to purchase debt securities ahead of the time we collect the cash from selling annuity policies to avoid a lag between the investment of funds and the obligation to credit interest to policyholders. We earn investment income on the securities purchased with these borrowings at a rate in excess of the cost of these borrowings. Such borrowings averaged $38.3 million and $12.9 million for the years ended December 31, 2013 and 2011. The weighted average interest rate on amounts due under repurchase agreements was 0.20% and 0.23% for the years ended December 31, 2013 and 2011. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subordinated Debentures
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Dec. 31, 2013
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| Subordinated Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated Debentures | Subordinated Debentures Our wholly-owned subsidiary trusts (which are not consolidated) have issued fixed rate and floating rate trust preferred securities and have used the proceeds from these offerings to purchase subordinated debentures from us. We also issued subordinated debentures to the trusts in exchange for all of the common securities of each trust. The sole assets of the trusts are the subordinated debentures and any interest accrued thereon. The interest payment dates on the subordinated debentures correspond to the distribution dates on the trust preferred securities issued by the trusts. The trust preferred securities mature simultaneously with the subordinated debentures. Our obligations under the subordinated debentures and related agreements provide a full and unconditional guarantee of payments due under the trust preferred securities. All subordinated debentures are callable by us at any time, except for the Trust II subordinated debt obligations. Following is a summary of subordinated debt obligations to the trusts at December 31, 2013 and 2012:
*—three month London Interbank Offered Rate During 2012, we issued a notice of mandatory redemption of all of our 8% Convertible Junior Subordinated Debentures (the "Debentures") and American Equity Capital Trust I, the holder of all of the Debentures, issued notices of mandatory redemption of all of its 8% Convertible Trust Preferred Securities and all of its 8% Trust Common Securities. As a result of this mandatory redemption, $20.6 million principal amount (688,327 shares) of 8% Convertible Trust Preferred Securities were converted into 2,549,333 shares of our common stock and 38,001 shares of these trust preferred securities were settled in cash of approximately $1.1 million. The remaining 6,000 shares will be settled in cash of $0.2 million. During 2012, prior to the mandatory redemption, 4,000 shares of these trust preferred securities were converted into 14,814 shares of our common stock. The principal amount of the subordinated debentures issued by us to American Equity Capital Trust II ("Trust II") is $100.0 million. These debentures were assigned a fair value of $74.7 million at the date of issue (based upon an effective yield-to-maturity of 6.8%). The difference between the fair value at the date of issue and the principal amount is being accreted over the life of the debentures. The trust preferred securities issued by Trust II were issued to Iowa Farm Bureau Federation, which owns more than 50% of the voting capital stock of FBL Financial Group, Inc. ("FBL"). The consideration received by Trust II in connection with the issuance of its trust preferred securities consisted of fixed income securities of equal value which were issued by FBL. |
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- Definition
The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Retirement and Share-based Compensation Plans
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement and Share-based Compensation Plans | Retirement and Share-based Compensation Plans We have adopted a contributory defined contribution plan which is qualified under Section 401(k) of the Internal Revenue Code. The plan covers substantially all of our full-time employees subject to minimum eligibility requirements. Employees can contribute a percentage of their annual salary (up to a maximum contribution of $17,500 in 2013, $17,000 in 2012 and $16,500 in 2011) to the plan. We contribute an additional amount, subject to limitations, based on the voluntary contribution of the employee. Further, the plan provides for additional employer contributions based on the discretion of the Board of Directors. Plan contributions charged to expense were $0.4 million, $0.4 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. During 2010, we established the American Equity Investment Life Holding Company Short-Term Performance Incentive Plan. Under this plan, certain members of our senior management may receive incentive awards comprised of a cash component and a restricted stock component. Shares of restricted stock received will be granted pursuant to the 2009 Employee Incentive Plan and will vest on the date three years following the date the Committee approves the payment of the incentive award provided that the participant remains employed by us. Compensation expense is recognized over the three year vesting period. Shares vest immediately for participants 65 years of age with 10 years of service with us and compensation expense under this plan for these participants is recognized upon approval of the incentive award by the compensation committee. During 2013, 2012 and 2011, we issued 33,489, 51,810 and 24,497 shares of common stock (23,681, 37,369 and 16,819 shares were restricted stock), respectively, and recognized share-based compensation expense of $0.4 million, $0.5 million and $0.1 million, respectively. In April 2013, the Short-Term Performance Incentive Plan was amended and restated to provide for only cash bonuses for awards made with respect to 2013 and following years. During 2013, we established a long-term performance incentive plan utilizing restricted stock units granted pursuant to the 2009 Employee Incentive Plan. During 2013, we issued 78,260 restricted stock units under this plan. Vesting is tied to threshold and target performance goals for the three year period ending December 31, 2015. Fifty percent of the restricted stock units will vest if we meet threshold goals and 100% of the restricted stock units will vest if we meet target performance goals. Compensation expense is recognized over the three year vesting period based on the likelihood of meeting threshold and target goals. During 2013, we recognized share-based compensation expense of $0.3 million. Restricted stock units that ultimately vest are payable in an equal number of shares of our common stock. Restricted stock units are accounted for as equity awards and the estimated fair value of restricted stock units is based upon the closing price of our common stock on the date of grant. During 2013, we issued 26,087 (20,889 shares were restricted stock) shares of common stock under the 2009 Employee Incentive Plan to certain employees. These shares will vest on the date three years following the grant date provided the participant remains employed with us. Compensation expense is recognized over the three year vesting period. Shares vest immediately for participants over 65 years of age with 10 years of service with us. During 2013, we recognized share-based compensation expense of $0.2 million related to these restricted stock awards. In 2013, we adopted the 2013 Director Equity and Incentive Plan which authorized the grant of options, stock appreciation rights, restricted stock awards and restricted stock units convertible into or based upon our common stock of up to 250,000 shares to our Directors. During 2013, we issued 40,000 shares of common stock, all of which are restricted stock, and which vest one year from the grant date provided the individual remains a Director during that time period. During 2013, we recognized share-based compensation expense of $0.4 million related to these restricted stock awards. At December 31, 2013, we had 210,000 shares of common stock available for future grant under the 2013 Director and Equity Incentive Plan. We have deferred compensation arrangements with certain officers, directors, and consultants, whereby these individuals agreed to take our common stock at a future date in lieu of cash payments at the time of service. The common stock is to be issued in conjunction with a "trigger event," as that term is defined in the individual agreements. At December 31, 2013 and 2012, these individuals have earned, and we have reserved for future issuance, 356,897 and 354,923 shares of common stock, respectively, pursuant to these arrangements. We have incurred share-based compensation expense of $0.2 million, $0.2 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, under these arrangements. We have deferred compensation agreements with certain officers whereby these individuals may defer certain salary and bonus compensation which is deposited into the American Equity Officer Rabbi Trust (Officer Rabbi Trust). The amounts deferred for certain employees are invested in assets at the direction of the employee. The assets of the Officer Rabbi Trust are included in our assets and a corresponding deferred compensation liability is recorded. The deferred compensation liability is recorded at the fair market value of the assets in the Officer Rabbi Trust with the change in fair value included as a component of compensation expense. The deferred compensation liability related to these agreements was $3.1 million and $1.4 million at December 31, 2013 and 2012, respectively. During 2011, the Officer Rabbi Trust purchased 1,250 shares of our common stock at a cost of $0.01 million, respectively. The Officer Rabbi Trust did not purchase any shares during 2013 and 2012. The Officer Rabbi Trust held 103,551 shares and 104,551 shares of our common stock at December 31, 2013 and 2012, respectively, which are treated as treasury shares. During 1997, we established the American Equity Investment NMO Deferred Compensation Plan ("NMO Deferred Compensation Plan") whereby agents can earn common stock in addition to their normal commissions. The NMO Deferred Compensation Plan was effective until December 31, 2006 at which time it was suspended. Awards were calculated using formulas determined annually by our Board of Directors. These shares are being distributed at the end of the vesting and deferral period of nine years. We recognize commission expense and an increase to additional paid-in capital as share-based compensation when the awards vest. All outstanding shares issued under this plan were fully vested at December 31, 2010. At December 31, 2013 and 2012, the total number of undistributed vested shares under the NMO Deferred Compensation Plan was 892,688 and 1,142,332, respectively. These shares are included in the computation of earnings per share and earnings per share—assuming dilution. We have a Rabbi Trust, the NMO Deferred Compensation Trust (the "NMO Trust"), which has purchased shares of our common stock to fund the amount of vested shares under the NMO Deferred Compensation Plan. The common stock held in the NMO Trust is treated as treasury stock. The NMO Trust purchased 81,745 shares of our common stock during 2011 at a cost of $0.9 million. The NMO Trust did not purchase any shares during 2013 and 2012. The NMO Trust distributed 249,644, 489,216 and 306,032 shares during 2013, 2012 and 2011, respectively. The number of shares held by the NMO Trust at December 31, 2013 and 2012, was 892,688 and 1,142,332, respectively. Our 1996 Stock Option Plan, 2000 Employee Stock Option Plan, 2000 Directors Stock Option Plan and 2011 Director Stock Option Plan (adopted in 2011) authorized grants of options to officers, directors and employees for an aggregate of up to 3,475,000 shares of our common stock. All options granted under these plans have ten year terms and a six month or three year vesting period after which they become fully exercisable immediately. At December 31, 2013, we had 18,000 shares of common stock available for future grant under the 2011 Director Stock Option Plan. In 2009, we adopted the 2009 Employee Incentive Plan which authorizes the grant of options, stock appreciation rights, restricted stock awards and restricted stock units convertible into or based upon our common stock up to 2,500,000 shares. All options granted under this plan have six or ten year terms and a three year vesting period after which they become fully exercisable immediately. At December 31, 2013, we had 1,563,907 shares of common stock available for future grant under the 2009 Employee Incentive Plan. The fair value for each stock option granted to officers, directors and employees during the years ended December 31, 2012 and 2011 was estimated at the date of grant using a Black-Scholes option valuation model with the following assumptions:
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. We use the historical realized volatility of our stock for the expected volatility assumption within the valuation model. For options granted since 2007, the weighted average expected term for the majority of our options were calculated using average historical behavior. During 2007, 2010 and 2012 we established Independent Insurance Agent Stock Option plans. Under these plans, agents of American Equity Life may receive grants of options to acquire shares of our common stock based upon their individual sales. The plans authorize grants of options to agents for an aggregate of up to 8,000,000 shares of our common stock. We recognize commission expense and an increase to additional paid-in capital as share-based compensation equal to the fair value of the options as they are earned. The fair value for each stock option granted to agents during the years ended December 31, 2013, 2012 and 2011 was estimated using a Black-Scholes option valuation model until the grant date, at which time the options are included as permanent equity, with the following assumptions:
American Equity Life's agents earned 1,284,950 options during 2013, which were granted in January 2014, and we recorded commission expense (capitalized as deferred policy acquisition costs) of $8.1 million in 2013. American Equity Life's agents earned 1,125,100 options during 2012, which were granted in January 2013, and we recorded commission expense (capitalized as deferred policy acquisition costs) of $3.9 million in 2012. American Equity Life's agents earned 1,422,050 options during 2011, which were granted in January 2012, and we recorded commission expense (capitalized as deferred policy acquisition costs) of $6.8 million in 2011. All options granted have seven year terms and a six month vesting period after which they become exercisable immediately. Changes in the number of stock options outstanding during the years ended December 31, 2013, 2012 and 2011 are as follows:
The following table summarizes information about stock options outstanding at December 31, 2013:
The aggregate intrinsic value for stock options outstanding and vested awards was $61.7 million and $58.8 million, respectively, at December 31, 2013. For the years ended December 31, 2013, 2012 and 2011, the total intrinsic value of options exercised by officers, directors and employees was $10.4 million, $0.9 million and $0.3 million, respectively. Intrinsic value for stock options is calculated as the difference between the exercise price of the underlying awards and the price of our common stock as of the reporting date. Cash received from stock options exercised for the years ended December 31, 2013, 2012 and 2011 was $31.8 million, $5.7 million and $4.7 million, respectively. The tax benefit realized for the tax deduction from the exercise of stock options by officers, directors, employees and agents for the years ended December 31, 2013, 2012 and 2011, was $1.0 million, $0.1 million and $0.1 million, respectively. We established the American Equity Investment Employee Stock Ownership Plan ("ESOP") effective July 1, 2007. The principal purpose of the ESOP is to provide each eligible employee with an equity interest in us. Employees become eligible once they have completed a minimum of six months of service. Employees become 100% vested after two years of service. Our contribution to the ESOP is determined by the Board of Directors. In August 2007, we issued a loan to the ESOP in the amount of $7.0 million to purchase 650,000 shares of our common stock from David J. Noble, our Executive Chairman. The loan is to be repaid over a period of 20 years with annual interest payments due on December 31 of each year. Required principal payments according to the terms of the loan of $1.8 million are due on December 31, 2017 and 2022 with the final principal payment due on August 31, 2027; however, at December 31, 2013, the outstanding balance on this loan is $0.2 million as we have been prepaying the balance due. The loan is eliminated in the consolidated financial statements. The shares purchased by the ESOP were pledged as collateral for this debt and are reported as unallocated common stock held by the ESOP, a contra-equity account in stockholders' equity. When shares are committed for release, the shares become outstanding for earnings per share computations. For each plan year in which a payment or prepayment of principal or interest is made, we will release from the pledge the number of shares determined under the principal and interest method. Dividends on allocated ESOP shares are recorded as a reduction in retained earnings and are credited to employee accounts. Dividends on unallocated shares held by the ESOP will be used to repay indebtedness. As of December 31, 2013 and 2012, there were 127,867 shares and 54,971 shares committed for release and compensation expense of $3.5 million, $1.1 million and $1.3 million was recognized in 2013, 2012 and 2011, respectively. The fair value of 58,618 unreleased shares and 239,799 unreleased shares was $1.5 million and $2.9 million at December 31, 2013 and 2012, respectively. |
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Statutory Financial Information and Dividend Restrictions
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Dec. 31, 2013
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| Statutory Financial Information and Dividend Restrictions | Statutory Financial Information and Dividend Restrictions Statutory accounting practices prescribed or permitted by regulatory authorities for our life insurance subsidiaries differ from GAAP. Net income for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows:
Statutory capital and surplus for our primary life insurance subsidiary was as follows:
American Equity Life is domiciled in the state of Iowa and is regulated by the Iowa Insurance Division. Life insurance companies are subject to the National Association of Insurance Commissioners ("NAIC") risk-based capital (RBC) requirements which are intended to be used by insurance regulators as an early warning tool to identify deteriorating or weakly capitalized insurance companies for the purpose of initiating regulatory action. Calculations using the NAIC formula indicated that American Equity Life's ratio of total adjusted capital to the highest level of required capital at which regulatory action might be initiated (Company Action Level) is as follows:
Prior approval of regulatory authorities is required for the payment of dividends to American Equity Investment Life Holding Company ("Parent Company") by American Equity Life which exceed an annual limitation. American Equity Life may pay dividends without prior approval, unless such payments, together with all other such payments within the preceding twelve months, exceed the greater of (1) net gain from operations before net realized capital gains/losses for the preceding calendar year or, (2) 10% of the American Equity Life's capital and surplus at the preceding year-end. The amount of dividends permitted to be paid by American Equity Life to its Parent Company without prior approval of regulatory authorities is $195.0 million as of December 31, 2013. No dividends were paid by any of our insurance subsidiaries for any of the years presented in these financial statements. The Parent Company relies on its subsidiaries for cash flow, which has primarily been in the form of investment management fees and/or dividends. Retained earnings in our consolidated financial statements primarily represent undistributed earnings of American Equity Life. As such, our ability to pay dividends is limited by the regulatory restriction placed upon insurance companies as described above. In addition, American Equity Life retains funds to allow for sufficient capital for growth. |
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Discloses how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact should be disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. No definition available.
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Commitments and Contingencies
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies We lease our home office space and certain equipment under various operating leases. Rent expense for the years ended December 31, 2013, 2012 and 2011 totaled $2.3 million, $2.0 million and $1.9 million, respectively. At December 31, 2013, the aggregate future minimum lease payments are $12.8 million. The following represents payments due by period for operating lease obligations as of December 31, 2013 (dollars in thousands):
We are occasionally involved in litigation, both as a defendant and as a plaintiff. In addition, state regulatory bodies, such as state insurance departments, the SEC, FINRA, the Department of Labor, and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, the Employee Retirement Income Security Act of 1974, as amended, and laws governing the activities of broker-dealers. In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability. In connection with the matter described below, we recorded an estimated litigation liability of $17.5 million during the third quarter of 2012. Based on developments in the claims process discussed below, we increased our estimated litigation liability for this matter to $21.2 million during the fourth quarter of 2013. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We were a defendant in a purported class action, McCormack, et al. v. American Equity Investment Life Insurance Company, et al., in the United States District Court for the Central District of California, Western Division and Anagnostis v. American Equity, et al., coordinated in the Central District, entitled, In Re: American Equity Annuity Practices and Sales Litigation (complaint filed September 7, 2005) (the "Los Angeles Case"), involving allegations of improper sales practices and similar claims as described below. The Los Angeles Case was a consolidated action involving several lawsuits filed by putative class members seeking class action status for a national class of purchasers of annuities issued by us. The allegations generally attacked the suitability of sales of deferred annuity products to persons over the age of 65. The plaintiffs sought rescission and injunctive relief including restitution and disgorgement of profits on behalf of all class members under California Business & Professions Code section 17200 et seq. and Racketeer Influenced and Corrupt Organizations Act; compensatory damages for breach of fiduciary duty and aiding and abetting of breach of fiduciary duty; unjust enrichment and constructive trust; and other pecuniary damages under California Civil Code section 1750 and California Welfare & Institutions Codes section 15600 et seq. On July 30, 2013, the parties entered into a settlement agreement and stipulated to certification of the case as a class action for settlement purposes only. Notice of the terms of the settlement was mailed to the members of the class on October 7, 2013 and settlement claim forms were due from members of the class on or before December 6, 2013. On January 27, 2014, a hearing was held regarding the fairness of the settlement. On January 29, 2014, the Court signed a final order approving the settlement and finding the settlement is fair and represents a complete resolution of all claims asserted on behalf of the class. On January 30, 2014, a final judgment, which is still subject to appeal, was entered dismissing the case on the merits and with prejudice. While review of the claim forms submitted is still ongoing and it is difficult to predict the amount of the liabilities that will ultimately result from the completion of the claim process, the $21.2 million litigation liability referred to above represents our best estimate of probable loss with respect to this litigation. In light of the inherent uncertainties involved in the matter described above, there can be no assurance that such litigation, or any other pending or future litigation, will not have a material adverse effect on our business, financial condition, or results of operations. In addition to our commitments to fund mortgage loans, we have unfunded commitments at December 31, 2013 to limited partnerships of $24.4 million and to secured bank loans of $20.8 million. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Dec. 31, 2013
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The following table sets forth the computation of earnings per common share and earnings per common share—assuming dilution:
Options to purchase shares of our common stock that were outstanding during the respective periods indicated but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares are as follows:
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Financial Information (Unaudited)
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Dec. 31, 2013
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Unaudited quarterly results of operations are summarized below.
