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As Of Filer Filing For·On·As Docs:Size 11/08/23 American Equity Inv Life Hold… Co 10-Q 9/30/23 97:20M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 4.14M
2: EX-31.1 Certification -- §302 - SOA'02 HTML 33K
3: EX-31.2 Certification -- §302 - SOA'02 HTML 33K
4: EX-32.1 Certification -- §906 - SOA'02 HTML 30K
5: EX-32.2 Certification -- §906 - SOA'02 HTML 30K
11: R1 Cover Page HTML 88K
12: R2 Consolidated Balance Sheets HTML 170K
13: R3 Consolidated Balance Sheets (Parentheticals) HTML 87K
14: R4 Consolidated Statements of Operations HTML 151K
15: R5 Consolidated Statements of Operations HTML 31K
(Parentheticals)
16: R6 Consolidated Statements of Comprehensive Income HTML 75K
17: R7 Consolidated Statements of Changes in HTML 111K
Stockholders' Equity
18: R8 Consolidated Statements of Cash Flows HTML 189K
19: R9 Significant Accounting Policies HTML 67K
20: R10 Fair Values of Financial Instruments HTML 315K
21: R11 Investments HTML 307K
22: R12 Mortgage Loans on Real Estate HTML 446K
23: R13 Variable Interest Entities HTML 55K
24: R14 Derivative Instruments HTML 154K
25: R15 Deferred Policy Acquisition Costs and Deferred HTML 132K
Sales Inducements
26: R16 Policyholder Liabilities HTML 365K
27: R17 Notes and Loan Payable HTML 45K
28: R18 Commitments and Contingencies HTML 34K
29: R19 Earnings Per Common Share and Stockholders' Equity HTML 59K
30: R20 Pay vs Performance Disclosure HTML 42K
31: R21 Significant Accounting Policies (Policies) HTML 102K
32: R22 Significant Accounting Policies (Tables) HTML 263K
33: R23 Fair Values of Financial Instruments (Tables) HTML 399K
34: R24 Investments (Tables) HTML 302K
35: R25 Mortgage Loans on Real Estate (Tables) HTML 441K
36: R26 Variable Interest Entities (Tables) HTML 54K
37: R27 Derivative Instruments (Tables) HTML 155K
38: R28 Deferred Policy Acquisition Costs and Deferred HTML 89K
Sales Inducements (Tables)
39: R29 Policyholder Liabilities (Tables) HTML 382K
40: R30 Notes and Loan Payable (Tables) HTML 43K
41: R31 Earnings Per Common Share and Stockholders' Equity HTML 52K
(Tables)
42: R32 Significant Accounting Policies (Narrative) HTML 80K
(Details)
43: R33 Significant Accounting Policies (Schedule of HTML 100K
Long-Duration Contracts) (Details)
44: R34 Fair Values of Financial Instruments (Narrative) HTML 128K
(Details)
45: R35 Fair Values of Financial Instruments (Fair Values HTML 87K
and Carrying Amounts of Financial Instruments)
(Details)
46: R36 Fair Values of Financial Instruments (Assets and HTML 161K
Liabilities Measured on a Recurring Basis by Fair
Value Hierarchy) (Details)
47: R37 Fair Values of Financial Instruments (Assumptions HTML 58K
Used in Estimating Fair Value) (Details)
48: R38 Fair Values of Financial Instruments HTML 92K
(Reconciliation of Beginning and Ending Balances
of Level 3 Assets and Liabilities) (Details)
49: R39 Investments (Narrative) (Details) HTML 41K
50: R40 Investments (Schedule of Fixed Maturity HTML 85K
Securities) (Details)
51: R41 Investments (Fixed Maturity Securities by HTML 84K
Contractual Maturity) (Details)
52: R42 Investments (Net Unrealized Gains (Losses) on HTML 37K
Investments Reported as a Separate Component of
Stockholders' Equity) (Details)
53: R43 Investments (Credit Quality of Fixed Maturity HTML 59K
Security Portfolio by NAIC Designation) (Details)
54: R44 Investments (Gross Unrealized Losses on HTML 97K
Investments, By Category and Length of Time)
(Details)
55: R45 Investments (Changes in Net Unrealized HTML 41K
Gains/Losses on Investments) (Details)
56: R46 Investments (Net Realized Gains (Losses) on HTML 64K
Investments) (Details)
57: R47 Investments (Rollforward of Allowance for Credit HTML 57K
Loss) (Details)
58: R48 Mortgage Loans on Real Estate (Narrative) HTML 63K
(Details)
59: R49 Mortgage Loans on Real Estate (Summary of Mortgage HTML 59K
Loan Portfolio) (Details)
60: R50 Mortgage Loans on Real Estate (Commercial Mortgage HTML 70K
Loan Portfolio Summarized by Geographic Region and
Property Type) (Details)
61: R51 Mortgage Loans on Real Estate (Rollforward of HTML 51K
Valuation Allowance on Mortgage Loan Portfolios)
(Details)
62: R52 Mortgage Loans on Real Estate (Summary By Debt HTML 135K
Service Coverage and Loan to Value Ratios)
(Details)
63: R53 Mortgage Loans on Real Estate (Aging of Financing HTML 109K
Receivables) (Details)
64: R54 Variable Interest Entities (Narrative) (Details) HTML 43K
65: R55 Variable Interest Entities (Consolidated VIEs) HTML 62K
(Details)
66: R56 Variable Interest Entities (Unconsolidated VIEs) HTML 46K
(Details)
67: R57 Derivative Instruments (Narrative) (Details) HTML 37K
68: R58 Derivative Instruments (Notional and Fair Value of HTML 66K
Derivative Instruments) (Details)
69: R59 Derivative Instruments (Carrying Amount and HTML 41K
Cumulative Fair Value Hedging Adjustments)
(Details)
70: R60 Derivative Instruments (Gains (Losses) Related to HTML 44K
Derivatives and Hedged Items) (Details)
71: R61 Derivative Instruments (Change in Fair Value of HTML 51K
Derivatives Not Designated as Hedging) (Details)
72: R62 Derivative Instruments (Derivative Call Options HTML 81K
and Interest Rate Swaps by Counterparty) (Details)
73: R63 Deferred Policy Acquisition Costs and Deferred HTML 60K
Sales Inducements (Schedule of Deferred Policy
Acquisition Costs) (Details)
74: R64 Deferred Policy Acquisition Costs and Deferred HTML 50K
Sales Inducements (Schedule of Deferred Sales
Inducements) (Details)
75: R65 Policyholder Liabilities (Schedule of Present HTML 58K
Value of Expected Future Policy Benefits)
(Details)
76: R66 Policyholder Liabilities (Summary of Liability For HTML 62K
Future Policy Benefits Activity) (Details)
77: R67 Policyholder Liabilities (Schedule of Changes in HTML 93K
the Liability for Market Risk Benefits) (Details)
78: R68 Policyholder Liabilities (Reconciliation of Market HTML 44K
Risk Benefits in an Asset Position and in a
Liability Position) (Details)
79: R69 Policyholder Liabilities (Schedule of Reinsured HTML 65K
Market Risk Benefits) (Details)
80: R70 Policyholder Liabilities (Schedule of HTML 40K
Reconciliation of Reinsurance Market Risk Benefits
by Assets and Liabilities) (Details)
81: R71 Policyholder Liabilities (Significant Inputs and HTML 65K
Assumptions) (Details)
82: R72 Policyholder Liabilities (Changes in Policyholder HTML 65K
Account Balances) (Details)
83: R73 Policyholder Liabilities (Reconciliation of HTML 47K
Policyholders? Account Balances to the
Policyholders? Account Balances? Liability)
(Details)
84: R74 Policyholder Liabilities (Account Balances by HTML 179K
Guaranteed Minimum Interest Rates) (Details)
85: R75 Notes and Loan Payable (Schedule of Notes and Loan HTML 53K
Payable) (Details)
86: R76 Notes and Loan Payable (2027 Notes Narrative) HTML 46K
(Details)
87: R77 Notes and Loan Payable (Term Loan Narrative) HTML 49K
(Details)
88: R78 Commitments and Contingencies (Narrative) HTML 41K
(Details)
89: R79 Earnings Per Common Share and Stockholders' Equity HTML 68K
(Schedule of Earnings Per Common Share, Basic and
Diluted) (Details)
90: R80 Earnings Per Common Share and Stockholders' Equity HTML 61K
(Stockholders' Equity) (Details)
91: R81 Earnings Per Common Share and Stockholders' Equity HTML 44K
(Brookfield) (Details)
92: R82 Earnings Per Common Share and Stockholders' Equity HTML 55K
(Share Repurchase Program and Treasury Stock)
(Details)
95: XML IDEA XML File -- Filing Summary XML 192K
93: XML XBRL Instance -- ael-20230930_htm XML 7.17M
94: EXCEL IDEA Workbook of Financial Report Info XLSX 273K
7: EX-101.CAL XBRL Calculations -- ael-20230930_cal XML 287K
8: EX-101.DEF XBRL Definitions -- ael-20230930_def XML 1.33M
9: EX-101.LAB XBRL Labels -- ael-20230930_lab XML 2.74M
10: EX-101.PRE XBRL Presentations -- ael-20230930_pre XML 1.78M
6: EX-101.SCH XBRL Schema -- ael-20230930 XSD 248K
96: JSON XBRL Instance as JSON Data -- MetaLinks 721± 1.13M
97: ZIP XBRL Zipped Folder -- 0001039828-23-000178-xbrl Zip 643K
| ael-20230930 |
| i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| i Iowa | i 42-1447959 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| i Common stock, par value $1 | i AEL | i New York Stock Exchange | ||||||||||||
| i Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A | i AELPRA | i New York Stock Exchange | ||||||||||||
| i Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B | i AELPRB | i New York Stock Exchange | ||||||||||||
| i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
| Emerging growth company | i ☐ | ||||||||||
| Page | |||||
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||
(Unaudited) | |||||||||||
| September 30, 2023 | |||||||||||
| Assets | |||||||||||
| Investments: | |||||||||||
Fixed
maturity securities, available for sale, at fair value (amortized cost of $ i 37,813,550 as of 2023 and $ i 44,866,019
as of 2022; allowance for credit losses of $ i 3,618 as of 2023 and $ i 3,347
as of 2022) | $ | i 32,084,932 | $ | i 39,804,617 | |||||||
Mortgage
loans on real estate (net of allowance for credit losses of $ i 45,082 as of 2023 and $ i 36,972
as of 2022) | i 7,494,983 | i 6,949,027 | |||||||||
| Real estate investments related to consolidated variable interest entities | i 1,302,185 | i 1,056,063 | |||||||||
Limited
partnerships and limited liability companies (2023 and 2022 include $ i 1,172,525 and $ i 684,834 related to consolidated variable interest entities) | i 1,763,551 | i 1,266,779 | |||||||||
| Derivative instruments | i 733,784 | i 431,727 | |||||||||
| Other investments | i 1,207,672 | i 1,817,085 | |||||||||
| Total investments | i 44,587,107 | i 51,325,298 | |||||||||
Cash
and cash equivalents (2023 and 2022 include $ i 41,982 and $ i 27,235 related to consolidated variable interest entities) | i 10,188,438 | i 1,919,669 | |||||||||
Coinsurance
deposits (net of allowance for credit losses of $ i 5,490 as of 2023 and $ i 8,737 as of 2022) | i 14,628,884 | i 13,254,956 | |||||||||
| Market risk benefits | i 346,515 | i 229,871 | |||||||||
Accrued
investment income (2023 and 2022 include $ i 2,658 and $ i 3,444 related to consolidated variable interest entities) | i 443,642 | i 497,851 | |||||||||
| Deferred policy acquisition costs | i 2,933,304 | i 2,773,643 | |||||||||
| Deferred sales inducements | i 2,257,064 | i 2,045,683 | |||||||||
| Deferred income taxes | i 425,398 | i 438,434 | |||||||||
| Income taxes recoverable | i 55,498 | i 55,498 | |||||||||
Other
assets (2023 and 2022 include $ i 17,426 and $ i 10,690 related to consolidated variable interest entities) | i 847,047 | i 642,696 | |||||||||
| Total assets | $ | i 76,712,897 | $ | i 73,183,599 | |||||||
AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||
(Unaudited) | |||||||||||
| September 30, 2023 | |||||||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Policy benefit reserves | $ | i 60,226,094 | $ | i 58,781,836 | |||||||
| Market risk benefits | i 2,552,907 | i 2,455,492 | |||||||||
| Other policy funds and contract claims | i 196,299 | i 512,790 | |||||||||
| Notes and loan payable | i 787,098 | i 792,073 | |||||||||
| Subordinated debentures | i 79,017 | i 78,753 | |||||||||
| Funds withheld for reinsurance liabilities | i 8,139,724 | i 6,577,426 | |||||||||
Other
liabilities (2023 and 2022 include $ i 91,734 and $ i 78,644 related to consolidated variable interest entities) | i 2,655,213 | i 1,614,479 | |||||||||
| Total liabilities | i 74,636,352 | i 70,812,849 | |||||||||
| Stockholders' equity: | |||||||||||
Preferred stock, Series A; par value $ i i 1 /
per share; $ i i 400,000 / aggregate liquidation preference; i i 20,000 /
shares authorized; issued and outstanding: 2023 and 2022 - i i i i 16,000 / / /
shares | i 16 | i 16 | |||||||||
Preferred stock, Series B; par value $ i i 1 /
per share; $ i i 300,000 / aggregate liquidation preference; i i 12,000 /
shares authorized; issued and outstanding: 2023 and 2022 - i i i i 12,000 / / /
shares | i 12 | i 12 | |||||||||
Common stock; par value $ i i 1 /
per share; i i 200,000,000 / shares authorized; issued and outstanding: 2023 - i i 78,974,095 /
shares (excluding i 30,971,013 treasury shares); 2022 - i i 84,810,255 /
shares (excluding i 24,590,353 treasury shares) | i 78,974 | i 84,810 | |||||||||
| Additional paid-in capital | i 1,071,907 | i 1,325,316 | |||||||||
| Accumulated other comprehensive loss | ( i 4,425,695) | ( i 3,746,230) | |||||||||
| Retained earnings | i 5,328,362 | i 4,685,593 | |||||||||
| Total stockholders' equity attributable to American Equity Investment Life Holding Company | i 2,053,576 | i 2,349,517 | |||||||||
| Noncontrolling interests | i 22,969 | i 21,233 | |||||||||
| Total stockholders' equity | i 2,076,545 | i 2,370,750 | |||||||||
| Total liabilities and stockholders' equity | $ | i 76,712,897 | $ | i 73,183,599 | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 (a) | 2023 | 2022 (a) | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Premiums and other considerations | $ | i 2,657 | $ | i 2,839 | $ | i 9,310 | $ | i 16,748 | |||||||||||||||
| Annuity product charges | i 84,316 | i 60,819 | i 218,549 | i 168,688 | |||||||||||||||||||
| Net investment income | i 586,614 | i 609,737 | i 1,690,622 | i 1,769,468 | |||||||||||||||||||
| Change in fair value of derivatives | ( i 383,026) | ( i 176,671) | ( i 94,397) | ( i 1,160,371) | |||||||||||||||||||
| Net realized losses on investments | ( i 44,672) | ( i 15,860) | ( i 97,138) | ( i 62,259) | |||||||||||||||||||
| Other revenue | i 20,763 | i 10,988 | i 53,893 | i 29,213 | |||||||||||||||||||
| Total revenues | i 266,652 | i 491,852 | i 1,780,839 | i 761,487 | |||||||||||||||||||
| Benefits and expenses: | |||||||||||||||||||||||
Insurance policy benefits and change in future policy benefits (remeasurement gains (losses) of future policy benefit reserves of $ i 463 and $ i 369
for three months ended and $ i 1,814 and $ i 1,144 for nine months ended September 30, 2023 and
2022, respectively) | i 2,193 | i 6,659 | i 14,526 | i 27,272 | |||||||||||||||||||
| Interest sensitive and index product benefits | i 193,686 | i 68,982 | i 373,984 | i 497,245 | |||||||||||||||||||
| Market risk benefits (gains) losses | ( i 296,114) | i 77,579 | ( i 256,544) | ( i 29,806) | |||||||||||||||||||
| Amortization of deferred sales inducements | i 48,354 | i 46,223 | i 141,906 | i 136,004 | |||||||||||||||||||
| Change in fair value of embedded derivatives | ( i 451,806) | ( i 415,374) | i 166,398 | ( i 2,695,007) | |||||||||||||||||||
| Interest expense on notes and loan payable | i 12,003 | i 8,984 | i 34,248 | i 21,870 | |||||||||||||||||||
| Interest expense on subordinated debentures | i 1,340 | i 1,333 | i 4,014 | i 3,996 | |||||||||||||||||||
| Amortization of deferred policy acquisition costs | i 70,561 | i 71,726 | i 207,272 | i 217,180 | |||||||||||||||||||
| Other operating costs and expenses | i 76,630 | i 59,470 | i 226,331 | i 177,137 | |||||||||||||||||||
| Total benefits and expenses | ( i 343,153) | ( i 74,418) | i 912,135 | ( i 1,644,109) | |||||||||||||||||||
| Income before income taxes | i 609,805 | i 566,270 | i 868,704 | i 2,405,596 | |||||||||||||||||||
| Income tax expense | i 133,691 | i 121,380 | i 193,335 | i 517,952 | |||||||||||||||||||
| Net income | i 476,114 | i 444,890 | i 675,369 | i 1,887,644 | |||||||||||||||||||
Less:
Net income (loss) available to noncontrolling interests | ( i 42) | i 1 | ( i 156) | ( i 3) | |||||||||||||||||||
| Net income available to American Equity Investment Life Holding Company stockholders | i 476,156 | i 444,889 | i 675,525 | i 1,887,647 | |||||||||||||||||||
| Less: Preferred stock dividends | i 10,918 | i 10,918 | i 32,756 | i 32,756 | |||||||||||||||||||
| Net income available to American Equity Investment Life Holding Company common stockholders | $ | i 465,238 | $ | i 433,971 | $ | i 642,769 | $ | i 1,854,891 | |||||||||||||||
| Earnings per common share | $ | i 5.96 | $ | i 4.95 | $ | i 8.06 | $ | i 20.09 | |||||||||||||||
| Earnings per common share - assuming dilution | $ | i 5.82 | $ | i 4.90 | $ | i 7.92 | $ | i 19.89 | |||||||||||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Earnings per common share | i 78,034 | i 87,707 | i 79,719 | i 92,339 | |||||||||||||||||||
| Earnings per common share - assuming dilution | i 79,952 | i 88,581 | i 81,191 | i 93,270 | |||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 (a) | 2023 | 2022 (a) | ||||||||||||||||||||
| Net income | $ | i 476,114 | $ | i 444,890 | $ | i 675,369 | $ | i 1,887,644 | |||||||||||||||
Other
comprehensive loss: | |||||||||||||||||||||||
| Change in net unrealized investment gains/losses | ( i 1,057,565) | ( i 2,267,314) | ( i 627,163) | ( i 9,702,989) | |||||||||||||||||||
| Change in current discount rate for liability for future policy benefits | i 6,919 | i 17,558 | i 7,470 | i 74,239 | |||||||||||||||||||
| Change in instrument-specific credit risk for market risk benefits | ( i 176,701) | i 40,787 | ( i 205,605) | i 576,262 | |||||||||||||||||||
| Reclassification of unrealized investment gains/losses to net income | ( i 38,484) | ( i 9,903) | ( i 34,226) | ( i 31,990) | |||||||||||||||||||
Other
comprehensive loss before income tax | ( i 1,265,831) | ( i 2,218,872) | ( i 859,524) | ( i 9,084,478) | |||||||||||||||||||
Income
tax effect related to other comprehensive loss | i 265,384 | i 465,970 | i 180,059 | i 1,907,435 | |||||||||||||||||||
Other
comprehensive loss | ( i 1,000,447) | ( i 1,752,902) | ( i 679,465) | ( i 7,177,043) | |||||||||||||||||||
Comprehensive
loss | $ | ( i 524,333) | $ | ( i 1,308,012) | $ | ( i 4,096) | $ | ( i 5,289,399) | |||||||||||||||
| Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
| For the three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2023 | $ | i 28 | $ | i 78,048 | $ | i 1,055,963 | $ | ( i 3,425,248) | $ | i 4,863,124 | $ | i 23,126 | $ | i 2,595,041 | |||||||||||||||||||||||||||
| Net income (loss) for period | — | — | — | — | i 476,156 | ( i 42) | i 476,114 | ||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( i 1,000,447) | — | — | ( i 1,000,447) | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | i 10,263 | — | — | — | i 10,263 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock | — | i 926 | i 19,188 | — | — | — | i 20,114 | ||||||||||||||||||||||||||||||||||
| Treasury stock acquired, common | — | i — | ( i 13,507) | — | — | — | ( i 13,507) | ||||||||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | — | ( i 10,918) | — | ( i 10,918) | ||||||||||||||||||||||||||||||||||
Contributions
(distributions) from noncontrolling interests | — | — | — | — | — | ( i 115) | ( i 115) | ||||||||||||||||||||||||||||||||||
| Balance at September 30, 2023 | $ | i 28 | $ | i 78,974 | $ | i 1,071,907 | $ | ( i 4,425,695) | $ | i 5,328,362 | $ | i 22,969 | $ | i 2,076,545 | |||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
For
the three months ended September 30, 2022 (a) | |||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2022 | $ | i 28 | $ | i 90,169 | $ | i 1,507,601 | $ | ( i 2,231,594) | $ | i 4,260,174 | $ | i 1,169 | $ | i 3,627,547 | |||||||||||||||||||||||||||
Net
income for period | — | — | — | — | i 444,889 | i 1 | i 444,890 | ||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( i 1,752,902) | — | — | ( i 1,752,902) | ||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | i 4,288 | — | — | — | i 4,288 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock | — | i 19 | i — | — | — | — | i 19 | ||||||||||||||||||||||||||||||||||
| Treasury stock acquired, common | — | ( i 4,221) | ( i 149,867) | — | — | — | ( i 154,088) | ||||||||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | — | ( i 10,918) | — | ( i 10,918) | ||||||||||||||||||||||||||||||||||
Contributions
(distributions) from noncontrolling interests | — | — | — | — | — | i 1,760 | i 1,760 | ||||||||||||||||||||||||||||||||||
| Balance at September 30, 2022 | $ | i 28 | $ | i 85,967 | $ | i 1,362,022 | $ | ( i 3,984,496) | $ | i 4,694,145 | $ | i 2,930 | $ | i 2,160,596 | |||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
| For the nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | i 28 | $ | i 84,810 | $ | i 1,325,316 | $ | ( i 3,746,230) | $ | i 4,685,593 | $ | i 21,233 | $ | i 2,370,750 | |||||||||||||||||||||||||||
| Net income (loss) for period | — | — | — | — | i 675,525 | ( i 156) | i 675,369 | ||||||||||||||||||||||||||||||||||
Other
comprehensive loss | — | — | — | ( i 679,465) | — | — | ( i 679,465) | ||||||||||||||||||||||||||||||||||
Share-based
compensation | — | — | i 31,140 | — | — | — | i 31,140 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock | — | i 1,432 | i 17,815 | — | — | — | i 19,247 | ||||||||||||||||||||||||||||||||||
| Treasury stock acquired, common | — | ( i 7,268) | ( i 302,364) | — | — | — | ( i 309,632) | ||||||||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | — | ( i 32,756) | — | ( i 32,756) | ||||||||||||||||||||||||||||||||||
Contributions
(distributions) from noncontrolling interests | — | — | — | — | — | i 1,892 | i 1,892 | ||||||||||||||||||||||||||||||||||
| Balance at September 30, 2023 | $ | i 28 | $ | i 78,974 | $ | i 1,071,907 | $ | ( i 4,425,695) | $ | i 5,328,362 | $ | i 22,969 | $ | i 2,076,545 | |||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2022 (a) | |||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | $ | i 28 | $ | i 92,514 | $ | i 1,614,374 | $ | i 3,192,547 | $ | i 2,839,254 | $ | i — | $ | i 7,738,717 | |||||||||||||||||||||||||||
| Net income (loss) for period | — | — | — | — | i 1,887,647 | ( i 3) | i 1,887,644 | ||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | ( i 7,177,043) | — | — | ( i 7,177,043) | ||||||||||||||||||||||||||||||||||
Share-based
compensation | — | — | i 10,708 | — | — | — | i 10,708 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock | — | i 7,071 | i 245,790 | — | — | — | i 252,861 | ||||||||||||||||||||||||||||||||||
| Treasury stock acquired, common | — | ( i 13,618) | ( i 508,850) | — | — | — | ( i 522,468) | ||||||||||||||||||||||||||||||||||
| Dividends on preferred stock | — | — | — | — | ( i 32,756) | — | ( i 32,756) | ||||||||||||||||||||||||||||||||||
Contributions
(distributions) from noncontrolling interests | — | — | — | — | — | i 2,933 | i 2,933 | ||||||||||||||||||||||||||||||||||
| Balance at September 30, 2022 | $ | i 28 | $ | i 85,967 | $ | i 1,362,022 | $ | ( i 3,984,496) | $ | i 4,694,145 | $ | i 2,930 | $ | i 2,160,596 | |||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2023 | 2022 (a) | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | i 675,369 | $ | i 1,887,644 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Interest sensitive and index product benefits | i 373,984 | i 497,245 | |||||||||
| Amortization of deferred sales inducements | i 141,906 | i 136,004 | |||||||||
| Annuity product charges | ( i 218,549) | ( i 168,688) | |||||||||
| Change in fair value of embedded derivatives | i 166,398 | ( i 2,695,007) | |||||||||
| Change in traditional life and accident and health insurance reserves | ( i 20,483) | ( i 79,410) | |||||||||
| Policy acquisition costs deferred | ( i 366,933) | ( i 146,934) | |||||||||
| Amortization of deferred policy acquisition costs | i 207,272 | i 217,180 | |||||||||
| Provision for depreciation and other amortization | i 6,067 | i 12,845 | |||||||||
| Amortization of discounts and premiums on investments | i 111,158 | i 637 | |||||||||
| Realized gains/losses on investments | i 97,138 | i 62,259 | |||||||||
| Distributions from equity method investments | i 74,279 | i 5,098 | |||||||||
| Change in fair value of derivatives | i 94,397 | i 1,160,371 | |||||||||
| Deferred income taxes | i 193,095 | i 467,262 | |||||||||
| Share-based compensation | i 31,140 | i 10,708 | |||||||||
| Change in accrued investment income | i 54,209 | ( i 71,552) | |||||||||
| Change in income taxes recoverable/payable | i — | i 62,748 | |||||||||
| Change in other assets | ( i 265,443) | ( i 40,000) | |||||||||
| Change in other policy funds and contract claims | ( i 320,461) | i 35,328 | |||||||||
| Change in market risk benefits, net | ( i 259,303) | i 28,154 | |||||||||
| Change in collateral held for derivatives | i 305,709 | ( i 905,799) | |||||||||
| Change in funds withheld from reinsurers | i 1,646,394 | i 629,251 | |||||||||
| Change in other liabilities | i 341,031 | i 166,999 | |||||||||
| Other | ( i 38,772) | ( i 147,248) | |||||||||
| Net cash provided by operating activities | i 3,029,602 | i 1,125,095 | |||||||||
| Investing activities | |||||||||||
| Sales, maturities, or repayments of investments: | |||||||||||
| Fixed maturity securities, available for sale | i 10,450,819 | i 5,136,412 | |||||||||
| Mortgage loans on real estate | i 1,155,655 | i 1,572,420 | |||||||||
| Real estate investments sold | i 2,973 | i — | |||||||||
| Derivative instruments | i 296,933 | i 577,772 | |||||||||
| Other investments | i 1,145,777 | i 440,079 | |||||||||
| Acquisitions of investments: | |||||||||||
| Fixed maturity securities, available for sale | ( i 3,079,148) | ( i 5,238,533) | |||||||||
| Mortgage loans on real estate | ( i 1,814,544) | ( i 2,408,977) | |||||||||
| Real estate investments acquired | ( i 260,101) | ( i 611,881) | |||||||||
| Derivative instruments | ( i 723,356) | ( i 586,804) | |||||||||
| Other investments | ( i 1,344,537) | ( i 1,123,295) | |||||||||
| Purchases of property, furniture and equipment | ( i 36,034) | ( i 34,215) | |||||||||
| Net cash provided by (used in) investing activities | i 5,794,437 | ( i 2,277,022) | |||||||||
| Nine Months Ended September 30, | |||||||||||
| 2023 | 2022 (a) | ||||||||||
| Financing activities | |||||||||||
| Receipts credited to annuity policyholder account balances | $ | i 5,608,928 | $ | i 2,416,692 | |||||||
| Coinsurance deposits | ( i 824,085) | ( i 241,746) | |||||||||
| Return of annuity policyholder account balances | ( i 5,027,817) | ( i 3,724,169) | |||||||||
| Repayment of loan payable | ( i 5,475) | ( i 1,875) | |||||||||
| Proceeds from issuance of loan payable | i — | i 300,000 | |||||||||
| Acquisition of treasury stock | ( i 309,632) | ( i 522,468) | |||||||||
| Proceeds from issuance of common stock, net | i 19,247 | i 252,861 | |||||||||
| Change in checks in excess of cash balance | i 16,320 | i 4,538 | |||||||||
| Dividends paid on preferred stock | ( i 32,756) | ( i 32,756) | |||||||||
| Net cash used in financing activities | ( i 555,270) | ( i 1,548,923) | |||||||||
| Increase (decrease) in cash and cash equivalents | i 8,268,769 | ( i 2,700,850) | |||||||||
| Cash and cash equivalents at beginning of period | i 1,919,669 | i 4,508,982 | |||||||||
| Cash and cash equivalents at end of period | $ | i 10,188,438 | $ | i 1,808,132 | |||||||
| Supplemental disclosures of cash flow information | |||||||||||
| Cash paid during period for: | |||||||||||
| Interest expense | $ | i 31,098 | $ | i 16,250 | |||||||
| Income taxes | i 1,899 | i 4,873 | |||||||||
| Income tax refunds received | i 53 | i 17,187 | |||||||||
| Non-cash operating activity: | |||||||||||
| Deferral of sales inducements | i 353,287 | i 74,074 | |||||||||
| Liability
for Future Policy Benefits for Payout Annuity With Life Contingency | |||||
| (Dollars in thousands) | |||||
| Pre-adoption 1/1/2021 balance | $ | i 337,467 | |||
| Adjustment to opening retained earnings for expected future policy benefits | i 2,566 | ||||
| Adjustment for the effect of remeasurement of liability at current single A rate | i 68,717 | ||||
| Post adoption 1/1/2021 balance | $ | i 408,750 | |||
| Market Risk Benefit Liability | |||||
| (Dollars in thousands) | |||||
| Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs | $ | i 2,547,231 | |||
| Adjustment for the removal of shadow adjustments | ( i 584,636) | ||||
| Adjustment for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date | i 229,108 | ||||
| Adjustment for the remaining difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk | i 33,781 | ||||
| Post adoption 1/1/2021 MRB balance | $ | i 2,225,484 | |||
| Ceded
Market Risk Benefit (a) | |||||
| (Dollars in thousands) | |||||
| Pre-adoption 1/1/2021 carrying amount for features now classified as MRBs | $ | i 62,108 | |||
| Adjustment for the difference between previous carrying amount and fair value measurement for the MRB, exclusive of the instrument specific credit risk | i 27,230 | ||||
| Post adoption 1/1/2021 ceded MRB balance | $ | i 89,338 | |||
| Deferred Policy Acquisition Costs | |||||
| Fixed Index Annuities
and Fixed Rate Annuities | |||||
| (Dollars in thousands) | |||||
| Pre-adoption 1/1/2021 balance | $ | i 2,225,199 | |||
| Adjustments for the removal of shadow adjustments | i 1,183,306 | ||||
| Post adoption 1/1/2021 balance | $ | i 3,408,505 | |||
| Deferred
Sales Inducements | |||||
| Fixed Index Annuities and Fixed Rate Annuities | |||||
| (Dollars in thousands) | |||||
| Pre-adoption 1/1/2021 balance | $ | i 1,448,375 | |||
| Adjustments for the removal of shadow adjustments | i 768,310 | ||||
| Post adoption 1/1/2021 balance | $ | i 2,216,685 | |||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Fixed maturity securities, available for sale | $ | i 32,084,932 | $ | i 32,084,932 | $ | i 39,804,617 | $ | i 39,804,617 | |||||||||||||||
| Mortgage loans on real estate | i 7,494,983 | i 6,920,180 | i 6,949,027 | i 6,502,463 | |||||||||||||||||||
| Real estate investments | i 1,191,255 | i 1,191,255 | i 1,056,063 | i 1,056,063 | |||||||||||||||||||
| Limited partnerships and limited liability companies | i 1,172,525 | i 1,172,525 | i 684,835 | i 684,835 | |||||||||||||||||||
| Derivative instruments | i 733,784 | i 733,784 | i 431,727 | i 431,727 | |||||||||||||||||||
| Other investments | i 1,207,672 | i 1,207,672 | i 1,817,085 | i 1,817,085 | |||||||||||||||||||
| Cash and cash equivalents | i 10,188,438 | i 10,188,438 | i 1,919,669 | i 1,919,669 | |||||||||||||||||||
| Coinsurance deposits | i 14,628,884 | i 13,723,689 | i 13,254,956 | i 12,640,797 | |||||||||||||||||||
| Market risk benefits | i 346,515 | i 346,515 | i 229,871 | i 229,871 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Policy benefit reserves | i 59,884,652 | i 56,592,975 | i 58,419,911 | i 55,572,896 | |||||||||||||||||||
| Market risk benefits | i 2,552,907 | i 2,552,907 | i 2,455,492 | i 2,455,492 | |||||||||||||||||||
| Single premium immediate annuity (SPIA) benefit reserves | i 195,757 | i 204,102 | i 212,119 | i 221,130 | |||||||||||||||||||
| Other policy funds - FHLB | i — | i — | i 300,000 | i 300,000 | |||||||||||||||||||
| Notes and loan payable | i 787,098 | i 761,550 | i 792,073 | i 774,220 | |||||||||||||||||||
| Subordinated debentures | i 79,017 | i 80,060 | i 78,753 | i 87,293 | |||||||||||||||||||
