Document and entity information
Document and entity information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 01, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | FBL FINANCIAL GROUP INC | |
Entity Central Index Key | 1,012,771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 563,127,749 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,812,839 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments: | ||
Fixed maturities - available for sale, at fair value (amortized cost: 2015 - $6,379,919; 2014 - $6,111,433) | $ 6,637,776 | $ 6,700,698 |
Equity securities - available for sale, at fair value (cost: 2015 $116,336; 2014 - $107,410) | 121,667 | 112,623 |
Mortgage loans | 744,303 | 629,296 |
Real estate | 1,955 | 3,622 |
Policy loans | 185,784 | 182,502 |
Short-term investments | 28,251 | 48,585 |
Other investments | 3,017 | 3,644 |
Total investments | 7,722,753 | 7,680,970 |
Cash and cash equivalents | 29,490 | 76,632 |
Securities and indebtedness of related parties | 134,570 | 129,872 |
Accrued investment income | 78,274 | 76,445 |
Amounts receivable from affiliates | 2,834 | 2,666 |
Reinsurance recoverable | 103,898 | 101,247 |
Deferred acquisition costs | 335,783 | 220,760 |
Value of insurance in force acquired | 20,913 | 22,497 |
Current income taxes recoverable | 2,421 | 0 |
Other assets | 75,811 | 70,286 |
Assets held in separate accounts | 625,257 | 683,033 |
Total Assets | 9,132,004 | 9,064,408 |
Future policy benefits: | ||
Interest sensitive products | 4,764,159 | 4,543,980 |
Traditional life insurance and accident and health products | 1,637,322 | 1,581,138 |
Other policy claims and benefits | 44,157 | 34,895 |
Supplementary contracts without life contingencies | 339,929 | 341,955 |
Advance premiums and other deposits | 254,276 | 248,679 |
Amounts payable to affiliates | 575 | 188 |
Short-term debt payable to non-affiliates | 15,000 | 0 |
Long-term debt payable non-affiliates | 97,000 | 97,000 |
Current income taxes | 0 | 2,764 |
Deferred income taxes | 135,063 | 205,698 |
Other liabilities | 84,792 | 72,196 |
Liabilities related to separate accounts | 625,257 | 683,033 |
Total liabilities | 7,997,530 | 7,811,526 |
FBL Financial Group, Inc. stockholders' equity: | ||
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares | 3,000 | 3,000 |
Accumulated other comprehensive income | 114,532 | 258,410 |
Retained earnings | 867,574 | 846,737 |
Total FBL Financial Group, Inc. stockholders' equity | 1,134,426 | 1,252,844 |
Noncontrolling interest | 48 | 38 |
Total stockholders' equity | 1,134,474 | 1,252,882 |
Total liabilities and stockholders' equity | 9,132,004 | 9,064,408 |
Common Class A | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | 149,248 | 144,625 |
Common Class B | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | $ 72 | $ 72 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical disclosures - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 6,379,919 | $ 6,111,433 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 116,336 | $ 107,410 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 24,808,176 | 24,715,316 |
Common Class A | ||
Common stock, shares authorized | 88,500,000 | 88,500,000 |
Common Stock, Shares, Issued | 24,796,763 | 24,703,903 |
Common stock, shares outstanding | 24,796,763 | 24,703,903 |
Common Class B | ||
Common stock, shares authorized | 1,500,000 | 1,500,000 |
Common Stock, Shares, Issued | 11,413 | 11,413 |
Common stock, shares outstanding | 11,413 | 11,413 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Interest sensitive product charges | $ 114,584 | $ 109,770 | $ 111,575 |
Traditional life insurance premiums | 190,956 | 183,300 | 180,944 |
Net investment income | 391,149 | 382,082 | 370,651 |
Net realized capital gains on sales of investments | 11,062 | 3,760 | 15,967 |
Total other-than-temporary impairment losses | (719) | (822) | (6,662) |
Non-credit portion in other comprehensive income/loss | 146 | 0 | 4,250 |
Net impairment losses recognized in earnings | (573) | (822) | (2,412) |
Other income | 15,631 | 14,849 | 14,506 |
Total revenues | 722,809 | 692,939 | 691,231 |
Benefits and expenses: | |||
Interest sensitive product benefits | 217,443 | 211,540 | 203,599 |
Traditional life insurance benefits | 176,145 | 162,876 | 160,471 |
Policyholder dividends | 11,828 | 12,012 | 13,319 |
Underwriting, acquisition and insurance expenses | 143,668 | 138,258 | 138,260 |
Interest expense | 4,850 | 4,707 | 6,863 |
Other expenses | 17,507 | 16,445 | 18,414 |
Total benefits and expenses | 571,441 | 545,838 | 540,926 |
Income from continuing operations before equity income, income taxes and noncontrolling interest | 151,368 | 147,101 | 150,305 |
Income taxes | (47,418) | (47,335) | (49,322) |
Equity income, net of related income taxes | 9,523 | 10,103 | 7,410 |
Net income from continuing operations | 113,473 | 109,869 | 108,393 |
Net loss (income) attributable to noncontrolling interest | 54 | 72 | 165 |
Net income attributable to FBL Financial Group, Inc. | $ 113,527 | $ 109,941 | $ 108,558 |
Earnings per common share: | |||
Earnings per common share | $ 4.55 | $ 4.42 | $ 4.25 |
Earnings per common share - assuming dilution: | |||
Earnings per common share - assuming dilution | 4.53 | 4.39 | 4.21 |
Regular quarterly cash dividend [Member] | |||
Earnings per common share - assuming dilution: | |||
Cash dividends per common share | 1.60 | 1.40 | 0.52 |
Special cash dividend [Member] | |||
Earnings per common share - assuming dilution: | |||
Cash dividends per common share | $ 2 | $ 0 | $ 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net income | $ 113,473 | $ 109,869 | $ 108,393 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Change in net unrealized investment gains/losses | [1] | (146,579) | 142,121 | (169,894) |
Non-credit impairment losses | [1] | (90) | 0 | (2,690) |
Change in funded status of the other postretirement benefit plans | [1] | 2,791 | (2,778) | 1,798 |
Total other comprehensive income, net of tax | [1] | (143,878) | 139,343 | (170,786) |
Total comprehensive income, net of tax | (30,405) | 249,212 | (62,393) | |
Comprehensive income (loss) attributable to noncontrolling interest | (54) | (72) | (165) | |
Comprehensive income attributable to FBL Financial Group, Inc. | $ (30,351) | $ 249,284 | $ (62,228) | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common stocks | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | |
Balance at beginning of period at Dec. 31, 2012 | $ 1,212,247 | $ 3,000 | $ 123,228 | $ 289,853 | $ 796,110 | $ 56 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 108,393 | 108,558 | (165) | ||||
Other comprehensive loss | (170,786) | [1] | (170,786) | ||||
Other comprehensive income | (170,786) | 0 | 0 | ||||
Issuance of common stock under compensation plans | 20,156 | 20,156 | |||||
Purchase of common stock | (60,603) | (8,319) | (52,284) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (64,625) | (64,625) | |||||
Receipts related to noncontrolling interest | 159 | 159 | |||||
Balance at end of period at Dec. 31, 2013 | 1,044,791 | 3,000 | 135,065 | 119,067 | 787,609 | 50 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 109,869 | 109,941 | (72) | ||||
Other comprehensive loss | 139,343 | [1] | 139,343 | ||||
Other comprehensive income | 139,343 | 0 | 0 | ||||
Issuance of common stock under compensation plans | 12,028 | 12,028 | |||||
Purchase of common stock | (18,460) | (2,396) | (16,064) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (34,599) | (34,599) | |||||
Receipts related to noncontrolling interest | 60 | 60 | |||||
Balance at end of period at Dec. 31, 2014 | 1,252,882 | 3,000 | 144,697 | 258,410 | 846,737 | 38 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 113,473 | 113,527 | (54) | ||||
Other comprehensive loss | (143,878) | [1] | (143,878) | ||||
Other comprehensive income | (143,878) | 0 | 0 | ||||
Issuance of common stock under compensation plans | 5,022 | 5,022 | |||||
Purchase of common stock | (3,742) | (399) | (3,343) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (89,197) | (89,197) | |||||
Receipts related to noncontrolling interest | 64 | 64 | |||||
Balance at end of period at Dec. 31, 2015 | $ 1,134,474 | $ 3,000 | $ 149,320 | $ 114,532 | $ 867,574 | $ 48 | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 113,473 | $ 109,869 | $ 108,393 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Interest credited to account balances | 152,467 | 149,528 | 144,906 |
Charges for mortality, surrenders and administration | (108,250) | (105,100) | (100,820) |
Net realized (gains) losses on investments | (10,489) | (2,938) | (13,555) |
Change in the fair value of derivatives | (1,098) | (1,353) | (955) |
Increase in traditional life and accident and health benefit liabilities | 76,474 | 65,999 | 58,064 |
Deferral of acquisition costs | (43,215) | (41,409) | (43,452) |
Amortization of deferred acquisition costs and value of insurnace in force | 38,306 | 37,171 | 33,076 |
Change in reinsurance recoverable | (2,651) | (1,246) | (1,763) |
Provision for deferred income taxes | 6,840 | 7,774 | 6,058 |
Other | 3,053 | (9,537) | (7,677) |
Net cash provided by operating activities | 224,910 | 208,758 | 182,275 |
Sales, maturities or repayments: | |||
Fixed maturities - available for sale | 615,811 | 511,246 | 720,316 |
Equity securities - available for sale | 14,921 | 1,840 | 12,810 |
Mortgage loans | 42,429 | 43,634 | 64,215 |
Derivative instruments | 3,899 | 1,760 | 506 |
Policy loans | 35,406 | 33,704 | 34,946 |
Securities and indebtedness of related parties | 27,789 | 2,997 | 10,381 |
Other investments | 0 | 0 | 30 |
Real estate | 0 | 0 | 1,957 |
Acquisitions: | |||
Fixed maturities - available for sale | (871,406) | (777,547) | (893,555) |
Equity securities - available for sale | (23,833) | (19,178) | (26,740) |
Mortgage loans | (155,815) | (96,623) | (87,568) |
Derivative instruments | (4,122) | (2,399) | (607) |
Policy loans | (38,688) | (39,213) | (37,685) |
Securities and indebtedness of related parties | (26,213) | (20,317) | (30,960) |
Short-term investments, net change | 20,334 | 60,092 | (34,161) |
Purchases and disposals of property and equipment, net | (9,869) | (8,639) | (11,846) |
Net cash provided by (used in) investing activities | (369,357) | (308,643) | (277,961) |
Financing activities | |||
Contract holder account deposits | 586,072 | 608,435 | 565,255 |
Contract holder account withdrawals | (415,262) | (396,795) | (384,914) |
Proceeds from the issuance of short-term debt | 15,000 | 0 | 0 |
Repayments of debt | 0 | 0 | (50,000) |
Receipts related to noncontrolling interests, net | 64 | 60 | 159 |
Excess tax deductions on stock-based compensation | 1,362 | 1,199 | 1,964 |
Repurchase of common stock, net | (584) | (8,003) | (43,707) |
Dividends paid | (89,347) | (34,749) | (64,775) |
Net cash provided by (used in) financing activities | 97,305 | 170,147 | 23,982 |
Increase in cash and cash equivalents | (47,142) | 70,262 | (71,704) |
Cash and cash equivalents at beginning of period | 76,632 | 6,370 | 78,074 |
Cash and cash equivalents at end of period | 29,490 | 76,632 | 6,370 |
Supplemental disclosures of cash flow information | |||
Cash paid during the period for interest | 4,850 | 4,850 | 7,104 |
Cash paid during the period for income taxes | $ 27,701 | $ 22,802 | $ 21,001 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Nature of Business FBL Financial Group, Inc. (we or the Company) operates predominantly in the life insurance industry through its principal subsidiary, Farm Bureau Life Insurance Company (Farm Bureau Life). Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Greenfields Life Insurance Company (Greenfields), a subsidiary of Farm Bureau Life, was launched in 2013 and offers life and annuity products in the state of Colorado. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau affiliated property-casualty companies. Consolidation Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated. Recent Accounting Pronouncements In January 2016, the FASB issued guidance which amends certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affects the accounting for equity investments, the presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities. The guidance becomes effective for fiscal years beginning after December 15, 2017. We are currently evaluating the impact of this guidance on our consolidated financial statements. In February 2015, the Financial Accounting Standards Board (FASB) issued guidance that amends existing consolidation guidance. The new guidance modifies the consolidation framework for certain investment entities and all limited partnerships. It also eliminates certain criteria used to determine whether fees paid to a decision maker are a variable interest. The amendment allows for either a full retrospective or modified approach at adoption of the new standard, which becomes effective for fiscal years beginning after December 15, 2015. We do not believe adoption of the new guidance will have a material effect on our consolidated financial statements. In May 2014, the FASB issued guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which supersedes most current revenue recognition guidance, including industry-specific guidance. Although insurance contracts are specifically excluded from the scope of this guidance, almost all entities will be affected to some extent by the significant increase in required disclosures. The new guidance is based on the principle that an entity should recognize revenue to reflect the transfer of 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. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard, which becomes effective for fiscal years beginning after December 15, 2017; early adoption is not permitted. We are currently evaluating the impact of this new guidance on our consolidated financial statements. In January 2014, the FASB issued guidance, which became effective during the first quarter of 2015, related to accounting for low income housing tax credit investments (LIHTC). Historically we have applied the equity method of accounting for these limited partnership and limited liability company investments. The new guidance allowed us the option to account for these investments using the proportional amortization method, which amortizes the acquisition cost of the partnership in proportion to the recognition of the tax benefits associated with these projects. Under this option, the tax credits, net of the amortization of the partnership interest, would be recognized as a component of income taxes. This guidance did not impact us as we elected to continue using our historical equity method of accounting for these investments. |
Significant Accounting Policies [Text Block] | Investments Fixed Maturities and Equity Securities Fixed maturities, comprised of bonds and redeemable preferred stock, which may be sold, are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations. Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income. Mortgage Loans Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. We evaluate each of our mortgage loans individually and establish an estimated loss, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Interest income is accrued on impaired loans to the extent it is deemed collectible (generally delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past-due interest has been collected or the mortgage loan has been restructured such that the collection of interest is considered likely. Real Estate Real estate is reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. Real estate held for sale is carried at the lower of cost or fair value, less costs to sell, with valuation allowances recognized as a realized loss on investments and depreciation is no longer recorded. There was one property held for investment with an impairment charge of $0.2 million as of December 31, 2015 and two properties held for investment with an impairment charge of $0.4 million as of December 31, 2014 . There were no properties held for sale as of December 31, 2015 or December 31, 2014 . Other Investments Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation. We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments. Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we are required or choose to use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include LIHTC. Such investments are accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios. Accrued Investment Income We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income. Realized Gains and Losses on Investments Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is an other-than-temporary impairment (OTTI) and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an OTTI write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value. We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as: • historical operating trends; • business prospects; • status of the industry in which the company operates; • analyst ratings on the issuer and sector; • quality of management; • size of unrealized loss; • level of current market interest rates compared to market interest rates when the security was purchased; and • length of time the security has been in an unrealized loss position. In order to determine the credit and non-credit impairment loss for fixed maturities, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an OTTI occurs and there is a non-credit portion of the unrealized loss that won't be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value. After an OTTI write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and the current estimate of the amount and timing of future cash flows . Fair Values Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values which are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models. Cash and Cash Equivalents For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Reinsurance Recoverable We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. For business assumed from other companies, reinsurance recoverable includes premium receivable, net of our share of benefits and expenses we owe to the ceding company. Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements. Deferred Acquisition Costs and Value of Insurance In Force Acquired Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value is determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Interest accrued on the unamortized balance at a weighted average rate of 4.84% in 2015 , 4.84% in 2014 and 4.94% in 2013 . For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. Other Assets Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to twenty years. Property and equipment had a carrying value of $30.2 million at December 31, 2015 and $28.6 million at December 31, 2014 , and accumulated depreciation and amortization of $61.4 million at December 31, 2015 and $53.2 million at December 31, 2014 . Depreciation and amortization expense for property and equipment was $8.2 million in 2015 , $6.3 million in 2014 and $4.6 million in 2013 . Other assets at December 31, 2015 and 2014 , also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of our impairment review, we have determined our goodwill was not impaired as of December 31, 2015 or 2014 . Future Policy Benefits Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2015 , 2014 and 2013 . The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 2.00% to 6.00% . The average rate of assumed investment yields used in estimating gross margins was 5.66% in 2015 , 5.75% in 2014 and 5.84% in 2013 . The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations. The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred. Other Policy Claims and Benefits We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs. We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 31% of receipts from policyholders during 2015 ( 2014 and 2013 - 30% ) and represented 11% of life insurance in force at December 31, 2015 , 2014 and 2013 . Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the assets or liabilities are recovered or settled. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Separate Accounts The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations. Recognition of Premium Revenues and Costs Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs. All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business. Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2015 2014 2013 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 22,260 $ 22,856 $ 27,410 Amortization of deferred acquisition costs 35,220 33,303 29,908 Amortization of value of insurance in force acquired 2,436 3,500 2,565 Other underwriting, acquisition and insurance expenses, net of deferrals 83,752 78,599 78,377 Total $ 143,668 $ 138,258 $ 138,260 Other Income and Other Expenses Other income and other expenses primarily consist of revenue and expenses generated by our various non-insurance subsidiaries for investment advisory, marketing and distribution, and leasing services. They also include revenues and expenses generated by our parent company for management services. Certain of these activities are performed on behalf of our affiliates. Lease income from leases with affiliates totaled $4.9 million in 2015 , $3.1 million in 2014 and $2.2 million in 2013 . Investment advisory fee income from affiliates totaled $2.3 million in 2015 , $1.9 million in 2014 and $1.7 million in 2013 . In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $3.2 million in 2015 and 2014 and $3.0 million in 2013 . We expense legal costs associated with a loss contingency as incurred. Retirement and Compensation Plans We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period. We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest. We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. We recognize compensation expense for all share-based payments granted, modified or settled. The stock option non-performance related stock-based expense was being recognized over the shorter of our five-year vesting schedule or the period ending when the employee becomes eligible for retirement using the straight-line method. However, during 2014 we accelerated the vesting of all unvested stock options and recognized the remaining compensation expense. The impact of forfeitures is estimated and compensation expense is recognized only for those stock-based instruments expected to vest. We report tax deductions related to stock-based instruments in excess of recognized compensation expense as a financing cash flow. See Note 8 for additional details on these plans. Comprehensive Income Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities as well as the underfunded obligation for certain retirement and postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income (Loss), excludes net investment gains and losses included in net income which represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on the consolidated financial statements. |
Investment Operations
Investment Operations | 12 Months Ended |
Dec. 31, 2015 | |
Investment Operations [Abstract] | |
Investment [Text Block] | Investment Operations Fixed Maturity and Equity Securities Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit losses on other-than-temporary impairments (1) (Dollars in thousands) Fixed maturities: Corporate (2) $ 3,464,402 $ 192,149 $ (137,844 ) $ 3,518,707 $ 351 Residential mortgage-backed 436,969 33,880 (5,343 ) 465,506 (3,584 ) Commercial mortgage-backed 514,195 42,284 (2,487 ) 553,992 — Other asset-backed 578,692 11,554 (7,124 ) 583,122 3,058 United States Government and agencies 41,050 3,129 (81 ) 44,098 — State, municipal and other governments 1,344,611 129,923 (2,183 ) 1,472,351 — Total fixed maturities $ 6,379,919 $ 412,919 $ (155,062 ) $ 6,637,776 $ (175 ) Equity securities: Non-redeemable preferred stocks $ 87,029 $ 6,095 $ (1,173 ) $ 91,951 Common stocks 29,307 450 (41 ) 29,716 Total equity securities $ 116,336 $ 6,545 $ (1,214 ) $ 121,667 Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit losses on other-than-temporary impairments (1) (Dollars in thousands) Fixed maturities: Corporate (2) $ 3,335,535 $ 348,937 $ (17,566 ) $ 3,666,906 $ 211 Residential mortgage-backed 453,607 42,510 (4,583 ) 491,534 (3,694 ) Commercial mortgage-backed 485,934 45,573 (812 ) 530,695 — Other asset-backed 508,090 17,188 (4,017 ) 521,261 5,223 United States Government and agencies 38,227 4,581 (4 ) 42,804 — State, municipal and other governments 1,290,040 157,571 (113 ) 1,447,498 — Total fixed maturities $ 6,111,433 $ 616,360 $ (27,095 ) $ 6,700,698 $ 1,740 Equity securities: Non-redeemable preferred stocks $ 80,566 $ 5,135 $ (660 ) $ 85,041 Common stocks 26,844 738 — 27,582 Total equity securities $ 107,410 $ 5,873 $ (660 ) $ 112,623 (1) Non-credit losses subsequent to the initial impairment measurement date on OTTIs are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2015 and December 31, 2014 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. (2) Corporate securities include hybrid preferred securities with a fair value of $43.5 million at December 31, 2015 and $80.9 million at December 31, 2014 . Corporate securities also include redeemable preferred stock with a fair value of $24.8 million at December 31, 2015 and $29.9 million at December 31, 2014 . Available-For-Sale Fixed Maturities by Maturity Date December 31, 2015 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 82,803 $ 84,057 Due after one year through five years 726,985 774,484 Due after five years through ten years 801,426 822,177 Due after ten years 3,238,849 3,354,438 4,850,063 5,035,156 Mortgage-backed and other asset-backed 1,529,856 1,602,620 Total fixed maturities $ 6,379,919 $ 6,637,776 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity. Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income December 31, 2015 2014 (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 257,857 $ 589,265 Equity securities - available for sale 5,331 5,213 263,188 594,478 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (73,735 ) (179,544 ) Value of insurance in force acquired (3,087 ) (3,939 ) Unearned revenue reserve 3,352 11,461 Adjustments for assumed changes in policyholder liabilities (4,090 ) (11,182 ) Provision for deferred income taxes (64,955 ) (143,932 ) Net unrealized investment gains $ 120,673 $ 267,342 Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Fixed maturities - available for sale $ (331,408 ) $ 336,051 $ (374,923 ) Equity securities - available for sale 118 3,729 (2,629 ) Change in unrealized appreciation/depreciation of investments $ (331,290 ) $ 339,780 $ (377,552 ) The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no OTTI losses were previously recognized. Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 31, 2015 Less than one year One year or more Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Percent of Total (Dollars in thousands) Fixed maturities: Corporate $ 1,115,324 $ (96,062 ) $ 115,730 $ (41,782 ) $ 1,231,054 $ (137,844 ) 88.9 % Residential mortgage-backed 21,646 (725 ) 26,537 (4,618 ) 48,183 (5,343 ) 3.4 Commercial mortgage-backed 48,424 (1,947 ) 7,657 (540 ) 56,081 (2,487 ) 1.6 Other asset-backed 285,395 (3,323 ) 65,298 (3,801 ) 350,693 (7,124 ) 4.6 United States Government and agencies 4,807 (81 ) — — 4,807 (81 ) 0.1 State, municipal and other governments 77,980 (2,183 ) — — 77,980 (2,183 ) 1.4 Total fixed maturities $ 1,553,576 $ (104,321 ) $ 215,222 $ (50,741 ) $ 1,768,798 $ (155,062 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 21,280 $ (573 ) $ 4,400 $ (600 ) $ 25,680 $ (1,173 ) Common stock 1,428 (41 ) — — 1,428 (41 ) Total equity securities $ 22,708 $ (614 ) $ 4,400 $ (600 ) $ 27,108 $ (1,214 ) December 31, 2014 Less than one year One year or more Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Percent of Total (Dollars in thousands) Fixed maturities: Corporate $ 203,764 $ (9,756 ) $ 142,600 $ (7,810 ) $ 346,364 $ (17,566 ) 64.8 % Residential mortgage-backed 27,889 (315 ) 19,084 (4,268 ) 46,973 (4,583 ) 16.9 Commercial mortgage-backed — — 20,900 (812 ) 20,900 (812 ) 3.0 Other asset-backed 128,516 (2,349 ) 55,526 (1,668 ) 184,042 (4,017 ) 14.8 United States Government and agencies 500 — 470 (4 ) 970 (4 ) — State, municipal and other governments — — 12,472 (113 ) 12,472 (113 ) 0.5 Total fixed maturities $ 360,669 $ (12,420 ) $ 251,052 $ (14,675 ) $ 611,721 $ (27,095 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 14,838 $ (110 ) $ 4,450 $ (550 ) $ 19,288 $ (660 ) Total equity securities $ 14,838 $ (110 ) $ 4,450 $ (550 ) $ 19,288 $ (660 ) Fixed maturities in the above table include 542 securities from 435 issuers at December 31, 2015 and 185 securities from 160 issuers at December 31, 2014 . We do not intend to sell or believe we will be required to sell any of our temporarily-impaired fixed maturities before recovery of their amortized cost basis. The following summarizes the more significant unrealized losses of fixed maturities and equity securities by investment category as of December 31, 2015 . Corporate securities : The largest unrealized losses were in the energy sector ( $269.8 million fair value and $62.4 million unrealized loss) and in the basic industrial sector ( $169.4 million fair value and $32.5 million unrealized loss). The largest unrealized losses in the energy sector were in the midstream ( $82.5 million fair value and $23.6 million unrealized loss) and the oil field services ( $49.1 million fair value and $15.7 million unrealized loss) sub-sectors. The largest unrealized losses in the basic industrial sector were in the metal/mining ( $78.2 million fair value and $24.0 million unrealized loss) and the chemicals ( $79.0 million fair value and $7.5 million unrealized loss) sub-sectors. The majority of losses were attributable to credit spread widening across the energy sector and metal/mining sub-sectors associated with sharp declines in commodity prices. The price of crude oil has decreased from $98.42 per barrel at December 31, 2013 to $37.04 per barrel at December 31, 2015. Energy-related companies have been negatively impacted by the rapid decline in oil prices, which has pressured revenues and margins. The metal/mining sub-sector companies are experiencing lower demand for coal, copper, iron ore and other basic industrial minerals due to the economic slowdown in China in addition to sluggish demand in Europe and the U.S. Over the last 12 months, iron ore and copper prices have declined 37% and 23%, respectively. Lower metal prices are leading metal and mining companies to shut down production at high-cost mines and defer capital expenditures at mines in the development stage. Residential mortgage-backed securities: The unrealized losses on residential mortgage-backed securities were primarily due to continued uncertainty regarding mortgage defaults on Alt-A loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities. Commercial mortgage-backed securities: The unrealized losses on commercial mortgage-backed securities were primarily due to spread widening and concerns regarding the potential for future defaults. The contractual cash flows of these investments are based on mortgages backing the securities. Unrealized losses on military housing bonds were mainly attributable to spread widening relative to spreads at which we acquired the bonds. Insured military housing bonds have also been impacted by the removal of their ratings following downgrades of the insurance providers after we purchased the bonds. Other asset-backed securities: The unrealized losses on other asset-backed securities were primarily due to market concerns regarding defaults on subprime mortgages and home equity loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities. State, municipal and other governments: The unrealized losses on state, municipal and other governments were primarily due to general spread widening relative to spreads at which we acquired the bonds. Equity securities: Our gross unrealized losses on equity securities were on investment grade non-redeemable perpetual preferred securities within the finance sector. These securities provide periodic cash flows, contain call features and are similarly rated and priced like other long-term callable bonds and are evaluated for OTTI similar to fixed maturities. The decline in fair value is primarily due to market concerns regarding the finance sector. We have evaluated the near-term prospects of our equity securities in relation to the severity and duration of their impairment as well as our intent and ability to hold these investments until recovery of fair value, and have concluded they are not other than temporarily impaired. Excluding mortgage- and asset-backed securities, no securities from the same issuer had an aggregate unrealized loss in excess of $4.7 million at December 31, 2015 , with the largest unrealized loss from an energy service provider. With respect to mortgage- and asset-backed securities not backed by the United States Government, our largest aggregate unrealized loss from the same issuer at December 31, 2015 was $3.7 million , consisting of two different securities that are backed by different pools of Alt-A residential mortgage loans. Both securities are rated non-investment grade and the largest unrealized loss totaled $2.2 million . Mortgage Loans Our mortgage loan portfolio consists principally of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to- value ratio that provides sufficient excess collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and establish an estimated loss, if needed, for each impaired loan identified. An estimated loss is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements. Any loan delinquent on contractual payments is considered non-performing. At December 31, 2015 and December 31, 2014, there were no non-performing loans over 90 days past due on contractual payments. Mortgage Loans by Collateral Type December 31, 2015 December 31, 2014 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 333,400 44.8 % $ 269,308 42.8 % Retail 227,039 30.5 214,710 34.1 Industrial 133,085 17.9 125,425 19.9 Other 50,779 6.8 19,853 3.2 Total $ 744,303 100.0 % $ 629,296 100.0 % Mortgage Loans by Geographic Location within the United States December 31, 2015 December 31, 2014 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 233,522 31.4 % $ 191,835 30.5 % West North Central 102,555 13.8 85,664 13.6 Pacific 100,188 13.4 94,770 15.1 East North Central 86,019 11.5 80,999 12.9 Mountain 78,750 10.6 62,473 9.9 West South Central 66,677 9.0 50,010 7.9 Other 76,592 10.3 63,545 10.1 Total $ 744,303 100.0 % $ 629,296 100.0 % Mortgage Loans by Loan-to-Value Ratio December 31, 2015 December 31, 2014 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 264,605 35.6 % $ 180,884 28.7 % 50% - 60% 169,045 22.7 189,210 30.1 60% - 70% 234,544 31.5 198,336 31.5 70% - 80% 67,072 9.0 53,480 8.5 80% - 90% 9,037 1.2 7,386 1.2 Total $ 744,303 100.0 % $ 629,296 100.0 % The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or there are loan modifications or refinance requests. Mortgage Loans by Year of Origination December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2015 $ 154,582 20.9 % $ — — % 2014 83,546 11.2 86,174 13.7 2013 79,879 10.7 81,802 13.0 2012 65,817 8.8 70,274 11.2 2011 45,359 6.1 46,813 7.4 2010 and prior 315,120 42.3 344,233 54.7 Total $ 744,303 100.0 % $ 629,296 100.0 % Impaired Mortgage Loans December 31, 2015 2014 (Dollars in thousands) Unpaid principal balance $ 21,766 $ 22,103 Less: Related allowance (851 ) (857 ) Discount (87 ) (267 ) Carrying value of impaired mortgage loans $ 20,828 $ 20,979 Allowance on Mortgage Loans Year ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ 857 $ 888 Charge offs (6 ) (31 ) Balance at end of period $ 851 $ 857 Mortgage Loan Modifications Our commercial mortgage loan portfolio includes loans that have been modified. We assess loan modifications on a loan-by-loan basis to evaluate whether a troubled-debt restructuring (TDR) has occurred. Generally, the types of concessions include: reduction of the contractual interest rate to a below-market rate, extension of the maturity date and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during 2015 or 2014. Components of Net Investment Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Fixed maturities - available for sale $ 338,952 $ 333,759 $ 328,979 Equity securities - available for sale 6,091 5,388 4,295 Mortgage loans 35,923 32,759 32,447 Real estate 169 140 331 Policy loans 8,871 8,620 8,502 Short-term investments, cash and cash equivalents 141 — 102 Prepayment fee income and other 9,289 9,455 5,098 399,436 390,121 379,754 Less investment expenses (8,287 ) (8,039 ) (9,103 ) Net investment income $ 391,149 $ 382,082 $ 370,651 Realized Gains (Losses) - Recorded in Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 4,781 $ 4,593 $ 18,495 Gross losses (1,952 ) (833 ) (2,374 ) Real estate — — 12 Other 8,233 — (166 ) 11,062 3,760 15,967 Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) (363 ) — (618 ) Other credit-related (2) (210 ) (822 ) (1,794 ) Realized gains on investments recorded in income $ 10,489 $ 2,938 $ 13,555 (1) Amount represents the credit-related losses recognized for fixed maturities which were impaired through income but not written down to fair value. As discussed above, the non-credit portion of the losses have been recognized in other comprehensive income (loss). (2) Amount represents credit-related losses for mortgage loans, other investments, real estate and fixed maturities written down to fair value through income. Proceeds from sales of fixed maturities were $108.5 million in 2015 , $67.2 million in 2014 and $138.4 million in 2013 . Included in other realized gains, above, was a $6.5 million gain from the disposal of an interest in a partnership during 2015. Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value during the year. Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which the non-credit portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. Year ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ (16,772 ) $ (21,592 ) Increases to previously impaired investments (363 ) — Reductions due to investments sold 5,637 4,820 Balance at end of period $ (11,498 ) $ (16,772 ) Variable Interest Entities We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and would therefore be required to consolidate it for financial reporting purposes. None of our VIE investees were required to be consolidated during 2015 , 2014 or 2013 . Our VIE investments are as follows: December 31, 2015 December 31, 2014 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss (Dollars in thousands) Real estate limited partnerships $ 15,780 $ 15,780 $ 17,046 $ 17,046 The real estate limited partnerships had revenues totaling $4.6 million for 2015 , $4.0 million for 2014 and $4.3 million for 2013 . We may make commitments to fund partnership investments in the normal course of business. We did not have any commitments to investees designated as VIE's during the years ended December 31, 2015 , 2014 or 2013 . Derivative Instruments We are not significantly involved in hedging activities and have limited exposure to derivatives. We do not apply hedge accounting to any of our derivative positions. Derivative assets, which are primarily reported in reinsurance recoverable and other investments, totaled $9.9 million at December 31, 2015 and $7.1 million at December 31, 2014 . At December 31, 2015, we had master netting agreements with counterparties covering cash collateral payable totaling $0.4 million . This amount was invested and included in the consolidated balance sheets with corresponding amounts netted against the derivative instruments. We also received collateral of $2.2 million at December 31, 2015, which is held in a separate custodial account and not recorded on the balance sheet. Our derivative assets consist of an interest-only bond, derivatives embedded within our modified coinsurance agreements and call options which provide an economic hedge for our index products. Derivative liabilities totaled $9.4 million at December 31, 2015 and $8.7 million at December 31, 2014 and include derivatives embedded within our index annuity contracts and derivatives embedded within our modified coinsurance agreements. The net gain (loss) recognized on these derivatives was included in net investment income and interest sensitive benefits and totaled ($0.3) million in 2015 , $2.1 million in 2014 and ($1.5) million in 2013 . Low Income Housing Tax Credit Investments We invest in non-guaranteed federal LIHTC which are included in securities and indebtedness of related parties in the balance sheet. The carrying value of these investments totaled $94.2 million at December 31, 2015 and $84.8 million at December 31, 2014. There were no impairment losses recorded on these investments during 2015, 2014 or 2013. We use the equity method of accounting for these investments and recorded the following in our consolidated statement of operations. LIHTC Equity Income (Loss), Net of Related Income Taxes Year ended December 31, 2015 2014 2013 (Dollars in thousands) Equity losses from LIHTC $ (7,022 ) $ (6,411 ) $ (6,273 ) Income benefits: Tax benefits from equity losses 2,458 2,244 2,196 Investment tax credits 13,542 12,209 9,775 Equity income from LIHTC, net of related income benefits $ 8,978 $ 8,042 $ 5,698 Other At December 31, 2015 , affidavits of deposits covering investments with a carrying value totaling $7,148.2 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $421.4 million were on deposit with the Federal Home Loan Bank of Des Moines (FHLB) as collateral for funding agreements. At December 31, 2015 , we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $31.9 million , of which, $8.5 million represents LIHTC commitments which are summarized by year in the following table. LIHTC Commitments by year December 31, 2015 (Dollars in thousands) 2016 $ 7,090 2017 899 2018-2024 467 Total $ 8,456 The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2015 includes real estate totaling $2.0 million . No investment in any entity or its affiliates (other than bonds issued by agencies of the United States Government) exceeded 10.0% of stockholders' equity at December 31, 2015 . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Values The carrying and estimated fair values of our financial instruments are as follows: Fair Values and Carrying Values December 31, 2015 2014 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 6,637,776 $ 6,637,776 $ 6,700,698 $ 6,700,698 Equity securities - available for sale 121,667 121,667 112,623 112,623 Mortgage loans 744,303 780,624 629,296 667,913 Policy loans 185,784 230,153 182,502 230,070 Other investments 2,331 2,331 3,558 3,558 Cash, cash equivalents and short-term investments 57,741 57,741 125,217 125,217 Reinsurance recoverable 2,636 2,636 3,562 3,562 Assets held in separate accounts 625,257 625,257 683,033 683,033 Liabilities Future policy benefits $ 3,750,186 $ 3,618,145 $ 3,563,558 $ 3,634,878 Supplementary contracts without life contingencies 339,929 339,717 341,955 361,733 Advance premiums and other deposits 245,269 245,269 239,700 239,700 Short-term debt 15,000 15,000 — — Long-term debt 97,000 68,133 97,000 69,772 Other liabilities 56 56 173 173 Liabilities related to separate accounts 625,257 620,676 683,033 677,040 Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data and where observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available. In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows: • Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly. • Level 3 - Fair values are based on significant unobservable inputs for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period. The following methods and assumptions were used in estimating the fair value of our financial instruments: Fixed maturities: Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value. Level 2 fixed maturities consist of corporate, mortgage- and asset-backed, United States Government agencies, state and municipal and private placement corporate securities with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are private placement corporate bonds where quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Level 3 fixed maturities include corporate, mortgage- and asset-backed, United States Governments sponsored agencies and private placement corporate securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available we will estimate fair value internally. Fair values of private corporate investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities where an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through the use of matrix pricing methods rely on an estimate of credit spreads to a risk-free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security. We obtain fixed maturity fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes: • We follow a “pricing waterfall” policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source's knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement corporate bonds and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available we use cash flow modeling techniques to estimate fair value. • We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value which approximates a market exit price. • We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads. • We compare period to period price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research which may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation. • We compare prices between different pricing sources for unusual disparity. • We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process. Equity securities: Level 1 equity securities consist of listed common stocks and mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value. Level 2 equity securities consist of common stock issued by the Federal Home Loan Bank of Des Moines (FHLB), with estimated fair value based on the current redemption value of the shares and non-redeemable preferred stock. Estimated fair value for the non-redeemable preferred stock is obtained from external pricing sources using a matrix pricing approach. Level 3 equity securities consist of non-redeemable preferred stock for which no active market exists, and fair value estimates for these securities is based on the values of comparable securities which are actively traded. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security. In the case where external pricing services are used for certain Level 1 and Level 2 equity securities, our review process is consistent with the process used to determine the fair value of fixed maturities discussed above. Mortgage loans: Mortgage loans are not measured at fair value on a recurring basis. Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system is A-highest quality, B-moderate quality, C-low quality, W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan's risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan. Policy loans: Policy loans are not measured at fair value on a recurring basis. Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan. Other investments: Level 2 other investments include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Cash, cash equivalents and short-term investments: Level 1 cash, cash equivalents and short-term investments are highly liquid instruments for which historical cost approximates fair value. Reinsurance recoverable: Level 2 reinsurance recoverable includes embedded derivatives in our modified coinsurance contracts under which we cede or assume business. Fair values of these embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities, which are valued consistent with the discussion of fixed maturities above. Assets held in separate accounts: Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value. Future policy benefits, supplementary contracts without life contingencies and advance premiums and other deposits : Level 3 policy-related financial instruments of investment-type contracts are those not involving significant mortality or morbidity risks. No active market exists for these contracts and they are not measured at fair value on a recurring basis. Fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed. Fair values for our investment-type contracts with expected maturities, including deferred annuities, funding agreements and supplementary contracts, are determined using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation. For certain deposit liabilities with no defined maturities and no surrender charges, including pension-related deposit administration funds, advance premiums and other deposits, fair value is the account value or amount payable on demand. Significant judgment is required in selecting the assumptions used to estimate the fair values of these financial instruments. For contracts with known maturities, increases in current rates will result in a decrease in discounted cash flows and a decrease in the estimated fair value of the policy obligation. Certain annuity contracts include embedded derivatives, which are measured at fair value on a recurring basis. These embedded derivatives are a Level 3 measurement. The fair value of the embedded derivatives is based on the discounted excess of projected account values (including a risk margin) over projected guaranteed account values. The key unobservable inputs required in the projection of future values which require management judgment include the risk margin as well as the credit risk of our company. Should the risk margin increase or the credit risk decrease the discounted cash flows and the estimated fair value of the obligation will increase. Short-term debt: Short-term debt is not measured at fair value on a recurring basis and is a Level 3 measurement. Our short-term debt consists of advances with interest set to the debt issuer’s current lending rate during December 2015, repayable in less than one month. Given the recent issuance of this short-term debt, its carrying value approximates fair value. Long-term debt: Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market's assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt. Other liabilities: Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities. Liabilities related to separate accounts: Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities' fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability. Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Corporate securities $ — $ 3,469,631 $ 49,076 $ 3,518,707 Residential mortgage-backed securities — 461,777 3,729 465,506 Commercial mortgage-backed securities — 465,812 88,180 553,992 Other asset-backed securities — 527,565 55,557 583,122 United States Government and agencies 14,760 20,612 8,726 44,098 State, municipal and other governments — 1,472,351 — 1,472,351 Non-redeemable preferred stocks — 84,480 7,471 91,951 Common stocks 4,728 24,988 — 29,716 Other investments — 2,331 — 2,331 Cash, cash equivalents and short-term investments 57,741 — — 57,741 Reinsurance recoverable — 2,636 — 2,636 Assets held in separate accounts 625,257 — — 625,257 Total assets $ 702,486 $ 6,532,183 $ 212,739 $ 7,447,408 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 9,374 $ 9,374 Other liabilities — 56 — 56 Total liabilities $ — $ 56 $ 9,374 $ 9,430 Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Corporate securities $ — $ 3,602,667 $ 64,239 $ 3,666,906 Residential mortgage-backed securities — 491,534 — 491,534 Commercial mortgage-backed securities — 452,804 77,891 530,695 Other asset-backed securities — 405,120 116,141 521,261 United States Government and agencies 15,170 18,569 9,065 42,804 State, municipal and other governments — 1,447,498 — 1,447,498 Non-redeemable preferred stocks — 76,987 8,054 85,041 Common stocks 3,501 24,081 — 27,582 Other investments — 3,558 — 3,558 Cash, cash equivalents and short-term investments 125,217 — — 125,217 Reinsurance recoverable — 3,562 — 3,562 Assets held in separate accounts 683,033 — — 683,033 Total assets $ 826,921 $ 6,526,380 $ 275,390 $ 7,628,691 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 8,681 $ 8,681 Other liabilities — 173 — 173 Total liabilities $ — $ 173 $ 8,681 $ 8,854 Level 3 Fixed Maturities by Valuation Source - Recurring Basis December 31, 2015 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 17,208 $ 31,868 $ 49,076 Commercial mortgage-backed securities 88,180 — 88,180 Residential mortgage-backed securities — 3,729 3,729 Other asset-backed securities 35,420 20,137 55,557 United States Government and agencies — 8,726 8,726 Total $ 140,808 $ 64,460 $ 205,268 Percent of total 68.6 % 31.4 % 100.0 % December 31, 2014 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 40,095 $ 24,144 $ 64,239 Commercial mortgage-backed securities 77,891 — 77,891 Other asset-backed securities 95,271 20,870 116,141 United States Government and agencies — 9,065 9,065 Total $ 213,257 $ 54,079 $ 267,336 Percent of total 79.8 % 20.2 % 100.0 % Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis December 31, 2015 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 33,508 Discounted cash flow Credit spread 1.16% - 17.50% (11.26%) Commercial mortgage-backed 71,100 Discounted cash flow Credit spread 1.10% - 4.15% (3.12%) Other asset-backed securities 13,737 Discounted cash flow Credit spread 1.25% - 7.90% (5.61%) United States Government and agencies 8,726 Discounted cash flow Credit spread 2.59% (2.59%) Non-redeemable preferred stocks 7,471 Discounted cash flow Credit spread 4.55% (4.55%) Total Assets $ 134,542 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 Discounted cash flow Credit risk Risk margin 0.80% - 2.25% (1.45%) 0.15% - 0.40% (0.25%) December 31, 2014 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 41,491 Discounted cash flow Credit spread 0.95% - 6.80% (4.92%) Commercial mortgage-backed 77,891 Discounted cash flow Credit spread 1.75% - 4.00% (2.89%) Other asset-backed securities 26,937 Discounted cash flow Credit spread 0.96% - 6.17% (4.31%) United States Government and agencies 9,065 Discounted cash flow Credit spread 1.80% (1.80%) Non-redeemable preferred stocks 8,054 Discounted cash flow Credit spread 3.34% (3.34%) Total Assets $ 163,438 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 Discounted cash flow Credit risk 0.70% - 1.70% (1.10%) The tables above exclude certain securities for which the fair value was based on non-binding broker quotes where we could not reasonably obtain the quantitative unobservable inputs. Level 3 Financial Instruments Changes in Fair Value - Recurring Basis December 31, 2015 Realized and unrealized gains (losses), net Balance, December 31, 2014 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2015 (Dollars in thousands) Assets Corporate securities $ 64,239 $ 15,993 $ (20,499 ) $ — $ 55 $ 21,363 $ (32,649 ) $ 574 $ 49,076 Residential mortgage-backed securities — 19,353 (2,340 ) — 284 5,984 (19,631 ) 79 3,729 Commercial mortgage-backed securities 77,891 17,287 (885 ) — (3,905 ) — (2,334 ) 126 88,180 Other asset-backed securities 116,141 53,215 (10,085 ) — (662 ) 30,287 (133,351 ) 12 55,557 United States Government and agencies 9,065 — — — (346 ) — — 7 8,726 Non-redeemable preferred stocks 8,054 — — — (583 ) — — — 7,471 Total Assets $ 275,390 $ 105,848 $ (33,809 ) $ — $ (5,157 ) $ 57,634 $ (187,965 ) $ 798 $ 212,739 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 $ 4,567 $ (1,064 ) $ (2,810 ) $ — $ — $ — $ — $ 9,374 Total Liabilities $ 8,681 $ 4,567 $ (1,064 ) $ (2,810 ) $ — $ — $ — $ — $ 9,374 December 31, 2014 Realized and unrealized gains (losses), net Balance, December 31, 2013 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2014 (Dollars in thousands) Assets Corporate securities $ 81,994 $ 290 $ (16,304 ) $ (273 ) $ (198 ) $ 13,623 $ (14,960 ) $ 67 $ 64,239 Commercial mortgage-backed securities 71,712 2,920 (752 ) — 8,734 — (4,820 ) 97 77,891 Other asset-backed securities 85,835 83,387 (19,165 ) — (196 ) 1,974 (37,074 ) 1,380 116,141 United States Government and agencies 8,044 — — — 1,014 — — 7 9,065 Non-redeemable preferred stocks 7,795 — — — 259 — — — 8,054 Total Assets $ 255,380 $ 86,597 $ (36,221 ) $ (273 ) $ 9,613 $ 15,597 $ (56,854 ) $ 1,551 $ 275,390 Liabilities Future policy benefits - index annuity embedded derivatives $ 286 $ 7,237 $ (369 ) $ 1,527 $ — $ — $ — $ — $ 8,681 Total Liabilities $ 286 $ 7,237 $ (369 ) $ 1,527 $ — $ — $ — $ — $ 8,681 (1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above. Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Mortgage loans $ — $ — $ 780,624 $ 780,624 Policy loans — — 230,153 230,153 Total assets $ — $ — $ 1,010,777 $ 1,010,777 Liabilities Future policy benefits $ — $ — $ 3,608,771 $ 3,608,771 Supplementary contracts without life contingencies — — 339,717 339,717 Advance premiums and other deposits — — 245,269 245,269 Short-term debt — — 15,000 15,000 Long-term debt — — 68,133 68,133 Liabilities related to separate accounts — — 620,676 620,676 Total liabilities $ — $ — $ 4,897,566 $ 4,897,566 December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Mortgage loans $ — $ — $ 667,913 $ 667,913 Policy loans — — 230,070 230,070 Total assets $ — $ — $ 897,983 $ 897,983 Liabilities Future policy benefits $ — $ — $ 3,626,197 $ 3,626,197 Supplementary contracts without life contingencies — — 361,733 361,733 Advance premiums and other deposits — — 239,700 239,700 Long-term debt — — 69,772 69,772 Liabilities related to separate accounts — — 677,040 677,040 Total liabilities $ — $ — $ 4,974,442 $ 4,974,442 Level 3 Financial Instruments Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate which have been deemed to be impaired during the reporting period. On May 22, 2015, one real estate property was impaired to a fair value totaling $1.0 million , which resulted in an impairment charge of $0.2 million . On December 2, 2014, one real estate property was impaired to a fair value totaling $1.0 million , which resulted in an impairment charge of $0.4 million . |
Reinsurance and Policy Provisio
Reinsurance and Policy Provisions | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance and Policy Provisions [Abstract] | |
