Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 19, 2015	Jun. 30, 2014
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, 2014
Amendment Flag	false
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
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			$ 1,759,747,273
Entity Common Stock, Shares Outstanding		76,877,428

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fixed maturity securities:
Available for sale, at fair value (amortized cost: 2014 - $30,205,046; 2013 - $26,527,730)	$ 32,445,202	$ 26,610,447
Held for investment, at amortized cost (fair value: 2014 - $75,838; 2013 - $60,840)	76,432	76,255
Equity securities, available for sale, at fair value (cost: 2014 - $7,509; 2013 - $7,503)	7,805	7,778
Mortgage loans on real estate	2,434,580	2,581,082
Derivative instruments	731,113	856,050
Other investments	286,726	215,042
Total investments	35,981,858	30,346,654
Cash and cash equivalents	701,514	897,529
Coinsurance deposits	3,044,342	2,999,618
Accrued investment income	326,559	301,641
Deferred policy acquisition costs	2,058,556	2,426,652
Deferred sales inducements	1,587,257	1,875,880
Deferred income taxes	0	301,856
Income taxes recoverable	9,252	0
Other assets	280,396	471,669
Total assets	43,989,734	39,621,499
Liabilities:
Policy benefit reserves	39,802,861	35,789,655
Other policy funds and contract claims	365,819	418,033
Notes payable	421,679	549,958
Subordinated debentures	246,243	246,050
Deferred income taxes	3,895	0
Income taxes payable	0	10,153
Other liabilities	1,009,361	1,222,963
Total liabilities	41,849,858	38,236,812
Stockholders' equity:
Preferred stock, par value $1 per share, 2,000,000 shares authorized, 2014 and 2013 - no shares issued and outstanding	0	0
Common stock, par value $1 per share, 200,000,000 shares authorized; issued and outstanding: 2014 - 76,062,407 shares (excluding 4,126,167 treasury shares); 2013 - 70,535,404 shares (excluding 4,876,735 treasury shares)	76,062	70,535
Additional paid-in capital	513,218	550,400
Unallocated common stock held by ESOP; 2013 - 58,618 shares	0	(631)
Accumulated other comprehensive income	721,401	46,196
Retained earnings	829,195	718,187
Total stockholders' equity	2,139,876	1,384,687
Total liabilities and stockholders' equity	$ 43,989,734	$ 39,621,499

Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investments:
Available for sale, at fair value, amortized cost	$ 30,205,046	$ 26,527,730
Held for investment, at amortized cost, fair value	75,838	60,840
Equity securities, available for sale, at fair value, cost	$ 7,509	$ 7,503
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	76,062,407	70,535,404
Common stock, shares outstanding	76,062,407	70,535,404
Common stock, shares held in treasury	4,126,167	4,876,735
Unallocated common stock, shares held by ESOP	0	58,618

Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Revenues:

Premiums and other considerations

$ 32,623

$ 45,347

$ 76,675

Annuity product charges

118,990

103,591

89,006

Net investment income

1,531,667

1,383,927

1,286,923

Change in fair value of derivatives

504,825

1,076,015

221,138

Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses

(4,003)

40,561

(6,454)

OTTI losses on investments:

Total OTTI losses

(4,964)

(5,411)

Portion of OTTI losses recognized from other comprehensive income

(2,627)

(1,270)

(9,521)

Net OTTI losses recognized in operations

(2,627)

(6,234)

(14,932)

Loss on extinguishment of debt

(12,502)

(32,515)

Total revenues

2,168,973

2,610,692

1,652,356

Benefits and expenses:

Insurance policy benefits and change in future policy benefits

41,815

53,071

81,481

Interest sensitive and index product benefits

1,473,700

1,272,867

808,479

Amortization of deferred sales inducements

131,419

253,113

87,157

Change in fair value of embedded derivatives

32,321

133,968

286,899

Interest expense on notes payable

36,370

38,870

28,479

Interest expense on subordinated debentures

12,122

12,088

13,458

Amortization of deferred policy acquisition costs

163,578

365,468

164,919

Other operating costs and expenses

81,584

91,915

95,495

Total benefits and expenses

1,972,909

2,221,360

1,566,367

Income before income taxes

196,064

389,332

85,989

Income tax expense

70,041

136,049

28,191

Net income

$ 126,023

$ 253,283

$ 57,798

Earnings per common share

$ 1.69

$ 3.86

$ 0.94

Earnings per common share - assuming dilution

$ 1.58

$ 3.38

$ 0.89

Weighted average common shares outstanding: earnings per common share

74,431,087

^[1]

65,543,895

^[1]

61,258,825

^[1]

Weighted average common shares outstanding: earnings per common share - assuming dilution

79,893,600

75,040,646

65,675,651

[1]	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Net income

$ 126,023

$ 253,283

$ 57,798

Other comprehensive income (loss):

Change in net unrealized investment gains/losses (1)

1,038,604

^[1]

(1,001,943)

^[1]

358,894

^[1]

Noncredit component of OTTI losses (1)

1,265

^[1]

586

^[1]

4,571

^[1]

Reclassification of unrealized investment gains/losses to net income (1)

(1,092)

^[1]

15,802

^[1]

(10,267)

^[1]

Other comprehensive income (loss) before income tax

1,038,777

(985,555)

353,198

Income tax effect related to other comprehensive income (loss)

(363,572)

344,944

(123,620)

Other comprehensive income (loss)

675,205

(640,611)

229,578

Comprehensive income (loss)

$ 801,228

$ (387,328)

$ 287,376

[1]	Net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

- Definition

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

+ References+ Details

Consolidated Statements of Changes in Stockholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Unallocated Common Stock Held by ESOP [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]
Stockholders' equity at beginning of period at Dec. 31, 2011	$ 1,408,679	$ 57,837	$ 468,281	$ (3,620)	$ 457,229	$ 428,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,798					57,798
Other comprehensive income (loss)	229,578				229,578
Conversion of subordinated debentures	19,591	2,564	17,027
Allocation of common stock by ESOP, including excess income tax benefits	1,085		48	1,037
Share-based compensation, including excess income tax benefits	6,904		6,904
Issuance of common stock under compensation plans, including excess income tax benefits	5,805	1,350	4,455
Dividends on common stock	(9,203)					(9,203)
Stockholders' equity at end of period at Dec. 31, 2012	1,720,237	61,751	496,715	(2,583)	686,807	477,547
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	253,283					253,283
Other comprehensive income (loss)	(640,611)				(640,611)
Allocation of common stock by ESOP, including excess income tax benefits	3,390		1,438	1,952
Share-based compensation, including excess income tax benefits	13,624		13,624
Issuance of common stock under compensation plans, including excess income tax benefits	32,735	3,295	29,440
Extinguishment of convertible senior notes, net of tax, including shares of common stock issued upon conversion	62,663	5,489	57,174
Warrants reclassified to embedded derivative liability to be settled in cash	(47,991)		(47,991)
Dividends on common stock	(12,643)					(12,643)
Stockholders' equity at end of period at Dec. 31, 2013	1,384,687	70,535	550,400	(631)	46,196	718,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	126,023					126,023
Other comprehensive income (loss)	675,205				675,205
Allocation of common stock by ESOP, including excess income tax benefits	1,352		721	631
Share-based compensation, including excess income tax benefits	7,705		7,705
Issuance of common stock under compensation plans, including excess income tax benefits	14,705	1,568	13,137
Extinguishment of convertible senior notes, net of tax, including shares of common stock issued upon conversion	(3,529)	3,959	(7,488)
Warrants reclassified to embedded derivative liability to be settled in cash	(51,257)		(51,257)
Dividends on common stock	(15,015)					(15,015)
Stockholders' equity at end of period at Dec. 31, 2014	$ 2,139,876	$ 76,062	$ 513,218	$ 0	$ 721,401	$ 829,195

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Stockholders' Equity [Abstract]
Conversion of subordinated debentures	$ 0	$ 0	$ 20,770
Shares of common stock allocated by ESOP, including excess income tax benefits	58,618	181,181	96,294
Shares of common stock issued under compensation plans, including excess income tax benefits	1,567,607	3,294,995	1,349,914
Shares of common stock issued upon extinguishment of convertible senior notes	3,959,396	5,489,808
Dividends on common stock (per share amount)	$ 0.20	$ 0.18	$ 0.15

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ 126,023	$ 253,283	$ 57,798
Adjustments to reconcile net income to net cash provided by operating activities:
Interest sensitive and index product benefits	1,473,700	1,272,867	808,479
Amortization of deferred sales inducements	131,419	253,113	87,157
Annuity product charges	(118,990)	(103,591)	(89,006)
Change in fair value of embedded derivatives	32,321	133,968	286,899
Increase in traditional life and accident and health insurance reserves	2,385	14,997	35,758
Policy acquisition costs deferred	(426,882)	(425,800)	(403,411)
Amortization of deferred policy acquisition costs	163,578	365,468	164,919
Provision for depreciation and other amortization	9,490	18,375	18,404
Amortization of discounts and premiums on investments	(14,960)	6,861	(69,828)
Loss on extinguishment of debt	12,502	32,515	0
Realized gains/losses on investments and net OTTI losses recognized in operations	6,630	(34,327)	21,386
Change in fair value of derivatives	(506,328)	(1,076,015)	(221,138)
Deferred income taxes (benefits)	(46,504)	3,013	(52,336)
Share-based compensation	3,544	10,476	6,552
Change in accrued investment income	(24,918)	(39,808)	(32,896)
Change in income taxes recoverable/payable	(19,405)	5,397	13,197
Change in other assets	(2,771)	1,113	(7,090)
Change in other policy funds and contract claims	(60,931)	(47,445)	55,158
Change in collateral held for derivatives	27,839	236,702	99,242
Change in other liabilities	(51,008)	(11,435)	5,927
Other	(8,948)	(7,059)	(857)
Net cash provided by operating activities	707,786	862,668	784,314
Sales, maturities, or repayments of investments:
Fixed maturity securities—available for sale	1,490,906	3,456,719	3,298,623
Fixed maturity securities—held for investment	0	0	2,618,207
Equity securities—available for sale	0	46,674	13,604
Mortgage loans on real estate	453,937	539,240	543,211
Derivative instruments	1,169,874	971,432	483,362
Other investments	23,165	24,050	33,601
Acquisitions of investments:
Fixed maturity securities—available for sale	(5,191,781)	(7,962,150)	(8,266,692)
Mortgage loans on real estate	(327,654)	(505,953)	(386,507)
Derivative instruments	(492,296)	(419,345)	(379,592)
Other investments	(72,548)	(29,015)	(86,569)
Purchases of property, furniture and equipment	(1,352)	(948)	(738)
Net cash used in investing activities	(2,947,749)	(3,879,296)	(2,129,490)
Financing activities
Receipts credited to annuity and single premium universal life policyholder account balances	4,160,005	4,160,346	3,782,275
Coinsurance deposits	109,184	25,729	4,885
Return of annuity policyholder account balances	(2,025,203)	(1,763,913)	(1,575,340)
Financing fees incurred and deferred	(100)	(11,942)	0
Proceeds from notes payable	0	415,000	0
Repayment of notes payable	(219,094)	(234,154)	0
Net proceeds from settlement of notes hedge and warrants	16,558	22,170	0
Repayment of subordinated debentures	0	0	(1,141)
Excess tax benefits realized from share-based compensation plans	5,184	4,043	481
Proceeds from issuance of common stock	13,681	31,764	5,741
Change in checks in excess of cash balance	(1,252)	9,212	1,071
Dividends paid	(15,015)	(12,643)	(9,203)
Net cash provided by (used in) financing activities	2,043,948	2,645,612	2,208,769
Increase (decrease) in cash and cash equivalents	(196,015)	(371,016)	863,593
Cash and cash equivalents at beginning of year	897,529	1,268,545	404,952
Cash and cash equivalents at end of year	701,514	897,529	1,268,545
Cash paid during the year for:
Interest expense	42,989	25,608	27,666
Cash paid during period for income taxes:
Income taxes	132,754	128,225	67,450
Income tax refunds received	0	0	512
Non-cash operating activity:
Deferral of sales inducements	330,079	337,787	306,659
Non-cash investing and financing activities:
Real estate acquired in satisfaction of mortgage loans	14,555	8,217	26,324
Conversion of subordinated debentures	0	0	20,770
Common stock issued in extinguishment of debt	$ 95,993	$ 117,463	$ 0

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

Nature of Operations

American Equity Investment Life Holding Company ("we", "us", "our" or "parent company"), 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, 2014. 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 2014, 2013 and 2012, by product type were as follows:



	Year Ended December 31,
Product Type	2014		2013		2012
	(Dollars in thousands)
Fixed index annuities	$	3,911,109	$	3,864,990	$	3,430,436
Annual reset fixed rate annuities	56,647		71,162		98,190
Multi-year fixed rate annuities	21,125		41,578		49,915
Single premium immediate annuities (SPIA)	24,580		52,142		164,657
Life insurance	10,810		10,556		12,877
	$	4,024,271	$	4,040,428	$	3,756,075

Agents contracted with us through two national marketing organizations which market our products accounted for more than 10% of the annuity deposits and insurance premium collections during 2014, each representing 10% individually, of the annuity deposits and insurance premiums collected. Agents contracted with us through one national marketing organization 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. Agents contracted with us through three national marketing organizations 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.

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.

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 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 allowance 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, 2014, 2013 and 2012, interest crediting rates for these products ranged from 1.20% to 4.50%. 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 benefits 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 an administrative fee and less claims incurred. Such amounts (2014 - $1.7 million; 2013 - $1.1 million; and 2012 - $1.1 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 (Loss)

Other comprehensive income (loss) includes all changes in stockholders' equity during a period except those resulting from investments by and distributions to stockholders. Other comprehensive income (loss) excludes net realized investment gains (losses) included in net income which merely represent transfers from unrealized to realized gains and losses.

Adopted Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("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

In June 2014, the FASB issued an ASU that requires that a performance target in a share based payment arrangement that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This ASU will be effective for us on January 1, 2016, and early adoption is permitted, but it is not expected to have a material impact on our consolidated financial statements.

- 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.

+ References+ Details

Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

The following sets forth a comparison of the carrying amounts and fair values of our financial instruments:



	December 31,
	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
Assets
Fixed maturity securities:
Available for sale	$	32,445,202	$	32,445,202	$	26,610,447	$	26,610,447
Held for investment	76,432		75,838		76,255		60,840
Equity securities, available for sale	7,805		7,805		7,778		7,778
Mortgage loans on real estate	2,434,580		2,493,901		2,581,082		2,615,410
Derivative instruments	731,113		731,113		856,050		856,050
Other investments	266,488		273,004		192,198		193,343
Cash and cash equivalents	701,514		701,514		897,529		897,529
Coinsurance deposits	3,044,342		2,698,552		2,999,618		2,669,432
Interest rate caps	2,778		2,778		6,103		6,103
Interest rate swap	—		—		712		712
2015 notes hedges	30,291		30,291		107,041		107,041
Counterparty collateral	206,096		206,096		315,824		315,824

Liabilities
Policy benefit reserves	39,463,987		33,078,978		35,453,166		29,670,827
Single premium immediate annuity (SPIA) benefit reserves	365,440		377,654		417,625		430,835
Notes payable	421,679		503,349		549,958		699,435
Subordinated debentures	246,243		244,437		246,050		234,959
2015 notes embedded conversion derivative	30,291		30,291		107,041		107,041
Interest rate swap	2,644		2,644		—		—

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:


Level 1—	Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.


Level 2—	Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable.

Level 3—

Models and other valuation methodologies using significant inputs that are unobservable for financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in Level 3 are securities for which no market activity or data exists and for which we used discounted expected future cash flows with our own assumptions about what a market participant would use in determining fair value.

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 2014 and 2013.

Our assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2014 and 2013 are presented below based on the fair value hierarchy levels:



	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
December 31, 2014
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	138,460	$	4,255	$	134,205	$	—
United States Government sponsored agencies	1,393,890		—		1,393,890		—
United States municipalities, states and territories	3,723,309		—		3,723,309		—
Foreign government obligations	193,803		—		193,803		—
Corporate securities	21,490,292		11		21,490,281		—
Residential mortgage backed securities	1,751,345		—		1,750,970		375
Commercial mortgage backed securities	2,807,620		—		2,807,620		—
Other asset backed securities	946,483		—		946,483		—
Equity securities, available for sale: finance, insurance and real estate	7,805		—		7,805		—
Derivative instruments	731,113		—		731,113		—
Cash and cash equivalents	701,514		701,514		—		—
Interest rate caps	2,778		—		2,778		—
2015 notes hedges	30,291		—		30,291		—
Counterparty collateral	206,096		—		206,096		—
	$	34,124,799	$	705,780	$	33,418,644	$	375
Liabilities
2015 notes embedded conversion derivative	$	30,291	$	—	$	30,291	$	—
Interest rate swap	2,644		—		2,644		—
Fixed index annuities—embedded derivatives	5,574,653		—		—		5,574,653
	$	5,607,588	$	—	$	32,935	$	5,574,653
December 31, 2013
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	42,925	$	4,805	$	38,120	$	—
United States Government sponsored agencies	1,194,289		—		1,194,289		—
United States municipalities, states and territories	3,306,743		—		3,306,743		—
Foreign government obligations	91,557		—		91,557		—
Corporate securities	17,233,037		20		17,233,017		—
Residential mortgage backed securities	1,971,960		—		1,970,584		1,376
Commercial mortgage backed securities	1,735,460		—		1,735,460		—
Other asset backed securities	1,034,476		359		1,034,117		—
Equity securities, available for sale: finance, insurance and real estate	7,778		—		7,778		—
Derivative instruments	856,050		—		856,050		—
Cash and cash equivalents	897,529		897,529		—		—
Interest rate caps	6,103		—		6,103		—
Interest rate swap	712		—		712		—
2015 notes hedges	107,041		—		107,041		—
Counterparty collateral	315,824		—		315,824		—
	$	28,801,484	$	902,713	$	27,897,395	$	1,376
Liabilities
2015 notes embedded conversion derivative	$	107,041	$	—	$	107,041	$	—
Fixed index annuities—embedded derivatives	4,406,163		—		—		4,406,163
	$	4,513,204	$	—	$	107,041	$	4,406,163

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:


•	reported trading prices,


•	benchmark yields,


•	broker-dealer quotes,


•	benchmark securities,


•	bids and offers,


•	credit ratings,


•	relative credit information, and


•	other reference data.

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 of 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, 2014 and 2013.

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 investments qualify as Level 3 fair values and were 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, 2014 and 2013:



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Available for sale securities
Beginning balance	$	1,376		$	1,812
Principal returned	(285		)	(864		)
Amortization of premium/accretion of discount	(262		)	152
Total gains (losses) (realized/unrealized):
Included in other comprehensive income (loss)	109			276
Included in operations	(563		)	—
Ending balance	$	375		$	1,376

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.



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Fixed index annuities—embedded derivatives
Beginning balance	$	4,406,163		$	3,337,556
Premiums less benefits	1,700,827			1,485,109
Change in fair value, net	(532,337		)	(416,502		)
Ending balance	$	5,574,653		$	4,406,163

Change in fair value, 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, 2014, were to increase by 100 basis points, the fair value of the embedded derivatives would decrease by $377.0 million recorded through operations as a decrease in the change in fair value of embedded derivatives and there would be a corresponding decrease of $225.0 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 $421.9 million recorded through operations as an increase in the change in fair value of embedded derivatives and there would be a corresponding increase of $244.2 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.

- Definition

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

+ References+ Details

Investments

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Investments

At December 31, 2014 and 2013, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	137,710	$	765	$	(15	)	$	138,460
United States Government sponsored agencies	1,364,424		43,399		(13,933		)	1,393,890
United States municipalities, states and territories	3,293,551		430,469		(711		)	3,723,309
Foreign government obligations	181,128		16,628		(3,953		)	193,803
Corporate securities	19,984,747		1,628,941		(123,396		)	21,490,292
Residential mortgage backed securities	1,616,846		136,704		(2,205		)	1,751,345
Commercial mortgage backed securities	2,720,294		90,649		(3,323		)	2,807,620
Other asset backed securities	906,346		48,022		(7,885		)	946,483
	$	30,205,046	$	2,395,577	$	(155,421	)	$	32,445,202
Held for investment:
Corporate security	$	76,432	$	—	$	(594	)	$	75,838

Equity securities, available for sale:
Finance, insurance and real estate	$	7,509	$	296	$	—		$	7,805

December 31, 2013
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	44,852	$	367	$	(2,294	)	$	42,925
United States Government sponsored agencies	1,313,776		1,875		(121,362		)	1,194,289
United States municipalities, states and territories	3,181,032		164,785		(39,074		)	3,306,743
Foreign government obligations	86,112		8,907		(3,462		)	91,557
Corporate securities	17,142,118		606,948		(516,029		)	17,233,037
Residential mortgage backed securities	1,895,913		119,230		(43,183		)	1,971,960
Commercial mortgage backed securities	1,821,988		3,287		(89,815		)	1,735,460
Other asset backed securities	1,041,939		23,300		(30,763		)	1,034,476
	$	26,527,730	$	928,699	$	(845,982	)	$	26,610,447
Held for investment:
Corporate security	$	76,255	$	—	$	(15,415	)	$	60,840

Equity securities, available for sale:
Finance, insurance and real estate	$	7,503	$	275	$	—		$	7,778

At December 31, 2014, 33% of our fixed income securities have call features, of which 0.6% ($0.2 billion) were subject to call redemption and another 4% ($1.2 billion) will become subject to call redemption during 2015.

The amortized cost and fair value of fixed maturity securities at December 31, 2014, 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.



	Available for sale				Held for investment
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	65,783	$	67,404	$	—	$	—
Due after one year through five years	1,483,940		1,638,259		—		—
Due after five years through ten years	8,523,008		8,738,123		—		—
Due after ten years through twenty years	7,251,089		7,914,212		—		—
Due after twenty years	7,637,740		8,581,756		76,432		75,838
	24,961,560		26,939,754		76,432		75,838
Residential mortgage backed securities	1,616,846		1,751,345		—		—
Commercial mortgage backed securities	2,720,294		2,807,620		—		—
Other asset backed securities	906,346		946,483		—		—
	$	30,205,046	$	32,445,202	$	76,432	$	75,838

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:



	December 31,
	2014			2013
	(Dollars in thousands)
Net unrealized gains on available for sale fixed maturity securities and equity securities	$	2,240,452		$	82,992
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(1,165,271		)	(46,588		)
Deferred income tax valuation allowance reversal	22,534			22,534
Deferred income tax expense	(376,314		)	(12,742		)
Net unrealized gains reported as accumulated other comprehensive income	$	721,401		$	46,196

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, 2014 and 2013.

The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:



	December 31,
	2014				2013
NAIC Designation	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
1	$	19,223,151	$	20,941,634	$	16,394,654	$	16,531,250
2	10,432,593		10,981,618		9,630,251		9,598,399
3	602,191		583,313		502,822		474,165
4	22,888		14,089		74,493		66,078
5	—		—		—		—
6	655		386		1,765		1,395
	$	30,281,478	$	32,521,040	$	26,603,985	$	26,671,287

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 402 and 1,047 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2014 and 2013:



	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	—	$	—		$	498	$	(15	)	$	498	$	(15	)
United States Government sponsored agencies	—		—			610,339		(13,933		)	610,339		(13,933		)
United States municipalities, states and territories	—		—			27,947		(711		)	27,947		(711		)
Foreign government obligations	14,194		(1,068		)	11,542		(2,885		)	25,736		(3,953		)
Corporate securities:
Finance, insurance and real estate	253,439		(2,586		)	399,874		(16,277		)	653,313		(18,863		)
Manufacturing, construction and mining	1,078,089		(35,151		)	694,088		(35,926		)	1,772,177		(71,077		)
Utilities and related sectors	373,952		(8,185		)	344,313		(10,153		)	718,265		(18,338		)
Wholesale/retail trade	88,766		(2,290		)	99,427		(3,122		)	188,193		(5,412		)
Services, media and other	131,940		(1,567		)	277,296		(8,139		)	409,236		(9,706		)
Residential mortgage backed securities	22,115		(1,219		)	20,427		(986		)	42,542		(2,205		)
Commercial mortgage backed securities	241,637		(1,344		)	187,241		(1,979		)	428,878		(3,323		)
Other asset backed securities	142,094		(3,519		)	58,958		(4,366		)	201,052		(7,885		)
	$	2,346,226	$	(56,929	)	$	2,731,950	$	(98,492	)	$	5,078,176	$	(155,421	)
Held for investment:
Corporate security:
Insurance	$	—	$	—		$	75,838	$	(594	)	$	75,838	$	(594	)

December 31, 2013
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	32,969	$	(2,294	)	$	—	$	—		$	32,969	$	(2,294	)
United States Government sponsored agencies	692,320		(88,671		)	467,309		(32,691		)	1,159,629		(121,362		)
United States municipalities, states and territories	614,056		(39,074		)	—		—			614,056		(39,074		)
Foreign government obligations	26,298		(3,462		)	—		—			26,298		(3,462		)
Corporate securities:
Finance, insurance and real estate	1,690,846		(92,426		)	153,037		(12,873		)	1,843,883		(105,299		)
Manufacturing, construction and mining	3,370,775		(191,245		)	93,608		(16,088		)	3,464,383		(207,333		)
Utilities and related sectors	1,829,868		(102,758		)	83,550		(11,547		)	1,913,418		(114,305		)
Wholesale/retail trade	428,407		(25,189		)	17,687		(1,992		)	446,094		(27,181		)
Services, media and other	834,699		(51,508		)	107,242		(10,403		)	941,941		(61,911		)
Residential mortgage backed securities	309,599		(41,080		)	31,739		(2,103		)	341,338		(43,183		)
Commercial mortgage backed securities	1,450,143		(83,814		)	51,099		(6,001		)	1,501,242		(89,815		)
Other asset backed securities	356,018		(20,426		)	92,372		(10,337		)	448,390		(30,763		)
	$	11,635,998	$	(741,947	)	$	1,097,643	$	(104,035	)	$	12,733,641	$	(845,982	)
Held for investment:
Corporate security:
Insurance	$	—	$	—		$	60,840	$	(15,415	)	$	60,840	$	(15,415	)

Based on the results of our process for evaluating available for sale securities in unrealized loss positions for other-than-temporary-impairments, which is discussed in detail later in this footnote, we have determined that the unrealized losses on the securities in the preceding table are temporary. The unrealized losses at December 31, 2014 are principally related to timing of the purchases of these securities, which carry less yield than those available at December 31, 2014. In addition, a 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.

At December 31, 2014, 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 34 securities with a total amortized cost basis of $244.3 million and a fair value of $270.0 million. Despite recent improvements in the capital markets, the fair values of RMBS with weaker borrower characteristics continue at prices below amortized cost. For the RMBS that are in an unrealized loss position, the prices will likely remain below our cost basis until the housing market is able to absorb current and future foreclosures.

