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Document and Entity Information - USD ($) $ in Millions	3 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2018	May 11, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	BRIGHTHOUSE LIFE INSURANCE Co OF NY
Entity Central Index Key	0001167609
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		200,000

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $2,233,879 and $2,165,134, respectively)	$ 2,237,349	$ 2,221,563
Mortgage loans (net of valuation allowances of $1,817 and $1,747, respectively)	406,762	394,863
Short-term Investments	7,978	0
Other invested assets, at estimated fair value	19,301	3,784
Total investments	2,671,390	2,620,210
Cash and cash equivalents, principally at estimated fair value	91,982	86,154
Accrued investment income	20,836	18,323
Premiums, reinsurance and other receivables	563,716	572,609
Deferred policy acquisition costs and value of business acquired	156,897	131,059
Other assets	37,957	36,317
Separate account assets	4,846,885	5,021,633
Total assets	8,389,663	8,486,305
Liabilities
Future policy benefits	683,045	674,046
Policyholder account balances	1,425,202	1,343,330
Other policy-related balances	9,111	12,733
Payables for collateral under derivative transactions	16,214	5,384
Accrued Income Taxes	329	2,064
Deferred income tax liability	101,540	112,498
Other liabilities	508,510	471,130
Separate account liabilities	4,846,885	5,021,633
Total liabilities	7,590,836	7,642,818
Contingencies, Commitments and Guarantees (Note 9)
Stockholder's Equity
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding	2,000	2,000
Additional paid-in capital	415,931	415,931
Retained earnings	381,558	395,928
Accumulated other comprehensive income (loss)	(662)	29,628
Total stockholder's equity	798,827	843,487
Total liabilities and stockholder's equity	$ 8,389,663	$ 8,486,305

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Amortized cost of fixed maturity securities available-for-sale	$ 2,233,879	$ 2,165,134
Mortgage loans valuation allowances	$ 1,817	$ 1,747
Stockholder's Equity
Common stock, par value	$ 10	$ 10
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	200,000	200,000
Common stock, shares outstanding	200,000	200,000

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Premiums	$ 10,293	$ 9,230
Universal life and investment-type product policy fees	25,986	25,795
Net investment income	23,931	21,408
Other revenues	(12,544)	(12,671)
Net investment gains (losses):
Other net investment gains (losses)	(2,355)	(737)
Total net investment gains (losses)	(2,355)	(737)
Net derivative gains (losses)	(44,262)	(131,536)
Total revenues	1,049	(88,511)
Expenses
Expenses	(1,541)	(1,783)
Policyholder benefits and claims and policyholder dividends	9,232	9,674
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	(3,323)	(25,576)
Other expenses	15,727	18,222
Total expenses	20,095	537
Income (loss) before provision for income tax	(19,046)	(89,048)
Provision for income tax expense (benefit)	(4,676)	(32,474)
Net income (loss)	(14,370)	(56,574)
Comprehensive income (loss)	$ (44,660)	$ (52,463)

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2016	$ 696,733	$ 2,000	$ 340,931	$ 349,395	$ 4,407
Net income (loss)	(56,574)			(56,574)
Other comprehensive income (loss), net of income tax	4,111				4,111
Ending Balance at Mar. 31, 2017	644,270	2,000	340,931	292,821	8,518
Beginning Balance at Dec. 31, 2017	843,487	2,000	415,931	395,928	29,628
Net income (loss)	(14,370)			(14,370)
Other comprehensive income (loss), net of income tax	(30,290)				(30,290)
Ending Balance at Mar. 31, 2018	$ 798,827	$ 2,000	$ 415,931	$ 381,558	$ (662)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 23,949	$ 11,482
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	77,753	171,018
Sales, maturities and repayments of mortgage loans	2,399	8,449
Purchases of fixed maturity securities	(141,218)	(146,636)
Purchases of mortgage loans	(14,445)	(8,477)
Cash received in connection with freestanding derivatives	212	0
Cash paid in connection with freestanding derivatives	(29,892)	0
Net change in short-term investments	(7,978)	(2,003)
Net change in other invested assets	425	0
Net cash provided by (used in) investing activities	(112,744)	22,351
Cash flows from financing activities
Policyholder account balances: Deposits	117,755	15,044
Policyholder account balances: Withdrawals	(33,962)	(36,734)
Net change in payables for collateral under derivative transactions	10,830	(200)
Net cash provided by (used in) financing activities	94,623	(21,890)
Change in cash, cash equivalents and restricted cash	5,828	11,943
Cash, cash equivalents and restricted cash, beginning of period	86,154	18,583
Cash, cash equivalents and restricted cash, end of period	91,982	30,526
Supplemental disclosures of cash flow information
Net cash paid (received) for income tax	$ 4	$ 3

Business, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“BHNY” and the “Company” refer to Brighthouse Life Insurance Company of NY, a New York domiciled life insurance company. Brighthouse Life Insurance Company of NY is a wholly-owned subsidiary of Brighthouse Life Insurance Company, which is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (together with its subsidiaries and affiliates, “Brighthouse”). The Company markets and/or administers traditional life, universal life, variable annuity and fixed annuity products to individuals. The Company is licensed to transact business in the state of New York.

In 2016, MetLife, Inc. (together with its subsidiaries and affiliates, “MetLife”) announced its plan to pursue the separation of a substantial portion of its former U.S. retail business (the “Separation”). In connection with the Separation, 80.8% of MetLife, Inc.’s interest in Brighthouse Financial, Inc. was distributed to holders of MetLife, Inc.’s common stock and MetLife, Inc. retained the remaining 19.2%. As a result, MetLife, Inc. and its subsidiaries are considered related parties.

The Company is organized into two segments: Annuities and Life.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

The accompanying interim condensed financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2017 balance sheet data was derived from audited financial statements included in BHNY’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed financial statements should be read in conjunction with the financial statements of the Company included in the 2017 Annual Report.

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements. The following table provides a description of new ASUs issued by the FASB and the expected impact of the adoption on the Company’s financial statements.

ASUs adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	For those contracts that are impacted, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services.	January 1, 2018 using the modified retrospective method	The adoption did not have an impact on the Company’s financial statements other than expanded disclosures in Note 8.

ASUs issued but not yet adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities	The amendments to Topic 815 (i) refine and expand the criteria for achieving hedge accounting on certain hedging strategies, (ii) require the earnings effect of the hedging instrument be presented in the same line item in which the earnings effect of the hedged item is reported, and (iii) eliminate the requirement to separately measure and report hedge ineffectiveness.	January 1, 2019 using modified retrospective method (with early adoption permitted)	The Company does not expect a material impact on its financial statements from adoption of the new guidance.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

2. Segment Information

The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.

Annuities

The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.

Life

The Life segment consists of insurance products and services, including term, whole, universal and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts and a portion of MetLife’s former U.S. insurance business sold direct to consumers, which is no longer being offered for new sales.

Financial Measures and Segment Accounting Policies

Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss).

Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, as well as businesses that have been or will be sold or exited by the Company, referred to as divested businesses.

The following are the significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:


•	Net investment gains (losses);


•	Net derivative gains (losses) except earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and


•	Amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).

The following are the significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:


•	Amounts associated with benefits and hedging costs related to GMIBs (“GMIB Costs”);


•	Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and


•	Amortization of deferred policy acquisition cost (“DAC”) and value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.

The tax impact of the adjustments mentioned above are calculated net of the U.S. statutory tax rate, which could differ from the Company’s effective tax rate.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2018 and 2017 and at March 31, 2018 and December 31, 2017. The segment accounting policies are the same as those used to prepare the Company’s condensed financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.

Beginning in the first quarter of 2018, the Company changed the methodology for how capital is allocated to segments and, in some cases, products (the “Portfolio Realignment”). Segment investment and capitalization targets are now based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy discussed in the 2017 Annual Report. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.

Previously, invested assets held in the segments were based on net GAAP liabilities. Excess capital was retained in Corporate & Other and allocated to segments based on an internally developed statistics based capital model intended to capture the material risks to which the Company was exposed (referred to as “allocated equity”). Surplus assets in excess of the combined allocations to the segments were held in Corporate & Other with net investment income being credited back to the segments at a predetermined rate. Any excess or shortfall in net investment income from surplus assets was recognized in Corporate & Other.

The Portfolio Realignment had no effect on the Company’s consolidated net income (loss) or adjusted earnings, but it did impact segment results for the three months ended March 31, 2018. It was not practicable to determine the impact of the Portfolio Realignment to adjusted earnings in prior periods; however, the Company estimates that pre-tax adjusted earnings in the Life segment for the three months ended March 31, 2018 increased between $2 million and $5 million as a result of the change. Impacts to the Annuities and Corporate & Other segments would not have been significantly different under the previous allocation method.

In addition, the total assets recognized in the segments changed as a result of the Portfolio Realignment. Total assets (on a book value basis) in the Annuities and Life segments increased approximately $640 million and approximately $875 million, respectively, under the new allocation method. The Corporate & Other segment experienced decreases in total assets of approximately $1.5 billion as a result of the Portfolio Realignment.



	Operating Results
Three Months Ended March 31, 2018	Annuities		Life		Corporate & Other		Total
	(In thousands)
Pre-tax adjusted earnings	$	5,430	$	8,014	$	2,262	$	15,706
Provision for income tax expense (benefit)	657		1,683		281		2,621
Adjusted earnings	$	4,773	$	6,331	$	1,981	13,085
Adjustments for:
Net investment gains (losses)							(2,355		)
Net derivative gains (losses)							(44,262		)
Other adjustments to net income							11,865
Provision for income tax (expense) benefit							7,297
Net income (loss)							$	(14,370	)

Interest revenue	$	14,803	$	8,839	$	371



	Operating Results
Three Months Ended March 31, 2017	Annuities		Life			Corporate & Other		Total
	(In thousands)
Pre-tax adjusted earnings	$	12,054	$	(2,212	)	$	2,670	$	12,512
Provision for income tax expense (benefit)	3,036		(774		)	810		3,072
Adjusted earnings	$	9,018	$	(1,438	)	$	1,860	9,440
Adjustments for:
Net investment gains (losses)								(737		)
Net derivative gains (losses)								(131,536		)
Other adjustments to net income								30,713
Provision for income tax (expense) benefit								35,546
Net income (loss)								$	(56,574	)

Interest revenue	$	15,457	$	3,749		$	2,285

The following table presents total revenues with respect to the Company’s segments, as well as Corporate & Other:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Annuities	$	27,638		$	27,694
Life	15,696			9,928
Corporate & Other	1,024			2,703
Adjustments	(43,309		)	(128,836		)
Total	$	1,049		$	(88,511	)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	March 31, 2018			December 31, 2017
	(In thousands)
Annuities	$	7,898,394		$	7,219,139
Life	1,452,865			662,546
Corporate & Other	(961,596		)	604,620
Total	$	8,389,663		$	8,486,305

Insurance

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Insurance

3. Insurance

Guarantees

As discussed in Notes 1 and 3 of the Notes to the Financial Statements included in the 2017 Annual Report, the Company issues variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.

Information regarding the Company’s guarantee exposure was as follows at:



	March 31, 2018						December 31, 2017
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in thousands)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	4,850,909		$	4,002,240		$	5,026,927		$	4,149,482
Separate account value	$	4,845,095		$	4,001,339		$	5,020,107		$	4,149,482
Net amount at risk	$	19,567	(4)	$	182,505	(5)	$	5,262	(4)	$	166,788	(5)
Average attained age of contract holders	67 years			67 years			66 years			66 years

______________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)

Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Financial Statements included in the 2017 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.

Investments

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

See Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies.

Fixed Maturity Securities Available-for-sale (“AFS”)

Fixed Maturity Securities AFS by Sector

The following table presents the fixed maturity securities AFS by sector at:



	March 31, 2018										December 31, 2017
	Amortized Cost		Gross Unrealized						Estimated Fair Value		Amortized Cost		Gross Unrealized						Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses		Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses		Estimated Fair Value
	(In thousands)
Fixed maturity securities: (1)
U.S. corporate	$	799,350	$	13,661	$	10,138	$	—	$	802,873	$	770,385	$	29,246	$	2,007	$	—	$	797,624
U.S. government and agency	524,516		12,387		14,202		—		522,701		535,757		17,023		5,717		—		547,063
Foreign corporate	313,381		5,292		6,314		—		312,359		304,650		8,168		3,704		—		309,114
RMBS	227,665		4,369		4,789		—		227,245		217,857		5,626		1,703		—		221,780
CMBS	208,070		801		2,690		—		206,181		197,931		3,533		1,043		—		200,421
State and political subdivision	65,953		5,674		678		—		70,949		64,056		6,596		366		—		70,286
ABS	76,443		298		242		—		76,499		58,665		305		98		—		58,872
Foreign government	18,501		279		238		—		18,542		15,833		597		27		—		16,403
Total fixed maturity securities	$	2,233,879	$	42,761	$	39,291	$	—	$	2,237,349	$	2,165,134	$	71,094	$	14,665	$	—	$	2,221,563

__________________


(1)	Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

The Company did not hold non-income producing fixed maturity securities at both March 31, 2018 and December 31, 2017.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In thousands)
Amortized cost	$	46,977	$	326,248	$	775,779	$	572,697	$	512,178	$	2,233,879
Estimated fair value	$	47,298	$	327,538	$	764,035	$	588,553	$	509,925	$	2,237,349

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at:



	March 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in thousands)
Fixed maturity securities:
U.S. corporate	$	366,302	$	8,191	$	46,709	$	1,947	$	118,514	$	898	$	46,372	$	1,109
U.S. government and agency	304,962		9,897		85,562		4,305		248,434		2,895		107,253		2,822
Foreign corporate	168,505		3,897		39,824		2,417		88,724		1,540		29,552		2,164
RMBS	99,834		3,107		33,531		1,682		24,060		162		38,454		1,541
CMBS	113,284		1,249		27,350		1,441		18,430		176		27,958		867
State and political subdivision	22,134		366		8,054		312		9,232		110		8,111		256
ABS	22,535		160		8,050		82		7,361		23		8,076		75
Foreign government	11,654		238		—		—		4,484		27		—		—
Total fixed maturity securities	$	1,109,210	$	27,105	$	249,080	$	12,186	$	519,239	$	5,831	$	265,776	$	8,834
Total number of securities in an unrealized loss position	319				57				131				58

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment, evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to Structured Securities, changes in forecasted cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at March 31, 2018.