Reinsurance and Policy Provisions [Text Block] | Reinsurance and Policy Provisions Reinsurance In the normal course of business, we seek to limit our exposure to loss on any single insured or event and to recover a portion of benefits paid by ceding a portion of our exposure to other insurance companies. Our reinsurance coverage for life insurance varies according to the age and risk classification of the insured with retention limits ranging up to $1.5 million of coverage per individual life. Certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance. Farm Bureau Life may cede certain losses under an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention of $14.1 million . A maximum occurrence limit of $50.0 million per aircraft applies to policies written on agents of the Company who are participating in company-sponsored incentive trips. Additionally, a $200.0 million occurrence limit applies to employees in the home office building, net of reinsurance on group life policies. All other occurrence catastrophes are unlimited in amount. Life insurance in force ceded totaled $14,263.4 million ( 24.1% of life insurance in force) at December 31, 2015 and $13,837.9 million ( 24.3% of life insurance in force) at December 31, 2014 . Insurance premiums and product charges have been reduced by $33.5 million in 2015 , $32.5 million in 2014 and $29.4 million in 2013 and insurance benefits have been reduced by $26.2 million in 2015 , $17.0 million in 2014 and $21.7 million in 2013 as a result of cession agreements. Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet obligations under reinsurance agreements, our insurance subsidiaries would be liable for these obligations, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for reinsurance recoverable since none of our receivables are deemed to be uncollectible. We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements. Life insurance in force assumed totaled $551.6 million ( 1.2% of total life insurance in force) at December 31, 2015 and $592.0 million ( 1.4% of total life insurance in force) at December 31, 2014 . Premiums and product charges assumed totaled $2.8 million in 2015 , $0.8 million and 2014 and 2013 . Insurance benefits assumed totaled $1.2 million in 2015 and 2014 and $1.7 million in 2013 . Policy Provisions Analysis of the Value of Insurance In Force Acquired Year ended December 31, 2015 2014 2013 (Dollars in thousands) Excluding impact of net unrealized investment gains and losses: Balance at beginning of year $ 26,436 $ 29,935 $ 32,500 Accretion of interest during the year 150 527 902 Amortization of asset (2,586 ) (4,026 ) (3,467 ) Balance prior to impact of net unrealized investment gains and losses 24,000 26,436 29,935 Impact of net unrealized investment gains and losses (3,087 ) (3,939 ) (6,356 ) Balance at end of year $ 20,913 $ 22,497 $ 23,579 We periodically revise key assumptions used in the calculation of the value of insurance in force acquired through an “unlocking” process, which increased amortization $0.1 million in 2015 , $1.4 million in 2014 and $0.2 million in 2013 . Net amortization, based on expected future gross profits/margins, for the next five years is expected to be as follows: 2016 - $2.4 million ; 2017 - $2.4 million ; 2018 - $2.3 million ; 2019 - $2.2 million ; and 2020 - $2.1 million . Certain variable annuity and variable universal life contracts in our separate accounts and in separate accounts of reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDBs), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon the death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year. GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee December 31, 2015 December 31, 2014 Separate Account Balance Net Amount at Risk Separate Account Balance Net Amount at Risk (Dollars in thousands) Guaranteed minimum death benefit: Return of net deposits $ 175,286 $ 623 $ 192,334 $ 659 Return the greater of highest anniversary 279,981 14,858 308,101 3,140 Incremental death benefit 256,929 50,159 280,214 56,369 Guaranteed minimum income benefit 37,334 — 41,378 405 Total $ 65,640 $ 60,573 The separate account assets are principally comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $5.4 million at December 31, 2015 and $3.3 million at December 31, 2014 . The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 57 years at December 31, 2015 and 62 years at December 31, 2014 . Benefits paid for GMDBs, IDBs and GMIBs totaled $0.4 million for 2015 , $0.2 million for 2014 and $0.3 million for 2013 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We file a consolidated federal income tax return with Farm Bureau Life and FBL Financial Services, Inc. and certain of their subsidiaries. The companies included in the consolidated federal income tax return each report current income tax expense as allocated under a consolidated tax allocation agreement. This allocation typically results in profitable companies recognizing a tax provision as if the individual company filed a separate return and loss companies recognizing a benefit to the extent their losses contribute to reduce consolidated taxes. Deferred income taxes have been established based upon the temporary differences between the financial statement and income tax bases of assets and liabilities. The reversal of the temporary differences will result in taxable or deductible amounts in future years when the related asset or liability is recovered or settled. A valuation allowance is required if it is more likely than not that a deferred tax asset will not be realized. In assessing the need for a valuation allowance we considered the scheduled reversal of deferred tax assets, projected future taxable income, taxable income from prior years available for recovery and tax planning strategies. Our tax planning strategies assume deferred tax assets related to unrealized losses on our investments are temporary as we have the ability to hold the investments until maturity, at which time the existing temporary difference is expected to reverse. As such, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2015 and 2014 . Income Tax Expenses (Credits) Year ended December 31, 2015 2014 2013 (Dollars in thousands) Taxes provided in consolidated statements of operations on: Income before equity loss: Current $ 40,578 $ 39,562 $ 43,264 Deferred 6,840 7,773 6,058 47,418 47,335 49,322 Equity loss (15,706 ) (13,372 ) (11,050 ) Taxes provided in consolidated statements of changes in stockholders' equity: Accumulated other comprehensive income (77,473 ) 75,032 (91,961 ) Class A and Class B common stock (1,363 ) (1,148 ) (1,657 ) (78,836 ) 73,884 (93,618 ) $ (47,124 ) $ 107,847 $ (55,346 ) Effective Tax Rate Reconciliation to Federal Income Tax Rate Year ended December 31, 2015 2014 2013 (Dollars in thousands) Income before income taxes and equity loss $ 151,368 $ 147,101 $ 150,305 Income tax at federal statutory rate (35%) $ 52,979 $ 51,485 $ 52,607 Tax effect (decrease) of: Tax-exempt dividend and interest income (3,233 ) (3,400 ) (2,802 ) Other items (2,328 ) (750 ) (483 ) Income tax expense $ 47,418 $ 47,335 $ 49,322 In 2015, the other items affecting the effective tax rate include a $1.8 million tax benefit resulting from the disposition of an equity method investment, for which the carrying value consisted solely of nondeductible goodwill. Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities December 31, 2015 2014 (Dollars in thousands) Deferred income tax assets: Future policy benefits $ 25,918 $ 24,241 Accrued benefit and compensation costs 15,138 16,952 Loss carryforwards 8,212 11,613 Other 4,030 4,042 53,298 56,848 Deferred income tax liabilities: Fixed maturity and equity securities 94,919 208,470 Deferred acquisition costs 65,310 26,170 Other 28,132 27,906 188,361 262,546 Net deferred income tax liability $ 135,063 $ 205,698 We recognize the benefits of uncertain tax positions in accordance with the provisions of the FASB interpretation on accounting for uncertainty in income taxes. At December 31, 2015 and 2014 , our reserve for uncertain tax positions is less than $0.1 million. Unrecognized tax benefits included in our reserve, if recognized, would impact our effective tax rate, although we do not expect these impacts to be material. We recognize interest related to unrecognized tax benefits in interest expense and related penalties in other expenses. We do not expect any significant increases or decreases in the amount of our reserve for uncertain tax positions within the next twelve months. We are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2012. At December 31, 2015 , we had non-life net operating loss carryforwards for federal income tax purposes totaling $22.9 million , which expire beginning in 2033. We continue to invest in LIHTC which generate pre-tax losses but after-tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and the approval of tax credits. These tax credits, which are reported in equity income, totaled $13.5 million in 2015 , $12.2 million in 2014 and $9.8 million in 2013 . |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Credit Arrangements Short-term debt consists of two short-term advances, collateralized by fixed maturity securities, payable to FHLB totaling $15.0 million at December 31, 2015. The advances include a $10.0 million advance on December 21, 2015, due January 11, 2016, with an interest rate of 0.55% and a $5.0 million advance on December 30, 2015, due January 6, 2016, with an interest rate of 0.46% . Long-term debt includes $97.0 million of our subordinated debt obligation to FBL Financial Group Capital Trust (the Trust). We issued 5% Subordinated Deferrable Interest Notes due June 30, 2047 (the Notes) with a principal amount of $100.0 million to support $97.0 million of 5% Preferred Securities issued by the Trust. We also have a $3.0 million equity investment in the Trust, which is netted against the Notes on the consolidated balance sheets due to a contractual right of offset. The sole assets of the Trust are and will be the Notes and any interest accrued thereon. The interest payment dates on the Notes correspond to the distribution dates on the 5% Preferred Securities. The 5% Preferred Securities, which have a liquidation value of $1,000.00 per share plus accrued and unpaid distributions, mature simultaneously with the Notes. As of December 31, 2015 and 2014 , 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity The Iowa Farm Bureau Federation (IFBF) owns our Series B preferred stock. Each share of Series B preferred stock has a liquidation preference of $0.60 and voting rights identical to that of Class A common stock with the exception that each Series B share is entitled to two votes while each Class A share is entitled to one vote. The Series B preferred stock pays cumulative annual cash dividends of $0.03 per share, payable quarterly, and is redeemable by us, at our option, at $0.60 per share plus unpaid dividends if the stock ceases to be beneficially owned by a Farm Bureau organization. Reconciliation of Outstanding Common Stock Class A Class B Total Shares Dollars Shares Dollars Shares Dollars (Dollars in thousands) Outstanding at January 1, 2013 24,282,184 $ 115,706 1,192,890 $ 7,522 25,475,074 $ 123,228 Issuance of common stock under compensation plans 666,659 20,156 — — 666,659 20,156 Purchase of common stock (363,430 ) (1,862 ) (1,023,948 ) (6,457 ) (1,387,378 ) (8,319 ) Conversion of Class B to Class A common stock (1) 157,529 993 (157,529 ) (993 ) — — Outstanding at December 31, 2013 24,742,942 134,993 11,413 72 24,754,355 135,065 Issuance of common stock under compensation plans 390,707 12,028 — — 390,707 12,028 Purchase of common stock (429,746 ) (2,396 ) — — (429,746 ) (2,396 ) Outstanding at December 31, 2014 24,703,903 144,625 11,413 72 24,715,316 144,697 Issuance of common stock under compensation plans 159,764 5,022 — — 159,764 5,022 Purchase of common stock (66,904 ) (399 ) — — (66,904 ) (399 ) Outstanding at December 31, 2015 24,796,763 $ 149,248 11,413 $ 72 24,808,176 $ 149,320 (1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis. Holders of the Class A common stock and Series B preferred stock vote together as a group in the election of Class A Directors ( four to ten ). The Class B common stock votes as a separate class to elect the Class B Directors ( five to seven ). Voting for the Directors is noncumulative. Ownership aspects of our Class B common stock are governed by a Class B Shareholder Agreement. The IFBF's ownership in the three classes of stock results in IFBF owning 71% of our voting stock as of December 31, 2015 , and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share common stock dividends. Share Repurchases We periodically repurchase our Class A common stock under plans approved by our Board of Directors. These repurchase plans authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Under these plans, we repurchased 0.1 million shares of stock for $3.7 million in 2015 , 0.4 million shares of stock for $18.5 million in 2014 and 0.4 million shares of stock for $14.2 million in 2013 . Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. There was $39.0 million remaining available for repurchases at December 31, 2015 under the active repurchase plan. It is anticipated that a new $50.0 million plan will be authorized upon expiration of the current plan, remaining open through March 31, 2018. During 2013, we conducted a tender offer to repurchase 99 percent of all Class B common shares outstanding. The tender price of $45.33 was based upon the average of the closing price of FBL’s Class A common stock for the seven consecutive business days preceding the tender closing date of September 25, 2013. All Class B shareholders participated, with 1,023,948 Class B common shares repurchased for $46.4 million and 105,930 shares of Class B common stock converted to Class A common stock. Dividend Restrictions We have agreed that we will not pay dividends on the Class A or Class B Common Stock, nor on the Series B Preferred Stock, if we are in default of the Subordinated Deferrable Interest Note Agreement dated May 30, 1997 with FBL Financial Group Capital Trust. We are compliant with all terms of this agreement at December 31, 2015 . See Note 6 for additional information regarding this agreement. The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. See Note 12 for discussion on our statutory dividend restrictions. Special Dividends In March 2015, the Board of Directors approved a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $49.5 million . In August 2013, we declared a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $51.4 million . Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Gains (Losses) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Balance at January 1, 2013 $ 306,167 $ (8,362 ) $ (7,952 ) $ 289,853 Other comprehensive income before reclassifications (169,627 ) 9,686 — (159,941 ) Reclassification adjustments (9,953 ) (2,690 ) 1,798 (10,845 ) Balance at December 31, 2013 126,587 (1,366 ) (6,154 ) 119,067 Other comprehensive income before reclassifications 141,947 2,497 — 144,444 Reclassification adjustments (2,323 ) — (2,778 ) (5,101 ) Balance at December 31, 2014 266,211 1,131 (8,932 ) 258,410 Other comprehensive income before reclassifications (143,731 ) (1,155 ) — (144,886 ) Reclassification adjustments (1,693 ) (90 ) 2,791 1,008 Balance at December 31, 2015 $ 120,787 $ (114 ) $ (6,141 ) $ 114,532 (1) Unrealized net investment gains (losses) relate to available-for-sale securities and include the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans. Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2015 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (2,829 ) $ — $ — $ (2,829 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 224 7 — 231 Other than temporary impairment losses — (146 ) — (146 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (12 ) (12 ) Net actuarial gain — — 4,306 4,306 Reclassifications before income taxes (2,605 ) (139 ) 4,294 1,550 Income taxes 912 49 (1,503 ) (542 ) Reclassification adjustments $ (1,693 ) $ (90 ) $ 2,791 $ 1,008 Year ended December 31, 2014 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (3,760 ) $ — $ — $ (3,760 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 186 — — 186 Other than temporary impairment losses — — — — Other expenses - change in unrecognized postretirement items: Prior service costs — — (11 ) (11 ) Net actuarial loss — — (4,263 ) (4,263 ) Reclassifications before income taxes (3,574 ) — (4,274 ) (7,848 ) Income taxes 1,251 — 1,496 2,747 Reclassification adjustments $ (2,323 ) $ — $ (2,778 ) $ (5,101 ) Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2013 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (16,121 ) $ — $ — $ (16,121 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 809 112 — 921 Other than temporary impairment losses — (4,250 ) — (4,250 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (11 ) (11 ) Net actuarial gain — — 2,777 2,777 Reclassifications before income taxes (15,312 ) (4,138 ) 2,766 (16,684 ) Income taxes 5,359 1,448 (968 ) 5,839 Reclassification adjustments $ (9,953 ) $ (2,690 ) $ 1,798 $ (10,845 ) (1) See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans. |
Retirement and Compensation Pla
Retirement and Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Defined Benefit Pension Plans We participate in various defined benefit pension plans (the Plans), including a multiemployer plan. The multiemployer plan is considered qualified under Internal Revenue Service regulations, and covers our employees and the employees of the other participating companies who had attained age 21, had one year of service, and were employed prior to January 1, 2013. We also have a plan which provides supplemental pension benefits to certain highly compensated employees who have salaries and/or pension benefits in excess of the qualified limits imposed by federal law and were employed prior to January 1, 2013. Benefits under these plans are based on years of service and the employee's compensation. The plans are discussed below. Multiemployer Defined Benefit Plan The FBL Financial Group Retirement Plan (the Multiemployer Plan) is considered a multiemployer plan, with the participation of unaffiliated and affiliated organizations along with FBL Financial Group, Inc. and its subsidiaries. Under the multiemployer plan structure, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. If an employer elects to discontinue participation, prior to departure they will be required to contribute their portion of the underfunded pension obligation associated with their employees. This required contribution will be based on an actuarial estimate of future benefit obligations, which as an estimate may not ultimately be sufficient to fund future actual benefits. None of the participating employers have provided notice that they would be discontinuing participation in the Multiemployer Plan or would otherwise be unable to continue providing their share of required funding as of December 31, 2015. Contributions are made each year, resulting in the Multiemployer Plan being partially funded for payment of projected future benefit obligations. Effective in 2013, the Multiemployer Plan was closed to new participants and those participants who had not attained age 40 and 10 years of service as of December 31, 2012 no longer accrued additional years of service in the Multiemployer Plan. Multiemployer Plan name FBL Financial Group Retirement Plan Employer identification number 42-1411715 Plan number 001 FBL's contributions (in thousands) 2015 $30,000 2014 $16,800 2013 $22,500 Net periodic pension cost of the Multiemployer Plan is allocated between participating employers on a basis of time incurred by the respective employees for each employer. Such allocations are reviewed annually. This Multiemployer Plan is not subject to collective bargaining agreements, a financial improvement plan or a rehabilitation plan. No surcharges were required to be paid to the Multiemployer Plan during 2015, 2014 or 2013. We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2015, 2014 and 2013. Other Defined Benefit Plans The other defined benefit plans (the Other Plans) provide benefits in addition to those offered under the Multiemployer Plan to certain of our employees or those of our affiliates. These non-qualified benefit plans are not funded, with contributions provided as current benefit obligations become due. Net periodic pension cost of the Other Plans is allocated between the subsidiaries of FBL Financial Group, Inc. and the Farm Bureau affiliated property-casualty companies on a basis of time incurred by the respective employees for each company. Funding Status and Net Periodic Pension Costs Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2015 2014 (Dollars in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of the year $ 339,139 $ 292,449 $ 26,729 $ 23,265 Service cost 5,892 5,295 435 269 Interest cost 13,472 13,919 1,000 1,077 Actuarial loss (gain) (13,281 ) 50,315 (2,812 ) 5,464 Benefits paid (2,501 ) (2,327 ) (3,077 ) (3,346 ) Settlements (23,301 ) (20,512 ) — — Projected benefit obligation 319,420 339,139 22,275 26,729 Change in plan assets: Fair value of plan assets at beginning of the year 257,010 250,820 — — Actual return on plan assets 1,068 12,229 — — Employer contributions 30,000 16,800 3,077 3,346 Benefits paid (2,501 ) (2,327 ) (3,077 ) (3,346 ) Settlements (23,301 ) (20,512 ) — — Fair value of plan assets at end of the year 262,276 257,010 — — Underfunded status at end of the year $ (57,144 ) $ (82,129 ) $ (22,275 ) $ (26,729 ) Accumulated benefit obligation $ 279,858 $ 305,388 $ 20,980 $ 23,973 For all the Plans we participate in, the accumulated benefit obligation exceeds the fair value of plan assets. The projected benefit obligations, accumulated benefit obligation and fair value of plan assets are included above. Net Periodic Pension Costs Incurred by the Plans Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2013 2015 2014 2013 (Dollars in thousands) Service cost $ 5,892 $ 5,295 $ 6,472 $ 435 $ 269 $ 252 Interest cost 13,472 13,919 13,384 1,000 1,077 1,035 Expected return on assets (17,563 ) (17,504 ) (15,666 ) — — — Amortization of prior service cost 144 144 144 (11 ) (11 ) (11 ) Amortization of actuarial loss 10,464 6,087 12,468 1,528 1,131 1,267 Effect of settlement 7,998 6,306 — — — — Net periodic pension cost $ 20,407 $ 14,247 $ 16,802 $ 2,952 $ 2,466 $ 2,543 FBL Financial Group, Inc. share of net periodic pension cost $ 6,614 $ 4,569 $ 5,363 $ 1,671 $ 1,372 $ 1,436 Pension settlement charges were recognized after determining the total cash payments exceeded the sum of the service and interest cost for 2015 and 2014. The settlement has been recognized quarterly beginning June 30, 2015 and June 30, 2014 in anticipation of the threshold ultimately being exceeded in the next quarter. The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period of the employees. For actuarial gains and losses, we use a corridor (10% of the greater of the projected benefit obligation or the market related value of plan assets) to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2016 will include $9.4 million for amortization of the actuarial loss and $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2016 , included in accumulated other comprehensive income, will include $0.9 million for amortization of the actuarial loss and less than ($0.1) million of prior service cost (credit) amortization. We expect contributions to be paid to the Multiemployer Plan by us and affiliates for 2016 to be approximately $15.0 million , of which $4.8 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2016 to be approximately $2.4 million , of which $1.2 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2016 - $17.5 million , 2017 - $15.5 million , 2018 - $17.6 million , 2019 - $17.5 million , 2020 - $19.1 million and 2021 through 2025 - $109.1 million . Expected benefits to be paid under the Other Plans are as follows: 2016 - $3.0 million , 2017 - $1.8 million , 2018 - $2.1 million , 2019 - $2.4 million , 2020 - $2.3 million and 2021 through 2025 - $8.7 million . FBL's Proportionate Share of Prepaid or Accrued Pension Cost Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2015 2014 (Dollars in thousands) Amount recognized in FBL's statement of financial position Prepaid benefit cost $ 20,258 $ 17,148 $ 969 $ 1,417 Accrued benefit cost — — (16,746 ) (21,437 ) Net amount recognized $ 20,258 $ 17,148 $ (15,777 ) $ (20,020 ) Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) Net actuarial loss $ 9,695 $ 14,035 Prior service cost (1 ) (13 ) Net amount recognized $ 9,694 $ 14,022 (1) For our Multiemployer Plan, the underfunded portion of the pension benefit obligation is not required to be recognized as a liability in our consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled $57.1 million at December 31, 2015 and $82.1 million at December 31, 2014 . Weighted Average Assumptions Used to Determine Benefit Obligation December 31 2015 2014 Discount rate 4.65 % 4.05 % Annual salary increases 3.31 % 3.00 % We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements. Our expected long-term return on plan assets represents the rate of earnings expected in the funds invested to provide for anticipated benefit payments. We have analyzed the expected rates of return on assets and beginning in fourth quarter of 2015, determined that a long-term return of 6.75% is reasonable based on the current and expected asset allocations and on the Multiemployer Plan's historical investment performance and best estimates for future investment performance. Prior to this, our expected long-term rate of return was 7.00%. Weighted Average Assumptions Used to Determine Net Periodic Pension Cost Year Ended December 31, 2015 2014 2013 Discount rate 4.52% / 4.05% 4.42% / 4.99% 4.18 % Expected long-term return on plan assets 6.75% / 7.00% 7.00 % 7.00 % Annual salary increases 3.31% / 3.00% 3.00 % 3.00 % The discount rate was 4.05% for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015 due to remeasurement at September 30, 2015 for settlement accounting. The discount rate was 4.99% for the nine months ended September 30, 2014 and 4.42% for the three months ended December 31, 2014 due to remeasurement at September 30, 2014 for settlement accounting. We also completed an actuarial study of our assumptions during 2015. At the remeasurement, this resulted in reducing the expected long-term return on plan assets from 7.00% to 6.75% and increasing assumed annual salary increases from 3.00% to 3.31%. Multiemployer Plan Assets The Multiemployer Plan assets are primarily invested in annuity products and insurance company pooled separate accounts that invest predominately in equity securities and real estate. We have certain pension obligations that are fully funded through annuity contracts with Farm Bureau Life which are presented as funded annuity contracts below. For 2015 , excluding the funded annuity contracts, we employed a long-term investment strategy of diversifying the Multiemployer Plan assets with 55% in fixed income investments, 40% in equities and 5% in alternative investments. At December 31, 2015 , the Multiemployer Plan assets were invested approximately 59% in fixed income investments, 38% in diversified equities and 3% in alternative investments. The fixed income investments consist primarily of the group annuity contract and fixed income securities held in pooled separate accounts. The equity securities are in pooled separate accounts and mutual funds. The alternative investments consist of interests in limited partnerships that own various liquid and illiquid assets. Our investment strategy is to (1) achieve a long-term return sufficient to satisfy all Multiemployer Plan obligations, (2) assume a prudent level of risk and (3) maintain adequate liquidity. The expected return on Multiemployer Plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the Multiemployer Plan. In estimating the expected rate of return for each asset class, we take into account factors such as historical rates of return, expected future risk-free rates of return and anticipated returns expected given the risk profile of each asset class. The valuation methodologies used for assets measured at fair value are: • Group and funded annuity contracts: contract value is equivalent to fair value, as the interest-crediting rates are periodically reset to market at the discretion of the issuer. • Pooled separate accounts: the net asset value of our separate account shares is based on the latest quoted market price of the underlying investments or in the case of a real estate separate account, estimates of the current market value of the underlying property held. • Mutual funds: the net asset value of our mutual funds is based on quoted market prices available in active markets. • Alternative investments: the carrying value of the limited partnership interests reflects the Plan’s proportionate share of the net asset value of those partnerships which is derived from the fair value of the underlying holdings. The pension financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Unadjusted quoted prices in active markets for identical assets that are accessible to us at the measurement date. Level 2 - Inputs other than quoted prices in active markets for identical assets that are either directly or indirectly observable for substantially the full term of the asset or liability. Level 3 - Inputs are unobservable and require management's judgment about the assumptions that market participants would use in pricing the assets. Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels December 31, 2015 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 30,326 $ — $ — $ 30,326 International funds 29,140 — — 29,140 Pooled separate accounts: (1) Short-term fixed income funds — 1,584 — 1,584 Fixed income funds — 11,468 — 11,468 U.S. equity funds — 24,091 — 24,091 Real estate fund — 12,660 — 12,660 Annuities: (2) Group annuity contract — — 134,749 134,749 Funded annuity contracts — — 11,996 11,996 Alternative investments: (3) Limited partnerships — — 6,262 6,262 Total $ 59,466 $ 49,803 $ 153,007 $ 262,276 December 31, 2014 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 31,499 $ — $ — $ 31,499 International funds 29,589 — — 29,589 Pooled separate accounts: (1) Short-term fixed income funds — 543 — 543 Fixed income funds — 12,249 — 12,249 U.S. equity funds — 25,250 — 25,250 Real estate fund — 12,818 — 12,818 Annuities: (2) Group annuity contract — — 128,244 128,244 Funded annuity contracts — — 12,298 12,298 Alternative investments: (3) Limited partnerships — — 4,520 4,520 Total $ 61,088 $ 50,860 $ 145,062 $ 257,010 (1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company. (2) Represents group annuity contracts with Farm Bureau Life. (3) Represents interests in several limited partnerships. Level 3 Multiemployer Plan Asset Changes in Fair Value December 31, 2015 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2015 (Dollars in thousands) Group annuity contract $ 128,244 $ 1,156 $ 5,349 $ — $ — $ 134,749 Funded annuity contracts 12,298 (1,012 ) 710 — — 11,996 Limited partnerships 4,520 1,680 62 — — 6,262 Total $ 145,062 $ 1,824 $ 6,121 $ — $ — $ 153,007 December 31, 2014 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2014 (Dollars in thousands) Group annuity contract $ 117,226 $ 5,829 $ 5,189 $ — $ — $ 128,244 Funded annuity contracts 12,932 (1,376 ) 742 — — 12,298 Limited partnerships 2,196 2,107 217 — — 4,520 Total $ 132,354 $ 6,560 $ 6,148 $ — $ — $ 145,062 |