Earnings per common share for each quarter is computed independently of earnings per common share for the year. As a result, the sum of the quarterly earnings per common share amounts may not equal the earnings per common share for the year. The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income (loss) is impacted by the application of fair value accounting to our fixed index annuity business is as follows:
During the fourth quarter of 2013, we identified certain classification errors related to life contingent immediate annuities in our consolidated statements of operations as described in Note 1. We evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded they were not material to any prior periods. However, we revised the premiums and product charges listed above for all quarterly periods prior to the quarter ended December 31, 2013 to be consistent with the presentation for the quarter ended December 31, 2013. The changes resulted in increases to premiums and product charges of $10.4 million, $8.6 million and $7.4 million for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013, respectively and increases of $15.1 million, $15.7 million, $20.2 million and $12.8 million for the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively. |
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- Definition
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule I - Summary of Investments - Other Than Investments in Related Parties
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Dec. 31, 2013
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| Summary of Investments, Other than Investments in Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule I - Summary of Investments - Other Than Investments in Related Parties | Schedule I—Summary of Investments— Other Than Investments in Related Parties AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY December 31, 2013
See accompanying Report of Independent Registered Public Accounting Firm. |
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The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule II - Condensed Financial Information of Registrant
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Dec. 31, 2013
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Condensed Financial Information of Registrant | Schedule II—Condensed Financial Information of Registrant AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Balance Sheets (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Schedule II—Condensed Financial Information of Registrant (Continued) AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Operations (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Schedule II—Condensed Financial Information of Registrant (Continued) AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Cash Flows (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Schedule II—Condensed Financial Information of Registrant (Continued) AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Cash Flows (Continued) (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Schedule II—Condensed Financial Information of Registrant (Continued) AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Note to Condensed Financial Statements December 31, 2013 1. Basis of Presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of American Equity Investment Life Holding Company (Parent Company). In the Parent Company financial statements, its investment in and advances to subsidiaries are stated at cost plus equity in undistributed income (losses) of subsidiaries since the date of acquisition and net unrealized gains/losses on the subsidiaries' fixed maturity securities classified as "available for sale" and equity securities. See Notes 9 and 10 to the consolidated financial statements for a description of the Parent Company's notes payable and subordinated debentures payable to subsidiary trusts. |
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- Definition
The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule III - Supplementary Insurance Information
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Dec. 31, 2013
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| Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Supplementary Insurance Information | Schedule III—Supplementary Insurance Information AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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- Definition
The entire disclosure for required supplementary insurance information giving segment detail in support of various balance sheet and income statement captions. The balance sheet information generally is presented as of the date of each audited balance sheet filed, and the income statement information generally is presented for each period for which an audited income statement is required to be filed. Supplementary insurance information table includes segment name; deferred policy acquisition costs; future policy benefits, losses, claims and loss expenses; unearned premiums; other policy claims and benefits payable; premium revenue; net investment income; benefits, claims, losses and settlement expenses; amortization of deferred policy acquisition costs; other operating expenses; and premiums written. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule IV - Reinsurance
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Dec. 31, 2013
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| Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule IV - Reinsurance | Schedule IV—Reinsurance AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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- Definition
The entire disclosure for the supplemental schedule of reinsurance information. Reinsurance schedule includes, but is not limited to, the type of insurance, gross amount of premiums, premiums ceded to other entities, premiums assumed from other entities, net amount of premium revenue, and the percentage of the premiums assumed to net premium revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule V - Valuation and Qualifying Accounts
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Dec. 31, 2013
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| Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule V - Valuation and Qualifying Accounts | Schedule V—Valuation and Qualifying Accounts AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Significant Accounting Policies (Policies)
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Dec. 31, 2013
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidation and Basis of Presentation, Policy | Consolidation and Basis of Presentation The consolidated financial statements include our accounts and our wholly-owned subsidiaries: American Equity Life, American Equity Life of New York, Eagle Life, AERL, L.C., American Equity Capital, Inc., American Equity Investment Properties, L.C., American Equity Advisors, Inc. and American Equity Investment Service Company. All significant intercompany accounts and transactions have been eliminated. |
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| Estimates and Assumptions, Policy | Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are utilized in the calculation of deferred policy acquisition costs, deferred sales inducements, policy benefit reserves, valuation of derivatives, including embedded derivatives on index annuity reserves, contingent convertible senior notes, valuation of investments, other than temporary impairment of investments, allowances for loan losses on mortgage loans and valuation allowances on deferred tax assets. A description of each critical estimate is incorporated within the discussion of the related accounting policies which follow. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized. |
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| Investments, Policy | Investments Fixed maturity securities (bonds and redeemable preferred stocks maturing more than one year after issuance) that may be sold prior to maturity are classified as available for sale. Available for sale securities are reported at fair value and unrealized gains and losses, if any, on these securities are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Fair values, as reported herein, of fixed maturity and equity securities are based on quoted market prices in active markets when available, or for those fixed maturity securities not actively traded, yield data and other factors relating to instruments or securities with similar characteristics are used. See Note 2 for more information on the determination of fair value. Premiums and discounts are amortized/accrued using methods which result in a constant yield over the securities' expected lives. Amortization/accrual of premiums and discounts on residential and commercial mortgage backed securities incorporate prepayment assumptions to estimate the securities' expected lives. Interest income is recognized as earned. Fixed maturity securities that we have the positive intent and ability to hold to maturity are classified as held for investment. Such securities may, at times, be called prior to maturity. Held for investment securities are reported at cost adjusted for amortization of premiums and discounts. Changes in the fair value of these securities, except for declines that are other than temporary, are not reflected in our consolidated financial statements. Equity securities, comprised of common and perpetual preferred stocks, are classified as available for sale and are reported at fair value. Unrealized gains and losses are included directly in a separate component of stockholders' equity, net of income taxes and certain adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements. Dividends are recognized when declared. The carrying amounts of our impaired investments in fixed maturity and equity securities are adjusted for declines in value that are other than temporary. Other than temporary impairment losses are reported as a component of revenues in the consolidated statements of operations, which presents the amount of noncredit impairment losses for certain fixed maturity securities that is reported in accumulated other comprehensive income (loss). See Note 3 for further discussion of other than temporary impairment losses. Deterioration in credit quality of the companies or assets backing our investment securities, deterioration in the condition of the financial services industry, imbalances in liquidity recurring in the marketplace or declines in real estate values may further affect the fair value of these investment securities and increase the potential that certain unrealized losses will be recognized as other than temporary impairments in the future. Mortgage loans on real estate are reported at cost, adjusted for amortization of premiums and accrual of discounts. Interest income is recorded when earned; however, interest ceases to accrue for loans on which interest is more than 90 days past due based upon contractual terms and/or when the collection of interest is not considered probable. We evaluate the mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss, if any, for each impaired loan identified and an analysis of the mortgage loan portfolio for the need of a general loan allowance for probable losses on all loans. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's contractual interest rate, or the fair value of the underlying collateral, less costs to sell. The amount of the general loan allowance, if any, is based upon our evaluation of the probability of collection, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. The carrying value of impaired loans is reduced by the establishment of an allowance for loan losses, changes to which are recognized as realized gains or losses on investments. Interest income on impaired loans is recorded on a cash basis. Other invested assets include company owned life insurance, real estate, limited partnerships accounted for using the equity method and policy loans. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the end of the reporting period, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Policy loans are stated at current unpaid principal balances. Real estate owned is reported at cost less accumulated depreciation. Cost is determined at the time ownership is acquired in satisfaction of mortgage loans and is the lower of the carrying value of the mortgage loan or fair value of the real estate less its estimated cost to sell. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives. Impairment losses on real estate owned are recognized when there are indicators of impairment present and the expected future undiscounted cash flows are not sufficient to recover the real estate's carrying value. Any impairment losses are reported as realized losses and are part of net income. |
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| Derivative Instruments, Policy | Derivative Instruments Our derivative instruments include call options used to fund fixed index annuity credits, interest rate swap and caps used to manage interest rate risk associated with the floating rate component on certain of our subordinated debentures, call options to hedge the conversion spread on our convertible senior notes (see Note 9) and certain other derivative instruments embedded in other contracts. All of our derivative instruments are recognized in the balance sheet at fair value and changes in fair value are recognized immediately in operations. See Note 5 for more information on derivative instruments. |
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| Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. We also consider reverse repurchase agreements, which typically have an initial maturity of 6 weeks or less, to be cash equivalents. Amounts advanced under these agreements represent short-term loans that carry a fixed rate of interest. Borrowers under these agreements are required to post collateral that is investment grade debt securities with fair value in excess of the amount advanced. Book Overdrafts Under our cash management system, checks issued but not yet presented to banks frequently result in overdraft balances for accounting purposes and are classified as Other liabilities on our consolidated balance sheets. We report the changes in the amount of the overdraft balance as a financing activity in our consolidated statement of cash flows as Change in checks in excess of cash balance. |
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| Deferred Policy Acquisition Costs and Deferred Sales Inducements, Policy | Deferred Policy Acquisition Costs and Deferred Sales Inducements To the extent recoverable from future policy revenues and gross profits, certain costs that are incremental or directly related to the successful production of new business are not expensed when incurred but instead are capitalized as deferred policy acquisition costs or deferred sales inducements. Deferred policy acquisition costs and deferred sales inducements are subject to loss recognition testing on a quarterly basis or when an event occurs that may warrant loss recognition. Deferred policy acquisition costs consist primarily of commissions and certain costs of policy issuance. Deferred sales inducements consist of premium and interest bonuses credited to policyholder account balances. For annuity products, these capitalized costs are being amortized generally in proportion to expected gross profits from investment spreads, including the cost of hedging the fixed indexed annuity obligations, and, to a lesser extent, from product charges and mortality and expense margins. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of net realized gains on investments and net OTTI losses recognized in operations) to be realized from a group of products are revised. Deferred policy acquisition costs and deferred sales inducements are also adjusted for the change in amortization that would have occurred if available for sale fixed maturity securities and equity securities had been sold at their aggregate fair value at the end of the reporting period and the proceeds reinvested at current yields. The impact of this adjustment is included in accumulated other comprehensive income within consolidated stockholders' equity, net of applicable taxes. See Note 6 for more information on deferred policy acquisition costs and deferred sales inducements. |
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| Policy Benefit Reserves, Policy | Policy Benefit Reserves Policy benefit reserves for fixed index annuities with returns linked to the performance of a specified market index are equal to the sum of the fair value of the embedded derivatives and the host (or guaranteed) component of the contracts. The host value is established at inception of the contract and accreted over the policy's life at a constant rate of interest. Future policy benefit reserves for fixed index annuities earning a fixed rate of interest and other deferred annuity products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. For the years ended December 31, 2013, 2012 and 2011, interest crediting rates for these products ranged from 1.50% to 5.00%. These rates include interest bonuses capitalized as deferred sales inducements. Policy benefit reserves are not reduced for amounts ceded under coinsurance agreements which are reported as coinsurance deposits on our consolidated balance sheets. See Note 7 for more information on reinsurance. The liability for future policy benefits for traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality, and other assumptions underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 3.00% to 5.50%. Policy benefit claims are charged to expense in the period that the claims are incurred. |
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| Deferred Income Taxes, Policy | Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. Deferred income tax assets are subject to ongoing evaluation of whether such assets will more likely than not be realized. The realization of deferred income tax assets primarily depends on generating future taxable income during the periods in which temporary differences become deductible. Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. In making such a determination, all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations, is considered. The realization of deferred income tax assets related to unrealized losses on available for sale fixed maturity securities is also based upon our intent and ability to hold those securities for a period of time sufficient to allow for a recovery in fair value and not realize the unrealized loss. |
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| Recognition of Premium Revenues and Costs, Policy | Recognition of Premium Revenues and Costs Revenues for annuity products include surrender and living income benefit rider charges assessed against policyholder account balances during the period. Interest sensitive and index product benefits related to annuity products include interest credited or index credits to policyholder account balances. In addition, the change in fair value of embedded derivatives within fixed index annuity contracts is included in benefits and expenses. Considerations from immediate annuities with life contingencies are recognized as revenue when the policy is issued. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Certain group policies include provisions for annual experience refunds of premiums equal to net premiums received less a 16% administrative fee and less claims incurred. Such amounts (2013 - $1.1 million; 2012 - $1.1 million; and 2011 - $1.8 million) are reported as a reduction of traditional life insurance premiums in the consolidated statements of operations. Future policy benefits are recognized as expenses over the life of the policy by means of the provision for future policy benefits. All insurance-related revenues, including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements (see Note 7), benefits, losses and expenses are reported net of reinsurance ceded. |
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| Other Comprehensive Income, Policy | Other Comprehensive Income Other comprehensive income includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income excludes net realized investment gains (losses) included in net income which merely represent transfers from unrealized to realized gains and losses. These amounts totaled $34.3 million, $(21.4) million and $(52.6) million in 2013, 2012 and 2011, respectively. Such amounts, which have been measured through the date of sale, are net of adjustments to deferred policy acquisition costs, deferred sales inducements and income taxes totaling $24.1 million in 2013, $(12.8) million in 2012 and $(34.3) million in 2011. |
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| Adopted Accounting Pronouncements, Policy | Adopted Accounting Pronouncements In October 2010, as a result of a consensus of the Financial Accounting Standards Board ("FASB") Emerging Issues Task Force (EITF), the FASB issued an accounting standards update (ASU) that modifies the definition of the types of costs incurred that can be capitalized in the acquisition of new and renewal insurance contracts. This guidance defines the costs that qualify for deferral as incremental direct costs that result directly from and are essential to successful contract transactions and would not have been incurred by the insurance entity had the contract transactions not occurred. In addition, it lists certain costs as deferrable as those that are directly related to underwriting, policy issuance and processing, medical and inspection, and sales force contract selling as deferrable, as well as the portion of an employee's total compensation related directly to time spent performing those activities for actual acquired contracts and other costs related directly to those activities that would not have been incurred if the contract had not been acquired. This amendment to current GAAP became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011. For the year ended December 31, 2011, other operating costs and expenses that were deferred that would not qualify for deferral under this guidance totaled $9.8 million, which if expensed as incurred would have decreased net income $6.2 million and earnings per common share and earnings per common - assuming dilution by $0.10. In May 2011, the FASB issued an ASU that addresses fair value measurement and disclosure as part of its convergence efforts with the International Accounting Standards Board. The guidance is intended to create common fair value measurement and disclosure requirements in GAAP and International Financial Reporting Standards. This ASU changes the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. Some changes clarify the FASB's intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The disclosure requirements add information about transfers between Level 1 and Level 2 of the fair value hierarchy, information about the sensitivity of a fair value measurement categorized within Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs and the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed. This ASU became effective for interim and annual periods beginning after December 15, 2011. See Note 2 for disclosures regarding fair value measurements. In June 2011, the FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to present the total of comprehensive income (loss), the components of net income, and the components of other comprehensive income (loss) either in a single continuous statement of comprehensive income (loss) or in two separate but consecutive statements. Under both choices, the reporting entity is required to present each component of net income along with total net income, each component of other comprehensive income (loss) along with a total for other comprehensive income (loss) and a total amount for comprehensive income (loss). This ASU became effective for interim and annual periods beginning after December 15, 2011. We adopted this ASU on January 1, 2012. In February 2013, the FASB issued an ASU that expands the disclosure requirements related to other comprehensive income (loss). A reporting entity is now required to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component. In addition, a reporting entity is required 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 but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. This ASU became effective for interim and annual periods beginning after December 15, 2012. We adopted this ASU on January 1, 2013. |
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| Fair Value of Financial Instruments, Policy | Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to determine that price for each financial instrument at each measurement date. We meet this objective using various methods of valuation that include market, income and cost approaches. We categorize our financial instruments into three levels of fair value hierarchy based on the priority of inputs used in determining fair value. The hierarchy defines the highest priority inputs (Level 1) as quoted prices in active markets for identical assets or liabilities. The lowest priority inputs (Level 3) are our own assumptions about what a market participant would use in determining fair value such as estimated future cash flows. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. We categorize financial assets and liabilities recorded at fair value in the consolidated balance sheets as follows:
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| Investments, Other Than Temporary Impairment, Policy | The determination of the credit loss component of a corporate bond (including redeemable preferred stocks) is based on the underlying financial performance of the issuer and their ability to meet their contractual obligations. Considerations in our evaluation include, but are not limited to, credit rating changes, financial statement and ratio analysis, changes in management, significant changes in credit spreads, breaches of financial covenants and a review of the economic outlook for the industry and markets in which they trade. In circumstances where an issuer appears unlikely to meet its future obligation, or the security's price decline is deemed other than temporary, an estimate of credit loss is determined. Credit loss is calculated using default probabilities as derived from the credit default swaps markets in conjunction with recovery rates derived from independent third party analysis or a best estimate of credit loss. This credit loss rate is then incorporated into a present value calculation based on an expected principal loss in the future discounted at the yield at the date of purchase and compared to amortized cost to determine the amount of credit loss associated with the security. In addition, for debt securities which we do not intend to sell and it is not more likely than not we will be required to sell, but our intent changes due to changes or events that could not have been reasonably anticipated, an other than temporary impairment charge is recognized. Once an impairment charge has been recorded, we then continue to review the other than temporarily impaired securities for appropriate valuation on an ongoing basis. Unrealized losses may be recognized in future periods through a charge to earnings, should we later conclude that the decline in fair value below amortized cost is other than temporary pursuant to our accounting policy described above. The use of different methodologies and assumptions to determine the fair value of investments and the timing and amount of impairments may have a material effect on the amounts presented in our consolidated financial statements. We review and analyze all investments on an ongoing basis for changes in market interest rates and credit deterioration. This review process includes analyzing our ability to recover the amortized cost basis of each investment that has a fair value that is materially lower than its amortized cost and requires a high degree of management judgment and involves uncertainty. The evaluation of securities for other than temporary impairments is a quantitative and qualitative process, which is subject to risks and uncertainties. We have a policy and process in place to identify securities that could potentially have an impairment that is other than temporary. This process involves monitoring market events and other items that could impact issuers. The evaluation includes but is not limited to such factors as:
We determine whether other than temporary impairment losses should be recognized for debt and equity securities by assessing all facts and circumstances surrounding each security. Where the decline in market value of debt securities is attributable to changes in market interest rates or to factors such as market volatility, liquidity and spread widening, and we anticipate recovery of all contractual or expected cash flows, we do not consider these investments to be other than temporarily impaired because we do not intend to sell these investments and it is not more likely than not we will be required to sell these investments before a recovery of amortized cost, which may be maturity. For equity securities, we recognize an impairment charge in the period in which we do not have the intent and ability to hold the securities until recovery of cost or we determine that the security will not recover to book value within a reasonable period of time. We determine what constitutes a reasonable period of time on a security-by-security basis by considering all the evidence available to us, including the magnitude of any unrealized loss and its duration. In any event, this period does not exceed 18 months from the date of impairment for perpetual preferred securities for which there is evidence of deterioration in credit of the issuer and common equity securities. For perpetual preferred securities absent evidence of a deterioration in credit of the issuer we apply an impairment model, including an anticipated recovery period, similar to a debt security. Other than temporary impairment losses on equity securities are recognized in operations. If we intend to sell a debt security or if it is more likely than not that we will be required to sell a debt security before recovery of its amortized cost basis, other than temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in operations. If we do not intend to sell and it is not more likely than not we will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, an impairment loss would be recognized in operations in the amount of the expected credit loss. We determine the amount of expected credit loss by calculating the present value of the cash flows expected to be collected discounted at each security's acquisition yield based on our consideration of whether the security was of high credit quality at the time of acquisition. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The remaining amount of the other than temporary impairment is recognized in other comprehensive income. The determination of the credit loss component of a mortgage backed security is based on a number of factors. The primary consideration in this evaluation process is the issuer's ability to meet current and future interest and principal payments as contractually stated at time of purchase. Our review of these securities includes an analysis of the cash flow modeling under various default scenarios considering independent third party benchmarks, the seniority of the specific tranche within the structure of the security, the composition of the collateral and the actual default, loss severity and prepayment experience exhibited. With the input of third party assumptions for default projections, loss severity and prepayment expectations, we evaluate the cash flow projections to determine whether the security is performing in accordance with its contractual obligation. We utilize the models from a leading structured product software specialist serving institutional investors. These models incorporate each security's seniority and cash flow structure. In circumstances where the analysis implies a potential for principal loss at some point in the future, we use the "best estimate" cash flow projection discounted at the security's effective yield at acquisition to determine the amount of our potential credit loss associated with this security. The discounted expected future cash flows equates to our expected recovery value. Any shortfall of the expected recovery when compared to the amortized cost of the security will be recorded as the credit loss component of the other than temporary impairment. The cash flow modeling is performed on a security-by-security basis and incorporates actual cash flows on the residential mortgage backed securities through the current period, as well as the projection of remaining cash flows using a number of assumptions including default rates, prepayment rates and loss severity rates. The default curves we use are tailored to the Prime or Alt-A residential mortgage backed securities that we own, which assume lower default rates and loss severity for Prime securities versus Alt-A securities. These default curves are scaled higher or lower depending on factors such as current underlying mortgage loan performance, rating agency loss projections, loan to value ratios, geographic diversity, as well as other appropriate considerations. |
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| Mortgage Loans on Real Estate, Allowance for Loan Losses, Policy | We evaluate our mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss for each individual loan identified. A mortgage loan is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. In addition, we analyze the mortgage loan portfolio for the need of a general loan allowance for probable losses on all other loans. The amount of the general loan allowance is based upon management's evaluation of the collectability of the loan portfolio, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. Our financing receivables currently consist of one portfolio segment which is our commercial mortgage loan portfolio. These are mortgage loans with collateral consisting of commercial real estate and borrowers consisting mostly of limited liability partnerships or limited liability corporations. We have a population of mortgage loans that we have been carrying with workout terms (e.g. interest only periods, period of suspended payments, etc.) and a population of mortgage loans that have been in a delinquent status (i.e. more than 60 days past due). It is from this population that we have been recognizing some impairment loss due to nonpayment and, in some cases, eventual satisfaction of the loan by taking ownership of the collateral real estate. In most cases the fair value of the collateral less estimated costs to sell such collateral has been less than the outstanding principal amount of the mortgage loan. Our general loan loss allowance for periods through September 30, 2011 was calculated on the cumulative outstanding principal on loans making up the group of loans currently in workout terms and loans currently more than 60 days past due. We applied a factor to the total outstanding principal of these loans that was calculated as the average specific impairment loss for the most recent four quarters divided by the sum of the average of the total outstanding principal of delinquent loans for the most recent four quarters and the average of the total outstanding principal of loans in workout for the most recent four quarters. In the fourth quarter of 2011, we modified the calculation for determining our general loan loss allowance. The group of loans that we utilized to calculate an estimate of general loan loss allowance were those that had a debt service coverage ratio (DSCR) of less than 1.0. The DSCR is calculated by dividing the net operating income of the mortgaged property by the contractual principal and interest payment due for the corresponding period. We developed the loss rates to apply to this group of loans by dividing the specific impairment loss for the most recent four quarters by the principal outstanding of the loans with a DSCR of less than 1.0. For the years ended December 31, 2013 and 2012, we utilized a process of rating the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculated a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We applied the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of general loan loss allowance at December 31, 2013 and 2012. The change in methodology utilized to determine the general loan loss allowance did not result in a material adjustment. |
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| Mortgage Loans on Real Estate, Real Estate Acquired Through Foreclosure, Policy | Charge-offs include allowances that have been established on loans that were satisfied by taking ownership of the collateral. When the property is taken it is recorded at its fair value as a component of other investments and the mortgage loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There could be other situations that develop where we have established a larger specific loan loss allowance than is needed based on increases in the fair value of collateral supporting collateral dependent loans or improvements in the financial position of a borrower so that a loan would become reliant on cash flows from debt service instead of dependent upon sale of the collateral. Charge-offs of the allowance would be recognized in those situations as well. We define collateral dependent loans as those mortgage loans for which we still depend on the value of the collateral real estate to satisfy the outstanding principal of the loan. |
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| Mortgage Loans on Real Estate, Non-Accrual Loan Status, Policy | The loans that are categorized as "in workout" consist of loans that we have agreed to lower or no mortgage payments for a period of time while the borrowers address cash flow and/or operational issues. The key features of these workouts have been determined on a loan-by-loan basis. Most of these loans are in a period of low cash flow due to tenants vacating their space or tenants requesting rent relief during difficult economic periods. Generally, we have allowed the borrower a six month interest only period and in some cases a twelve month period of interest only. Interest only workout loans are expected to return to their regular debt service payments after the interest only period. Interest only loans that are not fully amortizing will have a larger balance at their balloon date than originally contracted. Fully amortizing loans that are in interest only periods will have larger debt service payments for their remaining term due to lost principal payments during the interest only period. In limited circumstances we have allowed borrowers to pay the principal portion of their loan payment into an escrow account that can be used for capital and tenant improvements for a period of not more than twelve months. In these situations new loan amortization schedules are calculated based on the principal not collected during this twelve month workout period and larger payments are collected for the remaining term of each loan. In all cases, original interest rate and maturity date have not been modified, and we have not forgiven any principal amounts. Mortgage loans are considered delinquent when they become 60 days past due. When loans become 90 days past due, become collateral dependent or enter a period with no debt service payments required we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If the payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan. |
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| Mortgage Loans on Real Estate, Troubled Debt Restructuring, Policy | A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower is experiencing financial difficulty and the new terms constitute a concession on our part. We analyze all loans where we have agreed to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty:
If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:
Mortgage loan workouts, refinances or restructures that are classified as TDR are individually evaluated and measured for impairment. |
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| Commitments and Contingencies, Policy | In accordance with applicable accounting guidelines, we establish an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. As a litigation or regulatory matter is developing we, in conjunction with outside counsel, evaluate on an ongoing basis whether the matter presents a loss contingency that meets conditions indicating the need for accrual and/or disclosure, and if not the matter will continue to be monitored for further developments. If and when the loss contingency related to litigation or regulatory matters is deemed to be both probable and estimable, we will establish an accrued liability with respect to that matter and will continue to monitor the matter for further developments that may affect the amount of the accrued liability. |
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Disclosure of accounting policy for deferred policy acquisition costs, inlcuding the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts, and the basis for and methodologies applied in capitalizing and amortizing such costs. Disclosure of accounting policy for sales inducements, including the yield enhancement features, such as interest credits and bonuses, given to motivate purchases of insurance products, and decription of the nature of the costs deferred and the method for amortizing such deferred costs. No definition available.