| Total Fair Value | NAV | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 162,885 | $ | i — | $ | i 27,068 | $ | i 135,817 | $ | i — | |||||||||||||||||||
| States, municipalities and territories | i 2,564,670 | i — | i — | i 2,442,796 | i 121,874 | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 428,227 | i — | i — | i 428,227 | i — | ||||||||||||||||||||||||
| Corporate securities | i 19,211,380 | i — | i — | i 18,959,540 | i 251,840 | ||||||||||||||||||||||||
| Residential mortgage backed securities | i 1,342,984 | i — | i — | i 1,342,984 | i — | ||||||||||||||||||||||||
| Commercial mortgage backed securities | i 2,983,030 | i — | i — | i 2,983,030 | i — | ||||||||||||||||||||||||
| Other asset backed securities | i 5,391,756 | i — | i — | i 4,638,696 | i 753,060 | ||||||||||||||||||||||||
| Other investments | i 724,223 | i — | i 390,923 | i 333,300 | i — | ||||||||||||||||||||||||
| Real estate investments | i 1,191,255 | i — | i — | i — | i 1,191,255 | ||||||||||||||||||||||||
| Limited partnerships and limited liability companies | i 1,172,525 | i 1,023,691 | i — | i — | i 148,834 | ||||||||||||||||||||||||
| Derivative instruments | i 733,784 | i — | i — | i 733,784 | i — | ||||||||||||||||||||||||
| Cash and cash equivalents | i 10,188,438 | i — | i 10,188,438 | i — | i — | ||||||||||||||||||||||||
| Market risk benefits (a) | i 346,515 | i — | i — | i — | i 346,515 | ||||||||||||||||||||||||
| $ | i 46,441,672 | $ | i 1,023,691 | $ | i 10,606,429 | $ | i 31,998,174 | $ | i 2,813,378 | ||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Funds withheld liability - embedded derivative | $ | ( i 525,960) | $ | i — | $ | i — | $ | i — | $ | ( i 525,960) | |||||||||||||||||||
| Fixed index annuities - embedded derivatives | i 4,604,191 | i — | i — | i — | i 4,604,191 | ||||||||||||||||||||||||
| Market risk benefits (a) | i 2,552,907 | i — | i — | i — | i 2,552,907 | ||||||||||||||||||||||||
| $ | i 6,631,138 | $ | i — | $ | i — | $ | i — | $ | i 6,631,138 | ||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 169,071 | $ | i — | $ | i 26,184 | $ | i 142,887 | $ | i — | |||||||||||||||||||
| States, municipalities and territories | i 3,822,982 | i — | i — | i 3,822,982 | i — | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 676,852 | i — | i — | i 676,852 | i — | ||||||||||||||||||||||||
| Corporate securities | i 24,161,921 | i — | i — | i 23,759,573 | i 402,348 | ||||||||||||||||||||||||
| Residential mortgage backed securities | i 1,377,611 | i — | i — | i 1,377,611 | i — | ||||||||||||||||||||||||
| Commercial mortgage backed securities | i 3,687,478 | i — | i — | i 3,687,478 | i — | ||||||||||||||||||||||||
| Other asset backed securities | i 5,908,702 | i — | i — | i 5,465,784 | i 442,918 | ||||||||||||||||||||||||
| Other investments | i 1,013,297 | i — | i 398,280 | i 615,017 | i — | ||||||||||||||||||||||||
| Real estate investments | i 940,559 | i — | i — | i — | i 940,559 | ||||||||||||||||||||||||
| Limited partnerships and limited liability companies | i 684,835 | i 620,626 | i — | i — | i 64,209 | ||||||||||||||||||||||||
| Derivative instruments | i 431,727 | i — | i — | i 431,727 | i — | ||||||||||||||||||||||||
| Cash and cash equivalents | i 1,919,669 | i — | i 1,919,669 | i — | i — | ||||||||||||||||||||||||
| Market risk benefits (a) | i 229,871 | i — | i — | i — | i 229,871 | ||||||||||||||||||||||||
| $ | i 45,024,575 | $ | i 620,626 | $ | i 2,344,133 | $ | i 39,979,911 | $ | i 2,079,905 | ||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Funds withheld liability - embedded derivative | $ | ( i 441,864) | $ | i — | $ | i — | $ | i — | $ | ( i 441,864) | |||||||||||||||||||
| Fixed index annuities - embedded derivatives | i 4,820,845 | i — | i — | i — | i 4,820,845 | ||||||||||||||||||||||||
| Market risk benefits (a) | i 2,455,492 | i — | i — | i — | i 2,455,492 | ||||||||||||||||||||||||
| $ | i 6,834,473 | $ | i — | $ | i — | $ | i — | $ | i 6,834,473 | ||||||||||||||||||||
| Average Lapse Rates | |||||||||||||||||
| Contract Duration (Years) | September 30, 2023 | December 31, 2022 | |||||||||||||||
i i 1 /
- i i 5 / | i 2.00% | i 2.17% | |||||||||||||||
i i 6 /
- i i 10 / | i 3.60% | i 3.28% | |||||||||||||||
i i 11 /
- i i 15 / | i 3.75% | i 3.63% | |||||||||||||||
i i 16 /
- i i 20 / | i 9.35% | i 8.55% | |||||||||||||||
i i 20 / + | i 4.91% | i 4.90% | |||||||||||||||
| Three Months
Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Fixed maturity securities, available for sale - States, municipalities and territories | |||||||||||||||||||||||
| Beginning balance | $ | i 129,303 | $ | i — | $ | i — | $ | i — | |||||||||||||||
| Purchases and sales, net | i — | i — | i — | i — | |||||||||||||||||||
| Transfers in | i — | i — | i 108,823 | i — | |||||||||||||||||||
| Transfers out | i — | i — | i — | i — | |||||||||||||||||||
| Total realized/unrealized gains (losses) | |||||||||||||||||||||||
| Included in net income | i — | i — | i — | i — | |||||||||||||||||||
| Included in other comprehensive income (loss) | ( i 7,429) | i — | i 13,051 | i — | |||||||||||||||||||
| Ending balance | $ | i 121,874 | $ | i — | $ | i 121,874 | $ | i — | |||||||||||||||
| Fixed maturity securities, available for sale - Corporate securities | |||||||||||||||||||||||
| Beginning balance | $ | i 251,137 | $ | i 77,726 | $ | i 402,348 | $ | i — | |||||||||||||||
| Purchases and sales, net | i — | i — | ( i 26,278) | i — | |||||||||||||||||||
| Transfers in | i 17,281 | i 241,878 | i 66,954 | i 319,604 | |||||||||||||||||||
| Transfers out | i — | i — | ( i 172,174) | i — | |||||||||||||||||||
| Total realized/unrealized gains (losses): | |||||||||||||||||||||||
| Included in net income | i — | i — | i — | i — | |||||||||||||||||||
| Included in other comprehensive income (loss) | ( i 16,578) | ( i 72) | ( i 19,010) | ( i 72) | |||||||||||||||||||
| Ending balance | $ | i 251,840 | $ | i 319,532 | $ | i 251,840 | $ | i 319,532 | |||||||||||||||
| Fixed maturity securities, available for sale - Other asset backed securities | |||||||||||||||||||||||
| Beginning balance | $ | i 742,924 | $ | i 64,550 | $ | i 442,918 | $ | i — | |||||||||||||||
| Purchases and sales, net | i — | i — | i 227,032 | i — | |||||||||||||||||||
| Transfers in | i 23,244 | i 37,151 | i 153,746 | i 101,701 | |||||||||||||||||||
| Transfers out | i — | i — | ( i 20,817) | i — | |||||||||||||||||||
| Total realized/unrealized gains (losses): | |||||||||||||||||||||||
| Included in net income | i — | i — | i — | i — | |||||||||||||||||||
| Included in other comprehensive income (loss) | ( i 13,108) | ( i 3,456) | ( i 49,819) | ( i 3,456) | |||||||||||||||||||
| Ending balance | $ | i 753,060 | $ | i 98,245 | $ | i 753,060 | $ | i 98,245 | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Other investments | |||||||||||||||||||||||
| Beginning balance | $ | i 23,244 | $ | i — | $ | i — | $ | i 6,349 | |||||||||||||||
| Transfers in | i — | i — | i 9,821 | i — | |||||||||||||||||||
| Transfers out | ( i 23,244) | i — | ( i 23,244) | ( i 3,867) | |||||||||||||||||||
| Total realized/unrealized gains (losses): | |||||||||||||||||||||||
| Included in net income | i — | i — | i — | ( i 2,482) | |||||||||||||||||||
| Included in other comprehensive income (loss) | i — | i — | i 13,423 | i — | |||||||||||||||||||
| Ending balance | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
| Real estate investments | |||||||||||||||||||||||
| Beginning balance | $ | i 1,158,772 | $ | i 672,475 | $ | i 940,559 | $ | i 337,939 | |||||||||||||||
| Purchases and sales, net | i 27,396 | i 250,062 | i 257,129 | i 553,628 | |||||||||||||||||||
| Change in fair value | i 5,087 | ( i 24,864) | ( i 6,433) | i 6,106 | |||||||||||||||||||
| Ending balance | $ | i 1,191,255 | $ | i 897,673 | $ | i 1,191,255 | $ | i 897,673 | |||||||||||||||
| Limited partnerships and limited liability companies | |||||||||||||||||||||||
| Beginning balance | $ | i 151,040 | $ | i — | $ | i 64,209 | $ | i — | |||||||||||||||
| Purchases and sales, net | i 1,260 | i — | i 98,736 | i — | |||||||||||||||||||
| Change in fair value | ( i 3,466) | i — | ( i 14,111) | i — | |||||||||||||||||||
| Ending balance | $ | i 148,834 | $ | i — | $ | i 148,834 | $ | i — | |||||||||||||||
| Funds withheld liability - embedded derivative | |||||||||||||||||||||||
| Beginning balance | $ | ( i 397,234) | $ | i — | $ | ( i 441,864) | $ | i — | |||||||||||||||
| Transfers in | i — | ( i 520,458) | i — | ( i 520,458) | |||||||||||||||||||
| Change in fair value | ( i 128,726) | i — | ( i 84,096) | i — | |||||||||||||||||||
| Ending balance | $ | ( i 525,960) | $ | ( i 520,458) | $ | ( i 525,960) | $ | ( i 520,458) | |||||||||||||||
| Fixed index annuities - embedded derivatives | |||||||||||||||||||||||
| Beginning balance | $ | i 5,014,697 | $ | i 5,836,312 | $ | i 4,820,845 | $ | i 7,964,961 | |||||||||||||||
| Premiums less benefits | ( i 23,488) | ( i 92,242) | ( i 176,978) | ( i 28,759) | |||||||||||||||||||
| Change in fair value, net | ( i 387,018) | ( i 466,244) | ( i 39,676) | ( i 2,658,376) | |||||||||||||||||||
| Reserve release related to in-force ceded reinsurance | i — | ( i 20,784) | i — | ( i 20,784) | |||||||||||||||||||
| Ending balance | $ | i 4,604,191 | $ | i 5,257,042 | $ | i 4,604,191 | $ | i 5,257,042 | |||||||||||||||
| Amortized Cost (1) | Gross Unrealized Gains | Gross Unrealized Losses (2) | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 172,650 | $ | i 7 | $ | ( i 9,772) | $ | i — | $ | i 162,885 | |||||||||||||||||||
| States, municipalities and territories | i 3,198,091 | i 5,049 | ( i 638,470) | i — | i 2,564,670 | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 535,008 | i 37 | ( i 106,818) | i — | i 428,227 | ||||||||||||||||||||||||
| Corporate securities | i 23,271,192 | i 45,571 | ( i 4,102,472) | ( i 2,911) | i 19,211,380 | ||||||||||||||||||||||||
| Residential mortgage backed securities | i 1,501,200 | i 5,030 | ( i 163,149) | ( i 97) | i 1,342,984 | ||||||||||||||||||||||||
| Commercial mortgage backed securities | i 3,520,832 | i 443 | ( i 538,245) | i — | i 2,983,030 | ||||||||||||||||||||||||
| Other asset backed securities | i 5,614,577 | i 21,760 | ( i 243,971) | ( i 610) | i 5,391,756 | ||||||||||||||||||||||||
| $ | i 37,813,550 | $ | i 77,897 | $ | ( i 5,802,897) | $ | ( i 3,618) | $ | i 32,084,932 | ||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 173,638 | $ | i 70 | $ | ( i 4,637) | $ | i — | $ | i 169,071 | |||||||||||||||||||
| States, municipalities and territories | i 4,356,251 | i 41,565 | ( i 574,834) | i — | i 3,822,982 | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 748,770 | i 11,661 | ( i 83,579) | i — | i 676,852 | ||||||||||||||||||||||||
| Corporate securities | i 27,706,440 | i 146,065 | ( i 3,687,370) | ( i 3,214) | i 24,161,921 | ||||||||||||||||||||||||
| Residential mortgage backed securities | i 1,492,242 | i 11,870 | ( i 126,368) | ( i 133) | i 1,377,611 | ||||||||||||||||||||||||
| Commercial mortgage backed securities | i 4,098,755 | i 493 | ( i 411,770) | i — | i 3,687,478 | ||||||||||||||||||||||||
| Other asset backed securities | i 6,289,923 | i 14,068 | ( i 395,289) | i — | i 5,908,702 | ||||||||||||||||||||||||
| $ | i 44,866,019 | $ | i 225,792 | $ | ( i 5,283,847) | $ | ( i 3,347) | $ | i 39,804,617 | ||||||||||||||||||||
| Available for sale | |||||||||||
| Amortized Cost | Fair Value | ||||||||||
| (Dollars in thousands) | |||||||||||
| Due in one year or less | $ | i 1,425,811 | $ | i 1,423,194 | |||||||
| Due after one year through five years | i 4,298,107 | i 4,048,402 | |||||||||
| Due after five years through ten years | i 4,868,547 | i 4,242,544 | |||||||||
| Due after ten years through twenty years | i 7,384,698 | i 6,057,753 | |||||||||
| Due after twenty years | i 9,199,778 | i 6,595,269 | |||||||||
| i 27,176,941 | i 22,367,162 | ||||||||||
| Residential mortgage backed securities | i 1,501,200 | i 1,342,984 | |||||||||
| Commercial mortgage backed securities | i 3,520,832 | i 2,983,030 | |||||||||
| Other asset backed securities | i 5,614,577 | i 5,391,756 | |||||||||
| $ | i 37,813,550 | $ | i 32,084,932 | ||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Net unrealized losses on investments | $ | ( i 5,726,811) | $ | ( i 5,065,422) | |||||||
| Deferred income tax valuation allowance reversal | i 22,534 | i 22,534 | |||||||||
| Deferred income tax expense | i 1,201,891 | i 1,063,441 | |||||||||
| Net unrealized losses reported as accumulated other comprehensive loss | $ | ( i 4,502,386) | $ | ( i 3,979,447) | |||||||
| September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
NAIC Designation (1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| 1 | $ | i 22,103,730 | $ | i 18,644,092 | $ | i 27,061,903 | $ | i 24,211,086 | ||||||||||||||||||
| 2 | i 14,909,260 | i 12,739,371 | i 17,023,157 | i 14,944,131 | ||||||||||||||||||||||
| 3 | i 554,568 | i 469,819 | i 595,193 | i 510,392 | ||||||||||||||||||||||
| 4 | i 116,264 | i 98,929 | i 109,409 | i 91,495 | ||||||||||||||||||||||
| 5 | i 61,334 | i 45,253 | i 61,721 | i 36,738 | ||||||||||||||||||||||
| 6 | i 10,000 | i 7,127 | i 14,636 | i 10,775 | ||||||||||||||||||||||
| $ | i 37,755,156 | $ | i 32,004,591 | $ | i 44,866,019 | $ | i 39,804,617 | |||||||||||||||||||
| Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
| Fair Value | Unrealized Losses (1) | Fair Value | Unrealized Losses (1) | Fair Value | Unrealized Losses (1) | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 116,484 | $ | ( i 6,223) | $ | i 45,991 | $ | ( i 3,549) | $ | i 162,475 | $ | ( i 9,772) | |||||||||||||||||||||||
| States, municipalities and territories | i 229,082 | ( i 19,688) | i 2,168,957 | ( i 618,782) | i 2,398,039 | ( i 638,470) | |||||||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 14,610 | ( i 70) | i 393,715 | ( i 106,748) | i 408,325 | ( i 106,818) | |||||||||||||||||||||||||||||
| Corporate securities | i 2,888,535 | ( i 163,562) | i 14,312,197 | ( i 3,938,910) | i 17,200,732 | ( i 4,102,472) | |||||||||||||||||||||||||||||
| Residential mortgage backed securities | i 487,935 | ( i 25,263) | i 772,581 | ( i 137,886) | i 1,260,516 | ( i 163,149) | |||||||||||||||||||||||||||||
| Commercial mortgage backed securities | i 181,256 | ( i 7,607) | i 2,734,129 | ( i 530,639) | i 2,915,385 | ( i 538,246) | |||||||||||||||||||||||||||||
| Other asset backed securities | i 1,182,339 | ( i 45,678) | i 3,307,085 | ( i 198,292) | i 4,489,424 | ( i 243,970) | |||||||||||||||||||||||||||||
| $ | i 5,100,241 | $ | ( i 268,091) | $ | i 23,734,655 | $ | ( i 5,534,806) | $ | i 28,834,896 | $ | ( i 5,802,897) | ||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||||||||
| U.S. Government and agencies | $ | i 160,201 | $ | ( i 4,512) | $ | i 908 | $ | ( i 125) | $ | i 161,109 | $ | ( i 4,637) | |||||||||||||||||||||||
| States, municipalities and territories | i 2,595,122 | ( i 537,313) | i 95,184 | ( i 37,521) | i 2,690,306 | ( i 574,834) | |||||||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | i 522,826 | ( i 76,957) | i 21,816 | ( i 6,622) | i 544,642 | ( i 83,579) | |||||||||||||||||||||||||||||
| Corporate securities | i 18,784,181 | ( i 3,218,323) | i 1,411,177 | ( i 469,047) | i 20,195,358 | ( i 3,687,370) | |||||||||||||||||||||||||||||