Postemployment Benefits Disclosure [Text Block] | Other Retirement Plans We participate with several affiliates in a 401(k) defined contribution plan which covers substantially all employees. We match employee contributions up to 2% or 4% of the eligible compensation contributed by the employee and at an amount equal to 50% of an employee's contributions on the next 2% of the eligible compensation contributed by the employee. As shown in the table below, certain employees will also receive an annual discretionary employer contribution based on age plus years of service ranging from 2.75% to 5.75% as a percent of pay. Costs are allocated among the affiliates on a basis of time incurred by the respective employees for each company. Our expense related to the plan totaled $2.2 million in 2015 , $2.0 million in 2014 and $1.8 million in 2013 . Attained age 40 and 10 years of service at December 31, 2012 Accruing years of service in the Multiemployer Plan 100% Employer Match 50% Employer Match Discretionary Employer Contribution Yes Yes first 2% of employee's contributions employee contributions between 2% and 4% No No No first 4% of employee's contributions employee contributions between 4% and 6% 2.75% to 5.75% We have established deferred compensation plans for certain key current and former employees and have certain other benefit plans which provide for retirement and other benefits. Liabilities for these plans are accrued as the related benefits are earned. Certain of the assets related to these plans are on deposit with us and amounts relating to these plans are included in our financial statements. In addition, certain amounts included in the policy liabilities for interest sensitive products relate to deposit administration funds maintained by us on behalf of affiliates. In addition to benefits offered under the aforementioned benefit plans, we and several other affiliates participate in a plan that provides group term life insurance benefits to retirees who have worked full-time for ten years and attained age 55 while in service. Postretirement benefit expense for this plan is allocated in a manner consistent with pension expense discussed above. We also have two single-employer plans that provide health and medical benefits to a small group of retirees. Postretirement benefit expense totaled $0.1 million in 2015 , 2014 and 2013 . Changes in the underfunded portion of these plans, reported in other comprehensive income, aggregated less than ($0.1) million in 2015 , $0.1 million in 2014 and $0.2 million in 2013 . |
Compensation and Employee Benefit Plans [Text Block] | Share-based Compensation Plans The share-based payment arrangements under our Class A Common Stock Compensation Plan are described below. We allocate a portion of the expense for these arrangements to affiliates; expense amounts below represent our share of these expenses. Expenses have been fully recognized under this plan as of December 31, 2014. Compensation expense for these arrangements totaled $0.2 million for 2014 and $0.3 million for 2013 . The income tax benefit recognized in the statements of operations for these arrangements totaled less than $0.1 million for 2014 and 2013 . We also have a Cash-Based Restricted Stock Unit Plan. Compensation expense for arrangements under this plan totaled $1.7 million for 2015 , $1.0 million for 2014 and $1.0 million for 2013 . The income tax benefit recognized in the statements of operations for this arrangement totaled $0.9 million in 2015 , $0.6 million in 2014 and $0.6 million in 2013 . Stock Option Awards Prior to 2011, we granted stock options for Class A common stock to officers and employees, which have a contractual term of 10 years and vest over a period up to five years, contingent upon continued employment with us. Prior to 2009, we also granted stock options for Class A common stock to directors, which were fully vested upon grant and had a contractual term that varied with the length of time the director remained on the Board, up to 10 years. The exercise price for all options is equal to the fair value of the common stock on the grant date. The fair value of each option award was estimated on the date of grant using a Black-Scholes-Merton option valuation model. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. We used the historical realized volatility of our stock for the expected volatility assumption within the valuation model. The weighted average expected term for the majority of our options was calculated using average historical behavior. In 2014, we accelerated the vesting of all unvested options. Accordingly, the expense related to nonvested share-based compensation granted under the stock option arrangement has been fully recognized at December 31, 2014. Stock Option Activity Number of Shares Weighted-Average Weighted-Average Aggregate (Dollars in thousands, except per share data) Shares under option at January 1, 2015 273,060 $ 27.50 Exercised (138,212 ) 26.95 Forfeited or expired — — Shares under option at December 31, 2015 134,848 28.07 2.30 $ 4,796 Vested at December 31, 2015 or expected to vest in the future 134,848 $ 28.07 2.30 $ 4,796 Exercisable options at December 31, 2015 134,848 $ 28.07 2.30 $ 4,796 (1) Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2015. The intrinsic value of options exercised during the year totaled $4.5 million for 2015 , $6.5 million for 2014 and $6.6 million for 2013 . We issue new shares to satisfy stock option exercises. Cash received from stock options exercised totaled $3.7 million for 2015 , $10.5 million for 2014 and $19.4 million for 2013 . The actual tax benefit realized from stock options exercised totaled $1.4 million for 2015 , $2.2 million for 2014 and $2.3 million for 2013 . Nonvested Stock Awards In 2011 and prior years, we granted nonvested Class A common shares to certain executives. The restrictions on these shares lapsed and the shares vested if we met or exceeded operating goals, such as earnings per share, book value and expense targets, within or during a three year period. Depending on performance, the actual amount of shares issued could range from zero to 100% of the granted amount. The value of the awards was based on the grant date fair value of the nonvested stock adjusted for expected forfeitures and an estimate of the number of shares expected to vest. The estimate for the number of shares to vest was reviewed each period and the impact of any changes in the estimate on expense was recorded in the current period. These awards were charged to expense using the straight-line method over the required service period. Dividends on the restricted stock during the restriction period were contingent upon vesting. The final nonvested shares were vested and released in 2013 and the expense related to these shares has been fully recognized at December 31, 2013. The tax benefit realized from nonvested stock released to employees was $1.7 million in 2013 . We have a policy of withholding shares to cover estimated future tax payments. Shares of Class A common stock available for grant as additional awards under the Class A Common Stock Compensation Plan totaled 3,430,142 at December 31, 2015 . Cash-Based Restricted Stock Units We annually grant cash-based restricted stock units to certain executives beginning in 2012. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. Cash-based restricted stock units were also granted to certain executives in 2012 that were vested and paid out in cash after a two-year required service period. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The effects of changes in the stock price during the service period are recognized as compensation cost over the service period. We also issued performance cash-based restricted stock units to an executive in 2015, 2014 and 2013. These units will vest and be paid out in cash over 5 years, contingent upon meeting an earnings per share goal as well as continued employment with the Company. Restricted Stock Unit Activity Number of Units Weighted-Average Grant-Date Fair Value Restricted stock units at January 1, 2015 128,762 $ 36.80 Granted 52,067 52.19 Vested (31,959 ) 36.59 Forfeited or canceled (3,455 ) 36.81 Restricted stock units at December 31, 2015 145,415 42.36 The weighted average grant-date fair value per common share of restricted stock units granted was $52.19 in 2015 , $38.63 in 2014 and $34.94 in 2013 . Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2015 totaled $4.5 million . This expense is expected to be recognized over a weighted-average period of 2.03 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $1.8 million in 2015 , $1.8 million in 2014 and $0.5 million in 2013 . Other We have a Director Compensation Plan under which non-employee directors on our Board may elect to receive a portion of their compensation in the form of cash or deferred cash-based stock units. Cash-based stock units outstanding totaled 22,874 at December 31, 2015 and 19,066 at December 31, 2014 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 56,868 at December 31, 2015 and 56,759 at December 31, 2014 . At December 31, 2015 , there were 114,179 shares of Class A common stock available for future issuance under the Director Compensation Plan. We also have an Executive Salary and Bonus Deferred Compensation Plan under which certain officers of the Company were allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding total 16,679 at December 31, 2015 and 16,923 at December 31, 2014 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 66,621 at December 31, 2015 and 90,009 at December 31, 2014 . At December 31, 2015 , shares of Class A common stock available for future issuance under this plan totaled 103,525 . This plan was frozen to future deferrals on December 31, 2013. We also have an Executive Excess 401(k) Plan under which officers of the Company who met salary guidelines and 401(k) contribution guidelines were allowed to purchase unregistered deferred cash-based stock units. Cash-based stock units outstanding total 84 at December 31, 2015 and 79 at December 31, 2014 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 2,991 at December 31, 2015 and 2,878 at December 31, 2014 . This plan was frozen to future deferrals on December 31, 2013. |
Managment and Other Agreements
Managment and Other Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Management and Other Agreements [Abstract] | |
Management and other agreements [Text Block] | Management and Other Agreements We share certain office facilities and services with the IFBF and its affiliated companies. These expenses are allocated on the basis of cost and time studies that are updated annually and primarily consist of rent, salaries and related expenses, travel and other operating costs. We also have an expense allocation agreement with Farm Bureau Property & Casualty Insurance Company for the use of property and equipment. Expense relating to this agreement totaled $0.7 million in 2015 , $0.9 million in 2014 and $1.1 million in 2013 . We have management agreements, which include Farm Bureau Property & Casualty and other affiliates, under which we provide general business, administrative and management services. Fee income for these services totaled $2.3 million in 2015 , $1.9 million in 2014 and $1.8 million in 2013 . In addition, Farm Bureau Management Corporation, a wholly-owned subsidiary of the IFBF, provides certain services to us under a separate arrangement. We incurred related expenses totaling $1.0 million in 2015 and 2014 and $0.9 million in 2013 . We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty Insurance Company and another affiliate. Under the service agreements, the property-casualty companies are responsible for development and management of our agency force for a fee. We incurred expenses totaling $9.9 million in 2015 , $9.3 million in 2014 and $9.7 million in 2013 relating to these arrangements. We are licensed by the IFBF to use the "Farm Bureau" and "FB" designations in Iowa. In connection with this license, we incurred royalty expense totaling $0.6 million in 2015 and $0.5 million in 2014 and 2013 . We have similar arrangements with other state Farm Bureau organizations in our market territory. Total royalty expense to Farm Bureau organizations other than the IFBF totaled $1.7 million in 2015 and 2014 and $1.8 million in 2013 . The royalty agreement with the IFBF provides them an option to terminate the agreement when the quarterly common stock dividend is below $0.10 per share. |
Committments and Contingencies
Committments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Proceedings In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We are not aware of any such matters threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries. Other We self-insure our employee health and dental claims. However, claims in excess of our self-insurance limits are fully insured. We fund insurance claims through a self-insurance trust. Deposits to the trust are made at an amount equal to our best estimate of claims to be paid during the period and a liability is established at each balance sheet date for any unpaid claims. Adjustments, if any, resulting in changes in the estimate of claims incurred are reflected in operations in the periods in which such adjustments are known. We lease our home office properties under a 10-year operating lease from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2015 , are as follows: 2016 - $2.1 million, 2017 - $2.1 million, 2018 - $2.1 million, 2019 - $2.1 million, 2020 - $2.1 million and thereafter, through 2021 - $2.1 million. Rent expense for the lease totaled $4.0 million in 2015 and $4.3 million in 2014 and 2013 . These amounts are net of $0.2 million in 2015 , 2014 and 2013 in amortization of a deferred gain on the exchange of our home office properties for common stock in 1998. The remaining unamortized deferred gain totaled $1.0 million at December 31, 2015 and $1.2 million at December 31, 2014 . From time to time, assessments are levied on our insurance subsidiaries by guaranty associations in most states in which the subsidiaries are licensed. These assessments, which are accrued for, are to cover losses of policyholders of insolvent or rehabilitated companies. In some states, these assessments can be partially recovered through a reduction in future premium taxes. Expenses for guaranty fund assessments, net of related premium tax offsets, totaled less than $0.1 million in 2015 , 2014 and 2013 . |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share Computation of Earnings per Common Share Year ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 113,527 $ 109,941 $ 108,558 Less: Dividends on Series B preferred stock 150 150 150 Income available to common stockholders from continuing operations $ 113,377 $ 109,791 $ 108,408 Denominator: Weighted-average shares - basic 24,927,209 24,866,284 25,508,522 Effect of dilutive securities - stock-based compensation 89,274 149,960 265,893 Weighted-average shares - diluted 25,016,483 25,016,244 25,774,415 Earnings per common share $ 4.55 $ 4.42 $ 4.25 Earnings per common share - assuming dilution $ 4.53 $ 4.39 $ 4.21 There were no antidilutive stock options outstanding in any period presented. |
Statutory Insurance Information
Statutory Insurance Information | 12 Months Ended |
Dec. 31, 2015 | |
Statutory Insurance Information [Abstract] | |
Statutory insurance information [Text Block] | Statutory Insurance Information The statutory financial statements of Farm Bureau Life are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division. The Insurance Division has adopted the accounting guidance contained in the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (the “Manual”) as the prescribed accounting practice for insurance companies domiciled in Iowa. The Insurance Division may permit accounting practices which differ from those prescribed by the Manual. None of our statutory accounting practices differed materially from those prescribed by the Manual. Several differences exist between GAAP and statutory accounting practices. Principally, under statutory accounting, deferred acquisition costs are not capitalized, fixed maturity securities are generally carried at amortized cost, insurance liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Farm Bureau Life has a subsidiary, Greenfields, which launched in 2013 and is regulated by the Colorado Division of Insurance. Greenfields' operations are immaterial and implicitly included in the financial results of Farm Bureau Life below. Farm Bureau Life Statutory Information Year ended December 31, 2015 2014 2013 (Dollars in thousands) Net gain from operations (excludes impact of realized gains and losses on investments) $ 100,013 $ 97,799 $ 93,306 Net income 106,009 97,393 94,583 December 31, 2015 2014 (Dollars in thousands) Capital and surplus $ 603,062 $ 552,021 Unassigned surplus 469,579 418,538 Risk-Based Capital measurements: Total adjusted capital 668,278 614,201 Company action level capital 117,284 112,771 RBC Ratio 570 % 545 % State laws specify regulatory actions if an insurer's risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory "authorized control level" RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. Farm Bureau Life's ability to pay dividends to the parent company is restricted by the Iowa Insurance Holding Company Act to earned surplus arising from its business as of the date the dividend is paid. In addition, prior approval of the Iowa Insurance Commissioner is required for a dividend distribution of cash or other property whose fair value, together with that of other dividends made within the preceding 12 months, exceeds the greater of (i) 10% of policyholders' surplus as of the preceding year end, or (ii) the statutory net gain from operations of the insurer for the preceding calendar year. As shown in the tables above, at December 31, 2015 , Farm Bureau Life’s net gain from operations, exceeded 10% of statutory surplus, therefore, the maximum amount available for distribution to FBL Financial Group, Inc. from Farm Bureau Life without regulatory approval during 2016 is $100.0 million . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company. The Annuity segment primarily consists of fixed rate annuities and supplementary contracts (some of which involve life contingencies). Fixed rate annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest. Fixed rate annuities primarily consist of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees. The Annuity segment also includes index annuities. With index annuities, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum guarantees. The Life Insurance segment consists of whole life, term life and universal life policies. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis. The Corporate and Other segment consists of the following corporate items and products/services that do not meet the quantitative threshold for separate segment reporting: • investments and related investment income not specifically allocated to our product segments, • interest expense, • closed blocks of variable annuity, variable universal life insurance and accident and health insurance products, • advisory services for the management of investments and other companies, • marketing and distribution services for the sale of mutual funds and insurance products not issued by us, and • leasing services with affiliates. We analyze our segment results based on pre-tax operating income. Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments. Operating income represents net income excluding the impact of realized gains and losses on investments and changes in net unrealized gains and losses on derivatives. We use operating income, in addition to net income, to measure our performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives can fluctuate greatly from year to year. A view of our operating performance without the impact of these items enhances the analysis of our results, although it should not be viewed as a substitute for net income as a measure of financial performance. Operating income is not a measure used in financial statements prepared in accordance with GAAP, but is a common industry measure of performance. We use operating income for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community. Financial Information Concerning our Operating Segments Year ended December 31, 2015 2014 2013 (Dollars in thousands) Operating revenues: Annuity $ 212,420 $ 203,477 $ 197,539 Life Insurance 408,966 390,609 385,325 Corporate and Other 93,632 93,646 96,775 715,018 687,732 679,639 Net realized gains on investments (1) 10,482 2,937 13,597 Change in net unrealized gains/losses on derivatives (1) (2,691 ) 2,270 (2,005 ) Consolidated revenues $ 722,809 $ 692,939 $ 691,231 Net investment income: Annuity $ 209,896 201,550 196,303 Life Insurance 152,730 146,349 140,510 Corporate and Other 31,214 31,913 35,843 393,840 379,812 372,656 Change in net unrealized gains/losses on derivatives (1) (2,691 ) 2,270 (2,005 ) Consolidated net investment income $ 391,149 $ 382,082 $ 370,651 Depreciation and amortization: Annuity $ 4,548 $ 5,709 $ 7,186 Life Insurance 18,831 20,027 19,430 Corporate and Other 8,546 2,895 2,157 31,925 28,631 28,773 Net realized gains on investments (1) 225 189 973 Change in net unrealized gains/losses on derivatives (1) (332 ) 125 (1,324 ) Consolidated depreciation and amortization $ 31,818 $ 28,945 $ 28,422 Pre-tax operating income: Annuity $ 69,950 $ 65,056 $ 63,592 Life Insurance 53,146 51,521 48,814 Corporate and Other 11,668 22,865 22,172 134,764 139,442 134,578 Income taxes on operating income (29,876 ) (32,401 ) (33,985 ) Net realized gains/losses on investments (1) 8,498 1,786 8,206 Change in net unrealized gains/losses on derivatives (1) 141 1,114 (241 ) Consolidated net income attributable to FBL Financial Group, Inc. $ 113,527 $ 109,941 $ 108,558 Financial Information Concerning our Operating Segments - continued December 31, 2015 2014 (Dollars in thousands) Assets: Annuity $ 4,209,627 $ 3,981,825 Life Insurance 3,112,756 2,956,347 Corporate and Other 1,623,874 1,715,241 8,946,257 8,653,413 Unrealized gains in accumulated other comprehensive income (2) 185,747 410,995 Consolidated assets $ 9,132,004 $ 9,064,408 (1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items. (2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired and deferred income taxes attributable to these items. Depreciation and amortization related to property and equipment are allocated to the product segments while the related property, equipment and capitalized software are allocated to the Corporate and Other segment. Depreciation and amortization for the Corporate and Other segment include $4.1 million for 2015 , $3.1 million for 2014 and $2.2 million for 2013 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates. Our investment in equity method investees, the related equity income and interest expense are attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2015 and 2014 was allocated among the segments as follows: Annuity ( $3.9 million ) and Life Insurance ( $6.1 million ). Premiums collected, which is not a measure used in financial statements prepared according to GAAP, include premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common industry measure of agent productivity. Net premiums collected totaled $683.1 million in 2015 , $646.6 million in 2014 and $635.6 million in 2013 . Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements. Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance Year ended December 31, 2015 2014 2013 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 281,003 $ 282,098 $ 307,474 Premiums collected on interest sensitive products (90,895 ) (98,796 ) (127,271 ) Traditional life insurance premiums collected 190,108 183,302 180,203 Change in due premiums and other 848 (2 ) 741 Traditional life insurance premiums $ 190,956 $ 183,300 $ 180,944 There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below. Interest Sensitive Product Charges by Segment Year ended December 31, 2015 2014 2013 (Dollars in thousands) Annuity Surrender charges and other $ 2,524 $ 1,927 $ 1,236 Life Insurance Administration charges $ 14,342 $ 13,783 $ 19,602 Cost of insurance charges 46,911 45,273 42,697 Surrender charges 919 737 484 Amortization of policy initiation fees 3,371 1,504 1,462 Total $ 65,543 $ 61,297 $ 64,245 Corporate and Other Administration charges $ 5,809 $ 6,212 $ 6,138 Cost of insurance charges 29,760 29,569 29,567 Surrender charges 346 479 525 Separate account charges 8,854 9,157 8,742 Amortization of policy initiation fees 1,748 1,129 1,122 Total $ 46,517 $ 46,546 $ 46,094 Consolidated interest sensitive product charges $ 114,584 $ 109,770 $ 111,575 Premium Concentration by State Year ended December 31, 2015 2014 2013 Life and annuity collected premiums: Iowa 26.2 % 25.7 % 27.6 % Kansas 18.6 20.8 20.0 Oklahoma 8.9 8.2 7.7 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited) Unaudited Quarterly Results of Operations 2015 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 75,269 $ 77,164 $ 76,575 $ 76,532 Net investment income 98,773 97,489 95,882 99,005 Realized gains (losses) on investments (366 ) 7,808 (506 ) 3,553 Total revenues 177,946 186,745 175,494 182,624 Net income attributable to FBL Financial Group, Inc. 23,591 32,372 26,659 30,905 Earnings per common share $ 0.95 $ 1.30 $ 1.07 $ 1.24 Earnings per common share - assuming dilution $ 0.94 $ 1.29 $ 1.06 $ 1.23 2014 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 72,583 $ 74,805 $ 72,653 $ 73,029 Net investment income 92,631 95,215 95,744 98,492 Realized gains (losses) on investments (540 ) 2,806 1,000 (328 ) Total revenues 168,535 175,837 173,420 175,147 Net income attributable to FBL Financial Group, Inc. 22,992 28,642 30,159 28,148 Earnings per common share $ 0.92 $ 1.15 $ 1.21 $ 1.13 Earnings per common share - assuming dilution $ 0.91 $ 1.14 $ 1.21 $ 1.13 |
Sch I. Schedule of Investments
Sch I. Schedule of Investments | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Investments [Abstract] | |
Summary of Investments, Other than Investments in Related Parties [Text Block] | Schedule I - Summary of Investments - Other Than Investments in Related Parties FBL FINANCIAL GROUP, INC. December 31, 2015 Column A Column B Column C Column D Type of Investment Cost (1) Value Amount at which (Dollars in thousands) Fixed maturities, available for sale: Bonds: Corporate $ 3,464,402 $ 3,518,707 $ 3,518,707 Mortgage- and asset-backed 1,529,856 1,602,620 1,602,620 United States Government and agencies 41,050 44,098 44,098 State, municipal and other governments 1,344,611 1,472,351 1,472,351 Total 6,379,919 $ 6,637,776 6,637,776 Equity securities, available for sale: Common stocks: Banks, trusts and insurance companies 24,988 $ 24,988 24,988 Industrial, miscellaneous and all other 4,319 4,728 4,728 Non-redeemable preferred stocks 87,029 91,951 91,951 Total 116,336 $ 121,667 121,667 Mortgage loans 745,858 744,303 Investment real estate (2) 2,115 1,955 Policy loans 185,784 185,784 Short-term investments 28,251 28,251 Other investments 4,434 3,017 Total investments $ 7,462,697 $ 7,722,753 (1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans. (2) Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost. |
Sch II - Condensed Financial In