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Investments, Other Than Temporary Impairment Policy [Policy Text Block] No definition available.
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Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for comprehensive income. No definition available.
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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for its derivative instruments and hedging activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for an insurance entity's net liability for future benefits (for example, death, cash surrender value) to be paid to or on behalf of policyholders, describing the bases, methodologies and components of the reserve, and assumptions regarding estimates of expected investment yields, mortality, morbidity, terminations and expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for premium revenue recognition, including the basis for measurement and the timing of recognition of revenue from insurance premiums received from contract holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for estimating the allowance for losses on loans and lease receivables. The disclosure may include (a) how the entity determines each element of the allowance, (b) which loans are evaluated individually and which loans are evaluated as a group, (c) how the entity determines both the allocated and unallocated portions of the allowance, (d) how the entity determines the loss factors applied to graded loans in order to develop a general allowance, and (e) what self-correcting mechanism the entity uses to reduce differences between estimated and actual losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for when a loan ceases to accrue interest or other revenue because the borrower is in financial difficulty. May also describe the treatment of previously earned but uncollected interest income on loans in nonaccrual status, how cash received from borrowers is recorded on loans that are in nonaccrual status, and the policy for resuming accrual of interest. Also includes the policy for charging off uncollectible loans and trade receivables, and the policy for determining past-due or delinquency status (i.e. whether past-due status is based on how recently payments have been received or on contractual terms). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of the accounting policy for reporting real estate acquired by the entity through exercise of a right to purchase the property securing a borrowing, usually at auction, after the borrower has defaulted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of the accounting policy for loan agreements whose terms have been modified because of the inability of the borrower for financial reasons to comply with the terms of the original loan agreement. A creditor discloses material facts pertaining to significant modifications. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Significant Accounting Policies (Tables)
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Dec. 31, 2013
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums and Annuity Deposits, Net of Coinsurance, By Product Type | Premiums and annuity deposits (net of coinsurance) collected in 2013, 2012 and 2011, by product type were as follows:
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- Definition
Represents the total premium and annuity deposits collected, net of coinsurance, during the reporting period. [Table Text Block] No definition available.
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- Details
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Fair Values of Financial Instruments (Tables)
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Dec. 31, 2013
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amounts and Fair Values of Financial Instruments | The following sets forth a comparison of the carrying amounts and fair values of our financial instruments:
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| Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy | Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2013 and 2012 are presented below based on the fair value hierarchy levels:
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| Assets Measured at Fair Value on Recurring Basis, Level 3 Reconciliation |
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| Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation |
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investments (Tables)
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Dec. 31, 2013
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fixed Maturity and Equity Securites | At December 31, 2013 and 2012, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:
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| Schedule of Fixed Maturity Securities by Contractual Maturity Date | The amortized cost and fair value of fixed maturity securities at December 31, 2013, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.
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| Schedule of Components of Net Unrealized Gains on Availabe For Sale Fixed Maturity and Equity Securities Reported as Separate Component of Stockholders' Equity | Net unrealized gains on available for sale fixed maturity securities and equity securities reported as a separate component of stockholders' equity were comprised of the following:
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| Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation | The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:
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| Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time | The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 1,047 and 198 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2013 and 2012:
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| Schedule of Changes in Net Unrealized Gains/Losses on Investments | Changes in net unrealized gains/losses on investments for the years ended December 31, 2013, 2012 and 2011 are as follows:
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| Components of Net Investment Income | Components of net investment income are as follows:
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| Net Realized Gains (Losses) on Investments | Net realized gains (losses) on investments, excluding net OTTI losses are as follows:
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| Non-Income Producing Investments | The following table summarizes the carrying value of our fixed maturity securities, mortgage loans on real estate and real estate owned that have been non-income producing for 12 consecutive months:
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| Significant Assumptions Used to Determine the Credit Loss Component of Other Than Temporary Impairment on Residential Mortgage Backed Securities | The following table presents the range of significant assumptions used to determine the credit loss component of other than temporary impairments we have recognized on residential mortgage backed securities for the years ended December 31, 2013 and 2012, which are all senior level tranches within the structure of the securities:
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| Other Than Temporary Impairment by Asset Type | The following table summarizes other than temporary impairments by asset type:
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| Other Than Temporary Impairment, Credit Losses Recognized in Earnings | The cumulative portion of other than temporary impairments determined to be credit losses which have been recognized in operations for debt securities are summarized as follows:
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| Schedule of Other Than Temporary Impairment Losses, Investments | The following table summarizes the cumulative noncredit portion of OTTI and the change in fair value since recognition of OTTI, both of which were recognized in other comprehensive income, by major type of security, for securities that are part of our investment portfolio at December 31, 2013 and 2012:
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- Definition
[Table Text Block] for The carrying value of investments in fixed maturity securities, mortgage loans and real estate that are non-income procuding at the reporting date. No definition available.
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| X | ||||||||||
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- Definition
Other Than Temporary Impairment segregated by investment type including the number of securities, total OTTI, portion recognized in earnings and portion recognized in other comprehensive income. No definition available.
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| X | ||||||||||
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- Definition
Schedule of the components of net unrealized gains/(losses) on available-for-sale fixed maturity and equity securities reported as a seperate component of stockholders' equity. No definition available.
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- Definition
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation [Table Text Block] No definition available.
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- Definition
Items represent the significant assumptions used in determining the credit loss component of other than temporary impairment on residential mortgage backed securities segregated by sector, vintage, and minimum and maximum discount, default and loss severity rates. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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- Definition
Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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- Definition
Tabular disclosure of investments in an unrealized loss position for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the summary of investment holdings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of unrealized gains and losses on investments. No definition available.
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Mortgage Loans on Real Estate (Tables)
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Dec. 31, 2013
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Mortgage Loan Portfolio |
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| Mortgage Loan Portfolio Summarized by Geographic Region and Property Type | The portfolio consists of commercial mortgage loans collateralized by the related properties and diversified as to property type, location and loan size. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The mortgage loan portfolio is summarized by geographic region and property type as follows:
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| Rollforward of Allowance For Credit Losses | The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
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| Impaired Mortgage Loans on Real Estate by Basis of Impairment | The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
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| Real Estate Acquired Via Foreclosure or Deed In Lieu | The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
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| Mortgage Loans By Credit Quality Indicator | We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
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| Aging of Financing Receivables | Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
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| Impaired Financing Receivables | Financing receivables summarized in the following table represent all loans that we are either not currently collecting or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for more than 60 days at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
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| Troubled Debt Restructurings on Financing Receivables | A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2013 and 2012 that we determined to be TDRs are as follows:
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- Definition
Tabular disclosure summarizing the outstanding principal balance on impaired mortgage loans on real estate evaluated individually and collectively. [Table Text Block] No definition available.
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- Definition
Tabular presentation of real estate acquired through a foreclosure or a deed in lieu of foreclosure of mortgage loans on commercial real estate. The table rolls forward from period to period the real estate owned at the beginning of the period, adds real estate acquired, deducts real estate sold, and deducts any impairment recognized while the real estate was owned. No definition available.
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- Definition
Tabular disclosure itemizing the commercial mortgage loan portfolio by both geographic distribution and property type distribution. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of impaired financing receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of financing receivables and troubled debt restructurings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets | The fair value of our derivative instruments, including derivative instruments embedded in fixed index annuity contracts and derivative instruments embedded in a convertible debt issue, presented in the consolidated balance sheets are as follows:
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| Schedule of Changes in Fair Value of Derivative Instruments | The changes in fair value of derivatives included in the consolidated statements of operations are as follows:
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| Schedule of Call Options by Counterparty | The notional amount and fair value of our call options by counterparty and each counterparty's current credit rating are as follows:
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| Schedule of Interest Rate Derivatives | Details regarding the interest rate swap are as follows:
Details regarding the interest rate caps are as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables)
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Dec. 31, 2013
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| Deferred Policy Acquisition Costs and Deferred Sales Inducements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Policy Acquisition Costs | Policy acquisition costs deferred and amortized are as follows:
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| Deferred Sales Inducements | Sales inducements deferred and amortized are as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the movement in deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the change in deferred sales inducements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reinsurance and Policy Provisions (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Reinsurance Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amounts Ceded to EquiTrust and Athene, Impact on Consolidated Statements of Operations and Cash Flows | Amounts ceded to EquiTrust and Athene under these agreements are as follows:
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| X | ||||||||||
|
- Definition
Item represents tabular disclosure of the impact of amounts ceded to EquiTrust Life Insurance Company and Athene Life Re Ltd. Company on the consolidated statements of operations and consolidated statements of cash flows. No definition available.
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| X | ||||||||||
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- Details
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|
Income Taxes (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income Tax Expense | Our income tax expense as presented in the consolidated financial statements is summarized as follows:
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| Effective Income Tax Rate Reconciliation | Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rate of 35% as follows:
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| Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2013 and 2012, are as follows:
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Notes Payable and Amounts Due Under Repurchase Agreements Notes Payable and Amounts Due Under Repurchase Agreements (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability and Equity Components of Convertible Senior Notes | The convertible senior notes included in notes payable are accounted for separately as a liability component and an equity component in the consolidated balance sheets. The liability component and equity component are as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. No definition available.
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| X | ||||||||||
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- Details
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Subordinated Debentures (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Subordinated Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Subordinated Debt Obligations to the Trusts | Following is a summary of subordinated debt obligations to the trusts at December 31, 2013 and 2012:
*—three month London Interbank Offered Rate |
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| X | ||||||||||
|
- Definition
Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Retirement and Share-based Compensation Plans (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation Assumptions of Stock Options Granted to Officers, Directors and Employees | The fair value for each stock option granted to officers, directors and employees during the years ended December 31, 2012 and 2011 was estimated at the date of grant using a Black-Scholes option valuation model with the following assumptions:
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| Valuation Assumptions of Stock Options Granted to Agents | The fair value for each stock option granted to agents during the years ended December 31, 2013, 2012 and 2011 was estimated using a Black-Scholes option valuation model until the grant date, at which time the options are included as permanent equity, with the following assumptions:
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| Schedule of Stock Options Outstanding | Changes in the number of stock options outstanding during the years ended December 31, 2013, 2012 and 2011 are as follows:
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| Schedule of Stock Options Outstanding, By Exercise Price Range | The following table summarizes information about stock options outstanding at December 31, 2013:
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| X | ||||||||||
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- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Statutory Financial Information and Dividend Restrictions (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Statutory Financial Information and Dividend Restrictions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Accounting Practices Disclosure | Statutory capital and surplus for our primary life insurance subsidiary was as follows:
Calculations using the NAIC formula indicated that American Equity Life's ratio of total adjusted capital to the highest level of required capital at which regulatory action might be initiated (Company Action Level) is as follows:
Net income for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows:
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Rental Payments for Operating Leases | The following represents payments due by period for operating lease obligations as of December 31, 2013 (dollars in thousands):
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of earnings per common share and earnings per common share—assuming dilution:
|
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Options to purchase shares of our common stock that were outstanding during the respective periods indicated but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares are as follows:
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Quarterly Financial Information (Unaudited) (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information | Unaudited quarterly results of operations are summarized below.
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| Comparability of Net Income, Impact of Fair Value Accounting to Fixed Index Annuity Business | The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income (loss) is impacted by the application of fair value accounting to our fixed index annuity business is as follows:
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| X | ||||||||||
|
- Definition
Tabular disclosure of the quarterly impact of fair value accounting to our fixed index annuity business and the effects on the comparability of net income from period to period. No definition available.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Summary of Investments, Other than Investments in Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Investments - Other Than Investments in Related Parties | Schedule I—Summary of Investments— Other Than Investments in Related Parties AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY December 31, 2013
See accompanying Report of Independent Registered Public Accounting Firm. |
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| X | ||||||||||
|
- Definition
Tabular disclosure of the information required in the supplementary schedule applicable to management investment companies summarizing the listing of holdings of unaffiliated investments. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Schedule II - Condensed Financial Information of Registrant (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheets | AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Balance Sheets (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. |
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| Condensed Statements of Operations | AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Operations (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. |
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| Condensed Statements of Cash Flows | AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Cash Flows (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. Schedule II—Condensed Financial Information of Registrant (Continued) AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY (PARENT COMPANY) Condensed Statements of Cash Flows (Continued) (Dollars in thousands)
See accompanying note to condensed financial statements. See accompanying Report of Independent Registered Public Accounting Firm. |
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. No definition available.
|
|
Schedule III - Supplementary Insurance Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2013
|
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| Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Insurance Information | Schedule III—Supplementary Insurance Information AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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| X | ||||||||||
|
- Definition
Supplemental Insurance Information [Table Text Block] No definition available.
|
| X | ||||||||||
|
- Details
|
|
Schedule IV - Reinsurance (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Schedule of Reinsurance | Schedule IV—Reinsurance AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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| X | ||||||||||
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- Definition
Reinsurance [Table Text Block] No definition available.
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| X | ||||||||||
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- Details
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Schedule V - Valuation and Qualifying Accounts (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation and Qualifying Accounts | Schedule V—Valuation and Qualifying Accounts AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
See accompanying Report of Independent Registered Public Accounting Firm. |
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| X | ||||||||||
|
- Definition
Valuation and Qualifying Accounts [Table Text Block] No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Adjustments to Deferred Policy Acquisition Costs, Deferred Sales Inducements and Income Taxes for Net Realized Gains and Losses No definition available.
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| X | ||||||||||
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- Definition
Administrative fee of 16% charged on certain group policies. No definition available.
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| X | ||||||||||
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- Definition
Interest crediting rate, range for fixed index annuities No definition available.
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| X | ||||||||||
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- Definition
This element includes index credits on fixed index policies, interest allocated to policies that provide a guaranteed yield, and living income benefit rider credits to policies that the policyholder has elected to add to those policies. No definition available.
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| X | ||||||||||
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- Definition
Investment maturity period. No definition available.
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| X | ||||||||||
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- Definition
Represents the percentage of total production of National Marketing Organizations whose individual production was in excess of 10%. No definition available.
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| X | ||||||||||
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- Definition
Represents the number of organizations whose production exceeded 10% of total company production during the period. No definition available.
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| X | ||||||||||
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- Definition
Number of days past due for loans to be placed on non-accrual status. No definition available.
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| X | ||||||||||
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- Definition
The number of states in which the entity is licensed to sell insurance products. No definition available.
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| X | ||||||||||
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- Definition
Provision for annual experience refunds of permiums equal to net premiums less a 16% administrative fee and less claims incurred. No definition available.
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| X | ||||||||||
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- Definition
Reserve interest assumptions, range No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount, after effects of policies assumed or ceded, of expense related to the provision for policy benefits and costs incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Significant Accounting Policies (Premiums and Annuity Deposits, By Product Type) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Fixed index annuities: index strategies | $ 2,847,370 | $ 2,223,652 | $ 2,835,422 |
| Fixed index annuities: fixed strategy | 1,017,620 | 1,206,784 | 1,375,321 |
| Fixed index annuities | 3,864,990 | 3,430,436 | 4,210,743 |
| Fixed rate annuities | 112,740 | 148,105 | 247,237 |
| Single premium immediate annuities (SPIA) | 52,142 | 164,657 | 305,603 |
| Life insurance | 10,556 | 12,877 | 12,151 |
| Premiums and annuity deposits, net of coinsurance | $ 4,040,428 | $ 3,756,075 | $ 4,775,734 |
| X | ||||||||||
|
- Definition
Fixed Index Annuities No definition available.
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| X | ||||||||||
|
- Definition
Fixed index annuity deposits collected with fixed strategy. No definition available.
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| X | ||||||||||
|
- Definition
Fixed index annuity deposits collected on indexed strategies. No definition available.
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| X | ||||||||||
|
- Definition
Fixed rate annuity deposits collected. No definition available.