Gross unrealized losses on fixed maturity securities increased $24.6 million during the three months ended March 31, 2018 to $39.3 million. The increase in gross unrealized losses for the three months ended March 31, 2018 was primarily attributable to increasing longer-term interest rates.

At March 31, 2018, there were no gross unrealized losses on fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:



	March 31, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in thousands)
Mortgage loans
Commercial	$	289,478		71.2	%	$	276,626		70.0	%
Agricultural	119,101			29.3		119,984			30.4
Subtotal	408,579			100.5		396,610			100.4
Valuation allowances (1)	(1,817		)	(0.5	)	(1,747		)	(0.4	)
Total mortgage loans, net	$	406,762		100.0	%	$	394,863		100.0	%

__________________


(1)	The valuation allowances were primarily from collective evaluation (non-specific loan related).

Information on commercial and agricultural mortgage loans is presented in the tables below.

Valuation Allowance Methodology

Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for both portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for both loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available.

Credit Quality of Commercial Mortgage Loans

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios						% of Total
	> 1.20x		1.00x - 1.20x		Total		% of Total
	(Dollars in thousands)
March 31, 2018
Loan-to-value ratios:
Less than 65%	$	255,430	$	20,064	$	275,494	95.2	%
65% to 75%	7,651		—		7,651		2.6
76% to 80%	6,333		—		6,333		2.2
Total	$	269,414	$	20,064	$	289,478	100.0	%
December 31, 2017
Loan-to-value ratios:
Less than 65%	$	243,217	$	17,425	$	260,642	94.2	%
65% to 75%	12,957		—		12,957		4.7
76% to 80%	3,027		—		3,027		1.1
Total	$	259,201	$	17,425	$	276,626	100.0	%

Credit Quality of Agricultural Mortgage Loans

The credit quality of agricultural mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in thousands)
Loan-to-value ratios:
Less than 65%	$	119,101	100.0	%	$	119,077	99.2	%
65% to 75%	—		—		907		0.8
Total	$	119,101	100.0	%	$	119,984	100.0	%

Past Due, Nonaccrual and Modified Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with all mortgage loans classified as performing at both March 31, 2018 and December 31, 2017. The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial mortgage loans — 60 days and agricultural mortgage loans — 90 days. The Company had no commercial or agricultural mortgage loans past due and no commercial or agricultural mortgage loans in nonaccrual status at either March 31, 2018 or December 31, 2017. During the three months ended March 31, 2018 and 2017, the Company did not have any mortgage loans modified in a troubled debt restructuring.

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $60.0 million and $60.7 million at March 31, 2018 and December 31, 2017, respectively.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities and the effect on DAC, deferred sales inducements (“DSI”) and future policy benefits, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in accumulated other comprehensive income (loss) (“AOCI”).

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	March 31, 2018			December 31, 2017
	(In thousands)
Fixed maturity securities	$	3,472		$	56,432
Derivatives	(2,209		)	471
Subtotal	1,263			56,903
Amounts allocated from:
DAC and DSI	(2,100		)	(19,400		)
Deferred income tax benefit (expense)	175			(7,875		)
Net unrealized investment gains (losses)	$	(662	)	$	29,628

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In thousands)
Balance, beginning of period	$	29,628
Unrealized investment gains (losses) during the period	(55,640		)
Unrealized investment gains (losses) relating to:
DAC and DSI	17,300
Deferred income tax benefit (expense)	8,050
Balance, end of period	$	(662	)
Change in net unrealized investment gains (losses)	$	(30,290	)

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both March 31, 2018 and December 31, 2017.

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value:



	March 31, 2018		December 31, 2017
	(In thousands)
Invested assets on deposit (regulatory deposits)	$	1,491	$	1,549
Invested assets pledged as collateral (1)	419		707
Total invested assets on deposit and pledged as collateral	$	1,910	$	2,256

__________________


(1)	The Company has pledged invested assets in connection with derivative transactions (see Note 5).

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity.

Consolidated VIEs

There were no VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at either March 31, 2018 or December 31, 2017.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:



	March 31, 2018				December 31, 2017
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In thousands)
Fixed maturity securities AFS:
Structured Securities (2)	$	420,170	$	420,170	$	431,406	$	431,406
Foreign corporate	6,141		6,141		6,394		6,394
Total	$	426,311	$	426,311	$	437,800	$	437,800

______________


(1)	The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer.


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018		2017
	(In thousands)
Investment income:
Fixed maturity securities	$	20,365	$	17,592
Mortgage loans	4,191		4,388
Cash, cash equivalents and short-term investments	158		37
Other	96		149
Subtotal	24,810		22,166
Less: Investment expenses	879		758
Net investment income	$	23,931	$	21,408

See “— Related Party Investment

Transactions” for discussion of related party investment expenses.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Total gains (losses) on fixed maturity securities:
Fixed maturity securities — net gains (losses) on sales and disposals	$	(2,839	)	$	(1,299	)
Total gains (losses) on fixed maturity securities	(2,839		)	(1,299		)
Mortgage loans	(82		)	(17		)
Other	566			579
Total net investment gains (losses)	$	(2,355	)	$	(737	)

Gains (losses) from foreign currency transactions included within net investment gains (losses) were $414 thousand and $544 thousand for the three months ended March 31, 2018 and 2017, respectively.

Sales or Disposals and Impairments of Fixed Maturity Securities

Investment gains and losses on sales of securities are determined on a specific identification basis. Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Proceeds	$	53,561		$	142,318
Gross investment gains	$	15		$	663
Gross investment losses	(2,854		)	(1,962		)
Net investment gains (losses)	$	(2,839	)	$	(1,299	)

Related Party Investment Transactions

The Company receives investment administrative services from MetLife Investment Advisors, LLC (“MLIA”), a related party investment manager. The related investment administrative service charges were $766 thousand and $691 thousand for the three months ended March 31, 2018 and 2017, respectively.

Derivatives

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported in net derivative gains (losses).

Hedge Accounting

The Company primarily designates derivatives as a hedge of a forecasted transaction or a variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”). When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in fair value are recorded in OCI and subsequently reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company sells variable annuities and is a party to certain reinsurance agreements that have embedded derivatives.

The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are bilateral contracts between two counterparties (“OTC-bilateral”). The Company primarily uses foreign currency swaps.

Interest Rate Derivatives

The Company purchases interest rate caps to protect against rises in long-term interest rates. The Company utilizes interest rate caps in nonqualifying hedging relationships.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in cash flow and nonqualifying hedging relationships.

Equity Derivatives

The Company uses equity index call options to reduce exposure to rising equity markets associated with Shield Annuities. The Company utilizes equity index options in nonqualifying hedging relationships.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	72,627	$	802	$	3,481	$	70,307	$	1,571	$	1,357
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate caps	Interest rate	800,000		7,547		—		—		—		—
Foreign currency swaps	Foreign currency exchange rate	17,892		1,350		439		16,636		2,213		254
Equity index options	Equity market	441,000		9,602		—		—		—		—
Total non-designated or nonqualifying derivatives		1,258,892		18,499		439		16,636		2,213		254
Total		$	1,331,519	$	19,301	$	3,920	$	86,943	$	3,784	$	1,611

The Company recognized net investment income from settlement payments related to qualifying hedges of $186 thousand and $148 thousand for the three months ended March 31, 2018 and 2017, respectively.

The Company recognized net derivative gains (losses) from settlement payments related to non-qualifying hedges of $82 thousand and $84 thousand for the three months ended March 31, 2018 and 2017, respectively.

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	6		$	—	$	(2,674	)
Total cash flow hedges	6			—		(2,674		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(4,002		)	—		—
Foreign currency exchange rate derivatives	(1,054		)	152		—
Credit derivatives	—			—		—
Equity derivatives	(8,736		)	—		—
Embedded derivatives	(30,710		)	—		—
Total non-qualifying hedges	(44,502		)	152		—
Total	$	(44,496	)	$	152	$	(2,674	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	—		$	—	$	(421	)
Total cash flow hedges	—			—		(421		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	—			—		—
Foreign currency exchange rate derivatives	(339		)	48		—
Credit derivatives	—			—		—
Equity derivatives	—			—		—
Embedded derivatives	(131,329		)	—		—
Total non-qualifying hedges	(131,668		)	48		—
Total	$	(131,668	)	$	48	$	(421	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into net derivative gains (losses). For both the three months ended March 31, 2018 and 2017, there were no amounts reclassified into net derivative gains (losses) related to such discontinued cash flow hedges.

There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments, for both March 31, 2018 and December 31, 2017.

At March 31, 2018 and December 31, 2017, the balance in AOCI associated with foreign currency swaps designated and qualifying as cash flow hedges was ($2.2) million and $471 thousand, respectively.

Counterparty Credit Risk

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are generally governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. Substantially all of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives.

See Note 6 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In thousands)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	19,408		$	3,751		$	3,903		$	1,482
Total gross estimated fair value of derivatives (1)	19,408			3,751			3,903			1,482
Amounts offset on the balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the balance sheets (1)	19,408			3,751			3,903			1,482
Gross amounts not offset on the balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,751		)	(3,751		)	(1,482		)	(1,482		)
Cash collateral: (3)
OTC-bilateral	(14,246		)	—			(2,367		)	—
Securities collateral: (4)
OTC-bilateral	—			—			—			—
Net amount after application of master netting agreements and collateral	$	1,411		$	—		$	54		$	—

______________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $107 thousand and $119 thousand, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($169) thousand and ($129) thousand, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)

Cash collateral received is included in cash and cash equivalents or in short-term investments, and the obligation to return it is included in payables for collateral transactions on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2018 and December 31, 2017, the Company received excess cash collateral of $2.0 million and $3.0 million, respectively, and did not provide any excess cash collateral, which is not included in the table above due to the foregoing limitation.

(4)

Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at March 31, 2018, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2018 and December 31, 2017, the Company did not receive excess securities collateral, and provided excess securities collateral with an estimated fair value of $419 thousand and $707 thousand, respectively, for its OTC-bilateral derivatives.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. In addition, the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s Investors Service and Standard & Poor’s Global Ratings 500 Index. If a party’s financial strength or credit ratings, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

At both March 31, 2018 and December 31, 2017, the Company held no OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements. The Company’s collateral agreements require both parties to be fully collateralized, as such, the Company would not be required to post additional collateral as a result of a downgrade in its financial strength rating.

Embedded Derivatives

The Company issues certain products that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; related party ceded reinsurance of guaranteed minimum benefits related to GMWBs, GMABs and certain GMIBs; and fixed annuities with equity-indexed returns.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In thousands)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	262,383		$	307,698

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	(56,252	)	$	(51,130	)
Fixed annuities with equity indexed returns	Policyholder account balances	7,624			11,195
Embedded derivatives within liability host contracts		$	(48,628	)	$	(39,935	)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net derivative gains (losses) (1), (2)	$	(30,710	)	$	(131,329	)

______________

(1)

The valuation of direct guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($1.1) million and ($300) thousand for the three months ended March 31, 2018 and 2017, respectively. In addition, the valuation of ceded guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($600) thousand and $7.0 million for the three months ended March 31, 2018 and 2017 respectively.


(2)	See Note 10 for discussion of related party net derivative gains (losses).

Fair Value

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the fair value option, are presented below at:



	March 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3			Total Estimated Fair Value
	(In thousands)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	758,241	$	44,632		$	802,873
U.S. government and agency	400,215		122,486		—			522,701
Foreign corporate	—		264,911		47,448			312,359
RMBS	—		210,882		16,363			227,245
CMBS	—		201,207		4,974			206,181
State and political subdivision	—		70,949		—			70,949
ABS	—		76,499		—			76,499
Foreign government	—		18,542		—			18,542
Total fixed maturity securities	400,215		1,723,717		113,417			2,237,349
Short-term investments	7,978		—		—			7,978
Derivative assets: (1)
Interest rate	—		7,547		—			7,547
Foreign currency exchange rate	—		2,152		—			2,152
Equity market	—		9,602		—			9,602
Total derivative assets	—		19,301		—			19,301
Embedded derivatives within asset host contracts (2)	—		—		262,383			262,383
Separate account assets	—		4,846,885		—			4,846,885
Total assets	$	408,193	$	6,589,903	$	375,800		$	7,373,896
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	3,920	$	—		$	3,920
Embedded derivatives within liability host contracts (2)	—		—		(48,628		)	(48,628		)
Total liabilities	$	—	$	3,920	$	(48,628	)	$	(44,708	)



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3			Total Estimated Fair Value
	(In thousands)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	750,891	$	46,733		$	797,624
U.S. government and agency	420,084		126,979		—			547,063
Foreign corporate	—		259,897		49,217			309,114
RMBS	—		207,338		14,442			221,780
CMBS	—		195,306		5,115			200,421
State and political subdivision	—		70,286		—			70,286
ABS	—		58,872		—			58,872
Foreign government	—		16,403		—			16,403
Total fixed maturity securities	420,084		1,685,972		115,507			2,221,563
Short-term investments	—		—		—			—
Derivative assets: (1)
Foreign currency exchange rate	—		3,784		—			3,784
Embedded derivatives within asset host contracts (2)	—		—		307,698			307,698
Separate account assets	—		5,021,633		—			5,021,633
Total assets	$	420,084	$	6,711,389	$	423,205		$	7,554,678
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	1,611	$	—		$	1,611
Embedded derivatives within liability host contracts (2)	—		—		(39,935		)	(39,935		)
Total liabilities	$	—	$	1,611	$	(39,935	)	$	(38,324	)

______________


(1)	Derivative assets are presented within other invested assets on the balance sheets and derivative liabilities are presented within other liabilities on the balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the balance sheets.