Approximately 78% and 95% of the unrealized losses on fixed maturity securities shown in the above table for December 31, 2014 and 2013, 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, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost	$	14,821		$	(848	)	$	(14,783	)
Investments carried at fair value:
Fixed maturity securities, available for sale	$	2,157,439		$	(2,132,392	)	$	731,279
Equity securities, available for sale	21			(8,549		)	4,417
	2,157,460			(2,140,941		)	735,696
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(1,118,683		)	1,155,386			(382,498		)
Deferred income tax asset/liability	(363,572		)	344,944			(123,620		)
	(1,482,255		)	1,500,330			(506,118		)
Change in net unrealized gains/losses on investments carried at fair value	$	675,205		$	(640,611	)	$	229,578

Components of net investment income are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Fixed maturity securities	$	1,394,301		$	1,229,486		$	1,112,296
Equity securities	404			1,586			3,090
Mortgage loans on real estate	143,998			159,769			176,354
Cash and cash equivalents	286			775			2,243
Other	6,903			5,711			6,348
	1,545,892			1,397,327			1,300,331
Less investment expenses	(14,225		)	(13,400		)	(13,408		)
Net investment income	$	1,531,667		$	1,383,927		$	1,286,923

Proceeds from sales of available for sale securities for the years ended December 31, 2014, 2013 and 2012 were $0.2 billion, $1.5 billion and $0.5 billion, respectively. Scheduled principal repayments, calls and tenders for available for sale fixed maturity securities for the years ended December 31, 2014, 2013 and 2012 were $1.3 billion, $2.1 billion and $2.8 billion, respectively. Calls of held for investment fixed maturity securities for the year ended December 31, 2012 were $2.6 billion.

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:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains	$	3,273		$	39,079		$	10,906
Gross realized losses	(1,006		)	(6,170		)	(562		)
	2,267			32,909			10,344
Available for sale equity securities:
Gross realized gains	—			9,571			562

Other investments:
Gain on sale of real estate	2,454			2,144			5,149
Loss on sale of real estate	(231		)	(1,317		)	—
Impairment losses on real estate	(2,441		)	(1,195		)	(5,677		)
	(218		)	(368		)	(528		)
Mortgage loans on real estate:
Increase in allowance for credit losses	(6,052		)	(5,621		)	(16,832		)
Recovery of specific allowance	—			4,070			—
	(6,052		)	(1,551		)	(16,832		)
	$	(4,003	)	$	40,561		$	(6,454	)

Losses on available for sale fixed maturity securities in 2014, 2013 and 2012 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:



	December 31,
	2014		2013
	(Dollars in thousands)
Fixed maturity securities, available for sale	$	11	$	20
Mortgage loans on real estate	—		3,511
Real estate owned	868		—
	$	879	$	3,531

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 to identify securities that could potentially have impairments that are 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:


•	the length of time and the extent to which the fair value has been less than amortized cost or cost;


•	whether the issuer is current on all payments and all contractual payments have been made as agreed;


•	the remaining payment terms and the financial condition and near-term prospects of the issuer;


•	the lack of ability to refinance due to liquidity problems in the credit market;


•	the fair value of any underlying collateral;


•	the existence of any credit protection available;


•	our intent to sell and whether it is more likely than not we would be required to sell prior to recovery for debt securities;


•	our assessment in the case of equity securities including perpetual preferred stocks with credit deterioration that the security cannot recover to cost in a reasonable period of time;


•	our intent and ability to retain equity securities for a period of time sufficient to allow for recovery;


•	consideration of rating agency actions; and


•	changes in estimated cash flows of mortgage and asset backed securities.

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 fair 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.

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 (loss).

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, 2014 and 2013, which are all senior level tranches within the structure of the securities:



		Discount Rate				Default Rate				Loss Severity
Sector	Vintage	Min		Max		Min		Max		Min		Max
Year ended December 31, 2014
Prime	2005	7.5	%	7.5	%	15	%	15	%	50	%	50	%
	2006	6.5	%	7.4	%	11	%	15	%	40	%	50	%
	2007	7.0	%	7.0	%	14	%	14	%	55	%	55	%
Alt-A	2005	5.6	%	6.4	%	87	%	91	%	2	%	2	%

Year ended December 31, 2013
Prime	2003	5.1	%	5.1	%	2	%	2	%	30	%	30	%
	2005	6.5	%	7.7	%	8	%	18	%	50	%	65	%
	2006	5.8	%	6.9	%	9	%	16	%	45	%	50	%
	2007	6.2	%	6.7	%	11	%	25	%	40	%	60	%
	2008	6.6	%	6.6	%	16	%	16	%	45	%	45	%
	2009	6.8	%	6.8	%	17	%	17	%	60	%	60	%
Alt-A	2005	5.6	%	8.7	%	13	%	81	%	2	%	65	%
	2007	6.2	%	6.9	%	38	%	52	%	60	%	65	%

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:



	Number of Securities	Total OTTI Losses			Portion of OTTI Losses Recognized from Other Comprehensive Income			Net OTTI Losses Recognized in Operations
		(Dollars in thousands)
Year ended December 31, 2014
Fixed maturity securities, available for sale:
Residential mortgage backed securities	7	$	—		$	(2,627	)	$	(2,627	)

Year ended December 31, 2013
Fixed maturity securities, available for sale:
United States Government sponsored agencies	2	$	(2,775	)	$	—		$	(2,775	)
Corporate securities:
Industrial	1	(1,761		)	—			(1,761		)
Residential mortgage backed securities	6	—			(1,270		)	(1,270		)
Equity security, available for sale:
Industrial	1	(428		)	—			(428		)
	10	$	(4,964	)	$	(1,270	)	$	(6,234	)

Year ended December 31, 2012
Fixed maturity securities, available for sale:
Corporate securities:
Finance	1	$	(1,765	)	$	—		$	(1,765	)
Retail	1	(622		)	—			(622		)
Residential mortgage backed securities	39	(3,024		)	(9,521		)	(12,545		)
	41	$	(5,411	)	$	(9,521	)	$	(14,932	)

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:



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Cumulative credit loss at beginning of year	$	(125,960	)	$	(134,027	)
Credit losses on securities for which OTTI has not previously been recognized	—			(4,536		)
Additional credit losses on securities for which OTTI has previously been recognized	(2,627		)	(1,270		)
Accumulated losses on securities that were disposed of during the period	1,537			13,873
Cumulative credit loss at end of year	$	(127,050	)	$	(125,960	)

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, 2014 and 2013:



	Amortized Cost		OTTI Recognized in Other Comprehensive Income			Change in Fair Value Since OTTI was Recognized		Fair Value
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities, available for sale:
Corporate securities	$	—	$	—		$	11	$	11
Residential mortgage backed securities	569,508		(173,494		)	215,625		611,639
	$	569,508	$	(173,494	)	$	215,636	$	611,650
December 31, 2013
Fixed maturity securities, available for sale:
Corporate securities	$	—	$	—		$	20	$	20
Residential mortgage backed securities	679,265		(176,334		)	216,061		718,992
	$	679,265	$	(176,334	)	$	216,081	$	719,012

At December 31, 2014 and 2013, fixed maturity securities and short-term investments with an amortized cost of $32.6 billion and $31.7 billion, respectively, were on deposit with state agencies to meet regulatory requirements. There are no restrictions on these assets.

At December 31, 2014 and 2013, 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-URI http://asc.fasb.org/extlink&oid=6511694

+ Details

Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate

Our mortgage loan portfolio, summarized in the following table, totaled $2.4 billion and $2.6 billion at December 31, 2014 and 2013, respectively, with commitments outstanding of $61.3 million at December 31, 2014.



	December 31,
	2014			2013
	(Dollars in thousands)
Principal outstanding	$	2,457,721		$	2,607,698
Loan loss allowance	(22,633		)	(26,047		)
Deferred prepayment fees	(508		)	(569		)
Carrying value	$	2,434,580		$	2,581,082

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:



	December 31,
	2014				2013
	Principal		Percent		Principal		Percent
	(Dollars in thousands)
Geographic distribution
East	$	701,638	28.5	%	$	765,717	29.4	%
Middle Atlantic	166,249		6.8	%	156,489		6.0	%
Mountain	279,075		11.4	%	356,246		13.7	%
New England	12,280		0.5	%	21,324		0.8	%
Pacific	302,307		12.3	%	317,431		12.2	%
South Atlantic	471,849		19.2	%	483,852		18.5	%
West North Central	349,028		14.2	%	351,794		13.5	%
West South Central	175,295		7.1	%	154,845		5.9	%
	$	2,457,721	100.0	%	$	2,607,698	100.0	%
Property type distribution
Office	$	484,585	19.7	%	$	590,414	22.6	%
Medical Office	88,275		3.6	%	125,703		4.8	%
Retail	711,775		29.0	%	711,364		27.3	%
Industrial/Warehouse	649,425		26.4	%	673,449		25.8	%
Hotel	30,640		1.3	%	61,574		2.4	%
Apartment	335,087		13.6	%	291,823		11.2	%
Mixed use/other	157,934		6.4	%	153,371		5.9	%
	$	2,457,721	100.0	%	$	2,607,698	100.0	%

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 evaluate our mortgage loan portfolio for the establishment of a loan loss allowance 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 on a quantitative and qualitative basis. 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.

We rate each of the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculate a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We apply the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of the general loan loss allowance. We also assess the portfolio qualitatively and apply a loss rate to all loans without a specific allowance based on management's assessment of economic conditions, and we apply an additional amount of loss allowance to a group of loans that we have identified as having higher risk of loss.

The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:



	Year Ended December 31,
	2014						2013						2012
	Specific Allowance			General Allowance			Specific Allowance			General Allowance			Specific Allowance			General Allowance
	(Dollars in thousands)
Beginning allowance balance	$	(16,847	)	$	(9,200	)	$	(23,134	)	$	(11,100	)	$	(23,664	)	$	(9,300	)
Charge-offs	9,211			—			9,738			—			15,562			—
Recoveries	255			—			4,070			—			—			—
Change in provision for credit losses	(4,952		)	(1,100		)	(7,521		)	1,900			(15,032		)	(1,800		)
Ending allowance balance	$	(12,333	)	$	(10,300	)	$	(16,847	)	$	(9,200	)	$	(23,134	)	$	(11,100	)

The specific allowance represents the total credit loss allowances on loans which are individually evaluated for impairment. The general allowance is for 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:



	December 31,
	2014		2013		2012
	(Dollars in thousands)
Individually evaluated for impairment	$	29,116	$	47,018	53,110
Collectively evaluated for impairment	2,428,605		2,560,680		2,605,773
Total loans evaluated for impairment	$	2,457,721	$	2,607,698	2,658,883

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 the lower of the mortgage loan's carrying value or the property's 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. Recoveries are situations where we have received a payment from the borrower in an amount greater than the carrying value of the loan (principal outstanding less specific allowance).

During the years ended December 31, 2014, 2013 and 2012, seven, five and thirteen mortgage loans, respectively, were satisfied by taking ownership of the real estate serving as collateral. The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Real estate owned at beginning of period	$	22,844		$	33,172		$	36,821
Real estate acquired in satisfaction of mortgage loans	14,555			8,217			26,324
Additions	—			626			398
Sales	(14,134		)	(17,358		)	(23,825		)
Impairments	(2,441		)	(1,195		)	(5,677		)
Depreciation	(586		)	(618		)	(869		)
Real estate owned at end of period	$	20,238		$	22,844		$	33,172

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.



	December 31,
	2014		2013
	(Dollars in thousands)
Credit Exposure--By Payment Activity
Performing	$	2,451,760	2,593,276
In workout	—		6,248
Delinquent	—		—
Collateral dependent	5,961		8,174
	$	2,457,721	$	2,607,698

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, the 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. Outstanding principal of loans in a non-accrual status at December 31, 2014 and 2013 totaled $6.0 million and $8.2 million, respectively.

We define collateral dependent loans as those mortgage loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan.

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:



	30 - 59 Days		60 - 89 Days		90 Days and Over		Total Past Due		Current		Collateral Dependent Receivables		Total Financing Receivables
	(Dollars in thousands)
Commercial Mortgage Loans
December 31, 2014	$	—	$	—	$	—	$	—	$	2,451,760	$	5,961	$	2,457,721
December 31, 2013	$	—	$	—	$	—	$	—	$	2,599,524	$	8,174	$	2,607,698

Financing receivables summarized in the following two tables 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).



	Recorded Investment		Unpaid Principal Balance		Related Allowance
	(Dollars in thousands)
December 31, 2014
Mortgage loans with an allowance	$	16,783	$	29,116	$	(12,333	)
Mortgage loans with no related allowance	2,656		2,656		—
	$	19,439	$	31,772	$	(12,333	)
December 31, 2013
Mortgage loans with an allowance	$	30,171	$	47,018	$	(16,847	)
Mortgage loans with no related allowance	3,264		3,264		—
	$	33,435	$	50,282	$	(16,847	)



	Average Recorded Investment		Interest Income Recognized
	(Dollars in thousands)
December 31, 2014
Mortgage loans with an allowance	$	18,465	$	1,797
Mortgage loans with no related allowance	2,656		43
	$	21,121	$	1,840
December 31, 2013
Mortgage loans with an allowance	$	33,772	$	2,094
Mortgage loans with no related allowance	3,264		138
	$	37,036	$	2,232
December 31, 2012
Mortgage loans with an allowance	$	37,480	$	1,946
Mortgage loans with no related allowance	27,696		1,664
	$	65,176	$	3,610

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:


•	borrower is in default,


•	borrower has declared bankruptcy,


•	there is growing concern about the borrower's ability to continue as a going concern,


•	borrower has insufficient cash flows to service debt,


•	borrower's inability to obtain funds from other sources, and


•	there is a breach of financial covenants by the borrower.

If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:


•	assets used to satisfy debt are less than our recorded investment,


•	interest rate is modified,


•	maturity date extension at an interest rate less than market rate,


•	capitalization of interest,


•	delaying principal and/or interest for a period of three months or more, and


•	partial forgiveness of the balance or charge-off.

Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2014 and 2013 that we determined to be TDRs are as follows:



Geographic Region	Number of TDRs	Principal Balance Outstanding		Specific Loan Loss Allowance			Net Carrying Amount
		(Dollars in thousands)
Year ended December 31, 2014:
South Atlantic	7	$	14,475	$	(4,244	)	$	10,231
East North Central	1	2,177		(467		)	1,710
West North Central	1	1,881		(1,047		)	834
	9	$	18,533	$	(5,758	)	$	12,775

Year ended December 31, 2013:
East	1	$	3,712	$	(949	)	$	2,763
Mountain	7	22,140		(329		)	21,811
South Atlantic	7	13,930		(4,177		)	9,753
East North Central	1	2,219		(467		)	1,752
West North Central	1	1,938		(475		)	1,463
West South Central	1	1,714		(256		)	1,458
	18	$	45,653	$	(6,653	)	$	39,000

- Definition

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.

+ References+ Details

Derivative Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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:



	December 31,
	2014		2013
	(Dollars in thousands)
Assets
Derivative instruments
Call options	$	731,113	$	856,050
Other assets
2015 notes hedges	30,291		107,041
Interest rate caps	2,778		6,103
Interest rate swap	—		712
	$	764,182	$	969,906
Liabilities
Policy benefit reserves—annuity products
Fixed index annuities—embedded derivatives	$	5,574,653	$	4,406,163
Other liabilities
2015 notes embedded conversion derivative (see Note 9)	30,291		107,041
Interest rate swap	2,644		—
	$	5,607,588	$	4,513,204

The changes in fair value of derivatives included in the consolidated statements of operations are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Change in fair value of derivatives:
Call options	$	521,947		$	932,003		$	228,610
2015 notes hedges	(8,934		)	145,751			(2,488		)
2015 warrants	—			(9,568		)	—
Interest rate swap	(4,863		)	4,973			(4,261		)
Interest rate caps	(3,325		)	2,856			(723		)
	$	504,825		$	1,076,015		$	221,138
Change in fair value of embedded derivatives:
Fixed index annuities—embedded derivatives	$	47,548		$	(8,006	)	$	289,387
2015 notes embedded conversion derivative (see Note 9)	(19,036		)	141,974			(2,488		)
2029 notes embedded conversion derivative (see Note 9)	3,809			—			—
	$	32,321		$	133,968		$	286,899

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:



			December 31,
			2014				2013
Counterparty	Credit Rating (S&P)	Credit Rating (Moody's)	Notional Amount		Fair Value		Notional Amount		Fair Value
			(Dollars in thousands)
Bank of America	A	A2	$	2,114,812	$	62,932	$	1,683,911	$	73,836
Barclays	A	A2	4,083,259		135,609		2,396,839		113,513
BNP Paribas	A+	A1	1,321,136		42,644		1,382,661		38,849
Citibank, N.A.	A	A2	3,190,204		96,759		1,536,547		72,310
Credit Suisse	A	A1	2,354,811		75,381		4,060,352		193,304
Deutsche Bank	A	A3	2,682,960		64,028		747,587		41,074
HSBC	AA-	A1	38,599		1,767		200,011		10,518
J.P. Morgan	A+	Aa3	401,804		13,488		786,429		36,863
Morgan Stanley	A-	Baa2	2,605,687		77,106		3,546,487		150,437
Royal Bank of Canada	AA-	Aa3	1,364,362		41,717		714,941		25,140
SunTrust	BBB+	A3	248,622		5,405		—		—
Wells Fargo	AA-	Aa3	3,550,188		114,277		2,221,874		100,206
			$	23,956,444	$	731,113	$	19,277,639	$	856,050

As of December 31, 2014 and 2013, we held $743.0 million and $818.2 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 $47.4 million and $71.7 million at December 31, 2014 and 2013, 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. During the year ended December 31, 2014, we revised future period assumptions for lapse rates and the expected costs of annual call options used in determining fixed index annuity embedded derivatives. These revisions decreased the change in fair value of embedded derivatives for the year ended December 31, 2014 by $62.6 million, which after related adjustments to deferred sales inducements and deferred policy acquisition costs and income taxes, increased net income by $14.8 million.

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:



						December 31,
						2014			2013
Maturity Date	Notional Amount		Receive Rate	Pay Rate	Counterparty	Fair Value			Fair Value
						(Dollars in thousands)
March 15, 2021	$	85,500	LIBOR	2.415%	SunTrust	$	(2,644	)	$	712

Details regarding the interest rate caps are as follows:



						December 31,
						2014		2013
Maturity Date	Notional Amount		Floating Rate	Cap Rate	Counterparty	Fair Value		Fair Value
						(Dollars in thousands)
July 7, 2021	$	40,000	LIBOR	2.50%	SunTrust	$	1,398	$	3,073
July 8, 2021	12,000		LIBOR	2.50%	SunTrust	420		923
July 29, 2021	27,000		LIBOR	2.50%	SunTrust	960		2,107
	$	79,000				$	2,778	$	6,103

The interest rate swap converts floating rates to fixed rates for seven years which began in March 2014. The interest rate caps cap our interest rates for seven years which began in July 2014.

In September 2010, concurrently with the issuance of $200.0 million principal amount of 3.50% Convertible Senior Notes due September 15, 2015 (the "2015 notes"), we entered into hedge transactions (the "2015 notes hedges") with two counterparties whereby we would 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. The number of shares and strike price of the 2015 notes hedges are subject to adjustment based on dividends we pay subsequent to their purchase. The 2015 notes hedges 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 hedges and 2015 notes embedded conversion derivative 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 sold warrants (the "2015 warrants") to the 2015 notes hedges 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 was 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. The warrants expire on various dates from December 2015 through March 2016 and are intended to be settled in net 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.

In 2014, we entered into five separate partial unwind agreements with the 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) whereby we agreed to settle the related 2015 notes hedges and the 2015 warrants and received net cash from the counterparties totaling $16.6 million. The agreements to settle the 2015 warrants in cash required us to reclassify $51.3 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 agreements. The fair value of these warrants did not change after reclassification as they were settled in cash at the time the agreements were executed.

In 2013, we entered into three separate partial unwind agreements with the 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) whereby we agreed to settle the related 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.

At December 31, 2014, as a result of the partial unwind transactions and cash dividend adjustments, we had 2015 notes hedges and 2015 warrants outstanding on 1.8 million shares of our common stock at strike prices of $12.25 and $15.68 per share, respectively.

The average price of our common stock has exceeded the strike price of the 2015 warrants in each quarter of 2014 and the last two quarters of 2013 and the dilutive effect of the 2015 warrants has been included in diluted earnings per share for the years ended December 31, 2014 and 2013. The 2015 warrants were not dilutive for the year ended December 31, 2012.

- Definition

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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

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-Publisher FASB

-Name Accounting Standards Codification

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-Paragraph 5

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-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

+ Details

Deferred Policy Acquisition Costs and Deferred Sales Inducements

12 Months Ended

Dec. 31, 2014

Deferred Policy Acquisition Costs and Deferred Sales Inducements [Abstract]

Deferred Policy Acquisition Costs and Deferred Sales Inducements

Policy acquisition costs deferred and amortized are as follows:



	December 31,
	2014			2013			2012
	(Dollars in thousands)
Balance at beginning of year	$	2,426,652		$	1,709,799		$	1,683,857
Costs deferred during the year:
Commissions	421,802			420,378			399,001
Policy issue costs	5,080			5,422			4,410
Amortization	(163,578		)	(365,468		)	(164,919		)
Effect of net unrealized gains/losses	(631,400		)	656,521			(212,550		)
Balance at end of year	$	2,058,556		$	2,426,652		$	1,709,799

Sales inducements deferred and amortized are as follows:



	December 31,
	2014			2013			2012
	(Dollars in thousands)
Balance at beginning of year	$	1,875,880		$	1,292,341		$	1,242,787
Costs deferred during the year	330,079			337,787			306,659
Amortization	(131,419		)	(253,113		)	(87,157		)
Effect of net unrealized gains/losses	(487,283		)	498,865			(169,948		)
Balance at end of year	$	1,587,257		$	1,875,880		$	1,292,341

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 2014 decreased amortization of deferred policy acquisition costs by $35.5 million and amortization of deferred sales inducements by $12.6 million and included the impact of account balance true ups as of September 30, 2014 and adjustment to future period assumptions for interest margins, surrenders and certain expenses. The unlocking adjustment in 2013 decreased amortization of deferred policy acquisition costs by $18.5 million and amortization for 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.

Reinsurance and Policy Provisions

12 Months Ended

Dec. 31, 2014

Reinsurance Disclosures [Abstract]

Reinsurance and Policy Provisions

Coinsurance

We have two coinsurance agreements with EquiTrust Life Insurance Company ("EquiTrust"), covering 70% of certain of American Equity Life's fixed 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 $0.9 billion at December 31, 2014 and 2013, 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 $15.2 million and $20.7 million at December 31, 2014 and 2013, 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 three coinsurance agreements with Athene Life Re Ltd. ("Athene"), an unauthorized life reinsurer domiciled in Bermuda. One agreement cedes 20% of certain of American Equity Life's 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 second agreement cedes 80% of American Equity Life's multi-year rate guaranteed annuities issued from July 1, 2009 through December 31, 2013 and 80% of Eagle Life's multi-year rate guaranteed annuities issued from November 20, 2013 through December 31, 2013. The business reinsured under this agreement may not be recaptured. The third agreement cedes 80% of American Equity Life's and Eagle Life's multi-year rate guaranteed annuities issued on or after January 1, 2014, and 80% of Eagle Life's fixed index annuities. The reinsurance agreement specifies that the coinsurance percentage for Eagle Life's fixed index annuities decreases to 50% for policies issued between January 1, 2016 and December 31, 2018, and to 20% for policies issued on or after January 1, 2019. The business reinsured under this agreement may not be recaptured. Coinsurance deposits (aggregate policy benefit reserves transferred to Athene under these agreements) were $2.2 billion and $2.1 billion at December 31, 2014 and 2013, respectively. American Equity Life is an intermediary for reinsurance of the Eagle Life's business ceded to Athene. American Equity Life and Eagle Life 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 held in trusts and American Equity Life is named as the sole beneficiary of the trusts. The assets in the trusts 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 accounts 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 the trusts 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 $21.9 million and $27.3 million at December 31, 2014 and 2013, 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:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Consolidated Statements of Operations
Annuity product charges	$	5,956		$	6,551		$	6,796
Change in fair value of derivatives	31,076			60,876			17,106
	$	37,032		$	67,427		$	23,902

Interest sensitive and index product benefits	$	122,666		$	117,934		$	94,113
Change in fair value of embedded derivatives	35,820			2,898			9,373
Other operating costs and expenses	9,241			9,926			9,333
	$	167,727		$	130,758		$	112,819
Consolidated Statements of Cash Flows
Annuity deposits	$	(171,124	)	$	(182,616	)	$	(203,552	)
Cash payments to policyholders	280,308			208,345			208,437
	$	109,184		$	25,729		$	4,885

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 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. 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. Pursuant to the terms of this agreement, pretax statutory surplus was reduced by $10.8 million, $11.3 million and $11.8 million in 2014, 2013 and 2012, respectively, and is expected to be reduced as follows: 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 $0.8 million, $1.3 million and $1.8 million during 2014, 2013 and 2012, 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 $322.5 million and $288.2 million at December 31, 2014 and 2013, respectively. 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 $15.7 million and $7.0 million during 2014 and 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. Risk charges attributable to the 2005 Hannover Transaction were $5.4 million and $9.9 million during 2013 and 2012, 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 and $0.5 million during 2013 and 2012, 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-URI http://asc.fasb.org/extlink&oid=34714010&loc=d3e27703-158548

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

We file consolidated federal income tax returns that include all of our wholly-owned subsidiaries, except for 2009–2013 when Eagle Life filed a separate federal income tax return under applicable federal income tax guidelines. Our income tax expense as presented in the consolidated financial statements is summarized as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Consolidated statements of operations:
Current income taxes	$	116,545		$	133,036		$	80,527
Deferred income taxes (benefits)	(46,504		)	3,013			(52,336		)
Total income tax expense included in consolidated statements of operations	70,041			136,049			28,191
Stockholders' equity:
Expense (benefit) relating to:
Change in net unrealized investment losses	363,572			(344,944		)	123,620
Share-based compensation	(5,716		)	(4,043		)	(392		)
Extinguishment of convertible debt	(9,284		)	(4,546		)	—
Total income tax expense (benefit) included in consolidated financial statements	$	418,613		$	(217,484	)	$	151,419

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:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Income before income taxes	$	196,064		$	389,332		$	85,989

Income tax expense on income before income taxes	$	68,622		$	136,266		$	30,096
Tax effect of:
Tax exempt net investment income	(3,669		)	(2,657		)	(1,876		)
Extinguishment of convertible debt	4,202			2,695			—
Other	886			(255		)	(29		)
Income tax expense	$	70,041		$	136,049		$	28,191
Effective tax rate	35.7		%	34.9		%	32.8		%

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, 2014 and 2013, are as follows:



	December 31,
	2014			2013
	(Dollars in thousands)
Deferred income tax assets:
Policy benefit reserves	$	2,052,968		$	1,875,516
Other than temporary impairments	753			901
Investment income items	—			2,121
Amounts due reinsurer	680			7,366
Other policyholder funds	7,765			9,200
Litigation settlement accrual	7,100			7,420
Deferred compensation	10,565			13,430
Convertible senior notes	12,281			34,818
Net operating loss carryforwards	17,694			24,179
Other	11,685			8,835
Gross deferred tax assets	2,121,491			1,983,786
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,637,607		)	(1,475,403		)
Net unrealized gains on available for sale fixed maturity and equity securities	(376,314		)	(12,742		)
Derivative instruments	(94,038		)	(193,067		)
Investment income items	(14,842		)	—
Other	(2,585		)	(718		)
Gross deferred tax liabilities	(2,125,386		)	(1,681,930		)
Net deferred income tax (liability) asset	$	(3,895	)	$	301,856

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. We have 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, 2014 and 2013.

There were no material income tax contingencies requiring recognition in our consolidated financial statements as of December 31, 2014. We are no longer subject to income tax examinations by tax authorities for years prior to 2010.

At December 31, 2014, we had non-life net operating loss carryforwards for federal income tax purposes totaling $28.1 million which expire beginning in 2018 through 2033.

- Definition

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.

+ References+ Details

Notes Payable and Amounts Due Under Repurchase Agreements

12 Months Ended

Dec. 31, 2014

Notes Payable [Abstract]

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. The initial transaction fees and expenses totaling $9.0 million were capitalized as deferred financing costs and are being amortized over the term of the notes due 2021 using the effective interest method. We used $15 million of the net proceeds from the issuance to repay the entire amount outstanding under our revolving credit facility and the remainder of the net proceeds was used to pay the cash consideration portion of the convertible notes tender, exchange offers and redemption discussed below.