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| X | ||||||||||
|
- Definition
Premiums and Annuity Deposits No definition available.
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| X | ||||||||||
|
- Definition
Single Premium Immediate Annuity deposits collected during period. No definition available.
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| X | ||||||||||
|
- Definition
Amount, after premiums ceded to other entities and premiums assumed by the entity, of life premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Corresponding amount of change in the combined balance of deferred policy acquistion costs and deferred sales inducements due to a change in the discount rate utilized to determine the fair value of embedded derivatives. No definition available.
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| X | ||||||||||
|
- Definition
Item represents the number of basis points of change in the assumed discount rate utilized to determine the fair value of embedded derivatives. No definition available.
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| X | ||||||||||
|
- Definition
Amount of change in the fair value of fixed index embedded derivative liabilities due to a change in the discount rate. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Amount of transfers of assets measured on a recurring basis out of Level 1 of the fair value hierarchy into Level 2. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of assets measured on a recurring basis out of Level 2 of the fair value hierarchy into Level 1. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of liabilities measured on a recurring basis out of Level 1 of the fair value hierarchy into Level 2. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of liabilities measured on a recurring basis out of Level 2 of the fair value hierarchy into Level 1. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of financial instrument classified as a liability into level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of financial instrument classified as a liability out of level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfer of financial instrument classified as an asset into level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of transfers of financial instrument classified as an asset out of level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Other investments not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Values of Financial Instruments (Carrying Amounts and Fair Values of Financial Instruments) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Assets | ||
| Held for investment, fair value | $ 60,840 | $ 61,521 |
| Equity securities, available for sale | 7,778 | 53,422 |
| Mortgage loans on real estate | 2,581,082 | 2,623,940 |
| Other investments | 215,042 | 196,366 |
| Coinsurance deposits | 2,999,618 | 2,910,701 |
| Liabilities | ||
| Policy benefit reserves | 35,789,655 | 31,773,988 |
|
Carrying Amount [Member]
|
||
| Assets | ||
| Mortgage loans on real estate | 2,581,082 | 2,623,940 |
| Derivative assets | 856,050 | 415,258 |
| Other investments | 192,198 | 163,193 |
| Cash and cash equivalents | 897,529 | 1,268,545 |
| Coinsurance deposits | 2,999,618 | 2,910,701 |
| Counterparty collateral | 315,824 | 63,012 |
| Liabilities | ||
| Policy benefit reserves | 35,453,166 | 31,452,496 |
| Single premium immediate annuity (SPIA) benefit reserves | 417,625 | 455,167 |
| Notes payable | 549,958 | 309,869 |
| Subordinated debentures | 246,050 | 245,869 |
|
Carrying Amount [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 6,103 | 3,247 |
|
Carrying Amount [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 712 | 0 |
| Liabilities | ||
| Interest rate derivative liabilities | 0 | 4,261 |
|
Carrying Amount [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 107,041 | 43,105 |
|
Carrying Amount [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 107,041 | 43,105 |
|
Carrying Amount [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 26,610,447 | 24,172,136 |
| Held for investment, fair value | 76,255 | 76,088 |
|
Carrying Amount [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Equity securities, available for sale | 7,778 | 53,422 |
|
Fair Value [Member]
|
||
| Assets | ||
| Mortgage loans on real estate | 2,615,410 | 2,848,235 |
| Derivative assets | 856,050 | 415,258 |
| Other investments | 193,343 | 163,517 |
| Cash and cash equivalents | 897,529 | 1,268,545 |
| Coinsurance deposits | 2,669,432 | 2,563,356 |
| Counterparty collateral | 315,824 | 63,012 |
| Liabilities | ||
| Policy benefit reserves | 29,670,827 | 26,264,831 |
| Single premium immediate annuity (SPIA) benefit reserves | 430,835 | 469,768 |
| Notes payable | 699,435 | 379,070 |
| Subordinated debentures | 234,959 | 218,283 |
|
Fair Value [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 6,103 | 3,247 |
|
Fair Value [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 712 | 0 |
| Liabilities | ||
| Interest rate derivative liabilities | 0 | 4,261 |
|
Fair Value [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 107,041 | 43,105 |
|
Fair Value [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 107,041 | 43,105 |
|
Fair Value [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 26,610,447 | 24,172,136 |
| Held for investment, fair value | 60,840 | 61,521 |
|
Fair Value [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Equity securities, available for sale | $ 7,778 | $ 53,422 |
| X | ||||||||||
|
- Definition
Fair Value Liabilities Measured on Recurring Basis, Notes Payable Embedded Derivative No definition available.
|
| X | ||||||||||
|
- Definition
Hedge transacation whereby we have the option to receive the cash equivalent of the conversion spread on shares of our common stock based upon a strike price per share, subject to certain conversion rate adjustments in the Notes. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of subordinated debt obligations including, but not limited to, subordinated loan, subordinated bond, subordinated debenture or junior debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the reinsurer's funds held on its behalf by the ceding insurer, including funds held in trust, under reinsurance treaties or contracts with the assuming insurer as security for the payment of the obligations thereunder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of accrued obligation to policyholders that relates to insured events for long-duration contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of accrued obligation to policyholders that relates to insured events under other insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The balance represents the amount of loans that are secured by real estate mortgages, offset by the reserve to cover probable credit losses on the loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of notes payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of other assets. No definition available.
|
| X | ||||||||||
|
- Definition
Other investments not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Values of Financial Instruments (Assets and Liabilities Measured on a Recurring Basis by Fair Value Hierarchy) (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
|
Total Fair Value [Member]
|
||
| Assets | ||
| Derivative assets | $ 856,050 | $ 415,258 |
| Cash and cash equivalents | 897,529 | 1,268,545 |
| Counterparty collateral | 315,824 | |
| Assets | 28,801,484 | 25,955,713 |
| Liabilities | ||
| Fixed index annuities - embedded derivatives | 4,406,163 | 3,337,556 |
| Liabilities | 4,513,204 | 3,384,922 |
|
Total Fair Value [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 6,103 | 3,247 |
|
Total Fair Value [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 712 | |
| Liabilities | ||
| Interest rate derivative liabilities | 4,261 | |
|
Total Fair Value [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 107,041 | 43,105 |
|
Total Fair Value [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 107,041 | 43,105 |
|
Total Fair Value [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Available for sale securities | 7,778 | 53,422 |
|
Total Fair Value [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 42,925 | 5,154 |
|
Total Fair Value [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,194,289 | 1,772,025 |
|
Total Fair Value [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 3,306,743 | 3,578,323 |
|
Total Fair Value [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 91,557 | 105,259 |
|
Total Fair Value [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 17,233,037 | 14,466,772 |
|
Total Fair Value [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,971,960 | 2,888,113 |
|
Total Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,735,460 | 357,982 |
|
Total Fair Value [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,034,476 | 998,508 |
|
Quoted Prices in Active Markets (Level 1) [Member]
|
||
| Assets | ||
| Derivative assets | 0 | 0 |
| Cash and cash equivalents | 897,529 | 1,268,545 |
| Counterparty collateral | 0 | |
| Assets | 902,713 | 1,344,136 |
| Liabilities | ||
| Fixed index annuities - embedded derivatives | 0 | 0 |
| Liabilities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 0 | |
| Liabilities | ||
| Interest rate derivative liabilities | 0 | |
|
Quoted Prices in Active Markets (Level 1) [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 36,928 |
|
Quoted Prices in Active Markets (Level 1) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 4,805 | 5,154 |
|
Quoted Prices in Active Markets (Level 1) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 20 | 33,131 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Quoted Prices in Active Markets (Level 1) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 359 | 378 |
|
Significant Other Observable Inputs (Level 2) [Member]
|
||
| Assets | ||
| Derivative assets | 856,050 | 415,258 |
| Cash and cash equivalents | 0 | 0 |
| Counterparty collateral | 315,824 | |
| Assets | 27,897,395 | 24,609,765 |
| Liabilities | ||
| Fixed index annuities - embedded derivatives | 0 | 0 |
| Liabilities | 107,041 | 47,366 |
|
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 6,103 | 3,247 |
|
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 712 | |
| Liabilities | ||
| Interest rate derivative liabilities | 4,261 | |
|
Significant Other Observable Inputs (Level 2) [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 107,041 | 43,105 |
|
Significant Other Observable Inputs (Level 2) [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 107,041 | 43,105 |
|
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Available for sale securities | 7,778 | 16,494 |
|
Significant Other Observable Inputs (Level 2) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 38,120 | 0 |
|
Significant Other Observable Inputs (Level 2) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,194,289 | 1,772,025 |
|
Significant Other Observable Inputs (Level 2) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 3,306,743 | 3,578,323 |
|
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 91,557 | 105,259 |
|
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 17,233,017 | 14,433,641 |
|
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,970,584 | 2,886,301 |
|
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,735,460 | 357,982 |
|
Significant Other Observable Inputs (Level 2) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,034,117 | 998,130 |
|
Significant Unobservable Inputs (Level 3) [Member]
|
||
| Assets | ||
| Derivative assets | 0 | 0 |
| Cash and cash equivalents | 0 | 0 |
| Counterparty collateral | 0 | |
| Assets | 1,376 | 1,812 |
| Liabilities | ||
| Fixed index annuities - embedded derivatives | 4,406,163 | 3,337,556 |
| Liabilities | 4,406,163 | 3,337,556 |
|
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Caps [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member]
|
||
| Assets | ||
| Interest rate derivative assets | 0 | |
| Liabilities | ||
| Interest rate derivative liabilities | 0 | |
|
Significant Unobservable Inputs (Level 3) [Member] | 2015 Notes Hedges [Member]
|
||
| Assets | ||
| 2015 notes hedges | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | 2015 Notes Embedded Derivative [Member]
|
||
| Liabilities | ||
| 2015 notes embedded conversion derivative | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities, Available For Sale [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | United States Government Full Faith and Credit [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | United States Government Sponsored Agencies [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | United States Municipalities, States and Territories [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government Obligations [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 1,376 | 1,812 |
|
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | 0 | 0 |
|
Significant Unobservable Inputs (Level 3) [Member] | Other Asset Backed Securities [Member] | Fixed Maturity Securities [Member]
|
||
| Assets | ||
| Available for sale securities | $ 0 | $ 0 |
| X | ||||||||||
|
- Definition
Fair value of fixed index embedded derivative liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Fair Value Liabilities Measured on Recurring Basis, Notes Payable Embedded Derivative No definition available.
|
| X | ||||||||||
|
- Definition
Hedge transacation whereby we have the option to receive the cash equivalent of the conversion spread on shares of our common stock based upon a strike price per share, subject to certain conversion rate adjustments in the Notes. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value of financial and nonfinancial obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of other assets. No definition available.
|
|
Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Assets) (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
|
Fair Value, Measurements, Recurring [Member]
|
||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 1,812 | $ 2,098 |
| Principal returned | (864) | (300) |
| Accretion of discount | 152 | 67 |
| Total gains (losses) (unrealized/realized): included in other comprehensive income (loss) | 276 | 250 |
| Total gains (losses) (unrealized/realized): included in operations | 0 | (303) |
| Ending balance | $ 1,376 | $ 1,812 |
| X | ||||||||||
|
- Definition
Represents the (amortization)/accretion of premium/discount that have taken palce during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in the income statement for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in other comprehensive income (loss) for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of settlement of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Values of Financial Instruments (Reconciliation of Beginning and Ending Balances of Level 3 Liabilities) (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
|
Fair Value, Measurements, Recurring [Member]
|
||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 3,337,556 | $ 2,530,496 |
| Premiums less benefits | 1,485,109 | 765,942 |
| Change in unrealized losses (gains), net | (416,502) | 41,118 |
| Ending balance | $ 4,406,163 | $ 3,337,556 |
| X | ||||||||||
|
- Definition
This element represents premiums less benefits which have taken place during the period in relation to liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3). No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the reasonable period of time from the date of impairment for a security to recover to book value. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of debt securities in the investment portfolio with call features that permit the issuer of the debt to repay before the stated maturity date (early retirement date) and are callable during the next 12 months. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of debt securities in the investment portfolio with call features that permit the issuer of the debt to repay before the stated maturity date (early retirement date) and are callable over the next 12 months. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of debt securities in the investment portfolio with call features that permit the issuer of the debt to repay before the stated maturity date (early retirement date) and are currently callable. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of debt securities in the investment portfolio with call features that permit the issuer of the debt to repay before the stated maturity date (early retirement date) and are currently callable. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of debt securities in the investment portfolio with call features that permit the issuer of the debt to repay before the stated maturity date (early retirement date). No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the percentage of unrealized losses on fixed maturity securities that is on securities classified as investment grade. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of individual securities in an unrealized loss position as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of fixed income securities at fair value rated investment grade (NAIC 1 or 2) compared to the entire fixed income security portfolio at fair value. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the calls (requests for early payments) of US Government Agency and Corporate (public and private) securities classified as available for sale or held for investment. No definition available.
|
| X | ||||||||||
|
- Definition
Threshold percentage utilized for disclosure purposes. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount of cash and investment securities on deposit with state regulatory authorities in connection with capital requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of investment positions in available-for-sale investments in a continuous unrealized loss position for which an other-than-temporary impairment (OTTI) has not been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of all significant concentrations of credit risk or market risk arising from the subject financial instrument (as defined), whether from an individual counterparty or groups of counterparties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale of debt and equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrealized gain before deducting unrealized loss on investments in debt and equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss before deducting unrealized gain on investments in available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrecognized gain before loss on investments in held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrecognized loss before gain on investments in held-to-maturity securities. Excludes write-down for other than temporary impairment (OTTI). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Available-for-sale Securities, Debt Maturities, after Ten Years through Twenty Years, Amortized Cost Basis No definition available.
|
| X | ||||||||||
|
- Definition
Available-for-sale Securities, Debt Maturities, after Ten Years Through Twenty Years, Fair Value No definition available.
|
| X | ||||||||||
|
- Definition
Available-for-sale Securities, Debt Maturities, after Twenty Years, Amortized Cost No definition available.
|
| X | ||||||||||
|
- Definition
Available-for-sale Securities, Debt Maturities, after Twenty Years, Fair Value No definition available.
|
| X | ||||||||||
|
- Definition
Held-to-maturity Securities, Debt Maturities, after Ten Years Through Twenty Years, Fair Value No definition available.
|
| X | ||||||||||
|
- Definition
Held-to-maturity Securities, Debt Maturities, after Ten Years Through Twenty Years, Net Carrying Amount No definition available.
|
| X | ||||||||||
|
- Definition
Held-to-maturity Securities, Debt Maturities, after Twenty Years, Fair Value No definition available.
|
| X | ||||||||||
|
- Definition
Held-to-maturity Securities, Debt Maturities, after Twenty Years, Net Carrying Amount No definition available.
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, which include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value of investment in available-for-sale debt securities with a single maturity date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment in available-for-sale debt securities with a single maturity date at cost, after adjustments, including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in the statement of income and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the next fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the cost over several maturity groupings. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the fair value over several maturity groupings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of held-to-maturity debt securities at fair value maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of debt securities accounted for as held-to-maturity, net of adjustments including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized, and fair value hedge accounting adjustments, maturing in the fifth through tenth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of held-to-maturity debt securities at fair value maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of debt securities accounted for as held-to-maturity, net of adjustments including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized, and fair value hedge accounting adjustments, maturing in the next fiscal year through the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of investment in held-to-maturity debt securities with a single maturity date, after other than temporary impairment (OTTI) accretion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of investment in held-to-maturity debt securities with a single maturity date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of held-to-maturity debt securities at fair value maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of debt securities accounted for as held-to-maturity, net of adjustments including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized, and fair value hedge accounting adjustments, maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of held-to-maturity debt securities at fair value that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the fair value over several maturity groupings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of debt securities accounted for as held-to-maturity, net of adjustments including, but not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized, and fair value hedge accounting adjustments, over several maturity groupings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of investments in debt securities classified as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments (Net Unrealized Gains on Available for Sale Fixed Maturity and Equity Securities Reported as a Seperate Component of Stockholders' Equity) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Components of Net Unrealized Gains or Losses Reported as Other Comprehensive Income [Line Items] | ||
| Net unrealized gains on available for sale fixed maturity securities and equity securities | $ 82,992 | $ 2,223,933 |
| Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements | (46,588) | (1,201,974) |
| Deferred income tax valuation allowance reversal | 22,534 | 22,534 |
| Deferred income tax benefit | (12,742) | (357,686) |
| Net unrealized gains reported as accumulated other comprehensive income | $ 46,196 | $ 686,807 |
| X | ||||||||||
|
- Definition
Accumulated unrealized gain or loss before tax on available for sale securities at the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
The tax effect on the accumulated unrealized gain or loss on the total available for sale security portfolio at the reporting date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount included in other comprehensive incoem attributable to the adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements due to net unrealized gains and losses on available for sale fixed maturity and equity securities. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of reversal recorded to eliminate the deferred tax asset valuation allowance that represents a component of net unrealized gain/loss in other comprehensive income. No definition available.
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Investment Holdings [Line Items] | ||
| Amortized cost | $ 26,603,985 | $ 22,033,115 |
| Fair value | 26,671,287 | 24,233,657 |
|
NAIC, Class 1 Designation [Member] | Investments, External Credit Rating, Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 16,394,654 | 13,737,381 |
| Fair value | 16,531,250 | 15,250,560 |
|
NAIC, Class 2 Designation [Member] | Investments, External Credit Rating, Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 9,630,251 | 7,838,186 |
| Fair value | 9,598,399 | 8,533,121 |
|
NAIC, Class 3 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 502,822 | 398,294 |
| Fair value | 474,165 | 387,222 |
|
NAIC, Class 4 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 74,493 | 53,879 |
| Fair value | 66,078 | 56,151 |
|
NAIC, Class 5 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
|
NAIC, Class 6 Designation [Member] | Investments, External Credit Rating, Non Investment Grade [Member]
|
||
| Investment Holdings [Line Items] | ||
| Amortized cost | 1,765 | 5,375 |
| Fair value | $ 1,395 | $ 6,603 |
| X | ||||||||||
|
- Definition
Amortized cost of fixed maturity portfolio, available for sale and held for investment, combined totals. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value of fixed maturity portfolio, available for sale and held for investment, combined totals. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss on securities classified as available-for-sale that have been in a loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss on securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss on investments in available-for-sale securities that have been in a loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss on investments in held-to-maturity securities that have been in a loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss on investments in held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the fair value of securities categorized as held-to-maturity which are in an unrealized loss position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrealized loss before deducting unrealized gain on investments in held-to-maturity securities that have been in a loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the fair value of securities categorized as held-to-maturity that have been in a continuous unrealized loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the fair value of securities categorized as held-to-maturity securities that have been in a continuous unrealized loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Adjustments for Assumed Changes in Amortization of Deferred Policy Acquisition Costs and Deferred Sales Inducements Due to Net Unrealized Gains and Losses on Available for Sale Fixed Maturity and Equity Securities. No definition available.
|
| X | ||||||||||
|
- Definition
Change in Net Unrealized Gain or Loss, Fixed Maturity Securities, Held for Investment No definition available.
