Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
    December 31, 2013 December 31, 2012
   Notional Gross Fair Value   Notional Gross Fair Value
       Amount Assets Liabilities    Amount Assets Liabilities
Primary Underlying  (in thousands)
   
Derivatives Designated as Hedge Accounting Instruments:                   
Currency/Interest Rate                   
Currency Swaps $ 249,601 $ 6,304 $ (11,583)  $ 145,174 $ 4,152 $ (3,904)
Total Qualifying Hedges $ 249,601 $ 6,304 $ (11,583)  $ 145,174 $ 4,152 $ (3,904)
                    
Derivatives Not Qualifying as Hedge Accounting Instruments:                   
Interest Rate                   
Interest Rate Swaps $ 2,434,400 $ 47,475 $ (185,222)  $ 1,729,400 $ 109,855 $ (22,930)
Currency                   
Forwards   507   2   -    5,424   48   -
Credit                   
Credit Default Swaps   14,275   15   (862)    14,275   614   (894)
Currency/Interest Rate                   
Currency Swaps   69,450   211   (3,325)    62,468   1,516   (2,064)
Equity                   
Total Return Swaps   332,000   -   (8,057)    320,377   762   (6,073)
Equity Options   40,739,168   19,639   (9,418)    24,243,020   70,669   (32,824)
Total Non-Qualifying Hedges   43,589,800   67,342   (206,884)    26,374,964   183,464   (64,785)
                       
Total Derivatives (1) $ 43,839,401 $ 73,646 $ (218,467)  $ 26,520,138 $ 187,616 $ (68,689)
                       

  • Excludes embedded derivatives which contain multiple underlyings. The fair value of these embedded derivatives was an asset of $348 million and a liability of $1,441 million as of December 31, 2013 and December 31, 2012, respectively, included in “Future policy benefits” and “Fixed maturities, available-for-sale.”

 

 [1]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
    Year Ended December 31, 2013
     Realized Investment Gains/(Losses)  Net Investment Income Other Income Accumulated Other Comprehensive Income(1)
 (in thousands)
Derivatives Designated as Hedging Instruments:        
Cash flow hedges        
 Currency/Interest Rate$ -$ 1,029$ (794)$ (4,848)
 Total cash flow hedges  -  1,029  (794)  (4,848)
            
Derivatives Not Qualifying as Hedging Instruments:        
 Interest Rate  (191,954)  -  -  -
 Currency  51  -  -  -
 Currency/Interest Rate  (3,450)  -  (17)  -
 Credit  (1,106)  -  -  -
 Equity  (130,714)  -  -  -
 Embedded Derivatives  274,374  -  -  -
 Total non-qualifying hedges  (52,799)  -  (17)  -
 Total$ (52,799)$ 1,029$ (811)$ (4,848)

    Year Ended December 31, 2012
     Realized Investment Gains/(Losses)  Net Investment Income Other Income Accumulated Other Comprehensive Income(1)
 (in thousands)
Derivatives Designated as Hedging Instruments:        
Cash flow hedges        
 Currency/Interest Rate$ -$ 707$ 46$ (2,376)
 Total cash flow hedges  -  707  46  (2,376)
            
Derivatives Not Qualifying as Hedging Instruments:        
 Interest Rate  1,309  -  -  -
 Currency  (147)  -  -  -
 Currency/Interest Rate  (866)  -  (6)  -
 Credit  (763)  -  -  -
 Equity  (69,527)  -  -  -
 Embedded Derivatives  (116,431)  -  -  -
 Total non-qualifying hedges  (186,425)  -  (6)  -
 Total$ (186,425)$ 707$ 40$ (2,376)

    Year Ended December 31, 2011
     Realized Investment Gains/(Losses)  Net Investment Income Other Income Accumulated Other Comprehensive Income(1)
 (in thousands)
Derivatives Designated as Hedging Instruments:        
Cash flow hedges        
 Currency/Interest Rate$ (337)$ 233$ 49$ 1,715
 Total cash flow hedges  (337)  233  49  1,715
            
Derivatives Not Qualifying as Hedging Instruments:        
 Interest Rate  90,706  -  -  -
 Currency  175  -  -  -
 Currency/Interest Rate  1,102  -  -  -
 Credit  733  -  -  -
 Equity  (3,264)  -  -  -
 Embedded Derivatives  88,740  -  -  -
 Total non-qualifying hedges  178,192  -  -  -
 Total$ 177,855$ 233$ 49$ 1,715

  • Amounts deferred in “Accumulated other comprehensive income (loss).”
 [1]
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes
       
  (in thousands)
Balance, December 31, 2010 $ 808
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2011   1,607
Amount reclassified into current period earnings   108
Balance, December 31, 2011   2,523
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2012   (622)
Amount reclassified into current period earnings   (1,754)
Balance, December 31, 2012   147
Net deferred gains (losses) on cash flow hedges from January 1 to December 31, 2013   (4,519)
Amount reclassified into current period earnings   (329)
Balance, December 31, 2013 $ (4,701)
Offsetting Of Financial Assets And Liabilities
     December 31, 2013
        Gross Net      
     Gross Amounts Amounts      
     Amounts of Offset in the Presented in      
     Recognized Statement of the Statement Financial   
     Financial  Financial  of Financial  Instruments/ Net
     Instruments Position Position Collateral Amount
                   
     (in thousands)
Offsetting of Financial Assets:               
Derivatives $73,219 $(73,219) $ - $ - $ -
Securities purchased under agreement to resell  56,139   -  56,139  (56,139)   -
Total Assets $129,358 $(73,219) $56,139 $(56,139) $ -
                
Offsetting of Financial Liabilities:               
Derivatives $218,467 $(73,051) $145,416 $(136,593) $8,823
Securities sold under agreement to repurchase   -   -   -   -   -
Total Liabilities $218,467 $(73,051) $145,416 $(136,593) $8,823
                
                   
     December 31, 2012
        Gross Net      
     Gross Amounts Amounts      
     Amounts of Offset in the Presented in      
     Recognized Statement of the Statement Financial   
     Financial  Financial  of Financial  Instruments/ Net
     Instruments Position Position Collateral Amount
                   
     (in thousands)
Offsetting of Financial Assets:               
Derivatives $187,372 $(68,689) $118,683 $ - $118,683
Securities purchased under agreement to resell  203,437   -  203,437  (203,437)   -
Total Assets $390,809 $(68,689) $322,120 $(203,437) $118,683
                
Offsetting of Financial Liabilities:               
Derivatives $68,689 $(68,689) $ - $ - $ -
Securities sold under agreement to repurchase   -   -   -   -   -
Total Liabilities $68,689 $(68,689) $ - $ - $ -
[1] _____________ Includes credit-tranched securities collateralized by sub-prime mortgages, credit cards, education loans, and other asset types.