(2)	Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the balance sheets.

Valuation Controls and Procedures

The Company monitors and provides oversight of valuation controls and policies for securities, mortgage loans and derivatives, which are primarily executed by MLIA. The valuation methodologies used to determine fair values prioritize the use of observable market prices and market-based parameters and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. The valuation methodologies for securities, mortgage loans and derivatives are reviewed on an ongoing basis and revised when necessary, based on changing market conditions. In addition, the Chief Accounting Officer periodically reports to the Audit Committee of Brighthouse’s Board of Directors regarding compliance with fair value accounting standards.

The fair value of financial assets and financial liabilities is based on quoted market prices, where available. The Company assesses whether prices received represent a reasonable estimate of fair value through controls designed to ensure valuations represent an exit price. MLIA performs several controls, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. Independent non-binding broker quotes, also referred to herein as “consensus pricing,” are used for a non-significant portion of the portfolio. Prices received from independent brokers are assessed to determine if they represent a reasonable estimate of fair value by considering such pricing relative to the current market dynamics and current pricing for similar financial instruments. Fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 4% of the total estimated fair value of Level 3 fixed maturity securities at March 31, 2018.

MLIA also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained. If obtaining an independent non-binding broker quotation is unsuccessful, MLIA will use the last available price.

The Company reviews outputs of MLIA’s controls and performs additional controls, including certain monthly controls, which include but are not limited to, performing balance sheet analytics to assess reasonableness of period to period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the three months ended March 31, 2018.

Determination of Fair Value

Fixed maturities

The fair values for actively traded marketable bonds, primarily U.S. government and agency securities, are determined using the quoted market prices and are classified as Level 1 assets. For fixed maturities classified as Level 2 assets, fair values are determined using either a market or income approach and are valued based on a variety of observable inputs as described below.

U.S. corporate and foreign corporate securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark yields, spreads off benchmark yields, new issuances, issuer rating, trades of identical or comparable securities, or duration. Privately-placed securities are valued using the additional key inputs: market yield curve, call provisions, observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer, and delta spread adjustments to reflect specific credit-related issues.

U.S. government and agency, state and political subdivision and foreign government securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark U.S. Treasury yield or other yields, spread off the U.S. Treasury yield curve for the identical security, issuer ratings and issuer spreads, broker dealer quotes, and comparable securities that are actively traded.

Structured securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, ratings, geographic region, weighted average coupon and weighted average maturity, average delinquency rates and debt-service coverage ratios. Other issuance-specific information is also used, including, but not limited to; collateral type, structure of the security, vintage of the loans, payment terms of the underlying asset, payment priority within tranche, and deal performance.

Short-term investments

The fair value for actively traded short-term investments are determined using quoted market prices and are classified as Level 1 assets.

Derivatives

The fair values for OTC-bilateral derivatives and OTC-cleared derivatives classified as Level 2 assets or liabilities, fair values are determined using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models which are based on market standard valuation methodologies and a variety of observable inputs.

The significant inputs to the pricing models for most OTC-bilateral derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

Most inputs for OTC-bilateral derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Embedded Derivatives

Embedded derivatives principally include certain direct variable annuity guarantees and certain affiliated ceded reinsurance agreements related to such variable annuity guarantees. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the balance sheets.

The Company’s actuarial department calculates the fair value of these embedded derivatives, which are estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for Brighthouse Financial, Inc.’s debt. These observable spreads are then adjusted to reflect the priority of these liabilities and claims paying ability of the issuing insurance subsidiaries as compared to Brighthouse Financial, Inc.’s overall financial strength.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The Company ceded to a former affiliate the risk associated with certain of the GMIBs, GMABs and GMWBs described above. These reinsurance agreements contain embedded derivatives and are included within premiums, reinsurance and other receivables on the balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

There were no transfers between Levels 1 and 2 for assets and liabilities measured at estimated fair value and still held at both March 31, 2018 and December 31, 2017.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	96	-	139	105	98	-	142	108	Increase
	•	Market pricing	•	Quoted prices (4)	87	-	104	97	87	-	109	99	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	69	-	100	88	70	-	101	85	Increase (5)
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (6)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (6)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (6)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (7)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (7)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (7)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (8)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(9)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (10)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (11)

______________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(7)

Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(8)

The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(9)

The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.


(10)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(11)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

The following is a summary of the valuation techniques and significant unobservable inputs used in the fair value measurement of assets and liabilities classified within Level 3 that are not included in the preceding table. Generally, all other classes of securities classified within Level 3, including those within separate account assets and embedded derivatives, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. This includes matrix pricing and discounted cash flow methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non-binding broker quotations. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			Net Embedded Derivatives (2)
	(In thousands)
Three Months Ended March 31, 2018
Balance, beginning of period	$	95,950		$	19,557		$	347,633
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	1			109			(30,710		)
Total realized/unrealized gains (losses) included in AOCI	(772		)	119			—
Purchases (5)	783			1,955			—
Sales (5)	(716		)	(403		)	—
Issuances (5)	—			—			—
Settlements (5)	—			—			(5,912		)
Transfers into Level 3 (6)	—			—			—
Transfers out of Level 3 (6)	(3,166		)	—			—
Balance, end of period	$	92,080		$	21,337		$	311,011
Three Months Ended March 31, 2017
Balance, beginning of period	$	72,291		$	31,423		$	403,037
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(42		)	95			(131,329		)
Total realized/unrealized gains (losses) included in AOCI	998			216			—
Purchases (5)	20,631			—			—
Sales (5)	(11,274		)	(1,449		)	—
Issuances (5)	—			—			—
Settlements (5)	—			—			119,116
Transfers into Level 3 (6)	—			42			—
Transfers out of Level 3 (6)	—			—			—
Balance, end of period	$	82,604		$	30,327		$	390,824
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (7)	$	1		$	109		$	(33,063	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (7)	$	(42	)	$	95		$	(130,943	)

______________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(3)

Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net embedded derivatives are reported in net derivative gains (losses).


(4)	Interest accruals, as well as cash interest coupons received, are excluded from the rollforward.


(5)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(6)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(7)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net embedded derivatives are reported in net derivative gains (losses).

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income and payables for collateral under derivative transactions. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	March 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In thousands)
Assets
Mortgage loans	$	406,762	$	—	$	—	$	402,200	$	402,200
Premiums, reinsurance and other receivables	$	18,170	$	—	$	701	$	16,150	$	16,851
Liabilities
Policyholder account balances	$	1,139,063	$	—	$	—	$	1,077,586	$	1,077,586



	December 31, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In thousands)
Assets
Mortgage loans	$	394,863	$	—	$	—	$	395,894	$	395,894
Premiums, reinsurance and other receivables	$	20,489	$	—	$	900	$	19,728	$	20,628
Liabilities
Policyholder account balances	$	1,154,733	$	—	$	—	$	1,140,886	$	1,140,886

- Definition

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

+ References + Details

Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Equity

7. Equity

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Total
	(In thousands)
Balance, beginning of period	$	29,323		$	305		$	29,628
OCI before reclassifications	(38,499		)	(2,674		)	(41,173		)
Deferred income tax benefit (expense)	8,083			562			8,645
AOCI before reclassifications, net of income tax	(1,093		)	(1,807		)	(2,900		)
Amounts reclassified from AOCI	2,839			(6		)	2,833
Deferred income tax benefit (expense)	(596		)	1			(595		)
Amounts reclassified from AOCI, net of income tax	2,243			(5		)	2,238
Balance, end of period	$	1,150		$	(1,812	)	$	(662	)



	Three Months Ended March 31, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Total
	(In thousands)
Balance, beginning of period	$	1,340		$	3,067		$	4,407
OCI before reclassifications	5,460			(421		)	5,039
Deferred income tax benefit (expense)	(1,911		)	147			(1,764		)
AOCI before reclassifications, net of income tax	4,889			2,793			7,682
Amounts reclassified from AOCI	1,287			—			1,287
Deferred income tax benefit (expense)	(451		)	—			(451		)
Amounts reclassified from AOCI, net of income tax	836			—			836
Balance, end of period	$	5,725		$	2,793		$	8,518

______________


(1)	See Note 4 for information on offsets to investments related to DAC and DSI.

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI						Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(2,839	)	$	(1,304	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			17			Net investment income
Net unrealized investment gains (losses), before income tax	(2,839		)	(1,287		)
Income tax (expense) benefit	596			451
Net unrealized investment gains (losses), net of income tax	(2,243		)	(836		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Foreign currency swaps	6			—			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	6			—
Income tax (expense) benefit	(1		)	—
Gains (losses) on cash flow hedges, net of income tax	5			—
Total reclassifications, net of income tax	$	(2,238	)	$	(836	)

Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

8. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees are generally equal to a fixed percentage of the average daily balance of the customer’s investment in a fund are based on a specified in the contract between the Company and the Funds. Payments are generally collected when due and are neither refundable nor able to offset future fees.

To earn these fees, the Company performs services such as responding to phone inquiries, maintaining records, providing information to distributors and shareholders about fund performance and providing training to account managers and sales agents. The passage of time reflects the satisfaction of the Company’s performance obligations to the Funds, and is used to recognize revenue associated with 12b-1 fees.

Other revenues consisted primarily of 12b-1 fees of $3 million for both the three months ended March 31, 2018 and 2017, of which all were reported in the annuities segment.

Other Expenses

Information on other expenses was as follows:



		Three Months Ended March 31,
		2018			2017
	(In thousands)
Compensation		$	3,510		$	2,879
Commissions		11,449			6,301
Volume-related costs		2,220			1,006
Related party expenses on ceded reinsurance		—			4,523
Capitalization of DAC		(8,116		)	(2,192		)
Premium taxes, licenses and fees		1,043			348
Professional services		1,457			1,080
Rent and related expenses		111			143
Other		4,053			4,134
Total other expenses		$	15,727		$	18,222

Related Party Expenses

Commissions and capitalization of DAC include the impact of related party reinsurance transactions. See Note 10 for a discussion of related party expenses included in the table above.

Contingencies, Commitments and Guarantees	3 Months Ended
Contingencies, Commitments and Guarantees	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	9. Contingencies, Commitments and Guarantees Contingencies Litigation Sales Practices Claims Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities, or other products. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its financial statements for all probable and reasonably estimable losses for sales practices matters. Unclaimed Property Litigation Total Asset Recovery Services, LLC on its own behalf and on behalf of the State of New York v. Brighthouse Financial, Inc., et al. (Supreme Court, New York County, NY, second amended complaint filed November 17, 2017). Total Asset Recovery Services, LLC (the “Relator”) has brought a qui tam action against Brighthouse Financial, Inc. and its subsidiaries and affiliates under the New York False Claims Act seeking to recover damages on behalf of the State of New York. The action originally was filed under seal on or about December 3, 2010. The State of New York declined to intervene in the action, and the Relator is now prosecuting the action. The Relator alleges that from on or about April 1, 1986 and continuing annually through on or about September 10, 2017, the defendants violated New York State Finance Law Section 189 (1) (g) by failing to timely report and deliver unclaimed insurance property to the State of New York. The Relator is seeking, among other things, treble damages, penalties, expenses and attorneys’ fees and prejudgment interest. No specific dollar amount of damages is specified by the Relator who also is suing numerous insurance companies and John Doe defendants. Brighthouse Financial, Inc. has filed a motion to dismiss. The Brighthouse defendants intend to defend this action vigorously. Summary Various litigation, claims and assessments against the Company, have arisen in the course of the Company's business, including, but not limited to, in connection with its activities as an insurer, investor, and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company's compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company's financial position, based on information currently known by the Company's management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company's net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $4.3 million and $355 thousand at March 31, 2018 and December 31, 2017, respectively. Commitments to Fund Private Corporate Bond Investments The Company commits to lend funds under private corporate bond investments. The amounts of these unfunded commitments were $6.5 million and $11.6 million at March 31, 2018 and December 31, 2017, respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company had no liability for indemnities, guarantees and commitments at both March 31, 2018 and December 31, 2017.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

10. Related Party Transactions

The Company has various existing arrangements with its Brighthouse affiliates and MetLife for services necessary to conduct its activities. Subsequent to the Separation, certain of the MetLife services continued, as provided for under a master service agreement and various transition services agreements entered into in connection with the Separation.

Non-Broker-Dealer Transactions

The following table summarizes income and expense from transactions with related parties (excluding broker-dealer transactions) for the periods indicated:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Income	$	(68,442	)	$	(174,298	)
Expense	$	(17,521	)	$	(10,705	)

The following table summarizes assets and liabilities from transactions with related parties (excluding broker-dealer transactions) at:



	March 31, 2018		December 31, 2017
	(In thousands)
Assets	$	531,663	$	536,843
Liabilities	$	470,878	$	448,237

The material arrangements between the Company and its related parties are as follows:

Reinsurance Agreements

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth.

The Company has reinsurance agreements with its parent, Brighthouse Life Insurance Company, and Metropolitan Life Insurance Company (“MLIC”), a subsidiary of MetLife, Inc., both of which were related parties at March 31, 2018.

Information regarding the significant effects of related party reinsurance included on the interim condensed statements of operations and comprehensive income (loss) was as follows:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Premiums
Reinsurance ceded	$	(8,112	)	$	(9,844	)
Universal life and investment-type product policy fees
Reinsurance ceded	$	(1,043	)	$	(907	)
Other revenues
Reinsurance ceded	$	(15,936	)	$	(15,644	)
Policyholder benefits and claims
Reinsurance ceded	$	(24,732	)	$	(20,774	)

Information regarding the significant effects of ceded related party reinsurance included on the interim condensed balance sheets was as follows at:



	March 31, 2018		December 31, 2017
	(In thousands)
Assets
Premiums, reinsurance and other receivables	$	522,486	$	533,388
Liabilities
Other liabilities	$	470,851	$	448,210

The Company cedes risks to Brighthouse Life Insurance Company related to guaranteed minimum benefit guarantees written directly by the Company. These ceded reinsurance agreements contain embedded derivatives and changes in their estimated fair value are included within net derivative gains (losses). The embedded derivatives associated with the cessions are included within premiums, reinsurance and other receivables and were $262.4 million and $307.7 million at March 31, 2018 and December 31, 2017, respectively. Net derivative gains (losses) associated with the embedded derivatives were ($45.8) million and ($25.3) million for the three months ended March 31, 2018 and 2017, respectively.