| Residential mortgage backed securities | i 992,783 | ( i 101,100) | i 116,388 | ( i 25,268) | i 1,109,171 | ( i 126,368) | |||||||||||||||||||||||||||||
| Commercial mortgage backed securities | i 2,941,293 | ( i 302,513) | i 651,923 | ( i 109,257) | i 3,593,216 | ( i 411,770) | |||||||||||||||||||||||||||||
| Other asset backed securities | i 2,561,390 | ( i 162,821) | i 1,924,026 | ( i 232,468) | i 4,485,416 | ( i 395,289) | |||||||||||||||||||||||||||||
| $ | i 28,557,796 | $ | ( i 4,403,539) | $ | i 4,221,422 | $ | ( i 880,308) | $ | i 32,779,218 | $ | ( i 5,283,847) | ||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Fixed maturity securities available for sale carried at fair value | $ | ( i 1,096,049) | $ | ( i 2,277,217) | $ | ( i 661,389) | $ | ( i 9,734,979) | |||||||||||||||
| Adjustment for effect on other balance sheet accounts: | |||||||||||||||||||||||
| Deferred income tax asset/liability | i 229,729 | i 478,223 | i 138,450 | i 2,044,070 | |||||||||||||||||||
| i 229,729 | i 478,223 | i 138,450 | i 2,044,070 | ||||||||||||||||||||
| Change in net unrealized gains/losses on investments carried at fair value | $ | ( i 866,320) | $ | ( i 1,798,994) | $ | ( i 522,939) | $ | ( i 7,690,909) | |||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Available for sale fixed maturity securities: | |||||||||||||||||||||||
| Gross realized gains | $ | i 52,700 | $ | i 23,978 | $ | i 137,744 | $ | i 27,950 | |||||||||||||||
| Gross realized losses | ( i 91,184) | ( i 33,881) | ( i 171,970) | ( i 59,940) | |||||||||||||||||||
| Net credit loss (provision) release | i 537 | ( i 1,487) | ( i 46,565) | ( i 14,341) | |||||||||||||||||||
| ( i 37,947) | ( i 11,390) | ( i 80,791) | ( i 46,331) | ||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||
| Gross realized gains | i 29 | i — | i 2,239 | i — | |||||||||||||||||||
| Gross realized losses | i — | i — | ( i 5,061) | i — | |||||||||||||||||||
| i 29 | i — | ( i 2,822) | i — | ||||||||||||||||||||
| Mortgage loans on real estate: | |||||||||||||||||||||||
Increase in allowance for credit losses | ( i 4,687) | ( i 4,716) | ( i 8,110) | ( i 13,309) | |||||||||||||||||||
| Recovery of specific allowance | i — | i 1,086 | i — | i 1,315 | |||||||||||||||||||
| Loss on sale of mortgage loans | ( i 2,067) | ( i 840) | ( i 5,415) | ( i 3,934) | |||||||||||||||||||
| ( i 6,754) | ( i 4,470) | ( i 13,525) | ( i 15,928) | ||||||||||||||||||||
| $ | ( i 44,672) | $ | ( i 15,860) | $ | ( i 97,138) | $ | ( i 62,259) | ||||||||||||||||
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| States, Municipalities and Territories | Corporate Securities | Residential Mortgage Backed Securities | Other Asset Backed Securities | Total | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ | i — | $ | i 3,132 | $ | i 67 | $ | i 947 | $ | i 4,146 | |||||||||||||||||||||||||
| Additions for credit losses not previously recorded | i — | i — | i 97 | i — | i 97 | ||||||||||||||||||||||||||||||
| Change in allowance on securities with previous allowance | i — | ( i 221) | ( i 67) | ( i 337) | ( i 625) | ||||||||||||||||||||||||||||||
| Reduction for securities sold during the period | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||
| Ending balance | $ | i — | $ | i 2,911 | $ | i 97 | $ | i 610 | $ | i 3,618 | |||||||||||||||||||||||||
| Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
| States, Municipalities and Territories | Corporate Securities | Residential Mortgage Backed Securities | Other Asset Backed Securities | Total | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ | i 1,834 | $ | i 3,743 | $ | i 610 | $ | i — | $ | i 6,187 | |||||||||||||||||||||||||
| Additions for credit losses not previously recorded | i — | i — | i 439 | i — | i 439 | ||||||||||||||||||||||||||||||
| Change in allowance on securities with previous allowance | ( i 1,834) | ( i 529) | i 657 | i — | ( i 1,706) | ||||||||||||||||||||||||||||||
| Reduction for securities sold during the period | i — | — | — | — | i — | ||||||||||||||||||||||||||||||
| Ending balance | $ | i — | $ | i 3,214 | $ | i 1,706 | $ | i — | $ | i 4,920 | |||||||||||||||||||||||||
| Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
| States, Municipalities
and Territories | Corporate Securities | Residential Mortgage Backed Securities | Other Asset Backed Securities | Total | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ | i — | $ | i 3,214 | $ | i 133 | $ | i — | $ | i 3,347 | |||||||||||||||||||||||||
| Additions for credit losses not previously recorded | i — | i — | i 97 | i 947 | i 1,044 | ||||||||||||||||||||||||||||||
| Change in allowance on securities with previous allowance | i — | ( i 303) | ( i 133) | ( i 337) | ( i 773) | ||||||||||||||||||||||||||||||
| Reduction for securities sold during the period | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||
| Ending balance | $ | i — | $ | i 2,911 | $ | i 97 | $ | i 610 | $ | i 3,618 | |||||||||||||||||||||||||
| Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
| States, Municipalities and Territories | Corporate Securities | Residential Mortgage Backed Securities | Other Asset Backed Securities | Total | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Beginning balance | $ | i 2,776 | $ | i — | $ | i 70 | $ | i — | $ | i 2,846 | |||||||||||||||||||||||||
| Additions for credit losses not previously recorded | i — | i 3,825 | i 1,070 | i — | i 4,895 | ||||||||||||||||||||||||||||||
| Change in allowance on securities with previous allowance | ( i 2,776) | ( i 611) | i 994 | i — | ( i 2,393) | ||||||||||||||||||||||||||||||
| Reduction for securities sold during the period | i — | i — | ( i 428) | i — | ( i 428) | ||||||||||||||||||||||||||||||
| Ending balance | $ | i — | $ | i 3,214 | $ | i 1,706 | $ | i — | $ | i 4,920 | |||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Commercial mortgage loans: | |||||||||||
| Principal outstanding | $ | i 3,534,502 | $ | i 3,560,903 | |||||||
| Deferred fees and costs, net | ( i 3,903) | ( i 6,345) | |||||||||
| Unamortized discounts and premiums, net | ( i 1,593) | i — | |||||||||
| Amortized cost | i 3,529,006 | i 3,554,558 | |||||||||
| Valuation allowance | ( i 21,802) | ( i 22,428) | |||||||||
| Commercial mortgage loans, carrying value | i 3,507,204 | i 3,532,130 | |||||||||
| Agricultural mortgage loans: | |||||||||||
| Principal outstanding | i 585,020 | i 567,630 | |||||||||
| Deferred fees and costs, net | ( i 1,707) | ( i 1,667) | |||||||||
| Amortized cost | i 583,313 | i 565,963 | |||||||||
| Valuation allowance | ( i 1,105) | ( i 1,021) | |||||||||
| Agricultural mortgage loans, carrying value | i 582,208 | i 564,942 | |||||||||
| Residential mortgage loans: | |||||||||||
| Principal outstanding | i 3,359,939 | i 2,807,652 | |||||||||
| Deferred fees and costs, net | i 669 | i 1,909 | |||||||||
| Unamortized discounts and premiums, net | i 67,138 | i 55,917 | |||||||||
| Amortized cost | i 3,427,746 | i 2,865,478 | |||||||||
| Valuation allowance | ( i 22,175) | ( i 13,523) | |||||||||
| Residential mortgage loans, carrying value | i 3,405,571 | i 2,851,955 | |||||||||
| Mortgage loans, carrying value | $ | i 7,494,983 | $ | i 6,949,027 | |||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Principal | Percent | Principal | Percent | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Geographic distribution | |||||||||||||||||||||||
| East | $ | i 490,286 | i 13.9 | % | $ | i 502,659 | i 14.1 | % | |||||||||||||||
| Middle Atlantic | i 276,679 | i 7.8 | % | i 280,993 | i 7.9 | % | |||||||||||||||||
| Mountain | i 395,301 | i 11.2 | % | i 416,307 | i 11.7 | % | |||||||||||||||||
| New England | i 82,566 | i 2.3 | % | i 73,631 | i 2.1 | % | |||||||||||||||||
| Pacific | i 840,127 | i 23.8 | % | i 858,812 | i 24.1 | % | |||||||||||||||||
| South Atlantic | i 939,397 | i 26.6 | % | i 934,007 | i 26.2 | % | |||||||||||||||||
| West North Central | i 185,743 | i 5.2 | % | i 205,568 | i 5.8 | % | |||||||||||||||||
| West South Central | i 324,403 | i 9.2 | % | i 288,926 | i 8.1 | % | |||||||||||||||||
| $ | i 3,534,502 | i 100.0 | % | $ | i 3,560,903 | i 100.0 | % | ||||||||||||||||
| Property type distribution | |||||||||||||||||||||||
| Office | $ | i 366,874 | i 10.4 | % | $ | i 388,978 | i 10.9 | % | |||||||||||||||
| Retail | i 824,708 | i 23.3 | % | i 896,351 | i 25.2 | % | |||||||||||||||||
| Industrial/Warehouse | i 925,806 | i 26.2 | % | i 866,623 | i 24.3 | % | |||||||||||||||||
| Apartment | i 1,015,703 | i 28.7 | % | i 912,984 | i 25.6 | % | |||||||||||||||||
| Hotel | i 324,271 | i 9.2 | % | i 285,271 | i 8.0 | % | |||||||||||||||||
| Mixed Use/Other | i 77,140 | i 2.2 | % | i 210,696 | i 6.0 | % | |||||||||||||||||
| $ | i 3,534,502 | i 100.0 | % | $ | i 3,560,903 | i 100.0 | % | ||||||||||||||||
| Three Months Ended September 30, 2023 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Beginning allowance balance | $ | ( i 21,330) | $ | ( i 895) | $ | ( i 18,170) | $ | ( i 40,395) | |||||||||||||||
| Charge-offs | i — | i — | i — | i — | |||||||||||||||||||
| Recoveries | i — | i — | i — | i — | |||||||||||||||||||
| Change in provision for credit losses | ( i 472) | ( i 210) | ( i 4,005) | ( i 4,687) | |||||||||||||||||||
| Ending allowance balance | $ | ( i 21,802) | $ | ( i 1,105) | $ | ( i 22,175) | $ | ( i 45,082) | |||||||||||||||
| Three Months Ended September 30, 2022 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Beginning allowance balance | $ | ( i 24,244) | $ | ( i 664) | $ | ( i 7,480) | $ | ( i 32,388) | |||||||||||||||
| Charge-offs | i 414 | i — | i — | i 414 | |||||||||||||||||||
| Recoveries | i 1,086 | i — | i — | i 1,086 | |||||||||||||||||||
| Change in provision for credit losses | ( i 869) | ( i 146) | ( i 3,701) | ( i 4,716) | |||||||||||||||||||
| Ending allowance balance | $ | ( i 23,613) | $ | ( i 810) | $ | ( i 11,181) | $ | ( i 35,604) | |||||||||||||||
| Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Beginning allowance balance | $ | ( i 22,428) | $ | ( i 1,021) | $ | ( i 13,523) | $ | ( i 36,972) | |||||||||||||||
| Charge-offs | i — | i — | i — | i — | |||||||||||||||||||
| Recoveries | i — | i — | i — | i — | |||||||||||||||||||
| Change in provision for credit losses | i 626 | ( i 84) | ( i 8,652) | ( i 8,110) | |||||||||||||||||||
| Ending allowance balance | $ | ( i 21,802) | $ | ( i 1,105) | $ | ( i 22,175) | $ | ( i 45,082) | |||||||||||||||
| Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
| Commercial | Agricultural | Residential | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Beginning allowance balance | $ | ( i 17,926) | $ | ( i 519) | $ | ( i 5,579) | $ | ( i 24,024) | |||||||||||||||
| Charge-offs | i 414 | i — | i — | i 414 | |||||||||||||||||||
| Recoveries | i 1,315 | i — | i — | i 1,315 | |||||||||||||||||||
| Change in provision for credit losses | ( i 7,416) | ( i 291) | ( i 5,602) | ( i 13,309) | |||||||||||||||||||
| Ending allowance balance | $ | ( i 23,613) | $ | ( i 810) | $ | ( i 11,181) | $ | ( i 35,604) | |||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
| As of September 30, 2023: | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | ||||||||||||||||||||||||||||||
| Debt Service Coverage Ratio: | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||
| Greater than or equal to 1.5 | $ | i — | i — | % | $ | i 285,725 | i 62 | % | $ | i 273,012 | i 57 | % | $ | i 380,956 | i 53 | % | $ | i 461,587 | i 55 | % | $ | i 1,098,330 | i 44 | % | $ | i 2,499,610 | i 51 | % | ||||||||||||||||
Greater
than or equal to 1.2 and less than 1.5 | i — | i — | % | i — | i — | % | i 4,547 | i 56 | % | i 55,321 | i 54 | % | i 94,038 | i 68 | % | i 178,773 | i 58 | % | i 332,679 | i 60 | % | |||||||||||||||||||||||
Greater
than or equal to 1.0 and less than 1.2 | i 34,618 | i 32 | % | i 214,899 | i 42 | % | i 321,776 | i 45 | % | i 39,223 | i 62 | % | i — | i — | % | i 29,780 | i 69 | % | i 640,296 | i 46 | % | |||||||||||||||||||||||
| Less than 1.0 | i — | i — | % | i — | i — | % | i — | i — | % | i — | i — | % | i 2,557 | i 80 | % | i 53,864 | i 53 | % | i 56,421 | i 54 | % | |||||||||||||||||||||||
| Total | $ | i 34,618 | i 32 | % | $ | i 500,624 | i 53 | % | $ | i 599,335 | i 51 | % | $ | i 475,500 | i 53 | % | $ | i 558,182 | i 57 | % | $ | i 1,360,747 | i 47 | % | $ | i 3,529,006 | i 51 | % | ||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
| As of December 31, 2022: | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | ||||||||||||||||||||||||||||||
| Debt Service Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||
| Greater than or equal to 1.5 | $ | i 249,328 | i 63 | % | $ | i 257,746 | i 61 | % | $ | i 421,391 | i 57 | % | $ | i 429,596 | i 58 | % | $ | i 325,117 | i 53 | % | $ | i 813,319 | i 44 | % | $ | i 2,496,497 | i 53 | % | ||||||||||||||||
Greater
than or equal to 1.2 and less than 1.5 | i 6,488 | i 70 | % | i 123,038 | i 55 | % | i 46,804 | i 58 | % | i 115,977 | i 66 | % | i 67,642 | i 67 | % | i 145,703 | i 60 | % | i 505,652 | i 62 | % | |||||||||||||||||||||||
Greater
than or equal to 1.0 and less than 1.2 | i 170,059 | i 52 | % | i 211,684 | i 43 | % | i 18,144 | i 79 | % | i 39,396 | i 73 | % | i 10,348 | i 76 | % | i 58,021 | i 47 | % | i 507,652 | i 51 | % | |||||||||||||||||||||||
| Less than 1.0 | i — | i — | % | i — | i — | % | i — | i — | % | i 6,107 | i 64 | % | i 13,025 | i 70 | % | i 25,625 | i 65 | % | i 44,757 | i 66 | % | |||||||||||||||||||||||
| Total | $ | i 425,875 | i 59 | % | $ | i 592,468 | i 53 | % | $ | i 486,339 | i 58 | % | $ | i 591,076 | i 61 | % | $ | i 416,132 | i 57 | % | $ | i 1,042,668 | i 47 | % | $ | i 3,554,558 | i 54 | % | ||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
| As of September 30, 2023: | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | ||||||||||||||||||||||||||||||
| Debt Service Coverage Ratio: | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||
| Greater than or equal to 1.5 | $ | i 27,014 | i 59 | % | $ | i 86,511 | i 46 | % | $ | i 61,672 | i 57 | % | $ | i 100,768 | i 45 | % | $ | i — | i — | % | $ | i — | i — | % | $ | i 275,965 | i 49 | % | ||||||||||||||||
Greater
than or equal to 1.2 and less than 1.5 | i 17,824 | i 59 | % | i 103,934 | i 54 | % | i 65,543 | i 53 | % | i 60,068 | i 45 | % | i — | i — | % | i — | i — | % | i 247,369 | i 52 | % | |||||||||||||||||||||||
Greater
than or equal to 1.0 and less than 1.2 | i 3,988 | i 43 | % | i 3,080 | i 55 | % | i 8,673 | i 39 | % | i — | i — | % | i — | i — | % | i — | i — | % | i 15,741 | i 43 | % | |||||||||||||||||||||||
| Less than 1.0 | i — | i — | % | i — | i — | % | i — | i — | % | i 7,975 | i 40 | % | i 2,263 | i 33 | % | i 34,000 | i 42 | % | i 44,238 | i 41 | % | |||||||||||||||||||||||
| Total | $ | i 48,826 | i 58 | % | $ | i 193,525 | i 51 | % | $ | i 135,888 | i 54 | % | $ | i 168,811 | i 45 | % | $ | i 2,263 | i 33 | % | $ | i 34,000 | i 42 | % | $ | i 583,313 | i 50 | % | ||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
| As of December 31, 2022: | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | Amortized Cost | Average LTV | ||||||||||||||||||||||||||||||
| Debt Service Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||
| Greater than or equal to 1.5 | $ | i 85,367 | i 47 | % | $ | i 84,186 | i 46 | % | $ | i 97,143 | i 41 | % | $ | i — | i — | % | $ | i — | i — | % | $ | i — | i — | % | $ | i 266,696 | i 45 | % | ||||||||||||||||