|
| X | ||||||||||
|
- Definition
Represents the aggregate of the adjustments for the effect on other balance sheet accounts related to the pretax change in net unrealized holding gain (loss) on available-for-sale securities that has been included in accumulated other comprehensive income, a separate component of shareholders' equity, during the period. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the pretax change in net unrealized holding gain (loss) on available-for-sale securities that has been included in accumulated other comprehensive income, a separate component of shareholders' equity, during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in unrealized holding gain (loss), net of tax, on available-for-sale securities included in a separate component of shareholders' equity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the tax effects occurring during the period which are related to the net unrealized gain (loss) resulting from changes in the fair [carrying] value during the period of available-for-sale securities. Such tax affects would have been charged or credited directly to other comprehensive income or to related components of shareholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments (Components of Net Investment Income) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | $ 1,397,327 | $ 1,300,331 | $ 1,228,996 | ||||||||
| Less investment expenses | (13,400) | (13,408) | (10,216) | ||||||||
| Net investment income | 363,947 | 354,147 | 336,143 | 329,690 | 321,160 | 318,594 | 320,259 | 326,910 | 1,383,927 | 1,286,923 | 1,218,780 |
|
Fixed Maturity Securities [Member]
|
|||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | 1,229,486 | 1,112,296 | 1,048,376 | ||||||||
|
Equity Securities [Member]
|
|||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | 1,586 | 3,090 | 3,315 | ||||||||
|
Mortgage Loans on Real Estate [Member]
|
|||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | 159,769 | 176,354 | 172,731 | ||||||||
|
Cash and Cash Equivalents [Member]
|
|||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | 775 | 2,243 | 554 | ||||||||
|
Other [Member]
|
|||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income, gross | $ 5,711 | $ 6,348 | $ 4,020 | ||||||||
| X | ||||||||||
|
- Definition
Amount, before investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expenses related to the generation of investment income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments (Net Realized Gains (Losses) on Invesments) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses | $ 16,364 | $ (2,077) | $ 15,689 | $ 10,585 | $ 1,471 | $ (1,238) | $ (611) | $ (6,076) | $ 40,561 | $ (6,454) | $ (18,641) |
|
Fixed Maturity Securities [Member]
|
|||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Gross realized gains | 39,079 | 10,906 | 12,614 | ||||||||
| Gross realized losses | (6,170) | (562) | (1,423) | ||||||||
| Gross realized gains (losses), excluding other than temporary impairments | 32,909 | 10,344 | 11,191 | ||||||||
|
Equity Securities [Member]
|
|||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Gross realized gains | 9,571 | 562 | 966 | ||||||||
|
Other Investments [Member]
|
|||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Gain on sale of real estate | 2,144 | 5,149 | 377 | ||||||||
| Loss on sale of real estate | (1,317) | 0 | 0 | ||||||||
| Impairment losses on real estate | (1,195) | (5,677) | (405) | ||||||||
| Gain (loss) on other investments | (368) | (528) | (28) | ||||||||
|
Mortgage Loans on Real Estate [Member]
|
|||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Mortgage loans on real estate: Increase in allowance for credit losses | (5,621) | (16,832) | (30,770) | ||||||||
| Mortgage loans on real estate: recovery of specific allowance | 4,070 | 0 | 0 | ||||||||
| Mortgage loans on real estate: change in allowance for provision and recoveries | $ (1,551) | $ (16,832) | $ (30,770) | ||||||||
| X | ||||||||||
|
- Definition
Financing Receivable, Allowance For Credit Losses, Period (Increase) Decrease, Provision And Recoveries, Total No definition available.
|
| X | ||||||||||
|
- Definition
Gain (loss) recognized during the period on the assets in our investment porfolio categorized as other investments. No definition available.
|
| X | ||||||||||
|
- Definition
The gain resulting from sales and other disposals of other real estate owned. No definition available.
|
| X | ||||||||||
|
- Definition
The loss resulting from sales and other disposals of other real estate owned. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross profit realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross loss realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of recovery of financing receivables doubtful of collection that were previously charged off. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments (Non-Income Producing Investments) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Non-Income Producing Investments [Line Items] | ||
| Non-income producing investments | $ 3,531 | $ 8,744 |
|
Fixed Maturity Securities [Member]
|
||
| Non-Income Producing Investments [Line Items] | ||
| Non-income producing investments | 20 | 4,691 |
|
Mortgage Loans on Real Estate [Member]
|
||
| Non-Income Producing Investments [Line Items] | ||
| Non-income producing investments | 3,511 | 2,783 |
|
Real Estate Owned [Member]
|
||
| Non-Income Producing Investments [Line Items] | ||
| Non-income producing investments | $ 0 | $ 1,270 |
| X | ||||||||||
|
- Definition
Represents the carrying value of investments that were non-income producing as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Investments (Significant Assumptions Used to Determine the Credit Loss Component of Other Than Temporary Impariment on Residential Mortgage Backed Securities) (Details) (Residential Mortgage Backed Securities [Member])
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2003 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.10% | |
| Default rate | 2.00% | |
| Loss severity | 30.00% | |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2003 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.10% | |
| Default rate | 2.00% | |
| Loss severity | 30.00% | |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.50% | 6.50% |
| Default rate | 8.00% | 8.00% |
| Loss severity | 50.00% | 40.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 7.70% | 7.70% |
| Default rate | 18.00% | 19.00% |
| Loss severity | 65.00% | 50.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2006 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.80% | 5.80% |
| Default rate | 9.00% | 9.00% |
| Loss severity | 45.00% | 40.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2006 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.90% | 7.60% |
| Default rate | 16.00% | 19.00% |
| Loss severity | 50.00% | 55.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2007 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.20% | 6.10% |
| Default rate | 11.00% | 11.00% |
| Loss severity | 40.00% | 40.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2007 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.70% | 7.30% |
| Default rate | 25.00% | 38.00% |
| Loss severity | 60.00% | 60.00% |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2008 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.60% | |
| Default rate | 16.00% | |
| Loss severity | 45.00% | |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2008 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.60% | |
| Default rate | 16.00% | |
| Loss severity | 45.00% | |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2009 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.80% | |
| Default rate | 17.00% | |
| Loss severity | 60.00% | |
|
Residential Mortgage Backed Securities, Prime Sector [Member] | Vintage Year 2009 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.80% | |
| Default rate | 17.00% | |
| Loss severity | 60.00% | |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2004 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.80% | |
| Default rate | 11.00% | |
| Loss severity | 60.00% | |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2004 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.80% | |
| Default rate | 11.00% | |
| Loss severity | 60.00% | |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2005 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 5.60% | 5.60% |
| Default rate | 13.00% | 12.00% |
| Loss severity | 2.00% | 5.00% |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2005 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 8.70% | 8.70% |
| Default rate | 81.00% | 38.00% |
| Loss severity | 65.00% | 55.00% |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2006 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.00% | |
| Default rate | 32.00% | |
| Loss severity | 55.00% | |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2006 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.00% | |
| Default rate | 46.00% | |
| Loss severity | 60.00% | |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2007 [Member] | Minimum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.20% | 6.20% |
| Default rate | 38.00% | 31.00% |
| Loss severity | 60.00% | 55.00% |
|
Residential Mortgage Backed Securities, Alt-A Sector [Member] | Vintage Year 2007 [Member] | Maximum [Member]
|
||
| Residential Mortgage Backed Securities, Vintage Year [Line Items] | ||
| Discount rate | 6.90% | 7.00% |
| Default rate | 52.00% | 55.00% |
| Loss severity | 65.00% | 65.00% |
| X | ||||||||||
|
- Definition
This item represents the discount rate on the underlying assets in the security that was considered as one of the potential factors in reaching a conclusion that the investments in marketable securities are other than temporarily impaired and the amount of such impairment determined to be related to credit loss recognized in earnings. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the loss severity rate of the underlying assets in the security that was considered as one of the potential factors in reaching a conclusion that the investments in marketable securities are other than temporarily impaired and the amount of such impairment determined to be related to credit loss recognized in earnings. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the default rate of the underlying assets in the security that was considered as one of the potential factors in reaching a conclusion that the available-for-sale investments are other than temporarily impaired and the amount of such impairment determined to be related to credit loss recognized in earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Item represents the number of securites for which other than temporary impairment was recognized. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax of other than temporary impairment loss (OTTI) on investments in available-for-sale and held-to-maturity debt securities, recognized in other comprehensive loss and attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments (Other Than Temporary Impairment, Credit Losses Recognized in Earnings) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
| Cumulative credit loss at beginning of year | $ (134,027) | $ (119,095) |
| Credit losses on securities for which OTTI has not previously been recognized | (4,536) | (12,365) |
| Additional credit losses on securities for which OTTI has previously been recognized | (1,270) | (2,567) |
| Accumulated losses on securities that were disposed of during the period | 13,873 | 0 |
| Cumulative credit loss at end of year | $ (125,960) | $ (134,027) |
| X | ||||||||||
|
- Definition
This item represents an increase to the cumulative amount of credit losses recognized in earnings for an other than temporary impairment (OTTI) of a debt security held for which a previous OTTI was recognized and the investor does not intend to sell the debt security and it is not more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents an increase to the cumulative amount of credit losses recognized in earnings for an other than temporary impairment (OTTI) of a debt security held for which no such other than temporary impairment (OTTI) was previously recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of credit losses recognized in earnings related to debt securities held for which a portion of an other than temporary impairment (OTTI) was recognized in other comprehensive income (a component of shareholders' equity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents reductions in the cumulative amount of credit losses recognized in earnings for an other than temporary impairment (OTTI) of a debt security because of the sale of impaired securities during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in Fair Value of Securities with Noncredit Other Than Temporary impairment Losses No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the fair value of securities with noncredit other than temporary impairment losses as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
The cummulative amount of other than temporary impairment (OTTI) loss on a debt security, categorized as either Available-for-sale or Held-to-maturity, related to factors other than credit losses when the entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis that has been recognized since this accounting standard became effective. This amount which is attributable to the parent, is a portion of the deduction from the total impairment losses of Investments (before taxes) presented on the income statement. No definition available.
|
| X | ||||||||||
|
- Definition
Amortized cost of securities with noncredit OTTI losses recognized during the reporting period. No definition available.
|
|
Mortgage Loans on Real Estate (Narrative) (Details) (USD $)
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
loans
Quarters
portfolio_segment
|
Dec. 31, 2012
loans
|
|
| Mortgage Loans on Real Estate [Abstract] | ||
| Mortgage loans on real estate | $ 2,581,082,000 | $ 2,623,940,000 |
| Commitments outstanding | 79,600,000 | |
| Number of portfolio segments that make up financing receivables | 1 | |
| Number of days past due, delinquent status | 60 days | |
| Number of quarters of data utilized to calculate loss rates in determining the general allowance for loan losses | 4 | |
| Debt service coverage ratio (less than amount) | 100.00% | |
| Number of loans satisfied by foreclosure | 5 | 13 |
| Number of days past due, non-accrual status | 90 days | |
| Outstanding principal of non-accrual loans | $ 8,200,000 | $ 34,700,000 |
| Impaired mortgage loans, workout terms, interest only payments, six month terms | 6 months | |
| Impaired mortgage loans, workout terms, interest only payments, twelve month terms | 12 months | |
| Impaired mortgage loans, workout terms, cash flow sweep, number of months | 12 months | |
| X | ||||||||||
|
- Definition
The number of quarters of data utilized to calculate loss rates in determining the general allowance for loan losses. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of net operating income of a mortgaged property divided by the contractual principal and interest payment due for the corresponding period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of days past due for loans to be considered delinquent. No definition available.
|
| X | ||||||||||
|
- Definition
The number of portfolio segments which make up financing receivables. No definition available.
|
| X | ||||||||||
|
- Definition
Circumstances in which borrowers pay a protion of their loan payment into an escrow account that can be used for capital and tenant improvements of a period not more than 12 months. No definition available.
|
| X | ||||||||||
|
- Definition
Loan workout terms in which a borrower makes interest only payments on the commerical mortgage loan. No definition available.
|
| X | ||||||||||
|
- Definition
Loan workout terms in which a borrower makes interest only payments on the commerical mortgage loan. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of loans that were satisfied by taking ownership of the underlying collateral during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of days past due for loans to be placed on non-accrual status. No definition available.
|
| X | ||||||||||
|
- Definition
Recorded investment in financing receivables that are on nonaccrual status as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The undisbursed portion of the commercial loan receivable balance (loans in process) which is deducted separately from total loans. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The balance represents the amount of loans that are secured by real estate mortgages, offset by the reserve to cover probable credit losses on the loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|---|
| Mortgage Loans on Real Estate [Abstract] | |||
| Principal outstanding | $ 2,607,698 | $ 2,658,883 | $ 2,856,011 |
| Loan loss allowance | (26,047) | (34,234) | |
| Deferred prepayment fees | (569) | (709) | |
| Mortgage loans on real estate | $ 2,581,082 | $ 2,623,940 |
| X | ||||||||||
|
- Definition
The reserve to cover probable credit losses related to specifically identified fixed maturity real estate loans as well as probable credit losses inherent in the remainder of that loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The balance represents the amount of loans that are secured by real estate mortgages, offset by the reserve to cover probable credit losses on the loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the cumulative amount of fees paid by commercial borrowers which have not yet been taken into income and unamortized costs incurred to originate commercial loans and leases, unamortized commercial loan commitments and commercial loan syndication fees, and premiums over or discounts from face amounts of commercial loans that are being amortized into income as an adjustment to yield. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the specific geographic distribution or property type distribution amount as a percentabe of the total amortzed cost of mortgage loans. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Mortgage Loans on Real Estate (Rollforward of Allowance for Loan Losses) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
| Ending allowance balance | $ (26,047) | $ (34,234) | |
|
Specific Allowance [Member]
|
|||
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
| Beginning allowance balance | (23,134) | (23,664) | (13,224) |
| Charge-offs | 9,738 | 15,562 | 14,030 |
| Recoveries | 4,070 | 0 | 0 |
| Change in provision for credit losses | (7,521) | (15,032) | (24,470) |
| Ending allowance balance | (16,847) | (23,134) | (23,664) |
|
General Allowance [Member]
|
|||
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
| Beginning allowance balance | (11,100) | (9,300) | (3,000) |
| Charge-offs | 0 | 0 | 0 |
| Recoveries | 0 | 0 | 0 |
| Change in provision for credit losses | 1,900 | (1,800) | (6,300) |
| Ending allowance balance | $ (9,200) | $ (11,100) | $ (9,300) |
| X | ||||||||||
|
- Definition
The reserve to cover probable credit losses related to specifically identified fixed maturity real estate loans as well as probable credit losses inherent in the remainder of that loan portfolio. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of recovery of financing receivables doubtful of collection that were previously charged off. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of direct write-downs of financing receivables charged against the allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Mortgage Loans on Real Estate (Impaired Mortgage Loans on Real Estate By Basis of Impairment) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|---|
| Mortgage Loans on Real Estate [Abstract] | |||
| Individually evaluated for impairment | $ 47,018 | $ 53,110 | $ 67,698 |
| Collectively evaluated for impairment | 2,560,680 | 2,605,773 | 2,788,313 |
| Principal outstanding | $ 2,607,698 | $ 2,658,883 | $ 2,856,011 |
| X | ||||||||||
|
- Definition
The balance of financing receivables that were collectively evaluated for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The balance of financing receivables that were individually evaluated for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Mortgage Loans on Real Estate (Real Estate Owned) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Real Estate Owned [Roll Forward] | |||
| Real estate owned at beginning of period | $ 33,172 | $ 36,821 | $ 19,122 |
| Real estate acquired in satisfaction of mortgage loans | 8,217 | 26,324 | 20,978 |
| Additions | 626 | 398 | 387 |
| Sales | (17,358) | (23,825) | (3,027) |
| Impairments | (1,195) | (5,677) | 0 |
| Depreciation | (618) | (869) | (639) |
| Real estate owned at end of period | $ 22,844 | $ 33,172 | $ 36,821 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Improvements to other real estate not separately disclosed, including, but not limited to, real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. This excludes real estate assets taken in settlement of troubled loans through surrender or foreclosure. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of land and buildings obtained through foreclosure proceedings or defeasance in full or partial satisfaction of a debt arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investments acquired through foreclosure for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investments sold for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the increase in the real estate owned valuation allowance that is charged against earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of depreciation expense of real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Mortgage Loans on Real Estate (Mortgage Loans by Credit Quality Indicator) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|---|
| Mortgage Loans on Real Estate [Abstract] | |||
| Performing | $ 2,593,276 | $ 2,597,440 | |
| In workout | 6,248 | 26,723 | |
| Delinquent | 0 | 0 | |
| Collateral dependent | 8,174 | 34,720 | |
| Principal outstanding | $ 2,607,698 | $ 2,658,883 | $ 2,856,011 |
| X | ||||||||||
|
- Definition
Mortgage loans on real estate at the reporting date that are not performing and will probably be satisfied by taking ownership of the real estate serving as collateral. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage loans that are in a workout period at the end of the reporting period. Workouts are payment periods that are not in compliance with original loan agreement, such as interest only periods, no debt service payment periods, or escrowing principal portion of payments to be used for capital improvements. No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage loans that are in compliance with contractual terms at end of period. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of principal due on loans that have been delinquent, which may exclude loans having interest delinquent for three months or less, as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|---|
| Mortgage Loans on Real Estate [Abstract] | |||
| 30 to 59 days | $ 0 | $ 0 | |
| 60 to 89 days | 0 | 0 | |
| 90 days and over | 0 | 0 | |
| Total past due | 0 | 0 | |
| Current | 2,599,524 | 2,624,163 | |
| Collateral dependent receivables | 8,174 | 34,720 | |
| Principal outstanding | $ 2,607,698 | $ 2,658,883 | $ 2,856,011 |
| X | ||||||||||
|
- Definition
Mortgage loans on real estate at the reporting date that are not performing and will probably be satisfied by taking ownership of the real estate serving as collateral. No definition available.
|
| X | ||||||||||
|
- Definition
Financing receivables that are less than 60 days past due but more than 29 days past due. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Financing receivables that are less than 90 days past due but more than 59 days past due. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Financing receivables that are current. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Financing receivables that are equal to or greater than 90 days past due. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Recorded Investment in financing receivables that are past due at the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Average amount of investment of impaired financing receivables with related allowance for credit losses and without a related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of interest income recognized that the financing receivables (with related allowance for credit losses and without a related allowance for credit losses) were impaired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment of impaired financing receivables with related allowance for credit losses and without a related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of allowance for credit losses related to recorded investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unpaid principal balance of impaired financing receivables with related allowance for credit losses and without related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of average investment of impaired financing receivables for which there is no related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of interest income, recognized on accrual basis, on financing receivables that are recognized as impaired, for which there is no related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment in impaired financing receivables for which there is no related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unpaid principal balance of impaired financing receivables for which there is no related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of average investment of impaired financing receivables for which there is a related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of interest income, recognized on accrual basis, on financing receivables, for which there is a related allowance for credit losses and are recognized as impaired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investment in impaired financing receivables for which there is a related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Unpaid principal balance of impaired financing receivables for which there is a related allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of allowance for credit losses related to receivables which had been measured under a general allowance for credit losses methodology that are now identified as troubled debt restructurings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of financing receivables that have been modified by troubled debt restructurings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Post-modification amount of investment in financing receivables modified by troubled debt restructurings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Pre-modification amount of investment in financing receivables modified by troubled debt restructurings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Derivative Instruments (Narrative) (Details) (USD $)
|
12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
partial_unwind_agreement
counterparties
|
Dec. 31, 2012
|
Dec. 31, 2013
2015 Notes Hedges [Member]
|
Sep. 30, 2010
2015 Notes Hedges [Member]
counterparties
|
Sep. 30, 2010
2015 Warrants [Member]
counterparties
|
Dec. 31, 2013
2015 Warrants [Member]
|
Dec. 31, 2013
September 2015 Notes [Member]
|
Sep. 30, 2010
September 2015 Notes [Member]
|
Dec. 31, 2013
SunTrust [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2013
SunTrust [Member]
Three Month London Interbank Offered Rate (LIBOR) [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2013
Call Options [Member]
|
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
| Credit risk, maximum exposure | $ 71,700,000 | $ 93,700,000 | |||||||||
| Number of partial unwind agreements | 3 | ||||||||||
| Number of counterparties, partial unwind agreements | 2 | ||||||||||
| Percentage of outstanding call options and warrants settled pursuant to partial unwind agreements | 54.00% | ||||||||||
| Net cash received from counterparties for settlement of call options and warrants | 22,200,000 | ||||||||||
| Warrants reclassified from equity to liability, at fair value | (47,991,000) | ||||||||||
| Derivative [Line Items] | |||||||||||
| Investment maturity period | 1 year | ||||||||||
| Derivative collateral | 818,200,000 | 328,700,000 | 6,700,000 | ||||||||
| Derivative instruments, interest rate swaps and caps, duration | 7 years | ||||||||||
| Cap rate | 2.50% | ||||||||||
| Principal amount of convertible senior notes payable at issuance | 200,000,000 | ||||||||||
| Interest rate, stated percentage | 3.50% | ||||||||||
| Number of counterparties | 2 | 2 | |||||||||
| Conversion spread, shares of common stock | 7,474,817 | 16,000,000 | |||||||||
| Derivative asset, strike price | $ 12.35 | $ 12.50 | |||||||||
| Number of securities called by warrants | 16,000,000 | 7,500,000 | |||||||||
| Warrants, exercise price | $ 15.75 | $ 16.00 | $ 15.75 | ||||||||
| Warrants, number of shares of common stock deliverable | 11,700,000 | ||||||||||
| Proceeds from issuance of warrants | $ 15,600,000 | ||||||||||
| X | ||||||||||
|
- Definition
Amount of outstanding call options and warrants settled pursuant to agreement, percentage No definition available.