The Company previously ceded 100% of certain variable annuities including guaranteed minimum benefit guarantees on a modified coinsurance basis to MLIC. In January 2017, the Company executed a novation and reassigned this reinsurance agreement with Brighthouse Life Insurance Company, as reinsurer. These transactions were treated as a termination of the existing reinsurance agreement with recognition of a loss and a new reinsurance agreement with no recognition of a gain or loss. These transactions resulted in an increase in other liabilities of $129.8 million. The Company recognized a loss of $84.4 million, net of income tax, as a result of these transactions.

Investment Transactions

See Note 4 for further discussion of the related party investment transactions.

Shared Services and Overhead Allocations

Brighthouse affiliates and MetLife provide the Company certain services, which include, but are not limited to, treasury, financial planning and analysis, legal, human resources, tax planning, internal audit, financial reporting, and information technology. The Company is charged for the MetLife services through a transition services agreement and allocated to the legal entities and products within the Company. When specific identification to a particular legal entity and/or product is not practicable, an allocation methodology based on various performance measures or activity-based costing, such as sales, new policies/contracts issued, reserves, and in-force policy counts is used. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Management believes that the methods used to allocate expenses under these arrangements are reasonable. Expenses incurred with the Brighthouse affiliates and MetLife related to these arrangements, recorded in other expenses, were $9.7 million and $7.7 million for the three months ended March 31, 2018 and 2017, respectively.

Broker-Dealer Transactions

Beginning in March 2017, Brighthouse Securities, LLC, a registered broker-dealer affiliate, began distributing certain of the Company’s existing and future variable insurance products, and the MetLife broker-dealers discontinued such distributions. Prior to March 2017, the Company recognized related party revenues and expenses arising from transactions with MetLife broker-dealers that previously sold the Company’s variable annuity and life products. The related party expense for the Company was commissions collected on the sale of variable products by the Company and passed through to the broker-dealer. The related party revenue for the Company was fee income from trusts and mutual funds whose shares serve as investment options of policyholders of the Company.

The following table summarizes income and expense from transactions with related party broker-dealers for the periods indicated:



	Three Months Ended March 31,
	2018		2017
	(In thousands)
Fee income	$	3,167	$	2,854
Commission expense	$	13,075	$	5,929

The following table summarizes assets from transactions with related party broker-dealers at:



	March 31, 2018		December 31, 2017
	(In thousands)
Fee income receivables	$	1,069	$	1,090

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Consolidation of Subsidiaries

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Investments

Maturities of Fixed Maturity Securities

The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial mortgage loans — 60 days and agricultural mortgage loans — 90 days.

Past Due, Nonaccrual and Modified Mortgage Loans

Variable Interest Entities

Derivatives

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives

The Company sells variable annuities and is a party to certain reinsurance agreements that have embedded derivatives.


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Derivative Strategies

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of New Accounting Pronouncements

ASUs adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	For those contracts that are impacted, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services.	January 1, 2018 using the modified retrospective method	The adoption did not have an impact on the Company’s financial statements other than expanded disclosures in Note 8.

ASUs issued but not yet adopted as of March 31, 2018 are summarized in the table below.



Standard	Description	Effective Date	Impact on Financial Statements
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities	The amendments to Topic 815 (i) refine and expand the criteria for achieving hedge accounting on certain hedging strategies, (ii) require the earnings effect of the hedging instrument be presented in the same line item in which the earnings effect of the hedged item is reported, and (iii) eliminate the requirement to separately measure and report hedge ineffectiveness.	January 1, 2019 using modified retrospective method (with early adoption permitted)	The Company does not expect a material impact on its financial statements from adoption of the new guidance.
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method (with early adoption permitted beginning January 1, 2019)	The Company is currently evaluating the impact of this guidance on its financial statements with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Information, by Segment



	Operating Results
Three Months Ended March 31, 2018	Annuities		Life		Corporate & Other		Total
	(In thousands)
Pre-tax adjusted earnings	$	5,430	$	8,014	$	2,262	$	15,706
Provision for income tax expense (benefit)	657		1,683		281		2,621
Adjusted earnings	$	4,773	$	6,331	$	1,981	13,085
Adjustments for:
Net investment gains (losses)							(2,355		)
Net derivative gains (losses)							(44,262		)
Other adjustments to net income							11,865
Provision for income tax (expense) benefit							7,297
Net income (loss)							$	(14,370	)

Interest revenue	$	14,803	$	8,839	$	371



	Operating Results
Three Months Ended March 31, 2017	Annuities		Life			Corporate & Other		Total
	(In thousands)
Pre-tax adjusted earnings	$	12,054	$	(2,212	)	$	2,670	$	12,512
Provision for income tax expense (benefit)	3,036		(774		)	810		3,072
Adjusted earnings	$	9,018	$	(1,438	)	$	1,860	9,440
Adjustments for:
Net investment gains (losses)								(737		)
Net derivative gains (losses)								(131,536		)
Other adjustments to net income								30,713
Provision for income tax (expense) benefit								35,546
Net income (loss)								$	(56,574	)

Interest revenue	$	15,457	$	3,749		$	2,285

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:



	March 31, 2018			December 31, 2017
	(In thousands)
Annuities	$	7,898,394		$	7,219,139
Life	1,452,865			662,546
Corporate & Other	(961,596		)	604,620
Total	$	8,389,663		$	8,486,305

Reconciliation of Revenue from Segments to Consolidated

The following table presents total revenues with respect to the Company’s segments, as well as Corporate & Other:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Annuities	$	27,638		$	27,694
Life	15,696			9,928
Corporate & Other	1,024			2,703
Adjustments	(43,309		)	(128,836		)
Total	$	1,049		$	(88,511	)

Insurance (Tables)

3 Months Ended

Mar. 31, 2018

Insurance [Abstract]

Information regarding the Company’s guarantee exposure was as follows at:



	March 31, 2018						December 31, 2017
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in thousands)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	4,850,909		$	4,002,240		$	5,026,927		$	4,149,482
Separate account value	$	4,845,095		$	4,001,339		$	5,020,107		$	4,149,482
Net amount at risk	$	19,567	(4)	$	182,505	(5)	$	5,262	(4)	$	166,788	(5)
Average attained age of contract holders	67 years			67 years			66 years			66 years

______________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the fixed maturity securities AFS by sector at:



	March 31, 2018										December 31, 2017
	Amortized Cost		Gross Unrealized						Estimated Fair Value		Amortized Cost		Gross Unrealized						Estimated Fair Value
	Amortized Cost		Gains		Temporary Losses		OTTI Losses		Estimated Fair Value		Amortized Cost		Gains		Temporary Losses		OTTI Losses		Estimated Fair Value
	(In thousands)
Fixed maturity securities: (1)
U.S. corporate	$	799,350	$	13,661	$	10,138	$	—	$	802,873	$	770,385	$	29,246	$	2,007	$	—	$	797,624
U.S. government and agency	524,516		12,387		14,202		—		522,701		535,757		17,023		5,717		—		547,063
Foreign corporate	313,381		5,292		6,314		—		312,359		304,650		8,168		3,704		—		309,114
RMBS	227,665		4,369		4,789		—		227,245		217,857		5,626		1,703		—		221,780
CMBS	208,070		801		2,690		—		206,181		197,931		3,533		1,043		—		200,421
State and political subdivision	65,953		5,674		678		—		70,949		64,056		6,596		366		—		70,286
ABS	76,443		298		242		—		76,499		58,665		305		98		—		58,872
Foreign government	18,501		279		238		—		18,542		15,833		597		27		—		16,403
Total fixed maturity securities	$	2,233,879	$	42,761	$	39,291	$	—	$	2,237,349	$	2,165,134	$	71,094	$	14,665	$	—	$	2,221,563

__________________


(1)	Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2018:



	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Securities		Total Fixed Maturity Securities
	(In thousands)
Amortized cost	$	46,977	$	326,248	$	775,779	$	572,697	$	512,178	$	2,233,879
Estimated fair value	$	47,298	$	327,538	$	764,035	$	588,553	$	509,925	$	2,237,349

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale



	March 31, 2018								December 31, 2017
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in thousands)
Fixed maturity securities:
U.S. corporate	$	366,302	$	8,191	$	46,709	$	1,947	$	118,514	$	898	$	46,372	$	1,109
U.S. government and agency	304,962		9,897		85,562		4,305		248,434		2,895		107,253		2,822
Foreign corporate	168,505		3,897		39,824		2,417		88,724		1,540		29,552		2,164
RMBS	99,834		3,107		33,531		1,682		24,060		162		38,454		1,541
CMBS	113,284		1,249		27,350		1,441		18,430		176		27,958		867
State and political subdivision	22,134		366		8,054		312		9,232		110		8,111		256
ABS	22,535		160		8,050		82		7,361		23		8,076		75
Foreign government	11,654		238		—		—		4,484		27		—		—
Total fixed maturity securities	$	1,109,210	$	27,105	$	249,080	$	12,186	$	519,239	$	5,831	$	265,776	$	8,834
Total number of securities in an unrealized loss position	319				57				131				58

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	March 31, 2018					December 31, 2017
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in thousands)
Mortgage loans
Commercial	$	289,478		71.2	%	$	276,626		70.0	%
Agricultural	119,101			29.3		119,984			30.4
Subtotal	408,579			100.5		396,610			100.4
Valuation allowances (1)	(1,817		)	(0.5	)	(1,747		)	(0.4	)
Total mortgage loans, net	$	406,762		100.0	%	$	394,863		100.0	%

__________________


(1)	The valuation allowances were primarily from collective evaluation (non-specific loan related).

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	March 31, 2018			December 31, 2017
	(In thousands)
Fixed maturity securities	$	3,472		$	56,432
Derivatives	(2,209		)	471
Subtotal	1,263			56,903
Amounts allocated from:
DAC and DSI	(2,100		)	(19,400		)
Deferred income tax benefit (expense)	175			(7,875		)
Net unrealized investment gains (losses)	$	(662	)	$	29,628

The changes in net unrealized investment gains (losses) were as follows:



	Three Months Ended March 31, 2018
	(In thousands)
Balance, beginning of period	$	29,628
Unrealized investment gains (losses) during the period	(55,640		)
Unrealized investment gains (losses) relating to:
DAC and DSI	17,300
Deferred income tax benefit (expense)	8,050
Balance, end of period	$	(662	)
Change in net unrealized investment gains (losses)	$	(30,290	)

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at estimated fair value:



	March 31, 2018		December 31, 2017
	(In thousands)
Invested assets on deposit (regulatory deposits)	$	1,491	$	1,549
Invested assets pledged as collateral (1)	419		707
Total invested assets on deposit and pledged as collateral	$	1,910	$	2,256

__________________


(1)	The Company has pledged invested assets in connection with derivative transactions (see Note 5).

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended March 31,
	2018		2017
	(In thousands)
Investment income:
Fixed maturity securities	$	20,365	$	17,592
Mortgage loans	4,191		4,388
Cash, cash equivalents and short-term investments	158		37
Other	96		149
Subtotal	24,810		22,166
Less: Investment expenses	879		758
Net investment income	$	23,931	$	21,408

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Total gains (losses) on fixed maturity securities:
Fixed maturity securities — net gains (losses) on sales and disposals	$	(2,839	)	$	(1,299	)
Total gains (losses) on fixed maturity securities	(2,839		)	(1,299		)
Mortgage loans	(82		)	(17		)
Other	566			579
Total net investment gains (losses)	$	(2,355	)	$	(737	)

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as shown in the table below.



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Proceeds	$	53,561		$	142,318
Gross investment gains	$	15		$	663
Gross investment losses	(2,854		)	(1,962		)
Net investment gains (losses)	$	(2,839	)	$	(1,299	)

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Variable Interest Entities



	March 31, 2018				December 31, 2017
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In thousands)
Fixed maturity securities AFS:
Structured Securities (2)	$	420,170	$	420,170	$	431,406	$	431,406
Foreign corporate	6,141		6,141		6,394		6,394
Total	$	426,311	$	426,311	$	437,800	$	437,800

______________


(1)	The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer.