Greater
than or equal to 1.2 and less than 1.5 | i 107,856 | i 54 | % | i 67,630 | i 52 | % | i 61,103 | i 32 | % | i — | i — | % | i — | i — | % | i — | i — | % | i 236,589 | i 48 | % | |||||||||||||||||||||||
Greater
than or equal to 1.0 and less than 1.2 | i 3,124 | i 56 | % | i 8,825 | i 38 | % | i 3,125 | i 25 | % | i — | i — | % | i — | i — | % | i — | i — | % | i 15,074 | i 39 | % | |||||||||||||||||||||||
| Less than 1.0 | i — | i — | % | i — | i — | % | i 7,975 | i 35 | % | i 5,629 | i 41 | % | i 34,000 | i 31 | % | i — | i — | % | i 47,604 | i 33 | % | |||||||||||||||||||||||
| Total | $ | i 196,347 | i 51 | % | $ | i 160,641 | i 48 | % | $ | i 169,346 | i 37 | % | $ | i 5,629 | i 41 | % | $ | i 34,000 | i 31 | % | $ | i — | i — | % | $ | i 565,963 | i 45 | % | ||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||
| As of September 30, 2023: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 34,618 | $ | i 500,624 | $ | i 599,335 | $ | i 475,500 | $ | i 558,182 | $ | i 1,360,747 | $ | i 3,529,006 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
90
days or more past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| Total commercial mortgage loans | $ | i 34,618 | $ | i 500,624 | $ | i 599,335 | $ | i 475,500 | $ | i 558,182 | $ | i 1,360,747 | $ | i 3,529,006 | |||||||||||||||||||||||||||
| Agricultural mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 48,826 | $ | i 193,525 | $ | i 135,888 | $ | i 168,811 | $ | i 2,263 | $ | i 34,000 | $ | i 583,313 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
90
days or more past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| Total agricultural mortgage loans | $ | i 48,826 | $ | i 193,525 | $ | i 135,888 | $ | i 168,811 | $ | i 2,263 | $ | i 34,000 | $ | i 583,313 | |||||||||||||||||||||||||||
| Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 975,966 | $ | i 1,639,242 | $ | i 411,035 | $ | i 167,678 | $ | i 27,309 | $ | i 893 | $ | i 3,222,123 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i 30,963 | i 36,240 | i 15,604 | i 6,560 | i 99 | i — | i 89,466 | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i 3,007 | i 21,436 | i 4,233 | i 888 | i — | i — | i 29,564 | ||||||||||||||||||||||||||||||||||
90
days or more past due | i 8,171 | i 39,138 | i 27,114 | i 5,369 | i 3,398 | i 3,403 | i 86,593 | ||||||||||||||||||||||||||||||||||
| Total residential mortgage loans | $ | i 1,018,107 | $ | i 1,736,056 | $ | i 457,986 | $ | i 180,495 | $ | i 30,806 | $ | i 4,296 | $ | i 3,427,746 | |||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||||||||||||||
| As of December 31, 2022: | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
| Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 425,875 | $ | i 592,468 | $ | i 486,339 | $ | i 591,076 | $ | i 416,132 | $ | i 1,042,668 | $ | i 3,554,558 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
90
days or more past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| Total commercial mortgage loans | $ | i 425,875 | $ | i 592,468 | $ | i 486,339 | $ | i 591,076 | $ | i 416,132 | $ | i 1,042,668 | $ | i 3,554,558 | |||||||||||||||||||||||||||
| Agricultural mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 196,347 | $ | i 160,641 | $ | i 166,211 | $ | i 5,629 | $ | i 34,000 | $ | i — | $ | i 562,828 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||
90
days or more past due | i — | i — | i 3,135 | i — | i — | i — | i 3,135 | ||||||||||||||||||||||||||||||||||
| Total agricultural mortgage loans | $ | i 196,347 | $ | i 160,641 | $ | i 169,346 | $ | i 5,629 | $ | i 34,000 | $ | i — | $ | i 565,963 | |||||||||||||||||||||||||||
| Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 1,915,169 | $ | i 595,363 | $ | i 211,119 | $ | i 27,483 | $ | i 1,710 | $ | i 417 | $ | i 2,751,261 | |||||||||||||||||||||||||||
| 30 - 59 days past due | i 39,179 | i 8,238 | i 13,073 | i 1,960 | i — | i — | i 62,450 | ||||||||||||||||||||||||||||||||||
| 60 - 89 days past due | i 6,668 | i 7,165 | i 3,034 | i 57 | i — | i — | i 16,924 | ||||||||||||||||||||||||||||||||||
90
days or more past due | i 9,702 | i 14,068 | i 6,515 | i 1,762 | i 2,796 | i — | i 34,843 | ||||||||||||||||||||||||||||||||||
| Total residential mortgage loans | $ | i 1,970,718 | $ | i 624,834 | $ | i 233,741 | $ | i 31,262 | $ | i 4,506 | $ | i 417 | $ | i 2,865,478 | |||||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Total Assets | Total Liabilities | Total Assets | Total Liabilities | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Real estate investments | $ | i 1,362,292 | $ | i 90,828 | $ | i 1,095,267 | $ | i 78,244 | |||||||||||||||
| Real estate limited liability companies | i 50,095 | i 142 | i 66,258 | i 287 | |||||||||||||||||||
| Limited partnership funds | i 1,023,769 | i 224 | i 620,741 | i 113 | |||||||||||||||||||
| Infrastructure limited liability companies | i 100,620 | i 540 | i — | i — | |||||||||||||||||||
| $ | i 2,536,776 | $ | i 91,734 | $ | i 1,782,266 | $ | i 78,644 | ||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Asset Carrying Value | Maximum Exposure to Loss | Asset Carrying Value | Maximum Exposure to Loss | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Fixed maturity securities, available for sale | $ | i 1,503,458 | $ | i 1,503,458 | $ | i 1,178,110 | $ | i 1,178,110 | |||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Derivatives designated as hedging instruments | |||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Derivative instruments | |||||||||||||||||||||||
| Interest rate swaps | $ | i — | $ | i — | $ | i 408,369 | $ | i 32,769 | |||||||||||||||
| Derivatives not designated as hedging instruments | |||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Derivative instruments | |||||||||||||||||||||||
| Call options | $ | i 40,993,916 | $ | i 733,784 | $ | i 38,927,534 | $ | i 397,789 | |||||||||||||||
| Warrants | i — | i — | i 2,020 | i 1,169 | |||||||||||||||||||
| $ | i 40,993,916 | $ | i 733,784 | $ | i 38,929,554 | $ | i 398,958 | ||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Policy benefit reserves - annuity products | |||||||||||||||||||||||
| Fixed index annuities - embedded derivatives, net | $ | i 4,604,191 | $ | i 4,820,845 | |||||||||||||||||||
| Funds withheld for reinsurance liabilities | |||||||||||||||||||||||
| Reinsurance related embedded derivative | ( i 525,960) | ( i 441,864) | |||||||||||||||||||||
| $ | i 4,078,231 | $ | i 4,378,981 | ||||||||||||||||||||
| Line Item in the Consolidated Balance Sheets in Which Hedged Item is Included | Amortized Cost of Hedged Item | Cumulative Amount of Fair Value Basis Adjustment Gain (Loss) | ||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Fixed maturities, available for sale: | ||||||||||||||||||||||||||
| Current hedging relationships | $ | i — | $ | i 389,060 | $ | i — | $ | ( i 39,128) | ||||||||||||||||||
| Discontinued hedging relationships | i 1,280,224 | i 1,594,736 | ( i 69,756) | ( i 94,681) | ||||||||||||||||||||||
| Derivative | Hedged Item | Net | Amount
Excluded: Recognized in Income Immediately | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| For the three months ended September 30, 2023 | |||||||||||||||||||||||
| Interest rate swaps | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
| For the three months ended September 30, 2022 | |||||||||||||||||||||||
| Interest rate swaps | $ | i 188,667 | $ | ( i 214,414) | $ | ( i 25,747) | $ | i 11,301 | |||||||||||||||
| For the nine months ended September 30, 2023 | |||||||||||||||||||||||
| Interest rate swaps | $ | i 5,856 | $ | i 3,240 | $ | i 9,096 | $ | i — | |||||||||||||||
| For the nine months ended September 30, 2022 | |||||||||||||||||||||||
| Interest rate swaps | $ | i 215,438 | $ | ( i 247,507) | $ | ( i 32,069) | $ | i 13,957 | |||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Change in fair value of derivatives: | |||||||||||||||||||||||
| Call options | $ | ( i 383,026) | $ | ( i 162,308) | $ | ( i 104,699) | $ | ( i 1,142,521) | |||||||||||||||
| Warrants | i — | i 83 | i 1,206 | i 262 | |||||||||||||||||||
| Interest rate swaps | i — | i 11,301 | i — | i 13,957 | |||||||||||||||||||
| $ | ( i 383,026) | $ | ( i 150,924) | $ | ( i 103,493) | $ | ( i 1,128,302) | ||||||||||||||||
| Change in fair value of embedded derivatives: | |||||||||||||||||||||||
| Fixed index annuities - embedded derivatives | $ | ( i 323,080) | $ | ( i 299,144) | $ | i 250,494 | $ | ( i 2,176,911) | |||||||||||||||
| Reinsurance related embedded derivative | ( i 128,726) | ( i 116,230) | ( i 84,096) | ( i 518,096) | |||||||||||||||||||
| $ | ( i 451,806) | $ | ( i 415,374) | $ | i 166,398 | $ | ( i 2,695,007) | ||||||||||||||||
| September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
| Counterparty | Credit Rating (S&P) | Credit Rating (Moody's) | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Bank of America | A+ | Aa1 | $ | i 4,458,432 | $ | i 37,833 | $ | i 3,574,125 | $ | i 26,080 | ||||||||||||||||||||||||||||
| Barclays | A+ | A1 | i 2,360,864 | i 65,937 | i 3,686,896 | i 39,657 | ||||||||||||||||||||||||||||||||
| Canadian Imperial Bank of Commerce | A+ | Aa2 | i 1,266,781 | i 37,238 | i 2,707,734 | i 34,218 | ||||||||||||||||||||||||||||||||
| Citibank, N.A. | A+ | Aa3 | i 3,582,088 | i 36,800 | i 3,748,162 | i 29,873 | ||||||||||||||||||||||||||||||||
| Credit Suisse | A+ | A3 | i 1,961,115 | i 17,525 | i 2,086,470 | i 20,691 | ||||||||||||||||||||||||||||||||
Goldman
Sachs | A+ | A1 | i 105,238 | i 327 | i — | i — | ||||||||||||||||||||||||||||||||
| J.P. Morgan | A+ | Aa2 | i 4,593,302 | i 37,157 | i 6,501,103 | i 69,006 | ||||||||||||||||||||||||||||||||
| Mizuho | A | A1 | i 7,685,054 | i 172,280 | i — | i — | ||||||||||||||||||||||||||||||||
| Morgan Stanley | A+ | Aa3 | i 1,708,060 | i 14,328 | i 2,957,389 | i 38,470 | ||||||||||||||||||||||||||||||||
| Royal Bank of Canada | AA- | A1 | i 4,380,240 | i 118,325 | i 4,378,132 | i 58,026 | ||||||||||||||||||||||||||||||||
| Societe Generale | A | A1 | i 2,870,061 | i 39,335 | i 2,099,081 | i 17,157 | ||||||||||||||||||||||||||||||||
| Truist | A | A2 | i 2,003,795 | i 52,208 | i 1,960,787 | i 32,885 | ||||||||||||||||||||||||||||||||
| UBS AG | A+ | Aa3 | i 443,410 | i 5,199 | i — | i — | ||||||||||||||||||||||||||||||||
| Wells Fargo | A+ | Aa2 | i 3,545,311 | i 98,655 | i 5,436,824 | i 61,840 | ||||||||||||||||||||||||||||||||
| Exchange traded | i 30,165 | i 637 | i 199,200 | i 2,655 | ||||||||||||||||||||||||||||||||||
| $ | i 40,993,916 | $ | i 733,784 | $ | i 39,335,903 | $ | i 430,558 | |||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
| Fixed Index Annuities | Fixed Rate Annuities | Single Premium Immediate Annuities | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Balance, beginning of period | $ | i 2,649,322 | $ | i 120,105 | $ | i 4,216 | $ | i 2,773,643 | |||||||||||||||
| Capitalizations | i 350,302 | i 16,586 | i 45 | i 366,933 | |||||||||||||||||||
| Amortization expense | ( i 184,710) | ( i 22,069) | ( i 493) | ( i 207,272) | |||||||||||||||||||
| Balance, end of period | $ | i 2,814,914 | $ | i 114,622 | $ | i 3,768 | $ | i 2,933,304 | |||||||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||
| Fixed Index Annuities | Fixed Rate Annuities | Single Premium Immediate Annuities | Total | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Balance, beginning of period | $ | i 2,906,684 | $ | i 151,322 | $ | i 4,198 | $ | i 3,062,204 | |||||||||||||||
| Write-off related to in-force ceded reinsurance | ( i 196,417) | ( i 7,209) | i — | ( i 203,626) | |||||||||||||||||||
| Capitalizations | i 193,989 | i 4,424 | i 663 | i 199,076 | |||||||||||||||||||
| Amortization expense | ( i 254,934) | ( i 28,432) | ( i 645) | ( i 284,011) | |||||||||||||||||||
| Balance, end of period | $ | i 2,649,322 | $ | i 120,105 | $ | i 4,216 | $ | i 2,773,643 | |||||||||||||||
| Nine Months Ended September 30, 2023 | |||||||||||||||||
| Fixed Index Annuities | Fixed Rate Annuities | Total | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Balance, beginning of period | $ | i 2,017,960 | $ | i 27,723 | $ | i 2,045,683 | |||||||||||
| Capitalizations | i 353,220 | i 67 | i 353,287 | ||||||||||||||
| Amortization expense | ( i 139,568) | ( i 2,338) | ( i 141,906) | ||||||||||||||
| Balance, end of period | $ | i 2,231,612 | $ | i 25,452 | $ | i 2,257,064 | |||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||
| Fixed Index Annuities | Fixed Rate Annuities | Total | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Balance, beginning of period | $ | i 2,088,591 | $ | i 31,370 | $ | i 2,119,961 | |||||||||||
| Capitalizations | i 107,684 | i 8 | i 107,692 | ||||||||||||||
| Amortization expense | ( i 178,315) | ( i 3,655) | ( i 181,970) | ||||||||||||||
| Balance, end of period | $ | i 2,017,960 | $ | i 27,723 | $ | i 2,045,683 | |||||||||||
| Present Value of Expected Future Policy Benefits | |||||||||||||||||
| Nine Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Balance, beginning of period | $ | i 318,677 | $ | i 402,305 | |||||||||||||
| Beginning balance at original discount rate | i 342,453 | i 352,708 | |||||||||||||||
| Effect of changes in cash flow assumptions | ( i 4,607) | i 1,277 | |||||||||||||||
| Effect of actual variances from expected experience | ( i 1,692) | ( i 1,941) | |||||||||||||||
| Adjusted beginning of year balance | i 336,154 | i 352,044 | |||||||||||||||
| Issuances | i 6,391 | i 16,072 | |||||||||||||||
| Interest accrual | i 10,357 | i 14,664 | |||||||||||||||
Derecognition
(lapses and benefit payments) | ( i 29,252) | ( i 40,327) | |||||||||||||||
| Ending balance at original discount rate | i 323,650 | i 342,453 | |||||||||||||||
| Effect of changes in discount rate assumptions | ( i 31,316) | ( i 23,776) | |||||||||||||||
| Balance, end of period | $ | i 292,334 | $ | i 318,677 | |||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Liability for future policy benefits | $ | i 292,334 | $ | i 318,677 | |||||||
| Deferred profit liability | i 22,975 | i 19,223 | |||||||||
| i 315,309 | i 337,900 | ||||||||||
| Less: Reinsurance recoverable | ( i 1,997) | ( i 1,259) | |||||||||
| Net liability for future policy benefits, after reinsurance recoverable | $ | i 313,312 | $ | i 336,641 | |||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| SPIA With Life Contingency: | |||||||||||
| Weighted-average liability duration of the liability for future policy benefits (years) | i 6.82 | i 6.78 | |||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| SPIA With Life Contingency: | |||||||||||
| Expected future benefit payments | $ | i 446,831 | $ | i 467,627 | |||||||
| Expected future gross premiums | i — | i — | |||||||||
| Nine
Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Gross Premiums or Assessments | Interest Expense | Gross Premiums or Assessments | Interest Expense | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| SPIA With Life Contingency | $ | i 6,994 | $ | i 10,297 | $ | i 16,994 | $ | i 14,613 | |||||||||||||||||||||||||||
| Total | $ | i 6,994 | $ | i 10,297 | $ | i 16,994 | $ | i 14,613 | |||||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| Interest accretion rate | i 4.25 | % | i 4.25 | % | |||||||
| Current discount rate | i 5.92 | % | i 5.37 | % | |||||||