Sch II - Condensed Financial Information on Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II. Condensed Financial Information of Registrant [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Schedule II - Condensed Financial Information of Registrant FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Balance Sheets (Dollars in thousands) December 31, 2015 2014 Assets Investments in subsidiaries (eliminated in consolidation) $ 1,145,988 $ 1,226,389 Fixed maturities - available for sale, at fair value (amortized cost: 2015 - $33,389; 2014 - $51,052) 35,212 53,907 Equity securities - available for sale, at fair value (cost: 2015 - $1,470; 2014 - $269) 1,428 273 Short-term investments 13,066 13,461 Cash and cash equivalents 26,839 46,042 Amounts receivable from affiliates 1,264 2,666 Amounts receivable from subsidiaries (eliminated in consolidation) 1,758 — Accrued investment income 12 77 Current income taxes recoverable 651 425 Deferred income tax assets 13,682 17,522 Other assets 10,106 9,235 Total assets $ 1,250,006 $ 1,369,997 Liabilities and stockholders' equity Liabilities: Accrued expenses and other liabilities $ 18,470 $ 19,401 Amounts payable to affiliates — 188 Amounts payable from subsidiaries (eliminated in consolidation) 110 564 Long-term debt payable to non-affiliates 97,000 97,000 Total liabilities 115,580 117,153 Stockholders' equity: Preferred stock 3,000 3,000 Class A common stock 149,248 144,625 Class B common stock 72 72 Accumulated other comprehensive income 114,532 258,410 Retained earnings 867,574 846,737 Total stockholders' equity 1,134,426 1,252,844 Total liabilities and stockholders' equity $ 1,250,006 $ 1,369,997 See accompanying notes to condensed financial statements. Schedule II -Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Statements of Operations (Dollars in thousands) Year Ended December 31, 2015 2014 2013 Revenues: Net investment income $ 2,033 $ 2,689 $ 2,120 Realized gains (losses) on investments (583 ) 1,047 33 Dividends from subsidiaries (eliminated in consolidation) 50,000 45,700 140,000 Management fee income from affiliates 2,277 1,925 1,760 Management fee income from subsidiaries (eliminated in consolidation) 5,654 8,836 2,072 Other income (8 ) 7 22 Total revenues 59,373 60,204 146,007 Expenses: Interest expense 4,850 4,723 6,967 General and administrative expenses 8,795 8,471 9,582 Total expenses 13,645 13,194 16,549 45,728 47,010 129,458 Income tax benefit 2,507 1,011 5,316 Income before equity in undistributed income of subsidiaries 48,235 48,021 134,774 Equity in undistributed income (dividends in excess of equity income) of subsidiaries (eliminated in consolidation) 65,292 61,920 (26,216 ) Net income $ 113,527 $ 109,941 $ 108,558 See accompanying notes to condensed financial statements. Schedule II - Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Statements of Cash Flows (Dollars in thousands) Year ended December 31, 2015 2014 2013 Net cash provided by (used in) operating activities $ 1,841 $ 4,200 $ (5,750 ) Investing activities Sales of fixed maturities - available for sale 18,618 21,347 45,808 Acquisitions of fixed maturities - available for sale — — (15,192 ) Acquisitions of equity securities - available for sale (1,188 ) (269 ) — Short-term investments, net change 395 17,617 (6,577 ) Dividends from subsidiaries (eliminated in consolidation) 50,000 45,700 92,135 Net cash provided by investing activities 67,825 84,395 116,174 Financing activities Repayments of debt — — (50,000 ) Excess tax deductions on stock-based compensation 1,362 1,199 1,964 Repurchase of common stock, net (584 ) (8,003 ) (43,707 ) Capital contribution to subsidiary (300 ) (1,000 ) (1,900 ) Dividends paid (89,347 ) (34,749 ) (64,775 ) Net cash used in financing activities (88,869 ) (42,553 ) (158,418 ) Increase (decrease) in cash and cash equivalents (19,203 ) 46,042 (47,994 ) Cash and cash equivalents at beginning of year 46,042 — 47,994 Cash and cash equivalents at end of year $ 26,839 $ 46,042 $ — Supplemental disclosure of cash flow information Cash received (paid) during the year for: Income taxes $ 6,344 $ 6,927 $ 9,182 Interest (4,850 ) (4,850 ) (7,104 ) Non-cash investing activity: Dividend from subsidiary in the form of securities — — 47,865 See accompanying notes to condensed financial statements. Schedule II - Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Notes to Condensed Financial Statements December 31, 2015 1. Basis of Presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of FBL Financial Group, Inc. In the parent company only financial statements, our investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. In addition, the carrying value includes net unrealized gains/losses on the subsidiaries' investments classified as "available for sale." 2. Dividends from Subsidiaries The parent company received dividends totaling $50.0 million in 2015 , $45.7 million in 2014 and $140.0 million in 2013 in the form of cash ( $50.0 million in 2015 , $45.7 million in 2014 and $92.1 million in 2013 ) and securities ( $47.9 million in 2013 ). 3 . Debt See Note 6 to the consolidated financial statements included in Item 8 for a description of the parent company's debt, including items paid off. The company's debt matures in 2047. |
Sch III Supplementary Insurance
Sch III Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2015 | |
Schedule III. Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | Schedule III - Supplementary Insurance Information FBL FINANCIAL GROUP, INC. Column A Column B Column C Column D Column E Deferred acquisition costs Future policy Unearned Other (Dollars in thousands) December 31, 2015: Annuity $ 85,819 $ 3,550,364 $ — $ 370,326 Life Insurance 248,333 2,473,357 9,719 194,751 Corporate and Other 75,366 399,203 12,257 29,128 Impact of unrealized gains/losses (73,735 ) 4,090 (3,352 ) — Total $ 335,783 $ 6,427,014 $ 18,624 $ 594,205 December 31, 2014: Annuity $ 82,778 $ 3,370,109 $ — $ 372,244 Life Insurance 232,020 2,372,108 10,111 193,567 Corporate and Other 85,506 394,536 13,428 24,823 Impact of unrealized gains/losses (179,544 ) 11,182 (11,461 ) — Total $ 220,760 $ 6,147,935 $ 12,078 $ 590,634 December 31, 2013: Annuity $ 82,404 $ 3,172,598 $ — $ 376,879 Life Insurance 216,743 2,254,194 8,884 191,478 Corporate and Other 91,917 389,746 13,951 21,845 Impact of unrealized gains/losses (55,550 ) 2,957 (2,790 ) — Total $ 335,514 $ 5,819,495 $ 20,045 $ 590,202 Schedule III - Supplementary Insurance Information (Continued) FBL FINANCIAL GROUP, INC. Column A Column F Column G Column H Column I Column J Premium Net Benefits, Amortization Other (Dollars in thousands) December 31, 2015: Annuity $ 2,524 $ 209,896 $ 110,356 $ 9,658 $ 22,456 Life Insurance 256,504 152,730 253,461 14,364 76,167 Corporate and Other 46,519 31,214 32,346 11,316 9,816 Change in net unrealized gains/losses on derivatives — (2,691 ) (2,577 ) (332 ) — Impact of realized gains/losses (7 ) — 2 214 9 Total $ 305,540 $ 391,149 $ 393,588 $ 35,220 $ 108,448 December 31, 2014: Annuity $ 1,927 $ 201,550 $ 105,669 $ 10,477 $ 22,275 Life Insurance 244,597 146,349 238,841 15,594 72,641 Corporate and Other 46,547 31,913 29,470 6,929 10,032 Change in net unrealized gains/losses on derivatives — 2,270 432 125 — Impact of realized gains/losses (1 ) — 4 178 7 Total $ 293,070 $ 382,082 $ 374,416 $ 33,303 $ 104,955 December 31, 2013: Annuity $ 1,236 $ 196,303 $ 102,308 $ 9,422 $ 22,217 Life Insurance 245,148 140,510 231,861 15,760 75,571 Corporate and Other 46,093 35,843 30,183 5,170 10,499 Change in net unrealized gains/losses on derivatives — (2,005 ) (310 ) (1,324 ) — Impact of realized gains/losses 42 — 28 880 65 Total $ 292,519 $ 370,651 $ 364,070 $ 29,908 $ 108,352 |
Sch IV Reinsurance
Sch IV Reinsurance | 12 Months Ended |
Dec. 31, 2015 | |
Schedule IV. Reinsurance [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | Schedule IV - Reinsurance FBL FINANCIAL GROUP, INC. Column A Column B Column C Column D Column E Column F Gross Ceded to Assumed Net amount Percent of (Dollars in thousands) Year ended December 31, 2015: Life insurance in force, at end of year $ 59,136,803 $ 14,263,420 $ 551,563 $ 45,424,946 1.2 % Insurance premiums and other considerations: Interest sensitive product charges $ 113,221 $ 1,024 $ 2,387 $ 114,584 2.1 % Traditional life insurance premiums 215,936 25,344 364 190,956 0.2 Accident and health premiums 7,561 7,094 — 467 — $ 336,718 $ 33,462 $ 2,751 $ 306,007 0.9 Year ended December 31, 2014: Life insurance in force, at end of year $ 57,010,809 $ 13,837,869 $ 592,022 $ 43,764,962 1.4 % Insurance premiums and other considerations: Interest sensitive product charges $ 110,431 $ 1,026 $ 365 $ 109,770 0.3 % Traditional life insurance premiums 206,701 23,819 418 183,300 0.2 Accident and health premiums 8,050 7,668 — 382 — $ 325,182 $ 32,513 $ 783 $ 293,452 0.3 Year ended December 31, 2013: Life insurance in force, at end of year $ 54,603,479 $ 13,220,004 $ 613,281 $ 41,996,756 1.5 % Insurance premiums and other considerations: Interest sensitive product charges $ 112,229 $ 1,026 $ 372 $ 111,575 0.3 % Traditional life insurance premiums 200,729 20,199 414 180,944 0.2 Accident and health premiums 8,540 8,135 — 405 — $ 321,498 $ 29,360 $ 786 $ 292,924 0.3 |
Significant Accounting Polici26
Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Consolidation, Policy | Consolidation Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated. |
Marketable Securities, Policy | Fixed Maturities and Equity Securities Fixed maturities, comprised of bonds and redeemable preferred stock, which may be sold, are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations. Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income. |
Investment, Policy | Mortgage Loans Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. We evaluate each of our mortgage loans individually and establish an estimated loss, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Interest income is accrued on impaired loans to the extent it is deemed collectible (generally delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as nonaccrual loans, the resumption of the interest accrual would commence only after all past-due interest has been collected or the mortgage loan has been restructured such that the collection of interest is considered likely. Real Estate Real estate is reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. Real estate held for sale is carried at the lower of cost or fair value, less costs to sell, with valuation allowances recognized as a realized loss on investments and depreciation is no longer recorded. There was one property held for investment with an impairment charge of $0.2 million as of December 31, 2015 and two properties held for investment with an impairment charge of $0.4 million as of December 31, 2014 . There were no properties held for sale as of December 31, 2015 or December 31, 2014 . Other Investments Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation. We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments. Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we are required or choose to use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include LIHTC. Such investments are accounted for using the equity method. In applying the equity method, we record our share of income or loss reported by the equity investees. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios. Accrued Investment Income We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income. Realized Gains and Losses on Investments Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is an other-than-temporary impairment (OTTI) and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an OTTI write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value. We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as: • historical operating trends; • business prospects; • status of the industry in which the company operates; • analyst ratings on the issuer and sector; • quality of management; • size of unrealized loss; • level of current market interest rates compared to market interest rates when the security was purchased; and • length of time the security has been in an unrealized loss position. In order to determine the credit and non-credit impairment loss for fixed maturities, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an OTTI occurs and there is a non-credit portion of the unrealized loss that won't be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value. After an OTTI write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and the current estimate of the amount and timing of future cash flows . |
Fair Value of Financial Instruments, Policy | Fair Values Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values which are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
Reinsurance Accounting Policy | Reinsurance Recoverable We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. For business assumed from other companies, reinsurance recoverable includes premium receivable, net of our share of benefits and expenses we owe to the ceding company. Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements. |
Capitalization of Deferred Policy Acquisition Costs, Policy | Deferred Acquisition Costs and Value of Insurance In Force Acquired Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value is determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Interest accrued on the unamortized balance at a weighted average rate of 4.84% in 2015 , 4.84% in 2014 and 4.94% in 2013 . For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. |
Depreciation, Depletion, and Amortization, Policy | Other Assets Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to twenty years. Property and equipment had a carrying value of $30.2 million at December 31, 2015 and $28.6 million at December 31, 2014 , and accumulated depreciation and amortization of $61.4 million at December 31, 2015 and $53.2 million at December 31, 2014 . Depreciation and amortization expense for property and equipment was $8.2 million in 2015 , $6.3 million in 2014 and $4.6 million in 2013 . |
Goodwill and Intangible Assets, Policy | Other assets at December 31, 2015 and 2014 , also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of our impairment review, we have determined our goodwill was not impaired as of December 31, 2015 or 2014 . |
Future Policy Benefits Liability, Policy | Future Policy Benefits Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2015 , 2014 and 2013 . The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 2.00% to 6.00% . The average rate of assumed investment yields used in estimating gross margins was 5.66% in 2015 , 5.75% in 2014 and 5.84% in 2013 . The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations. The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred. |
Revenue Recognition, Deferred Revenue, Policy | Other Policy Claims and Benefits We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs. |
Policyholders' Dividend, Policy | We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 31% of receipts from policyholders during 2015 ( 2014 and 2013 - 30% ) and represented 11% of life insurance in force at December 31, 2015 , 2014 and 2013 . |
Income Tax, Policy | Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the assets or liabilities are recovered or settled. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. |
Policyholder Accounts, Policy | Separate Accounts The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations. |
Revenue Recognition, Premiums Earned, Policy | Recognition of Premium Revenues and Costs Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs. All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business. Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2015 2014 2013 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 22,260 $ 22,856 $ 27,410 Amortization of deferred acquisition costs 35,220 33,303 29,908 Amortization of value of insurance in force acquired 2,436 3,500 2,565 Other underwriting, acquisition and insurance expenses, net of deferrals 83,752 78,599 78,377 Total $ 143,668 $ 138,258 $ 138,260 |
Pension and Other Postretirement Plans, Policy | Retirement and Compensation Plans We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period. |
Share-based Compensation, Option and Incentive Plans Policy | We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest. We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. We recognize compensation expense for all share-based payments granted, modified or settled. The stock option non-performance related stock-based expense was being recognized over the shorter of our five-year vesting schedule or the period ending when the employee becomes eligible for retirement using the straight-line method. However, during 2014 we accelerated the vesting of all unvested stock options and recognized the remaining compensation expense. The impact of forfeitures is estimated and compensation expense is recognized only for those stock-based instruments expected to vest. We report tax deductions related to stock-based instruments in excess of recognized compensation expense as a financing cash flow. See Note 8 for additional details on these plans. |
Comprehensive Income, Policy | Comprehensive Income Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities as well as the underfunded obligation for certain retirement and postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income (Loss), excludes net investment gains and losses included in net income which represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized which could have a material impact on the consolidated financial statements. |
Significant Accounting Polici27
Significant Accounting Policies Insurance costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Recognition of underwriting, acquisition and insurance costs | Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2015 2014 2013 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 22,260 $ 22,856 $ 27,410 Amortization of deferred acquisition costs 35,220 33,303 29,908 Amortization of value of insurance in force acquired 2,436 3,500 2,565 Other underwriting, acquisition and insurance expenses, net of deferrals 83,752 78,599 78,377 Total $ 143,668 $ 138,258 $ 138,260 |
Investment Operations (Tables)
Investment Operations (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Operations [Abstract] | ||
Affordable Housing Program [Text Block] | LIHTC Equity Income (Loss), Net of Related Income Taxes Year ended December 31, 2015 2014 2013 (Dollars in thousands) Equity losses from LIHTC $ (7,022 ) $ (6,411 ) $ (6,273 ) Income benefits: Tax benefits from equity losses 2,458 2,244 2,196 Investment tax credits 13,542 12,209 9,775 Equity income from LIHTC, net of related income benefits $ 8,978 $ 8,042 $ 5,698 Other At December 31, 2015 , affidavits of deposits covering investments with a carrying value totaling $7,148.2 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $421.4 million were on deposit with the Federal Home Loan Bank of Des Moines (FHLB) as collateral for funding agreements. At December 31, 2015 , we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $31.9 million , of which, $8.5 million represents LIHTC commitments which are summarized by year in the following table. LIHTC Commitments by year December 31, 2015 (Dollars in thousands) 2016 $ 7,090 2017 899 2018-2024 467 Total $ 8,456 | |
Available-For-Sale Fixed Maturity and Equity Securities by Investment Category | Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit losses on other-than-temporary impairments (1) (Dollars in thousands) Fixed maturities: Corporate (2) $ 3,464,402 $ 192,149 $ (137,844 ) $ 3,518,707 $ 351 Residential mortgage-backed 436,969 33,880 (5,343 ) 465,506 (3,584 ) Commercial mortgage-backed 514,195 42,284 (2,487 ) 553,992 — Other asset-backed 578,692 11,554 (7,124 ) 583,122 3,058 United States Government and agencies 41,050 3,129 (81 ) 44,098 — State, municipal and other governments 1,344,611 129,923 (2,183 ) 1,472,351 — Total fixed maturities $ 6,379,919 $ 412,919 $ (155,062 ) $ 6,637,776 $ (175 ) Equity securities: Non-redeemable preferred stocks $ 87,029 $ 6,095 $ (1,173 ) $ 91,951 Common stocks 29,307 450 (41 ) 29,716 Total equity securities $ 116,336 $ 6,545 $ (1,214 ) $ 121,667 Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit losses on other-than-temporary impairments (1) (Dollars in thousands) Fixed maturities: Corporate (2) $ 3,335,535 $ 348,937 $ (17,566 ) $ 3,666,906 $ 211 Residential mortgage-backed 453,607 42,510 (4,583 ) 491,534 (3,694 ) Commercial mortgage-backed 485,934 45,573 (812 ) 530,695 — Other asset-backed 508,090 17,188 (4,017 ) 521,261 5,223 United States Government and agencies 38,227 4,581 (4 ) 42,804 — State, municipal and other governments 1,290,040 157,571 (113 ) 1,447,498 — Total fixed maturities $ 6,111,433 $ 616,360 $ (27,095 ) $ 6,700,698 $ 1,740 Equity securities: Non-redeemable preferred stocks $ 80,566 $ 5,135 $ (660 ) $ 85,041 Common stocks 26,844 738 — 27,582 Total equity securities $ 107,410 $ 5,873 $ (660 ) $ 112,623 (1) Non-credit losses subsequent to the initial impairment measurement date on OTTIs are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2015 and December 31, 2014 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. (2) Corporate securities include hybrid preferred securities with a fair value of $43.5 million at December 31, 2015 and $80.9 million at December 31, 2014 . Corporate securities also include redeemable preferred stock with a fair value of $24.8 million at December 31, 2015 and $29.9 million at December 31, 2014 . | |
Available-For-Sale Fixed Maturities by Maturity Date | Available-For-Sale Fixed Maturities by Maturity Date December 31, 2015 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 82,803 $ 84,057 Due after one year through five years 726,985 774,484 Due after five years through ten years 801,426 822,177 Due after ten years 3,238,849 3,354,438 4,850,063 5,035,156 Mortgage-backed and other asset-backed 1,529,856 1,602,620 Total fixed maturities $ 6,379,919 $ 6,637,776 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity. | |
Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income December 31, 2015 2014 (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 257,857 $ 589,265 Equity securities - available for sale 5,331 5,213 263,188 594,478 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (73,735 ) (179,544 ) Value of insurance in force acquired (3,087 ) (3,939 ) Unearned revenue reserve 3,352 11,461 Adjustments for assumed changes in policyholder liabilities (4,090 ) (11,182 ) Provision for deferred income taxes (64,955 ) (143,932 ) Net unrealized investment gains $ 120,673 $ 267,342 Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Fixed maturities - available for sale $ (331,408 ) $ 336,051 $ (374,923 ) Equity securities - available for sale 118 3,729 (2,629 ) Change in unrealized appreciation/depreciation of investments $ (331,290 ) $ 339,780 $ (377,552 ) The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no OTTI losses were previously recognized. | |
Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time | Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 31, 2015 Less than one year One year or more Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Percent of Total (Dollars in thousands) Fixed maturities: Corporate $ 1,115,324 $ (96,062 ) $ 115,730 $ (41,782 ) $ 1,231,054 $ (137,844 ) 88.9 % Residential mortgage-backed 21,646 (725 ) 26,537 (4,618 ) 48,183 (5,343 ) 3.4 Commercial mortgage-backed 48,424 (1,947 ) 7,657 (540 ) 56,081 (2,487 ) 1.6 Other asset-backed 285,395 (3,323 ) 65,298 (3,801 ) 350,693 (7,124 ) 4.6 United States Government and agencies 4,807 (81 ) — — 4,807 (81 ) 0.1 State, municipal and other governments 77,980 (2,183 ) — — 77,980 (2,183 ) 1.4 Total fixed maturities $ 1,553,576 $ (104,321 ) $ 215,222 $ (50,741 ) $ 1,768,798 $ (155,062 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 21,280 $ (573 ) $ 4,400 $ (600 ) $ 25,680 $ (1,173 ) Common stock 1,428 (41 ) — — 1,428 (41 ) Total equity securities $ 22,708 $ (614 ) $ 4,400 $ (600 ) $ 27,108 $ (1,214 ) December 31, 2014 Less than one year One year or more Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Percent of Total (Dollars in thousands) Fixed maturities: Corporate $ 203,764 $ (9,756 ) $ 142,600 $ (7,810 ) $ 346,364 $ (17,566 ) 64.8 % Residential mortgage-backed 27,889 (315 ) 19,084 (4,268 ) 46,973 (4,583 ) 16.9 Commercial mortgage-backed — — 20,900 (812 ) 20,900 (812 ) 3.0 Other asset-backed 128,516 (2,349 ) 55,526 (1,668 ) 184,042 (4,017 ) 14.8 United States Government and agencies 500 — 470 (4 ) 970 (4 ) — State, municipal and other governments — — 12,472 (113 ) 12,472 (113 ) 0.5 Total fixed maturities $ 360,669 $ (12,420 ) $ 251,052 $ (14,675 ) $ 611,721 $ (27,095 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 14,838 $ (110 ) $ 4,450 $ (550 ) $ 19,288 $ (660 ) Total equity securities $ 14,838 $ (110 ) $ 4,450 $ (550 ) $ 19,288 $ (660 ) Fixed maturities in the above table include 542 securities from 435 issuers at December 31, 2015 and 185 securities from 160 issuers at December 31, 2014 . We do not intend to sell or believe we will be required to sell any of our temporarily-impaired fixed maturities before recovery of their amortized cost basis. The following summarizes the more significant unrealized losses of fixed maturities and equity securities by investment category as of December 31, 2015 . Corporate securities : The largest unrealized losses were in the energy sector ( $269.8 million fair value and $62.4 million unrealized loss) and in the basic industrial sector ( $169.4 million fair value and $32.5 million unrealized loss). The largest unrealized losses in the energy sector were in the midstream ( $82.5 million fair value and $23.6 million unrealized loss) and the oil field services ( $49.1 million fair value and $15.7 million unrealized loss) sub-sectors. The largest unrealized losses in the basic industrial sector were in the metal/mining ( $78.2 million fair value and $24.0 million unrealized loss) and the chemicals ( $79.0 million fair value and $7.5 million unrealized loss) sub-sectors. The majority of losses were attributable to credit spread widening across the energy sector and metal/mining sub-sectors associated with sharp declines in commodity prices. The price of crude oil has decreased from $98.42 per barrel at December 31, 2013 to $37.04 per barrel at December 31, 2015. Energy-related companies have been negatively impacted by the rapid decline in oil prices, which has pressured revenues and margins. The metal/mining sub-sector companies are experiencing lower demand for coal, copper, iron ore and other basic industrial minerals due to the economic slowdown in China in addition to sluggish demand in Europe and the U.S. Over the last 12 months, iron ore and copper prices have declined 37% and 23%, respectively. Lower metal prices are leading metal and mining companies to shut down production at high-cost mines and defer capital expenditures at mines in the development stage. Residential mortgage-backed securities: The unrealized losses on residential mortgage-backed securities were primarily due to continued uncertainty regarding mortgage defaults on Alt-A loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities. Commercial mortgage-backed securities: The unrealized losses on commercial mortgage-backed securities were primarily due to spread widening and concerns regarding the potential for future defaults. The contractual cash flows of these investments are based on mortgages backing the securities. Unrealized losses on military housing bonds were mainly attributable to spread widening relative to spreads at which we acquired the bonds. Insured military housing bonds have also been impacted by the removal of their ratings following downgrades of the insurance providers after we purchased the bonds. Other asset-backed securities: The unrealized losses on other asset-backed securities were primarily due to market concerns regarding defaults on subprime mortgages and home equity loans. We purchased most of these investments at a discount to their face amount and the contractual cash flows of these investments are based on mortgages and other assets backing the securities. State, municipal and other governments: The unrealized losses on state, municipal and other governments were primarily due to general spread widening relative to spreads at which we acquired the bonds. Equity securities: Our gross unrealized losses on equity securities were on investment grade non-redeemable perpetual preferred securities within the finance sector. These securities provide periodic cash flows, contain call features and are similarly rated and priced like other long-term callable bonds and are evaluated for OTTI similar to fixed maturities. The decline in fair value is primarily due to market concerns regarding the finance sector. We have evaluated the near-term prospects of our equity securities in relation to the severity and duration of their impairment as well as our intent and ability to hold these investments until recovery of fair value, and have concluded they are not other than temporarily impaired. Excluding mortgage- and asset-backed securities, no securities from the same issuer had an aggregate unrealized loss in excess of $4.7 million at December 31, 2015 , with the largest unrealized loss from an energy service provider. With respect to mortgage- and asset-backed securities not backed by the United States Government, our largest aggregate unrealized loss from the same issuer at December 31, 2015 was $3.7 million , consisting of two different securities that are backed by different pools of Alt-A residential mortgage loans. Both securities are rated non-investment grade and the largest unrealized loss totaled $2.2 million . | |