|
| X | ||||||||||
|
- Definition
The price per share that we will be entitled to receive if we opt to exercise the call options of the 2015 notes hedge. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares that is the basis for the amount of cash that we are entitled to if we exercise the call options in the 2015 notes hedge. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of years the interest rate swaps and caps have until maturity. No definition available.
|
| X | ||||||||||
|
- Definition
Investment maturity period. No definition available.
|
| X | ||||||||||
|
- Definition
Net cash received from counterparties for settlement of call options and warrants. No definition available.
|
| X | ||||||||||
|
- Definition
Number of counterparties. No definition available.
|
| X | ||||||||||
|
- Definition
Number of counterparties related to partial unwind agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Number of partial unwind agreements entered into. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of convertible senior notes payable at the time the securities were issued. No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares of common stock currently deliverable under warrants outstanding. No definition available.
|
| X | ||||||||||
|
- Definition
Outstanding stock warrants that were originally issued with the intention to share settle if holder exercised before expiration, which resulted in the proceeds from the sale of the warrants to be recognized as equity. These warrants subsequently were assigned to a partial unwind agreement to be net cash settled, which required reclassification at fair value from equity to a derivative liability. No definition available.
|
| X | ||||||||||
|
- Definition
Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of obligation to return cash collateral under master netting arrangements that have not been offset against derivative assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow from issuance of rights to purchase common shares at predetermined price (usually issued together with corporate debt). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Derivative Instruments (Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | $ 856,050 | $ 415,258 |
|
Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 969,906 | 461,610 |
| Derivative liabilities | 4,513,204 | 3,384,922 |
|
Call Options [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 856,050 | 415,258 |
|
2015 Notes Hedges [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 107,041 | 43,105 |
|
Interest Rate Caps [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 6,103 | 3,247 |
|
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 712 | 0 |
| Derivative liabilities | 0 | 4,261 |
|
Fixed Index Annuities - Embedded Derivatives [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liabilities | 4,406,163 | 3,337,556 |
|
2015 Notes Embedded Derivative [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liabilities | $ 107,041 | $ 43,105 |
| X | ||||||||||
|
- Definition
Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Derivative Instruments (Schedule of Call Options by Counterparty) (Details) (Call Options [Member], Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 19,277,639 | $ 15,623,505 |
| Fair value | 856,050 | 415,258 |
|
Bank of America [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 1,683,911 | 568,786 |
| Fair value | 73,836 | 16,533 |
|
Barclays [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 2,396,839 | 3,463,777 |
| Fair value | 113,513 | 103,929 |
|
BNP Paribas [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 1,382,661 | 2,207,097 |
| Fair value | 38,849 | 60,301 |
|
Citibank, N.A. [Member] [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 1,536,547 | 2,878,588 |
| Fair value | 72,310 | 67,592 |
|
Credit Suisse [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 4,060,352 | 936,625 |
| Fair value | 193,304 | 21,518 |
|
Deutsche Bank [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 747,587 | 886,688 |
| Fair value | 41,074 | 20,787 |
|
HSBC [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 200,011 | 295,520 |
| Fair value | 10,518 | 6,539 |
|
J.P. Morgan [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 786,429 | 735,016 |
| Fair value | 36,863 | 21,940 |
|
Morgan Stanley [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 3,546,487 | 1,590,505 |
| Fair value | 150,437 | 40,113 |
|
Royal Bank of Canada [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 714,941 | 0 |
| Fair value | 25,140 | 0 |
|
Wells Fargo (Wachovia) [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 2,221,874 | 2,060,903 |
| Fair value | $ 100,206 | $ 56,006 |
| X | ||||||||||
|
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Derivative Instruments (Interest Rate Swaps) (Details) (Interest Rate Swap [Member], Interest Rate Swaps, Maturity Date, March 15, 2021, 2.415% [Member], SunTrust [Member], Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
|
Interest Rate Swap [Member] | Interest Rate Swaps, Maturity Date, March 15, 2021, 2.415% [Member] | SunTrust [Member] | Not Designated as Hedging Instrument [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | $ 85,500 | |
| Pay rate | 2.415% | |
| Derivative assets | 712 | |
| Derivative liabilities | $ (4,261) |
| X | ||||||||||
|
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Derivative Instruments (Interest Rate Caps) (Details) (Interest Rate Caps [Member], SunTrust [Member], Not Designated as Hedging Instrument [Member], USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 79,000 | |
| Derivative assets | 6,103 | 3,247 |
|
Interest Rate Caps, Maturity Date, July 7, 2021, 2.50% [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 40,000 | |
| Cap rate | 2.50% | |
| Derivative assets | 3,073 | 1,634 |
|
Interest Rate Caps, Maturity Date, July 8, 2021, 2.50% [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 12,000 | |
| Cap rate | 2.50% | |
| Derivative assets | 923 | 490 |
|
Interest Rate Caps, Maturity Date, July 29, 2021, 2.50% [Member]
|
||
| Derivative [Line Items] | ||
| Notional amount | 27,000 | |
| Cap rate | 2.50% | |
| Derivative assets | $ 2,107 | $ 1,123 |
| X | ||||||||||
|
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Deferred Policy Acquisition Costs [Line Items] | |||
| Deferred policy acquisition costs, unlocking adjustment | $ (18.5) | $ 3.7 | $ (9.1) |
| Deferred sales inducements, unlocking adjustment | $ (11.1) | $ (0.2) | $ (5.0) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents adjustments to amortization through a retrospective unlocking process where amortization is adjusted to reflect current estimates of future gross profits/margins (including the impact of realized investment gains and losses) to be realized from a group of products. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents adjustments to amortization through a retrospective unlocking process where amortization is adjusted to reflect current estimates of future gross profits/margins (including the impact of realized investment gains and losses) to be realized from a group of products. No definition available.
|
|
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Policy Acquisition Costs) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
| Balance at beginning of year | $ 1,709,799 | $ 1,683,857 | $ 1,747,760 |
| Costs deferred during the year: commissions | 420,378 | 399,001 | 463,889 |
| Costs deferred during the year: policy issue costs | 5,422 | 4,410 | 14,945 |
| Amortization | (365,468) | (164,919) | (143,478) |
| Effect of net unrealized gains/losses | 656,521 | (212,550) | (399,259) |
| Balance at end of year | $ 2,426,652 | $ 1,709,799 | $ 1,683,857 |
| X | ||||||||||
|
- Definition
Deferred Policy Acquisition Costs, Policy Issue Costs Deferred No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Policy Acquisitions Costs, Commissions Deferred No definition available.
|
| X | ||||||||||
|
- Definition
Amount of expense related to deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization of deferred policy acquisition costs due to unrealized investment gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Sales Inducements) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Movement in Deferred Sales Inducements [Roll Forward] | |||
| Balance at beginning of year | $ 1,292,341 | $ 1,242,787 | $ 1,227,328 |
| Costs deferred during the year | 337,787 | 306,659 | 385,123 |
| Amortization | (253,113) | (87,157) | (71,781) |
| Effect of net unrealized gains/losses | 498,865 | (169,948) | (297,883) |
| Balance at end of year | $ 1,875,880 | $ 1,292,341 | $ 1,242,787 |
| X | ||||||||||
|
- Definition
Amount of amortization of deferred sales inducements due to unrealized investment gains or losses. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of deferred sales inducement costs capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of deferred sales inducement costs charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The unamortized carrying amount of deferred sales inducement costs as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents the percentage of coinsurance provided under the coinsurance agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Number of coinsurance agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Number of reinsurance agreements. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents the statutory surplus benefit recognized as a result of the reinsurance agreement net of initial expenses for risk charges and reinsurers fee. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the reduction to pretax statutory surplus recorded during the current reporting period based upon the Loss Carry Forward schedule, interest rate, and risk charges per the subject reinsurance agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the reduction to pretax statutory surplus expected to be recorded in one year based upon the Loss Carry Forward schedule, interest rate, and risk charges per the subject reinsurance agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the reduction to pretax statutory surplus expected to be recorded in three years based upon Loss Carry Forward schedule, interest rate, and risk charges per the subject reinsurance agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the reduction to pretax statutory surplus expected to be recorded in two years based upon the Loss Carry Forward schedule, interest rate, and risk charges per the subject reinsurance agreement. No definition available.
|
| X | ||||||||||
|
- Definition
This amount represents a statutory reserve credit taken related to a reinsurance agreement that is accounted for as reinsurance in accordance with statutory accounting principles. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents a risk charge percentage that is applied to the oustanding loss carry forward (LCF) to determine the amount due at the end of each accounting period (quarter). No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the rate applied to the outstanding loss carry forward amount at each accounting period (quarterly) to determine the risk charge that is to be paid by the ceding icompany. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the percentage of coverage provided by the 2005 Hannover Reinsurance Agreement on certain business of waived surrender charges related to penalty free withdrawals and deaths. No definition available.
|
| X | ||||||||||
|
- Definition
Based on the reinsurance agreement, the period of time the statutory surplus benefit is reduced over. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of years under coinsurance agreements that business in not eligible for recapture. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the reinsurer's funds held on its behalf by the ceding insurer, including funds held in trust, under reinsurance treaties or contracts with the assuming insurer as security for the payment of the obligations thereunder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount as of the balance sheet date of the known and estimated amounts owed to insurers under reinsurance treaties or other arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Reinsurance and Policy Provisions (Amounts Ceded to Equitrust and Athene, Impact on Consolidated Statements of Operations and Consolidated Statements of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Coinsurance [Line Items] | |||
| Annuity product charges | $ 103,591 | $ 89,006 | $ 76,189 |
| Change in fair value of derivatives | 1,076,015 | 221,138 | (114,728) |
| Interest sensitive and index product benefits | 1,272,867 | 808,479 | 775,097 |
| Change in fair value of embedded derivatives | 133,968 | 286,899 | (105,194) |
| Other operating costs and expenses | 91,915 | 95,495 | 67,559 |
| Cash payments to policyholders | 1,763,913 | 1,575,340 | 1,494,554 |
| Coinsurance deposits | (25,729) | (4,885) | 122,415 |
|
Coinsurance Agreements, EquiTrust and Athene [Member]
|
|||
| Coinsurance [Line Items] | |||
| Annuity product charges | 6,551 | 6,796 | 8,149 |
| Change in fair value of derivatives | 60,876 | 17,106 | (2,771) |
| Coinsurance, revenues included in consolidated statement of operations | 67,427 | 23,902 | 5,378 |
| Interest sensitive and index product benefits | 117,934 | 94,113 | 99,724 |
| Change in fair value of embedded derivatives | 2,898 | 9,373 | (12,428) |
| Other operating costs and expenses | 9,926 | 9,333 | 8,970 |
| Coinsurance, benefits and expenses included in the consolidated statement of operations | 130,758 | 112,819 | 96,266 |
| Annuity deposits | (182,616) | (203,552) | (326,531) |
| Cash payments to policyholders | 208,345 | 208,437 | 204,116 |
| Coinsurance deposits | $ 25,729 | $ 4,885 | $ (122,415) |
| X | ||||||||||
|
- Definition
Item represents annuity deposits received under coinsurance agreements during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents benefits and expenses included in the Consolidated Statement of Operations as a result of coinsurance agreements with Equitrst Life Insurance Company and Athene Life Re Ltd. Company. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents revenues included in the Consolidated Statement of Operations as a result of coinsurance agreements with Equitrst Life Insurance Company and Athene Life Re Ltd. Company. No definition available.
|
| X | ||||||||||
|
- Definition
This element includes index credits on fixed index policies, interest allocated to policies that provide a guaranteed yield, and living income benefit rider credits to policies that the policyholder has elected to add to those policies. No definition available.
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) associated with coinsurance deposits during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for an insurance contract under which the policy holder make a lump sum payment or a series of payments in exchange for periodic payments to the policyholder beginning immediately or at some future date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Narrative) (Details) (USD $)
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
| Income Tax Disclosure [Abstract] | ||
| Statutory federal income tax rate | 35.00% | |
| Securities with other than temporary impairment losses recognized held and not deemed worthless resulting in a deferred tax asset | $ 2,600,000 | $ 23,400,000 |
| Other Information Pertaining to Income Taxes [Abstract] | ||
| Deferred tax assets, valuation allowance | 0 | 0 |
|
Non-Life Subsidiaries [Member] | Internal Revenue Service (IRS) [Member]
|
||
| Other Information Pertaining to Income Taxes [Abstract] | ||
| Non-life net operating loss carryforwards | 36,800,000 | |
|
Deferred Tax Asset, Valuation Allowance, Unrealized Losses on Available For Sale Fixed Maturity Securities [Member]
|
||
| Other Information Pertaining to Income Taxes [Abstract] | ||
| Deferred tax assets, valuation allowance | $ 0 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents securities with other than temporary impairment losses recognized that have not been sold and are not deemed to be worthless. These securities result in a tax effect as of the balance sheet date of an amount of the estimated future tax deductions arising from estimated impairment losses, which can only be deducted for tax purposes when impaired assets are sold or otherwise disposed of, and which can only be realized if sufficient tax-basis income is generated in future periods to enable the deduction to be taken. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Components of Income Tax Expense) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Consolidated statements of operations: | |||
| Current income taxes | $ 133,036 | $ 80,527 | $ 127,535 |
| Deferred income taxes (benefits) | 3,013 | (52,336) | (80,869) |
| Total income tax expense included in consolidated statements of operations | 136,049 | 28,191 | 46,666 |
| Stockholders' equity: | |||
| Expense (benefit) relating to: change in net unrealized investment losses | (344,944) | 123,620 | 202,143 |
| Expense (benefit) relating to: share-based compensation | (4,043) | (392) | (1,061) |
| Expense (benefit) relating to: extinguishment of convertible debt | (4,546) | 0 | 0 |
| Total income tax expense included in consolidated financial statements | $ (217,484) | $ 151,419 | $ 247,748 |
| X | ||||||||||
|
- Definition
Adjustments to additional paid in capital, tax effect from extinguishment of convertible debt No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase in additional paid in capital (APIC) resulting from a tax benefit associated with share-based compensation plan other than an employee stock ownership plan (ESOP). Includes, but is not limited to, excess tax benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of income tax expense or benefit for the period that has been allocated among continuing operations, discontinued operations, extraordinary items, other comprehensive income, and items charged or credited directly to shareholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit), after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Income Tax Disclosure [Abstract] | |||
| Income before income taxes | $ 389,332 | $ 85,989 | $ 132,914 |
| Income tax expense on income before income taxes | 136,266 | 30,096 | 46,520 |
| Tax effect of: tax exempt net investment income | (2,657) | (1,876) | 0 |
| Tax effect of: extinguishment of convertible debt | 2,695 | 0 | 0 |
| Tax effect of: other | (255) | (29) | 146 |
| Total income tax expense included in consolidated statements of operations | $ 136,049 | $ 28,191 | $ 46,666 |
| Effective tax rate | 34.90% | 32.80% | 35.10% |
| X | ||||||||||
|
- Definition
Effective income tax rate reconciliation, extinguishment of convertible debt, amount No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax exempt income, equity in earnings (loss) of an unconsolidated subsidiary, minority noncontrolling interest income (loss), tax holiday, disposition of a business, disposition of an asset, repatriation of foreign earnings, repatriation of foreign earnings jobs creation act of 2004, increase (decrease) in enacted tax rate, prior year income taxes, increase (decrease) in deferred tax asset valuation allowance, and other adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income (loss) exempt from income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount as of the balance sheet date of the estimated future tax effects attributable to differences between the methods used to account for reinsurance arrangements for tax purposes and under generally accepted accounting principles which will decrease future taxable income when such differences reverse. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax asset attributable to deductible temporary differences from convertible debt. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from convertible debt. No definition available.
|
| X | ||||||||||
|
- Definition
The amount as of the balance sheet date of the estimated future tax effects attributable to the difference between the tax basis and basis of deferred policy acquisition costs and deferred sales inducements that were capitalized in conformity with generally accepted accounting principles. The difference in basis will reverse in future periods. No definition available.
|
| X | ||||||||||
|
- Definition
The tax effect as of the balance sheet date of the amount of the estimated future tax deductions, before any related valuation allowance, arising from unrealized losses on available-for-sale securities which can only be deducted for tax purposes when the losses are realized, and which can only be realized if sufficient tax-basis income is generated in future periods to enable the deduction to be taken. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from estimated impairment losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the estimated loss from legal settlements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The tax effect as of the balance sheet date of the amount of the estimated future tax deductions arising from estimated policyholder reserves, which will be deductible from future taxable income when actual costs are incurred, and which can only be realized if sufficient tax-basis income is generated in future periods to enable the tax deduction to be taken. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other reserves not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from derivatives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from tax deferred revenue or other income not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of the equity component of convertible debt which may be settled in cash upon conversion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount by which the convertible debt's if-converted value exceeds its principle amount at the balance sheet date, regardless of whether the instrument is currently convertible. This element applies to public companies only. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Notes Payable and Amounts Due Under Repurchase Agreements (2021 Notes Narrative) (Details) (USD $)
|
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2013
2011 Line of Credit [Member]
|
Dec. 31, 2013
July 2021 Notes [Member]
|
Jul. 17, 2013
July 2021 Notes [Member]
|
|
| Debt Instrument [Line Items] | ||||
| Debt instrument, face amount | $ 400,000,000 | |||
| Interest rate, stated percentage | 6.625% | |||
| Repayments of line of credit | 15,000,000 | |||
| Extinguishment of debt, cash paid | 168,700,000 | |||
| Net cash received from counterparties for settlement of call options and warrants | 22,200,000 | |||
| Aggregate principal amount of convertible notes outstanding | $ 160,300,000 | |||
| X | ||||||||||
|
- Definition
The amount of cash paid to extinguish outstanding debt that has not reached its maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Net cash received from counterparties for settlement of call options and warrants. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of consecutive trading days ending on the last trading day of the immediately preceding calendar quarter in which 20 trading days of which our last reported price of common stock is greater than or equal to 130% of the conversion price of convertible debt. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum number of shares that the conversion rate will increase upon the occurrence of a fundamental change, as defined in the indenture. No definition available.
|
| X | ||||||||||
|
- Definition
Common stock must be a price of at least this amount to allow the conversion rate to increase by an amount of shares upon a fundamental change that is defined in the note instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The number of equity instruments that the holder of the debt instrument would receive if the debt was converted to equity. No definition available.
|
| X | ||||||||||
|
- Definition
The number of consecutive days that the trading price of convertible senior notes must be less than 98% of the product of the last reported sale price of common stock and the applicable conversion rate on such trading day to allow the holders of the convertible notes to convert within the following 5 day period after such occurrence. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of days that the holders of convertible notes may convert their notes due to the circumstance where during a 10 consecutive trading day period the trading price of the convertible notes was less than 98% of the product of the last reported sale price of common stock and applicable conversion rate on such trading day. No definition available.
|
| X | ||||||||||
|
- Definition
Number of trading days that the last reported price of our common stock during the period of a set number of consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to a certain percentage of the applicable conversion price on each applicable trading day to determine convertibility of notes. No definition available.
|
| X | ||||||||||
|
- Definition
The price per share that we will be entitled to receive if we opt to exercise the call options of the 2015 notes hedge. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares that is the basis for the amount of cash that we are entitled to if we exercise the call options in the 2015 notes hedge. No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of the 2015 notes embedded conversion derivative at the time of issuance of the 2015 notes. No definition available.
|
| X | ||||||||||
|
- Definition
Extinguishment of debt, carrying value at extinguishment No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash paid to extinguish outstanding debt that has not reached its maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Extinguishment Of Debt, Cash Paid For Shares Of Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares issued to extinguish outstanding debt that has not reached its maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Net cash received from counterparties for settlement of call options and warrants. No definition available.
|
| X | ||||||||||
|
- Definition
Number of counterparties remaining under outstanding call options. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of convertible senior notes payable at the time the securities were issued. No definition available.
|
| X | ||||||||||
|
- Definition
This represents the floor of the measurement to determine convertibility of convertible senior notes. If during any 10 consecutive trading day period in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on such trading day, the holders of the convertible senior notes may convert their holdings for 5 business days following such 10 day period. No definition available.
|
| X | ||||||||||
|
- Definition
The amount that the last reported price of the common stock for at least a certain number of trading days must be greater than or equal to the conversion price on each applicable trading day. No definition available.