In September 2010, we issued $200.0 million principal amount of 2015 notes. The 2015 notes have a coupon interest rate of 3.5% per year, 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:


•	during the 5 business day period after any 10 consecutive trading day period (the “measurement 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;

•

during any calendar quarter commencing after December 31, 2010, the Notes may be converted if the last reported price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day. The “last reported sale price” means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the New York Stock Exchange; or


•	upon the occurrence of specified corporate transactions.

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. The conversion rate and conversion price have not been adjusted for cash dividends paid in December 2013 and December 2014 because the adjustments created by these cash dividend payments have been carried forward because they do not change the conversion rate by at least 1%.

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.

In December 2009, we issued $115.8 million of contingent convertible senior notes due December 15, 2029 (the "2029 notes"), of which $15.6 million was assigned to the equity component (net of income tax of $11.0 million). The 2029 notes had a coupon interest rate of 5.25% per annum. Interest was payable semi-annually in arrears on June 6 and December 6 of each year.

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. 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, 2014, 2013 and 2012. The 2015 notes are excluded from the dilutive effect in our diluted earnings per share calculation as they are intended to be settled only in cash.

In 2014, we extinguished $69.6 million principal amount of our 2015 notes and $36.2 million principal amount of our 2029 notes pursuant to private exchange offers with holders of our outstanding convertible debt instruments. Total consideration paid to holders of the 2015 notes consisted of $82.9 million in cash and $48.2 million in shares of our common stock (2,115,055 shares). Total consideration paid to holders of the 2029 notes consisted of $66.7 million in cash and $23.2 million in shares of our common stock (946,793 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 $66.0 million and $34.6 million for the 2015 notes and the 2029 notes, respectively, and losses net of tax of $4.8 million for the 2015 notes and $2.5 million for the 2029 notes were recognized.

Also in 2014, we issued a notice of mandatory redemption of all of the 2029 notes that were outstanding at the time the notice was issued and amended the terms of the indenture governing the 2029 notes to provide the holders with the option of receiving the conversion value of their notes entirely in cash rather than cash for the principal amount and net shares for the portion of the conversion value that exceeds the principal amount. As a result of this mandatory redemption and the change in terms, $32.1 million principal amount of the 2029 notes was converted into $69.4 million in cash and $24.6 million in shares of our common stock (897,548 shares). The amendment to the conversion terms resulted in a reclassification of the fair value of the conversion premium for the 2029 notes from equity to an embedded conversion derivative liability. The fair value of the conversion premium on the date of reclassification was $58.1 million. We applied fair value accounting to the embedded derivative liability from the date of reclassification to the dates of settlement of the conversions of the 2029 notes and recognized as expense the $3.8 million increase in the fair value of the embedded conversion derivative liability.

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.

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:



	December 31, 2014			December 31, 2013
	September 2015 Notes			September 2015 Notes			December 2029 Notes
	(Dollars in thousands)
Notes payable:
Principal amount of liability component	$	22,377		$	91,951		$	68,373
Unamortized discount	(698		)	(6,623		)	(3,743		)
Net carrying amount of liability component	$	21,679		$	85,328		$	64,630
Additional paid-in capital:
Carrying amount of equity component							$	15,586
Amount by which the if-converted value exceeds principal	$	30,497		$	104,403		$	113,169

The discount is being amortized over the expected lives of the notes, which was December 15, 2014 for the 2029 notes and is September 15, 2015 for the 2015 notes. The effective interest rates during the discount amortization periods are 8.9% and 11.9% on the 2015 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 $9.0 million, $26.4 million, and $28.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We have a $140 million unsecured revolving line of credit agreement with five banks that terminates on November 22, 2017. 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, 2014 and 2013. As of December 31, 2014, $518.2 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 2014 and 2013 was $138.7 million and $258.6 million, respectively. 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 $9.2 million and $68.3 million for the years ended December 31, 2014 and 2013. We had no borrowings under repurchase agreements during 2012. The weighted average interest rate on amounts due under repurchase agreements was 0.19% and 0.20% for the years ended December 31, 2014 and 2013.

- Definition

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.

+ References+ Details

Subordinated Debentures

12 Months Ended

Dec. 31, 2014

Subordinated Borrowings [Abstract]

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, 2014 and 2013:



	December 31,
	2014		2013		Interest Rate		Due Date
	(Dollars in thousands)
American Equity Capital Trust II	$	76,633	$	76,440	5%		June 1, 2047
American Equity Capital Trust III	27,840		27,840		*LIBOR +	3.90%	April 29, 2034
American Equity Capital Trust IV	12,372		12,372		*LIBOR +	4.00%	January 8, 2034
American Equity Capital Trust VII	10,830		10,830		*LIBOR +	3.75%	December 14, 2034
American Equity Capital Trust VIII	20,620		20,620		*LIBOR +	3.75%	December 15, 2034
American Equity Capital Trust IX	15,470		15,470		*LIBOR +	3.65%	June 15, 2035
American Equity Capital Trust X	20,620		20,620		*LIBOR +	3.65%	September 15, 2035
American Equity Capital Trust XI	20,620		20,620		*LIBOR +	3.65%	December 15, 2035
American Equity Capital Trust XII	41,238		41,238		*LIBOR +	3.50%	April 7, 2036
	$	246,243	$	246,050

*—three month London Interbank Offered Rate

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.

Retirement and Share-based Compensation Plans

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 2014, $17,500 in 2013 and $17,000 in 2012) 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 $423,000, $391,000 and $370,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

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, 2014 and 2013, these individuals have earned, and we have reserved for future issuance, 362,287 and 356,897 shares of common stock, respectively, pursuant to these arrangements. We have incurred expense of $127,000, $162,000 and $200,000 for the years ended December 31, 2014, 2013 and 2012, 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 $3.9 million and $3.1 million at December 31, 2014 and 2013, respectively. The Officer Rabbi Trust held 102,551 shares and 103,551 shares of our common stock at December 31, 2014 and 2013, 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, 2014 and 2013, the total number of undistributed vested shares under the NMO Deferred Compensation Plan was 543,120 and 892,688, 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 distributed 349,568, 249,644 and 489,216 shares during 2014, 2013 and 2012, respectively. The number of shares held by the NMO Trust at December 31, 2014 and 2013, was 543,120 and 892,688, respectively.

The following table summarizes compensation expense recognized for employees, directors and consultants as a result of share-based compensation:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
ESOP	$	2,486	$	3,464	$	1,112
2009 Employee Incentive Plan	1,306		1,294		1,558
2013 Director Equity and Incentive Plan	603		380		—
2011 Director Stock Option Plan	186		304		912
	$	4,581	$	5,442	$	3,582

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 was to be repaid over a period of 20 years with annual interest payments due on December 31 of each year. However, this loan was repaid in full as of December 31, 2014. The loan is eliminated in the consolidated financial statements. The shares purchased by the ESOP were pledged as collateral for this debt and were reported as unallocated common stock held by the ESOP, a contra-equity account in stockholders' equity. When shares were 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 was made, we released from the pledge the number of shares determined under the principal and interest method. Dividends on allocated ESOP shares were recorded as a reduction in retained earnings and were credited to employee accounts. Dividends on unallocated shares held by the ESOP were used to repay indebtedness.

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. 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. Shares of restricted stock received were granted pursuant to the 2009 Employee Incentive Plan and vest on the date three years following the date the Committee approved 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 vested immediately for participants 65 years of age with 10 years of service with us, and compensation expense under this plan for these participants was recognized upon approval of the incentive award by the compensation committee. During 2013 and 2012, we issued 33,489 and 51,810 shares of common stock (23,681 and 37,369 shares were restricted stock), respectively.

During 2013, we established a long-term performance incentive plan utilizing restricted stock units granted pursuant to the 2009 Employee Incentive Plan. During 2014 and 2013, we granted 54,718 and 78,260 restricted stock units under this plan, respectively. Vesting is tied to threshold and target performance goals for the three year period ending December 31, 2016 and December 31, 2015, respectively. 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. 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 2014 and 2013, we issued 18,239 and 26,087 (14,869 and 20,889 shares were restricted stock), respectively, 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.

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 2014 and 2013, we issued 24,000 and 40,000 shares of common stock, respectively, 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. At December 31, 2014, we had 186,000 shares of common stock available for future grant under the 2013 Director and Equity Incentive Plan.

Our 1996 Stock Option Plan, 2000 Employee Stock Option Plan, 2000 Directors Stock Option Plan and 2011 Director Stock Option Plan 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, 2014, 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, 2014, we had 1,623,928 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 year ended December 31, 2012 was estimated at the date of grant using a Black-Scholes option valuation model with the following assumptions:



	Year Ended December 31,
	2012
	Directors and Retirement Eligible Employees		Non-Retirement Eligible Employees
Average risk-free interest rate	0.76	%	1.36	%
Dividend yield	1.1	%	1.3	%
Average expected life (years)	5		8
Volatility	62.5	%	50.9	%

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 2014 we established the 2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan. Under this plan, agents of American Equity Life may receive grants of restricted stock and restricted stock units based upon their individual sales. The plan authorizes grants of up to 1,000,000 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 restricted stock and restricted stock units as they are earned.

In January 2015, American Equity Life's agents were granted 27,985 shares of restricted stock and 221,489 restricted stock units based on their production during 2014, and we recorded commission expense (capitalized as deferred policy acquisition costs) of $1.9 million in 2014. The restricted stock was granted to retirement eligible individuals and vested immediately upon grant. 20% of the restricted stock units will vest one year from the grant date if the agent is in good standing with American Equity Life at that date.The remaining 80% of the restricted stock units granted will vest based on the agent's individual sales and continued service as an independent agent to American Equity Life over a period of time not to exceed five years.

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 and 2012 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:



	Year Ended December 31,
	2013		2012
Average risk-free interest rate	1.21	%	0.51	%
Dividend yield	0.7	%	1.2	%
Average expected life (years)	3.75		3.75
Volatility	31.2	%	41.1	%

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. 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, 2014, 2013 and 2012 are as follows:



	Number of Shares		Weighted-Average Exercise Price per Share		Total Exercise Price
	(Dollars in thousands, except per share data)
Outstanding at January 1, 2012	4,844,850		$	10.13	$	49,097
Granted	1,558,900		10.40		16,216
Canceled	(28,050	)	8.97		(251		)
Exercised	(643,250	)	8.93		(5,741		)
Outstanding at December 31, 2012	5,732,450		10.35		59,321
Granted	1,210,950		13.13		15,899
Canceled	(29,400	)	9.96		(293		)
Exercised	(2,937,275	)	10.81		(31,756		)
Outstanding at December 31, 2013	3,976,725		10.86		43,171
Granted	1,277,650		24.79		31,673
Canceled	(35,400	)	11.64		(412		)
Exercised	(1,174,800	)	11.64		(13,672		)
Outstanding at December 31, 2014	4,044,175		15.02		$	60,760

The following table summarizes information about stock options outstanding at December 31, 2014:



	Stock Options Outstanding				Stock Options Vested
Range of Exercise Prices	Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share		Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share
$5.07 - $8.02	506,000	2.73	$	7.39	506,000	2.73	$	7.39
$9.27 - $11.35	1,220,550	3.94	10.23		1,136,550	3.69	10.21
$11.87 - $24.79	2,317,625	5.23	19.22		2,297,625	5.18	19.22
$5.07 - $24.79	4,044,175	4.53	15.02		3,940,175	4.43	15.10

The aggregate intrinsic value for stock options outstanding and vested awards was $57.3 million and $50.0 million, respectively, at December 31, 2014. For the years ended December 31, 2014, 2013 and 2012, the total intrinsic value of options exercised by officers, directors and employees was $5.4 million, $10.4 million and $0.9 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, 2014, 2013 and 2012 was $13.7 million, $31.8 million and $5.7 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, 2014, 2013 and 2012, was $1.0 million, $1.0 million and $0.1 million, respectively.

- 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.

+ References+ Details

Statutory Financial Information and Dividend Restrictions

12 Months Ended

Dec. 31, 2014

Statutory Financial Information and Dividend Restrictions [Abstract]

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:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
American Equity Life	$	340,000	$	205,202	$	82,039

Statutory capital and surplus for our primary life insurance subsidiary was as follows:



	December 31,
	2014		2013
	(Dollars in thousands)
American Equity Life	$	2,172,455	$	1,870,728

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:



	December 31,
	2014			2013
	(Dollars in thousands)
Total adjusted capital	$	2,327,335		$	1,995,658
Company Action Level RBC	625,373			580,085
Ratio of adjusted capital to Company Action Level RBC	372		%	344		%

Prior approval of regulatory authorities is required for the payment of dividends to the 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 $343.3 million as of December 31, 2014. 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We lease our home office space and certain equipment under various operating leases. Rent expense for the years ended December 31, 2014, 2013 and 2012 totaled $2.5 million, $2.3 million and $2.0 million, respectively. At December 31, 2014, the aggregate future minimum lease payments are $18.4 million. The following represents payments due by period for operating lease obligations as of December 31, 2014 (dollars in thousands):



Year Ending December 31:
2015	$	2,323
2016	1,718
2017	1,473
2018	1,398
2019	1,377
2020 and thereafter	10,102

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 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.

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. 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 District 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 was entered dismissing the case on the merits and with prejudice. On February 28, 2014, a member of the class filed an appeal of the District Court's approval of the terms of the settlement agreement with the United States Court of Appeals for the Ninth Circuit.

We recorded an estimated litigation liability of $17.5 million during the third quarter of 2012 related to the Los Angeles Case. We increased our estimated litigation liability for this matter to $21.2 million during the fourth quarter of 2013 following the passage of the deadline for submission of claims by class members in the lawsuit and based upon information available at that time. However, we decreased the liability by $2.3 million in the first quarter of 2014 as additional information became available concerning the nature and magnitude of the claims received. In addition, during the first quarter of 2014, we paid $7.8 million in legal fees to the plaintiffs' counsel. The estimated litigation liability at December 31, 2014 is $11.1 million. While review of the claim forms has been stayed due to the appeal and it is difficult to predict the amount of the liabilities that will ultimately result from the completion of the claims process, the $11.1 million litigation liability 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, 2014 to limited partnerships of $30.6 million and to secured bank loans of $5.7 million.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of earnings per common share and earnings per common share—assuming dilution:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands, except per share data)
Numerator:
Net income—numerator for earnings per common share	$	126,023	$	253,283	$	57,798
Interest on convertible subordinated debentures (net of income tax benefit)	—		—		517
Numerator for earnings per common share—assuming dilution	$	126,023	$	253,283	$	58,315

Denominator:
Weighted average common shares outstanding (1)	74,431,087		65,543,895		61,258,825
Effect of dilutive securities:
Convertible subordinated debentures	—		—		1,348,447
Convertible senior notes	2,657,158		7,088,149		2,515,067
2015 warrants	1,559,646		1,184,549		—
Stock options and deferred compensation agreements	1,178,783		1,224,053		553,312
Restricted stock and restricted stock units	66,926		—		—
Denominator for earnings per common share—assuming dilution	79,893,600		75,040,646		65,675,651

Earnings per common share	$	1.69	$	3.86	$	0.94
Earnings per common share—assuming dilution	$	1.58	$	3.38	$	0.89


(1)	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

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:



Period	Number of Shares	Range of Exercise Prices
		Minimum	Maximum
Year ended December 31, 2014	1,215,450	$24.79	$24.79
Year ended December 31, 2013	—	—	—
Year ended December 31, 2012	1,522,100	$11.35	$14.34

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Unaudited quarterly results of operations are summarized below.



	Quarter Ended
	March 31,			June 30,			September 30,			December 31,
	(Dollars in thousands, except per share data)
2014
Premiums and product charges	$	32,603		$	38,370		$	38,001		$	42,639
Net investment income	370,005			370,882			386,931			403,849
Change in fair value of derivatives	48,493			270,883			39,218			146,231
Net realized gains (losses) on investments, excluding OTTI losses	(714		)	(2,230		)	(3,190		)	2,131
Net OTTI losses recognized in operations	(905		)	(594		)	(564		)	(564		)
Loss on extinguishment of debt	(3,977		)	(6,574		)	—			(1,951		)
Total revenues	445,505			670,737			460,396			592,335
Net income (loss)	(9,753		)	36,744			67,815			31,217
Earnings (loss) per common share	(0.13		)	0.49			0.90			0.41
Earnings (loss) per common share—assuming dilution	(0.13		)	0.46			0.85			0.39

2013
Premiums and product charges	$	34,565		$	35,062		$	36,325		$	42,986
Net investment income	329,690			336,143			354,147			363,947
Change in fair value of derivatives	373,962			64,040			193,028			444,985
Net realized gains (losses) on investments, excluding OTTI losses	10,585			15,689			(2,077		)	16,364
Net OTTI losses recognized in operations	(3,237		)	(2,775		)	(222		)	—
Loss on extinguishment of debt	—			(589		)	(938		)	(30,988		)
Total revenues	745,565			447,570			580,263			837,294
Net income	26,031			120,113			56,181			50,958
Earnings per common share	0.41			1.87			0.86			0.73
Earnings per common share—assuming dilution	0.38			1.71			0.75			0.64

Earnings (loss) per common share for each quarter is computed independently of earnings (loss) per common share for the year. As a result, the sum of the quarterly earnings (loss) per common share amounts may not equal the earnings (loss) 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:



	Quarter Ended
	March 31,		June 30,			September 30,			December 31,
	(Dollars in thousands)
2014	$	42,297	$	(2,232	)	$	(5,017	)	$	15,862
2013	10,973		(80,658		)	(5,601		)	(23,418		)

- 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.

+ References+ Details

Schedule I - Summary of Investments - Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2014

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, 2014



Column A	Column B		Column C		Column D
Type of Investment	Amortized Cost (1)		Fair Value		Amount at which shown in the balance sheet
	(Dollars in thousands)
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	137,710	$	138,460	$	138,460
United States Government sponsored agencies	1,364,424		1,393,890		1,393,890
United States municipalities, states and territories	3,293,551		3,723,309		3,723,309
Foreign government obligations	181,128		193,803		193,803
Corporate securities	19,984,747		21,490,292		21,490,292
Residential mortgage backed securities	1,616,846		1,751,345		1,751,345
Commercial mortgage backed securities	2,720,294		2,807,620		2,807,620
Other asset backed securities	906,346		946,483		946,483
	30,205,046		32,445,202		32,445,202
Held for investment:
Corporate security	76,432		75,838		76,432
Total fixed maturity securities	30,281,478		32,521,040		32,521,634
Equity securities, available for sale:
Common stocks	7,509		7,805		7,805
Total equity securities	7,509		7,805		7,805
Mortgage loans on real estate	2,434,580		2,493,901		2,434,580
Derivative instruments	259,413		731,113		731,113
Other investments	286,726				286,726
Total investments	$	33,269,706			$	35,981,858


(1)	On the basis of cost adjusted for other than temporary impairments, repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, original cost for derivative instruments and unpaid principal balance less allowance for credit losses for mortgage loans.

See accompanying Report of Independent Registered Public Accounting Firm.

- Definition

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.

+ References+ Details

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant



	December 31,
	2014		2013
Assets
Cash and cash equivalents	$	61,139	$	252,541
Equity securities of subsidiary trusts	7,409		7,403
Receivable from subsidiaries	221		1,158
Deferred income taxes	20,612		15,734
Federal income tax recoverable, including amount from subsidiaries	10,430		11,551
Other assets, including 2015 notes hedges	47,308		131,424
	147,119		419,811
Investment in and advances to subsidiaries	2,708,085		1,889,648
Total assets	$	2,855,204	$	2,309,459

Liabilities and Stockholders' Equity
Liabilities:
Notes payable	$	421,679	$	549,958
Subordinated debentures payable to subsidiary trusts	246,243		246,050
Other liabilities, including 2015 notes embedded derivative	47,406		128,764
Total liabilities	715,328		924,772
Stockholders' equity:
Common stock	76,062		70,535
Additional paid-in capital	513,218		550,400
Unallocated common stock held by ESOP	—		(631		)
Accumulated other comprehensive income	721,401		46,196
Retained earnings	829,195		718,187
Total stockholders' equity	2,139,876		1,384,687
Total liabilities and stockholders' equity	$	2,855,204	$	2,309,459

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.



	Year Ended December 31,
	2014			2013			2012
Revenues:
Net investment income	$	130		$	130		$	565
Dividends from subsidiary trusts	360			361			403
Investment advisory fees	58,044			44,469			36,178
Surplus note interest from subsidiary	4,080			4,080			4,080
Change in fair value of derivatives	(17,122		)	144,012			(7,472		)
Loss on extinguishment of debt	(12,502		)	(32,515		)	—
Total revenues	32,990			160,537			33,754
Expenses:
Change in fair value of embedded derivatives	(15,227		)	141,974			(2,488		)
Interest expense on notes payable	36,370			38,870			28,479
Interest expense on subordinated debentures issued to subsidiary trusts	12,122			12,088			13,458
Other operating costs and expenses	7,928			8,163			8,228
Total expenses	41,193			201,095			47,677
Loss before income taxes and equity in undistributed income of subsidiaries	(8,203		)	(40,558		)	(13,923		)
Income tax expense (benefit)	664			(13,880		)	(5,944		)
Loss before equity in undistributed income of subsidiaries	(8,867		)	(26,678		)	(7,979		)
Equity in undistributed income of subsidiaries	134,890			279,961			65,777
Net income	$	126,023		$	253,283		$	57,798

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.



	Year Ended December 31,
	2014			2013			2012
Operating activities
Net income	$	126,023		$	253,283		$	57,798
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of 2015 notes embedded conversion derivative	(15,227		)	141,974			(2,488		)
Provision for depreciation and amortization	2,081			2,831			2,382
Accrual of discount on equity security	(6		)	(5		)	(5		)
Equity in undistributed income of subsidiaries	(134,890		)	(279,961		)	(65,777		)
Accrual of discount on contingent convertible notes	4,417			12,417			12,261
Change in fair value of derivatives	15,619			(144,012		)	7,472
Loss on extinguishment of debt	12,502			32,515			—
Accrual of discount on debenture issued to subsidiary trust	193			181			169
Share-based compensation	1,141			1,407			1,348
ESOP compensation	82			110			45
Deferred income taxes (benefits)	6,439			(5,202		)	(2,838		)
Other	(2,235		)	(3,608		)	—
Changes in operating assets and liabilities:
Receivable from subsidiaries	2,208			995			1,205
Federal income tax recoverable	1,121			62			(2,745		)
Other assets	378			(1,945		)	(549		)
Other liabilities	(7,256		)	20,131			(4,528		)
Net cash provided by operating activities	12,590			31,173			3,750

Investing activities
Net cash used in investing activities	—			—			—



	Year Ended December 31,
	2014			2013			2012
Financing activities
Financing fees incurred and deferred	$	(100	)	$	(11,942	)	$	—
Proceeds from notes payable	—			415,000			—
Repayments of notes payable	(219,094		)	(234,154		)	—
Net proceeds from settlement of notes hedge and warrants	16,558			22,170			—
Repayment of subordinated debentures	—			—			(1,141		)
Excess tax benefits realized from share-based compensation plans	184			159			6
Proceeds from issuance of common stock	13,681			31,764			5,370
Dividends paid	(15,221		)	(12,849		)	(9,374		)
Net cash provided by (used in) financing activities	(203,992		)	210,148			(5,139		)
Increase (decrease) in cash and cash equivalents	(191,402		)	241,321			(1,389		)
Cash and cash equivalents at beginning of year	252,541			11,220			12,609
Cash and cash equivalents at end of year	$	61,139		$	252,541		$	11,220

Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest on notes payable	$	31,206		$	13,758		$	14,564
Interest on subordinated debentures	11,765			11,850			13,102
Non-cash financing activity:
Conversion of subordinated debentures	—			—			20,770
Common stock issued in extinguishment of debt	95,993			117,463			—

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.

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.

- 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.

+ References+ Details

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2014

Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

Schedule III—Supplementary Insurance Information

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY



Column A	Column B		Column C		Column D		Column E
	Deferred policy acquisition costs		Future policy benefits, losses, claims and loss expenses		Unearned premiums		Other policy claims and benefits payable
	(Dollars in thousands)
As of December 31, 2014: Life insurance	$	2,058,556	$	39,802,861	$	—	$	365,819
As of December 31, 2013: Life insurance	$	2,426,652	$	35,789,655	$	—	$	418,033
As of December 31, 2012: Life insurance	$	1,709,799	$	31,773,988	$	—	$	455,752



Column A	Column F		Column G		Column H		Column I		Column J
	Premium revenue		Net investment income		Benefits, claims, losses and settlement expenses		Amortization of deferred policy acquisition costs		Other operating expenses
	(Dollars in thousands)
For the year ended December 31, 2014: Life insurance	$	151,613	$	1,531,667	$	1,679,255	$	163,578	$	130,076
For the year ended December 31, 2013: Life insurance	$	148,938	$	1,383,927	$	1,713,019	$	365,468	$	142,873
For the year ended December 31, 2012: Life insurance	$	165,681	$	1,286,923	$	1,264,016	$	164,919	$	137,432

See accompanying Report of Independent Registered Public Accounting Firm.

- 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.

+ References+ Details

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2014

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Schedule IV - Reinsurance

Schedule IV—Reinsurance

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY



Column A	Column B		Column C		Column D		Column E		Column F
	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percent of amount assumed to net
	(Dollars in thousands)
Year ended December 31, 2014
Life insurance in force, at end of year	$	2,171,426	$	11,548	$	56,509	$	2,216,387	2.55	%
Insurance premiums and other considerations:
Annuity product charges	$	124,946	$	5,956	$	—	$	118,990	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	32,308		336		651		32,623		2.00	%
	$	157,254	$	6,292	$	651	$	151,613	0.43	%
Year ended December 31, 2013
Life insurance in force, at end of year	$	2,250,112	$	13,521	$	57,976	$	2,294,567	2.53	%
Insurance premiums and other considerations:
Annuity product charges	$	110,142	$	6,551	$	—	$	103,591	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	45,057		328		618		45,347		1.36	%
	$	155,199	$	6,879	$	618	$	148,938	0.41	%
Year ended December 31, 2012
Life insurance in force, at end of year	$	2,350,473	$	4,742	$	61,488	$	2,407,219	2.55	%
Insurance premiums and other considerations:
Annuity product charges	$	95,802	$	6,796	$	—	$	89,006	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	76,323		364		716		76,675		0.93	%
	$	172,125	$	7,160	$	716	$	165,681	0.43	%

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

Schedule V—Valuation and Qualifying Accounts

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY



	Balance January 1,			Charged to Costs and Expenses			Translation Adjustment		Write-offs/ Payments/Other		Balance December 31,
	(Dollars in thousands
Year ended December 31, 2014
Valuation allowance on mortgage loans	$	(26,047	)	$	(6,052	)	$	—	$	9,466	$	(22,633	)

Year ended December 31, 2013
Valuation allowance on mortgage loans	$	(34,234	)	$	(5,621	)	$	—	$	13,808	$	(26,047	)

Year ended December 31, 2012
Valuation allowance on mortgage loans	$	(32,964	)	$	(16,832	)	$	—	$	15,562	$	(34,234	)

See accompanying Report of Independent Registered Public Accounting Firm.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Consolidation and Basis of Presentation, Policy

Consolidation and Basis of Presentation

Estimates and Assumptions, Policy

Estimates and Assumptions

Investments, Policy

Investments

Derivative Instruments, Policy

Derivative Instruments

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.