Mortgage Loans by Collateral Type | Mortgage Loans by Collateral Type December 31, 2015 December 31, 2014 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 333,400 44.8 % $ 269,308 42.8 % Retail 227,039 30.5 214,710 34.1 Industrial 133,085 17.9 125,425 19.9 Other 50,779 6.8 19,853 3.2 Total $ 744,303 100.0 % $ 629,296 100.0 % Mortgage Loans by Geographic Location within the United States December 31, 2015 December 31, 2014 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 233,522 31.4 % $ 191,835 30.5 % West North Central 102,555 13.8 85,664 13.6 Pacific 100,188 13.4 94,770 15.1 East North Central 86,019 11.5 80,999 12.9 Mountain 78,750 10.6 62,473 9.9 West South Central 66,677 9.0 50,010 7.9 Other 76,592 10.3 63,545 10.1 Total $ 744,303 100.0 % $ 629,296 100.0 % | |
Mortgage Loans by Geographic Location within the United States | Mortgage Loans by Geographic Location within the United States December 31, 2015 December 31, 2014 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 233,522 31.4 % $ 191,835 30.5 % West North Central 102,555 13.8 85,664 13.6 Pacific 100,188 13.4 94,770 15.1 East North Central 86,019 11.5 80,999 12.9 Mountain 78,750 10.6 62,473 9.9 West South Central 66,677 9.0 50,010 7.9 Other 76,592 10.3 63,545 10.1 Total $ 744,303 100.0 % $ 629,296 100.0 % | |
Mortgage Loans by Loan-to-Value Ratio | Mortgage Loans by Loan-to-Value Ratio December 31, 2015 December 31, 2014 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 264,605 35.6 % $ 180,884 28.7 % 50% - 60% 169,045 22.7 189,210 30.1 60% - 70% 234,544 31.5 198,336 31.5 70% - 80% 67,072 9.0 53,480 8.5 80% - 90% 9,037 1.2 7,386 1.2 Total $ 744,303 100.0 % $ 629,296 100.0 % The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or there are loan modifications or refinance requests. Mortgage Loans by Year of Origination December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2015 $ 154,582 20.9 % $ — — % 2014 83,546 11.2 86,174 13.7 2013 79,879 10.7 81,802 13.0 2012 65,817 8.8 70,274 11.2 2011 45,359 6.1 46,813 7.4 2010 and prior 315,120 42.3 344,233 54.7 Total $ 744,303 100.0 % $ 629,296 100.0 % | |
Mortgage Loans by Year of Origination | Mortgage Loans by Year of Origination December 31, 2015 December 31, 2014 Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2015 $ 154,582 20.9 % $ — — % 2014 83,546 11.2 86,174 13.7 2013 79,879 10.7 81,802 13.0 2012 65,817 8.8 70,274 11.2 2011 45,359 6.1 46,813 7.4 2010 and prior 315,120 42.3 344,233 54.7 Total $ 744,303 100.0 % $ 629,296 100.0 % | |
Impaired Mortgage Loans | Impaired Mortgage Loans December 31, 2015 2014 (Dollars in thousands) Unpaid principal balance $ 21,766 $ 22,103 Less: Related allowance (851 ) (857 ) Discount (87 ) (267 ) Carrying value of impaired mortgage loans $ 20,828 $ 20,979 | |
Allowance on Mortgage Loans | Allowance on Mortgage Loans Year ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ 857 $ 888 Charge offs (6 ) (31 ) Balance at end of period $ 851 $ 857 | |
Components of Net Investment Income | Components of Net Investment Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Fixed maturities - available for sale $ 338,952 $ 333,759 $ 328,979 Equity securities - available for sale 6,091 5,388 4,295 Mortgage loans 35,923 32,759 32,447 Real estate 169 140 331 Policy loans 8,871 8,620 8,502 Short-term investments, cash and cash equivalents 141 — 102 Prepayment fee income and other 9,289 9,455 5,098 399,436 390,121 379,754 Less investment expenses (8,287 ) (8,039 ) (9,103 ) Net investment income $ 391,149 $ 382,082 $ 370,651 | |
Realized Gains (Losses) - Recorded in Income | Realized Gains (Losses) - Recorded in Income Year ended December 31, 2015 2014 2013 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 4,781 $ 4,593 $ 18,495 Gross losses (1,952 ) (833 ) (2,374 ) Real estate — — 12 Other 8,233 — (166 ) 11,062 3,760 15,967 Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) (363 ) — (618 ) Other credit-related (2) (210 ) (822 ) (1,794 ) Realized gains on investments recorded in income $ 10,489 $ 2,938 $ 13,555 (1) Amount represents the credit-related losses recognized for fixed maturities which were impaired through income but not written down to fair value. As discussed above, the non-credit portion of the losses have been recognized in other comprehensive income (loss). (2) Amount represents credit-related losses for mortgage loans, other investments, real estate and fixed maturities written down to fair value through income. Proceeds from sales of fixed maturities were $108.5 million in 2015 , $67.2 million in 2014 and $138.4 million in 2013 . Included in other realized gains, above, was a $6.5 million gain from the disposal of an interest in a partnership during 2015. Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value during the year. | |
Credit Loss Component of Other-than-temporary Impairments on Fixed Maturities | Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which the non-credit portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. Year ended December 31, 2015 2014 (Dollars in thousands) Balance at beginning of period $ (16,772 ) $ (21,592 ) Increases to previously impaired investments (363 ) — Reductions due to investments sold 5,637 4,820 Balance at end of period $ (11,498 ) $ (16,772 ) | |
Variable Interest Entities | Variable Interest Entities We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and would therefore be required to consolidate it for financial reporting purposes. None of our VIE investees were required to be consolidated during 2015 , 2014 or 2013 . Our VIE investments are as follows: December 31, 2015 December 31, 2014 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss (Dollars in thousands) Real estate limited partnerships $ 15,780 $ 15,780 $ 17,046 $ 17,046 The real estate limited partnerships had revenues totaling $4.6 million for 2015 , $4.0 million for 2014 and $4.3 million for 2013 . We may make commitments to fund partnership investments in the normal course of business. We did not have any commitments to investees designated as VIE's during the years ended December 31, 2015 , 2014 or 2013 . |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Values and Carrying Values December 31, 2015 2014 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 6,637,776 $ 6,637,776 $ 6,700,698 $ 6,700,698 Equity securities - available for sale 121,667 121,667 112,623 112,623 Mortgage loans 744,303 780,624 629,296 667,913 Policy loans 185,784 230,153 182,502 230,070 Other investments 2,331 2,331 3,558 3,558 Cash, cash equivalents and short-term investments 57,741 57,741 125,217 125,217 Reinsurance recoverable 2,636 2,636 3,562 3,562 Assets held in separate accounts 625,257 625,257 683,033 683,033 Liabilities Future policy benefits $ 3,750,186 $ 3,618,145 $ 3,563,558 $ 3,634,878 Supplementary contracts without life contingencies 339,929 339,717 341,955 361,733 Advance premiums and other deposits 245,269 245,269 239,700 239,700 Short-term debt 15,000 15,000 — — Long-term debt 97,000 68,133 97,000 69,772 Other liabilities 56 56 173 173 Liabilities related to separate accounts 625,257 620,676 683,033 677,040 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Corporate securities $ — $ 3,469,631 $ 49,076 $ 3,518,707 Residential mortgage-backed securities — 461,777 3,729 465,506 Commercial mortgage-backed securities — 465,812 88,180 553,992 Other asset-backed securities — 527,565 55,557 583,122 United States Government and agencies 14,760 20,612 8,726 44,098 State, municipal and other governments — 1,472,351 — 1,472,351 Non-redeemable preferred stocks — 84,480 7,471 91,951 Common stocks 4,728 24,988 — 29,716 Other investments — 2,331 — 2,331 Cash, cash equivalents and short-term investments 57,741 — — 57,741 Reinsurance recoverable — 2,636 — 2,636 Assets held in separate accounts 625,257 — — 625,257 Total assets $ 702,486 $ 6,532,183 $ 212,739 $ 7,447,408 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 9,374 $ 9,374 Other liabilities — 56 — 56 Total liabilities $ — $ 56 $ 9,374 $ 9,430 Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Corporate securities $ — $ 3,602,667 $ 64,239 $ 3,666,906 Residential mortgage-backed securities — 491,534 — 491,534 Commercial mortgage-backed securities — 452,804 77,891 530,695 Other asset-backed securities — 405,120 116,141 521,261 United States Government and agencies 15,170 18,569 9,065 42,804 State, municipal and other governments — 1,447,498 — 1,447,498 Non-redeemable preferred stocks — 76,987 8,054 85,041 Common stocks 3,501 24,081 — 27,582 Other investments — 3,558 — 3,558 Cash, cash equivalents and short-term investments 125,217 — — 125,217 Reinsurance recoverable — 3,562 — 3,562 Assets held in separate accounts 683,033 — — 683,033 Total assets $ 826,921 $ 6,526,380 $ 275,390 $ 7,628,691 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 8,681 $ 8,681 Other liabilities — 173 — 173 Total liabilities $ — $ 173 $ 8,681 $ 8,854 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Level 3 Fixed Maturities by Valuation Source - Recurring Basis December 31, 2015 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 17,208 $ 31,868 $ 49,076 Commercial mortgage-backed securities 88,180 — 88,180 Residential mortgage-backed securities — 3,729 3,729 Other asset-backed securities 35,420 20,137 55,557 United States Government and agencies — 8,726 8,726 Total $ 140,808 $ 64,460 $ 205,268 Percent of total 68.6 % 31.4 % 100.0 % December 31, 2014 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 40,095 $ 24,144 $ 64,239 Commercial mortgage-backed securities 77,891 — 77,891 Other asset-backed securities 95,271 20,870 116,141 United States Government and agencies — 9,065 9,065 Total $ 213,257 $ 54,079 $ 267,336 Percent of total 79.8 % 20.2 % 100.0 % |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis December 31, 2015 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 33,508 Discounted cash flow Credit spread 1.16% - 17.50% (11.26%) Commercial mortgage-backed 71,100 Discounted cash flow Credit spread 1.10% - 4.15% (3.12%) Other asset-backed securities 13,737 Discounted cash flow Credit spread 1.25% - 7.90% (5.61%) United States Government and agencies 8,726 Discounted cash flow Credit spread 2.59% (2.59%) Non-redeemable preferred stocks 7,471 Discounted cash flow Credit spread 4.55% (4.55%) Total Assets $ 134,542 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 Discounted cash flow Credit risk Risk margin 0.80% - 2.25% (1.45%) 0.15% - 0.40% (0.25%) December 31, 2014 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 41,491 Discounted cash flow Credit spread 0.95% - 6.80% (4.92%) Commercial mortgage-backed 77,891 Discounted cash flow Credit spread 1.75% - 4.00% (2.89%) Other asset-backed securities 26,937 Discounted cash flow Credit spread 0.96% - 6.17% (4.31%) United States Government and agencies 9,065 Discounted cash flow Credit spread 1.80% (1.80%) Non-redeemable preferred stocks 8,054 Discounted cash flow Credit spread 3.34% (3.34%) Total Assets $ 163,438 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 Discounted cash flow Credit risk 0.70% - 1.70% (1.10%) The tables above exclude certain securities for which the fair value was based on non-binding broker quotes where we could not reasonably obtain the quantitative unobservable inputs. |
Level 3 Financial Instruments Changes in Fair Value [Table Text Block] | Level 3 Financial Instruments Changes in Fair Value - Recurring Basis December 31, 2015 Realized and unrealized gains (losses), net Balance, December 31, 2014 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2015 (Dollars in thousands) Assets Corporate securities $ 64,239 $ 15,993 $ (20,499 ) $ — $ 55 $ 21,363 $ (32,649 ) $ 574 $ 49,076 Residential mortgage-backed securities — 19,353 (2,340 ) — 284 5,984 (19,631 ) 79 3,729 Commercial mortgage-backed securities 77,891 17,287 (885 ) — (3,905 ) — (2,334 ) 126 88,180 Other asset-backed securities 116,141 53,215 (10,085 ) — (662 ) 30,287 (133,351 ) 12 55,557 United States Government and agencies 9,065 — — — (346 ) — — 7 8,726 Non-redeemable preferred stocks 8,054 — — — (583 ) — — — 7,471 Total Assets $ 275,390 $ 105,848 $ (33,809 ) $ — $ (5,157 ) $ 57,634 $ (187,965 ) $ 798 $ 212,739 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 $ 4,567 $ (1,064 ) $ (2,810 ) $ — $ — $ — $ — $ 9,374 Total Liabilities $ 8,681 $ 4,567 $ (1,064 ) $ (2,810 ) $ — $ — $ — $ — $ 9,374 December 31, 2014 Realized and unrealized gains (losses), net Balance, December 31, 2013 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2014 (Dollars in thousands) Assets Corporate securities $ 81,994 $ 290 $ (16,304 ) $ (273 ) $ (198 ) $ 13,623 $ (14,960 ) $ 67 $ 64,239 Commercial mortgage-backed securities 71,712 2,920 (752 ) — 8,734 — (4,820 ) 97 77,891 Other asset-backed securities 85,835 83,387 (19,165 ) — (196 ) 1,974 (37,074 ) 1,380 116,141 United States Government and agencies 8,044 — — — 1,014 — — 7 9,065 Non-redeemable preferred stocks 7,795 — — — 259 — — — 8,054 Total Assets $ 255,380 $ 86,597 $ (36,221 ) $ (273 ) $ 9,613 $ 15,597 $ (56,854 ) $ 1,551 $ 275,390 Liabilities Future policy benefits - index annuity embedded derivatives $ 286 $ 7,237 $ (369 ) $ 1,527 $ — $ — $ — $ — $ 8,681 Total Liabilities $ 286 $ 7,237 $ (369 ) $ 1,527 $ — $ — $ — $ — $ 8,681 (1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above. |
Financial Instruments Not Reported at Value [Table Text Block] | Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels December 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Mortgage loans $ — $ — $ 780,624 $ 780,624 Policy loans — — 230,153 230,153 Total assets $ — $ — $ 1,010,777 $ 1,010,777 Liabilities Future policy benefits $ — $ — $ 3,608,771 $ 3,608,771 Supplementary contracts without life contingencies — — 339,717 339,717 Advance premiums and other deposits — — 245,269 245,269 Short-term debt — — 15,000 15,000 Long-term debt — — 68,133 68,133 Liabilities related to separate accounts — — 620,676 620,676 Total liabilities $ — $ — $ 4,897,566 $ 4,897,566 December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (Dollars in thousands) Assets Mortgage loans $ — $ — $ 667,913 $ 667,913 Policy loans — — 230,070 230,070 Total assets $ — $ — $ 897,983 $ 897,983 Liabilities Future policy benefits $ — $ — $ 3,626,197 $ 3,626,197 Supplementary contracts without life contingencies — — 361,733 361,733 Advance premiums and other deposits — — 239,700 239,700 Long-term debt — — 69,772 69,772 Liabilities related to separate accounts — — 677,040 677,040 Total liabilities $ — $ — $ 4,974,442 $ 4,974,442 |
Reinsurance and Policy Provis30
Reinsurance and Policy Provisions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reinsurance and Policy Provisions [Abstract] | |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Disclosures [Text Block] | Analysis of the Value of Insurance In Force Acquired Year ended December 31, 2015 2014 2013 (Dollars in thousands) Excluding impact of net unrealized investment gains and losses: Balance at beginning of year $ 26,436 $ 29,935 $ 32,500 Accretion of interest during the year 150 527 902 Amortization of asset (2,586 ) (4,026 ) (3,467 ) Balance prior to impact of net unrealized investment gains and losses 24,000 26,436 29,935 Impact of net unrealized investment gains and losses (3,087 ) (3,939 ) (6,356 ) Balance at end of year $ 20,913 $ 22,497 $ 23,579 We periodically revise key assumptions used in the calculation of the value of insurance in force acquired through an “unlocking” process, which increased amortization $0.1 million in 2015 , $1.4 million in 2014 and $0.2 million in 2013 . Net amortization, based on expected future gross profits/margins, for the next five years is expected to be as follows: 2016 - $2.4 million ; 2017 - $2.4 million ; 2018 - $2.3 million ; 2019 - $2.2 million ; and 2020 - $2.1 million . |
Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block] | Certain variable annuity and variable universal life contracts in our separate accounts and in separate accounts of reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDBs), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon the death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year. GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee December 31, 2015 December 31, 2014 Separate Account Balance Net Amount at Risk Separate Account Balance Net Amount at Risk (Dollars in thousands) Guaranteed minimum death benefit: Return of net deposits $ 175,286 $ 623 $ 192,334 $ 659 Return the greater of highest anniversary 279,981 14,858 308,101 3,140 Incremental death benefit 256,929 50,159 280,214 56,369 Guaranteed minimum income benefit 37,334 — 41,378 405 Total $ 65,640 $ 60,573 The separate account assets are principally comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $5.4 million at December 31, 2015 and $3.3 million at December 31, 2014 . The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 57 years at December 31, 2015 and 62 years at December 31, 2014 . Benefits paid for GMDBs, IDBs and GMIBs totaled $0.4 million for 2015 , $0.2 million for 2014 and $0.3 million for 2013 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income Tax Expenses (Credits) Year ended December 31, 2015 2014 2013 (Dollars in thousands) Taxes provided in consolidated statements of operations on: Income before equity loss: Current $ 40,578 $ 39,562 $ 43,264 Deferred 6,840 7,773 6,058 47,418 47,335 49,322 Equity loss (15,706 ) (13,372 ) (11,050 ) Taxes provided in consolidated statements of changes in stockholders' equity: Accumulated other comprehensive income (77,473 ) 75,032 (91,961 ) Class A and Class B common stock (1,363 ) (1,148 ) (1,657 ) (78,836 ) 73,884 (93,618 ) $ (47,124 ) $ 107,847 $ (55,346 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective Tax Rate Reconciliation to Federal Income Tax Rate Year ended December 31, 2015 2014 2013 (Dollars in thousands) Income before income taxes and equity loss $ 151,368 $ 147,101 $ 150,305 Income tax at federal statutory rate (35%) $ 52,979 $ 51,485 $ 52,607 Tax effect (decrease) of: Tax-exempt dividend and interest income (3,233 ) (3,400 ) (2,802 ) Other items (2,328 ) (750 ) (483 ) Income tax expense $ 47,418 $ 47,335 $ 49,322 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities December 31, 2015 2014 (Dollars in thousands) Deferred income tax assets: Future policy benefits $ 25,918 $ 24,241 Accrued benefit and compensation costs 15,138 16,952 Loss carryforwards 8,212 11,613 Other 4,030 4,042 53,298 56,848 Deferred income tax liabilities: Fixed maturity and equity securities 94,919 208,470 Deferred acquisition costs 65,310 26,170 Other 28,132 27,906 188,361 262,546 Net deferred income tax liability $ 135,063 $ 205,698 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Reconciliation of Outstanding Common Stock Class A Class B Total Shares Dollars Shares Dollars Shares Dollars (Dollars in thousands) Outstanding at January 1, 2013 24,282,184 $ 115,706 1,192,890 $ 7,522 25,475,074 $ 123,228 Issuance of common stock under compensation plans 666,659 20,156 — — 666,659 20,156 Purchase of common stock (363,430 ) (1,862 ) (1,023,948 ) (6,457 ) (1,387,378 ) (8,319 ) Conversion of Class B to Class A common stock (1) 157,529 993 (157,529 ) (993 ) — — Outstanding at December 31, 2013 24,742,942 134,993 11,413 72 24,754,355 135,065 Issuance of common stock under compensation plans 390,707 12,028 — — 390,707 12,028 Purchase of common stock (429,746 ) (2,396 ) — — (429,746 ) (2,396 ) Outstanding at December 31, 2014 24,703,903 144,625 11,413 72 24,715,316 144,697 Issuance of common stock under compensation plans 159,764 5,022 — — 159,764 5,022 Purchase of common stock (66,904 ) (399 ) — — (66,904 ) (399 ) Outstanding at December 31, 2015 24,796,763 $ 149,248 11,413 $ 72 24,808,176 $ 149,320 |
Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Gains (Losses) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Balance at January 1, 2013 $ 306,167 $ (8,362 ) $ (7,952 ) $ 289,853 Other comprehensive income before reclassifications (169,627 ) 9,686 — (159,941 ) Reclassification adjustments (9,953 ) (2,690 ) 1,798 (10,845 ) Balance at December 31, 2013 126,587 (1,366 ) (6,154 ) 119,067 Other comprehensive income before reclassifications 141,947 2,497 — 144,444 Reclassification adjustments (2,323 ) — (2,778 ) (5,101 ) Balance at December 31, 2014 266,211 1,131 (8,932 ) 258,410 Other comprehensive income before reclassifications (143,731 ) (1,155 ) — (144,886 ) Reclassification adjustments (1,693 ) (90 ) 2,791 1,008 Balance at December 31, 2015 $ 120,787 $ (114 ) $ (6,141 ) $ 114,532 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2015 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (2,829 ) $ — $ — $ (2,829 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 224 7 — 231 Other than temporary impairment losses — (146 ) — (146 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (12 ) (12 ) Net actuarial gain — — 4,306 4,306 Reclassifications before income taxes (2,605 ) (139 ) 4,294 1,550 Income taxes 912 49 (1,503 ) (542 ) Reclassification adjustments $ (1,693 ) $ (90 ) $ 2,791 $ 1,008 Year ended December 31, 2014 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (3,760 ) $ — $ — $ (3,760 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 186 — — 186 Other than temporary impairment losses — — — — Other expenses - change in unrecognized postretirement items: Prior service costs — — (11 ) (11 ) Net actuarial loss — — (4,263 ) (4,263 ) Reclassifications before income taxes (3,574 ) — (4,274 ) (7,848 ) Income taxes 1,251 — 1,496 2,747 Reclassification adjustments $ (2,323 ) $ — $ (2,778 ) $ (5,101 ) Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2013 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (16,121 ) $ — $ — $ (16,121 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 809 112 — 921 Other than temporary impairment losses — (4,250 ) — (4,250 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (11 ) (11 ) Net actuarial gain — — 2,777 2,777 Reclassifications before income taxes (15,312 ) (4,138 ) 2,766 (16,684 ) Income taxes 5,359 1,448 (968 ) 5,839 Reclassification adjustments $ (9,953 ) $ (2,690 ) $ 1,798 $ (10,845 ) (1) See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans. |
Retirement and Compensation P33
Retirement and Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Multiemployer Plans [Table Text Block] | Multiemployer Plan name FBL Financial Group Retirement Plan Employer identification number 42-1411715 Plan number 001 FBL's contributions (in thousands) 2015 $30,000 2014 $16,800 2013 $22,500 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Funding Status and Net Periodic Pension Costs Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2015 2014 (Dollars in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of the year $ 339,139 $ 292,449 $ 26,729 $ 23,265 Service cost 5,892 5,295 435 269 Interest cost 13,472 13,919 1,000 1,077 Actuarial loss (gain) (13,281 ) 50,315 (2,812 ) 5,464 Benefits paid (2,501 ) (2,327 ) (3,077 ) (3,346 ) Settlements (23,301 ) (20,512 ) — — Projected benefit obligation 319,420 339,139 22,275 26,729 Change in plan assets: Fair value of plan assets at beginning of the year 257,010 250,820 — — Actual return on plan assets 1,068 12,229 — — Employer contributions 30,000 16,800 3,077 3,346 Benefits paid (2,501 ) (2,327 ) (3,077 ) (3,346 ) Settlements (23,301 ) (20,512 ) — — Fair value of plan assets at end of the year 262,276 257,010 — — Underfunded status at end of the year $ (57,144 ) $ (82,129 ) $ (22,275 ) $ (26,729 ) Accumulated benefit obligation $ 279,858 $ 305,388 $ 20,980 $ 23,973 For all the Plans we participate in, the accumulated benefit obligation exceeds the fair value of plan assets. The projected benefit obligations, accumulated benefit obligation and fair value of plan assets are included above. |
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Pension Costs Incurred by the Plans Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2013 2015 2014 2013 (Dollars in thousands) Service cost $ 5,892 $ 5,295 $ 6,472 $ 435 $ 269 $ 252 Interest cost 13,472 13,919 13,384 1,000 1,077 1,035 Expected return on assets (17,563 ) (17,504 ) (15,666 ) — — — Amortization of prior service cost 144 144 144 (11 ) (11 ) (11 ) Amortization of actuarial loss 10,464 6,087 12,468 1,528 1,131 1,267 Effect of settlement 7,998 6,306 — — — — Net periodic pension cost $ 20,407 $ 14,247 $ 16,802 $ 2,952 $ 2,466 $ 2,543 FBL Financial Group, Inc. share of net periodic pension cost $ 6,614 $ 4,569 $ 5,363 $ 1,671 $ 1,372 $ 1,436 Pension settlement charges were recognized after determining the total cash payments exceeded the sum of the service and interest cost for 2015 and 2014. The settlement has been recognized quarterly beginning June 30, 2015 and June 30, 2014 in anticipation of the threshold ultimately being exceeded in the next quarter. The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period of the employees. For actuarial gains and losses, we use a corridor (10% of the greater of the projected benefit obligation or the market related value of plan assets) to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2016 will include $9.4 million for amortization of the actuarial loss and $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2016 , included in accumulated other comprehensive income, will include $0.9 million for amortization of the actuarial loss and less than ($0.1) million of prior service cost (credit) amortization. We expect contributions to be paid to the Multiemployer Plan by us and affiliates for 2016 to be approximately $15.0 million , of which $4.8 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2016 to be approximately $2.4 million , of which $1.2 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2016 - $17.5 million , 2017 - $15.5 million , 2018 - $17.6 million , 2019 - $17.5 million , 2020 - $19.1 million and 2021 through 2025 - $109.1 million . Expected benefits to be paid under the Other Plans are as follows: 2016 - $3.0 million , 2017 - $1.8 million , 2018 - $2.1 million , 2019 - $2.4 million , 2020 - $2.3 million and 2021 through 2025 - $8.7 million . |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | FBL's Proportionate Share of Prepaid or Accrued Pension Cost Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2015 2014 2015 2014 (Dollars in thousands) Amount recognized in FBL's statement of financial position Prepaid benefit cost $ 20,258 $ 17,148 $ 969 $ 1,417 Accrued benefit cost — — (16,746 ) (21,437 ) Net amount recognized $ 20,258 $ 17,148 $ (15,777 ) $ (20,020 ) Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) Net actuarial loss $ 9,695 $ 14,035 Prior service cost (1 ) (13 ) Net amount recognized $ 9,694 $ 14,022 (1) For our Multiemployer Plan, the underfunded portion of the pension benefit obligation is not required to be recognized as a liability in our consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled $57.1 million at December 31, 2015 and $82.1 million at December 31, 2014 . |
Schedule of Assumptions Used [Table Text Block] | Weighted Average Assumptions Used to Determine Benefit Obligation December 31 2015 2014 Discount rate 4.65 % 4.05 % Annual salary increases 3.31 % 3.00 % We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements. Our expected long-term return on plan assets represents the rate of earnings expected in the funds invested to provide for anticipated benefit payments. We have analyzed the expected rates of return on assets and beginning in fourth quarter of 2015, determined that a long-term return of 6.75% is reasonable based on the current and expected asset allocations and on the Multiemployer Plan's historical investment performance and best estimates for future investment performance. Prior to this, our expected long-term rate of return was 7.00%. Weighted Average Assumptions Used to Determine Net Periodic Pension Cost Year Ended December 31, 2015 2014 2013 Discount rate 4.52% / 4.05% 4.42% / 4.99% 4.18 % Expected long-term return on plan assets 6.75% / 7.00% 7.00 % 7.00 % Annual salary increases 3.31% / 3.00% 3.00 % 3.00 % The discount rate was 4.05% for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015 due to remeasurement at September 30, 2015 for settlement accounting. The discount rate was 4.99% for the nine months ended September 30, 2014 and 4.42% for the three months ended December 31, 2014 due to remeasurement at September 30, 2014 for settlement accounting. We also completed an actuarial study of our assumptions during 2015. At the remeasurement, this resulted in reducing the expected long-term return on plan assets from 7.00% to 6.75% and increasing assumed annual salary increases from 3.00% to 3.31%. |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels December 31, 2015 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 30,326 $ — $ — $ 30,326 International funds 29,140 — — 29,140 Pooled separate accounts: (1) Short-term fixed income funds — 1,584 — 1,584 Fixed income funds — 11,468 — 11,468 U.S. equity funds — 24,091 — 24,091 Real estate fund — 12,660 — 12,660 Annuities: (2) Group annuity contract — — 134,749 134,749 Funded annuity contracts — — 11,996 11,996 Alternative investments: (3) Limited partnerships — — 6,262 6,262 Total $ 59,466 $ 49,803 $ 153,007 $ 262,276 December 31, 2014 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 31,499 $ — $ — $ 31,499 International funds 29,589 — — 29,589 Pooled separate accounts: (1) Short-term fixed income funds — 543 — 543 Fixed income funds — 12,249 — 12,249 U.S. equity funds — 25,250 — 25,250 Real estate fund — 12,818 — 12,818 Annuities: (2) Group annuity contract — — 128,244 128,244 Funded annuity contracts — — 12,298 12,298 Alternative investments: (3) Limited partnerships — — 4,520 4,520 Total $ 61,088 $ 50,860 $ 145,062 $ 257,010 (1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company. (2) Represents group annuity contracts with Farm Bureau Life. (3) Represents interests in several limited partnerships. Level 3 Multiemployer Plan Asset Changes in Fair Value December 31, 2015 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2015 (Dollars in thousands) Group annuity contract $ 128,244 $ 1,156 $ 5,349 $ — $ — $ 134,749 Funded annuity contracts 12,298 (1,012 ) 710 — — 11,996 Limited partnerships 4,520 1,680 62 — — 6,262 Total $ 145,062 $ 1,824 $ 6,121 $ — $ — $ 153,007 |