| Nine
Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Fixed Rate Annuities | Fixed Index Annuities | Fixed Rate Annuities | Fixed Index Annuities | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| MRB Liability | |||||||||||||||||||||||||||||||||||
| Balance, beginning of period | $ | i 37,863 | $ | i 2,187,758 | $ | i 78,411 | $ | i 2,557,378 | |||||||||||||||||||||||||||
| Balance, beginning of period, before effect of changes in the instrument-specific credit risk | i 44,355 | i 2,453,169 | i 77,731 | i 2,310,437 | |||||||||||||||||||||||||||||||
| Issuances | i 32 | i 218,643 | i 376 | i 59,452 | |||||||||||||||||||||||||||||||
| Interest accrual | i 2,294 | i 118,391 | i 1,349 | i 72,551 | |||||||||||||||||||||||||||||||
| Attributed fees collected | i 920 | i 93,757 | i 1,270 | i 125,168 | |||||||||||||||||||||||||||||||
| Benefits payments | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
| Effect of changes in interest rates | ( i 8,338) | ( i 401,074) | ( i 19,421) | ( i 952,265) | |||||||||||||||||||||||||||||||
| Effect of changes in equity markets | i — | ( i 9,167) | i — | i 186,618 | |||||||||||||||||||||||||||||||
| Effect of changes in equity index volatility | i — | ( i 36,721) | i — | i 241,563 | |||||||||||||||||||||||||||||||
| Actual policyholder behavior different from expected behavior | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
| Effect of changes in future expected policyholder behavior | ( i 250) | ( i 948) | i 602 | i 46,567 | |||||||||||||||||||||||||||||||
| Effect of changes in other future expected assumptions | i 16,720 | ( i 219,094) | ( i 17,552) | i 363,078 | |||||||||||||||||||||||||||||||
| Balance, end of period, before effect of changes in the instrument-specific credit | i 55,733 | i 2,216,956 | i 44,355 | i 2,453,169 | |||||||||||||||||||||||||||||||
| Effect of changes in the instrument-specific credit risk | ( i 5,134) | ( i 61,163) | ( i 6,492) | ( i 265,411) | |||||||||||||||||||||||||||||||
| Balance, end of period | i 50,599 | i 2,155,793 | i 37,863 | i 2,187,758 | |||||||||||||||||||||||||||||||
| Reinsured MRB, end of period | i 15,776 | i 562,516 | i 10,656 | i 593,959 | |||||||||||||||||||||||||||||||
| Balance, end of period, net of reinsurance | $ | i 34,823 | $ | i 1,593,277 | $ | i 27,207 | $ | i 1,593,799 | |||||||||||||||||||||||||||
| Net amount at risk (a) | $ | i 265,429 | $ | i 11,673,620 | $ | i 258,826 | $ | i 10,987,198 | |||||||||||||||||||||||||||
| Weighted average attained age of contract holders (years) | i 70 | i 71 | i 69 | i 71 | |||||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||
| Asset | Liability | Net Liability | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Fixed Index Annuities | $ | i 343,923 | $ | i 2,499,716 | $ | i 2,155,793 | |||||||||||
| Fixed Rate Annuities | i 2,592 | i 53,191 | i 50,599 | ||||||||||||||
| Total | $ | i 346,515 | $ | i 2,552,907 | $ | i 2,206,392 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Asset | Liability | Net Liability | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Fixed Index Annuities | $ | i 226,294 | $ | i 2,414,052 | $ | i 2,187,758 | |||||||||||
| Fixed Rate Annuities | i 3,577 | i 41,440 | i 37,863 | ||||||||||||||
| Total | $ | i 229,871 | $ | i 2,455,492 | $ | i 2,225,621 | |||||||||||
| Nine
Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Fixed Rate Annuities | Fixed Index Annuities | Fixed Rate Annuities | Fixed Index Annuities | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Ceded MRB | |||||||||||||||||||||||||||||||||||
| Balance, beginning of period | $ | i 10,656 | $ | i 593,959 | $ | i — | $ | i 156,931 | |||||||||||||||||||||||||||
| Write-off related to in-force ceded reinsurance | i — | i — | i 10,091 | i 334,835 | |||||||||||||||||||||||||||||||
| Issuances | i — | i 146,498 | i — | i 36,036 | |||||||||||||||||||||||||||||||
| Interest accrual | i 536 | i 24,861 | i 104 | i 7,598 | |||||||||||||||||||||||||||||||
| Attributed fees collected | i 41 | i 22,440 | i 28 | i 23,745 | |||||||||||||||||||||||||||||||
| Benefits payments | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
| Effect of changes in interest rates | ( i 1,129) | ( i 74,994) | i 135 | ( i 171,948) | |||||||||||||||||||||||||||||||
| Effect of changes in equity markets | i — | ( i 2,167) | i 118 | i 43,799 | |||||||||||||||||||||||||||||||
| Effect of changes in equity index volatility | i — | ( i 8,485) | i — | i 34,278 | |||||||||||||||||||||||||||||||
| Actual policyholder behavior different from expected behavior | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
| Effect of changes in future expected policyholder behavior | i 58 | i 5,098 | i 180 | i 12,598 | |||||||||||||||||||||||||||||||
| Effect of changes in other future expected assumptions | i 5,614 | ( i 144,694) | i — | i 116,087 | |||||||||||||||||||||||||||||||
| Balance, end of period | $ | i 15,776 | $ | i 562,516 | $ | i 10,656 | $ | i 593,959 | |||||||||||||||||||||||||||
| Net amount at risk (a) | $ | i 74,611 | $ | i 2,828,270 | $ | i 72,350 | $ | i 2,402,964 | |||||||||||||||||||||||||||
| Weighted average attained age of contract holders (years) | i 70 | i 70 | i 70 | i 71 | |||||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||
| Asset | Liability | Net Asset | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Fixed Index Annuities | $ | i 695,387 | $ | i 132,871 | $ | i 562,516 | |||||||||||
| Fixed Rate Annuities | i 16,026 | i 250 | i 15,776 | ||||||||||||||
| Total | $ | i 711,413 | $ | i 133,121 | $ | i 578,292 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Asset | Liability | Net Asset | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Fixed Index Annuities | $ | i 629,611 | $ | i 35,652 | $ | i 593,959 | |||||||||||
| Fixed Rate Annuities | i 11,070 | i 414 | i 10,656 | ||||||||||||||
| Total | $ | i 640,681 | $ | i 36,066 | $ | i 604,615 | |||||||||||
| September 30, 2023 | |||||||||||||||||||||||||||||
| Fair Value | Valuation Technique | Significant Inputs and Assumptions | Range | Weighted Average | |||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Market risk benefits | $ | i 2,206,392 | Discounted cash flow | Utilization (a) | i 0.04% - i 47.37% | i 5.62% | |||||||||||||||||||||||
| Ceded market risk benefits | i 578,292 | Option budget (b) | i 1.85%
- i 2.75% | i 2.29% | |||||||||||||||||||||||||
| Risk-free interest rate (c) | i 3.63% - i 5.44% | i 4.05% | |||||||||||||||||||||||||||
| Nonperformance risk (d) | i 0.66% - i 3.00% | i 2.21% | |||||||||||||||||||||||||||
Mortality
(e) | i 0.01% - i 46.00% | i 3.73% | |||||||||||||||||||||||||||
Lapse
(f) | i 0.25% - i 40.00% | i 3.69% | |||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Fair Value | Valuation Technique | Significant Inputs and Assumptions | Range | Weighted Average | |||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| Market risk benefits | $ | i 2,225,621 | Discounted cash flow | Utilization (a) | i 0.04% - i 78.75% | i 4.24% | |||||||||||||||||||||||
| Ceded market risk benefits | i 604,615 | Option budget (b) | i 1.65%
- i 2.50% | i 2.31% | |||||||||||||||||||||||||
| Risk-free interest rate (c) | i 2.51% - i 4.90% | i 3.31% | |||||||||||||||||||||||||||
| Nonperformance risk (d) | i 0.06% - i 3.27% | i 2.59% | |||||||||||||||||||||||||||
Mortality
(e) | i 0.01%- i 44.00% | i 3.44% | |||||||||||||||||||||||||||
Lapse
(f) | i 0.25%- i 40.00% | i 3.65% | |||||||||||||||||||||||||||
| Nine
Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Fixed Rate Annuities | Fixed Index Annuities | Fixed Rate Annuities | Fixed Index Annuities | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Balance, beginning of period | $ | i 6,589,577 | $ | i 53,826,234 | $ | i 6,860,060 | $ | i 55,003,305 | |||||||||||||||||||||||||||
| Issuances | i 569,851 | i 5,276,791 | i 159,570 | i 3,001,738 | |||||||||||||||||||||||||||||||
| Premiums received | i 11,871 | i 112,087 | i 4,811 | i 170,493 | |||||||||||||||||||||||||||||||
| Policy charges | ( i 3,506) | ( i 188,503) | ( i 6,587) | ( i 272,604) | |||||||||||||||||||||||||||||||
| Surrenders and withdrawals | ( i 713,181) | ( i 4,120,220) | ( i 574,590) | ( i 3,945,504) | |||||||||||||||||||||||||||||||
| Benefit payments | ( i 9,782) | ( i 610,452) | ( i 11,328) | ( i 727,847) | |||||||||||||||||||||||||||||||
| Interest credited | i 123,713 | i 708,194 | i 151,762 | i 599,259 | |||||||||||||||||||||||||||||||
| Other | ( i 18,730) | ( i 2,790) | i 5,879 | ( i 2,606) | |||||||||||||||||||||||||||||||
| Balance, end of period | $ | i 6,549,813 | $ | i 55,001,341 | $ | i 6,589,577 | $ | i 53,826,234 | |||||||||||||||||||||||||||
| Weighted-average crediting rate | i 2.53 | % | i 1.75 | % | i 2.28 | % | i 1.11 | % | |||||||||||||||||||||||||||
| Net amount at risk (a) | $ | i 265,429 | $ | i 11,673,620 | $ | i 258,826 | $ | i 10,987,198 | |||||||||||||||||||||||||||
| Cash surrender value | $ | i 6,169,436 | $ | i 50,607,640 | $ | i 6,208,597 | $ | i 49,551,657 | |||||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Fixed index annuities policyholder account balances | $ | i 55,001,341 | $ | i 53,826,234 | |||||||
| Fixed rate annuities policyholder account balances | i 6,549,813 | i 6,589,577 | |||||||||
| Embedded derivative adjustment (b) | ( i 1,684,963) | ( i 1,996,640) | |||||||||
| Liability for future policy benefits | i 292,334 | i 318,677 | |||||||||
| Deferred profit liability | i 22,975 | i 19,223 | |||||||||
| Other | i 44,594 | i 24,765 | |||||||||
| Total | $ | i 60,226,094 | $ | i 58,781,836 | |||||||
| September 30, 2023 | |||||||||||||||||||||||||||||||||||
| Range of guaranteed minimum crediting rate | At guaranteed minimum | 1 to 50 | 51 to 150 | Greater than 150 basis points above | Total | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Fixed Index Annuities | i 0.00%
- i 0.50% | $ | i — | $ | i 833,693 | $ | i 466,501 | $ | i 840,895 | $ | i 2,141,089 | ||||||||||||||||||||||||
i 0.50%
- i 1.00% | i 2,379,142 | i 1,060,459 | i 2,105,601 | i 127,464 | i 5,672,666 | ||||||||||||||||||||||||||||||
i 1.00%
- i 1.50% | i 45,031 | i 9,083 | i — | i — | i 54,114 | ||||||||||||||||||||||||||||||
i 1.50%
- i 2.00% | i 50 | i — | i — | i — | i 50 | ||||||||||||||||||||||||||||||
i 2.00%
- i 2.50% | i 126,181 | i 78,511 | i 8 | i — | i 204,700 | ||||||||||||||||||||||||||||||
i 2.50%
- i 3.00% | i 817,671 | i — | i — | i — | i 817,671 | ||||||||||||||||||||||||||||||
Greater
than i 3.00% | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||
| Allocated to index strategies | i 46,111,051 | ||||||||||||||||||||||||||||||||||
| Total | $ | i 3,368,075 | $ | i 1,981,746 | $ | i 2,572,110 | $ | i 968,359 | $ | i 55,001,341 | |||||||||||||||||||||||||
| Fixed Rate Annuities | i 0.00% - i 0.50% | $ | i 52 | $ | i — | $ | i — | $ | i — | $ | i 52 | ||||||||||||||||||||||||
i 0.50%
- i 1.00% | i 53,147 | i 178,358 | i 3,833,822 | i 985,499 | i 5,050,826 | ||||||||||||||||||||||||||||||
i 1.00%
- i 1.50% | i 442,739 | i 235 | i — | i — | i 442,974 | ||||||||||||||||||||||||||||||
i 1.50%
- i 2.00% | i 359,167 | i 32,400 | i 226,713 | i 215 | i 618,495 | ||||||||||||||||||||||||||||||
i 2.00%
- i 2.50% | i 17,870 | i 23 | i — | i — | i 17,893 | ||||||||||||||||||||||||||||||
i 2.50%
- i 3.00% | i 365,385 | i 6,956 | i — | i — | i 372,341 | ||||||||||||||||||||||||||||||
Greater
than i 3.00% | i 47,232 | i — | i — | i — | i 47,232 | ||||||||||||||||||||||||||||||
| Total | $ | i 1,285,592 | $ | i 217,972 | $ | i 4,060,535 | $ | i 985,714 | $ | i 6,549,813 | |||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Range of guaranteed minimum crediting rate | At guaranteed minimum | 1 to 50 | 51 to 150 | Greater than 150 basis points above | Total | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Fixed Index Annuities | i 0.00%
- i 0.50% | $ | i — | $ | i 462,356 | $ | i 407,426 | $ | i 314,929 | $ | i 1,184,711 | ||||||||||||||||||||||||
i 0.50%
- i 1.00% | i 2,421,795 | i 1,098,332 | i 2,258,992 | i 77,901 | i 5,857,020 | ||||||||||||||||||||||||||||||
i 1.00%
- i 1.50% | i 51,586 | i 9,391 | i — | i — | i 60,977 | ||||||||||||||||||||||||||||||
i 1.50%
- i 2.00% | i 57 | i — | i — | i — | i 57 | ||||||||||||||||||||||||||||||
i 2.00%
- i 2.50% | i 133,059 | i 100,205 | i 8 | i — | i 233,272 | ||||||||||||||||||||||||||||||
i 2.50%
- i 3.00% | i 939,684 | i — | i — | i — | i 939,684 | ||||||||||||||||||||||||||||||
Greater
than i 3.00% | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||
| Allocated to index strategies | i 45,550,513 | ||||||||||||||||||||||||||||||||||
| Total | $ | i 3,546,181 | $ | i 1,670,284 | $ | i 2,666,426 | $ | i 392,830 | $ | i 53,826,234 | |||||||||||||||||||||||||
| Fixed Rate Annuities | i 0.00% - i 0.50% | $ | i 61 | $ | i — | $ | i — | $ | i — | $ | i 61 | ||||||||||||||||||||||||
i 0.50%
- i 1.00% | i 55,458 | i 203,523 | i 4,000,203 | i 701,836 | i 4,961,020 | ||||||||||||||||||||||||||||||
i 1.00%
- i 1.50% | i 454,728 | i 231 | i — | i — | i 454,959 | ||||||||||||||||||||||||||||||
i 1.50%
- i 2.00% | i 281,694 | i 96,767 | i 277,053 | i 189 | i 655,703 | ||||||||||||||||||||||||||||||
i 2.00%
- i 2.50% | i 21,887 | i 22 | i — | i — | i 21,909 | ||||||||||||||||||||||||||||||
i 2.50%
- i 3.00% | i 434,042 | i 7,417 | i — | i — | i 441,459 | ||||||||||||||||||||||||||||||
Greater
than i 3.00% | i 54,466 | i — | i — | i — | i 54,466 | ||||||||||||||||||||||||||||||
| Total | $ | i 1,302,336 | $ | i 307,960 | $ | i 4,277,256 | $ | i 702,025 | $ | i 6,589,577 | |||||||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||
| (Dollars in thousands) | |||||||||||
| Senior notes due 2027 | |||||||||||
| Principal | $ | i 500,000 | $ | i 500,000 | |||||||
| Unamortized debt issue costs | ( i 2,507) | ( i 2,960) | |||||||||
| Unamortized discount | ( i 151) | ( i 178) | |||||||||
| Term loan due 2027 | |||||||||||
| Principal | i 300,000 | i 300,000 | |||||||||
| Principal paydown | ( i 9,375) | ( i 3,750) | |||||||||
| Unamortized debt issue costs | ( i 869) | ( i 1,039) | |||||||||
| $ | i 787,098 | $ | i 792,073 | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net income available to common stockholders - numerator for earnings per common share | $ | i 465,238 | $ | i 433,971 | $ | i 642,769 | $ | i 1,854,891 | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted average common shares outstanding | i 78,033,828 | i 87,707,426 | i 79,719,497 | i 92,338,919 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Stock options and deferred compensation agreements | i 702,387 | i 452,321 | i 599,809 | i 517,490 | |||||||||||||||||||
| Restricted stock and restricted stock units | i 1,215,929 | i 421,391 | i 871,466 | i 413,106 | |||||||||||||||||||
| Denominator for earnings per common share - assuming dilution | i 79,952,144 | i 88,581,138 | i 81,190,772 | i 93,269,515 | |||||||||||||||||||
| Earnings per common share | $ | i 5.96 | $ | i 4.95 | $ | i 8.06 | $ | i 20.09 | |||||||||||||||
| Earnings per common share - assuming dilution | $ | i 5.82 | $ | i 4.90 | $ | i 7.92 | $ | i 19.89 | |||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Average yield on invested assets | 4.69% | 4.48% | 4.52% | 4.33% | |||||||||||||||||||
| Aggregate cost of money | 1.96% | 1.75% | 1.87% | 1.69% | |||||||||||||||||||
| Aggregate investment spread | 2.73% | 2.73% | 2.65% | 2.64% | |||||||||||||||||||