Book Overdrafts

Deferred Policy Acquisition Costs and Deferred Sales Inducements, Policy

Deferred Policy Acquisition Costs and Deferred Sales Inducements

Policy Benefit Reserves, Policy

Policy Benefit Reserves

Deferred Income Taxes, Policy

Deferred Income Taxes

Recognition of Premium Revenues and Costs, Policy

Recognition of Premium Revenues and Costs

Considerations from immediate annuities with life contingencies are recognized as revenue when the policy is issued.

Other Comprehensive Income, Policy

Other Comprehensive Income (Loss)

Adopted Accounting Pronouncements, Policy

Adopted Accounting Pronouncements

Fair Value of Financial Instruments, Policy


Level 1—	Quoted prices are available in active markets for identical financial instruments as of the reporting date. We do not adjust the quoted price for these financial instruments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.


Level 2—	Quoted prices in active markets for similar financial instruments, quoted prices for identical or similar financial instruments in markets that are not active; and models and other valuation methodologies using inputs other than quoted prices that are observable.

Level 3—

Investments, Other Than Temporary Impairment, Policy


•	the length of time and the extent to which the fair value has been less than amortized cost or cost;


•	whether the issuer is current on all payments and all contractual payments have been made as agreed;


•	the remaining payment terms and the financial condition and near-term prospects of the issuer;


•	the lack of ability to refinance due to liquidity problems in the credit market;


•	the fair value of any underlying collateral;


•	the existence of any credit protection available;


•	our intent to sell and whether it is more likely than not we would be required to sell prior to recovery for debt securities;


•	our assessment in the case of equity securities including perpetual preferred stocks with credit deterioration that the security cannot recover to cost in a reasonable period of time;


•	our intent and ability to retain equity securities for a period of time sufficient to allow for recovery;


•	consideration of rating agency actions; and


•	changes in estimated cash flows of mortgage and asset backed securities.

Mortgage Loans on Real Estate, Allowance for Loan Losses, Policy

Mortgage Loans on Real Estate, Real Estate Acquired Through Foreclosure, Policy

Mortgage Loans on Real Estate, Non-Accrual Loan Status, Policy

Mortgage Loans on Real Estate, Troubled Debt Restructuring, Policy


•	borrower is in default,


•	borrower has declared bankruptcy,


•	there is growing concern about the borrower's ability to continue as a going concern,


•	borrower has insufficient cash flows to service debt,


•	borrower's inability to obtain funds from other sources, and


•	there is a breach of financial covenants by the borrower.

If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:


•	assets used to satisfy debt are less than our recorded investment,


•	interest rate is modified,


•	maturity date extension at an interest rate less than market rate,


•	capitalization of interest,


•	delaying principal and/or interest for a period of three months or more, and


•	partial forgiveness of the balance or charge-off.

Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment.

Commitments and Contingencies, Policy

Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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:



	December 31,
	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
Assets
Fixed maturity securities:
Available for sale	$	32,445,202	$	32,445,202	$	26,610,447	$	26,610,447
Held for investment	76,432		75,838		76,255		60,840
Equity securities, available for sale	7,805		7,805		7,778		7,778
Mortgage loans on real estate	2,434,580		2,493,901		2,581,082		2,615,410
Derivative instruments	731,113		731,113		856,050		856,050
Other investments	266,488		273,004		192,198		193,343
Cash and cash equivalents	701,514		701,514		897,529		897,529
Coinsurance deposits	3,044,342		2,698,552		2,999,618		2,669,432
Interest rate caps	2,778		2,778		6,103		6,103
Interest rate swap	—		—		712		712
2015 notes hedges	30,291		30,291		107,041		107,041
Counterparty collateral	206,096		206,096		315,824		315,824

Liabilities
Policy benefit reserves	39,463,987		33,078,978		35,453,166		29,670,827
Single premium immediate annuity (SPIA) benefit reserves	365,440		377,654		417,625		430,835
Notes payable	421,679		503,349		549,958		699,435
Subordinated debentures	246,243		244,437		246,050		234,959
2015 notes embedded conversion derivative	30,291		30,291		107,041		107,041
Interest rate swap	2,644		2,644		—		—

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, 2014 and 2013 are presented below based on the fair value hierarchy levels:



	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
December 31, 2014
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	138,460	$	4,255	$	134,205	$	—
United States Government sponsored agencies	1,393,890		—		1,393,890		—
United States municipalities, states and territories	3,723,309		—		3,723,309		—
Foreign government obligations	193,803		—		193,803		—
Corporate securities	21,490,292		11		21,490,281		—
Residential mortgage backed securities	1,751,345		—		1,750,970		375
Commercial mortgage backed securities	2,807,620		—		2,807,620		—
Other asset backed securities	946,483		—		946,483		—
Equity securities, available for sale: finance, insurance and real estate	7,805		—		7,805		—
Derivative instruments	731,113		—		731,113		—
Cash and cash equivalents	701,514		701,514		—		—
Interest rate caps	2,778		—		2,778		—
2015 notes hedges	30,291		—		30,291		—
Counterparty collateral	206,096		—		206,096		—
	$	34,124,799	$	705,780	$	33,418,644	$	375
Liabilities
2015 notes embedded conversion derivative	$	30,291	$	—	$	30,291	$	—
Interest rate swap	2,644		—		2,644		—
Fixed index annuities—embedded derivatives	5,574,653		—		—		5,574,653
	$	5,607,588	$	—	$	32,935	$	5,574,653
December 31, 2013
Assets
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	42,925	$	4,805	$	38,120	$	—
United States Government sponsored agencies	1,194,289		—		1,194,289		—
United States municipalities, states and territories	3,306,743		—		3,306,743		—
Foreign government obligations	91,557		—		91,557		—
Corporate securities	17,233,037		20		17,233,017		—
Residential mortgage backed securities	1,971,960		—		1,970,584		1,376
Commercial mortgage backed securities	1,735,460		—		1,735,460		—
Other asset backed securities	1,034,476		359		1,034,117		—
Equity securities, available for sale: finance, insurance and real estate	7,778		—		7,778		—
Derivative instruments	856,050		—		856,050		—
Cash and cash equivalents	897,529		897,529		—		—
Interest rate caps	6,103		—		6,103		—
Interest rate swap	712		—		712		—
2015 notes hedges	107,041		—		107,041		—
Counterparty collateral	315,824		—		315,824		—
	$	28,801,484	$	902,713	$	27,897,395	$	1,376
Liabilities
2015 notes embedded conversion derivative	$	107,041	$	—	$	107,041	$	—
Fixed index annuities—embedded derivatives	4,406,163		—		—		4,406,163
	$	4,513,204	$	—	$	107,041	$	4,406,163

Assets Measured at Fair Value on Recurring Basis, Level 3 Reconciliation



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Available for sale securities
Beginning balance	$	1,376		$	1,812
Principal returned	(285		)	(864		)
Amortization of premium/accretion of discount	(262		)	152
Total gains (losses) (realized/unrealized):
Included in other comprehensive income (loss)	109			276
Included in operations	(563		)	—
Ending balance	$	375		$	1,376

Liabilities Measured at Fair Value on Recurring Basis, Level 3 Reconciliation



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Fixed index annuities—embedded derivatives
Beginning balance	$	4,406,163		$	3,337,556
Premiums less benefits	1,700,827			1,485,109
Change in fair value, net	(532,337		)	(416,502		)
Ending balance	$	5,574,653		$	4,406,163

- 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.

+ References+ Details

- 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.

+ References+ Details

- 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.

+ References+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Schedule of Fixed Maturity and Equity Securites

At December 31, 2014 and 2013, the amortized cost and fair value of fixed maturity securities and equity securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	137,710	$	765	$	(15	)	$	138,460
United States Government sponsored agencies	1,364,424		43,399		(13,933		)	1,393,890
United States municipalities, states and territories	3,293,551		430,469		(711		)	3,723,309
Foreign government obligations	181,128		16,628		(3,953		)	193,803
Corporate securities	19,984,747		1,628,941		(123,396		)	21,490,292
Residential mortgage backed securities	1,616,846		136,704		(2,205		)	1,751,345
Commercial mortgage backed securities	2,720,294		90,649		(3,323		)	2,807,620
Other asset backed securities	906,346		48,022		(7,885		)	946,483
	$	30,205,046	$	2,395,577	$	(155,421	)	$	32,445,202
Held for investment:
Corporate security	$	76,432	$	—	$	(594	)	$	75,838

Equity securities, available for sale:
Finance, insurance and real estate	$	7,509	$	296	$	—		$	7,805

December 31, 2013
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	44,852	$	367	$	(2,294	)	$	42,925
United States Government sponsored agencies	1,313,776		1,875		(121,362		)	1,194,289
United States municipalities, states and territories	3,181,032		164,785		(39,074		)	3,306,743
Foreign government obligations	86,112		8,907		(3,462		)	91,557
Corporate securities	17,142,118		606,948		(516,029		)	17,233,037
Residential mortgage backed securities	1,895,913		119,230		(43,183		)	1,971,960
Commercial mortgage backed securities	1,821,988		3,287		(89,815		)	1,735,460
Other asset backed securities	1,041,939		23,300		(30,763		)	1,034,476
	$	26,527,730	$	928,699	$	(845,982	)	$	26,610,447
Held for investment:
Corporate security	$	76,255	$	—	$	(15,415	)	$	60,840

Equity securities, available for sale:
Finance, insurance and real estate	$	7,503	$	275	$	—		$	7,778

Schedule of Fixed Maturity Securities by Contractual Maturity Date



	Available for sale				Held for investment
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	65,783	$	67,404	$	—	$	—
Due after one year through five years	1,483,940		1,638,259		—		—
Due after five years through ten years	8,523,008		8,738,123		—		—
Due after ten years through twenty years	7,251,089		7,914,212		—		—
Due after twenty years	7,637,740		8,581,756		76,432		75,838
	24,961,560		26,939,754		76,432		75,838
Residential mortgage backed securities	1,616,846		1,751,345		—		—
Commercial mortgage backed securities	2,720,294		2,807,620		—		—
Other asset backed securities	906,346		946,483		—		—
	$	30,205,046	$	32,445,202	$	76,432	$	75,838

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:



	December 31,
	2014			2013
	(Dollars in thousands)
Net unrealized gains on available for sale fixed maturity securities and equity securities	$	2,240,452		$	82,992
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(1,165,271		)	(46,588		)
Deferred income tax valuation allowance reversal	22,534			22,534
Deferred income tax expense	(376,314		)	(12,742		)
Net unrealized gains reported as accumulated other comprehensive income	$	721,401		$	46,196

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:



	December 31,
	2014				2013
NAIC Designation	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
1	$	19,223,151	$	20,941,634	$	16,394,654	$	16,531,250
2	10,432,593		10,981,618		9,630,251		9,598,399
3	602,191		583,313		502,822		474,165
4	22,888		14,089		74,493		66,078
5	—		—		—		—
6	655		386		1,765		1,395
	$	30,281,478	$	32,521,040	$	26,603,985	$	26,671,287

Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time



	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	—	$	—		$	498	$	(15	)	$	498	$	(15	)
United States Government sponsored agencies	—		—			610,339		(13,933		)	610,339		(13,933		)
United States municipalities, states and territories	—		—			27,947		(711		)	27,947		(711		)
Foreign government obligations	14,194		(1,068		)	11,542		(2,885		)	25,736		(3,953		)
Corporate securities:
Finance, insurance and real estate	253,439		(2,586		)	399,874		(16,277		)	653,313		(18,863		)
Manufacturing, construction and mining	1,078,089		(35,151		)	694,088		(35,926		)	1,772,177		(71,077		)
Utilities and related sectors	373,952		(8,185		)	344,313		(10,153		)	718,265		(18,338		)
Wholesale/retail trade	88,766		(2,290		)	99,427		(3,122		)	188,193		(5,412		)
Services, media and other	131,940		(1,567		)	277,296		(8,139		)	409,236		(9,706		)
Residential mortgage backed securities	22,115		(1,219		)	20,427		(986		)	42,542		(2,205		)
Commercial mortgage backed securities	241,637		(1,344		)	187,241		(1,979		)	428,878		(3,323		)
Other asset backed securities	142,094		(3,519		)	58,958		(4,366		)	201,052		(7,885		)
	$	2,346,226	$	(56,929	)	$	2,731,950	$	(98,492	)	$	5,078,176	$	(155,421	)
Held for investment:
Corporate security:
Insurance	$	—	$	—		$	75,838	$	(594	)	$	75,838	$	(594	)

December 31, 2013
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	32,969	$	(2,294	)	$	—	$	—		$	32,969	$	(2,294	)
United States Government sponsored agencies	692,320		(88,671		)	467,309		(32,691		)	1,159,629		(121,362		)
United States municipalities, states and territories	614,056		(39,074		)	—		—			614,056		(39,074		)
Foreign government obligations	26,298		(3,462		)	—		—			26,298		(3,462		)
Corporate securities:
Finance, insurance and real estate	1,690,846		(92,426		)	153,037		(12,873		)	1,843,883		(105,299		)
Manufacturing, construction and mining	3,370,775		(191,245		)	93,608		(16,088		)	3,464,383		(207,333		)
Utilities and related sectors	1,829,868		(102,758		)	83,550		(11,547		)	1,913,418		(114,305		)
Wholesale/retail trade	428,407		(25,189		)	17,687		(1,992		)	446,094		(27,181		)
Services, media and other	834,699		(51,508		)	107,242		(10,403		)	941,941		(61,911		)
Residential mortgage backed securities	309,599		(41,080		)	31,739		(2,103		)	341,338		(43,183		)
Commercial mortgage backed securities	1,450,143		(83,814		)	51,099		(6,001		)	1,501,242		(89,815		)
Other asset backed securities	356,018		(20,426		)	92,372		(10,337		)	448,390		(30,763		)
	$	11,635,998	$	(741,947	)	$	1,097,643	$	(104,035	)	$	12,733,641	$	(845,982	)
Held for investment:
Corporate security:
Insurance	$	—	$	—		$	60,840	$	(15,415	)	$	60,840	$	(15,415	)

Schedule of Changes in Net Unrealized Gains/Losses on Investments

Changes in net unrealized gains/losses on investments for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Fixed maturity securities held for investment carried at amortized cost	$	14,821		$	(848	)	$	(14,783	)
Investments carried at fair value:
Fixed maturity securities, available for sale	$	2,157,439		$	(2,132,392	)	$	731,279
Equity securities, available for sale	21			(8,549		)	4,417
	2,157,460			(2,140,941		)	735,696
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(1,118,683		)	1,155,386			(382,498		)
Deferred income tax asset/liability	(363,572		)	344,944			(123,620		)
	(1,482,255		)	1,500,330			(506,118		)
Change in net unrealized gains/losses on investments carried at fair value	$	675,205		$	(640,611	)	$	229,578

Components of Net Investment Income

Components of net investment income are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Fixed maturity securities	$	1,394,301		$	1,229,486		$	1,112,296
Equity securities	404			1,586			3,090
Mortgage loans on real estate	143,998			159,769			176,354
Cash and cash equivalents	286			775			2,243
Other	6,903			5,711			6,348
	1,545,892			1,397,327			1,300,331
Less investment expenses	(14,225		)	(13,400		)	(13,408		)
Net investment income	$	1,531,667		$	1,383,927		$	1,286,923

Net Realized Gains (Losses) on Investments

Net realized gains (losses) on investments, excluding net OTTI losses are as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains	$	3,273		$	39,079		$	10,906
Gross realized losses	(1,006		)	(6,170		)	(562		)
	2,267			32,909			10,344
Available for sale equity securities:
Gross realized gains	—			9,571			562

Other investments:
Gain on sale of real estate	2,454			2,144			5,149
Loss on sale of real estate	(231		)	(1,317		)	—
Impairment losses on real estate	(2,441		)	(1,195		)	(5,677		)
	(218		)	(368		)	(528		)
Mortgage loans on real estate:
Increase in allowance for credit losses	(6,052		)	(5,621		)	(16,832		)
Recovery of specific allowance	—			4,070			—
	(6,052		)	(1,551		)	(16,832		)
	$	(4,003	)	$	40,561		$	(6,454	)

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:



	December 31,
	2014		2013
	(Dollars in thousands)
Fixed maturity securities, available for sale	$	11	$	20
Mortgage loans on real estate	—		3,511
Real estate owned	868		—
	$	879	$	3,531

Significant Assumptions Used to Determine the Credit Loss Component of Other Than Temporary Impairment on Residential Mortgage Backed Securities



		Discount Rate				Default Rate				Loss Severity
Sector	Vintage	Min		Max		Min		Max		Min		Max
Year ended December 31, 2014
Prime	2005	7.5	%	7.5	%	15	%	15	%	50	%	50	%
	2006	6.5	%	7.4	%	11	%	15	%	40	%	50	%
	2007	7.0	%	7.0	%	14	%	14	%	55	%	55	%
Alt-A	2005	5.6	%	6.4	%	87	%	91	%	2	%	2	%

Year ended December 31, 2013
Prime	2003	5.1	%	5.1	%	2	%	2	%	30	%	30	%
	2005	6.5	%	7.7	%	8	%	18	%	50	%	65	%
	2006	5.8	%	6.9	%	9	%	16	%	45	%	50	%
	2007	6.2	%	6.7	%	11	%	25	%	40	%	60	%
	2008	6.6	%	6.6	%	16	%	16	%	45	%	45	%
	2009	6.8	%	6.8	%	17	%	17	%	60	%	60	%
Alt-A	2005	5.6	%	8.7	%	13	%	81	%	2	%	65	%
	2007	6.2	%	6.9	%	38	%	52	%	60	%	65	%

Other Than Temporary Impairment by Asset Type

The following table summarizes other than temporary impairments by asset type:



	Number of Securities	Total OTTI Losses			Portion of OTTI Losses Recognized from Other Comprehensive Income			Net OTTI Losses Recognized in Operations
		(Dollars in thousands)
Year ended December 31, 2014
Fixed maturity securities, available for sale:
Residential mortgage backed securities	7	$	—		$	(2,627	)	$	(2,627	)

Year ended December 31, 2013
Fixed maturity securities, available for sale:
United States Government sponsored agencies	2	$	(2,775	)	$	—		$	(2,775	)
Corporate securities:
Industrial	1	(1,761		)	—			(1,761		)
Residential mortgage backed securities	6	—			(1,270		)	(1,270		)
Equity security, available for sale:
Industrial	1	(428		)	—			(428		)
	10	$	(4,964	)	$	(1,270	)	$	(6,234	)

Year ended December 31, 2012
Fixed maturity securities, available for sale:
Corporate securities:
Finance	1	$	(1,765	)	$	—		$	(1,765	)
Retail	1	(622		)	—			(622		)
Residential mortgage backed securities	39	(3,024		)	(9,521		)	(12,545		)
	41	$	(5,411	)	$	(9,521	)	$	(14,932	)

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:



	Year Ended December 31,
	2014			2013
	(Dollars in thousands)
Cumulative credit loss at beginning of year	$	(125,960	)	$	(134,027	)
Credit losses on securities for which OTTI has not previously been recognized	—			(4,536		)
Additional credit losses on securities for which OTTI has previously been recognized	(2,627		)	(1,270		)
Accumulated losses on securities that were disposed of during the period	1,537			13,873
Cumulative credit loss at end of year	$	(127,050	)	$	(125,960	)

Schedule of Other Than Temporary Impairment Losses, Investments



	Amortized Cost		OTTI Recognized in Other Comprehensive Income			Change in Fair Value Since OTTI was Recognized		Fair Value
	(Dollars in thousands)
December 31, 2014
Fixed maturity securities, available for sale:
Corporate securities	$	—	$	—		$	11	$	11
Residential mortgage backed securities	569,508		(173,494		)	215,625		611,639
	$	569,508	$	(173,494	)	$	215,636	$	611,650
December 31, 2013
Fixed maturity securities, available for sale:
Corporate securities	$	—	$	—		$	20	$	20
Residential mortgage backed securities	679,265		(176,334		)	216,061		718,992
	$	679,265	$	(176,334	)	$	216,081	$	719,012

Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Summary of Mortgage Loan Portfolio



	December 31,
	2014			2013
	(Dollars in thousands)
Principal outstanding	$	2,457,721		$	2,607,698
Loan loss allowance	(22,633		)	(26,047		)
Deferred prepayment fees	(508		)	(569		)
Carrying value	$	2,434,580		$	2,581,082

Mortgage Loan Portfolio Summarized by Geographic Region and Property Type



	December 31,
	2014				2013
	Principal		Percent		Principal		Percent
	(Dollars in thousands)
Geographic distribution
East	$	701,638	28.5	%	$	765,717	29.4	%
Middle Atlantic	166,249		6.8	%	156,489		6.0	%
Mountain	279,075		11.4	%	356,246		13.7	%
New England	12,280		0.5	%	21,324		0.8	%
Pacific	302,307		12.3	%	317,431		12.2	%
South Atlantic	471,849		19.2	%	483,852		18.5	%
West North Central	349,028		14.2	%	351,794		13.5	%
West South Central	175,295		7.1	%	154,845		5.9	%
	$	2,457,721	100.0	%	$	2,607,698	100.0	%
Property type distribution
Office	$	484,585	19.7	%	$	590,414	22.6	%
Medical Office	88,275		3.6	%	125,703		4.8	%
Retail	711,775		29.0	%	711,364		27.3	%
Industrial/Warehouse	649,425		26.4	%	673,449		25.8	%
Hotel	30,640		1.3	%	61,574		2.4	%
Apartment	335,087		13.6	%	291,823		11.2	%
Mixed use/other	157,934		6.4	%	153,371		5.9	%
	$	2,457,721	100.0	%	$	2,607,698	100.0	%

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:



	Year Ended December 31,
	2014						2013						2012
	Specific Allowance			General Allowance			Specific Allowance			General Allowance			Specific Allowance			General Allowance
	(Dollars in thousands)
Beginning allowance balance	$	(16,847	)	$	(9,200	)	$	(23,134	)	$	(11,100	)	$	(23,664	)	$	(9,300	)
Charge-offs	9,211			—			9,738			—			15,562			—
Recoveries	255			—			4,070			—			—			—
Change in provision for credit losses	(4,952		)	(1,100		)	(7,521		)	1,900			(15,032		)	(1,800		)
Ending allowance balance	$	(12,333	)	$	(10,300	)	$	(16,847	)	$	(9,200	)	$	(23,134	)	$	(11,100	)

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:



	December 31,
	2014		2013		2012
	(Dollars in thousands)
Individually evaluated for impairment	$	29,116	$	47,018	53,110
Collectively evaluated for impairment	2,428,605		2,560,680		2,605,773
Total loans evaluated for impairment	$	2,457,721	$	2,607,698	2,658,883

Real Estate Acquired Via Foreclosure or Deed In Lieu

The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Real estate owned at beginning of period	$	22,844		$	33,172		$	36,821
Real estate acquired in satisfaction of mortgage loans	14,555			8,217			26,324
Additions	—			626			398
Sales	(14,134		)	(17,358		)	(23,825		)
Impairments	(2,441		)	(1,195		)	(5,677		)
Depreciation	(586		)	(618		)	(869		)
Real estate owned at end of period	$	20,238		$	22,844		$	33,172

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.



	December 31,
	2014		2013
	(Dollars in thousands)
Credit Exposure--By Payment Activity
Performing	$	2,451,760	2,593,276
In workout	—		6,248
Delinquent	—		—
Collateral dependent	5,961		8,174
	$	2,457,721	$	2,607,698

Aging of Financing Receivables



	30 - 59 Days		60 - 89 Days		90 Days and Over		Total Past Due		Current		Collateral Dependent Receivables		Total Financing Receivables
	(Dollars in thousands)
Commercial Mortgage Loans
December 31, 2014	$	—	$	—	$	—	$	—	$	2,451,760	$	5,961	$	2,457,721
December 31, 2013	$	—	$	—	$	—	$	—	$	2,599,524	$	8,174	$	2,607,698

Impaired Financing Receivables



	Recorded Investment		Unpaid Principal Balance		Related Allowance
	(Dollars in thousands)
December 31, 2014
Mortgage loans with an allowance	$	16,783	$	29,116	$	(12,333	)
Mortgage loans with no related allowance	2,656		2,656		—
	$	19,439	$	31,772	$	(12,333	)
December 31, 2013
Mortgage loans with an allowance	$	30,171	$	47,018	$	(16,847	)
Mortgage loans with no related allowance	3,264		3,264		—
	$	33,435	$	50,282	$	(16,847	)



	Average Recorded Investment		Interest Income Recognized
	(Dollars in thousands)
December 31, 2014
Mortgage loans with an allowance	$	18,465	$	1,797
Mortgage loans with no related allowance	2,656		43
	$	21,121	$	1,840
December 31, 2013
Mortgage loans with an allowance	$	33,772	$	2,094
Mortgage loans with no related allowance	3,264		138
	$	37,036	$	2,232
December 31, 2012
Mortgage loans with an allowance	$	37,480	$	1,946
Mortgage loans with no related allowance	27,696		1,664
	$	65,176	$	3,610

Troubled Debt Restructurings on Financing Receivables

A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2014 and 2013 that we determined to be TDRs are as follows:



Geographic Region	Number of TDRs	Principal Balance Outstanding		Specific Loan Loss Allowance			Net Carrying Amount
		(Dollars in thousands)
Year ended December 31, 2014:
South Atlantic	7	$	14,475	$	(4,244	)	$	10,231
East North Central	1	2,177		(467		)	1,710
West North Central	1	1,881		(1,047		)	834
	9	$	18,533	$	(5,758	)	$	12,775

Year ended December 31, 2013:
East	1	$	3,712	$	(949	)	$	2,763
Mountain	7	22,140		(329		)	21,811
South Atlantic	7	13,930		(4,177		)	9,753
East North Central	1	2,219		(467		)	1,752
West North Central	1	1,938		(475		)	1,463
West South Central	1	1,714		(256		)	1,458
	18	$	45,653	$	(6,653	)	$	39,000

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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:



	December 31,
	2014		2013
	(Dollars in thousands)
Assets
Derivative instruments
Call options	$	731,113	$	856,050
Other assets
2015 notes hedges	30,291		107,041
Interest rate caps	2,778		6,103
Interest rate swap	—		712
	$	764,182	$	969,906
Liabilities
Policy benefit reserves—annuity products
Fixed index annuities—embedded derivatives	$	5,574,653	$	4,406,163
Other liabilities
2015 notes embedded conversion derivative (see Note 9)	30,291		107,041
Interest rate swap	2,644		—
	$	5,607,588	$	4,513,204

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:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Change in fair value of derivatives:
Call options	$	521,947		$	932,003		$	228,610
2015 notes hedges	(8,934		)	145,751			(2,488		)
2015 warrants	—			(9,568		)	—
Interest rate swap	(4,863		)	4,973			(4,261		)
Interest rate caps	(3,325		)	2,856			(723		)
	$	504,825		$	1,076,015		$	221,138
Change in fair value of embedded derivatives:
Fixed index annuities—embedded derivatives	$	47,548		$	(8,006	)	$	289,387
2015 notes embedded conversion derivative (see Note 9)	(19,036		)	141,974			(2,488		)
2029 notes embedded conversion derivative (see Note 9)	3,809			—			—
	$	32,321		$	133,968		$	286,899

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:



			December 31,
			2014				2013
Counterparty	Credit Rating (S&P)	Credit Rating (Moody's)	Notional Amount		Fair Value		Notional Amount		Fair Value
			(Dollars in thousands)
Bank of America	A	A2	$	2,114,812	$	62,932	$	1,683,911	$	73,836
Barclays	A	A2	4,083,259		135,609		2,396,839		113,513
BNP Paribas	A+	A1	1,321,136		42,644		1,382,661		38,849
Citibank, N.A.	A	A2	3,190,204		96,759		1,536,547		72,310
Credit Suisse	A	A1	2,354,811		75,381		4,060,352		193,304
Deutsche Bank	A	A3	2,682,960		64,028		747,587		41,074
HSBC	AA-	A1	38,599		1,767		200,011		10,518
J.P. Morgan	A+	Aa3	401,804		13,488		786,429		36,863
Morgan Stanley	A-	Baa2	2,605,687		77,106		3,546,487		150,437
Royal Bank of Canada	AA-	Aa3	1,364,362		41,717		714,941		25,140
SunTrust	BBB+	A3	248,622		5,405		—		—
Wells Fargo	AA-	Aa3	3,550,188		114,277		2,221,874		100,206
			$	23,956,444	$	731,113	$	19,277,639	$	856,050

Schedule of Interest Rate Derivatives

Details regarding the interest rate swap are as follows:



						December 31,
						2014			2013
Maturity Date	Notional Amount		Receive Rate	Pay Rate	Counterparty	Fair Value			Fair Value
						(Dollars in thousands)
March 15, 2021	$	85,500	LIBOR	2.415%	SunTrust	$	(2,644	)	$	712

Details regarding the interest rate caps are as follows:



						December 31,
						2014		2013
Maturity Date	Notional Amount		Floating Rate	Cap Rate	Counterparty	Fair Value		Fair Value
						(Dollars in thousands)
July 7, 2021	$	40,000	LIBOR	2.50%	SunTrust	$	1,398	$	3,073
July 8, 2021	12,000		LIBOR	2.50%	SunTrust	420		923
July 29, 2021	27,000		LIBOR	2.50%	SunTrust	960		2,107
	$	79,000				$	2,778	$	6,103

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables)

12 Months Ended

Dec. 31, 2014

Deferred Policy Acquisition Costs and Deferred Sales Inducements [Abstract]

Deferred Policy Acquisition Costs

Policy acquisition costs deferred and amortized are as follows:



	December 31,
	2014			2013			2012
	(Dollars in thousands)
Balance at beginning of year	$	2,426,652		$	1,709,799		$	1,683,857
Costs deferred during the year:
Commissions	421,802			420,378			399,001
Policy issue costs	5,080			5,422			4,410
Amortization	(163,578		)	(365,468		)	(164,919		)
Effect of net unrealized gains/losses	(631,400		)	656,521			(212,550		)
Balance at end of year	$	2,058,556		$	2,426,652		$	1,709,799

Deferred Sales Inducements

Sales inducements deferred and amortized are as follows:



	December 31,
	2014			2013			2012
	(Dollars in thousands)
Balance at beginning of year	$	1,875,880		$	1,292,341		$	1,242,787
Costs deferred during the year	330,079			337,787			306,659
Amortization	(131,419		)	(253,113		)	(87,157		)
Effect of net unrealized gains/losses	(487,283		)	498,865			(169,948		)
Balance at end of year	$	1,587,257		$	1,875,880		$	1,292,341

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

Our income tax expense as presented in the consolidated financial statements is summarized as follows:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Consolidated statements of operations:
Current income taxes	$	116,545		$	133,036		$	80,527
Deferred income taxes (benefits)	(46,504		)	3,013			(52,336		)
Total income tax expense included in consolidated statements of operations	70,041			136,049			28,191
Stockholders' equity:
Expense (benefit) relating to:
Change in net unrealized investment losses	363,572			(344,944		)	123,620
Share-based compensation	(5,716		)	(4,043		)	(392		)
Extinguishment of convertible debt	(9,284		)	(4,546		)	—
Total income tax expense (benefit) included in consolidated financial statements	$	418,613		$	(217,484	)	$	151,419

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:



	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
Income before income taxes	$	196,064		$	389,332		$	85,989

Income tax expense on income before income taxes	$	68,622		$	136,266		$	30,096
Tax effect of:
Tax exempt net investment income	(3,669		)	(2,657		)	(1,876		)
Extinguishment of convertible debt	4,202			2,695			—
Other	886			(255		)	(29		)
Income tax expense	$	70,041		$	136,049		$	28,191
Effective tax rate	35.7		%	34.9		%	32.8		%

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2014 and 2013, are as follows:



	December 31,
	2014			2013
	(Dollars in thousands)
Deferred income tax assets:
Policy benefit reserves	$	2,052,968		$	1,875,516
Other than temporary impairments	753			901
Investment income items	—			2,121
Amounts due reinsurer	680			7,366
Other policyholder funds	7,765			9,200
Litigation settlement accrual	7,100			7,420
Deferred compensation	10,565			13,430
Convertible senior notes	12,281			34,818
Net operating loss carryforwards	17,694			24,179
Other	11,685			8,835
Gross deferred tax assets	2,121,491			1,983,786
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,637,607		)	(1,475,403		)
Net unrealized gains on available for sale fixed maturity and equity securities	(376,314		)	(12,742		)
Derivative instruments	(94,038		)	(193,067		)
Investment income items	(14,842		)	—
Other	(2,585		)	(718		)
Gross deferred tax liabilities	(2,125,386		)	(1,681,930		)
Net deferred income tax (liability) asset	$	(3,895	)	$	301,856

Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013:



	December 31,
	2014		2013		Interest Rate		Due Date
	(Dollars in thousands)
American Equity Capital Trust II	$	76,633	$	76,440	5%		June 1, 2047
American Equity Capital Trust III	27,840		27,840		*LIBOR +	3.90%	April 29, 2034
American Equity Capital Trust IV	12,372		12,372		*LIBOR +	4.00%	January 8, 2034
American Equity Capital Trust VII	10,830		10,830		*LIBOR +	3.75%	December 14, 2034
American Equity Capital Trust VIII	20,620		20,620		*LIBOR +	3.75%	December 15, 2034
American Equity Capital Trust IX	15,470		15,470		*LIBOR +	3.65%	June 15, 2035
American Equity Capital Trust X	20,620		20,620		*LIBOR +	3.65%	September 15, 2035
American Equity Capital Trust XI	20,620		20,620		*LIBOR +	3.65%	December 15, 2035
American Equity Capital Trust XII	41,238		41,238		*LIBOR +	3.50%	April 7, 2036
	$	246,243	$	246,050

*—three month London Interbank Offered Rate

Retirement and Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Expense By Plan

The following table summarizes compensation expense recognized for employees, directors and consultants as a result of share-based compensation:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
ESOP	$	2,486	$	3,464	$	1,112
2009 Employee Incentive Plan	1,306		1,294		1,558
2013 Director Equity and Incentive Plan	603		380		—
2011 Director Stock Option Plan	186		304		912
	$	4,581	$	5,442	$	3,582

Valuation Assumptions of Stock Options Granted



	Year Ended December 31,
	2012
	Directors and Retirement Eligible Employees		Non-Retirement Eligible Employees
Average risk-free interest rate	0.76	%	1.36	%
Dividend yield	1.1	%	1.3	%
Average expected life (years)	5		8
Volatility	62.5	%	50.9	%



	Year Ended December 31,
	2013		2012
Average risk-free interest rate	1.21	%	0.51	%
Dividend yield	0.7	%	1.2	%
Average expected life (years)	3.75		3.75
Volatility	31.2	%	41.1	%

Schedule of Stock Options Outstanding

Changes in the number of stock options outstanding during the years ended December 31, 2014, 2013 and 2012 are as follows:



	Number of Shares		Weighted-Average Exercise Price per Share		Total Exercise Price
	(Dollars in thousands, except per share data)
Outstanding at January 1, 2012	4,844,850		$	10.13	$	49,097
Granted	1,558,900		10.40		16,216
Canceled	(28,050	)	8.97		(251		)
Exercised	(643,250	)	8.93		(5,741		)
Outstanding at December 31, 2012	5,732,450		10.35		59,321
Granted	1,210,950		13.13		15,899
Canceled	(29,400	)	9.96		(293		)
Exercised	(2,937,275	)	10.81		(31,756		)
Outstanding at December 31, 2013	3,976,725		10.86		43,171
Granted	1,277,650		24.79		31,673
Canceled	(35,400	)	11.64		(412		)
Exercised	(1,174,800	)	11.64		(13,672		)
Outstanding at December 31, 2014	4,044,175		15.02		$	60,760

Schedule of Stock Options Outstanding, By Exercise Price Range

The following table summarizes information about stock options outstanding at December 31, 2014:



	Stock Options Outstanding				Stock Options Vested
Range of Exercise Prices	Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share		Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share
$5.07 - $8.02	506,000	2.73	$	7.39	506,000	2.73	$	7.39
$9.27 - $11.35	1,220,550	3.94	10.23		1,136,550	3.69	10.21
$11.87 - $24.79	2,317,625	5.23	19.22		2,297,625	5.18	19.22
$5.07 - $24.79	4,044,175	4.53	15.02		3,940,175	4.43	15.10

Statutory Financial Information and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2014

Statutory Financial Information and Dividend Restrictions [Abstract]

Statutory Accounting Practices Disclosure

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:



	December 31,
	2014			2013
	(Dollars in thousands)
Total adjusted capital	$	2,327,335		$	1,995,658
Company Action Level RBC	625,373			580,085
Ratio of adjusted capital to Company Action Level RBC	372		%	344		%

Net income for our primary life insurance subsidiary as determined in accordance with statutory accounting practices was as follows:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
American Equity Life	$	340,000	$	205,202	$	82,039

Statutory capital and surplus for our primary life insurance subsidiary was as follows:



	December 31,
	2014		2013
	(Dollars in thousands)
American Equity Life	$	2,172,455	$	1,870,728

- 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.

+ References+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

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:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands, except per share data)
Numerator:
Net income—numerator for earnings per common share	$	126,023	$	253,283	$	57,798
Interest on convertible subordinated debentures (net of income tax benefit)	—		—		517
Numerator for earnings per common share—assuming dilution	$	126,023	$	253,283	$	58,315

Denominator:
Weighted average common shares outstanding (1)	74,431,087		65,543,895		61,258,825
Effect of dilutive securities:
Convertible subordinated debentures	—		—		1,348,447
Convertible senior notes	2,657,158		7,088,149		2,515,067
2015 warrants	1,559,646		1,184,549		—
Stock options and deferred compensation agreements	1,178,783		1,224,053		553,312
Restricted stock and restricted stock units	66,926		—		—
Denominator for earnings per common share—assuming dilution	79,893,600		75,040,646		65,675,651

Earnings per common share	$	1.69	$	3.86	$	0.94
Earnings per common share—assuming dilution	$	1.58	$	3.38	$	0.89


(1)	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



Period	Number of Shares	Range of Exercise Prices
		Minimum	Maximum
Year ended December 31, 2014	1,215,450	$24.79	$24.79
Year ended December 31, 2013	—	—	—
Year ended December 31, 2012	1,522,100	$11.35	$14.34

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Unaudited quarterly results of operations are summarized below.



	Quarter Ended
	March 31,			June 30,			September 30,			December 31,
	(Dollars in thousands, except per share data)
2014
Premiums and product charges	$	32,603		$	38,370		$	38,001		$	42,639
Net investment income	370,005			370,882			386,931			403,849
Change in fair value of derivatives	48,493			270,883			39,218			146,231
Net realized gains (losses) on investments, excluding OTTI losses	(714		)	(2,230		)	(3,190		)	2,131
Net OTTI losses recognized in operations	(905		)	(594		)	(564		)	(564		)
Loss on extinguishment of debt	(3,977		)	(6,574		)	—			(1,951		)
Total revenues	445,505			670,737			460,396			592,335
Net income (loss)	(9,753		)	36,744			67,815			31,217
Earnings (loss) per common share	(0.13		)	0.49			0.90			0.41
Earnings (loss) per common share—assuming dilution	(0.13		)	0.46			0.85			0.39

2013
Premiums and product charges	$	34,565		$	35,062		$	36,325		$	42,986
Net investment income	329,690			336,143			354,147			363,947
Change in fair value of derivatives	373,962			64,040			193,028			444,985
Net realized gains (losses) on investments, excluding OTTI losses	10,585			15,689			(2,077		)	16,364
Net OTTI losses recognized in operations	(3,237		)	(2,775		)	(222		)	—
Loss on extinguishment of debt	—			(589		)	(938		)	(30,988		)
Total revenues	745,565			447,570			580,263			837,294
Net income	26,031			120,113			56,181			50,958
Earnings per common share	0.41			1.87			0.86			0.73
Earnings per common share—assuming dilution	0.38			1.71			0.75			0.64

Comparability of Net Income, Impact of Fair Value Accounting to Fixed Index Annuity Business



	Quarter Ended
	March 31,		June 30,			September 30,			December 31,
	(Dollars in thousands)
2014	$	42,297	$	(2,232	)	$	(5,017	)	$	15,862
2013	10,973		(80,658		)	(5,601		)	(23,418		)

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014



Column A	Column B		Column C		Column D
Type of Investment	Amortized Cost (1)		Fair Value		Amount at which shown in the balance sheet
	(Dollars in thousands)
Fixed maturity securities:
Available for sale:
United States Government full faith and credit	$	137,710	$	138,460	$	138,460
United States Government sponsored agencies	1,364,424		1,393,890		1,393,890
United States municipalities, states and territories	3,293,551		3,723,309		3,723,309
Foreign government obligations	181,128		193,803		193,803
Corporate securities	19,984,747		21,490,292		21,490,292
Residential mortgage backed securities	1,616,846		1,751,345		1,751,345
Commercial mortgage backed securities	2,720,294		2,807,620		2,807,620
Other asset backed securities	906,346		946,483		946,483
	30,205,046		32,445,202		32,445,202
Held for investment:
Corporate security	76,432		75,838		76,432
Total fixed maturity securities	30,281,478		32,521,040		32,521,634
Equity securities, available for sale:
Common stocks	7,509		7,805		7,805
Total equity securities	7,509		7,805		7,805
Mortgage loans on real estate	2,434,580		2,493,901		2,434,580
Derivative instruments	259,413		731,113		731,113
Other investments	286,726				286,726
Total investments	$	33,269,706			$	35,981,858


(1)	On the basis of cost adjusted for other than temporary impairments, repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, original cost for derivative instruments and unpaid principal balance less allowance for credit losses for mortgage loans.

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule II - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheets



	December 31,
	2014		2013
Assets
Cash and cash equivalents	$	61,139	$	252,541
Equity securities of subsidiary trusts	7,409		7,403
Receivable from subsidiaries	221		1,158
Deferred income taxes	20,612		15,734
Federal income tax recoverable, including amount from subsidiaries	10,430		11,551
Other assets, including 2015 notes hedges	47,308		131,424
	147,119		419,811
Investment in and advances to subsidiaries	2,708,085		1,889,648
Total assets	$	2,855,204	$	2,309,459

Liabilities and Stockholders' Equity
Liabilities:
Notes payable	$	421,679	$	549,958
Subordinated debentures payable to subsidiary trusts	246,243		246,050
Other liabilities, including 2015 notes embedded derivative	47,406		128,764
Total liabilities	715,328		924,772
Stockholders' equity:
Common stock	76,062		70,535
Additional paid-in capital	513,218		550,400
Unallocated common stock held by ESOP	—		(631		)
Accumulated other comprehensive income	721,401		46,196
Retained earnings	829,195		718,187
Total stockholders' equity	2,139,876		1,384,687
Total liabilities and stockholders' equity	$	2,855,204	$	2,309,459

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.

Condensed Statements of Operations



	Year Ended December 31,
	2014			2013			2012
Revenues:
Net investment income	$	130		$	130		$	565
Dividends from subsidiary trusts	360			361			403
Investment advisory fees	58,044			44,469			36,178
Surplus note interest from subsidiary	4,080			4,080			4,080
Change in fair value of derivatives	(17,122		)	144,012			(7,472		)
Loss on extinguishment of debt	(12,502		)	(32,515		)	—
Total revenues	32,990			160,537			33,754
Expenses:
Change in fair value of embedded derivatives	(15,227		)	141,974			(2,488		)
Interest expense on notes payable	36,370			38,870			28,479
Interest expense on subordinated debentures issued to subsidiary trusts	12,122			12,088			13,458
Other operating costs and expenses	7,928			8,163			8,228
Total expenses	41,193			201,095			47,677
Loss before income taxes and equity in undistributed income of subsidiaries	(8,203		)	(40,558		)	(13,923		)
Income tax expense (benefit)	664			(13,880		)	(5,944		)
Loss before equity in undistributed income of subsidiaries	(8,867		)	(26,678		)	(7,979		)
Equity in undistributed income of subsidiaries	134,890			279,961			65,777
Net income	$	126,023		$	253,283		$	57,798

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.

Condensed Statements of Cash Flows



	Year Ended December 31,
	2014			2013			2012
Operating activities
Net income	$	126,023		$	253,283		$	57,798
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of 2015 notes embedded conversion derivative	(15,227		)	141,974			(2,488		)
Provision for depreciation and amortization	2,081			2,831			2,382
Accrual of discount on equity security	(6		)	(5		)	(5		)
Equity in undistributed income of subsidiaries	(134,890		)	(279,961		)	(65,777		)
Accrual of discount on contingent convertible notes	4,417			12,417			12,261
Change in fair value of derivatives	15,619			(144,012		)	7,472
Loss on extinguishment of debt	12,502			32,515			—
Accrual of discount on debenture issued to subsidiary trust	193			181			169
Share-based compensation	1,141			1,407			1,348
ESOP compensation	82			110			45
Deferred income taxes (benefits)	6,439			(5,202		)	(2,838		)
Other	(2,235		)	(3,608		)	—
Changes in operating assets and liabilities:
Receivable from subsidiaries	2,208			995			1,205
Federal income tax recoverable	1,121			62			(2,745		)
Other assets	378			(1,945		)	(549		)
Other liabilities	(7,256		)	20,131			(4,528		)
Net cash provided by operating activities	12,590			31,173			3,750

Investing activities
Net cash used in investing activities	—			—			—



	Year Ended December 31,
	2014			2013			2012
Financing activities
Financing fees incurred and deferred	$	(100	)	$	(11,942	)	$	—
Proceeds from notes payable	—			415,000			—
Repayments of notes payable	(219,094		)	(234,154		)	—
Net proceeds from settlement of notes hedge and warrants	16,558			22,170			—
Repayment of subordinated debentures	—			—			(1,141		)
Excess tax benefits realized from share-based compensation plans	184			159			6
Proceeds from issuance of common stock	13,681			31,764			5,370
Dividends paid	(15,221		)	(12,849		)	(9,374		)
Net cash provided by (used in) financing activities	(203,992		)	210,148			(5,139		)
Increase (decrease) in cash and cash equivalents	(191,402		)	241,321			(1,389		)
Cash and cash equivalents at beginning of year	252,541			11,220			12,609
Cash and cash equivalents at end of year	$	61,139		$	252,541		$	11,220

Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest on notes payable	$	31,206		$	13,758		$	14,564
Interest on subordinated debentures	11,765			11,850			13,102
Non-cash financing activity:
Conversion of subordinated debentures	—			—			20,770
Common stock issued in extinguishment of debt	95,993			117,463			—

See accompanying note to condensed financial statements.

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule III - Supplementary Insurance Information (Tables)

12 Months Ended

Dec. 31, 2014

Supplementary Insurance Information [Abstract]

Supplemental Insurance Information

Schedule III—Supplementary Insurance Information

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY



Column A	Column B		Column C		Column D		Column E
	Deferred policy acquisition costs		Future policy benefits, losses, claims and loss expenses		Unearned premiums		Other policy claims and benefits payable
	(Dollars in thousands)
As of December 31, 2014: Life insurance	$	2,058,556	$	39,802,861	$	—	$	365,819
As of December 31, 2013: Life insurance	$	2,426,652	$	35,789,655	$	—	$	418,033
As of December 31, 2012: Life insurance	$	1,709,799	$	31,773,988	$	—	$	455,752



Column A	Column F		Column G		Column H		Column I		Column J
	Premium revenue		Net investment income		Benefits, claims, losses and settlement expenses		Amortization of deferred policy acquisition costs		Other operating expenses
	(Dollars in thousands)
For the year ended December 31, 2014: Life insurance	$	151,613	$	1,531,667	$	1,679,255	$	163,578	$	130,076
For the year ended December 31, 2013: Life insurance	$	148,938	$	1,383,927	$	1,713,019	$	365,468	$	142,873
For the year ended December 31, 2012: Life insurance	$	165,681	$	1,286,923	$	1,264,016	$	164,919	$	137,432

See accompanying Report of Independent Registered Public Accounting Firm.

Schedule IV - Reinsurance (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Supplemental Schedule of Reinsurance

Schedule IV—Reinsurance

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY



Column A	Column B		Column C		Column D		Column E		Column F
	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percent of amount assumed to net
	(Dollars in thousands)
Year ended December 31, 2014
Life insurance in force, at end of year	$	2,171,426	$	11,548	$	56,509	$	2,216,387	2.55	%
Insurance premiums and other considerations:
Annuity product charges	$	124,946	$	5,956	$	—	$	118,990	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	32,308		336		651		32,623		2.00	%
	$	157,254	$	6,292	$	651	$	151,613	0.43	%
Year ended December 31, 2013
Life insurance in force, at end of year	$	2,250,112	$	13,521	$	57,976	$	2,294,567	2.53	%
Insurance premiums and other considerations:
Annuity product charges	$	110,142	$	6,551	$	—	$	103,591	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	45,057		328		618		45,347		1.36	%
	$	155,199	$	6,879	$	618	$	148,938	0.41	%
Year ended December 31, 2012
Life insurance in force, at end of year	$	2,350,473	$	4,742	$	61,488	$	2,407,219	2.55	%
Insurance premiums and other considerations:
Annuity product charges	$	95,802	$	6,796	$	—	$	89,006	—
Traditional life, accident and health insurance, and life contingent immediate annuity premiums	76,323		364		716		76,675		0.93	%
	$	172,125	$	7,160	$	716	$	165,681	0.43	%

See accompanying Report of Independent Registered Public Accounting Firm.

Significant Accounting Policies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 NMOs states	Dec. 31, 2013 NMOs	Dec. 31, 2012 NMOs
Accounting Policies [Abstract]
Number of states in which entity is licensed to sell insurance products	50
Number of days past due, non-accrual status	90 days
Provision for annual experience refunds of premiums	$ 1.7	$ 1.1	$ 1.1
Statement [Line Items]
National marketing organizations, number of organizations accounting for more than 10% of annuity deposits and insurance premium collections	2	1	3
Minimum [Member]
Statement [Line Items]
Interest crediting rate, range for fixed index annuities	1.20%	1.20%	1.20%
Reserve interest assumptions, range	3.00%
Maximum [Member]
Statement [Line Items]
Interest crediting rate, range for fixed index annuities	4.50%	4.50%	4.50%
Reserve interest assumptions, range	5.50%
Cash and Cash Equivalents [Member]
Statement [Line Items]
Investment maturity period (less than)	3 months
Repurchase Agreements [Member]
Statement [Line Items]
Investment maturity period (less than)	42 days
National Marketing Organization, Greater than 10%, NMO 1 [Member]
Statement [Line Items]
National marketing organizations, percent of annuity deposits and insurance premiums collected individually	10.00%	11.00%	12.00%
National Marketing Organization, Greater than 10%, NMO 2 [Member]
Statement [Line Items]
National marketing organizations, percent of annuity deposits and insurance premiums collected individually	10.00%		11.00%
National Marketing Organization, Greater than 10%, NMO 3 [Member]
Statement [Line Items]
National marketing organizations, percent of annuity deposits and insurance premiums collected individually			10.00%

Significant Accounting Policies (Premiums and Annuity Deposits, By Product Type) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Product Information [Line Items]
Fixed index annuities	$ 3,911,109	$ 3,864,990	$ 3,430,436
Annual reset fixed rate annuities	56,647	71,162	98,190
Multi-year fixed rate annuities	21,125	41,578	49,915
Single premium immediate annuities (SPIA)	24,580	52,142	164,657
Life insurance	10,810	10,556	12,877
Premiums and annuity deposits, net of coinsurance	$ 4,024,271	$ 4,040,428	$ 3,756,075

Fair Values of Financial Instruments (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Level 1 to Level 2 transfers, amount	$ 0	$ 0
Liabilities, Level 1 to Level 2 transfers, amount	0	0
Assets, Level 2 to Level 1 transfers, amount	0	0
Liabilities, Level 2 to Level 1 transfers, amount	0	0
Assets, transfers into Level 3, amount	0	0
Liabilities, transfers into Level 3, amount	0	0
Assets, transfers out of Level 3, amount	0	0
Liabilities, transfers out of Level 3, amount	0	0
Other investments	286,726,000	215,042,000
Fair Value, Sensitivity, Increase in Discount Rate by 10 Percent [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points)	100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	(377,000,000)
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	(225,000,000)
Fair Value, Sensitivity, Decrease in Discount Rate by 10 Percent [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, sensitivity, discount rate adjustment (basis points)	100
Fixed index annuities embedded derivative, adjustment due to change in discount rate	421,900,000
Deferred policy acquisition costs and deferred sales inducements, combined balance, adjustment due to change in discount rate	244,200,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	$ 0

Fair Values of Financial Instruments (Carrying Amounts and Fair Values of Financial Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets
Held for investment, fair value	$ 75,838	$ 60,840
Other investments	286,726	215,042
Coinsurance deposits	3,044,342	2,999,618
Liabilities
Policy benefit reserves	39,802,861	35,789,655
Carrying Amount [Member]
Assets
Mortgage loans on real estate	2,434,580	2,581,082
Derivative assets	731,113	856,050
Other investments	266,488	192,198
Cash and cash equivalents	701,514	897,529
Coinsurance deposits	3,044,342	2,999,618
2015 notes hedges	30,291	107,041
Counterparty collateral	206,096	315,824
Liabilities
Policy benefit reserves	39,463,987	35,453,166
Single premium immediate annuity (SPIA) benefit reserves	365,440	417,625
Notes payable	421,679	549,958
Subordinated debentures	246,243	246,050
2015 notes embedded conversion derivative	30,291	107,041
Carrying Amount [Member] \| Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,778	6,103
Carrying Amount [Member] \| Interest Rate Swap [Member]
Assets
Interest rate derivative assets	0	712
Liabilities
Interest rate derivative liabilities	2,644	0
Carrying Amount [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	32,445,202	26,610,447
Held for investment, fair value	76,432	76,255
Carrying Amount [Member] \| Equity Securities [Member]
Assets
Available for sale securities	7,805	7,778
Fair Value [Member]
Assets
Mortgage loans on real estate	2,493,901	2,615,410
Derivative assets	731,113	856,050
Other investments	273,004	193,343
Cash and cash equivalents	701,514	897,529
Coinsurance deposits	2,698,552	2,669,432
2015 notes hedges	30,291	107,041
Counterparty collateral	206,096	315,824
Liabilities
Policy benefit reserves	33,078,978	29,670,827
Single premium immediate annuity (SPIA) benefit reserves	377,654	430,835
Notes payable	503,349	699,435
Subordinated debentures	244,437	234,959
2015 notes embedded conversion derivative	30,291	107,041
Fair Value [Member] \| Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,778	6,103
Fair Value [Member] \| Interest Rate Swap [Member]
Assets
Interest rate derivative assets	0	712
Liabilities
Interest rate derivative liabilities	2,644	0
Fair Value [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	32,445,202	26,610,447
Held for investment, fair value	75,838	60,840
Fair Value [Member] \| Equity Securities [Member]
Assets
Available for sale securities	$ 7,805	$ 7,778