|
| X | ||||||||||
|
- Definition
Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the amount as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Such amount is before the consideration of accumulated amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of debt extinguished. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the reacquisition price and the net carrying amount of the extinguished debt recognized currently as a component of income in the period of extinguishment, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The income tax effect of recognizing the equity component of a convertible debt issuance. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of convertible senior notes payable at the time the securities were issued. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of convertible senior notes payable that were extinguished by a subsequent issuance of debt. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to additional paid in capital resulting from the recognition of convertible debt instruments as two separate components - a debt component and an equity component. This bifurcation may result in a basis difference associated with the liability component that represents a temporary difference for purposes of applying accounting for income taxes. The initial recognition of deferred taxes for the tax effect of that temporary difference is as an adjustment to additional paid in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the repayment of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The additional interest paid on convertible senior notes outstanding under certain conditions based on the average trading price of the notes during a specified period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of consecutive trading days ending on the last trading day of the immediately preceding calendar quarter in which 20 trading days of which our last reported price of common stock is greater than or equal to 130% of the conversion price of convertible debt. No definition available.
|
| X | ||||||||||
|
- Definition
The number of equity instruments that the holder of the debt instrument would receive if the debt was converted to equity. No definition available.
|
| X | ||||||||||
|
- Definition
The duration of the interest payment period of the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The number of consecutive trading days used to calculate the average closing stock price for the conversion value. No definition available.
|
| X | ||||||||||
|
- Definition
The number of days of average closing stock price used in conversion value calculation. No definition available.
|
| X | ||||||||||
|
- Definition
Number of trading days that the last reported price of our common stock during the period of a set number of consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to a certain percentage of the applicable conversion price on each applicable trading day to determine convertibility of notes. No definition available.
|
| X | ||||||||||
|
- Definition
The income tax effect of recognizing the equity component of a convertible debt issuance. No definition available.
|
| X | ||||||||||
|
- Definition
Extinguishment of debt, carrying value at extinguishment No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash paid to extinguish outstanding debt that has not reached its maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
Extinguishment Of Debt, Cash Paid For Shares Of Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares issued to extinguish outstanding debt that has not reached its maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of convertible senior notes payable at the time the securities were issued. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of 2029 convertible senior notes issued for cash. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of 2029 notes issued to extinguish outstanding notes issued in 2004. No definition available.
|
| X | ||||||||||
|
- Definition
The amount that the last reported price of the common stock for at least a certain number of trading days must be greater than or equal to the conversion price on each applicable trading day. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to additional paid in capital resulting from the recognition of convertible debt instruments as two separate components - a debt component and an equity component. This bifurcation may result in a basis difference associated with the liability component that represents a temporary difference for purposes of applying accounting for income taxes. The initial recognition of deferred taxes for the tax effect of that temporary difference is as an adjustment to additional paid in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of debt extinguished. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the reacquisition price and the net carrying amount of the extinguished debt recognized currently as a component of income in the period of extinguishment, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash and cash equivalents reported on the balance sheet that is in excess of the amount required to be held by debt or credit agreement covenants. No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit, additional borrowing capacity, aggregate amount No definition available.
|
| X | ||||||||||
|
- Definition
The length of time in years of the revolving credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
The variable interest rate on a revolving line of credit that is equal to an alternate base rate (as defined in the drecit agreement) plus the adjusted LIBOR rate that is equal to this value. No definition available.
|
| X | ||||||||||
|
- Definition
The variable interest rate on a revolving line of credit that is equal to an alternate base rate (as defined in the credit agreement) plus the applicable margin that is equal to this value. No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit, maturity date extension No definition available.
|
| X | ||||||||||
|
- Definition
The number of banks listed in the revolving line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit, number of guarantors No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit, number of occasions borrowing capacity can be increased No definition available.
|
| X | ||||||||||
|
- Definition
Represents the maximum debt to capital ratio in relation to the 2011 line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the minimum captial contributions subsequent to 9/30/10 that are to be retained under the debt coventants related to the 2011 line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of minimum capital that must be retained from the balance at 12/31/10 under the debt coventants for the 2011 line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the minimum portion of net income that is to be retained subsequent to 12/31/10 under the debt covenants related to the 2011 line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the minimum risk-based captial ratio required under debt coventants related to the 2011 line of credit agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
|
Notes Payable and Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Notes Payable [Abstract] | |||
| Repurchase agreement, maximum amount borrowed | $ 258,600,000 | $ 0 | |
| Repurchase agreement, average borrowings | $ 38,300,000 | $ 12,900,000 | |
| Repurchase agreement, weighted average interest rate | 0.20% | 0.23% | |
| X | ||||||||||
|
- Definition
The average amount borrowed during the reporting period on repurchase agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The average rate of interest paid on the amount borrowed on securities repurchase agreements during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum amount borrowed on repurchase agreements during the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Item represents the percentage ownership of voting capital stock held by Iowa Farm Bureau Federation of FBL Financial Group, Inc. (parent of EquiTrust). The trust preferred securities issued by American Equity Capital Trust II were issued to Iowa Farm Bureau Federation. No definition available.
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period as a result of our mandatory redemption of American Equity Capital Trust I. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the fair value of subordinated debentures issued by American Equity Capital Trust II at issuance and is based upon the effective yield-to-maturity of 6.8%. No definition available.
|
| X | ||||||||||
|
- Definition
The stated principal amount of subordinated debt at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the cash payments necessary to settle the remaining shares of trust preferred securities that were redeemed during the year. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of trust preferred securities issued by American Equity Capital Trust I that were converted into shares of common stock. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of trust preferred securities issued by American Equity Capital Trust I that were converted into shares of common stock as a result of a mandatory redemtion. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the outstanding principal amount of trust preferred securities redeemed and converted into common stock. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the remaining shares that have been redeemed but remain outstanding and will be settled in cash. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of trust preferred securities redeemed during the year that were settled in cash. No definition available.
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the purchase of trust preferred securities, which possess characteristics of both equity and debt securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the payments are due on subordinated debt, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Item represents the cost of shares purchased during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of shares that were distributed to participants. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of shares held as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of shares of our common stock that were purchased during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of shares that have vested and remain undistributed at the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of shares earned by individuals under deferred compensation plans that have been reserved for issuance at a future date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the amount loaned by the employer to the ESOP to purchase shares of common stock held by the ESOP for allocation to the participants. This amount is eliminated in the consolidation. No definition available.
|
| X | ||||||||||
|
- Definition
The duration of the terms of the arrangement, in which the employer lends funds to the ESOP. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the number of years of service that must be completed before an employee vests in employer contributions to the employee stock ownership plan. No definition available.
|
| X | ||||||||||
|
- Definition
Employee Stock Ownership Plan, Loan Amount Outstanding No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the principal payments that are due to the employer every five years as part of the repayment terms of the ESOP loan. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum period that the individual is required to perform services in order to be eligibile to participate in the American Equity Investment Employee Stock Ownership Plan. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the original number of share purchased by the ESOP through funding by an employer loan to the ESOP. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage employee becomes vested in the employer contributions to the ESOP once the vesting period requirements have been met. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the age when participants automatically become fully vested in shares issued under the specified retirement and share-based compensation plan. No definition available.
|
| X | ||||||||||
|
- Definition
The duration of time used for measuring performance and threshold goals. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying value as of the balance sheet date of the liabilities for deferred compensation arrangements. Represents currently earned compensation under cash arrangements (such as a profit-sharing plan, rabbi trust, and employee contract--excluding equity-based arrangements) that is not actually paid until a later date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax expense from write-off of the deferred tax asset related to deductible stock options at exercise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum amount the employee may contribute to a defined contribution plan. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of plan compensation cost recognized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The shares that, although not legally released, will be released by a future scheduled and committed debt service payment and will be allocated to employees for service rendered in the current accounting period. The ESOP documents typically define the period of service to which the shares relate. ESOP shares are released to compensate employees directly, to settle employer liabilities for other employee benefits, and to replace dividends on allocated shares that are used for debt service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Shares contributed to the ESOP that have not yet been released, committed to be released, or allocated to participant accounts. Suspense shares generally collateralize ESOP debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Estimated period over which an employee is required to provide service in exchange for the equity-based payment award, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of vesting of share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of fully vested and expected to vest options that are exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share instruments newly issued under a share-based compensation plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of unearned shares for all classes of common stock and nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by an employee stock ownership plan (ESOP). Includes the sale of shares or the issuance treasury shares to an ESOP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Retirement and Share-based Compensation Plans (Valuation Assumptions of Stock Options Granted to Officers, Directors and Employees) (Details) (Stock Option Plans, All Stock Option Plans For Officers, Directors And Employees [Member])
|
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
|
Directors and Retirement Eligible Employees [Member]
|
||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Average risk-free interest rate | 0.76% | 1.66% |
| Dividend yield | 1.10% | 0.80% |
| Average expected life (years) | 5 years | 5 years |
| Volatility | 62.50% | 66.10% |
|
Non-Retirement Eligible Employees [Member]
|
||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Average risk-free interest rate | 1.36% | 2.00% |
| Dividend yield | 1.30% | 1.00% |
| Average expected life (years) | 8 years | 8 years |
| Volatility | 50.90% | 52.00% |
| X | ||||||||||
|
- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Retirement and Share-based Compensation Plans (Valuation Assumptions of Stock Options Granted to Agents) (Details) (Stock Option Plans, Independent Insurance Agent Stock Option Plans [Member])
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
|
Stock Option Plans, Independent Insurance Agent Stock Option Plans [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Average risk-free interest rate | 1.21% | 0.51% | 0.58% |
| Dividend yield | 0.70% | 1.20% | 1.20% |
| Average expected life (years) | 3 years 9 months | 3 years 9 months | 3 years 9 months |
| Volatility | 31.20% | 41.10% | 67.20% |
| X | ||||||||||
|
- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Retirement and Share-based Compensation Plans (Changes in the Number of Stock Options Outstanding) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
| Outstanding, number of shares | 3,976,725 | 5,732,450 | 4,844,850 | 4,120,850 |
| Outstanding, weighted-average exercise price per share | $ 10.86 | $ 10.35 | $ 10.13 | $ 8.78 |
| Outstanding, total exercise price | $ 43,171 | $ 59,321 | $ 49,097 | $ 36,187 |
| Granted, number of shares | 1,210,950 | 1,558,900 | 1,486,850 | |
| Granted, weighted-average exercise price per share | $ 13.13 | $ 10.40 | $ 12.99 | |
| Granted, total exercise price | 15,899 | 16,216 | 19,309 | |
| Canceled, number of shares | (29,400) | (28,050) | (177,500) | |
| Canceled, weighted-average exercise price per share | $ 9.96 | $ 8.97 | $ 9.66 | |
| Canceled, total exercise price | (293) | (251) | (1,714) | |
| Exercised, number of shares | (2,937,275) | (643,250) | (585,350) | |
| Exercised, weighted-average exercise price per share | $ 10.81 | $ 8.93 | $ 8.00 | |
| Exercised, total exercise price | $ (31,756) | $ (5,741) | $ (4,685) | |
| X | ||||||||||
|
- Definition
Total exercise price attributable to options exercised in the period based upon the number of options exercised and their weighted average exercise price. No definition available.
|
| X | ||||||||||
|
- Definition
Total exercise price attributable to options forfeited in the period based upon the number of options forfeited and their weighted average exercise price. No definition available.
|
| X | ||||||||||
|
- Definition
Total exercise price attributable to options granted in the period based upon the number of options granted and their weighted average exercise price. No definition available.
|
| X | ||||||||||
|
- Definition
Total exercise prices of options outstanding based upon the weighted average excercise prices and number of options. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Retirement and Share-based Compensation Plans (Schedule of Stock Options Outstanding, By Exercise Price Range) (Details) (USD $)
|
12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2013
Exercise Price Range I [Member]
|
Dec. 31, 2013
Exercise Price Range II [Member]
|
Dec. 31, 2013
Exercise Price Range III [Member]
|
Dec. 31, 2013
Exercise Price Range, All Options [Member]
|
Dec. 31, 2013
Stock Options Outstanding [Member]
Exercise Price Range I [Member]
|
Dec. 31, 2013
Stock Options Outstanding [Member]
Exercise Price Range II [Member]
|
Dec. 31, 2013
Stock Options Outstanding [Member]
Exercise Price Range III [Member]
|
Dec. 31, 2013
Stock Options Outstanding [Member]
Exercise Price Range, All Options [Member]
|
Dec. 31, 2013
Stock Options Vested [Member]
Exercise Price Range I [Member]
|
Dec. 31, 2013
Stock Options Vested [Member]
Exercise Price Range II [Member]
|
Dec. 31, 2013
Stock Options Vested [Member]
Exercise Price Range III [Member]
|
Dec. 31, 2013
Stock Options Vested [Member]
Exercise Price Range, All Options [Member]
|
|
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||||||||||
| Exercise price range, lower range limit | $ 5.07 | $ 9.27 | $ 11.87 | $ 5.07 | ||||||||||||
| Exercise price range, upper range limit | $ 9.16 | $ 11.35 | $ 14.62 | $ 14.62 | ||||||||||||
| Number of awards | 756,550 | 1,681,475 | 1,538,700 | 3,976,725 | 756,550 | 1,592,475 | 1,433,700 | 3,782,725 | ||||||||
| Remaining life (yrs) | 3 years 2 months 3 days | 5 years 15 days | 5 years 3 months 16 days | 4 years 9 months 12 days | 3 years 2 months 3 days | 4 years 10 months 6 days | 5 years 1 month 9 days | 4 years 7 months 11 days | ||||||||
| Weighted-average exercise price per share | $ 10.86 | $ 10.35 | $ 10.13 | $ 8.78 | $ 7.48 | $ 10.33 | $ 13.10 | $ 10.86 | $ 7.48 | $ 10.31 | $ 13.16 | $ 10.83 | ||||
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Statutory Financial Information and Dividend Restrictions (Narrative and Statutory Accounting Practices Tables) (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Statutory Financial Information and Dividend Restrictions [Abstract] | |||
| American Equity Life, statutory net income | $ 205,202,000 | $ 82,039,000 | $ 169,365,000 |
| American Equity Life, statutory capital and surplus balance | 1,870,728,000 | 1,658,929,000 | |
| Total adjusted capital | 1,995,658,000 | 1,741,638,000 | |
| Company Action Level RBC | 580,085,000 | 524,928,000 | |
| Ratio of adjusted capital to Company Action Level RBC | 344.00% | 332.00% | |
| Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | |||
| Dividends paid by insurance subsidiaries | 0 | 0 | 0 |
| Statutory amount available for dividend payments without regulatory approval | $ 195,000,000 | ||
| X | ||||||||||
|
- Definition
Statutory accounting practices, dividends paid by insurance subsidiaries No definition available.
|
| X | ||||||||||
|
- Definition
Capital and surplus level that would require corporate action. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the total adjusted capital and surplus balance for purposes of calculating risk based capital. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total Capital divided by risk weighted assets as defined in the regulations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of dividends that can be declared or paid without approval of regulatory agency. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of net income for the period determined using accounting principles prescribed or permitted by insurance regulators. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Commitments and Contingencies (Narrative and Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Commitments and Contingencies Disclosure [Abstract] | |||||
| 2014 | $ 1,782,000 | $ 1,782,000 | |||
| 2015 | 2,289,000 | 2,289,000 | |||
| 2016 | 1,685,000 | 1,685,000 | |||
| 2017 | 1,440,000 | 1,440,000 | |||
| 2018 | 1,364,000 | 1,364,000 | |||
| 2019 and thereafter | 4,228,000 | 4,228,000 | |||
| Rent expense | 2,300,000 | 2,000,000 | 1,900,000 | ||
| Aggregate future minimum payments due | 12,800,000 | 12,800,000 | |||
| Loss contingency, loss in period | 21,200,000 | 17,500,000 | |||
| Estimated litigation liability | 21,200,000 | 21,200,000 | |||
| Unfunded commitments to limited partnerships | 24,400,000 | 24,400,000 | |||
| Unfunded commitments to secured bank loans | $ 20,800,000 | $ 20,800,000 | |||
| X | ||||||||||
|
- Definition
Amount that we have committed to investment partnerships, less what we have contributed as capital to date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of secured bank loans that we have agreed to purchase as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount of the estimated litigation liability for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of loss pertaining to the specified contingency that was charged against earnings in the period, including the effects of revisions in previously reported estimates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
||||||
| Earnings Per Share, Basic and Dilutive [Line Items] | ||||||||||||||||
| Net income | $ 50,958 | $ 56,181 | $ 120,113 | $ 26,031 | $ 36,397 | $ (7,829) | $ 18,759 | $ 10,471 | $ 253,283 | $ 57,798 | $ 86,248 | |||||
| Interest on convertible subordinated debentures (net of income tax benefit) | 0 | 517 | 1,034 | |||||||||||||
| Numerator for earnings per common share—assuming dilution | $ 253,283 | $ 58,315 | $ 87,282 | |||||||||||||
| Weighted average common shares outstanding (shares) | 65,543,895 | [1] | 61,258,825 | [1] | 59,482,349 | [1] | ||||||||||
| Effect of dilutive securities: 2015 warrants (shares) | 1,184,549 | 0 | 0 | |||||||||||||
| Effect of dilutive securities: stock options and deferred compensation agreements (shares) | 1,224,053 | 553,312 | 561,898 | |||||||||||||
| Denominator for earnings per common share - assuming dilution (shares) | 75,040,646 | 65,675,651 | 63,619,495 | |||||||||||||
| Earnings per common share | $ 0.73 | $ 0.86 | $ 1.87 | $ 0.41 | $ 0.58 | $ (0.13) | $ 0.31 | $ 0.18 | $ 3.86 | $ 0.94 | $ 1.45 | |||||
| Earnings per common share - assuming dilution | $ 0.65 | $ 0.75 | $ 1.71 | $ 0.38 | $ 0.55 | $ (0.13) | $ 0.30 | $ 0.16 | $ 3.38 | $ 0.89 | $ 1.37 | |||||
|
Convertible Subordinated Debentures [Member]
|
||||||||||||||||
| Earnings Per Share, Basic and Dilutive [Line Items] | ||||||||||||||||
| Effect of dilutive securities: conversion of debt securities (shares) | 0 | 1,348,447 | 2,727,084 | |||||||||||||
|
Convertible Senior Notes [Member]
|
||||||||||||||||
| Earnings Per Share, Basic and Dilutive [Line Items] | ||||||||||||||||
| Effect of dilutive securities: conversion of debt securities (shares) | 7,088,149 | 2,515,067 | 848,164 | |||||||||||||
|
||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The after-tax amount of interest recognized in the period associated with any convertible debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent, and includes adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) (Stock Option [Member], USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Number of shares | 0 | 1,522,100 | 2,290,200 |
|
Minimum [Member]
|
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Range of exercise prices | $ 0 | $ 11.35 | $ 10.65 |
|
Maximum [Member]
|
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Range of exercise prices | $ 0 | $ 14.34 | $ 14.34 |
| X | ||||||||||
|
- Definition
Item represents the range of exercise prices for stock options excluded from the diluted earnings per share calculation because the exercise price is in excess of the average market price of the entity's common stock. No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Premiums and product charges | $ 42,986 | $ 36,325 | $ 35,062 | $ 34,565 | $ 39,720 | $ 47,413 | $ 40,817 | $ 37,731 | |||
| Net investment income | 363,947 | 354,147 | 336,143 | 329,690 | 321,160 | 318,594 | 320,259 | 326,910 | 1,383,927 | 1,286,923 | 1,218,780 |
| Change in fair value of derivatives | 444,985 | 193,028 | 64,040 | 373,962 | (48,266) | 161,090 | (150,847) | 259,161 | 1,076,015 | 221,138 | (114,728) |
| Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses | 16,364 | (2,077) | 15,689 | 10,585 | 1,471 | (1,238) | (611) | (6,076) | 40,561 | (6,454) | (18,641) |
| Net OTTI losses recognized in operations | 0 | (222) | (2,775) | (3,237) | (9,387) | (1,686) | (978) | (2,881) | (6,234) | (14,932) | (33,976) |
| Loss on extinguishment of debt | (30,988) | (938) | (589) | 0 | (32,515) | 0 | 0 | ||||
| Total revenues | 837,294 | 580,263 | 447,570 | 745,565 | 304,698 | 524,173 | 208,640 | 614,845 | 2,610,692 | 1,652,356 | 1,246,536 |
| Net income (loss) | 50,958 | 56,181 | 120,113 | 26,031 | 36,397 | (7,829) | 18,759 | 10,471 | 253,283 | 57,798 | 86,248 |
| Earnings (loss) per common share | $ 0.73 | $ 0.86 | $ 1.87 | $ 0.41 | $ 0.58 | $ (0.13) | $ 0.31 | $ 0.18 | $ 3.86 | $ 0.94 | $ 1.45 |
| Earnings (loss) per common share—assuming dilution | $ 0.65 | $ 0.75 | $ 1.71 | $ 0.38 | $ 0.55 | $ (0.13) | $ 0.30 | $ 0.16 | $ 3.38 | $ 0.89 | $ 1.37 |
|
Restatement Adjustment [Member]
|
|||||||||||
| Premiums and product charges | $ 7,400 | $ 8,600 | $ 10,400 | $ 12,800 | $ 20,200 | $ 15,700 | $ 15,100 | ||||
| X | ||||||||||
|
- Definition
Item represents a combination of insurance policy charges and premiums earned, net. Policy charges represent an amount that an insurer adds to a policy's premium, or deducts from a policy's cash value or contract holder's account, as compensation for services rendered; may include fees. Premiums earned, net, represents premiums earned on the income statement for all insurance and reinsurance contracts after subtracting any amounts ceded to another insurer and adding premiums assumed from other insurers. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Quarterly Financial Information (Unaudited) (Comparability of Net Income, Impact of Fair Value Accounting to Fixed Index Annuity Business) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
|
| Quarterly Financial Information Disclosure [Abstract] | ||||||||
| Fixed index annuity derivatives, fair value accounting impact on comparability of net income | $ (23,418) | $ (5,601) | $ (80,658) | $ 10,973 | $ (8,289) | $ 18,148 | $ 5,070 | $ 16,317 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the item included in the interim period that affected period-to-period comparability (excluding restatement adjustments). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the carrying (reported) amount of the entity's investments as of the balance sheet date. This amount may represent the individual investment's or group of similar investments' original cost, fair value, or such other amount at which the investment is shown in the entity's balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the original cost of the entity's investments including investments in equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the reported amount of the entity's investments measured at fair value. Fair value is the price that would be received to sell an investment in an orderly transaction between market participants at the balance sheet [measurement] date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Schedule II - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|---|---|---|---|---|
| Assets | ||||
| Cash and cash equivalents | $ 897,529 | $ 1,268,545 | $ 404,952 | $ 597,766 |
| Deferred income taxes | 301,856 | 0 | ||
| Other assets, including 2015 notes hedges | 471,669 | 153,049 | ||
| Total assets | 39,621,499 | 35,133,478 | ||
| Liabilities: | ||||
| Notes payable | 549,958 | 309,869 | ||
| Other liabilities, including 2015 notes embedded derivative | 1,222,963 | 573,704 | ||
| Total liabilities | 38,236,812 | 33,413,241 | ||
| Stockholders' equity: | ||||
| Common stock | 70,535 | 61,751 | ||
| Additional paid-in capital | 550,400 | 496,715 | ||
| Unallocated common stock held by ESOP | (631) | (2,583) | ||
| Accumulated other comprehensive income | 46,196 | 686,807 | ||
| Retained earnings | 718,187 | 477,547 | ||
| Total stockholders' equity | 1,384,687 | 1,720,237 | 1,408,679 | 938,047 |
| Total liabilities and stockholders' equity | 39,621,499 | 35,133,478 | ||
|
Parent Company [Member]
|
||||
| Assets | ||||
| Cash and cash equivalents | 252,541 | 11,220 | 12,609 | 62,324 |
| Equity securities of subsidiary trusts | 7,403 | 7,398 | ||
| Receivable from subsidiaries | 1,158 | 535 | ||
| Deferred income taxes | 15,734 | 2,378 | ||
| Federal income tax recoverable, including amount from subsidiaries | 11,551 | 11,613 | ||
| Other assets, including 2015 notes hedges | 131,424 | 55,010 | ||
| Total assets, excluding investment in and advances to subsidiaries | 419,811 | 88,154 | ||
| Investment in and advances to subsidiaries | 1,889,648 | 2,235,403 | ||
| Total assets | 2,309,459 | 2,323,557 | ||
| Liabilities: | ||||
| Notes payable | 549,958 | 309,869 | ||
| Subordinated debentures payable to subsidiary trusts | 246,050 | 245,869 | ||
| Other liabilities, including 2015 notes embedded derivative | 128,764 | 47,582 | ||
| Total liabilities | 924,772 | 603,320 | ||
| Stockholders' equity: | ||||
| Common stock | 70,535 | 61,751 | ||
| Additional paid-in capital | 550,400 | 496,715 | ||
| Unallocated common stock held by ESOP | (631) | (2,583) | ||
| Accumulated other comprehensive income | 46,196 | 686,807 | ||
| Retained earnings | 718,187 | 477,547 | ||
| Total stockholders' equity | 1,384,687 | 1,720,237 | ||
| Total liabilities and stockholders' equity | $ 2,309,459 | $ 2,323,557 |
| X | ||||||||||
|
- Definition
Assets, Excluding Investment in and Advances to Subsidiaries No definition available.