| Impact of: | |||||||||||||||||||||||
| Investment yield - additional prepayment income | —% | 0.03% | 0.01% | 0.04% | |||||||||||||||||||
| Cost of money benefit from over hedging | 0.05% | —% | 0.03% | 0.02% | |||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| American Equity Investment Life Insurance Company: | |||||||||||||||||||||||
| Fixed index annuities | $ | 1,715,362 | $ | 627,444 | $ | 3,922,839 | $ | 2,055,120 | |||||||||||||||
| Annual reset fixed rate annuities | 250 | 1,271 | 1,777 | 3,473 | |||||||||||||||||||
| Multi-year fixed rate annuities | 13,127 | 4,465 | 206,193 | 7,295 | |||||||||||||||||||
| Single premium immediate annuities | 210 | 1,915 | 915 | 18,441 | |||||||||||||||||||
| 1,728,949 | 635,095 | 4,131,724 | 2,084,329 | ||||||||||||||||||||
| Eagle Life Insurance Company: | |||||||||||||||||||||||
| Fixed index annuities | 498,431 | 102,379 | 1,133,303 | 333,507 | |||||||||||||||||||
| Annual reset fixed rate annuities | — | 143 | 3,039 | 150 | |||||||||||||||||||
| Multi-year fixed rate annuities | 10,616 | 14,684 | 341,777 | 17,147 | |||||||||||||||||||
| 509,047 | 117,206 | 1,478,119 | 350,804 | ||||||||||||||||||||
| Consolidated: | |||||||||||||||||||||||
| Fixed index annuities | 2,213,793 | 729,823 | 5,056,142 | 2,388,627 | |||||||||||||||||||
| Annual reset fixed rate annuities | 250 | 1,414 | 4,816 | 3,623 | |||||||||||||||||||
| Multi-year fixed rate annuities | 23,743 | 19,149 | 547,970 | 24,442 | |||||||||||||||||||
| Single premium immediate annuities | 210 | 1,915 | 915 | 18,441 | |||||||||||||||||||
| Total before coinsurance ceded | 2,237,996 | 752,301 | 5,609,843 | 2,435,133 | |||||||||||||||||||
| Coinsurance ceded | 871,661 | 253,446 | 2,335,186 | 682,461 | |||||||||||||||||||
| Net after coinsurance ceded | $ | 1,366,335 | $ | 498,855 | $ | 3,274,657 | $ | 1,752,672 | |||||||||||||||
Three and Nine Months Ended | |||||||||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Increase (decrease) in market risk benefit (gain) loss | $ | (63,294) | $ | 229,439 | |||||||||||||||||||
Increase (decrease) in policy benefit reserves (1) | (2,296) | 3,051 | |||||||||||||||||||||
Increase
(decrease) in change in fair value of embedded derivatives | 84,381 | (94,770) | |||||||||||||||||||||
| Effect on net income available to common stockholders | (14,750) | (106,905) | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
Reconciliation from net income available to common stockholders to non-GAAP operating income (loss) available to common stockholders: | |||||||||||||||||||||||
| Net income available to American Equity Investment Life Holding Company common stockholders | $ | 465,238 | $ | 433,971 | $ | 642,769 | $ | 1,854,891 | |||||||||||||||
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: | |||||||||||||||||||||||
| Net realized losses on financial assets, including credit losses | 46,771 | 16,945 | 93,892 | 67,724 | |||||||||||||||||||
| Change in fair value of derivatives and embedded derivatives | (115,747) | (400,952) | (34,361) | (1,718,972) | |||||||||||||||||||
| Capital markets impact on the change in fair value of market risk benefits | (290,558) | (179,509) | (338,308) | (395,926) | |||||||||||||||||||
| Net investment income | (1,746) | — | 372 | — | |||||||||||||||||||
| Other revenue | 5,969 | — | 17,907 | — | |||||||||||||||||||
| Expenses incurred related to acquisition | 9,714 | — | 9,714 | — | |||||||||||||||||||
| Income taxes | 75,879 | 120,802 | 55,487 | 441,836 | |||||||||||||||||||
Non-GAAP operating income (loss) available to common stockholders | $ | 195,520 | $ | (8,743) | $ | 447,472 | $ | 249,553 | |||||||||||||||
Three and Nine Months Ended | |||||||||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
Increase (decrease) in market risk benefit (gain) loss | $ | (32,822) | $ | 230,832 | |||||||||||||||||||
| Increase (decrease) in policy benefit reserves (1) | (2,296) | 3,051 | |||||||||||||||||||||
Effect
on non-GAAP operating income (loss) available to common stockholders | 27,568 | (181,890) | |||||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Surrender charges | $ | 45,550 | $ | 19,783 | $ | 105,869 | $ | 50,669 | |||||||||||||||
| Lifetime income benefit riders (LIBR) fees | 38,766 | 41,036 | 112,680 | 118,019 | |||||||||||||||||||
| $ | 84,316 | $ | 60,819 | $ | 218,549 | $ | 168,688 | ||||||||||||||||
| Withdrawals from annuity policies subject to surrender charges | $ | 677,964 | $ | 328,503 | $ | 1,738,847 | $ | 785,956 | |||||||||||||||
| Average surrender charge collected on withdrawals subject to surrender charges | 6.7 | % | 6.0 | % | 6.1 | % | 6.4 | % | |||||||||||||||
| Fund values on policies subject to LIBR fees | $ | 4,101,172 | $ | 5,061,814 | $ | 12,749,783 | $ | 14,820,475 | |||||||||||||||
| Weighted average per policy LIBR fee | 0.95 | % | 0.81 | % | 0.88 | % | 0.80 | % | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Call options: | |||||||||||||||||||||||
Proceeds received at option expiration | $ | 126,750 | $ | 4,865 | $ | 199,800 | $ | 308,072 | |||||||||||||||
Pro
rata amortization of option cost | (175,603) | (167,197) | (496,866) | (492,669) | |||||||||||||||||||
Change in unrealized gains/losses | (334,173) | 24 | 192,367 | (957,924) | |||||||||||||||||||
| Warrants | — | 83 | 1,206 | 262 | |||||||||||||||||||
| Interest rate swaps | — | (14,446) | 9,096 | (18,112) | |||||||||||||||||||
| $ | (383,026) | $ | (176,671) | $ | (94,397) | $ | (1,160,371) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| S&P 500 Index | |||||||||||||||||||||||
| Point-to-point strategy | 0.0% - 9.9% | 0.0% - 0.0% | 0.0% - 10.1% | 0.0% - 12.5% | |||||||||||||||||||
| Monthly average strategy | 0.0% - 8.5% | 0.0% - 1.8% | 0.0% - 8.5% | 0.0% - 8.6% | |||||||||||||||||||
| Monthly point-to-point strategy | 0.0% - 7.7% | 0.0% - 0.0% | 0.0% - 7.7% | 0.0% - 12.9% | |||||||||||||||||||
| Volatility control index point-to-point strategy | 0.0% - 5.6% | 0.0% - 0.0% | 0.0% - 5.6% | 0.0% - 7.3% | |||||||||||||||||||
| Fixed income (bond index) strategies | 0.0% - 5.9% | 0.0% - 6.0% | 0.0% - 6.0% | 0.0% - 6.5% | |||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Asset liability management fees | $ | 5,426 | $ | 3,298 | $ | 16,448 | $ | 9,224 | |||||||||||||||
| Amortization of deferred gain | 15,337 | 7,690 | 37,445 | 19,989 | |||||||||||||||||||
| $ | 20,763 | $ | 10,988 | $ | 53,893 | $ | 29,213 | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Index credits on index policies | $ | 120,894 | $ | 4,648 | $ | 189,934 | $ | 301,431 | |||||||||||||||
| Interest credited (including changes in minimum guaranteed interest for fixed index annuities) | 72,792 | 64,334 | 184,050 | 195,814 | |||||||||||||||||||
| $ | 193,686 | $ | 68,982 | $ | 373,984 | $ | 497,245 | ||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Fixed index annuities - embedded derivatives | $ | (323,080) | $ | (299,144) | $ | 250,494 | $ | (2,176,911) | |||||||||||||||
| Reinsurance related embedded derivative | (128,726) | (116,230) | (84,096) | (518,096) | |||||||||||||||||||
| $ | (451,806) | $ | (415,374) | $ | 166,398 | $ | (2,695,007) | ||||||||||||||||
| Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Salary and benefits | $ | 54,384 | $ | 46,185 | $ | 156,023 | $ | 115,432 | |||||||||||||||
| Other | 22,246 | 13,285 | 70,308 | 61,705 | |||||||||||||||||||
| Total other operating costs and expenses | $ | 76,630 | $ | 59,470 | $ | 226,331 | $ | 177,137 | |||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Carrying Amount | Percent | Carrying Amount | Percent | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Fixed maturity securities: | |||||||||||||||||||||||
| U.S. Government and agencies | $ | 162,885 | 0.4 | % | $ | 169,071 | 0.4 | % | |||||||||||||||
| States, municipalities and territories | 2,564,632 | 6.6 | % | 3,822,943 | 8.5 | % | |||||||||||||||||
| Foreign corporate securities and foreign governments | 376,549 | 1.0 | % | 616,938 | 1.4 | % | |||||||||||||||||
| Corporate securities | 15,327,047 | 39.2 | % | 20,201,774 | 44.8 | % | |||||||||||||||||
| Residential mortgage backed securities | 1,179,159 | 3.0 | % | 1,366,927 | 3.0 | % | |||||||||||||||||
| Commercial mortgage backed securities | 2,666,615 | 6.8 | % | 3,447,075 | 7.6 | % | |||||||||||||||||
| Other asset backed securities | 4,544,208 | 11.6 | % | 5,155,254 | 11.4 | % | |||||||||||||||||
| Total fixed maturity securities | 26,821,095 | 68.6 | % | 34,779,982 | 77.1 | % | |||||||||||||||||
| Mortgage loans on real estate | 7,253,036 | 18.6 | % | 6,778,977 | 15.0 | % | |||||||||||||||||
| Real estate investments | 1,302,185 | 3.3 | % | 1,056,063 | 2.3 | % | |||||||||||||||||
| Limited partnerships and limited liability companies | 1,763,551 | 4.5 | % | 1,266,779 | 2.8 | % | |||||||||||||||||
| Derivative instruments | 733,784 | 1.9 | % | 431,727 | 1.0 | % | |||||||||||||||||
| Other investments | 1,207,672 | 3.1 | % | 829,900 | 1.8 | % | |||||||||||||||||
| 39,081,323 | 100.0 | % | 45,143,428 | 100.0 | % | ||||||||||||||||||
| Coinsurance investments (1) | 5,505,784 | 6,181,870 | |||||||||||||||||||||
| $ | 44,587,107 | $ | 51,325,298 | ||||||||||||||||||||
| September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Rating Agency Rating (2) | Amortized Cost | Carrying Amount | Percent of Fixed Maturity Securities | Amortized Cost | Carrying Amount | Percent of Fixed Maturity Securities | |||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| Aaa/Aa/A | $ | 19,135,971 | $ | 15,898,906 | 59.4 | % | $ | 24,462,459 | $ | 21,723,282 | 62.5 | % | |||||||||||||||||||||||
| Baa | 12,120,183 | 10,243,694 | 38.3 | % | 14,228,490 | 12,434,302 | 35.7 | % | |||||||||||||||||||||||||||
| Total investment grade | 31,256,154 | 26,142,600 | 97.7 | % | 38,690,949 | 34,157,584 | 98.2 | % | |||||||||||||||||||||||||||
| Ba | 465,323 | 408,223 | 1.6 | % | 554,605 | 485,166 | 1.4 | % | |||||||||||||||||||||||||||
| B | 134,646 | 113,734 | 0.4 | % | 94,185 | 79,058 | 0.2 | % | |||||||||||||||||||||||||||
| Caa | 72,400 | 55,761 | 0.2 | % | 20,020 | 18,540 | 0.1 | % | |||||||||||||||||||||||||||
| Ca and lower | 34,103 | 30,489 | 0.1 | % | 40,664 | 39,634 | 0.1 | % | |||||||||||||||||||||||||||
| Total below investment grade | 706,472 | 608,207 | 2.3 | % | 709,474 | 622,398 | 1.8 | % | |||||||||||||||||||||||||||
| 31,962,626 | 26,750,807 | 100.0 | % | 39,400,423 | 34,779,982 | 100.0 | % | ||||||||||||||||||||||||||||
| Coinsurance investments (1) | 5,792,530 | 5,263,837 | 5,465,596 | 5,024,635 | |||||||||||||||||||||||||||||||
| $ | 37,755,156 | $ | 32,014,644 | $ | 44,866,019 | $ | 39,804,617 | ||||||||||||||||||||||||||||
| NAIC Designation | NRSRO Equivalent Rating | |||||||
| 1 | Aaa/Aa/A | |||||||
| 2 | Baa | |||||||
| 3 | Ba | |||||||
| 4 | B | |||||||
| 5 | Caa | |||||||
| 6 | Ca and lower | |||||||
| September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation (2) | Amortized Cost | Fair Value | Carrying Amount | Percent of Total Carrying Amount | Amortized Cost | Fair Value | Carrying
Amount | Percent of Total Carrying Amount | ||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ | 19,327,495 | $ | 16,056,424 | $ | 16,056,424 | 60.0 | % | $ | 24,466,961 | $ | 21,752,775 | $ | 21,752,775 | 62.5 | % | ||||||||||||||||||||||||||||||||||
| 2 | 11,960,953 | 10,118,937 | 10,118,937 | 37.8 | % | 14,185,506 | 12,398,001 | 12,398,001 | 35.6 | % | ||||||||||||||||||||||||||||||||||||||||
| 3 | 486,580 | 424,137 | 424,137 | 1.6 | % | 562,190 | 490,198 | 490,198 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||
| 4 | 116,264 | 98,929 | 98,929 | 0.4 | % | 109,409 | 91,495 | 91,495 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||
| 5 | 61,334 | 45,253 | 45,253 | 0.2 | % | 61,721 | 36,738 | 36,738 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||
| 6 | 10,000 | 7,127 | 7,127 | — | % | 14,636 | 10,775 | 10,775 | — | % | ||||||||||||||||||||||||||||||||||||||||
| 31,962,626 | 26,750,807 | 26,750,807 | 100.0 | % | 39,400,423 | 34,779,982 | 34,779,982 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Coinsurance investments (1) | 5,792,530 | 5,263,837 | 5,263,837 | 5,465,596 | 5,024,635 | 5,024,635 | ||||||||||||||||||||||||||||||||||||||||||||
| $ | 37,755,156 | $ | 32,014,644 | $ | 32,014,644 | $ | 44,866,019 | $ | 39,804,617 | $ | 39,804,617 | |||||||||||||||||||||||||||||||||||||||
| Number of Securities | Amortized Cost | Unrealized Losses, Net of Allowance | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | 30 | $ | 172,247 | $ | (9,772) | $ | — | $ | 162,475 | ||||||||||||||||||||
| States, municipalities and territories | 508 | 3,036,450 | (638,448) | — | 2,398,002 | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | 35 | 471,253 | (94,704) | — | 376,549 | ||||||||||||||||||||||||
| Corporate securities | 1,739 | 17,862,145 | (3,606,263) | (2,911) | 14,252,971 | ||||||||||||||||||||||||
| Residential mortgage backed securities | 239 | 1,265,793 | (161,209) | (97) | 1,104,487 | ||||||||||||||||||||||||
| Commercial mortgage backed securities | 294 | 3,145,221 | (490,680) | — | 2,654,541 | ||||||||||||||||||||||||
| Other asset backed securities | 485 | 4,481,384 | (233,326) | (610) | 4,247,448 | ||||||||||||||||||||||||
| 3,330 | 30,434,493 | (5,234,402) | (3,618) | 25,196,473 | |||||||||||||||||||||||||
| Coinsurance investments (1) | 729 | 4,206,918 | (568,495) | — | 3,638,423 | ||||||||||||||||||||||||
| 4,059 | $ | 34,641,411 | $ | (5,802,897) | $ | (3,618) | $ | 28,834,896 | |||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||||||||
| U.S. Government and agencies | 27 | $ | 165,746 | $ | (4,637) | $ | — | $ | 161,109 | ||||||||||||||||||||
| States, municipalities and territories | 514 | 3,265,080 | (574,814) | — | 2,690,266 | ||||||||||||||||||||||||
| Foreign corporate securities and foreign governments | 43 | 590,944 | (74,151) | — | 516,793 | ||||||||||||||||||||||||
| Corporate securities | 2,103 | 21,393,656 | (3,224,609) | (3,214) | 18,165,833 | ||||||||||||||||||||||||
| Residential mortgage backed securities | 219 | 1,235,672 | (126,368) | (133) | 1,109,171 | ||||||||||||||||||||||||
| Commercial mortgage backed securities | 339 | 3,750,331 | (391,966) | — | 3,358,365 | ||||||||||||||||||||||||
| Other asset backed securities | 567 | 4,579,149 | (382,563) | — | 4,196,586 | ||||||||||||||||||||||||
| 3,812 | 34,980,578 | (4,779,108) | (3,347) | 30,198,123 | |||||||||||||||||||||||||
| Coinsurance investments (1) | 698 | 3,085,834 | (504,739) | — | 2,581,095 | ||||||||||||||||||||||||
| 4,510 | $ | 38,066,412 | $ | (5,283,847) | $ | (3,347) | $ | 32,779,218 | |||||||||||||||||||||
| NAIC Designation | Carrying Value of Securities with Gross Unrealized Losses | Percent
of Total | Gross Unrealized Losses (1) | Percent of Total | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| September 30, 2023 | ||||||||||||||||||||||||||
| 1 | $ | 15,465,783 | 61.3 | % | $ | (3,286,966) | 62.8 | % | ||||||||||||||||||
| 2 | 9,168,516 | 36.4 | % | (1,850,926) | 35.4 | % | ||||||||||||||||||||
| 3 | 421,471 | 1.7 | % | (61,873) | 1.2 | % | ||||||||||||||||||||
| 4 | 93,679 | 0.4 | % | (17,335) | 0.3 | % | ||||||||||||||||||||
| 5 | 45,253 | 0.2 | % | (16,081) | 0.3 | % | ||||||||||||||||||||
| 6 | 1,771 | — | % | (1,221) | — | % | ||||||||||||||||||||