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, 2014	Dec. 31, 2013
Assets
Derivative assets	$ 731,113	$ 856,050
Cash and cash equivalents	701,514	897,529
2015 notes hedges	30,291	107,041
Counterparty collateral	206,096	315,824
Assets	34,124,799	28,801,484
Liabilities
2015 notes embedded conversion derivative	30,291	107,041
Fixed index annuities - embedded derivatives	5,574,653	4,406,163
Liabilities	5,607,588	4,513,204
Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,778	6,103
Interest Rate Swap [Member]
Assets
Interest rate derivative assets		712
Liabilities
Interest rate derivative liabilities	2,644
Equity Securities [Member]
Assets
Available for sale securities	7,805	7,778
United States Government Full Faith and Credit [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	138,460	42,925
United States Government Sponsored Agencies [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,393,890	1,194,289
United States Municipalities, States and Territories [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,723,309	3,306,743
Foreign Government Obligations [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	193,803	91,557
Corporate Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	21,490,292	17,233,037
Residential Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,751,345	1,971,960
Commercial Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	2,807,620	1,735,460
Other Asset Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	946,483	1,034,476
Quoted Prices in Active Markets (Level 1) [Member]
Assets
Derivative assets	0	0
Cash and cash equivalents	701,514	897,529
2015 notes hedges	0	0
Counterparty collateral	0	0
Assets	705,780	902,713
Liabilities
2015 notes embedded conversion derivative	0	0
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] \| Equity Securities [Member]
Assets
Available for sale securities	0	0
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	4,255	4,805
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	11	20
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	0	359
Significant Other Observable Inputs (Level 2) [Member]
Assets
Derivative assets	731,113	856,050
Cash and cash equivalents	0	0
2015 notes hedges	30,291	107,041
Counterparty collateral	206,096	315,824
Assets	33,418,644	27,897,395
Liabilities
2015 notes embedded conversion derivative	30,291	107,041
Fixed index annuities - embedded derivatives	0	0
Liabilities	32,935	107,041
Significant Other Observable Inputs (Level 2) [Member] \| Interest Rate Caps [Member]
Assets
Interest rate derivative assets	2,778	6,103
Significant Other Observable Inputs (Level 2) [Member] \| Interest Rate Swap [Member]
Assets
Interest rate derivative assets		712
Liabilities
Interest rate derivative liabilities	2,644
Significant Other Observable Inputs (Level 2) [Member] \| Equity Securities [Member]
Assets
Available for sale securities	7,805	7,778
Significant Other Observable Inputs (Level 2) [Member] \| United States Government Full Faith and Credit [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	134,205	38,120
Significant Other Observable Inputs (Level 2) [Member] \| United States Government Sponsored Agencies [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,393,890	1,194,289
Significant Other Observable Inputs (Level 2) [Member] \| United States Municipalities, States and Territories [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	3,723,309	3,306,743
Significant Other Observable Inputs (Level 2) [Member] \| Foreign Government Obligations [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	193,803	91,557
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	21,490,281	17,233,017
Significant Other Observable Inputs (Level 2) [Member] \| Residential Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	1,750,970	1,970,584
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	2,807,620	1,735,460
Significant Other Observable Inputs (Level 2) [Member] \| Other Asset Backed Securities [Member] \| Fixed Maturity Securities [Member]
Assets
Available for sale securities	946,483	1,034,117
Significant Unobservable Inputs (Level 3) [Member]
Assets
Derivative assets	0	0
Cash and cash equivalents	0	0
2015 notes hedges	0	0
Counterparty collateral	0	0
Assets	375	1,376
Liabilities
2015 notes embedded conversion derivative	0	0
Fixed index annuities - embedded derivatives	5,574,653	4,406,163
Liabilities	5,574,653	4,406,163
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] \| Equity Securities [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	375	1,376
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

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, 2014	Dec. 31, 2013
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,376	$ 1,812
Principal returned	(285)	(864)
Amortization of premium/accretion of discount	(262)	152
Total gains (losses) (realized/unrealized): included in other comprehensive income (loss)	109	276
Total gains (losses) (realized/unrealized): included in operations	(563)	0
Ending balance	$ 375	$ 1,376

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, 2014	Dec. 31, 2013
Fair Value, Measurements, Recurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,406,163	$ 3,337,556
Premiums less benefits	1,700,827	1,485,109
Change in fair value, net	(532,337)	(416,502)
Ending balance	$ 5,574,653	$ 4,406,163

Investments (Narrative) (Details) (USD $)	12 Months Ended
Investments (Narrative) (Details) (USD $)	Dec. 31, 2014 Securities	Dec. 31, 2013 Securities	Dec. 31, 2012
Investments [Abstract]
Fixed income securities with call features, percentage	33.00%
Fixed income securities with call features, currently callable, percentage	0.60%
Fixed income securities with call features, currently callable, amount	$ 200,000,000
Fixed income securities with call features, callable during next 12 months, percentage	4.00%
Fixed income securities with call features, callable during next 12 months, amount	1,200,000,000
Percentage of fixed maturity portfolio rated investment grade based on NAIC designations	98.00%	98.00%
Number of individual securities with unrealized losses	402	1,047
Percentage of unrealized losses on fixed maturity securities where securities are rated investment grade	78.00%	95.00%
Assets held by insurance regulators	32,600,000,000	31,700,000,000
Investment Holdings [Line Items]
Available for sale, amortized cost	30,205,046,000	26,527,730,000
Principal repayments, calls and tenders of available for sale securities	1,490,906,000	3,456,719,000	3,298,623,000
Calls of held for investment fixed maturity securities	0	0	2,618,207,000
Stockholders' Equity, Total [Member]
Investment Holdings [Line Items]
Threshold for disclosure percentage	10.00%
Investment Type Concentration Risk [Member]
Investment Holdings [Line Items]
Fair value, concentration of risk, investments	0	0
Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Principal repayments, calls and tenders of available for sale securities	1,300,000,000	2,100,000,000	2,800,000,000
Calls of held for investment fixed maturity securities			2,600,000,000
Available For Sale [Member]
Investment Holdings [Line Items]
Proceeds from sales of available for sale securities	200,000,000	1,500,000,000	500,000,000
Available For Sale [Member] \| Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Available for sale securities, fair value	32,445,202,000	26,610,447,000
Available For Sale [Member] \| Equity Securities [Member]
Investment Holdings [Line Items]
Available for sale securities, fair value	7,805,000	7,778,000
Residential Mortgage Backed Securities [Member] \| Alt-A Sector [Member]
Investment Holdings [Line Items]
Number of securities in unrealized loss position	34
Available for sale, amortized cost	244,300,000
Available for sale securities, fair value	270,000,000
Residential Mortgage Backed Securities [Member] \| Available For Sale [Member] \| Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Available for sale securities, fair value	$ 1,751,345,000	$ 1,971,960,000

Investments (Schedule of Fixed Maturity and Equity Securities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Held for investment, amortized cost	$ 76,432	$ 76,255
Held for investment, fair value	75,838	60,840
Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	30,205,046	26,527,730
Available for sale securities, gross unrealized gains	2,395,577	928,699
Available for sale securities, gross unrealized losses	(155,421)	(845,982)
Available for sale securities, fair value	32,445,202	26,610,447
Equity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	7,509	7,503
Available for sale securities, gross unrealized gains	296	275
Available for sale securities, gross unrealized losses	0	0
Available for sale securities, fair value	7,805	7,778
United States Government Full Faith and Credit [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	137,710	44,852
Available for sale securities, gross unrealized gains	765	367
Available for sale securities, gross unrealized losses	(15)	(2,294)
Available for sale securities, fair value	138,460	42,925
United States Government Sponsored Agencies [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	1,364,424	1,313,776
Available for sale securities, gross unrealized gains	43,399	1,875
Available for sale securities, gross unrealized losses	(13,933)	(121,362)
Available for sale securities, fair value	1,393,890	1,194,289
United States Municipalities, States and Territories [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	3,293,551	3,181,032
Available for sale securities, gross unrealized gains	430,469	164,785
Available for sale securities, gross unrealized losses	(711)	(39,074)
Available for sale securities, fair value	3,723,309	3,306,743
Foreign Government Obligations [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	181,128	86,112
Available for sale securities, gross unrealized gains	16,628	8,907
Available for sale securities, gross unrealized losses	(3,953)	(3,462)
Available for sale securities, fair value	193,803	91,557
Corporate Securities [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	19,984,747	17,142,118
Available for sale securities, gross unrealized gains	1,628,941	606,948
Available for sale securities, gross unrealized losses	(123,396)	(516,029)
Available for sale securities, fair value	21,490,292	17,233,037
Corporate Securities [Member] \| Fixed Maturity Securities [Member] \| Held For Investment [Member]
Investment Holdings [Line Items]
Held for investment, amortized cost	76,432	76,255
Held for investment, gross unrealized gains	0	0
Held for investment, gross unrealized losses	(594)	(15,415)
Held for investment, fair value	75,838	60,840
Residential Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	1,616,846	1,895,913
Available for sale securities, gross unrealized gains	136,704	119,230
Available for sale securities, gross unrealized losses	(2,205)	(43,183)
Available for sale securities, fair value	1,751,345	1,971,960
Commercial Mortgage Backed Securities [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	2,720,294	1,821,988
Available for sale securities, gross unrealized gains	90,649	3,287
Available for sale securities, gross unrealized losses	(3,323)	(89,815)
Available for sale securities, fair value	2,807,620	1,735,460
Other Asset Backed Securities [Member] \| Fixed Maturity Securities [Member] \| Available For Sale [Member]
Investment Holdings [Line Items]
Available for sale securities, amortized cost	906,346	1,041,939
Available for sale securities, gross unrealized gains	48,022	23,300
Available for sale securities, gross unrealized losses	(7,885)	(30,763)
Available for sale securities, fair value	$ 946,483	$ 1,034,476

- Definition

Amount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity.

+ References+ Details

Investments (Fixed Maturity Securities by Contractual Maturity) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, due in one year or less, amortized cost	$ 65,783
Available for sale, due after one year through five years, amortized cost	1,483,940
Available for sale, due after five years through ten years, amortized cost	8,523,008
Available for sale, due after ten years through twenty years, amortized cost	7,251,089
Available for sale, due after twenty years, amortized cost	7,637,740
Available for sale, securities with a single maturity date, amortized cost	24,961,560
Available for sale, amortized cost	30,205,046	26,527,730
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, due in one year or less, fair value	67,404
Available for sale, due after one year through five years, fair value	1,638,259
Available for sale, due after five years through ten years, fair value	8,738,123
Available for sale, due after ten years through twenty years, fair value	7,914,212
Available for sale, due after twenty years, fair value	8,581,756
Available for sale, securities with a single maturity date, fair value	26,939,754
Available for sale, fair value	32,445,202	26,610,447
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]
Held for investment, due in one year or less, amortized cost	0
Held for investment, due after one year through five years, amortized cost	0
Held for investment, due after five years through ten years, amortized cost	0
Held for investment, due after ten years through twenty years, amortized cost	0
Held for investment, due after twenty years, amortized cost	76,432
Held for investment, securities with a single maturity date, amortized cost	76,432
Held for investment, amortized cost	76,432	76,255
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Held for investment, due in one year or less, fair value	0
Held for investment, due after one year through five years, fair value	0
Held for investment, due after five years through ten years, fair value	0
Held for investment, due after ten years through twenty years, fair value	0
Held for investment, due after twenty years, fair value	75,838
Held for investment, securities with a single maturity date, fair value	75,838
Held for investment, fair value	75,838	60,840
Residential Mortgage Backed Securities [Member]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	1,616,846
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	1,751,345
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]
Held for investment, securities without a single maturity date, amortized cost	0
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Held for investment, securities without a single maturity date, fair value	0
Commercial Mortgage Backed Securities [Member]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	2,720,294
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	2,807,620
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]
Held for investment, securities without a single maturity date, amortized cost	0
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Held for investment, securities without a single maturity date, fair value	0
Other Asset Backed Securities [Member]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
Available for sale, securities without a single maturity date, amortized cost	906,346
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Available for sale, securities without a single maturity date, fair value	946,483
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract]
Held for investment, securities without a single maturity date, amortized cost	0
Held-to-maturity Securities, Debt Maturities, Fair Value [Abstract]
Held for investment, securities without a single maturity date, fair value	$ 0

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, 2014	Dec. 31, 2013
Investments [Abstract]
Net unrealized gains on available for sale fixed maturity securities and equity securities	$ 2,240,452	$ 82,992
Adjustments for assumed changes in amortization of deferred policy acquisition costs and deferred sales inducements	(1,165,271)	(46,588)
Deferred income tax valuation allowance reversal	22,534	22,534
Deferred income tax expense	(376,314)	(12,742)
Net unrealized gains reported as accumulated other comprehensive income	$ 721,401	$ 46,196

- Definition

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

+ References+ Details

Investments (Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Amortized cost	$ 30,281,478	$ 26,603,985
Fair value	32,521,040	26,671,287
NAIC, Class 1 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	19,223,151	16,394,654
Fair value	20,941,634	16,531,250
NAIC, Class 2 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	10,432,593	9,630,251
Fair value	10,981,618	9,598,399
NAIC, Class 3 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	602,191	502,822
Fair value	583,313	474,165
NAIC, Class 4 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	22,888	74,493
Fair value	14,089	66,078
NAIC, Class 5 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	0	0
Fair value	0	0
NAIC, Class 6 Designation [Member]
Investment Holdings [Line Items]
Amortized cost	655	1,765
Fair value	$ 386	$ 1,395

Investments (Gross Unrealized Losses on Investments, By Category and Length of Time) (Details) (Fixed Maturity Securities [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	$ 2,346,226	$ 11,635,998
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(56,929)	(741,947)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	2,731,950	1,097,643
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(98,492)	(104,035)
Available for sale, continuous unrealized loss position, total, fair value	5,078,176	12,733,641
Available for sale, continuous unrealized loss position, total, unrealized losses	(155,421)	(845,982)
United States Government Full Faith and Credit [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	0	32,969
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	0	(2,294)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	498	0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(15)	0
Available for sale, continuous unrealized loss position, total, fair value	498	32,969
Available for sale, continuous unrealized loss position, total, unrealized losses	(15)	(2,294)
United States Government Sponsored Agencies [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	0	692,320
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	0	(88,671)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	610,339	467,309
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(13,933)	(32,691)
Available for sale, continuous unrealized loss position, total, fair value	610,339	1,159,629
Available for sale, continuous unrealized loss position, total, unrealized losses	(13,933)	(121,362)
United States Municipalities, States and Territories [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	0	614,056
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	0	(39,074)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	27,947	0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(711)	0
Available for sale, continuous unrealized loss position, total, fair value	27,947	614,056
Available for sale, continuous unrealized loss position, total, unrealized losses	(711)	(39,074)
Foreign Government Obligations [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	14,194	26,298
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,068)	(3,462)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	11,542	0
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(2,885)	0
Available for sale, continuous unrealized loss position, total, fair value	25,736	26,298
Available for sale, continuous unrealized loss position, total, unrealized losses	(3,953)	(3,462)
Corporate Securities [Member] \| Finance, Insurance and Real Estate [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	253,439	1,690,846
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(2,586)	(92,426)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	399,874	153,037
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(16,277)	(12,873)
Available for sale, continuous unrealized loss position, total, fair value	653,313	1,843,883
Available for sale, continuous unrealized loss position, total, unrealized losses	(18,863)	(105,299)
Corporate Securities [Member] \| Manufacturing, Construction and Mining [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	1,078,089	3,370,775
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(35,151)	(191,245)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	694,088	93,608
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(35,926)	(16,088)
Available for sale, continuous unrealized loss position, total, fair value	1,772,177	3,464,383
Available for sale, continuous unrealized loss position, total, unrealized losses	(71,077)	(207,333)
Corporate Securities [Member] \| Utilities and Related Sectors [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	373,952	1,829,868
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(8,185)	(102,758)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	344,313	83,550
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(10,153)	(11,547)
Available for sale, continuous unrealized loss position, total, fair value	718,265	1,913,418
Available for sale, continuous unrealized loss position, total, unrealized losses	(18,338)	(114,305)
Corporate Securities [Member] \| Wholesale/Retail Trade [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	88,766	428,407
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(2,290)	(25,189)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	99,427	17,687
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(3,122)	(1,992)
Available for sale, continuous unrealized loss position, total, fair value	188,193	446,094
Available for sale, continuous unrealized loss position, total, unrealized losses	(5,412)	(27,181)
Corporate Securities [Member] \| Services, Media and Other [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	131,940	834,699
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,567)	(51,508)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	277,296	107,242
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(8,139)	(10,403)
Available for sale, continuous unrealized loss position, total, fair value	409,236	941,941
Available for sale, continuous unrealized loss position, total, unrealized losses	(9,706)	(61,911)
Corporate Securities [Member] \| Insurance [Member]
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Held for investment, continuous unrealized loss position, less than 12 months, fair value	0	0
Held for investment, continuous unrealized loss position, less than 12 months, unrealized losses	0	0
Held for investment, continuous unrealized loss position, 12 months or more, fair value	75,838	60,840
Held for investment, continuous unrealized loss position, 12 months or more, unrealized losses	(594)	(15,415)
Held for investment, continuous unrealized loss position, total, fair value	75,838	60,840
Held for investment, continuous unrealized loss position, total, unrealized losses	594	15,415
Residential Mortgage Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	22,115	309,599
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,219)	(41,080)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	20,427	31,739
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(986)	(2,103)
Available for sale, continuous unrealized loss position, total, fair value	42,542	341,338
Available for sale, continuous unrealized loss position, total, unrealized losses	(2,205)	(43,183)
Commercial Mortgage Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	241,637	1,450,143
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(1,344)	(83,814)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	187,241	51,099
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(1,979)	(6,001)
Available for sale, continuous unrealized loss position, total, fair value	428,878	1,501,242
Available for sale, continuous unrealized loss position, total, unrealized losses	(3,323)	(89,815)
Other Asset Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale, continuous unrealized loss position, less than 12 months, fair value	142,094	356,018
Available for sale, continuous unrealized loss position, less than 12 months, unrealized losses	(3,519)	(20,426)
Available for sale, continuous unrealized loss position, 12 months or more, fair value	58,958	92,372
Available for sale, continuous unrealized loss position, 12 months or more, unrealized losses	(4,366)	(10,337)
Available for sale, continuous unrealized loss position, total, fair value	201,052	448,390
Available for sale, continuous unrealized loss position, total, unrealized losses	$ (7,885)	$ (30,763)

Investments (Changes in Net Unrealized Gains/Losses on Investments) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Fixed maturity securities held for investment carried at amortized cost	$ 14,821	$ (848)	$ (14,783)
Investments carried at fair value	2,157,460	(2,140,941)	735,696
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs and deferred sales inducements	(1,118,683)	1,155,386	(382,498)
Deferred income tax asset/liability	(363,572)	344,944	(123,620)
Total adjustment for effect on other balance sheet accounts	(1,482,255)	1,500,330	(506,118)
Change in net unrealized gains/losses on investments carried at fair value	675,205	(640,611)	229,578
Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Investments carried at fair value	2,157,439	(2,132,392)	731,279
Equity Securities [Member]
Investment Holdings [Line Items]
Investments carried at fair value	$ 21	$ (8,549)	$ 4,417

Investments (Components of Net Investment Income) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net Investment Income [Line Items]
Investment income, gross									$ 1,545,892	$ 1,397,327	$ 1,300,331
Less investment expenses									(14,225)	(13,400)	(13,408)
Net investment income	403,849	386,931	370,882	370,005	363,947	354,147	336,143	329,690	1,531,667	1,383,927	1,286,923
Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Investment income, gross									1,394,301	1,229,486	1,112,296
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income, gross									404	1,586	3,090
Mortgage Loans on Real Estate [Member]
Net Investment Income [Line Items]
Investment income, gross									143,998	159,769	176,354
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Investment income, gross									286	775	2,243
Other [Member]
Net Investment Income [Line Items]
Investment income, gross									$ 6,903	$ 5,711	$ 6,348

Investments (Net Realized Gains (Losses) on Invesments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gain (Loss) on Investments [Line Items]
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	$ 2,131	$ (3,190)	$ (2,230)	$ (714)	$ 16,364	$ (2,077)	$ 15,689	$ 10,585	$ (4,003)	$ 40,561	$ (6,454)
Fixed Maturity Securities [Member]
Gain (Loss) on Investments [Line Items]
Available for sale securities: gross realized gains									3,273	39,079	10,906
Available for sale securities: gross realized losses									(1,006)	(6,170)	(562)
Available for sale securities: gross realized gains (losses), excluding other than temporary impairments									2,267	32,909	10,344
Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Available for sale securities: gross realized gains									0	9,571	562
Other Investments [Member]
Gain (Loss) on Investments [Line Items]
Other investments: gain on sale of real estate									2,454	2,144	5,149
Other investments: loss on sale of real estate									(231)	(1,317)	0
Other investments: impairment losses on real estate									(2,441)	(1,195)	(5,677)
Gain (loss) on other investments									(218)	(368)	(528)
Mortgage Loans on Real Estate [Member]
Gain (Loss) on Investments [Line Items]
Mortgage loans on real estate: increase in allowance for credit losses									(6,052)	(5,621)	(16,832)
Mortgage loans on real estate: recovery of specific allowance									0	4,070	0
Mortgage loans on real estate: change in allowance for provision and recoveries									$ (6,052)	$ (1,551)	$ (16,832)

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, 2014	Dec. 31, 2013
Prime Sector [Member] \| Vintage Year 2003 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		5.10%
Default rate		2.00%
Loss severity		30.00%
Prime Sector [Member] \| Vintage Year 2003 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		5.10%
Default rate		2.00%
Loss severity		30.00%
Prime Sector [Member] \| Vintage Year 2005 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.50%	6.50%
Default rate	15.00%	8.00%
Loss severity	50.00%	50.00%
Prime Sector [Member] \| Vintage Year 2005 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.50%	7.70%
Default rate	15.00%	18.00%
Loss severity	50.00%	65.00%
Prime Sector [Member] \| Vintage Year 2006 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	6.50%	5.80%
Default rate	11.00%	9.00%
Loss severity	40.00%	45.00%
Prime Sector [Member] \| Vintage Year 2006 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.40%	6.90%
Default rate	15.00%	16.00%
Loss severity	50.00%	50.00%
Prime Sector [Member] \| Vintage Year 2007 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.00%	6.20%
Default rate	14.00%	11.00%
Loss severity	55.00%	40.00%
Prime Sector [Member] \| Vintage Year 2007 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	7.00%	6.70%
Default rate	14.00%	25.00%
Loss severity	55.00%	60.00%
Prime Sector [Member] \| Vintage Year 2008 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.60%
Default rate		16.00%
Loss severity		45.00%
Prime Sector [Member] \| Vintage Year 2008 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.60%
Default rate		16.00%
Loss severity		45.00%
Prime Sector [Member] \| Vintage Year 2009 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.80%
Default rate		17.00%
Loss severity		60.00%
Prime Sector [Member] \| Vintage Year 2009 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.80%
Default rate		17.00%
Loss severity		60.00%
Alt-A Sector [Member] \| Vintage Year 2005 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	5.60%	5.60%
Default rate	87.00%	13.00%
Loss severity	2.00%	2.00%
Alt-A Sector [Member] \| Vintage Year 2005 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate	6.40%	8.70%
Default rate	91.00%	81.00%
Loss severity	2.00%	65.00%
Alt-A Sector [Member] \| Vintage Year 2007 [Member] \| Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.20%
Default rate		38.00%
Loss severity		60.00%
Alt-A Sector [Member] \| Vintage Year 2007 [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Discount rate		6.90%
Default rate		52.00%
Loss severity		65.00%

Investments (Other Than Temporary Impairment by Asset Type) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013 Securities	Dec. 31, 2012 Securities
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities										10	41
Total OTTI losses									$ 0	$ (4,964)	$ (5,411)
Portion of OTTI losses recognized from other comprehensive income									(2,627)	(1,270)	(9,521)
Net OTTI losses recognized in operations	(564)	(564)	(594)	(905)	0	(222)	(2,775)	(3,237)	(2,627)	(6,234)	(14,932)
Residential Mortgage Backed Securities [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities									7	6	39
Total OTTI losses									0	0	(3,024)
Portion of OTTI losses recognized from other comprehensive income									(2,627)	(1,270)	(9,521)
Net OTTI losses recognized in operations									(2,627)	(1,270)	(12,545)
United States Government Sponsored Agencies [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities										2
Total OTTI losses										(2,775)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										(2,775)
Corporate Securities [Member] \| Industrial [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities										1
Total OTTI losses										(1,761)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										(1,761)
Corporate Securities [Member] \| Finance [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities											1
Total OTTI losses											(1,765)
Portion of OTTI losses recognized from other comprehensive income											0
Net OTTI losses recognized in operations											(1,765)
Corporate Securities [Member] \| Retail [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities											1
Total OTTI losses											(622)
Portion of OTTI losses recognized from other comprehensive income											0
Net OTTI losses recognized in operations											(622)
Equity Securities [Member] \| Industrial [Member]
Gain (Loss) on Investments [Line Items]
Other than temporary impairment, number of securities										1
Total OTTI losses										(428)
Portion of OTTI losses recognized from other comprehensive income										0
Net OTTI losses recognized in operations										$ (428)

Investments (Other Than Temporary Impairment, Credit Losses Recognized in Earnings) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Cumulative credit loss at beginning of year	$ (125,960)	$ (134,027)
Credit losses on securities for which OTTI has not previously been recognized	0	(4,536)
Additional credit losses on securities for which OTTI has previously been recognized	(2,627)	(1,270)
Accumulated losses on securities that were disposed of during the period	1,537	13,873
Cumulative credit loss at end of year	$ (127,050)	$ (125,960)

Investments (Schedule of Other Than Temporary Impairment Losses, Investments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Amortized cost	$ 569,508	$ 679,265
OTTI recognized in other comprehensive income	(173,494)	(176,334)
Change in fair value since OTTI was recognized	215,636	216,081
Fair value	611,650	719,012
Fixed Maturity Securities [Member] \| Corporate Securities [Member]
Investment Holdings [Line Items]
Amortized cost	0	0
OTTI recognized in other comprehensive income	0	0
Change in fair value since OTTI was recognized	11	20
Fair value	11	20
Fixed Maturity Securities [Member] \| Residential Mortgage Backed Securities [Member]
Investment Holdings [Line Items]
Amortized cost	569,508	679,265
OTTI recognized in other comprehensive income	(173,494)	(176,334)
Change in fair value since OTTI was recognized	215,625	216,061
Fair value	$ 611,639	$ 718,992

Mortgage Loans on Real Estate (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 loans portfolio_segment	Dec. 31, 2013 loans	Dec. 31, 2012 loans
Mortgage Loans on Real Estate [Abstract]
Mortgage loans on real estate	$ 2,434,580,000	$ 2,581,082,000
Commitments outstanding	61,300,000
Number of portfolio segments that make up financing receivables	1
Number of loans satisfied by foreclosure	7	5	13
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
Number of days past due, delinquent status	60 days
Number of days past due, non-accrual status	90 days
Outstanding principal of non-accrual loans	$ 6,000,000	$ 8,200,000

Mortgage Loans on Real Estate (Summary of Mortgage Loan Portfolio) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract]
Principal outstanding	$ 2,457,721	$ 2,607,698	$ 2,658,883
Loan loss allowance	(22,633)	(26,047)
Deferred prepayment fees	(508)	(569)
Mortgage loans on real estate	$ 2,434,580	$ 2,581,082

- 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.