(2)	For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Commercial

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment
	Debt Service Coverage Ratios						% of Total
	> 1.20x		1.00x - 1.20x		Total		% of Total
	(Dollars in thousands)
March 31, 2018
Loan-to-value ratios:
Less than 65%	$	255,430	$	20,064	$	275,494	95.2	%
65% to 75%	7,651		—		7,651		2.6
76% to 80%	6,333		—		6,333		2.2
Total	$	269,414	$	20,064	$	289,478	100.0	%
December 31, 2017
Loan-to-value ratios:
Less than 65%	$	243,217	$	17,425	$	260,642	94.2	%
65% to 75%	12,957		—		12,957		4.7
76% to 80%	3,027		—		3,027		1.1
Total	$	259,201	$	17,425	$	276,626	100.0	%

Agricultural

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:



	March 31, 2018				December 31, 2017
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in thousands)
Loan-to-value ratios:
Less than 65%	$	119,101	100.0	%	$	119,077	99.2	%
65% to 75%	—		—		907		0.8
Total	$	119,101	100.0	%	$	119,984	100.0	%

Derivatives (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	72,627	$	802	$	3,481	$	70,307	$	1,571	$	1,357
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate caps	Interest rate	800,000		7,547		—		—		—		—
Foreign currency swaps	Foreign currency exchange rate	17,892		1,350		439		16,636		2,213		254
Equity index options	Equity market	441,000		9,602		—		—		—		—
Total non-designated or nonqualifying derivatives		1,258,892		18,499		439		16,636		2,213		254
Total		$	1,331,519	$	19,301	$	3,920	$	86,943	$	3,784	$	1,611

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In thousands)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	19,408		$	3,751		$	3,903		$	1,482
Total gross estimated fair value of derivatives (1)	19,408			3,751			3,903			1,482
Amounts offset on the balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the balance sheets (1)	19,408			3,751			3,903			1,482
Gross amounts not offset on the balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,751		)	(3,751		)	(1,482		)	(1,482		)
Cash collateral: (3)
OTC-bilateral	(14,246		)	—			(2,367		)	—
Securities collateral: (4)
OTC-bilateral	—			—			—			—
Net amount after application of master netting agreements and collateral	$	1,411		$	—		$	54		$	—

______________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $107 thousand and $119 thousand, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($169) thousand and ($129) thousand, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)

(4)

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In thousands)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	19,408		$	3,751		$	3,903		$	1,482
Total gross estimated fair value of derivatives (1)	19,408			3,751			3,903			1,482
Amounts offset on the balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the balance sheets (1)	19,408			3,751			3,903			1,482
Gross amounts not offset on the balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,751		)	(3,751		)	(1,482		)	(1,482		)
Cash collateral: (3)
OTC-bilateral	(14,246		)	—			(2,367		)	—
Securities collateral: (4)
OTC-bilateral	—			—			—			—
Net amount after application of master netting agreements and collateral	$	1,411		$	—		$	54		$	—

______________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $107 thousand and $119 thousand, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($169) thousand and ($129) thousand, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)

(4)

Derivative Instruments, Gain (Loss) [Line Items]

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

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	6		$	—	$	(2,674	)
Total cash flow hedges	6			—		(2,674		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(4,002		)	—		—
Foreign currency exchange rate derivatives	(1,054		)	152		—
Credit derivatives	—			—		—
Equity derivatives	(8,736		)	—		—
Embedded derivatives	(30,710		)	—		—
Total non-qualifying hedges	(44,502		)	152		—
Total	$	(44,496	)	$	152	$	(2,674	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	—		$	—	$	(421	)
Total cash flow hedges	—			—		(421		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	—			—		—
Foreign currency exchange rate derivatives	(339		)	48		—
Credit derivatives	—			—		—
Equity derivatives	—			—		—
Embedded derivatives	(131,329		)	—		—
Total non-qualifying hedges	(131,668		)	48		—
Total	$	(131,668	)	$	48	$	(421	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	6		$	—	$	(2,674	)
Total cash flow hedges	6			—		(2,674		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(4,002		)	—		—
Foreign currency exchange rate derivatives	(1,054		)	152		—
Credit derivatives	—			—		—
Equity derivatives	(8,736		)	—		—
Embedded derivatives	(30,710		)	—		—
Total non-qualifying hedges	(44,502		)	152		—
Total	$	(44,496	)	$	152	$	(2,674	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	—		$	—	$	(421	)
Total cash flow hedges	—			—		(421		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	—			—		—
Foreign currency exchange rate derivatives	(339		)	48		—
Credit derivatives	—			—		—
Equity derivatives	—			—		—
Embedded derivatives	(131,329		)	—		—
Total non-qualifying hedges	(131,668		)	48		—
Total	$	(131,668	)	$	48	$	(421	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

Components of Net Derivatives Gains (Losses)

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	6		$	—	$	(2,674	)
Total cash flow hedges	6			—		(2,674		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(4,002		)	—		—
Foreign currency exchange rate derivatives	(1,054		)	152		—
Credit derivatives	—			—		—
Equity derivatives	(8,736		)	—		—
Embedded derivatives	(30,710		)	—		—
Total non-qualifying hedges	(44,502		)	152		—
Total	$	(44,496	)	$	152	$	(2,674	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	—		$	—	$	(421	)
Total cash flow hedges	—			—		(421		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	—			—		—
Foreign currency exchange rate derivatives	(339		)	48		—
Credit derivatives	—			—		—
Equity derivatives	—			—		—
Embedded derivatives	(131,329		)	—		—
Total non-qualifying hedges	(131,668		)	48		—
Total	$	(131,668	)	$	48	$	(421	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

Derivative Instruments and Hedging Activities Disclosure [Text Block]

5. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Hedge Accounting

Embedded Derivatives

The Company sells variable annuities and is a party to certain reinsurance agreements that have embedded derivatives.


•	the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings;


•	the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and


•	a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Derivative Strategies

Interest Rate Derivatives

The Company purchases interest rate caps to protect against rises in long-term interest rates. The Company utilizes interest rate caps in nonqualifying hedging relationships.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies.

Equity Derivatives

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:



		March 31, 2018						December 31, 2017
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
	Primary Underlying Risk Exposure	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Foreign currency swaps	Foreign currency exchange rate	$	72,627	$	802	$	3,481	$	70,307	$	1,571	$	1,357
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate caps	Interest rate	800,000		7,547		—		—		—		—
Foreign currency swaps	Foreign currency exchange rate	17,892		1,350		439		16,636		2,213		254
Equity index options	Equity market	441,000		9,602		—		—		—		—
Total non-designated or nonqualifying derivatives		1,258,892		18,499		439		16,636		2,213		254
Total		$	1,331,519	$	19,301	$	3,920	$	86,943	$	3,784	$	1,611

The Company recognized net investment income from settlement payments related to qualifying hedges of $186 thousand and $148 thousand for the three months ended March 31, 2018 and 2017, respectively.

The following tables present the amount and location of gains (losses) recognized for derivatives and gains (losses) pertaining to hedged items presented in net derivative gains (losses):



	Three Months Ended March 31, 2018
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	6		$	—	$	(2,674	)
Total cash flow hedges	6			—		(2,674		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	(4,002		)	—		—
Foreign currency exchange rate derivatives	(1,054		)	152		—
Credit derivatives	—			—		—
Equity derivatives	(8,736		)	—		—
Embedded derivatives	(30,710		)	—		—
Total non-qualifying hedges	(44,502		)	152		—
Total	$	(44,496	)	$	152	$	(2,674	)



	Three Months Ended March 31, 2017
	Net Derivative Gains (Losses) Recognized for Derivatives (1)			Net Derivative Gains (Losses) Recognized for Hedged Items (2)		Amount of Gains (Losses) deferred in AOCI
	(In thousands)
Derivatives Designated as Hedging Instruments:
Cash flow hedges (3):
Foreign currency exchange rate derivatives	$	—		$	—	$	(421	)
Total cash flow hedges	—			—		(421		)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives	—			—		—
Foreign currency exchange rate derivatives	(339		)	48		—
Credit derivatives	—			—		—
Equity derivatives	—			—		—
Embedded derivatives	(131,329		)	—		—
Total non-qualifying hedges	(131,668		)	48		—
Total	$	(131,668	)	$	48	$	(421	)

______________


(1)	Includes gains (losses) reclassified from AOCI for cash flow hedges.


(2)	Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships. Ineffective portion of the gains (losses) recognized in income is not significant.


(3)	All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments, for both March 31, 2018 and December 31, 2017.

At March 31, 2018 and December 31, 2017, the balance in AOCI associated with foreign currency swaps designated and qualifying as cash flow hedges was ($2.2) million and $471 thousand, respectively.

Counterparty Credit Risk

See Note 6 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:



	March 31, 2018						December 31, 2017
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets			Liabilities			Assets			Liabilities
	(In thousands)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	19,408		$	3,751		$	3,903		$	1,482
Total gross estimated fair value of derivatives (1)	19,408			3,751			3,903			1,482
Amounts offset on the balance sheets	—			—			—			—
Estimated fair value of derivatives presented on the balance sheets (1)	19,408			3,751			3,903			1,482
Gross amounts not offset on the balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(3,751		)	(3,751		)	(1,482		)	(1,482		)
Cash collateral: (3)
OTC-bilateral	(14,246		)	—			(2,367		)	—
Securities collateral: (4)
OTC-bilateral	—			—			—			—
Net amount after application of master netting agreements and collateral	$	1,411		$	—		$	54		$	—

______________


(1)	At March 31, 2018 and December 31, 2017, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $107 thousand and $119 thousand, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($169) thousand and ($129) thousand, respectively.


(2)	Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)

(4)

Embedded Derivatives

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In thousands)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	262,383		$	307,698

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	(56,252	)	$	(51,130	)
Fixed annuities with equity indexed returns	Policyholder account balances	7,624			11,195
Embedded derivatives within liability host contracts		$	(48,628	)	$	(39,935	)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net derivative gains (losses) (1), (2)	$	(30,710	)	$	(131,329	)

______________

(1)


(2)	See Note 10 for discussion of related party net derivative gains (losses).

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Components of Net Derivatives Gains (Losses)

The following table presents changes in estimated fair value related to embedded derivatives:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net derivative gains (losses) (1), (2)	$	(30,710	)	$	(131,329	)

______________

(1)


(2)	See Note 10 for discussion of related party net derivative gains (losses).

Schedule of Derivative Instruments

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:



	Balance Sheet Location	March 31, 2018			December 31, 2017
		(In thousands)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	262,383		$	307,698

Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	Policyholder account balances	$	(56,252	)	$	(51,130	)
Fixed annuities with equity indexed returns	Policyholder account balances	7,624			11,195
Embedded derivatives within liability host contracts		$	(48,628	)	$	(39,935	)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements



	March 31, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3			Total Estimated Fair Value
	(In thousands)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	758,241	$	44,632		$	802,873
U.S. government and agency	400,215		122,486		—			522,701
Foreign corporate	—		264,911		47,448			312,359
RMBS	—		210,882		16,363			227,245
CMBS	—		201,207		4,974			206,181
State and political subdivision	—		70,949		—			70,949
ABS	—		76,499		—			76,499
Foreign government	—		18,542		—			18,542
Total fixed maturity securities	400,215		1,723,717		113,417			2,237,349
Short-term investments	7,978		—		—			7,978
Derivative assets: (1)
Interest rate	—		7,547		—			7,547
Foreign currency exchange rate	—		2,152		—			2,152
Equity market	—		9,602		—			9,602
Total derivative assets	—		19,301		—			19,301
Embedded derivatives within asset host contracts (2)	—		—		262,383			262,383
Separate account assets	—		4,846,885		—			4,846,885
Total assets	$	408,193	$	6,589,903	$	375,800		$	7,373,896
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	3,920	$	—		$	3,920
Embedded derivatives within liability host contracts (2)	—		—		(48,628		)	(48,628		)
Total liabilities	$	—	$	3,920	$	(48,628	)	$	(44,708	)



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3			Total Estimated Fair Value
	(In thousands)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	750,891	$	46,733		$	797,624
U.S. government and agency	420,084		126,979		—			547,063
Foreign corporate	—		259,897		49,217			309,114
RMBS	—		207,338		14,442			221,780
CMBS	—		195,306		5,115			200,421
State and political subdivision	—		70,286		—			70,286
ABS	—		58,872		—			58,872
Foreign government	—		16,403		—			16,403
Total fixed maturity securities	420,084		1,685,972		115,507			2,221,563
Short-term investments	—		—		—			—
Derivative assets: (1)
Foreign currency exchange rate	—		3,784		—			3,784
Embedded derivatives within asset host contracts (2)	—		—		307,698			307,698
Separate account assets	—		5,021,633		—			5,021,633
Total assets	$	420,084	$	6,711,389	$	423,205		$	7,554,678
Liabilities
Derivative liabilities: (1)
Foreign currency exchange rate	$	—	$	1,611	$	—		$	1,611
Embedded derivatives within liability host contracts (2)	—		—		(39,935		)	(39,935		)
Total liabilities	$	—	$	1,611	$	(39,935	)	$	(38,324	)

______________


(1)	Derivative assets are presented within other invested assets on the balance sheets and derivative liabilities are presented within other liabilities on the balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the balance sheets.


(2)	Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the balance sheets.

Fair Value Inputs, Quantitative Information



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	96	-	139	105	98	-	142	108	Increase
	•	Market pricing	•	Quoted prices (4)	87	-	104	97	87	-	109	99	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	69	-	100	88	70	-	101	85	Increase (5)
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (6)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (6)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (6)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (7)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (7)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (7)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (8)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(9)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (10)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (11)

______________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(7)

(8)

(9)


(10)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(11)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value Inputs, Quantitative Information



					March 31, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	96	-	139	105	98	-	142	108	Increase
	•	Market pricing	•	Quoted prices (4)	87	-	104	97	87	-	109	99	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	69	-	100	88	70	-	101	85	Increase (5)
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.09%		0%	-	0.09%		Decrease (6)
				Ages 41 - 60	0.04%	-	0.65%		0.04%	-	0.65%		Decrease (6)
				Ages 61 - 115	0.26%	-	100%		0.26%	-	100%		Decrease (6)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (7)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (7)
				Durations 21 - 116	2%	-	100%		2%	-	100%		Decrease (7)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (8)
			•	Withdrawal rates	0.25%	-	10%		0.25%	-	10%		(9)
			•	Long-term equity volatilities	17.40%	-	25%		17.40%	-	25%		Increase (10)
			•	Nonperformance risk spread	0.90%	-	1.66%		0.64%	-	1.43%		Decrease (11)

______________


(1)	The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.