| 25,196,473 | 100.0 | % | (5,234,402) | 100.0 | % | |||||||||||||||||||||
| Coinsurance investments (2) | 3,638,423 | (568,495) | ||||||||||||||||||||||||
| $ | 28,834,896 | $ | (5,802,897) | |||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||
| 1 | $ | 18,396,691 | 60.9 | % | $ | (2,836,027) | 59.4 | % | ||||||||||||||||||
| 2 | 11,207,008 | 37.1 | % | (1,825,520) | 38.2 | % | ||||||||||||||||||||
| 3 | 465,867 | 1.6 | % | (72,976) | 1.5 | % | ||||||||||||||||||||
| 4 | 89,686 | 0.3 | % | (17,922) | 0.4 | % | ||||||||||||||||||||
| 5 | 29,075 | 0.1 | % | (25,037) | 0.5 | % | ||||||||||||||||||||
| 6 | 9,796 | — | % | (1,626) | — | % | ||||||||||||||||||||
| 30,198,123 | 100.0 | % | (4,779,108) | 100.0 | % | |||||||||||||||||||||
| Coinsurance investments (2) | 2,581,095 | (504,739) | ||||||||||||||||||||||||
| $ | 32,779,218 | $ | (5,283,847) | |||||||||||||||||||||||
| Number
of Securities | Amortized Cost, Net of Allowance (1) | Fair Value | Gross Unrealized Losses, Net of Allowance (1) | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||
| Investment grade: | |||||||||||||||||||||||
| Less than six months | 357 | $ | 2,773,912 | $ | 2,613,436 | $ | (160,476) | ||||||||||||||||
| Six months or more and less than twelve months | 106 | 565,828 | 513,514 | (52,314) | |||||||||||||||||||
| Twelve months or greater | 2,783 | 26,432,451 | 21,507,349 | (4,925,102) | |||||||||||||||||||
| Total investment grade | 3,246 | 29,772,191 | 24,634,299 | (5,137,892) | |||||||||||||||||||
| Below investment grade: | |||||||||||||||||||||||
| Less than six months | 5 | 24,499 | 21,213 | (3,286) | |||||||||||||||||||
| Six months or more and less than twelve months | 7 | 33,612 | 25,488 | (8,124) | |||||||||||||||||||
| Twelve months or greater | 72 | 600,573 | 515,473 | (85,100) | |||||||||||||||||||
| Total below investment grade | 84 | 658,684 | 562,174 | (96,510) | |||||||||||||||||||
| 3,330 | 30,430,875 | 25,196,473 | (5,234,402) | ||||||||||||||||||||
| Coinsurance investments (2) | 729 | 4,206,918 | 3,638,423 | (568,495) | |||||||||||||||||||
| 4,059 | $ | 34,637,793 | $ | 28,834,896 | $ | (5,802,897) | |||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Fixed maturity securities, available for sale: | |||||||||||||||||||||||
| Investment grade: | |||||||||||||||||||||||
| Less than six months | 984 | $ | 6,296,895 | $ | 5,968,793 | $ | (328,102) | ||||||||||||||||
| Six months or more and less than twelve months | 2,308 | 24,207,057 | 20,481,666 | (3,725,391) | |||||||||||||||||||
| Twelve months or greater | 427 | 3,761,294 | 3,153,240 | (608,054) | |||||||||||||||||||
| Total investment grade | 3,719 | 34,265,246 | 29,603,699 | (4,661,547) | |||||||||||||||||||
| Below investment grade: | |||||||||||||||||||||||
| Less than six months | 12 | 51,711 | 47,494 | (4,217) | |||||||||||||||||||
| Six months or more and less than twelve months | 34 | 319,964 | 265,726 | (54,238) | |||||||||||||||||||
| Twelve months or greater | 47 | 340,310 | 281,204 | (59,106) | |||||||||||||||||||
| Total below investment grade | 93 | 711,985 | 594,424 | (117,561) | |||||||||||||||||||
| 3,812 | 34,977,231 | 30,198,123 | (4,779,108) | ||||||||||||||||||||
| Coinsurance investments (2) | 698 | 3,085,834 | 2,581,095 | (504,739) | |||||||||||||||||||
| 4,510 | $ | 38,063,065 | $ | 32,779,218 | $ | (5,283,847) | |||||||||||||||||
| Number of Securities | Amortized Cost, Net of Allowance (1) | Fair Value | Gross Unrealized Losses, Net of Allowance (1) | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| September 30, 2023 | |||||||||||||||||||||||
| Investment grade: | |||||||||||||||||||||||
| Less than six months | 544 | $ | 6,098,139 | $ | 4,641,652 | $ | (1,456,487) | ||||||||||||||||
| Six months or more and less than twelve months | 62 | 783,080 | 569,872 | (213,208) | |||||||||||||||||||
| Twelve months or greater | 335 | 4,927,580 | 3,233,004 | (1,694,576) | |||||||||||||||||||
| Total investment grade | 941 | 11,808,799 | 8,444,528 | (3,364,271) | |||||||||||||||||||
| Below investment grade: | |||||||||||||||||||||||
| Less than six months | 7 | 49,742 | 35,905 | (13,837) | |||||||||||||||||||
| Six months or more and less than twelve months | 2 | 8,114 | 4,879 | (3,235) | |||||||||||||||||||
| Twelve months or greater | 6 | 82,428 | 59,608 | (22,820) | |||||||||||||||||||
| Total below investment grade | 15 | 140,284 | 100,392 | (39,892) | |||||||||||||||||||
| 956 | 11,949,083 | 8,544,920 | (3,404,163) | ||||||||||||||||||||
| Coinsurance investments (2) | 389 | 1,332,514 | 885,371 | (447,143) | |||||||||||||||||||
| 1,345 | $ | 13,281,597 | $ | 9,430,291 | $ | (3,851,306) | |||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Investment grade: | |||||||||||||||||||||||
| Less than six months | 333 | $ | 3,955,378 | $ | 3,062,075 | $ | (893,303) | ||||||||||||||||
| Six months or more and less than twelve months | 299 | 4,496,559 | 3,146,868 | (1,349,691) | |||||||||||||||||||
| Twelve months or greater | 1 | 40,351 | 26,854 | (13,497) | |||||||||||||||||||
| Total investment grade | 633 | 8,492,288 | 6,235,797 | (2,256,491) | |||||||||||||||||||
| Below investment grade: | |||||||||||||||||||||||
| Less than six months | 8 | 61,481 | 47,057 | (14,424) | |||||||||||||||||||
| Six months or more and less than twelve months | 7 | 111,990 | 71,271 | (40,719) | |||||||||||||||||||
| Twelve months or greater | — | — | — | — | |||||||||||||||||||
| Total below investment grade | 15 | 173,471 | 118,328 | (55,143) | |||||||||||||||||||
| 648 | 8,665,759 | 6,354,125 | (2,311,634) | ||||||||||||||||||||
| Coinsurance investments (2) | 423 | 1,250,509 | 859,395 | (391,114) | |||||||||||||||||||
| 1,071 | $ | 9,916,268 | $ | 7,213,520 | $ | (2,702,748) | |||||||||||||||||
| Available for sale | |||||||||||
| Amortized Cost | Fair Value | ||||||||||
| (Dollars in thousands) | |||||||||||
| September 30, 2023 | |||||||||||
| Due in one year or less | $ | 293,328 | $ | 286,462 | |||||||
| Due after one year through five years | 2,580,361 | 2,384,922 | |||||||||
| Due after five years through ten years | 4,140,770 | 3,550,348 | |||||||||
| Due after ten years through twenty years | 6,235,220 | 4,972,189 | |||||||||
| Due after twenty years | 8,292,416 | 5,996,076 | |||||||||
| 21,542,095 | 17,189,997 | ||||||||||
| Residential mortgage backed securities | 1,265,793 | 1,104,487 | |||||||||
| Commercial mortgage backed securities | 3,145,221 | 2,654,541 | |||||||||
| Other asset backed securities | 4,481,384 | 4,247,448 | |||||||||
| 30,434,493 | 25,196,473 | ||||||||||
| Coinsurance investments (1) | 4,206,918 | 3,638,423 | |||||||||
| $ | 34,641,411 | $ | 28,834,896 | ||||||||
| December 31, 2022 | |||||||||||
| Due in one year or less | $ | 567,599 | $ | 563,298 | |||||||
| Due after one year through five years | 3,591,040 | 3,377,197 | |||||||||
| Due after five years through ten years | 4,844,271 | 4,280,762 | |||||||||
| Due after ten years through twenty years | 7,443,657 | 6,377,081 | |||||||||
| Due after twenty years | 8,968,858 | 6,935,663 | |||||||||
| 25,415,425 | 21,534,001 | ||||||||||
| Residential mortgage backed securities | 1,235,672 | 1,109,171 | |||||||||
| Commercial mortgage backed securities | 3,750,331 | 3,358,365 | |||||||||
| Other asset backed securities | 4,579,149 | 4,196,586 | |||||||||
| 34,980,577 | 30,198,123 | ||||||||||
| Coinsurance investments (1) | 3,085,834 | 2,581,095 | |||||||||
| $ | 38,066,411 | $ | 32,779,218 | ||||||||
| September 30, 2023 | |||||||||||||||||
| Amortized
Cost | Carrying Amount/ Fair Value | Percent of Total Carrying Amount | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Europe | $ | 1,749,596 | $ | 1,449,616 | 5.4 | % | |||||||||||
| Asia/Pacific | 360,488 | 286,863 | 1.1 | % | |||||||||||||
| Latin America | 252,876 | 207,677 | 0.8 | % | |||||||||||||
| Non-U.S. North America | 916,248 | 761,773 | 2.8 | % | |||||||||||||
| Australia & New Zealand | 798,513 | 684,674 | 2.6 | % | |||||||||||||
| Other | 625,143 | 515,429 | 1.9 | % | |||||||||||||
| 4,702,864 | 3,906,032 | 14.6 | % | ||||||||||||||
| Coinsurance investments (1) | 1,314,990 | 1,176,443 | |||||||||||||||
| $ | 6,017,854 | $ | 5,082,475 | ||||||||||||||
| September 30, 2023 | |||||||||||
| Amortized Cost | Carrying Amount/ Fair Value | ||||||||||
| (Dollars in thousands) | |||||||||||
| Europe | $ | 94,399 | $ | 81,923 | |||||||
| Asia/Pacific | 36 | 32 | |||||||||
| Latin America | 45,521 | 43,339 | |||||||||
| Non-U.S. North America | 22,779 | 19,710 | |||||||||
| Australia & New Zealand | 231 | 204 | |||||||||
| Other | 76,344 | 59,617 | |||||||||
| 239,310 | 204,825 | ||||||||||
| Coinsurance investments (1) | 67,927 | 45,648 | |||||||||
| $ | 307,237 | $ | 250,473 | ||||||||
| General Description | Number
of Securities | Amortized Cost | Allowance for Credit Losses | Amortized Cost, Net of Allowance | Net Unrealized Losses, Net of Allowance | Fair Value | ||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| States, municipalities and territories | 1 | $ | 20,657 | $ | — | $ | 20,657 | $ | (5,211) | $ | 15,446 | |||||||||||||||||||||||||||
| Corporate securities - Public securities | 5 | 31,490 | — | 31,490 | (3,174) | 28,316 | ||||||||||||||||||||||||||||||||
| Corporate securities - Private placement securities | 1 | 5,902 | (2,911) | 2,991 | (1,220) | 1,771 | ||||||||||||||||||||||||||||||||
| Residential mortgage backed securities | 42 | 56,503 | (97) | 56,406 | (9,757) | 46,649 | ||||||||||||||||||||||||||||||||
| Commercial mortgage backed securities | 16 | 140,270 | — | 140,270 | (29,352) | 110,918 | ||||||||||||||||||||||||||||||||
| Other asset backed securities | 1 | 1,632 | — | 1,632 | (17) | 1,615 | ||||||||||||||||||||||||||||||||
| Collateralized loan obligations | 23 | 159,599 | (610) | 158,989 | (22,537) | 136,452 | ||||||||||||||||||||||||||||||||
| 89 | $ | 416,053 | $ | (3,618) | $ | 412,435 | $ | (71,268) | $ | 341,167 | ||||||||||||||||||||||||||||
| Current | 30-59
days past due | 60-89 days past due | Over 90 days past due | Total | |||||||||||||||||||||||||
| As of September 30, 2023: | (Dollars in thousands) | ||||||||||||||||||||||||||||
| Commercial mortgage loans | $ | 3,529,006 | $ | — | $ | — | $ | — | $ | 3,529,006 | |||||||||||||||||||
| Agricultural mortgage loans | 583,313 | — | — | — | 583,313 | ||||||||||||||||||||||||
| Residential mortgage loans | 3,222,123 | 89,466 | 29,564 | 86,593 | 3,427,746 | ||||||||||||||||||||||||
| Total mortgage loans | $ | 7,334,442 | $ | 89,466 | $ | 29,564 | $ | 86,593 | $ | 7,540,065 | |||||||||||||||||||
| As of December 31, 2022: | |||||||||||||||||||||||||||||
| Commercial mortgage loans | $ | 3,554,558 | $ | — | $ | — | $ | — | $ | 3,554,558 | |||||||||||||||||||
| Agricultural mortgage loans | 562,828 | — | — | 3,135 | 565,963 | ||||||||||||||||||||||||
| Residential mortgage loans | 2,751,261 | 62,450 | 16,924 | 34,843 | 2,865,478 | ||||||||||||||||||||||||
| Total mortgage loans | $ | 6,868,647 | $ | 62,450 | $ | 16,924 | $ | 37,978 | $ | 6,985,999 | |||||||||||||||||||
| September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
| Private Asset Class | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Real estate loans | ||||||||||||||||||||||||||
Commercial | $ | 3,287,059 | 6.6 | % | $ | 3,384,240 | 6.8 | % | ||||||||||||||||||
Residential | 3,558,370 | 7.1 | % | 3,002,099 | 6.0 | % | ||||||||||||||||||||
Agricultural | 583,314 | 1.2 | % | 565,963 | 1.2 | % | ||||||||||||||||||||
| Total real estate loans | 7,428,743 | 14.9 | % | 6,952,302 | 14.0 | % | ||||||||||||||||||||
| Private credit | ||||||||||||||||||||||||||
Middle
market | 1,905,178 | 3.8 | % | 1,492,727 | 3.0 | % | ||||||||||||||||||||
Specialty finance | 695,016 | 1.4 | % | 442,555 | 0.9 | % | ||||||||||||||||||||
Infrastructure
debt | 722,658 | 1.5 | % | 554,812 | 1.1 | % | ||||||||||||||||||||
| Total private credit | 3,322,852 | 6.7 | % | 2,490,094 | 5.0 | % | ||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||
Residential
real estate | 1,203,827 | 2.4 | % | 961,263 | 1.9 | % | ||||||||||||||||||||
Commercial real estate | 103,332 | 0.2 | % | 116,779 | 0.2 | % | ||||||||||||||||||||
Infrastructure | 188,325 | 0.4 | % | 91,485 | 0.2 | % | ||||||||||||||||||||
Core
private equity | 351,827 | 0.7 | % | 363,892 | 0.7 | % | ||||||||||||||||||||
| Total equity | 1,847,311 | 3.7 | % | 1,533,419 | 3.0 | % | ||||||||||||||||||||
| Total private assets | $ | 12,598,906 | 25.3 | % | $ | 10,975,815 | 22.0 | % | ||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Proceeds received at expiration of options related to such credits | $ | 126,750 | $ | 4,865 | $ | 199,800 | $ | 308,072 | |||||||||||||||
| Annual index credits to policyholders on their anniversaries | 120,894 | 4,648 | 189,934 | 301,431 | |||||||||||||||||||
| Period | Total Number
of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program (a) | Approximate Dollar Value of Shares That May Yet Be Purchased Under Program | ||||||||||||||||||||||
| (shares) | (dollars) | (shares) | (dollars in thousands) | |||||||||||||||||||||||
| July 1, 2023 - July 31, 2023 | — | $ | — | — | $ | 275,825 | ||||||||||||||||||||
| August 1, 2023 - August 31, 2023 | — | $ | — | — | $ | 275,825 | ||||||||||||||||||||
| September 1, 2023 - September 30, 2023 | — | $ | — | — | $ | 275,825 | ||||||||||||||||||||
| Total | — | — | ||||||||||||||||||||||||
| Exhibit Number | Description | |||||||
2.1 | ||||||||
10.1 * | ||||||||
10.2 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 101 | The following materials from American Equity Investment Life Holding Company's Quarterly Report on Form 10-Q for the period ended September 30, 2023 formatted in iXBRL (Inline eXtensible
Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders' Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Unaudited Consolidated Financial Statements. | |||||||
| 104 | The cover page from American Equity Investment Life Holding Company's Quarterly Report on Form 10-Q for the period ended September 30, 2023 formatted in iXBRL and contained in Exhibit 101. | |||||||
| Date: | November 8, 2023 | AMERICAN EQUITY INVESTMENT LIFE | |||||||||||||||
| HOLDING COMPANY | |||||||||||||||||
| By: | /s/ Aaron Boushek | ||||||||||||||||
Controller | |||||||||||||||||
(Principal Accounting Officer) | |||||||||||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/15/27 | ||||
| 2/15/27 | ||||
| 4/4/24 | ||||
| 1/5/24 | ||||
| 1/2/24 | ||||
| 12/31/23 | ||||
| Filed on: | 11/8/23 | |||
| 11/3/23 | DEFA14A | |||
| 10/31/23 | ||||
| For Period end: | 9/30/23 | |||
| 9/1/23 | ||||
| 8/31/23 | ||||
| 8/30/23 | ||||
| 8/1/23 | 4 | |||
| 7/31/23 | ||||
| 7/13/23 | ||||
| 7/6/23 | ||||
| 7/4/23 | 8-K | |||
| 7/1/23 | ||||
| 6/30/23 | 10-Q | |||
| 3/17/23 | 8-K | |||
| 2/8/23 | ||||
| 1/1/23 | ||||
| 12/31/22 | 10-K, 5, ARS | |||
| 11/11/22 | ||||
| 10/3/22 | ||||
| 9/30/22 | 10-Q | |||
| 9/20/22 | ||||
| 9/9/22 | ||||
| 7/6/22 | 8-K | |||
| 6/30/22 | 10-Q, 8-K | |||
| 2/15/22 | 8-K | |||
| 12/31/21 | 10-K, 5 | |||
| 11/19/21 | 8-K | |||
| 7/1/21 | ||||
| 1/1/21 | ||||
| 12/1/20 | 3, 8-K | |||
| 11/30/20 | 3, 8-K | |||
| 10/18/20 | ||||
| 6/10/20 | 424B5, 8-K, FWP | |||
| 3/1/20 | ||||
| 11/21/19 | 8-K, CERT | |||
| 6/16/17 | 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/05/23 American Equity Inv Life Hold… Co 8-K:1,5,8,9 7/04/23 15:1.4M Toppan Merrill/FA |