+ References+ Details

Mortgage Loans on Real Estate (Mortgage Loan Portfolio Summarized by Geographic Region and Property Type) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 2,457,721	$ 2,607,698	$ 2,658,883
Percent	100.00%	100.00%
Office [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	484,585	590,414
Percent	19.70%	22.60%
Medical Office [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	88,275	125,703
Percent	3.60%	4.80%
Retail [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	711,775	711,364
Percent	29.00%	27.30%
Industrial/Warehouse [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	649,425	673,449
Percent	26.40%	25.80%
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	30,640	61,574
Percent	1.30%	2.40%
Apartment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	335,087	291,823
Percent	13.60%	11.20%
Mixed Use/Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	157,934	153,371
Percent	6.40%	5.90%
East [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	701,638	765,717
Percent	28.50%	29.40%
Middle Atlantic [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	166,249	156,489
Percent	6.80%	6.00%
Mountain [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	279,075	356,246
Percent	11.40%	13.70%
New England [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	12,280	21,324
Percent	0.50%	0.80%
Pacific [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	302,307	317,431
Percent	12.30%	12.20%
South Atlantic [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	471,849	483,852
Percent	19.20%	18.50%
West North Central [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	349,028	351,794
Percent	14.20%	13.50%
West South Central [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal outstanding	$ 175,295	$ 154,845
Percent	7.10%	5.90%

- Definition

+ References+ Details

Mortgage Loans on Real Estate (Rollforward of Allowance for Loan Losses) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending allowance balance	$ (22,633)	$ (26,047)
Specific Allowance [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning allowance balance	(16,847)	(23,134)	(23,664)
Charge-offs	9,211	9,738	15,562
Recoveries	255	4,070	0
Change in provision for credit losses	(4,952)	(7,521)	(15,032)
Ending allowance balance	(12,333)	(16,847)	(23,134)
General Allowance [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning allowance balance	(9,200)	(11,100)	(9,300)
Charge-offs	0	0	0
Recoveries	0	0	0
Change in provision for credit losses	(1,100)	1,900	(1,800)
Ending allowance balance	$ (10,300)	$ (9,200)	$ (11,100)

Mortgage Loans on Real Estate (Impaired Mortgage Loans on Real Estate By Basis of Impairment) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract]
Individually evaluated for impairment	$ 29,116	$ 47,018	$ 53,110
Collectively evaluated for impairment	2,428,605	2,560,680	2,605,773
Principal outstanding	$ 2,457,721	$ 2,607,698	$ 2,658,883

- Definition

+ References+ Details

Mortgage Loans on Real Estate (Real Estate Owned) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract]
Real estate owned at beginning of period	$ 22,844	$ 33,172	$ 36,821
Real estate acquired in satisfaction of mortgage loans	14,555	8,217	26,324
Additions	0	626	398
Sales	(14,134)	(17,358)	(23,825)
Impairments	(2,441)	(1,195)	(5,677)
Depreciation	(586)	(618)	(869)
Real estate owned at end of period	$ 20,238	$ 22,844	$ 33,172

Mortgage Loans on Real Estate (Mortgage Loans by Credit Quality Indicator) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract]
Performing	$ 2,451,760	$ 2,593,276
In workout	0	6,248
Delinquent	0	0
Collateral dependent	5,961	8,174
Principal outstanding	$ 2,457,721	$ 2,607,698	$ 2,658,883

- Definition

+ References+ Details

Mortgage Loans on Real Estate (Aging of Financing Receivables) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	2,451,760	2,599,524
Collateral dependent receivables	5,961	8,174
Principal outstanding	$ 2,457,721	$ 2,607,698	$ 2,658,883

- Definition

+ References+ Details

Mortgage Loans on Real Estate (Impaired Financing Receivables) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Mortgage loans with an allowance, recorded investment	$ 16,783	$ 30,171
Mortgage loans with no related allowance, recorded investment	2,656	3,264
Impaired mortgage loans, recorded investment	19,439	33,435
Mortgage loans with an allowance, unpaid principal balance	29,116	47,018
Mortgage loans with no related allowance, unpaid principal balance	2,656	3,264
Impaired mortgage loans, unpaid principal balance	31,772	50,282
Mortgage loans with an allowance, related allowance	(12,333)	(16,847)
Mortgage loans with an allowance, average recorded investment	18,465	33,772	37,480
Mortgage loans with no related allowance, average recorded investment	2,656	3,264	27,696
Impaired mortgage loans, average recorded investment	21,121	37,036	65,176
Mortgage loans with an allowance, interest income recognized	1,797	2,094	1,946
Mortgage loans with no related allowance, interest income recognized	43	138	1,664
Impaired mortgage loans, interest income recognized	$ 1,840	$ 2,232	$ 3,610

Mortgage Loans on Real Estate (Troubled Debt Restructurings) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 loans	Dec. 31, 2013 loans
Financing Receivable, Modifications [Line Items]
Number of TDRs	9	18
Principal balance outstanding	$ 18,533	$ 45,653
Specific loan loss allowance	(5,758)	(6,653)
Net carrying amount	12,775	39,000
East [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs		1
Principal balance outstanding		3,712
Specific loan loss allowance		(949)
Net carrying amount		2,763
Mountain [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs		7
Principal balance outstanding		22,140
Specific loan loss allowance		(329)
Net carrying amount		21,811
South Atlantic [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs	7	7
Principal balance outstanding	14,475	13,930
Specific loan loss allowance	(4,244)	(4,177)
Net carrying amount	10,231	9,753
East North Central [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs	1	1
Principal balance outstanding	2,177	2,219
Specific loan loss allowance	(467)	(467)
Net carrying amount	1,710	1,752
West North Central [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs	1	1
Principal balance outstanding	1,881	1,938
Specific loan loss allowance	(1,047)	(475)
Net carrying amount	834	1,463
West South Central [Member]
Financing Receivable, Modifications [Line Items]
Number of TDRs		1
Principal balance outstanding		1,714
Specific loan loss allowance		(256)
Net carrying amount		$ 1,458

Derivative Instruments (Narrative) (Details) (USD $) Share data in Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended					1 Months Ended	12 Months Ended			12 Months Ended		12 Months Ended
	Dec. 31, 2014 partial_unwind_agreement	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013 partial_unwind_agreement	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 partial_unwind_agreement	Dec. 31, 2013 partial_unwind_agreement	Dec. 31, 2012	Dec. 31, 2014 2015 Notes Hedges [Member]	Sep. 30, 2010 2015 Notes Hedges [Member] counterparties	Sep. 30, 2010 2015 Warrants [Member]	Dec. 31, 2014 2015 Warrants [Member]	Dec. 31, 2014 September 2015 Notes [Member]	Sep. 30, 2010 September 2015 Notes [Member]	Dec. 31, 2014 SunTrust [Member] Not Designated as Hedging Instrument [Member]	Dec. 31, 2014 SunTrust [Member] Three Month London Interbank Offered Rate (LIBOR) [Member] Not Designated as Hedging Instrument [Member]	Dec. 31, 2014 Change in Assumptions for Fair Value [Member]	Dec. 31, 2014 Call Options [Member]
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Credit risk, maximum exposure									$ 47,400,000	$ 71,700,000
Number of partial unwind agreements	5				3				5	3
Net cash received from counterparties for settlement of call options and warrants									16,600,000	22,200,000
Warrants reclassified from equity to a derivative liability, at fair value									(51,257,000)	(47,991,000)
Derivative [Line Items]
Investment maturity period																					1 year
Derivative collateral	743,000,000				818,200,000				743,000,000	818,200,000
Change in fair value of embedded derivatives									(32,321,000)	(133,968,000)	(286,899,000)									(62,600,000)
Net income	31,217,000	67,815,000	36,744,000	(9,753,000)	50,958,000	56,181,000	120,113,000	26,031,000	126,023,000	253,283,000	57,798,000									14,800,000
Cap rate																			2.50%
Derivative instruments, interest rate swaps and caps, duration																		7 years
Principal amount of convertible senior notes payable at issuance																	200,000,000
Interest rate																3.50%
Number of counterparties													2
Conversion spread, shares of common stock												1.8	16.0
Derivative asset, strike price												$ 12.25	$ 12.50
Number of securities called by warrants														16.0
Warrants, exercise price														$ 16.00	$ 15.68
Proceeds from issuance of warrants														$ 15,600,000

Derivative Instruments (Fair Value of Derivative Instruments as Presented in the Consolidated Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative assets	$ 731,113	$ 856,050
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	764,182	969,906
Derivative liabilities	5,607,588	4,513,204
Call Options [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	731,113	856,050
2015 Notes Hedges [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	30,291	107,041
Interest Rate Caps [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2,778	6,103
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	0	712
Derivative liabilities	2,644	0
Fixed Index Annuities - Embedded Derivatives [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	5,574,653	4,406,163
2015 Notes Embedded Conversion Derivative [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 30,291	$ 107,041

- 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.

+ References+ Details

- 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 liabilities not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Derivative Instruments (Change in Fair Value of Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	$ 504,825	$ 1,076,015	$ 221,138
Change in fair value of embedded derivatives	32,321	133,968	286,899
Call Options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	521,947	932,003	228,610
2015 Notes Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(8,934)	145,751	(2,488)
2015 Warrants [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	0	(9,568)	0
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(4,863)	4,973	(4,261)
Interest Rate Caps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivatives	(3,325)	2,856	(723)
Fixed Index Annuities - Embedded Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	47,548	(8,006)	289,387
2015 Notes Embedded Conversion Derivative [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	(19,036)	141,974	(2,488)
2029 Notes Embedded Conversion Derivative [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of embedded derivatives	$ 3,809	$ 0	$ 0

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, 2014	Dec. 31, 2013
Derivative [Line Items]
Notional amount	$ 23,956,444	$ 19,277,639
Fair value	731,113	856,050
Bank of America [Member]
Derivative [Line Items]
Notional amount	2,114,812	1,683,911
Fair value	62,932	73,836
Barclays [Member]
Derivative [Line Items]
Notional amount	4,083,259	2,396,839
Fair value	135,609	113,513
BNP Paribas [Member]
Derivative [Line Items]
Notional amount	1,321,136	1,382,661
Fair value	42,644	38,849
Citibank, N.A. [Member]
Derivative [Line Items]
Notional amount	3,190,204	1,536,547
Fair value	96,759	72,310
Credit Suisse [Member]
Derivative [Line Items]
Notional amount	2,354,811	4,060,352
Fair value	75,381	193,304
Deutsche Bank [Member]
Derivative [Line Items]
Notional amount	2,682,960	747,587
Fair value	64,028	41,074
HSBC [Member]
Derivative [Line Items]
Notional amount	38,599	200,011
Fair value	1,767	10,518
J.P. Morgan [Member]
Derivative [Line Items]
Notional amount	401,804	786,429
Fair value	13,488	36,863
Morgan Stanley [Member]
Derivative [Line Items]
Notional amount	2,605,687	3,546,487
Fair value	77,106	150,437
Royal Bank of Canada [Member]
Derivative [Line Items]
Notional amount	1,364,362	714,941
Fair value	41,717	25,140
SunTrust [Member]
Derivative [Line Items]
Notional amount	248,622	0
Fair value	5,405	0
Wells Fargo [Member]
Derivative [Line Items]
Notional amount	3,550,188	2,221,874
Fair value	$ 114,277	$ 100,206

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, 2014	Dec. 31, 2013
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 liabilities	(2,644)
Derivative assets		$ 712

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, 2014	Dec. 31, 2013
Derivative [Line Items]
Notional amount	$ 79,000
Derivative assets	2,778	6,103
Interest Rate Caps, Maturity Date, July 7, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	40,000
Cap rate	2.50%
Derivative assets	1,398	3,073
Interest Rate Caps, Maturity Date, July 8, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	12,000
Cap rate	2.50%
Derivative assets	420	923
Interest Rate Caps, Maturity Date, July 29, 2021, 2.50% [Member]
Derivative [Line Items]
Notional amount	27,000
Cap rate	2.50%
Derivative assets	$ 960	$ 2,107

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Policy Acquisition Costs and Deferred Sales Inducements [Abstract]
Deferred policy acquisition costs, increase (decrease) in amortization due to unlocking adjustment	$ (35.5)	$ (18.5)	$ 3.7
Deferred sales inducements, increase (decrease) in amortization due to unlocking adjustment	$ (12.6)	$ (11.1)	$ (0.2)

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Policy Acquisition Costs) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of year	$ 2,426,652	$ 1,709,799	$ 1,683,857
Costs deferred during the year: commissions	421,802	420,378	399,001
Costs deferred during the year: policy issue costs	5,080	5,422	4,410
Amortization	(163,578)	(365,468)	(164,919)
Effect of net unrealized gains/losses	(631,400)	656,521	(212,550)
Balance at end of year	$ 2,058,556	$ 2,426,652	$ 1,709,799

- Definition

Amount of expense related to deferred policy acquisition costs.

+ References+ Details

- Definition

Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date.

+ References+ Details

Deferred Policy Acquisition Costs and Deferred Sales Inducements (Deferred Sales Inducements) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Deferred Sales Inducements [Roll Forward]
Balance at beginning of year	$ 1,875,880	$ 1,292,341	$ 1,242,787
Costs deferred during the year	330,079	337,787	306,659
Amortization	(131,419)	(253,113)	(87,157)
Effect of net unrealized gains/losses	(487,283)	498,865	(169,948)
Balance at end of year	$ 1,587,257	$ 1,875,880	$ 1,292,341

Reinsurance and Policy Provisions (Equitrust Coinsurance Agreements) (Details) (USD $)					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014 Equitrust Coinsurance Agreements, All Periods [Member] coinsurance_agreement	Dec. 31, 2013 Equitrust Coinsurance Agreements, All Periods [Member]	Dec. 31, 2014 Equitrust Coinsurance Agreement, August 1, 2001 to December 31, 2001 [Member]	Dec. 31, 2014 Equitrust Coinsurance Agreement, January 1, 2002 to December 31, 2003 [Member]	Dec. 31, 2014 Equitrust Coinsurance Agreement, January 1, 2004 to July 31, 2004 [Member]
Ceded Credit Risk [Line Items]
Number of coinsurance agreements			2
Coninsurance percentage on certain annuities					70.00%	40.00%	20.00%
Coinsurance deposits	$ 3,044,342,000	$ 2,999,618,000	$ 900,000,000	$ 900,000,000
Reinsurance payable			$ 15,200,000	$ 20,700,000

Reinsurance and Policy Provisions (Athene Coinsurance Agreements) (Details) (USD $)					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014 Athene Coinsurance Agreements, All Periods [Member] coinsurance_agreement	Dec. 31, 2013 Athene Coinsurance Agreements, All Periods [Member]	Dec. 31, 2014 Fixed Index Annuities [Member] Athene, 1st Coinsurance Agreement, January 1, 2009 to March 31, 2010 [Member] Years	Dec. 31, 2014 Fixed Index Annuities [Member] Eagle Life [Member] Athene, 3rd Coinsurance Agreement, January 1, 2014 to December 31, 2015 [Member]	Dec. 31, 2014 Fixed Index Annuities [Member] Eagle Life [Member] Athene, 3rd Coinsurance Agreement, January 1, 2016 to December 31, 2018 [Member]	Dec. 31, 2014 Fixed Index Annuities [Member] Eagle Life [Member] Athene, 3rd Coinsurance Agreement, January 1, 2019 Going Forward [Member]	Dec. 31, 2014 Multi-Year Rate Guaranteed Annuities [Member] American Equity Life [Member] Athene, 2nd Coinsurance Agreement, July 1, 2009 to December 31, 2013 [Member]	Dec. 31, 2014 Multi-Year Rate Guaranteed Annuities [Member] American Equity Life [Member] Athene, 3rd Coinsurance Agreement, January 1, 2014 Going Forward [Member]	Dec. 31, 2014 Multi-Year Rate Guaranteed Annuities [Member] Eagle Life [Member] Athene, 2nd Coinsurance Agreement, November 20, 2013 to December 31, 2013 [Member]	Dec. 31, 2014 Multi-Year Rate Guaranteed Annuities [Member] Eagle Life [Member] Athene, 3rd Coinsurance Agreement, January 1, 2014 Going Forward [Member]
Ceded Credit Risk [Line Items]
Number of coinsurance agreements			3
Coninsurance percentage on certain annuities					20.00%	80.00%	50.00%	20.00%	80.00%	80.00%	80.00%	80.00%
Years until eligibility for recapture					7
Coinsurance deposits	$ 3,044,342,000	$ 2,999,618,000	$ 2,200,000,000	$ 2,100,000,000
Reinsurance payable			$ 21,900,000	$ 27,300,000

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, 2014	Dec. 31, 2013	Dec. 31, 2012
Effects of Reinsurance [Line Items]
Annuity product charges	$ 118,990	$ 103,591	$ 89,006
Change in fair value of derivatives	504,825	1,076,015	221,138
Interest sensitive and index product benefits	1,473,700	1,272,867	808,479
Change in fair value of embedded derivatives	32,321	133,968	286,899
Other operating costs and expenses	81,584	91,915	95,495
Coinsurance deposits	109,184	25,729	4,885
Coinsurance Agreements, EquiTrust and Athene [Member]
Effects of Reinsurance [Line Items]
Annuity product charges	5,956	6,551	6,796
Change in fair value of derivatives	31,076	60,876	17,106
Coinsurance, revenues included in consolidated statement of operations	37,032	67,427	23,902
Interest sensitive and index product benefits	122,666	117,934	94,113
Change in fair value of embedded derivatives	35,820	2,898	9,373
Other operating costs and expenses	9,241	9,926	9,333
Coinsurance, benefits and expenses included in the consolidated statement of operations	167,727	130,758	112,819
Annuity deposits	(171,124)	(182,616)	(203,552)
Cash payments to policyholders	280,308	208,345	208,437
Coinsurance deposits	$ 109,184	$ 25,729	$ 4,885

Reinsurance and Policy Provisions (Hannover Financing Arrangements) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Hannover Reinsurance Agreement, All Agreements [Member]
Ceded Credit Risk [Line Items]
Number of reinsurance agreements	2
2011 Hannover Reinsurance Agreement [Member]
Ceded Credit Risk [Line Items]
Net pretax statutory surplus benefit	$ 49.2
Statutory surplus benefit reduction, duration (years)	5 years
Reduction in pretax statutory surplus, current period	10.8	11.3	11.8
Reduction in pretax statutory surplus, due in one year	10.3
Reduction in pretax statutory surplus, due in two years	2.5
Risk charge rate	1.25%
Risk charges	0.8	1.3	1.8
2013 Hannover Reinsurance Agreement [Member]
Ceded Credit Risk [Line Items]
Risk charge rate	1.25%
Risk charges	15.7	7.0
Waived surrender charges on penalty free withdrawals and deaths on certain business, percentage	45.60%
Reserve credit	322.5	288.2
2005 Hannover Reinsurance Agreement [Member]
Ceded Credit Risk [Line Items]
Risk charges		5.4	9.9
Waived surrender charges on penalty free withdrawals and deaths on certain business, percentage	47.00%
2008 Hannover Reinsurance Agreement [Member]
Ceded Credit Risk [Line Items]
Net pretax statutory surplus benefit	29.5
Reduction in pretax statutory surplus, current period		6.9	6.8
Risk charge rate	1.25%
Risk charges		$ 0.1	$ 0.5

Income Taxes (Narrative) (Details) (USD $)	12 Months Ended
Income Taxes (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	35.00%
Statement [Line Items]
Deferred tax assets, valuation allowance	$ 0	$ 0
Non-Life Subsidiaries [Member] \| Internal Revenue Service (IRS) [Member]
Statement [Line Items]
Non-life net operating loss carryforwards	28,100,000
Deferred Tax Asset, Valuation Allowance, Unrealized Losses on Available For Sale Fixed Maturity Securities [Member]
Statement [Line Items]
Deferred tax assets, valuation allowance	$ 0

Income Taxes (Components of Income Tax Expense) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated statements of operations:
Current income taxes	$ 116,545	$ 133,036	$ 80,527
Deferred income taxes (benefits)	(46,504)	3,013	(52,336)
Total income tax expense included in consolidated statements of operations	70,041	136,049	28,191
Stockholders' equity:
Expense (benefit) relating to: change in net unrealized investment losses	363,572	(344,944)	123,620
Expense (benefit) relating to: share-based compensation	(5,716)	(4,043)	(392)
Expense (benefit) relating to: extinguishment of convertible debt	(9,284)	(4,546)	0
Total income tax expense (benefit) included in consolidated financial statements	$ 418,613	$ (217,484)	$ 151,419

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Income before income taxes	$ 196,064	$ 389,332	$ 85,989
Income tax expense on income before income taxes	68,622	136,266	30,096
Tax effect of: tax exempt net investment income	(3,669)	(2,657)	(1,876)
Tax effect of: extinguishment of convertible debt	4,202	2,695	0
Tax effect of: other	886	(255)	(29)
Total income tax expense included in consolidated statements of operations	$ 70,041	$ 136,049	$ 28,191
Effective tax rate	35.70%	34.90%	32.80%

Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred income tax assets:
Policy benefit reserves	$ 2,052,968	$ 1,875,516
Other than temporary impairments	753	901
Investment income items	0	2,121
Amounts due reinsurer	680	7,366
Other policyholder funds	7,765	9,200
Litigation settlement accrual	7,100	7,420
Deferred compensation	10,565	13,430
Convertible senior notes	12,281	34,818
Net operating loss carryforwards	17,694	24,179
Other	11,685	8,835
Gross deferred tax assets	2,121,491	1,983,786
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,637,607)	(1,475,403)
Net unrealized gains on available for sale fixed maturity and equity securities	(376,314)	(12,742)
Derivative instruments	(94,038)	(193,067)
Investment income items	(14,842)	0
Other	(2,585)	(718)
Gross deferred tax liabilities	(2,125,386)	(1,681,930)
Net deferred income tax (liability) asset	$ (3,895)	$ 301,856

Notes Payable and Amounts Due Under Repurchase Agreements (Liability and Equity Components of Convertible Senior Notes) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
September 2015 Notes [Member]
Debt Instrument [Line Items]
Principal amount of liability component	$ 22,377	$ 91,951
Unamortized discount	(698)	(6,623)
Net carrying amount of liability component	21,679	85,328
Amount by which the if-converted value exceeds principal	30,497	104,403
December 2029 Notes [Member]
Debt Instrument [Line Items]
Principal amount of liability component		68,373
Unamortized discount		(3,743)
Net carrying amount of liability component		64,630
Carrying amount of equity component		15,586
Amount by which the if-converted value exceeds principal		$ 113,169

Notes Payable and Amounts Due Under Repurchase Agreements (2021 Notes Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013 2011 Line of Credit [Member]	Dec. 31, 2014 July 2021 Notes [Member]	Jul. 17, 2013 July 2021 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000,000
Interest rate		6.625%
Deferred financing costs		9,000,000
Repayments of line of credit	$ 15,000,000

Notes Payable and Amounts Due Under Repurchase Agreements (2015 Notes, 2015 Notes Hedges and 2015 Warrants Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Sep. 30, 2010
Debt Instrument [Line Items]
Interest expense on convertible notes	$ 36,370,000	$ 38,870,000	$ 28,479,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest expense on convertible notes	9,000,000	26,400,000	28,500,000
2015 Notes Embedded Conversion Derivative [Member]
Debt Instrument [Line Items]
Derivative, liability, fair value at issuance	37,000,000
September 2015 Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible senior notes payable at issuance					200,000,000
Interest rate	3.50%
Deferred financing costs	6,800,000
Debt instrument, number of days holders may convert	5 days
Debt instrument, measurement period of convertible senior notes	10 days
Debt instrument, face amount	1,000
Product of last reported common stock sale price and conversion rate	98.00%
Debt instrument, number of days to measure stock value against conversion value	20 days
Debt instrument, consecutive trading day period to determine convertibility	30 days
Stock price must exceed conversion price to allow conversion	130.00%
Debt instrument, convertible, number of equity instruments, shares			80.9486	80
Debt instrument, convertible, conversion price			$ 12.35	$ 12.50
Debt instrument, convertible, fundamental change stock price floor	$ 10.00
Debt instrument, convertible, conversion rate increase upon fundamental change	20
Extinguishment of debt, amount		108,000,000
Extinguishment of debt, cash paid		116,100,000
Extinguishment of debt, cash paid for shares of common stock		79,200,000
Extinguishment of debt, shares issued		3,643,402
Extinguishment of debt, carrying value at extinguishment		99,600,000
Extinguishment of debt, gain (loss), net of tax		(15,200,000)
Interest rate, effective percentage	8.90%
September 2015 Notes [Member] \| Private Exchange Offers [Member]
Debt Instrument [Line Items]
Extinguishment of debt, amount	69,600,000
Extinguishment of debt, cash paid	82,900,000
Extinguishment of debt, cash paid for shares of common stock	48,200,000
Extinguishment of debt, shares issued	2,115,055
Extinguishment of debt, carrying value at extinguishment	66,000,000
Extinguishment of debt, gain (loss), net of tax	$ (4,800,000)
September 2015 Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, convertible, threshold for adjustment of conversion rate and conversion price	1.00%

Notes Payable and Amounts Due Under Repurchase Agreements (2029 Notes Narrative) (Details) (USD $)	12 Months Ended													12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Convertible Debt [Member]	Dec. 31, 2013 Convertible Debt [Member]	Dec. 31, 2012 Convertible Debt [Member]	Dec. 31, 2014 2029 Notes Embedded Conversion Derivative [Member]	Dec. 31, 2013 2029 Notes Embedded Conversion Derivative [Member]	Dec. 31, 2012 2029 Notes Embedded Conversion Derivative [Member]	Dec. 31, 2014 Mandatory Redemption [Member] 2029 Notes Embedded Conversion Derivative [Member]	Dec. 31, 2014 December 2029 Notes [Member]	Dec. 31, 2013 December 2029 Notes [Member]	Dec. 31, 2009 December 2029 Notes [Member]	Dec. 31, 2014 December 2029 Notes [Member] Private Exchange Offers [Member]	Dec. 31, 2014 December 2029 Notes [Member] Mandatory Redemption [Member]
Debt Instrument [Line Items]
Principal amount of convertible senior notes payable at issuance													$ 115,800,000
Adjustments to additional paid in capital, equity component of convertible debt											15,600,000
Deferred income tax liability, equity component of convertible debt											11,000,000
Interest rate											5.25%
Extinguishment of debt, amount												47,500,000		36,200,000	32,100,000
Extinguishment of debt, cash paid												74,800,000		66,700,000	69,400,000
Extinguishment of debt, cash paid for shares of common stock												34,900,000		23,200,000	24,600,000
Extinguishment of debt, shares issued												1,629,677		946,793	897,548
Extinguishment of debt, carrying value at extinguishment												44,500,000		34,600,000
Extinguishment of debt, gain (loss), net of tax												(5,200,000)		(2,500,000)
Equity reclassified to an embedded derivative liability															58,100,000
Change in fair value of embedded derivatives	(32,321,000)	(133,968,000)	(286,899,000)				(3,809,000)	0	0	(3,800,000)
Interest rate, effective percentage											11.90%
Interest expense on convertible notes	$ 36,370,000	$ 38,870,000	$ 28,479,000	$ 9,000,000	$ 26,400,000	$ 28,500,000

Notes Payable and Amounts Due Under Repurchase Agreements (Line of Credit Narrative) (Details) (2013 Line of Credit [Member], USD $)	12 Months Ended
	Dec. 31, 2014 occasions banks guarantor	Dec. 31, 2013
2013 Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 140,000,000
Line of credit, number of banks in agreement	5
Line of credit, interest rate, floating, applicable margin	1.00%
Line of credit, interest rate, floating, adjusted LIBOR	2.00%
Line of credit, unused capacity, commitment fee percentage	0.35%
Minimum risk-based capital ratio	275.00%
Maximum debt to capital ratio	0.35
Minimum capital to be retained	80.00%
Minimum portion of net income to be retained	50.00%
Minimum capital contributions to be retained	50.00%
Line of credit, number of occasions borrowing capacity can be increased	3
Line of credit, additional borrowing capacity, aggregate amount	50,000,000
Line of credit, duration of maturity date extension available, years	1 year
Line of credit, number of guarantors	0
Line of credit, amount outstanding	0	0
Cash in excess of amount required by covenants	$ 518,200,000

Notes Payable and Amounts Due Under Repurchase Agreements (Repurchase Agreements Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Notes Payable [Abstract]
Repurchase agreement, maximum amount borrowed	$ 138.7	$ 258.6	$ 0
Repurchase agreement, average borrowings	$ 9.2	$ 68.3
Repurchase agreement, weighted average interest rate	0.19%	0.20%

Subordinated Debentures (Narrative) (Details) (American Equity Capital Trust II [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014
American Equity Capital Trust II [Member]
Subordinated Borrowing [Line Items]
Subordinated debentures, principal amount	$ 100.0
Subordinated debentures, fair value at issuance	$ 74.7
Interest rate, effective percentage	6.80%
Ownership percentage, Iowa Farm Bureau Federation	50.00%

Subordinated Debentures (Summary of Subordinated Debt Obligations to the Trusts) (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Subordinated Borrowing [Line Items]

Subordinated debentures

$ 246,243

$ 246,050

American Equity Capital Trust II [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

76,633

76,440

Interest rate

5.00%

Subordinated borrowing, due date

Jun. 01, 2047

American Equity Capital Trust III [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

27,840

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.90%

Subordinated borrowing, due date

Apr. 29, 2034

American Equity Capital Trust IV [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

12,372

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

4.00%

Subordinated borrowing, due date

Jan. 08, 2034

American Equity Capital Trust VII [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

10,830

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.75%

Subordinated borrowing, due date

Dec. 14, 2034

American Equity Capital Trust VIII [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

20,620

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.75%

Subordinated borrowing, due date

Dec. 15, 2034

American Equity Capital Trust IX [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

15,470

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.65%

Subordinated borrowing, due date

Jun. 15, 2035

American Equity Capital Trust X [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

20,620

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.65%

Subordinated borrowing, due date

Sep. 15, 2035

American Equity Capital Trust XI [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

20,620

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.65%

Subordinated borrowing, due date

Dec. 15, 2035

American Equity Capital Trust XII [Member]

Subordinated Borrowing [Line Items]

Subordinated debentures

$ 41,238

Description of variable rate basis

*LIBOR +

^[1]

Basis spread on variable rate

3.50%

Subordinated borrowing, due date

Apr. 07, 2036

[1]	three month London Interbank Offered Rate

- 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.