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | Level 3 Multiemployer Plan Asset Changes in Fair Value December 31, 2015 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2015 (Dollars in thousands) Group annuity contract $ 128,244 $ 1,156 $ 5,349 $ — $ — $ 134,749 Funded annuity contracts 12,298 (1,012 ) 710 — — 11,996 Limited partnerships 4,520 1,680 62 — — 6,262 Total $ 145,062 $ 1,824 $ 6,121 $ — $ — $ 153,007 December 31, 2014 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2014 (Dollars in thousands) Group annuity contract $ 117,226 $ 5,829 $ 5,189 $ — $ — $ 128,244 Funded annuity contracts 12,932 (1,376 ) 742 — — 12,298 Limited partnerships 2,196 2,107 217 — — 4,520 Total $ 132,354 $ 6,560 $ 6,148 $ — $ — $ 145,062 |
Retirement and Compensation P34
Retirement and Compensation Plans Stock based compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Option Activity Number of Shares Weighted-Average Weighted-Average Aggregate (Dollars in thousands, except per share data) Shares under option at January 1, 2015 273,060 $ 27.50 Exercised (138,212 ) 26.95 Forfeited or expired — — Shares under option at December 31, 2015 134,848 28.07 2.30 $ 4,796 Vested at December 31, 2015 or expected to vest in the future 134,848 $ 28.07 2.30 $ 4,796 Exercisable options at December 31, 2015 134,848 $ 28.07 2.30 $ 4,796 (1) Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2015. The intrinsic value of options exercised during the year totaled $4.5 million for 2015 , $6.5 million for 2014 and $6.6 million for 2013 . We issue new shares to satisfy stock option exercises. Cash received from stock options exercised totaled $3.7 million for 2015 , $10.5 million for 2014 and $19.4 million for 2013 . The actual tax benefit realized from stock options exercised totaled $1.4 million for 2015 , $2.2 million for 2014 and $2.3 million for 2013 . |
Schedule of Nonvested Share Activity [Table Text Block] | The final nonvested shares were vested and released in 2013 and the expense related to these shares has been fully recognized at December 31, 2013. The tax benefit realized from nonvested stock released to employees was $1.7 million in 2013 . We have a policy of withholding shares to cover estimated future tax payments. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock Unit Activity Number of Units Weighted-Average Grant-Date Fair Value Restricted stock units at January 1, 2015 128,762 $ 36.80 Granted 52,067 52.19 Vested (31,959 ) 36.59 Forfeited or canceled (3,455 ) 36.81 Restricted stock units at December 31, 2015 145,415 42.36 The weighted average grant-date fair value per common share of restricted stock units granted was $52.19 in 2015 , $38.63 in 2014 and $34.94 in 2013 . Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2015 totaled $4.5 million . This expense is expected to be recognized over a weighted-average period of 2.03 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $1.8 million in 2015 , $1.8 million in 2014 and $0.5 million in 2013 . |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Computation of Earnings per Common Share Year ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 113,527 $ 109,941 $ 108,558 Less: Dividends on Series B preferred stock 150 150 150 Income available to common stockholders from continuing operations $ 113,377 $ 109,791 $ 108,408 Denominator: Weighted-average shares - basic 24,927,209 24,866,284 25,508,522 Effect of dilutive securities - stock-based compensation 89,274 149,960 265,893 Weighted-average shares - diluted 25,016,483 25,016,244 25,774,415 Earnings per common share $ 4.55 $ 4.42 $ 4.25 Earnings per common share - assuming dilution $ 4.53 $ 4.39 $ 4.21 |
Statutory Insurance Informati36
Statutory Insurance Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Statutory Insurance Information [Abstract] | |
Statutory Accounting Practices Disclosure [Table Text Block] | Farm Bureau Life Statutory Information Year ended December 31, 2015 2014 2013 (Dollars in thousands) Net gain from operations (excludes impact of realized gains and losses on investments) $ 100,013 $ 97,799 $ 93,306 Net income 106,009 97,393 94,583 December 31, 2015 2014 (Dollars in thousands) Capital and surplus $ 603,062 $ 552,021 Unassigned surplus 469,579 418,538 Risk-Based Capital measurements: Total adjusted capital 668,278 614,201 Company action level capital 117,284 112,771 RBC Ratio 570 % 545 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Information Concerning our Operating Segments Year ended December 31, 2015 2014 2013 (Dollars in thousands) Operating revenues: Annuity $ 212,420 $ 203,477 $ 197,539 Life Insurance 408,966 390,609 385,325 Corporate and Other 93,632 93,646 96,775 715,018 687,732 679,639 Net realized gains on investments (1) 10,482 2,937 13,597 Change in net unrealized gains/losses on derivatives (1) (2,691 ) 2,270 (2,005 ) Consolidated revenues $ 722,809 $ 692,939 $ 691,231 Net investment income: Annuity $ 209,896 201,550 196,303 Life Insurance 152,730 146,349 140,510 Corporate and Other 31,214 31,913 35,843 393,840 379,812 372,656 Change in net unrealized gains/losses on derivatives (1) (2,691 ) 2,270 (2,005 ) Consolidated net investment income $ 391,149 $ 382,082 $ 370,651 Depreciation and amortization: Annuity $ 4,548 $ 5,709 $ 7,186 Life Insurance 18,831 20,027 19,430 Corporate and Other 8,546 2,895 2,157 31,925 28,631 28,773 Net realized gains on investments (1) 225 189 973 Change in net unrealized gains/losses on derivatives (1) (332 ) 125 (1,324 ) Consolidated depreciation and amortization $ 31,818 $ 28,945 $ 28,422 Pre-tax operating income: Annuity $ 69,950 $ 65,056 $ 63,592 Life Insurance 53,146 51,521 48,814 Corporate and Other 11,668 22,865 22,172 134,764 139,442 134,578 Income taxes on operating income (29,876 ) (32,401 ) (33,985 ) Net realized gains/losses on investments (1) 8,498 1,786 8,206 Change in net unrealized gains/losses on derivatives (1) 141 1,114 (241 ) Consolidated net income attributable to FBL Financial Group, Inc. $ 113,527 $ 109,941 $ 108,558 Financial Information Concerning our Operating Segments - continued December 31, 2015 2014 (Dollars in thousands) Assets: Annuity $ 4,209,627 $ 3,981,825 Life Insurance 3,112,756 2,956,347 Corporate and Other 1,623,874 1,715,241 8,946,257 8,653,413 Unrealized gains in accumulated other comprehensive income (2) 185,747 410,995 Consolidated assets $ 9,132,004 $ 9,064,408 (1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired and income taxes attributable to these items. (2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired and deferred income taxes attributable to these items. Depreciation and amortization related to property and equipment are allocated to the product segments while the related property, equipment and capitalized software are allocated to the Corporate and Other segment. Depreciation and amortization for the Corporate and Other segment include $4.1 million for 2015 , $3.1 million for 2014 and $2.2 million for 2013 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates. Our investment in equity method investees, the related equity income and interest expense are attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2015 and 2014 was allocated among the segments as follows: Annuity ( $3.9 million ) and Life Insurance ( $6.1 million ). |
Reconciliation of non-GAAP measures [table text block] [Table Text Block] | Premiums collected, which is not a measure used in financial statements prepared according to GAAP, include premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common industry measure of agent productivity. Net premiums collected totaled $683.1 million in 2015 , $646.6 million in 2014 and $635.6 million in 2013 . Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements. Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance Year ended December 31, 2015 2014 2013 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 281,003 $ 282,098 $ 307,474 Premiums collected on interest sensitive products (90,895 ) (98,796 ) (127,271 ) Traditional life insurance premiums collected 190,108 183,302 180,203 Change in due premiums and other 848 (2 ) 741 Traditional life insurance premiums $ 190,956 $ 183,300 $ 180,944 There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below. Interest Sensitive Product Charges by Segment Year ended December 31, 2015 2014 2013 (Dollars in thousands) Annuity Surrender charges and other $ 2,524 $ 1,927 $ 1,236 Life Insurance Administration charges $ 14,342 $ 13,783 $ 19,602 Cost of insurance charges 46,911 45,273 42,697 Surrender charges 919 737 484 Amortization of policy initiation fees 3,371 1,504 1,462 Total $ 65,543 $ 61,297 $ 64,245 Corporate and Other Administration charges $ 5,809 $ 6,212 $ 6,138 Cost of insurance charges 29,760 29,569 29,567 Surrender charges 346 479 525 Separate account charges 8,854 9,157 8,742 Amortization of policy initiation fees 1,748 1,129 1,122 Total $ 46,517 $ 46,546 $ 46,094 Consolidated interest sensitive product charges $ 114,584 $ 109,770 $ 111,575 |
Concentration Risk Disclosure [Text Block] | Premium Concentration by State Year ended December 31, 2015 2014 2013 Life and annuity collected premiums: Iowa 26.2 % 25.7 % 27.6 % Kansas 18.6 20.8 20.0 Oklahoma 8.9 8.2 7.7 |
Quarterly Financial Informati38
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Unaudited Quarterly Results of Operations 2015 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 75,269 $ 77,164 $ 76,575 $ 76,532 Net investment income 98,773 97,489 95,882 99,005 Realized gains (losses) on investments (366 ) 7,808 (506 ) 3,553 Total revenues 177,946 186,745 175,494 182,624 Net income attributable to FBL Financial Group, Inc. 23,591 32,372 26,659 30,905 Earnings per common share $ 0.95 $ 1.30 $ 1.07 $ 1.24 Earnings per common share - assuming dilution $ 0.94 $ 1.29 $ 1.06 $ 1.23 2014 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 72,583 $ 74,805 $ 72,653 $ 73,029 Net investment income 92,631 95,215 95,744 98,492 Realized gains (losses) on investments (540 ) 2,806 1,000 (328 ) Total revenues 168,535 175,837 173,420 175,147 Net income attributable to FBL Financial Group, Inc. 22,992 28,642 30,159 28,148 Earnings per common share $ 0.92 $ 1.15 $ 1.21 $ 1.13 Earnings per common share - assuming dilution $ 0.91 $ 1.14 $ 1.21 $ 1.13 |
Significant Accounting Polici39
Significant Accounting Policies Other Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Net | $ 30.2 | $ 28.6 | |
Accumulated Depreciation | 61.4 | 53.2 | |
Depreciation expense | 8.2 | 6.3 | $ 4.6 |
Goodwill | $ 9.9 | $ 9.9 |
Significant Accounting Polici40
Significant Accounting Policies Recognition of costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Recognition of underwriting, acquisition and insurance costs [Line Items] | |||
Commission expense, net of deferrals | $ 22,260 | $ 22,856 | $ 27,410 |
Amortization of deferred acquisition costs | 35,220 | 33,303 | 29,908 |
Amortization of value of insurance in force acquired | 2,436 | 3,500 | 2,565 |
Other underwriting, acquisition and insurance expenses, net of deferrals | 83,752 | 78,599 | 78,377 |
Total | $ 143,668 | $ 138,258 | $ 138,260 |
Significant Accounting Polici41
Significant Accounting Policies Other income other expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other income and other expense [Line Items] | |||
Real Estate Owned, Valuation Allowance | $ 0.2 | $ 0.4 | |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, assumptions, interest accrual rate | 4.84% | 4.84% | 4.94% |
Future policy benefits: | |||
Interest Sensitive Life, Interest Rate Assumptions, Low End | 1.00% | 1.00% | 1.00% |
Interest Sensitive Life, Interest Rate Assumptions, High End | 5.50% | 5.50% | 5.50% |
Traditional Life, Interest Rate, Low End | 2.00% | ||
Traditional Life, Interest Rate, High End | 6.00% | ||
Future policy benefits, assumptions, average rate in investment yields in gross margin estimation | 5.66% | 5.75% | 5.84% |
Other Policyholder Claims and Benefits | |||
Premiums from policies subject to participation in dividends | 31.00% | 30.00% | 30.00% |
Contracts in force subject to participation in dividends | 11.00% | 11.00% | 11.00% |
Farm Bureau Property & Casualty insurance company [Member] | |||
Other Income and Expenses [Abstract] | |||
Lease income | $ 4.9 | $ 3.1 | $ 2.2 |
Investment Advisory Fees | 2.3 | 1.9 | 1.7 |
Subsidiaries [Member] | |||
Other Income and Expenses [Abstract] | |||
Nonoperating Income (Expense) | $ 3.2 | $ 3.2 | $ 3 |
Investment Operations Available
Investment Operations Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | [1] | |||
Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | $ 6,379,919 | $ 6,111,433 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 412,919 | 616,360 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 155,062 | 27,095 | ||
Available-for-sale Securities | 6,637,776 | 6,700,698 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | [1] | (175) | 1,740 | |
Corporate | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 3,464,402 | 3,335,535 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 192,149 | 348,937 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 137,844 | 17,566 | ||
Available-for-sale Securities | 3,518,707 | 3,666,906 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 351 | 211 | ||
Other Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 43,500 | 80,900 | ||
Redeemable Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 24,800 | 29,900 | ||
Residential mortgage-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 436,969 | 453,607 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 33,880 | 42,510 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 5,343 | 4,583 | ||
Available-for-sale Securities | 465,506 | 491,534 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | (3,584) | (3,694) | ||
Commercial mortgage-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 514,195 | 485,934 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 42,284 | 45,573 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 2,487 | 812 | ||
Available-for-sale Securities | 553,992 | 530,695 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 | ||
Other asset-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 578,692 | 508,090 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 11,554 | 17,188 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 7,124 | 4,017 | ||
Available-for-sale Securities | 583,122 | 521,261 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 3,058 | 5,223 | ||
United States Government and agencies | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 41,050 | 38,227 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,129 | 4,581 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 81 | 4 | ||
Available-for-sale Securities | 44,098 | 42,804 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 | ||
State, municipal and other governments | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 1,344,611 | 1,290,040 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 129,923 | 157,571 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 2,183 | 113 | ||
Available-for-sale Securities | 1,472,351 | 1,447,498 | ||
Other than Temporary Impairment Losses, Investments Portion in Other Comprehensive Income, Before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 116,336 | 107,410 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,545 | 5,873 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 1,214 | 660 | ||
Available-for-sale Securities | 121,667 | 112,623 | ||
Non-redeemable preferred stocks | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 87,029 | 80,566 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,095 | 5,135 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 1,173 | 660 | ||
Available-for-sale Securities | 91,951 | 85,041 | ||
Common stocks | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 29,307 | 26,844 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 450 | 738 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 41 | 0 | ||
Available-for-sale Securities | $ 29,716 | $ 27,582 | ||
[1] | Non-credit losses subsequent to the initial impairment measurement date on OTTIs are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate and other asset-backed securities were in an unrealized gain position at December 31, 2015 and December 31, 2014 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. |
Investment Operations Availab43
Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 82,803 | |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 84,057 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 726,985 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 774,484 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 801,426 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 822,177 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 3,238,849 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 3,354,438 | |
Available For Sale Securities Debt Maturities with Maturity Date, Amortized Cost | 4,850,063 | |
Available For Sale Securities Debt Maturities with Maturity Date, Fair Value | 5,035,156 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 1,529,856 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 1,602,620 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 6,379,919 | $ 6,111,433 |
Available-for-sale Securities, Debt Securities | $ 6,637,776 | $ 6,700,698 |
Investment Operations Net Unrea
Investment Operations Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 263,188 | $ 594,478 | |
Assumed changes in amortization of DAC | 73,735 | 179,544 | |
Impact of net unrealized investment gains and losses | 3,087 | 3,939 | $ 6,356 |
Assumed changes in amortization patter of URR | 3,352 | 11,461 | |
Assumed changes in policyholder liability | (4,090) | (11,182) | |
Provision for deferred income taxes | 64,955 | 143,932 | |
Net Unrealized gains losses on investments in Accumulated other comprehensive Income | 120,673 | 267,342 | |
Debt Securities [Member] | |||
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 257,857 | 589,265 | |
Equity Securities [Member] | |||
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 5,331 | $ 5,213 |
Investment Operations Change in
Investment Operations Change in unrealized appreciation/depreciation of investments in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | $ (331,290) | $ 339,780 | $ (377,552) |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | (331,408) | 336,051 | (374,923) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | $ 118 | $ 3,729 | $ (2,629) |
Investment Operations Fixed Mat
Investment Operations Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time (Details) $ in Thousands | Dec. 31, 2015USD ($)issuerssecurities | Dec. 31, 2014USD ($)issuerssecurities |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 542 | 185 |
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers | issuers | 435 | 160 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,553,576 | $ 360,669 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (104,321) | (12,420) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 215,222 | 251,052 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (50,741) | (14,675) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,768,798 | 611,721 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (155,062) | $ (27,095) |
percent of total | 100.00% | 100.00% |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,115,324 | $ 203,764 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (96,062) | (9,756) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 115,730 | 142,600 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (41,782) | (7,810) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,231,054 | 346,364 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (137,844) | $ (17,566) |
percent of total | 88.90% | 64.80% |
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer | $ 4,700 | |
Residential mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,646 | $ 27,889 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (725) | (315) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 26,537 | 19,084 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,618) | (4,268) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 48,183 | 46,973 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (5,343) | $ (4,583) |
percent of total | 3.40% | 16.90% |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer | $ 3,700 | |
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by security | 2,200 | |
Commercial mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 48,424 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,947) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,657 | 20,900 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (540) | (812) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 56,081 | 20,900 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,487) | $ (812) |
percent of total | 1.60% | 3.00% |
Other asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 285,395 | $ 128,516 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,323) | (2,349) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 65,298 | 55,526 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,801) | (1,668) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 350,693 | 184,042 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (7,124) | $ (4,017) |
percent of total | 4.60% | 14.80% |
United States Government and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 4,807 | $ 500 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (81) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 470 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (4) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,807 | 970 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (81) | $ (4) |
percent of total | 0.10% | 0.00% |
State, municipal and other governments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 77,980 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,183) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 12,472 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (113) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 77,980 | 12,472 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,183) | $ (113) |
percent of total | 1.40% | 0.50% |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 22,708 | $ 14,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (614) | (110) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,400 | 4,450 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (600) | (550) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,108 | 19,288 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,214) | (660) |
Non-redeemable preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 21,280 | 14,838 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (573) | (110) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,400 | 4,450 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (600) | (550) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,680 | 19,288 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,173) | $ (660) |
Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,428 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (41) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,428 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (41) | |
Energy sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 269,800 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (62,400) | |
Oil Field Services Sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49,100 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15,700) | |
Midstream Sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 82,500 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (23,600) | |
Basic industrial sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 169,400 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (32,500) | |
metal/mining [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 78,200 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (24,000) | |
Chemicals [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 79,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (7,500) |
Investment Operations Mortgage
Investment Operations Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 744,303 | $ 629,296 |
Percentage of Mortgage Loans | 100.00% | 100.00% |
Year of origination 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 154,582 | $ 0 |
Percentage of Mortgage Loans | 20.90% | 0.00% |
Year of origination 2014 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 83,546 | $ 86,174 |
Percentage of Mortgage Loans | 11.20% | 13.70% |
Year of origination 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 79,879 | $ 81,802 |
Percentage of Mortgage Loans | 10.70% | 13.00% |
Year of origination 2012 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 65,817 | $ 70,274 |
Percentage of Mortgage Loans | 8.80% | 11.20% |
Year of Origination 2011 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 45,359 | $ 46,813 |
Percentage of Mortgage Loans | 6.10% | 7.40% |
Year of origination prior [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 315,120 | $ 344,233 |
Percentage of Mortgage Loans | 42.30% | 54.70% |
0% to 50% loan to value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 264,605 | $ 180,884 |
Percentage of Mortgage Loans | 35.60% | 28.70% |
51% to 60% loan-to-value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 169,045 | $ 189,210 |
Percentage of Mortgage Loans | 22.70% | 30.10% |
61% to 70% loan-to-value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 234,544 | $ 198,336 |
Percentage of Mortgage Loans | 31.50% | 31.50% |
71% to 80% loan-to-value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 67,072 | $ 53,480 |
Percentage of Mortgage Loans | 9.00% | 8.50% |
81% to 90% loan to value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 9,037 | $ 7,386 |
Percentage of Mortgage Loans | 1.20% | 1.20% |
South Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 233,522 | $ 191,835 |
Percentage of Mortgage Loans | 31.40% | 30.50% |
West North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 102,555 | $ 85,664 |
Percentage of Mortgage Loans | 13.80% | 13.60% |
Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 100,188 | $ 94,770 |
Percentage of Mortgage Loans | 13.40% | 15.10% |
East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 86,019 | $ 80,999 |
Percentage of Mortgage Loans | 11.50% | 12.90% |
Mountain [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 78,750 | $ 62,473 |
Percentage of Mortgage Loans | 10.60% | 9.90% |
West South Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 66,677 | $ 50,010 |
Percentage of Mortgage Loans | 9.00% | 7.90% |
Other geographical locations [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 76,592 | $ 63,545 |
Percentage of Mortgage Loans | 10.30% | 10.10% |
Office Building [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 333,400 | $ 269,308 |
Percentage of Mortgage Loans | 44.80% | 42.80% |
Retail Site [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 227,039 | $ 214,710 |
Percentage of Mortgage Loans | 30.50% | 34.10% |
Industrial Property [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 133,085 | $ 125,425 |
Percentage of Mortgage Loans | 17.90% | 19.90% |
Other Property [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 50,779 | $ 19,853 |
Percentage of Mortgage Loans | 6.80% | 3.20% |
Investment Operations Impaired
Investment Operations Impaired Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | |||
Impaired mortgage loans, Unpaid Principal Balance | $ 21,766 | $ 22,103 | |
Financing Receivable, Allowance for Credit Losses | 851 | 857 | $ 888 |
Debt Instrument, Unamortized Discount | 87 | 267 | |
Impaired mortgage loans, Related Allowance | $ 20,828 | $ 20,979 |
Investment Operations Allowance
Investment Operations Allowance on Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance on mortgage loans | $ 857 | $ 888 |
Charge offs | 6 | 31 |
Allowance on mortgage loans | $ 851 | $ 857 |
Investment Operations Component
Investment Operations Components of Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | $ 399,436 | $ 390,121 | $ 379,754 | ||||||||
Prepayment fee income and other | 9,289 | 9,455 | 5,098 | ||||||||
Less investment expenses | (8,287) | (8,039) | (9,103) | ||||||||
Net investment income | $ 99,005 | $ 95,882 | $ 97,489 | $ 98,773 | $ 98,492 | $ 95,744 | $ 95,215 | $ 92,631 | 391,149 | 382,082 | 370,651 |
Fixed Maturities [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 338,952 | 333,759 | 328,979 | ||||||||
Equity Securities [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 6,091 | 5,388 | 4,295 | ||||||||
Mortgage Loans on Real Estate [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 35,923 | 32,759 | 32,447 | ||||||||
Real Estate [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 169 | 140 | 331 | ||||||||
Policy Loans [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 8,871 | 8,620 | 8,502 | ||||||||