|
| X | ||||||||||
|
- Definition
Item represents equity securities held in subsidiary trusts. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents related party federal income taxes recoverable by the parent company as a result of its subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
Subordinated Debentures, Payable to Subsidiaries No definition available.
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the carrying amount of shares held by the ESOP as of the balance sheet date in which no ESOP participant has a vested interest and no lender has a claim. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Revenues: | |||||||||||
| Net investment income | $ 363,947 | $ 354,147 | $ 336,143 | $ 329,690 | $ 321,160 | $ 318,594 | $ 320,259 | $ 326,910 | $ 1,383,927 | $ 1,286,923 | $ 1,218,780 |
| Realized gain on investments | 16,364 | (2,077) | 15,689 | 10,585 | 1,471 | (1,238) | (611) | (6,076) | 40,561 | (6,454) | (18,641) |
| Change in fair value of derivatives | 444,985 | 193,028 | 64,040 | 373,962 | (48,266) | 161,090 | (150,847) | 259,161 | 1,076,015 | 221,138 | (114,728) |
| Loss on extinguishment of debt | (30,988) | (938) | (589) | 0 | (32,515) | 0 | 0 | ||||
| Total revenues | 837,294 | 580,263 | 447,570 | 745,565 | 304,698 | 524,173 | 208,640 | 614,845 | 2,610,692 | 1,652,356 | 1,246,536 |
| Expenses: | |||||||||||
| Change in fair value of embedded derivatives | 133,968 | 286,899 | (105,194) | ||||||||
| Interest expense on notes payable | 38,870 | 28,479 | 31,633 | ||||||||
| Interest expense on subordinated debentures issued to subsidiary trusts | 12,088 | 13,458 | 13,977 | ||||||||
| Other operating costs and expenses | 91,915 | 95,495 | 67,559 | ||||||||
| Total benefits and expenses | 2,221,360 | 1,566,367 | 1,113,622 | ||||||||
| Income tax benefit | 136,049 | 28,191 | 46,666 | ||||||||
| Net income | 50,958 | 56,181 | 120,113 | 26,031 | 36,397 | (7,829) | 18,759 | 10,471 | 253,283 | 57,798 | 86,248 |
|
Parent Company [Member]
|
|||||||||||
| Revenues: | |||||||||||
| Net investment income | 130 | 565 | 298 | ||||||||
| Dividends from subsidiary trusts | 361 | 403 | 427 | ||||||||
| Investment advisory fees | 44,469 | 36,178 | 29,765 | ||||||||
| Surplus note interest from subsidiary | 4,080 | 4,080 | 4,080 | ||||||||
| Realized gain on investments | 0 | 0 | 18 | ||||||||
| Change in fair value of derivatives | 144,012 | (7,472) | (21,146) | ||||||||
| Loss on extinguishment of debt | (32,515) | 0 | 0 | ||||||||
| Total revenues | 160,537 | 33,754 | 13,442 | ||||||||
| Expenses: | |||||||||||
| Change in fair value of embedded derivatives | 141,974 | (2,488) | (21,002) | ||||||||
| Interest expense on notes payable | 38,870 | 28,479 | 31,633 | ||||||||
| Interest expense on subordinated debentures issued to subsidiary trusts | 12,088 | 13,458 | 13,977 | ||||||||
| Other operating costs and expenses | 8,163 | 8,228 | 7,307 | ||||||||
| Total benefits and expenses | 201,095 | 47,677 | 31,915 | ||||||||
| Loss before income taxes and equity in undistributed income of subsidiaries | (40,558) | (13,923) | (18,473) | ||||||||
| Income tax benefit | (13,880) | (5,944) | (7,407) | ||||||||
| Loss before equity in undistributed income of subsidiaries | (26,678) | (7,979) | (11,066) | ||||||||
| Equity in undistributed income of subsidiaries | 279,961 | 65,777 | 97,314 | ||||||||
| Net income | $ 253,283 | $ 57,798 | $ 86,248 | ||||||||
| X | ||||||||||
|
- Definition
Item represents dividend income from subsidiary trusts. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the Parent Company's equity in undistributed earnings of consolidated subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents income or loss after income tax expense or benefit before the equity of undistributed earnings of consolidated subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the income or loss from operations before applicable income tax expense or benefit and equity in undistributed earnings of consolidated subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest expense incurred during the reporting period on subordinated notes and debentures. Includes amortization of expenses incurred in the issuance of subordinated notes and debentures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of interest income earned from interest-bearing assets owed to the entity by related party. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of fees earned from providing investment advice and research to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Operating activities | |||
| Net income | $ 253,283 | $ 57,798 | $ 86,248 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Change in fair value of 2015 notes embedded conversion derivative | 133,968 | 286,899 | (105,194) |
| Provision for depreciation and amortization | 18,375 | 18,404 | 18,970 |
| Amortization of premium on fixed maturity security | 6,861 | (69,828) | (154,483) |
| Change in fair value of derivatives | (1,076,015) | (221,138) | 112,608 |
| Realized gain on investments | (40,561) | 6,454 | 18,641 |
| Loss on extinguishment of debt | 32,515 | 0 | 0 |
| Share-based compensation | 10,476 | 6,552 | 9,339 |
| ESOP compensation | 3,500 | 1,100 | 1,300 |
| Deferred income taxes (benefits) | 3,013 | (52,336) | (80,869) |
| Other | (7,059) | (857) | 59 |
| Changes in operating assets and liabilities: | |||
| Other assets | 1,113 | (7,090) | 5,005 |
| Other liabilities | (11,435) | 5,927 | (77,082) |
| Net cash provided by operating activities | 862,668 | 784,314 | 277,791 |
| Investing activities | |||
| Net cash provided by (used in) investing activities | (3,879,296) | (2,129,490) | (3,605,833) |
| Financing activities | |||
| Financing fees incurred and deferred | (11,942) | 0 | (1,566) |
| Repayment of notes payable | (234,154) | 0 | (46,251) |
| Net proceeds from settlement of notes hedge and warrants | 22,170 | 0 | 0 |
| Repayment of subordinated debentures | 0 | (1,141) | 0 |
| Excess tax benefits realized from share-based compensation plans | 4,043 | 481 | 1,061 |
| Proceeds from issuance of common stock | 31,764 | 5,741 | 4,686 |
| Dividends paid | (12,643) | (9,203) | (6,916) |
| Net cash provided by (used in) financing activities | 2,645,612 | 2,208,769 | 3,135,228 |
| Increase (decrease) in cash and cash equivalents | (371,016) | 863,593 | (192,814) |
| Cash and cash equivalents at beginning of year | 1,268,545 | 404,952 | 597,766 |
| Cash and cash equivalents at end of year | 897,529 | 1,268,545 | 404,952 |
| Supplemental disclosures of cash flow information | |||
| Interest paid | 25,608 | 27,666 | 30,650 |
| Non-cash financing activity: | |||
| Conversion of subordinated debentures | 0 | 20,770 | 0 |
| Common stock issued in extinguishment of debt | 117,463 | 0 | 0 |
|
Parent Company [Member]
|
|||
| Operating activities | |||
| Net income | 253,283 | 57,798 | 86,248 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Change in fair value of 2015 notes embedded conversion derivative | 141,974 | (2,488) | (21,002) |
| Provision for depreciation and amortization | 2,831 | 2,382 | 2,395 |
| Accrual of discount on equity security | (5) | (5) | (5) |
| Equity in undistributed income of subsidiaries | (279,961) | (65,777) | (97,314) |
| Amortization of premium on fixed maturity security | 0 | 0 | 1,005 |
| Accrual of discount on contingent convertible notes | 12,417 | 12,261 | 13,024 |
| Change in fair value of derivatives | (144,012) | 7,472 | 21,002 |
| Realized gain on investments | 0 | 0 | (18) |
| Loss on extinguishment of debt | 32,515 | 0 | 0 |
| Accrual of discount on debenture issued to subsidiary trust | 181 | 169 | 158 |
| Share-based compensation | 1,407 | 1,348 | 866 |
| ESOP compensation | 110 | 45 | 45 |
| Deferred income taxes (benefits) | (5,202) | (2,838) | (4,355) |
| Other | (3,608) | 0 | 0 |
| Changes in operating assets and liabilities: | |||
| Receivable from subsidiaries | 995 | 1,205 | 1,596 |
| Federal income tax recoverable | 62 | (2,745) | 142 |
| Other assets | (1,945) | (549) | 1,702 |
| Other liabilities | 20,131 | (4,528) | (1,562) |
| Net cash provided by operating activities | 31,173 | 3,750 | 3,927 |
| Investing activities | |||
| Capital contributions to subsidiaries | 0 | 0 | (2,450) |
| Purchase of fixed maturity security | 0 | 0 | (53,610) |
| Sales, maturities or repayments of fixed maturity securities—available for sale | 0 | 0 | 52,623 |
| Net cash provided by (used in) investing activities | 0 | 0 | (3,437) |
| Financing activities | |||
| Financing fees incurred and deferred | (11,942) | 0 | (1,566) |
| Proceeds from notes payable | 415,000 | 0 | 0 |
| Repayment of notes payable | (234,154) | 0 | (46,251) |
| Net proceeds from settlement of notes hedge and warrants | 22,170 | 0 | 0 |
| Repayment of subordinated debentures | 0 | (1,141) | 0 |
| Excess tax benefits realized from share-based compensation plans | 159 | 6 | 28 |
| Proceeds from issuance of common stock | 31,764 | 5,370 | 4,686 |
| Dividends paid | (12,849) | (9,374) | (7,102) |
| Net cash provided by (used in) financing activities | 210,148 | (5,139) | (50,205) |
| Increase (decrease) in cash and cash equivalents | 241,321 | (1,389) | (49,715) |
| Cash and cash equivalents at beginning of year | 11,220 | 12,609 | 62,324 |
| Cash and cash equivalents at end of year | 252,541 | 11,220 | 12,609 |
| Non-cash financing activity: | |||
| Conversion of subordinated debentures | 0 | 20,770 | 0 |
| Common stock issued in extinguishment of debt | 117,463 | 0 | 0 |
|
Parent Company [Member] | Convertible Senior Notes [Member]
|
|||
| Supplemental disclosures of cash flow information | |||
| Interest paid | 13,758 | 14,564 | 16,917 |
|
Parent Company [Member] | Convertible Subordinated Debentures [Member]
|
|||
| Supplemental disclosures of cash flow information | |||
| Interest paid | $ 11,850 | $ 13,102 | $ 13,703 |
| X | ||||||||||
|
- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents the Parent Company's equity in undistributed earnings of consolidated subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
Item represents contributions made by the Parent to subsidiaries. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outlfow related the purchase of options with various parties whereby we have the option to receive cash based upon a number of shares and strike price per share, subject to certain conversion rate adjustments on the 2015 notes. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying value of the subordinated debentures that were converted into common stock of the issuing company. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the embedded derivative or group of embedded derivatives included in earnings in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of plan compensation cost recognized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to acquire debt and equity securities not classified as either held-to-maturity securities or trading securities which would be classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow from the repayment of long-term borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Schedule III - Supplementary Insurance Information (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Supplementary Insurance Information [Abstract] | |||
| Deferred policy acquisition costs | $ 2,426,652 | $ 1,709,799 | $ 1,683,857 |
| Future policy benefits, losses, claims and loss expenses | 35,789,655 | 31,773,988 | 28,118,716 |
| Unearned premiums | 0 | 0 | 0 |
| Other policy claims and benefits payable | 418,033 | 455,752 | 400,594 |
| Premium revenue | 148,938 | 165,681 | 195,101 |
| Net investment income | 1,383,927 | 1,286,923 | 1,218,780 |
| Benefits, claims, losses and settlement expenses | 1,713,019 | 1,264,016 | 856,975 |
| Amortization of deferred policy acquisition costs | 365,468 | 164,919 | 143,478 |
| Other operating expenses | $ 142,873 | $ 137,432 | $ 113,169 |
| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Amount of amortization of deferred policy acquisition costs recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of insurance benefits, claims, losses and settlement expenses incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force on the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of reserves for future policy claims payable and loss expenses to be incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of net investment income earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of other operating expense incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of claims and benefits payable not included within other categories. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of premium revenue earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of premiums not yet earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Schedule IV - Reinsurance (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
| Gross amount, life insurance in force | $ 2,250,112 | $ 2,350,473 | $ 2,469,428 |
| Ceded to other companies, life insurance in force | 13,521 | 4,742 | 4,692 |
| Assumed from other companies, life insurance in force | 57,976 | 61,488 | 65,197 |
| Net amount, life insurance in force | 2,294,567 | 2,407,219 | 2,529,933 |
| Net amount, insurance premiums and other considerations | 45,347 | 76,675 | 118,912 |
| Percent of amount assumed to net, life insurance in force | 2.53% | 2.55% | 2.58% |
|
Insurance Premiums and Other Considerations [Member]
|
|||
| Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
| Gross amount, insurance premiums and other considerations | 155,199 | 172,125 | 202,876 |
| Ceded to other companies, insurance premiums and other considerations | 6,879 | 7,160 | 8,497 |
| Assumed from other companies, insurance premiums and other considerations | 618 | 716 | 722 |
| Net amount, insurance premiums and other considerations | 148,938 | 165,681 | 195,101 |
| Percent of amount assumed to net, insurance premiums and other considerations | 0.41% | 0.43% | 0.37% |
|
Annuity Product Charges [Member]
|
|||
| Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
| Gross amount, insurance premiums and other considerations | 110,142 | 95,802 | 84,338 |
| Ceded to other companies, insurance premiums and other considerations | 6,551 | 6,796 | 8,149 |
| Assumed from other companies, insurance premiums and other considerations | 0 | 0 | 0 |
| Net amount, insurance premiums and other considerations | 103,591 | 89,006 | 76,189 |
| Percent of amount assumed to net, insurance premiums and other considerations | 0.00% | 0.00% | 0.00% |
|
Traditional Life, Accident and Health Insurance, and Life Contingent Immediate Annuity Premiums [Member]
|
|||
| Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
| Gross amount, insurance premiums and other considerations | 45,057 | 76,323 | 118,538 |
| Ceded to other companies, insurance premiums and other considerations | 328 | 364 | 348 |
| Assumed from other companies, insurance premiums and other considerations | 618 | 716 | 722 |
| Net amount, insurance premiums and other considerations | $ 45,347 | $ 76,675 | $ 118,912 |
| Percent of amount assumed to net, insurance premiums and other considerations | 1.36% | 0.93% | 0.61% |
| X | ||||||||||
|
- Definition
Amount of earned premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of life insurance in force premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of earned premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of life insurance in force premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, before premiums ceded to other entities and premiums assumed by the entity, of life insurance in force premiums. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of assumed life insurance in force premiums to net premiums. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after premiums ceded to other entities and premiums assumed by the entity, of life insurance in force premiums. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of assumed premiums earned by the entity to net premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Schedule V - Valuation and Qualifying Accounts (Details) (Valuation Allowance on Mortgage Loans [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
|
Valuation Allowance on Mortgage Loans [Member]
|
|||
| Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Beginning balance | $ (34,234) | $ (32,964) | $ (16,224) |
| Charged to costs and expenses | (5,621) | (16,832) | (30,770) |
| Translation adjustment | 0 | 0 | 0 |
| Write-offs/payments/other | 13,808 | 15,562 | 14,030 |
| Ending balance | $ (26,047) | $ (34,234) | $ (32,964) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total of the adjustments in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to costs and expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of the deductions in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, representing receivables written off as uncollectible and portions of the reserves utilized, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|