+ References+ Details

Retirement and Share-based Compensation Plans (Deferred Compensation Arrangements) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Compensation Plans, Certain Officers, Directors and Consultants [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares earned and reserved for future issuance	362,287	356,897
Share-based compensation expense	$ 127,000	$ 162,000	$ 200,000
Deferred Compensation Plans, Officer Rabbi Trust [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation liability	$ 3,900,000	$ 3,100,000
Shares held	102,551	103,551
Deferred Compensation Plans, NMO Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Award vesting period	9 years
Undistributed vested shares	543,120	892,688
Deferred Compensation Plans, NMO Trust [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Shares held	543,120	892,688
Shares distributed	349,568	249,644	489,216

Retirement and Share-based Compensation Plans (Share-based Compensation Expense By Plan) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESOP, compensation expense	$ 2,486	$ 3,464	$ 1,112
Compensation expense	4,581	5,442	3,582
2009 Employee Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,306	1,294	1,558
2013 Director Equity And Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	603	380	0
2011 Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 186	$ 304	$ 912

Retirement and Share-based Compensation Plans (Employee Stock Ownership Plan) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
ESOP, requisite service period	6 months
ESOP, vesting percentage	100.00%
ESOP, vesting period	2 years
ESOP, employer loan amount	$ 7.0
ESOP, shares purchased with ESOP employer loan	650,000
ESOP, debt structure, employer loan, duration	20 years

Retirement and Share-based Compensation Plans (Incentive Plans) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Short-Term Performance Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Participant age for full vesting	65 years
Requisite service period for full vesting	10 years
Shares issued in period		33,489	51,810
Short-Term Performance Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period		23,681	37,369
2009 Employee Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Participant age for full vesting	65 years
Requisite service period for full vesting	10 years
Shares issued in period	18,239	26,087
Number of shares authorized	2,500,000
Number of shares available for future grant	1,623,928
Duration of award	10 years
2009 Employee Incentive Plan [Member] \| March 2010 Option Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of award	6 years
2009 Employee Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period	14,869	20,889
2009 Employee Incentive Plan [Member] \| Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Equity instruments granted	54,718	78,260
Duration used to measure performance and threshold goals	3 years
2009 Employee Incentive Plan [Member] \| Restricted Stock Units [Member] \| Threshold Goals, Vesting Percentage [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	50.00%
2009 Employee Incentive Plan [Member] \| Restricted Stock Units [Member] \| Target Performance Goals, Vesting Percentage [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	100.00%
2013 Director Equity And Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Shares issued in period	24,000	40,000
Number of shares authorized	250,000
Number of shares available for future grant	186,000

Retirement and Share-based Compensation Plans (Stock Option Plans) (Details) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, intrinsic value	$ 57.3
Options vested and expected to vest, intrinsic value	50.0
Proceeds from stock options exercised	13.7	31.8	5.7
Tax benefit from stock options exercised	1.0	1.0	0.1
Stock Option Plans, 1996 Stock Option Plan, 2000 Employee Stock Option Plan, 2000 Directors Stock Option Plan, 2011 Directors Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	3,475,000
Duration of award	10 years
Stock Option Plans, 1996 Stock Option Plan, 2000 Employee Stock Option Plan, 2000 Directors Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Stock Option Plans, 2011 Director Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Number of shares available for future grant	18,000
Stock Option Plans, Independent Insurance Agent Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	8,000,000
Duration of award	7 years
Award vesting period	6 months
Options, grants in period, net of forfeitures		1,284,950	1,125,100
Commission expense		8.1	3.9
Stock Option Plans, All Stock Option Plans For Officers, Directors And Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised in period, total intrinsic value	$ 5.4	$ 10.4	$ 0.9

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
Directors and Retirement Eligible Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.76%
Dividend yield	1.10%
Average expected life (years)	5 years
Volatility	62.50%
Non-Retirement Eligible Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	1.36%
Dividend yield	1.30%
Average expected life (years)	8 years
Volatility	50.90%

Retirement and Share-based Compensation Plans (2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan) (Details) (2014 Independent Insurance Agent Restricted Stock and Restricted Stock Unit Plan [Member], USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,000,000
Commission expense	$ 1.9
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	20.00%
Award vesting period	1 year
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	80.00%
Maximum [Member] \| Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	27,985
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments granted	221,489

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
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%
Dividend yield	0.70%	1.20%
Average expected life (years)	3 years 9 months	3 years 9 months
Volatility	31.20%	41.10%

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, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding, number of shares	4,044,175	3,976,725	5,732,450	4,844,850
Outstanding, weighted-average exercise price per share	$ 15.02	$ 10.86	$ 10.35	$ 10.13
Outstanding, total exercise price	$ 60,760	$ 43,171	$ 59,321	$ 49,097
Granted, number of shares	1,277,650	1,210,950	1,558,900
Granted, weighted-average exercise price per share	$ 24.79	$ 13.13	$ 10.40
Granted, total exercise price	31,673	15,899	16,216
Canceled, number of shares	(35,400)	(29,400)	(28,050)
Canceled, weighted-average exercise price per share	$ 11.64	$ 9.96	$ 8.97
Canceled, total exercise price	(412)	(293)	(251)
Exercised, number of shares	(1,174,800)	(2,937,275)	(643,250)
Exercised, weighted-average exercise price per share	$ 11.64	$ 10.81	$ 8.93
Exercised, total exercise price	$ (13,672)	$ (31,756)	$ (5,741)

Retirement and Share-based Compensation Plans (Schedule of Stock Options Outstanding, By Exercise Price Range) (Details) (USD $)					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014 Exercise Price Range I [Member]	Dec. 31, 2014 Exercise Price Range II [Member]	Dec. 31, 2014 Exercise Price Range III [Member]	Dec. 31, 2014 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					$ 8.02	$ 11.35	$ 24.79	$ 24.79
Stock options outstanding, number of awards	4,044,175	3,976,725	5,732,450	4,844,850	506,000	1,220,550	2,317,625	4,044,175
Stock options outstanding, remaining life (yrs)					2 years 8 months 23 days	3 years 11 months 9 days	5 years 2 months 24 days	4 years 6 months 12 days
Stock options outstanding, weighted-average exercise price per share	$ 15.02	$ 10.86	$ 10.35	$ 10.13	$ 7.39	$ 10.23	$ 19.22	$ 15.02
Stock options vested, number of awards					506,000	1,136,550	2,297,625	3,940,175
Stock options vested, remaining life (yrs)					2 years 8 months 23 days	3 years 8 months 9 days	5 years 2 months 5 days	4 years 5 months 6 days
Stock options vested, weighted-average exercise price per share					$ 7.39	$ 10.21	$ 19.22	$ 15.10

Statutory Financial Information and Dividend Restrictions (Narrative and Statutory Accounting Practices Tables) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statutory Financial Information and Dividend Restrictions [Abstract]
American Equity Life, statutory net income	$ 340,000,000	$ 205,202,000	$ 82,039,000
American Equity Life, statutory capital and surplus balance	2,172,455,000	1,870,728,000
Total adjusted capital	2,327,335,000	1,995,658,000
Company Action Level RBC	625,373,000	580,085,000
Ratio of adjusted capital to Company Action Level RBC	372.00%	344.00%
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Statutory amount available for dividend payments without regulatory approval	343,300,000
Dividends paid by insurance subsidiaries	$ 0	$ 0	$ 0

Commitments and Contingencies (Narrative and Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
2015		$ 2,323,000
2016		1,718,000
2017		1,473,000
2018		1,398,000
2019		1,377,000
2020 and thereafter		10,102,000
Rent expense		2,500,000	2,300,000	2,000,000
Aggregate future minimum lease payments due		18,400,000
Estimated litigation liability		11,100,000	21,200,000		17,500,000
Change in estimated litigation liability	(2,300,000)
Legal fees paid	7,800,000
Unfunded commitments to limited partnerships		30,600,000
Unfunded commitments to secured bank loans		$ 5,700,000

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, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Earnings Per Share, Basic and Diluted [Line Items]

Net income

$ 31,217

$ 67,815

$ 36,744

$ (9,753)

$ 50,958

$ 56,181

$ 120,113

$ 26,031

$ 126,023

$ 253,283

$ 57,798

Interest on convertible subordinated debentures (net of income tax benefit)

517

Numerator for earnings per common share—assuming dilution

$ 126,023

$ 253,283

$ 58,315

Weighted average common shares outstanding (shares)

74,431,087

^[1]

65,543,895

^[1]

61,258,825

^[1]

Effect of dilutive securities: 2015 warrants (shares)

1,559,646

1,184,549

Denominator for earnings per common share - assuming dilution (shares)

79,893,600

75,040,646

65,675,651

Earnings per common share

$ 0.41

$ 0.90

$ 0.49

$ (0.13)

$ 0.73

$ 0.86

$ 1.87

$ 0.41

$ 1.69

$ 3.86

$ 0.94

Earnings per common share - assuming dilution

$ 0.39

$ 0.85

$ 0.46

$ (0.13)

$ 0.64

$ 0.75

$ 1.71

$ 0.38

$ 1.58

$ 3.38

$ 0.89

Stock Options And Deferred Compensation Agreements [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Effect of dilutive securities: share-based payment agreements (shares)

1,178,783

1,224,053

553,312

Restricted Stock And Restricted Stock Units [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Effect of dilutive securities: share-based payment agreements (shares)

66,926

Convertible Subordinated Debentures [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Effect of dilutive securities: conversion of debt securities (shares)

1,348,447

Convertible Senior Notes [Member]

Earnings Per Share, Basic and Diluted [Line Items]

Effect of dilutive securities: conversion of debt securities (shares)

2,657,158

7,088,149

2,515,067

[1]	Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.

Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) (Stock Option [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares	1,215,450	0	1,522,100
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices	$ 24.79	$ 0.00	$ 11.35
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices	$ 24.79	$ 0.00	$ 14.34

- 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.

+ References+ 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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Premiums and product charges	$ 42,639	$ 38,001	$ 38,370	$ 32,603	$ 42,986	$ 36,325	$ 35,062	$ 34,565
Net investment income	403,849	386,931	370,882	370,005	363,947	354,147	336,143	329,690	1,531,667	1,383,927	1,286,923
Change in fair value of derivatives	146,231	39,218	270,883	48,493	444,985	193,028	64,040	373,962	504,825	1,076,015	221,138
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses	2,131	(3,190)	(2,230)	(714)	16,364	(2,077)	15,689	10,585	(4,003)	40,561	(6,454)
Net OTTI losses recognized in operations	(564)	(564)	(594)	(905)	0	(222)	(2,775)	(3,237)	(2,627)	(6,234)	(14,932)
Loss on extinguishment of debt	(1,951)	0	(6,574)	(3,977)	(30,988)	(938)	(589)	0	(12,502)	(32,515)	0
Total revenues	592,335	460,396	670,737	445,505	837,294	580,263	447,570	745,565	2,168,973	2,610,692	1,652,356
Net income (loss)	$ 31,217	$ 67,815	$ 36,744	$ (9,753)	$ 50,958	$ 56,181	$ 120,113	$ 26,031	$ 126,023	$ 253,283	$ 57,798
Earnings (loss) per common share	$ 0.41	$ 0.90	$ 0.49	$ (0.13)	$ 0.73	$ 0.86	$ 1.87	$ 0.41	$ 1.69	$ 3.86	$ 0.94
Earnings (loss) per common share—assuming dilution	$ 0.39	$ 0.85	$ 0.46	$ (0.13)	$ 0.64	$ 0.75	$ 1.71	$ 0.38	$ 1.58	$ 3.38	$ 0.89

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2014

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

$ 33,269,706

^[1]

Amount at which shown in the balance sheet

35,981,858

Fixed Maturity Securities [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

30,281,478

^[1]

Fair value

32,521,040

Amount at which shown in the balance sheet

32,521,634

Fixed Maturity Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

30,205,046

^[1]

Fair value

32,445,202

Amount at which shown in the balance sheet

32,445,202

United States Government Full Faith and Credit [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

137,710

^[1]

Fair value

138,460

Amount at which shown in the balance sheet

138,460

United States Government Sponsored Agencies [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

1,364,424

^[1]

Fair value

1,393,890

Amount at which shown in the balance sheet

1,393,890

United States Municipalities, States and Territories [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

3,293,551

^[1]

Fair value

3,723,309

Amount at which shown in the balance sheet

3,723,309

Foreign Government Obligations [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

181,128

^[1]

Fair value

193,803

Amount at which shown in the balance sheet

193,803

Corporate Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

19,984,747

^[1]

Fair value

21,490,292

Amount at which shown in the balance sheet

21,490,292

Corporate Securities [Member] | Held For Investment [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

76,432

^[1]

Fair value

75,838

Amount at which shown in the balance sheet

76,432

Residential Mortgage Backed Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

1,616,846

^[1]

Fair value

1,751,345

Amount at which shown in the balance sheet

1,751,345

Commercial Mortgage Backed Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

2,720,294

^[1]

Fair value

2,807,620

Amount at which shown in the balance sheet

2,807,620

Other Asset Backed Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

906,346

^[1]

Fair value

946,483

Amount at which shown in the balance sheet

946,483

Equity Securities [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

7,509

^[1]

Fair value

7,805

Amount at which shown in the balance sheet

7,805

Common Stocks [Member] | Available For Sale [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

7,509

^[1]

Fair value

7,805

Amount at which shown in the balance sheet

7,805

Mortgage Loans on Real Estate [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

2,434,580

^[1]

Fair value

2,493,901

Amount at which shown in the balance sheet

2,434,580

Derivative Instruments [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

259,413

^[1]

Fair value

731,113

Amount at which shown in the balance sheet

731,113

Other Investments [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Amortized cost

286,726

^[1]

Amount at which shown in the balance sheet

$ 286,726

[1]

On the basis of cost adjusted for other than temporary impairments, repayments and amortization of premiums and accrual of discounts for fixed maturity securities and short-term investments, original cost for derivative instruments and unpaid principal balance less allowance for credit losses for mortgage loans.

Schedule II - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Cash and cash equivalents	$ 701,514	$ 897,529	$ 1,268,545	$ 404,952
Deferred income taxes	0	301,856
Other assets, including 2015 notes hedges	280,396	471,669
Total assets	43,989,734	39,621,499
Liabilities:
Notes payable	421,679	549,958
Other liabilities, including 2015 notes embedded derivative	1,009,361	1,222,963
Total liabilities	41,849,858	38,236,812
Stockholders' equity:
Common stock	76,062	70,535
Additional paid-in capital	513,218	550,400
Unallocated common stock held by ESOP	0	(631)
Accumulated other comprehensive income	721,401	46,196
Retained earnings	829,195	718,187
Total stockholders' equity	2,139,876	1,384,687	1,720,237	1,408,679
Total liabilities and stockholders' equity	43,989,734	39,621,499
Parent Company [Member]
Assets
Cash and cash equivalents	61,139	252,541	11,220	12,609
Equity securities of subsidiary trusts	7,409	7,403
Receivable from subsidiaries	221	1,158
Deferred income taxes	20,612	15,734
Federal income tax recoverable, including amount from subsidiaries	10,430	11,551
Other assets, including 2015 notes hedges	47,308	131,424
Total assets, excluding investment in and advances to subsidiaries	147,119	419,811
Investment in and advances to subsidiaries	2,708,085	1,889,648
Total assets	2,855,204	2,309,459
Liabilities:
Notes payable	421,679	549,958
Subordinated debentures payable to subsidiary trusts	246,243	246,050
Other liabilities, including 2015 notes embedded derivative	47,406	128,764
Total liabilities	715,328	924,772
Stockholders' equity:
Common stock	76,062	70,535
Additional paid-in capital	513,218	550,400
Unallocated common stock held by ESOP	0	(631)
Accumulated other comprehensive income	721,401	46,196
Retained earnings	829,195	718,187
Total stockholders' equity	2,139,876	1,384,687
Total liabilities and stockholders' equity	$ 2,855,204	$ 2,309,459

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, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Net investment income	$ 403,849	$ 386,931	$ 370,882	$ 370,005	$ 363,947	$ 354,147	$ 336,143	$ 329,690	$ 1,531,667	$ 1,383,927	$ 1,286,923
Change in fair value of derivatives	146,231	39,218	270,883	48,493	444,985	193,028	64,040	373,962	504,825	1,076,015	221,138
Loss on extinguishment of debt									(12,502)	(32,515)	0
Total revenues	592,335	460,396	670,737	445,505	837,294	580,263	447,570	745,565	2,168,973	2,610,692	1,652,356
Expenses:
Change in fair value of embedded derivatives									32,321	133,968	286,899
Interest expense on notes payable									36,370	38,870	28,479
Interest expense on subordinated debentures issued to subsidiary trusts									12,122	12,088	13,458
Other operating costs and expenses									81,584	91,915	95,495
Total benefits and expenses									1,972,909	2,221,360	1,566,367
Income tax expense (benefit)									70,041	136,049	28,191
Net income	31,217	67,815	36,744	(9,753)	50,958	56,181	120,113	26,031	126,023	253,283	57,798
Parent Company [Member]
Revenues:
Net investment income									130	130	565
Dividends from subsidiary trusts									360	361	403
Investment advisory fees									58,044	44,469	36,178
Surplus note interest from subsidiary									4,080	4,080	4,080
Change in fair value of derivatives									(17,122)	144,012	(7,472)
Loss on extinguishment of debt									(12,502)	(32,515)	0
Total revenues									32,990	160,537	33,754
Expenses:
Change in fair value of embedded derivatives									(15,227)	141,974	(2,488)
Interest expense on notes payable									36,370	38,870	28,479
Interest expense on subordinated debentures issued to subsidiary trusts									12,122	12,088	13,458
Other operating costs and expenses									7,928	8,163	8,228
Total benefits and expenses									41,193	201,095	47,677
Loss before income taxes and equity in undistributed income of subsidiaries									(8,203)	(40,558)	(13,923)
Income tax expense (benefit)									664	(13,880)	(5,944)
Loss before equity in undistributed income of subsidiaries									(8,867)	(26,678)	(7,979)
Equity in undistributed income of subsidiaries									134,890	279,961	65,777
Net income									$ 126,023	$ 253,283	$ 57,798

Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ 126,023	$ 253,283	$ 57,798
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of 2015 notes embedded conversion derivative	32,321	133,968	286,899
Provision for depreciation and amortization	9,490	18,375	18,404
Change in fair value of derivatives	(506,328)	(1,076,015)	(221,138)
Loss on extinguishment of debt	12,502	32,515	0
Share-based compensation	3,544	10,476	6,552
ESOP compensation	2,486	3,464	1,112
Deferred income taxes (benefits)	(46,504)	3,013	(52,336)
Other	(8,948)	(7,059)	(857)
Changes in operating assets and liabilities:
Other assets	(2,771)	1,113	(7,090)
Other liabilities	(51,008)	(11,435)	5,927
Net cash provided by operating activities	707,786	862,668	784,314
Investing activities
Net cash used in investing activities	(2,947,749)	(3,879,296)	(2,129,490)
Financing activities
Financing fees incurred and deferred	(100)	(11,942)	0
Repayment of notes payable	(219,094)	(234,154)	0
Net proceeds from settlement of notes hedge and warrants	16,558	22,170	0
Repayment of subordinated debentures	0	0	(1,141)
Excess tax benefits realized from share-based compensation plans	5,184	4,043	481
Proceeds from issuance of common stock	13,681	31,764	5,741
Dividends paid	(15,015)	(12,643)	(9,203)
Net cash provided by (used in) financing activities	2,043,948	2,645,612	2,208,769
Increase (decrease) in cash and cash equivalents	(196,015)	(371,016)	863,593
Cash and cash equivalents at beginning of year	897,529	1,268,545	404,952
Cash and cash equivalents at end of year	701,514	897,529	1,268,545
Cash paid during the year for:
Interest paid	42,989	25,608	27,666
Non-cash financing activity:
Conversion of subordinated debentures	0	0	20,770
Common stock issued in extinguishment of debt	95,993	117,463	0
Parent Company [Member]
Operating activities
Net income	126,023	253,283	57,798
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of 2015 notes embedded conversion derivative	(15,227)	141,974	(2,488)
Provision for depreciation and amortization	2,081	2,831	2,382
Accrual of discount on equity security	(6)	(5)	(5)
Equity in undistributed income of subsidiaries	(134,890)	(279,961)	(65,777)
Accrual of discount on contingent convertible notes	4,417	12,417	12,261
Change in fair value of derivatives	15,619	(144,012)	7,472
Loss on extinguishment of debt	12,502	32,515	0
Accrual of discount on debenture issued to subsidiary trust	193	181	169
Share-based compensation	1,141	1,407	1,348
ESOP compensation	82	110	45
Deferred income taxes (benefits)	6,439	(5,202)	(2,838)
Other	(2,235)	(3,608)	0
Changes in operating assets and liabilities:
Receivable from subsidiaries	2,208	995	1,205
Federal income tax recoverable	1,121	62	(2,745)
Other assets	378	(1,945)	(549)
Other liabilities	(7,256)	20,131	(4,528)
Net cash provided by operating activities	12,590	31,173	3,750
Investing activities
Net cash used in investing activities	0	0	0
Financing activities
Financing fees incurred and deferred	(100)	(11,942)	0
Proceeds from notes payable	0	415,000	0
Repayment of notes payable	(219,094)	(234,154)	0
Net proceeds from settlement of notes hedge and warrants	16,558	22,170	0
Repayment of subordinated debentures	0	0	(1,141)
Excess tax benefits realized from share-based compensation plans	184	159	6
Proceeds from issuance of common stock	13,681	31,764	5,370
Dividends paid	(15,221)	(12,849)	(9,374)
Net cash provided by (used in) financing activities	(203,992)	210,148	(5,139)
Increase (decrease) in cash and cash equivalents	(191,402)	241,321	(1,389)
Cash and cash equivalents at beginning of year	252,541	11,220	12,609
Cash and cash equivalents at end of year	61,139	252,541	11,220
Non-cash financing activity:
Conversion of subordinated debentures	0	0	20,770
Common stock issued in extinguishment of debt	95,993	117,463	0
Parent Company [Member] \| Convertible Senior Notes [Member]
Cash paid during the year for:
Interest paid	31,206	13,758	14,564
Parent Company [Member] \| Convertible Subordinated Debentures [Member]
Cash paid during the year for:
Interest paid	$ 11,765	$ 11,850	$ 13,102

Schedule III - Supplementary Insurance Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs	$ 2,058,556	$ 2,426,652	$ 1,709,799
Future policy benefits, losses, claims and loss expenses	39,802,861	35,789,655	31,773,988
Unearned premiums	0	0	0
Other policy claims and benefits payable	365,819	418,033	455,752
Premium revenue	151,613	148,938	165,681
Net investment income	1,531,667	1,383,927	1,286,923
Benefits, claims, losses and settlement expenses	1,679,255	1,713,019	1,264,016
Amortization of deferred policy acquisition costs	163,578	365,468	164,919
Other operating expenses	$ 130,076	$ 142,873	$ 137,432

Schedule IV - Reinsurance (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amount, life insurance in force	$ 2,171,426	$ 2,250,112	$ 2,350,473
Ceded to other companies, life insurance in force	11,548	13,521	4,742
Assumed from other companies, life insurance in force	56,509	57,976	61,488
Net amount, life insurance in force	2,216,387	2,294,567	2,407,219
Net amount, insurance premiums and other considerations	32,623	45,347	76,675
Percent of amount assumed to net, life insurance in force	2.55%	2.53%	2.55%
Insurance Premiums and Other Considerations [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amount, insurance premiums and other considerations	157,254	155,199	172,125
Ceded to other companies, insurance premiums and other considerations	6,292	6,879	7,160
Assumed from other companies, insurance premiums and other considerations	651	618	716
Net amount, insurance premiums and other considerations	151,613	148,938	165,681
Percent of amount assumed to net, insurance premiums and other considerations	0.43%	0.41%	0.43%
Annuity Product Charges [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross amount, insurance premiums and other considerations	124,946	110,142	95,802
Ceded to other companies, insurance premiums and other considerations	5,956	6,551	6,796
Assumed from other companies, insurance premiums and other considerations	0	0	0
Net amount, insurance premiums and other considerations	118,990	103,591	89,006
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	32,308	45,057	76,323
Ceded to other companies, insurance premiums and other considerations	336	328	364
Assumed from other companies, insurance premiums and other considerations	651	618	716
Net amount, insurance premiums and other considerations	$ 32,623	$ 45,347	$ 76,675
Percent of amount assumed to net, insurance premiums and other considerations	2.00%	1.36%	0.93%

Schedule V - Valuation and Qualifying Accounts (Details) (Valuation Allowance on Mortgage Loans [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation Allowance on Mortgage Loans [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ (26,047)	$ (34,234)	$ (32,964)
Charged to costs and expenses	(6,052)	(5,621)	(16,832)
Translation adjustment	0	0	0
Write-offs/payments/other	9,466	13,808	15,562
Ending balance	$ (22,633)	$ (26,047)	$ (34,234)

Investments (Non-Income Producing Investments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Non-income producing investments	$ 879	$ 3,531
Fixed Maturity Securities [Member]
Investment Holdings [Line Items]
Non-income producing investments	11	20
Mortgage Loans on Real Estate [Member]
Investment Holdings [Line Items]
Non-income producing investments	0	3,511
Real Estate Owned [Member]
Investment Holdings [Line Items]
Non-income producing investments	$ 868	$ 0