(6)	Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(7)

(8)

(9)


(10)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(11)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities
	Corporate (1)			Structured Securities			Net Embedded Derivatives (2)
	(In thousands)
Three Months Ended March 31, 2018
Balance, beginning of period	$	95,950		$	19,557		$	347,633
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	1			109			(30,710		)
Total realized/unrealized gains (losses) included in AOCI	(772		)	119			—
Purchases (5)	783			1,955			—
Sales (5)	(716		)	(403		)	—
Issuances (5)	—			—			—
Settlements (5)	—			—			(5,912		)
Transfers into Level 3 (6)	—			—			—
Transfers out of Level 3 (6)	(3,166		)	—			—
Balance, end of period	$	92,080		$	21,337		$	311,011
Three Months Ended March 31, 2017
Balance, beginning of period	$	72,291		$	31,423		$	403,037
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)	(42		)	95			(131,329		)
Total realized/unrealized gains (losses) included in AOCI	998			216			—
Purchases (5)	20,631			—			—
Sales (5)	(11,274		)	(1,449		)	—
Issuances (5)	—			—			—
Settlements (5)	—			—			119,116
Transfers into Level 3 (6)	—			42			—
Transfers out of Level 3 (6)	—			—			—
Balance, end of period	$	82,604		$	30,327		$	390,824
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2018 (7)	$	1		$	109		$	(33,063	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2017 (7)	$	(42	)	$	95		$	(130,943	)

______________


(1)	Comprised of U.S. and foreign corporate securities.


(2)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(3)


(4)	Interest accruals, as well as cash interest coupons received, are excluded from the rollforward.


(5)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(6)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(7)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net embedded derivatives are reported in net derivative gains (losses).

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	March 31, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In thousands)
Assets
Mortgage loans	$	406,762	$	—	$	—	$	402,200	$	402,200
Premiums, reinsurance and other receivables	$	18,170	$	—	$	701	$	16,150	$	16,851
Liabilities
Policyholder account balances	$	1,139,063	$	—	$	—	$	1,077,586	$	1,077,586



	December 31, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In thousands)
Assets
Mortgage loans	$	394,863	$	—	$	—	$	395,894	$	395,894
Premiums, reinsurance and other receivables	$	20,489	$	—	$	900	$	19,728	$	20,628
Liabilities
Policyholder account balances	$	1,154,733	$	—	$	—	$	1,140,886	$	1,140,886

Equity (Tables)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI was as follows:



	Three Months Ended March 31, 2018
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Total
	(In thousands)
Balance, beginning of period	$	29,323		$	305		$	29,628
OCI before reclassifications	(38,499		)	(2,674		)	(41,173		)
Deferred income tax benefit (expense)	8,083			562			8,645
AOCI before reclassifications, net of income tax	(1,093		)	(1,807		)	(2,900		)
Amounts reclassified from AOCI	2,839			(6		)	2,833
Deferred income tax benefit (expense)	(596		)	1			(595		)
Amounts reclassified from AOCI, net of income tax	2,243			(5		)	2,238
Balance, end of period	$	1,150		$	(1,812	)	$	(662	)



	Three Months Ended March 31, 2017
	Unrealized Investment Gains (Losses), Net of Related Offsets (1)			Unrealized Gains (Losses) on Derivatives			Total
	(In thousands)
Balance, beginning of period	$	1,340		$	3,067		$	4,407
OCI before reclassifications	5,460			(421		)	5,039
Deferred income tax benefit (expense)	(1,911		)	147			(1,764		)
AOCI before reclassifications, net of income tax	4,889			2,793			7,682
Amounts reclassified from AOCI	1,287			—			1,287
Deferred income tax benefit (expense)	(451		)	—			(451		)
Amounts reclassified from AOCI, net of income tax	836			—			836
Balance, end of period	$	5,725		$	2,793		$	8,518

______________


(1)	See Note 4 for information on offsets to investments related to DAC and DSI.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:



AOCI Components	Amounts Reclassified from AOCI						Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended March 31,
	2018			2017
	(In thousands)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(2,839	)	$	(1,304	)	Net investment gains (losses)
Net unrealized investment gains (losses)	—			17			Net investment income
Net unrealized investment gains (losses), before income tax	(2,839		)	(1,287		)
Income tax (expense) benefit	596			451
Net unrealized investment gains (losses), net of income tax	(2,243		)	(836		)
Unrealized gains (losses) on derivatives - cash flow hedges:
Foreign currency swaps	6			—			Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	6			—
Income tax (expense) benefit	(1		)	—
Gains (losses) on cash flow hedges, net of income tax	5			—
Total reclassifications, net of income tax	$	(2,238	)	$	(836	)

Other Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Other Income and Expenses [Abstract]

Other Expenses

Information on other expenses was as follows:



		Three Months Ended March 31,
		2018			2017
	(In thousands)
Compensation		$	3,510		$	2,879
Commissions		11,449			6,301
Volume-related costs		2,220			1,006
Related party expenses on ceded reinsurance		—			4,523
Capitalization of DAC		(8,116		)	(2,192		)
Premium taxes, licenses and fees		1,043			348
Professional services		1,457			1,080
Rent and related expenses		111			143
Other		4,053			4,134
Total other expenses		$	15,727		$	18,222

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Reinsurance Disclosure [Line Items]

The following table summarizes assets and liabilities from transactions with related parties (excluding broker-dealer transactions) at:



	March 31, 2018		December 31, 2017
	(In thousands)
Assets	$	531,663	$	536,843
Liabilities	$	470,878	$	448,237

The following table summarizes income and expense from transactions with related parties (excluding broker-dealer transactions) for the periods indicated:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Income	$	(68,442	)	$	(174,298	)
Expense	$	(17,521	)	$	(10,705	)

The following table summarizes income and expense from transactions with related party broker-dealers for the periods indicated:



	Three Months Ended March 31,
	2018		2017
	(In thousands)
Fee income	$	3,167	$	2,854
Commission expense	$	13,075	$	5,929

The following table summarizes assets from transactions with related party broker-dealers at:



	March 31, 2018		December 31, 2017
	(In thousands)
Fee income receivables	$	1,069	$	1,090

Effects of reinsurance

Information regarding the significant effects of related party reinsurance included on the interim condensed statements of operations and comprehensive income (loss) was as follows:



	Three Months Ended March 31,
	2018			2017
	(In thousands)
Premiums
Reinsurance ceded	$	(8,112	)	$	(9,844	)
Universal life and investment-type product policy fees
Reinsurance ceded	$	(1,043	)	$	(907	)
Other revenues
Reinsurance ceded	$	(15,936	)	$	(15,644	)
Policyholder benefits and claims
Reinsurance ceded	$	(24,732	)	$	(20,774	)

Information regarding the significant effects of ceded related party reinsurance included on the interim condensed balance sheets was as follows at:



	March 31, 2018		December 31, 2017
	(In thousands)
Assets
Premiums, reinsurance and other receivables	$	522,486	$	533,388
Liabilities
Other liabilities	$	470,851	$	448,210

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018 Segment	Mar. 31, 2018 segment	Aug. 04, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments	2	2
Spinoff [Member]
Instrument [Line Items]
Planned Common Stock Distribution by Parent			80.80%
Parent percentage [Member] \| Spinoff [Member]
Instrument [Line Items]
Common Stock, Shares, Issued			19.20%

Segment Information (Operating Results) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	$ (19,046)	$ (89,048)
Provision for income tax expense (benefit)	(4,676)	(32,474)
Net investment gains (losses)	(2,355)	(737)
Net derivative gains (losses)	(44,262)	(131,536)
Other adjustments to net income	(12,544)	(12,671)
Net income (loss)	(14,370)	(56,574)
Annuities
Segment Reporting Information [Line Items]
Interest revenue	14,803	15,457
Life
Segment Reporting Information [Line Items]
Interest revenue	8,839	3,749
Corporate & Other
Segment Reporting Information [Line Items]
Interest revenue	371	2,285
Operating Segments
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	15,706	12,512
Provision for income tax expense (benefit)	2,621	3,072
Adjusted earnings	13,085	9,440
Operating Segments \| Annuities
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	5,430	12,054
Provision for income tax expense (benefit)	657	3,036
Adjusted earnings	4,773	9,018
Operating Segments \| Life
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	8,014	(2,212)
Provision for income tax expense (benefit)	1,683	(774)
Adjusted earnings	6,331	(1,438)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Pre-tax adjusted earnings	2,262	2,670
Provision for income tax expense (benefit)	281	810
Adjusted earnings	1,981	1,860
Segment Reconciling Items
Segment Reporting Information [Line Items]
Provision for income tax expense (benefit)	7,297	35,546
Net investment gains (losses)	(2,355)	(737)
Net derivative gains (losses)	(44,262)	(131,536)
Other adjustments to net income	$ 11,865	$ 30,713

Segment Information (Reconciliation of Operating Revenues to Total Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,049	$ (88,511)
Annuities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	27,638	27,694
Life
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	15,696	9,928
Corporate & Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,024	2,703
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (43,309)	$ (128,836)

Segment Information (Total Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 8,389,663	$ 8,486,305
Annuities
Segment Reporting Information [Line Items]
Total assets	7,898,394	7,219,139
Life
Segment Reporting Information [Line Items]
Total assets	1,452,865	662,546
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ (961,596)	$ 604,620

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended
Segment Information (Narrative) (Details) $ in Millions	Mar. 31, 2018 USD ($) Segment	Mar. 31, 2018 USD ($) segment	Mar. 31, 2018 USD ($)
Segment Reporting [Abstract]
Number of segments	2	2
Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	$ 875	$ 875	$ 875
Annuities
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	640	640	640
Corporate & Other
Segment Reporting Information [Line Items]
Estimated increase (decrease) in total assets due to new methodology	$ (1,500)	$ (1,500)	(1,500)
Minimum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology			2
Maximum \| Life
Segment Reporting Information [Line Items]
Estimated increase (decrease) in adjusted earnings due to new methodology			$ 5

Insurance (Guarantees Related to Annuity Contracts) (Details) - Variable Annuity Guarantees - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Guaranteed Death Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 4,850,909	$ 5,026,927
Separate account value	4,845,095	5,020,107
Net amount at risk	$ 19,567	$ 5,262
Average attained age of contract holders	67 years	66 years
Guaranteed Annuitization Benefits
Net Amount at Risk by Product and Guarantee [Line Items]
Total account value	$ 4,002,240	$ 4,149,482
Separate account value	4,001,339	4,149,482
Net amount at risk	$ 182,505	$ 166,788
Average attained age of contract holders	67 years	66 years

Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities [Abstract]
Amortized cost	$ 2,233,879	$ 2,165,134
Available-for-sale Securities, Debt Securities	2,237,349	2,221,563
Fixed maturity securities
Available-for-sale Securities [Abstract]
Amortized cost	2,233,879	2,165,134
Gross Unrealized Gain	42,761	71,094
Gross Unrealized Temporary Loss	39,291	14,665
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	2,237,349	2,221,563
U.S. corporate
Available-for-sale Securities [Abstract]
Amortized cost	799,350	770,385
Gross Unrealized Gain	13,661	29,246
Gross Unrealized Temporary Loss	10,138	2,007
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	802,873	797,624
U.S. government and agency
Available-for-sale Securities [Abstract]
Amortized cost	524,516	535,757
Gross Unrealized Gain	12,387	17,023
Gross Unrealized Temporary Loss	14,202	5,717
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	522,701	547,063
Foreign corporate
Available-for-sale Securities [Abstract]
Amortized cost	313,381	304,650
Gross Unrealized Gain	5,292	8,168
Gross Unrealized Temporary Loss	6,314	3,704
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	312,359	309,114
RMBS
Available-for-sale Securities [Abstract]
Amortized cost	227,665	217,857
Gross Unrealized Gain	4,369	5,626
Gross Unrealized Temporary Loss	4,789	1,703
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	227,245	221,780
CMBS
Available-for-sale Securities [Abstract]
Amortized cost	208,070	197,931
Gross Unrealized Gain	801	3,533
Gross Unrealized Temporary Loss	2,690	1,043
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	206,181	200,421
State and political subdivision
Available-for-sale Securities [Abstract]
Amortized cost	65,953	64,056
Gross Unrealized Gain	5,674	6,596
Gross Unrealized Temporary Loss	678	366
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	70,949	70,286
ABS
Available-for-sale Securities [Abstract]
Amortized cost	76,443	58,665
Gross Unrealized Gain	298	305
Gross Unrealized Temporary Loss	242	98
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	76,499	58,872
Foreign government
Available-for-sale Securities [Abstract]
Amortized cost	18,501	15,833
Gross Unrealized Gain	279	597
Gross Unrealized Temporary Loss	238	27
Gross Unrealized OTTI Loss	0	0
Available-for-sale Securities, Debt Securities	$ 18,542	$ 16,403

Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized cost, Due in One Year or Less	$ 46,977
Amortized cost, Due After One Year Through Five Years	326,248
Amortized cost, Due After Five Years Through Ten Years	775,779
Amortized cost, Due After Ten Years	572,697
Structured Securities	512,178
Amortized cost	2,233,879	$ 2,165,134
Estimated fair value, Due in One Year or Less	47,298
Estimated fair value, Due After One Year Through Five Years	327,538
Estimated fair value, Due After Five Years Through Ten Years	764,035
Estimated fair value, Due After Ten Years	588,553
Structured Securities	509,925
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $2,233,879 and $2,165,134, respectively)	$ 2,237,349	$ 2,221,563

Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Thousands	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	319	131
Total number of securities in an unrealized loss position equal to or greater than 12 months	57	58
Fixed maturity securities
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	$ 1,109,210	$ 519,239
Less than 12 Months Gross Unrealized Loss	27,105	5,831
Equal to or Greater than 12 Months Estimated Fair Value	249,080	265,776
Equal to or Greater than 12 Months Gross Unrealized Loss	12,186	8,834
U.S. corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	366,302	118,514
Less than 12 Months Gross Unrealized Loss	8,191	898
Equal to or Greater than 12 Months Estimated Fair Value	46,709	46,372
Equal to or Greater than 12 Months Gross Unrealized Loss	1,947	1,109
U.S. government and agency
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	304,962	248,434
Less than 12 Months Gross Unrealized Loss	9,897	2,895
Equal to or Greater than 12 Months Estimated Fair Value	85,562	107,253
Equal to or Greater than 12 Months Gross Unrealized Loss	4,305	2,822
Foreign corporate
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	168,505	88,724
Less than 12 Months Gross Unrealized Loss	3,897	1,540
Equal to or Greater than 12 Months Estimated Fair Value	39,824	29,552
Equal to or Greater than 12 Months Gross Unrealized Loss	2,417	2,164
RMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	99,834	24,060
Less than 12 Months Gross Unrealized Loss	3,107	162
Equal to or Greater than 12 Months Estimated Fair Value	33,531	38,454
Equal to or Greater than 12 Months Gross Unrealized Loss	1,682	1,541
CMBS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	113,284	18,430
Less than 12 Months Gross Unrealized Loss	1,249	176
Equal to or Greater than 12 Months Estimated Fair Value	27,350	27,958
Equal to or Greater than 12 Months Gross Unrealized Loss	1,441	867
State and political subdivision
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	22,134	9,232
Less than 12 Months Gross Unrealized Loss	366	110
Equal to or Greater than 12 Months Estimated Fair Value	8,054	8,111
Equal to or Greater than 12 Months Gross Unrealized Loss	312	256
ABS
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	22,535	7,361
Less than 12 Months Gross Unrealized Loss	160	23
Equal to or Greater than 12 Months Estimated Fair Value	8,050	8,076
Equal to or Greater than 12 Months Gross Unrealized Loss	82	75
Foreign government
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	11,654	4,484
Less than 12 Months Gross Unrealized Loss	238	27
Equal to or Greater than 12 Months Estimated Fair Value	0	0
Equal to or Greater than 12 Months Gross Unrealized Loss	$ 0	$ 0

Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Commercial	$ 289,478	$ 276,626
Percentage of loans receivable on commercial mortgage loans	71.20%	70.00%
Agricultural	$ 119,101	$ 119,984
Percentage of loans receivable on agricultural mortgage loans	29.30%	30.40%
Subtotal	$ 408,579	$ 396,610
Percentage of loans receivable on subtotal	100.50%	100.40%
Valuation allowances (1)	$ (1,817)	$ (1,747)
Percentage of loans receivable on valuation allowances	(0.50%)	(0.40%)
Total mortgage loans, net	$ 406,762	$ 394,863
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net	100.00%	100.00%

Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 289,478	$ 276,626
% of Total	100.00%	100.00%
Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 275,494	$ 260,642
% of Total	95.20%	94.20%
65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 7,651	$ 12,957
% of Total	2.60%	4.70%
76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 6,333	$ 3,027
% of Total	2.20%	1.10%
Greater than 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 269,414	$ 259,201
Greater than 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	255,430	243,217
Greater than 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	7,651	12,957
Greater than 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	6,333	3,027
1.00x - 1.20x
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	20,064	17,425
1.00x - 1.20x \| Less than 65%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	20,064	17,425
1.00x - 1.20x \| 65% to 75%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	0	0
1.00x - 1.20x \| 76% to 80%
Mortgage Loans on Real Estate [Line Items]
Commercial mortgage loans	$ 0	$ 0

Investments (Credit Quality of Agricultural) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 119,101	$ 119,984
% of Total	100.00%	100.00%
Less than 65%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 119,101	$ 119,077
% of Total	100.00%	99.20%
65% to 75%
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded Investment	$ 0	$ 907
% of Total	0.00%	0.80%

Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities	$ 3,472	$ 56,432
Derivatives	(2,209)	471
Subtotal	1,263	56,903
DAC and DSI	(2,100)	(19,400)
Deferred income tax benefit (expense)	175	(7,875)
Net unrealized investment gains (losses)	$ (662)	$ 29,628

Investments (Changes in Net Unrealized Investment Gains Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, beginning of period	$ 29,628
Unrealized investment gains (losses) during the period	(55,640)
Unrealized investment gains (losses) relating to [Abstract]
DAC and DSI	17,300
Deferred income tax benefit (expense)	8,050
Balance, end of period	(662)
Change in net unrealized investment gains (losses)	$ (30,290)

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Invested assets on deposit (regulatory deposits)	$ 1,491	$ 1,549
Invested Assets Pledged As Collateral	419	707
Total invested assets on deposit, and pledged as collateral	$ 1,910	$ 2,256

Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Carrying Amount Asset	$ 426,311	$ 437,800
Carrying Amount Liability	426,311	437,800
Structured securities
Variable Interest Entity [Line Items]
Carrying Amount Asset	420,170	431,406
Carrying Amount Liability	420,170	431,406
Foreign corporate
Variable Interest Entity [Line Items]
Carrying Amount Asset	6,141	6,394
Carrying Amount Liability	$ 6,141	$ 6,394

Investments (Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Investment Income [Line Items]
Less: Investment expenses	$ 879	$ 758
Net investment income	23,931	21,408
Securities Investment
Net Investment Income [Line Items]
Gross Investment Income, Operating	24,810	22,166
Fixed maturity securities
Net Investment Income [Line Items]
Gross Investment Income, Operating	20,365	17,592
Mortgage loans
Net Investment Income [Line Items]
Gross Investment Income, Operating	4,191	4,388
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Gross Investment Income, Operating	158	37
Other
Net Investment Income [Line Items]
Gross Investment Income, Operating	$ 96	$ 149

Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Marketable Securities, Gain (Loss) [Abstract]
Fixed maturity securities — net gains (losses) on sales and disposals	$ (2,839)	$ (1,299)
Other net investment gains (losses):
Mortgage loans	(82)	(17)
Other	566	579
Total net investment gains (losses)	(2,355)	(737)
Fixed maturity securities
Marketable Securities, Gain (Loss) [Abstract]
Net investment gains (losses)	$ (2,839)	$ (1,299)

- Definition

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

+ References + Details

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - Fixed maturity securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	$ 53,561	$ 142,318
Gross investment gains	15	663
Gross investment losses	(2,854)	(1,962)
Total OTTI losses recognized in earnings:
Net investment gains (losses)	$ (2,839)	$ (1,299)

Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities	$ 2,237,349	$ 2,221,563
Non-Income Producing Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Securities	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 0	$ 0

Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities available for sale with gross unrealized loss of equal to or greater than stated percentage	20.00%
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes	$ (24,600)
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	39,300
Twenty Percent Or More \| Six Months Or Greater \| Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ 0

Investments (Mortgage Loans - Narrative) (Details) - Contracts	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Financing Receivable, Recorded Investment, Aging [Abstract]
Percentage of Mortgage Loans Classified as Performing	100.00%		100.00%
Financing Receivable, Modifications, Subsequent Default, Number of Contracts	0	0
Commercial Loan [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due	0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest	0		0
Agricultural Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Financing Receivable Number of Contract of Recorded Investment Past Due	0		0
Loans and Leases Receivable, Number of Contract, Nonperforming, Nonaccrual of Interest	0		0

Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cash equivalents	$ 60.0	$ 60.7

Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Securities holdings exposure in single issuer greater than stated percentage of Company's equity	10.00%
Investments in any counterparty that were greater than 10% of equity	$ 0	$ 0

Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable interest, consoldidated carrying amount assets and liabilities net	$ 0	$ 0

Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Gains (losses) from foreign currency transactions	$ 414	$ 544

Investments Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 9,700	$ 7,700
Metlife Investment Advisors, LLC [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 766	$ 691

Derivatives (Primary Risks) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Gross Notional Amount	$ 1,331,519	$ 86,943
Estimated Fair Value Assets	19,301	3,784
Estimated Fair Value Liabilities	3,920	1,611
Derivatives Designated as Hedging Instruments: \| Cash Flow Hedges \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	72,627	70,307
Estimated Fair Value Assets	802	1,571
Estimated Fair Value Liabilities	3,481	1,357
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Gross Notional Amount	1,259,000	17,000
Estimated Fair Value Assets	18,000	2,000
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Gross Notional Amount	800,000	0
Estimated Fair Value Assets	8,000	0
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Equity Option [Member]
Derivatives, Fair Value [Line Items]
Gross Notional Amount	441,000	0
Estimated Fair Value Assets	10,000	0
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Foreign currency swaps
Derivatives, Fair Value [Line Items]
Gross Notional Amount	17,892	16,636
Estimated Fair Value Assets	1,350	2,213
Estimated Fair Value Liabilities	$ 439	$ 254

Derivatives (Net Derivative Gains Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of Net Derivatives Gains (Losses)
Total net derivative gains (losses)	$ (44,262)	$ (131,536)

Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - Net derivative gains (losses) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (44)	$ (132)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivative Gains (Losses) Recognized for Derivatives	$ (45)	$ (132)

Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	$ 19,408	$ 3,903
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,751	1,482
Amounts offset in the consoilidated balance sheets, Assets	0	0
Amounts offset in the consoilidated balance sheets, Liabilities	0	0
Estimated fair value of derivative assets presented in the consolidated balance sheets	19,408	3,903
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	3,751	1,482
Net amount of derivative assets after application of master netting agreements and cash collateral	1,411	54
Net amount of derivative liabilities after application of master netting agreements and cash collateral	0	0
Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset Excluding Accruals	19,408	3,903
Derivative Liability, Fair Value, Gross Liability Excluding Accruals	3,751	1,482
Gross estimated fair value of derivative assets	(3,751)	(1,482)
Gross estimated fair value of derivative liabilities	(3,751)	(1,482)
Cash collateral on derivative assets	(14,246)	(2,367)
Cash collateral on derivative liabilities	0	0
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ 0	$ 0

Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	$ (48,628)	$ (39,935)
Ceded guaranteed minimum benefits \| Premiums, reinsurance and other receivables
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within asset host contracts	262,383	307,698
Direct guaranteed minimum benefits \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	(56,252)	(51,130)
Fixed annuities with equity indexed returns \| Policyholder account balances
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded derivatives within liability host contracts	$ 8,000	$ 11,000

Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ (30,710)	$ (131,329)

Derivatives (Earned Income On Derivatives - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivatives Designated as Hedging Instruments: \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 0	$ 0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: \| Net derivative gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Total earned income	$ 0	$ 0

Derivatives (Cash Flow Hedges - Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	$ 0		$ 0
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	(3,000)	$ 0
Cash Flow Hedges
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in AOCI on Derivatives	$ (3,000)	$ 0

Derivatives (Credit Risk on Freestanding Derivatives - Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Credit Derivatives [Line Items]
Estimated Fair Value Liabilities	$ 3,920,000	$ 1,611,000
Estimated Fair Value of Derivatives in Net Liability Position	0	0
Accrued Liabilities [Member]
Credit Derivatives [Line Items]
Estimated Fair Value Liabilities	0	0
Over the Counter [Member]
Credit Derivatives [Line Items]
Derivative, Collateral, Right to Reclaim Securities	$ 0	$ 1,000,000

Derivatives (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
Derivatives (Narrative) (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 19,301,000		$ 3,784,000
Derivative Liability, Fair Value, Gross Liability	3,920,000		1,611,000
Cash collateral on derivative assets	2,000,000		3,000,000
Derivative, Net Liability Position, Aggregate Fair Value	0		0
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	0		0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3,000,000)	$ 0
Derivative Instrument Detail [Abstract]
Accumulated Other Comprehensive Income (Loss)	(2,000,000)		0
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3,000,000)	0
Direct And Assumed Guaranteed Minimum Benefit [Member] \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	(1,100,000)	(300,000)
Ceded guaranteed minimum benefits \| Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives gains (losses)	(600,000)	7,000,000
Over the Counter [Member]
Derivatives, Fair Value [Line Items]
Derivative, Collateral, Right to Reclaim Securities	0		1,000,000
Cash collateral on derivative assets	(14,246,000)		(2,367,000)
Derivative, Collateral, Obligation to Return Securities	0		0
Net Derivative Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(44,000,000)	(132,000,000)
Embedded derivatives gains (losses)	(30,710,000)	(131,329,000)
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	18,000,000		2,000,000
Derivative Liability, Fair Value, Gross Liability	0		0
Derivative Instruments, Gain (Loss) [Line Items]
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Currency Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,350,000		2,213,000
Derivative Liability, Fair Value, Gross Liability	439,000		254,000
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income (Expense), Nonoperating, Net	0	0
Derivative, Gain (Loss) on Derivative, Net	(45,000,000)	(132,000,000)
Designated as Hedging Instrument [Member] \| Currency Swap [Member] \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	802,000		1,571,000
Derivative Liability, Fair Value, Gross Liability	3,481,000		1,357,000
Designated as Hedging Instrument [Member] \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Interest Income (Expense), Nonoperating, Net	0	$ 0
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	107,000		119,000
Derivative Liability, Fair Value, Gross Liability	$ 0		$ 0

Derivatives Derivatives (NQ, CF, FV) Details (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Derivative assets	$ 19,301		$ 3,784
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net	0		0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	$ 0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3,000)	0
Cash Flow Hedging [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3,000)	0
Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	(3,000)	0
Net Derivative Gain (Loss) [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(44,000)	(132,000)
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Net Derivative Gain (Loss) [Member] \| Cash Flow Hedging [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative assets	18,000		2,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Equity Option [Member]
Derivative [Line Items]
Derivative assets	10,000		$ 0
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Credit Risk Contract [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Equity Contract [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Gains Losses Deferred In Accumulated Other Comprehensive Income Loss On Derivatives Effective Portion	0	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(45,000)	(132,000)
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,000)	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Credit Risk Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Equity Contract [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(9,000)	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(4,000)	0
Not Designated as Hedging Instrument [Member] \| Net Derivative Gain (Loss) [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (31,000)	$ (131,000)

Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 2,237,349	$ 2,221,563
Short-term Investments	7,978	0
Derivative assets	19,301	3,784
Separate account assets	4,846,885	5,021,633
Liabilities [Abstract]
Derivative liabilities	3,920	1,611
Embedded derivatives within liability host contracts	(48,628)	(39,935)
Recurring
Assets [Abstract]
Available-for-sale Securities, Debt Securities	2,237,349	2,221,563
Short-term Investments	7,978	0
Derivative assets	19,301
Embedded derivatives within asset host contracts	262,383	307,698
Separate account assets	4,846,885	5,021,633
Total assets	7,373,896	7,554,678
Liabilities [Abstract]
Embedded derivatives within liability host contracts	(48,628)	(39,935)
Total liabilities	(44,708)	(38,324)
Recurring \| Interest Rate Contract [Member]
Assets [Abstract]
Derivative assets	7,547
Recurring \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	2,152	3,784
Liabilities [Abstract]
Derivative liabilities	3,920	1,611
Recurring \| Equity Contract [Member]
Assets [Abstract]
Derivative assets	9,602
Recurring \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	802,873	797,624
Recurring \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	522,701	547,063
Recurring \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	312,359	309,114
Recurring \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	227,245	221,780
Recurring \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	206,181	200,421
Recurring \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	70,949	70,286
Recurring \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	76,499	58,872
Recurring \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	18,542	16,403
Recurring \| Level 1
Assets [Abstract]
Available-for-sale Securities, Debt Securities	400,215	420,084
Short-term Investments	7,978	0
Derivative assets	0
Embedded derivatives within asset host contracts	0	0
Separate account assets	0	0
Total assets	408,193	420,084
Liabilities [Abstract]
Embedded derivatives within liability host contracts	0	0
Total liabilities	0	0
Recurring \| Level 1 \| Interest Rate Contract [Member]
Assets [Abstract]
Derivative assets	0
Recurring \| Level 1 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 1 \| Equity Contract [Member]
Assets [Abstract]
Derivative assets	0
Recurring \| Level 1 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	400,215	420,084
Recurring \| Level 1 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 1 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 2
Assets [Abstract]
Available-for-sale Securities, Debt Securities	1,723,717	1,685,972
Short-term Investments	0	0
Derivative assets	19,301
Embedded derivatives within asset host contracts	0	0
Separate account assets	4,846,885	5,021,633
Total assets	6,589,903	6,711,389
Liabilities [Abstract]
Embedded derivatives within liability host contracts	0	0
Total liabilities	3,920	1,611
Recurring \| Level 2 \| Interest Rate Contract [Member]
Assets [Abstract]
Derivative assets	7,547
Recurring \| Level 2 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	2,152	3,784
Liabilities [Abstract]
Derivative liabilities	3,920	1,611
Recurring \| Level 2 \| Equity Contract [Member]
Assets [Abstract]
Derivative assets	9,602
Recurring \| Level 2 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	758,241	750,891
Recurring \| Level 2 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	122,486	126,979
Recurring \| Level 2 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	264,911	259,897
Recurring \| Level 2 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	210,882	207,338
Recurring \| Level 2 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	201,207	195,306
Recurring \| Level 2 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	70,949	70,286
Recurring \| Level 2 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	76,499	58,872
Recurring \| Level 2 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	18,542	16,403
Recurring \| Level 3
Assets [Abstract]
Available-for-sale Securities, Debt Securities	113,417	115,507
Short-term Investments	0	0
Derivative assets	0
Embedded derivatives within asset host contracts	262,383	307,698
Separate account assets	0	0
Total assets	375,800	423,205
Liabilities [Abstract]
Embedded derivatives within liability host contracts	(48,628)	(39,935)
Total liabilities	(48,628)	(39,935)
Recurring \| Level 3 \| Interest Rate Contract [Member]
Assets [Abstract]
Derivative assets	0
Recurring \| Level 3 \| Foreign currency exchange rate contracts
Assets [Abstract]
Derivative assets	0	0
Liabilities [Abstract]
Derivative liabilities	0	0
Recurring \| Level 3 \| Equity Contract [Member]
Assets [Abstract]
Derivative assets	0
Recurring \| Level 3 \| U.S. corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	44,632	46,733
Recurring \| Level 3 \| U.S. government and agency
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| Foreign corporate
Assets [Abstract]
Available-for-sale Securities, Debt Securities	47,448	49,217
Recurring \| Level 3 \| RMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	16,363	14,442
Recurring \| Level 3 \| CMBS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	4,974	5,115
Recurring \| Level 3 \| State and political subdivision
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| ABS
Assets [Abstract]
Available-for-sale Securities, Debt Securities	0	0
Recurring \| Level 3 \| Foreign government
Assets [Abstract]
Available-for-sale Securities, Debt Securities	$ 0	$ 0

Fair Value (Quantitative Information) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	0.00%	0.00%
Withdrawal rates	0.25%	0.25%
Long-term equity volatilities	17.40%	17.40%
Nonperformance risk spread	0.90%	0.64%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	0.25%	0.25%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	2.00%	2.00%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.00%	0.00%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.04%	0.04%
Embedded Derivative Financial Instruments [Member] \| Minimum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.26%	0.26%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	25.00%	25.00%
Withdrawal rates	10.00%	10.00%
Long-term equity volatilities	25.00%	25.00%
Nonperformance risk spread	1.66%	1.43%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Durations 1 - 10
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Durations 11 - 20
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Durations 21 - 116
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse Rate	100.00%	100.00%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Ages 0 - 40
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.09%	0.09%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Ages 41 - 60
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	0.65%	0.65%
Embedded Derivative Financial Instruments [Member] \| Maximum \| Income Approach Valuation Technique \| Ages 61 - 115
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality Rate	100.00%	100.00%
U.S. and foreign corporate \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	$ 96	$ 98
Quoted prices	87	87
U.S. and foreign corporate \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	139	142
Quoted prices	104	109
U.S. and foreign corporate \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Offered Quotes Matrix Pricing	105	108
Quoted prices	97	99
RMBS \| Minimum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	69	70
RMBS \| Maximum \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	100	101
RMBS \| Weighted Average \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Quoted prices	$ 88	$ 85

Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Embedded Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 347,633	$ 403,037
Total realized/unrealized gains (losses) included in net income (loss)	(30,710)	(131,329)
Total realized/unrealized gains (losses) included in AOCI	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(5,912)	119,116
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance, end of period	311,011	390,824
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	(33,063)	(130,943)
U.S. and foreign corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	95,950	72,291
Total realized/unrealized gains (losses) included in net income (loss)	1	(42)
Total realized/unrealized gains (losses) included in AOCI	(772)	998
Purchases	783	20,631
Sales	(716)	(11,274)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(3,166)	0
Balance, end of period	92,080	82,604
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	1	(42)
Structured securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	19,557	31,423
Total realized/unrealized gains (losses) included in net income (loss)	109	95
Total realized/unrealized gains (losses) included in AOCI	119	216
Purchases	1,955	0
Sales	(403)	(1,449)
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	42
Transfers out of Level 3	0	0
Balance, end of period	21,337	30,327
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period	$ 109	$ 95

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Assets
Mortgage loans	$ 406,762	$ 394,863
Premiums, reinsurance and other receivables	18,170	20,489
Liabilities
Policyholder account balances	1,139,063	1,154,733
Estimated Fair Value
Assets
Mortgage loans	402,200	395,894
Premiums, reinsurance and other receivables	16,851	20,628
Liabilities
Policyholder account balances	1,077,586	1,140,886
Estimated Fair Value \| Level 1
Assets
Mortgage loans	0	0
Premiums, reinsurance and other receivables	0	0
Liabilities
Policyholder account balances	0	0
Estimated Fair Value \| Level 2
Assets
Mortgage loans	0	0
Premiums, reinsurance and other receivables	701	900
Liabilities
Policyholder account balances	0	0
Estimated Fair Value \| Level 3
Assets
Mortgage loans	402,200	395,894
Premiums, reinsurance and other receivables	16,150	19,728
Liabilities
Policyholder account balances	$ 1,077,586	$ 1,140,886

Fair Value (Transfers Between Levels - Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Assets And Liabilities Transferred Between Levels 1 And Levels 2	$ 0	$ 0

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ 29,628	$ 4,407
OCI before reclassifications	(41,173)	5,039
Deferred income tax benefit (expense)	8,645	(1,764)
AOCI before reclassifications, net of income tax	(2,900)	7,682
Amounts reclassified from AOCI	2,833	1,287
Deferred income tax benefit (expense)	(595)	(451)
Amounts reclassified from AOCI, net of income tax	2,238	836
Balance, end of period	(662)	8,518
Unrealized Investment Gains (Losses), Net of Related Offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	29,323	1,340
OCI before reclassifications	(38,499)	5,460
Deferred income tax benefit (expense)	8,083	(1,911)
AOCI before reclassifications, net of income tax	(1,093)	4,889
Amounts reclassified from AOCI	2,839	1,287
Deferred income tax benefit (expense)	(596)	(451)
Amounts reclassified from AOCI, net of income tax	2,243	836
Balance, end of period	1,150	5,725
Unrealized Gains (Losses) on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	305	3,067
OCI before reclassifications	(2,674)	(421)
Deferred income tax benefit (expense)	562	147
AOCI before reclassifications, net of income tax	(1,807)	2,793
Amounts reclassified from AOCI	(6)	0
Deferred income tax benefit (expense)	1	0
Amounts reclassified from AOCI, net of income tax	(5)	0
Balance, end of period	$ (1,812)	$ 2,793

Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	$ (2,355)	$ (737)
Net derivative gains (losses)	(44,262)	(131,536)
Net investment income	23,931	21,408
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(19,046)	(89,048)
Total operating expenses	4,676	32,474
Net income (loss)	(14,370)	(56,574)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	(2,238)	(836)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Investment Gains (Losses), Net of Related Offsets
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment gains (losses)	(2,839)	(1,304)
Net investment income	0	17
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(2,839)	(1,287)
Total operating expenses	596	451
Net income (loss)	(2,243)	(836)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	6	0
Total operating expenses	(1)	0
Net income (loss)	5	0
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized Gains (Losses) on Derivatives \| Foreign currency swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	$ 6	$ 0

Other Expenses (Other Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Compensation	$ 3,510	$ 2,879
Commissions	11,449	6,301
Volume-related costs	2,220	1,006
Related party expenses on ceded reinsurance	0	4,523
Capitalization of DAC	(8,116)	(2,192)
Premium taxes, licenses and fees	1,043	348
Professional services	1,457	1,080
Rent and related expenses	111	143
Other	4,053	4,134
Total other expenses	$ 15,727	$ 18,222

Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Distribution Fees	$ 3	$ 3

Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Guarantor Obligations, Current Carrying Value	$ 0	$ 0
Mortgage Loan Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	4,300	355
Commitments to Extend Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 6,500	$ 11,600

Related Party Transactions (Related Party Transactions) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 01, 2017
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ (19,046)	$ (89,048)
Modified Coinsurance Basis Percent					100.00%
Assets		8,389,663		$ 8,486,305
Liabilities		7,590,836		7,642,818
Premiums and Other Receivables, Net		563,716		572,609
Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Assets		1,069		1,090
Revenue from Related Parties		3,167	2,854
Related Party Transaction, Expenses from Transactions with Related Party		13,075	5,929
All Services and Transactions Except Broker Dealer Activities [Member]
Related Party Transaction [Line Items]
Assets		531,663		536,843
Liabilities		470,878		448,237
Revenue from Related Parties		(68,442)	(174,298)
Related Party Transaction, Expenses from Transactions with Related Party		(17,521)	(10,705)
Ceded Guaranteed Minimum Benefit [Member] \| Affiliated Entity [Member]
Related Party Transaction [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Asset		262,400		$ 307,700
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ (45,800)	$ (25,300)
Variable Annuities MLIC [Member] \| Affiliated Entity [Member]
Related Party Transaction [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 84,400
Liabilities	$ 129,800

Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Effects of Reinsurance [Line Items]
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization	$ 3,323	$ 25,576
Premiums:
Net premiums	10,293	9,230
Universal life and investment-type product policy fees:
Net universal life and investment-type product policy fees	25,986	25,795
Other revenues:
Other revenues	(12,544)	(12,671)
Other expenses:
Net other expenses	15,727	18,222
Interest credited to policyholder account balances:
Net interest credited to policyholder account balances	9,232	9,674
Policyholder benefits and claims:
Net policyholder benefits and claims	(1,541)	(1,783)
Broker Dealer Activities [Member]
Effects of Reinsurance [Line Items]
Revenue from Related Parties	3,167	2,854
Policyholder benefits and claims:
Related Party Transaction, Expenses from Transactions with Related Party	13,075	5,929
All Services and Transactions Except Broker Dealer Activities [Member]
Effects of Reinsurance [Line Items]
Revenue from Related Parties	(68,442)	(174,298)
Policyholder benefits and claims:
Related Party Transaction, Expenses from Transactions with Related Party	(17,521)	(10,705)
Affiliated Entity \| Ceded
Premiums:
Reinsurance ceded	(8,112)	(9,844)
Universal life and investment-type product policy fees:
Reinsurance ceded	(1,043)	(907)
Other revenues:
Reinsurance ceded	(15,936)	(15,644)
Policyholder benefits and claims:
Reinsurance ceded	$ (24,732)	$ (20,774)

Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Assets:
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	$ (19,046)	$ (89,048)
Premiums, reinsurance and other receivables	563,716		$ 572,609
Deferred policy acquisition costs and value of business acquired	156,897		131,059
Liabilities:
Future policy benefits	683,045		674,046
Policyholder account balances	1,425,202		1,343,330
Other policy-related balances	9,111		12,733
Other Liabilities	508,510		471,130
Ceded \| Affiliated Entity
Assets:
Premiums, reinsurance and other receivables	522,486		533,388
Liabilities:
Other Liabilities	$ 470,851		$ 448,210

Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 01, 2017
Reinsurance Disclosures [Abstract]
Other Liabilities		$ 508,510		$ 471,130
Modified Coinsurance Basis Percent					100.00%
Liabilities		7,590,836		7,642,818
Premiums and Other Receivables, Net		563,716		$ 572,609
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ (19,046)	$ (89,048)
Affiliated Entity \| Variable Annuities MLIC [Member]
Reinsurance Disclosures [Abstract]
Liabilities	$ 129,800
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 84,400

Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction, Due from (to) Related Party [Abstract]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 9.7	$ 7.7