Short-term Investments [Member] | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | $ 141 | $ 0 | $ 102 |
Investment Operations Realized
Investment Operations Realized gains losses on investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain (Loss) on Investments [Line Items] | |||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 108,500 | $ 67,200 | $ 138,400 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,500 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (573) | (822) | (2,412) |
Gain (Loss) on Investments | 10,489 | 2,938 | 13,555 |
Categories of Investments, Cost-method Investments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gains (Losses) on Real Estate | 0 | 0 | 12 |
Gain (Loss) on Disposition of Other Assets | 8,233 | 0 | (166) |
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gross gains - Available-for-sale Securities | 4,781 | 4,593 | 18,495 |
Gross losses - Available-for-sale Securities | (1,952) | (833) | (2,374) |
Credit related portion of fixed maturity losses [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (363) | 0 | (618) |
Other credit related impairments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ (210) | $ (822) | $ (1,794) |
Investment Operations Credit lo
Investment Operations Credit loss component of other-than-temporary impairments on fixed maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at beginning of period | $ (16,772) | $ (21,592) |
Increases to previously impaired investments | 363 | 0 |
Reduction due to investment sold | 5,637 | 4,820 |
Balance at end of period | $ (11,498) | $ (16,772) |
Investment Operations Variable
Investment Operations Variable interest entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Holdings [Line Items] | |||
Variable Interest Entity, Measure of Activity, Revenues | $ 4,600 | $ 4,000 | $ 4,300 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 15,780 | 17,046 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 15,780 | $ 17,046 |
Investment Operations Derivativ
Investment Operations Derivative instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Derivative Assets | $ 9.9 | $ 7.1 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0.4 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 2.2 | ||
Derivative Liability | (9.4) | (8.7) | |
Derivative, Gain (Loss) on Derivative, Net | $ (0.3) | $ 2.1 | $ (1.5) |
Investment Operations LIHTC Inv
Investment Operations LIHTC Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Tax impact of Income from Equity Method Investments | $ (15,706) | $ (13,372) | $ (11,050) |
Investment Tax Credit | 13,542 | 12,209 | 9,775 |
Equity Method Investments | 134,570 | 129,872 | |
Income (Loss) from Equity Method Investments | 9,523 | 10,103 | 7,410 |
Affordable Housing Tax Credit Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (Loss) from Affordable Housing Projects, Equity Method Investments | (7,022) | (6,411) | (6,273) |
Tax impact of Income from Equity Method Investments | 2,458 | 2,244 | 2,196 |
Equity Method Investments | 94,200 | 84,800 | |
Income (Loss) from Equity Method Investments | $ 8,978 | $ 8,042 | $ 5,698 |
Investment Operations Other (De
Investment Operations Other (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Summary of Investment Holdings [Line Items] | |
Deposit Assets | $ 7,148,200 |
Investment, Non-Income Producing Flag | 2,000 |
Available-for-sale Securities Pledged as Collateral | 421,400 |
Other Commitment | 31,900 |
Qualified Affordable Housing Project Investments, Commitment | 8,456 |
Affordable Housing Tax Credit Investments [Member] | |
Summary of Investment Holdings [Line Items] | |
Other Commitment, Due in Next Twelve Months | 7,090 |
Other Commitment, Due in Second Year | 899 |
Other Commitment, Due in Third Year | $ 467 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | $ 6,637,776 | $ 6,700,698 |
Equity securities - available for sale | 121,667 | 112,623 |
Mortgage loans | 744,303 | 629,296 |
Policy loans | 185,784 | 182,502 |
Other investments | 9,900 | 7,100 |
Assets held in separate accounts | 625,257 | 683,033 |
Liabilities related to separate accounts | 625,257 | 683,033 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 744,303 | 629,296 |
Policy loans | 185,784 | 182,502 |
Other investments | 2,331 | 3,558 |
Cash, cash equivalents and short-term investments | 57,741 | 125,217 |
Reinsurance recoverable | 2,636 | 3,562 |
Assets held in separate accounts | 625,257 | 683,033 |
Future policy benefits | 3,750,186 | 3,563,558 |
Supplementary contracts without life contingencies | 339,929 | 341,955 |
Advance premiums and other deposits | 245,269 | 239,700 |
Short-term debt | 15,000 | 0 |
Long-term debt | 97,000 | 97,000 |
Other liabilities | 56 | 173 |
Liabilities related to separate accounts | 625,257 | 683,033 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | 6,637,776 | 6,700,698 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities - available for sale | 121,667 | 112,623 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 780,624 | 667,913 |
Policy loans | 230,153 | 230,070 |
Other investments | 2,331 | 3,558 |
Cash, cash equivalents and short-term investments | 57,741 | 125,217 |
Reinsurance recoverable | 2,636 | 3,562 |
Assets held in separate accounts | 625,257 | 683,033 |
Future policy benefits | 3,618,145 | 3,634,878 |
Supplementary contracts without life contingencies | 339,717 | 361,733 |
Advance premiums and other deposits | 245,269 | 239,700 |
Short-term debt | 15,000 | 0 |
Long-term debt | 68,133 | 69,772 |
Other liabilities | 56 | 173 |
Liabilities related to separate accounts | 620,676 | 677,040 |
Estimate of Fair Value Measurement [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | 6,637,776 | 6,700,698 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities - available for sale | $ 121,667 | $ 112,623 |
Fair Value Valuation of our Fin
Fair Value Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 9,900 | $ 7,100 |
Assets held in separate accounts | 625,257 | 683,033 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 2,331 | 3,558 |
Cash, cash equivalents and short-term investments | 57,741 | 125,217 |
Reinsurance recoverable | 2,636 | 3,562 |
Assets held in separate accounts | 625,257 | 683,033 |
Future policy benefits-index annuity embedded derivatives | 3,618,145 | 3,634,878 |
Other liabilities | 56 | 173 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 173 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 91,951 | |
Other investments | 2,331 | 3,558 |
Cash, cash equivalents and short-term investments | 57,741 | 125,217 |
Reinsurance recoverable | 2,636 | 3,562 |
Assets held in separate accounts | 625,257 | 683,033 |
Assets, Fair Value Disclosure | 7,447,408 | 7,628,691 |
Future policy benefits-index annuity embedded derivatives | 9,374 | 8,681 |
Other liabilities | 56 | |
Liabilities, Fair Value Disclosure | 9,430 | 8,854 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Cash, cash equivalents and short-term investments | 57,741 | 125,217 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 625,257 | 683,033 |
Future policy benefits-index annuity embedded derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 702,486 | 826,921 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 2,331 | 3,558 |
Cash, cash equivalents and short-term investments | 0 | 0 |
Reinsurance recoverable | 2,636 | 3,562 |
Assets held in separate accounts | 0 | 0 |
Future policy benefits-index annuity embedded derivatives | 0 | 0 |
Other liabilities | 56 | 173 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 6,532,183 | 6,526,380 |
Liabilities, Fair Value Disclosure | 56 | 173 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Cash, cash equivalents and short-term investments | 0 | 0 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Future policy benefits-index annuity embedded derivatives | 8,681 | |
Other liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 205,268 | 267,336 |
Assets, Fair Value Disclosure | 212,739 | 275,390 |
Liabilities, Fair Value Disclosure | 9,374 | 8,681 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,518,707 | 3,666,906 |
Corporate | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,518,707 | 3,666,906 |
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,469,631 | 3,602,667 |
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 49,076 | 64,239 |
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 49,076 | 64,239 |
Residential mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 465,506 | 491,534 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 465,506 | 491,534 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 461,777 | 491,534 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 3,729 | 0 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,729 | |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 553,992 | 530,695 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 553,992 | 530,695 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 465,812 | 452,804 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 88,180 | 77,891 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 88,180 | 77,891 |
Other asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 583,122 | 521,261 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 583,122 | 521,261 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 527,565 | 405,120 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 55,557 | 116,141 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 55,557 | 116,141 |
United States Government and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 44,098 | 42,804 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 44,098 | 42,804 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,760 | 15,170 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 20,612 | 18,569 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,726 | 9,065 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,726 | 9,065 |
State, municipal and other governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,472,351 | 1,447,498 |
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,472,351 | 1,447,498 |
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,472,351 | 1,447,498 |
State, municipal and other governments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Non-redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 91,951 | 85,041 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 85,041 | |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 84,480 | 76,987 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 7,471 | 8,054 |
Common stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,716 | 27,582 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,716 | 27,582 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 4,728 | 3,501 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 24,988 | 24,081 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value Level 3 Fixed Maturi
Fair Value Level 3 Fixed Maturity Securities on a recurring basis by valuation source (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 3,518,707 | $ 3,666,906 |
percent of total | 88.90% | 64.80% |
Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 553,992 | $ 530,695 |
percent of total | 1.60% | 3.00% |
Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 465,506 | $ 491,534 |
percent of total | 3.40% | 16.90% |
Other asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 583,122 | $ 521,261 |
percent of total | 4.60% | 14.80% |
United States Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 44,098 | $ 42,804 |
percent of total | 0.10% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 49,076 | $ 64,239 |
Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 8,726 | 9,065 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 91,951 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 205,268 | $ 267,336 |
percent of total | 100.00% | 100.00% |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 3,518,707 | $ 3,666,906 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 49,076 | 64,239 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 88,180 | 77,891 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 3,729 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 55,557 | 116,141 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United States Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 44,098 | 42,804 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 8,726 | 9,065 |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 140,808 | $ 213,257 |
percent of total | 68.60% | 79.80% |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 17,208 | $ 40,095 |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 88,180 | 77,891 |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 0 | |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 35,420 | 95,271 |
Estimate of Fair Value Measurement [Member] | Third-party Vendor [Member] | Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 64,460 | $ 54,079 |
percent of total | 31.40% | 20.20% |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 31,868 | $ 24,144 |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 3,729 | |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 20,137 | 20,870 |
Estimate of Fair Value Measurement [Member] | Internally priced [Member] | Fair Value, Measurements, Recurring [Member] | United States Government and agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 8,726 | $ 9,065 |
Fair Value Quantitative Informa
Fair Value Quantitative Information about Level 3 Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits-index annuity embedded derivatives | $ 8,681 | |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 33,508 | $ 41,491 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit spread | Credit spread |
Input range and weighted average | 1.16% - 17.50% (11.26%) | 0.95% - 6.80% (4.92%) |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 71,100 | $ 77,891 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit spread | Credit spread |
Input range and weighted average | 1.10% - 4.15% (3.12%) | 1.75% - 4.00% (2.89%) |
Other asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 13,737 | $ 26,937 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit spread | Credit spread |
Input range and weighted average | 1.25% - 7.90% (5.61%) | 0.96% - 6.17% (4.31%) |
United States Government and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,726 | $ 9,065 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit spread | Credit spread |
Input range and weighted average | 2.59% (2.59%) | 1.80% (1.80%) |
Non-redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 7,471 | $ 8,054 |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit spread | Credit spread |
Input range and weighted average | 4.55% (4.55%) | 3.34% (3.34%) |
Asset fair value by technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 134,542 | $ 163,438 |
Index Annuity Embedded Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | Discounted cash flow |
Fair Value Measurements, Significant Assumptions | Credit risk Risk margin | Credit risk Risk margin |
Input range and weighted average | 0.80% - 2.25% (1.45%) 0.15% - 0.40% (0.25%) | 0.70% - 1.70% (1.10%) 0.15% - 0.40% (0.25%) |
Future policy benefits-index annuity embedded derivatives | $ 9,374 | $ 8,681 |
Fair Value Level 3 Financial In
Fair Value Level 3 Financial Instruments changes in Fair Value recurring basis (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | $ 275,390 | $ 255,380 |
Asset Purchases | 105,848 | 86,597 |
Asset Sales | (33,809) | (36,221) |
Asset, Gain (Loss) Included in Earnings | 0 | (273) |
Gain/Loss in Other Comprehensive Income (Loss) | (5,157) | 9,613 |
Asset Transfers Into Level 3 | 57,634 | 15,597 |
Asset, Transfers out of Level 3 | (187,965) | (56,854) |
Asset, Amortization | 798 | 1,551 |
Asset Balance at end of period | 212,739 | 275,390 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability Value beginning of period | 8,681 | 286 |
Liability, Purchases | 4,567 | 7,237 |
Liability, Settlements | (1,064) | (369) |
Liability, Gain (Loss) Included in Earnings | (2,810) | 1,527 |
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Liability, Transfers Into Level 3 | 0 | 0 |
Liability, Transfers out of Level 3 | 0 | 0 |
Liability Value end of period | 9,374 | 8,681 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 64,239 | 81,994 |
Asset Purchases | 15,993 | 290 |
Asset Sales | (20,499) | (16,304) |
Asset, Gain (Loss) Included in Earnings | 0 | 273 |
Gain/Loss in Other Comprehensive Income (Loss) | 55 | 198 |
Asset Transfers Into Level 3 | 21,363 | 13,623 |
Asset, Transfers out of Level 3 | (32,649) | (14,960) |
Asset, Amortization | 574 | 67 |
Asset Balance at end of period | 49,076 | 64,239 |
Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 0 | |
Asset Purchases | 19,353 | |
Asset Sales | (2,340) | |
Asset, Gain (Loss) Included in Earnings | 0 | |
Gain/Loss in Other Comprehensive Income (Loss) | 284 | |
Asset Transfers Into Level 3 | 5,984 | |
Asset, Transfers out of Level 3 | (19,631) | |
Asset, Amortization | 79 | |
Asset Balance at end of period | 3,729 | 0 |
Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 77,891 | 71,712 |
Asset Purchases | 17,287 | 2,920 |
Asset Sales | (885) | (752) |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (3,905) | (8,734) |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | (2,334) | (4,820) |
Asset, Amortization | 126 | 97 |
Asset Balance at end of period | 88,180 | 77,891 |
Other asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 116,141 | 85,835 |
Asset Purchases | 53,215 | 83,387 |
Asset Sales | (10,085) | (19,165) |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (662) | 196 |
Asset Transfers Into Level 3 | 30,287 | 1,974 |
Asset, Transfers out of Level 3 | (133,351) | (37,074) |
Asset, Amortization | 12 | 1,380 |
Asset Balance at end of period | 55,557 | 116,141 |
United States Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 9,065 | 8,044 |
Asset Purchases | 0 | 0 |
Asset Sales | 0 | 0 |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (346) | (1,014) |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | 0 | 0 |
Asset, Amortization | 7 | 7 |
Asset Balance at end of period | 8,726 | 9,065 |
Non-redeemable preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 8,054 | 7,795 |
Asset Purchases | 0 | 0 |
Asset Sales | 0 | 0 |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (583) | 259 |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | 0 | 0 |
Asset, Amortization | 0 | 0 |
Asset Balance at end of period | 7,471 | 8,054 |
Investment Contracts [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability Value beginning of period | 8,681 | |
Liability, Purchases | 4,567 | |
Liability, Settlements | (1,064) | (369) |
Liability, Gain (Loss) Included in Earnings | (2,810) | |
Liability Value end of period | 8,681 | |
Index Annuity Embedded Derivatives [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability Value beginning of period | 8,681 | 286 |
Liability, Purchases | 7,237 | |
Liability, Gain (Loss) Included in Earnings | (1,527) | |
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Liability, Transfers Into Level 3 | 0 | 0 |
Liability, Transfers out of Level 3 | 0 | 0 |
Liability Value end of period | $ 9,374 | $ 8,681 |
Fair Value Valuation of Financi
Fair Value Valuation of Financial Instruments Not Reported at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | $ 744,303 | $ 629,296 |
Policy loans | 185,784 | 182,502 |
Liabilities related to separate accounts | 625,257 | 683,033 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits | 8,681 | |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 780,624 | 667,913 |
Policy loans | 230,153 | 230,070 |
Assets, Fair Value Disclosure | 1,010,777 | 897,983 |
Future policy benefits | 3,608,771 | 3,626,197 |
Supplementary contracts without life contingencies | 339,717 | 361,733 |
Advance premiums and other deposits | 245,269 | 239,700 |
Short-term debt | 15,000 | |
Long-term debt | 68,133 | 69,772 |
Liabilities related to separate accounts | 620,676 | 677,040 |
Liabilities, Fair Value Disclosure | 4,897,566 | 4,974,442 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplementary contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short-term debt | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplementary contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short-term debt | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 780,624 | 667,913 |
Policy loans | 230,153 | 230,070 |
Assets, Fair Value Disclosure | 1,010,777 | 897,983 |
Future policy benefits | 3,608,771 | 3,626,197 |
Supplementary contracts without life contingencies | 339,717 | 361,733 |
Advance premiums and other deposits | 245,269 | 239,700 |
Short-term debt | 15,000 | |
Long-term debt | 68,133 | 69,772 |
Liabilities related to separate accounts | 620,676 | 677,040 |
Liabilities, Fair Value Disclosure | $ 4,897,566 | $ 4,974,442 |
Fair Value Level 3 Financial 63
Fair Value Level 3 Financial Instruments Measured at Fair Value on a Non-recurring Basis (Details) - Portion at Other than Fair Value Measurement [Member] - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, current year impairment | $ 1 | $ 1 |
Mortgage Loans on Real Estate, Period Increase (Decrease) | $ 0.2 | $ 0.4 |
Reinsurance and Policy Provis64
Reinsurance and Policy Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention limit | $ 1,500 | ||
Ceded Premiums Earned | 33,462 | $ 32,513 | $ 29,360 |
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded | 26,200 | 17,000 | 21,700 |
Assumed Premiums, Life Insurance in Force | $ 551,563 | $ 592,022 | 613,281 |
Reinsurance effect on in force ceded, percentage | 24.10% | 24.30% | |
Ceded Premiums, Life Insurance in Force | $ 14,263,420 | $ 13,837,869 | 13,220,004 |
Assumed Premiums Earned | 2,751 | 783 | 786 |
Policyholder Benefits and Claims Incurred, Assumed | $ 1,200 | $ 1,200 | $ 1,700 |
Contracts in Force Subject to Participation Through Reinsurance, Percentage | 1.20% | 1.40% | |
100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention limit | $ 14,100 | ||
Company sponsored agent trip [Member] | 100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | 50,000 | ||
Home office [Member] | 100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | $ 200,000 |
Reinsurance and Policy Provis65
Reinsurance and Policy Provisions Value of insurance in force acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Roll Forward] | |||
Value of insurance in force acquired | $ 22,497 | $ 23,579 | |
Accretion of interest during the year | 150 | 527 | $ 902 |
Amortization of asset | (2,586) | (4,026) | (3,467) |
Value of insurance in force acquired | 20,913 | 22,497 | 23,579 |
Impact of net unrealized investment gains and losses | (3,087) | (3,939) | (6,356) |
Present Value of Future Insurance Profits, Amortization Expense | (100) | (1,400) | (200) |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Next Twelve Months | 2,400 | ||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Two | 2,400 | ||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Three | 2,300 | ||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Four | 2,200 | ||
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Amortization Expense, Year Five | 2,100 | ||
Scenario, Actual [Member] | |||
Movement in Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Roll Forward] | |||
Value of insurance in force acquired | 26,436 | 29,935 | 32,500 |
Value of insurance in force acquired | $ 24,000 | $ 26,436 | $ 29,935 |
Reinsurance and Policy Provis66
Reinsurance and Policy Provisions GMDB, IDB, GMIB (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Ceded Premiums Earned | $ 33,462 | $ 32,513 | $ 29,360 |
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded | 26,200 | 17,000 | 21,700 |
Assumed Premiums Earned | 2,751 | 783 | 786 |
Policyholder Benefits and Claims Incurred, Assumed | 1,200 | 1,200 | 1,700 |
Net Amount at Risk by Product and Guarantee, General Account Value | 5,400 | 3,300 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 65,640 | $ 60,573 | |
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 57 years | 62 years | |
Net amount at risk by product and guarantee, benefits paid | $ 400 | $ 200 | $ 300 |
GMDB return of net deposits [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 175,286 | 192,334 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 623 | 659 | |
Guaranteed Minimum Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 279,981 | 308,101 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 14,858 | 3,140 | |
Incremental Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 256,929 | 280,214 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 50,159 | 56,369 | |
Guaranteed Minimum Income Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 37,334 | 41,378 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 0 | $ 405 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 22,900 | ||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | 40,578 | $ 39,562 | $ 43,264 |
Deferred Federal Income Tax Expense (Benefit) | 6,840 | 7,773 | 6,058 |
Income Tax Expense (Benefit) | 47,418 | 47,335 | 49,322 |
Tax impact of Income from Equity Method Investments | (15,706) | (13,372) | (11,050) |
Income Tax Effects Allocated Directly to Equity [Abstract] | |||
Change in net unrealized investment gains/losses - deferred, Tax | (77,473) | 75,032 | (91,961) |
Issuance of shares under stock option plan, current | (1,363) | (1,148) | (1,657) |
Income Tax Effects Allocated Directly to Equity | (78,836) | 73,884 | (93,618) |
Total tax from all sources provided in our financial statements | $ (47,124) | $ 107,847 | $ (55,346) |
Income Taxes Effective tax rate
Income Taxes Effective tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 151,368 | $ 147,101 | $ 150,305 |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 52,979 | 51,485 | 52,607 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income | (3,233) | (3,400) | (2,802) |
Effective Income Tax Rate Reconciliation, Other Adjustments | (2,328) | (750) | (483) |
Income Tax Expense (Benefit) | $ 47,418 | $ 47,335 | $ 49,322 |
Income Taxes Components of defe
Income Taxes Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $ 25,918 | $ 24,241 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 15,138 | 16,952 |
Deferred Tax Assets, Operating Loss Carryforwards | 8,212 | 11,613 |
Deferred Tax Assets, Other | 4,030 | 4,042 |
Deferred Tax Assets, Gross | 53,298 | 56,848 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Deferred Tax Liabilities, Other Comprehensive Income | 94,919 | 208,470 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 65,310 | 26,170 |
Deferred Tax Liabilities, Other | 28,132 | 27,906 |
Deferred Tax Liabilities, Gross | 188,361 | 262,546 |
Deferred income taxes | 135,063 | $ 205,698 |
Operating Loss Carryforwards | $ 22,900 |
Income Taxes Other tax disclosu
Income Taxes Other tax disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | $ 1,800 | ||
Investment Tax Credit | 13,542 | $ 12,209 | $ 9,775 |
Liability for Uncertain Tax Positions, Noncurrent | $ 100 |
Credit Arrangements (Details)
Credit Arrangements (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt payable non-affiliates | $ 97,000 | $ 97,000 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Debt Instrument [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |
Preferred stock, shares outstanding | 97,000 | |
Senior Notes, unaffiliated [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable non-affiliates | $ 97,000 | |
Capital trust equity [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable non-affiliates | (3,000) | |
5% Subordinated Deferrable Interest Notes, due June 30, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable non-affiliates | 100,000 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable non-affiliates | $ 97,000 |
Credit Arrangements Short Term
Credit Arrangements Short Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Short-term debt payable to non-affiliates | $ 15,000 | $ 0 |
Short-Term Debt December 21st [Member] | ||
Short-term Debt [Line Items] | ||
Short-term debt payable to non-affiliates | $ 10,000 | |
Line of Credit Facility, Interest Rate During Period | 0.55% | |
Short-Term Debt December 30th [Member] | ||
Short-term Debt [Line Items] | ||
Short-term debt payable to non-affiliates | $ 5,000 | |
Line of Credit Facility, Interest Rate During Period | 0.46% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Sep. 25, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 159,764 | 390,707 | 666,659 | |||
Issuance of common stock under compensation plans | $ 5,022 | $ 12,028 | $ 20,156 | |||
Preferred Stock, Liquidation Preference Per Share | $ 0.60 | |||||
Preferred Stock, Dividend Rate, Percentage | 0.03 | |||||
Preferred Stock, Redemption Price Per Share | $ 0.60 | |||||
Shares of common stock repurchased | (66,904) | (429,746) | (1,387,378) | |||
Stock Redeemed or Called During Period, Shares | 0 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 39,000 | |||||
Sale of Stock, Price Per Share | $ 45.33 | |||||
Purchase of common stock | $ (3,742) | $ (18,460) | $ (60,603) | |||
Common stock, shares outstanding | 24,808,176 | 24,715,316 | 24,754,355 | 25,475,074 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 603,062 | $ 552,021 | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 100,000 | |||||
Common Class A | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 159,764 | 390,707 | 666,659 | |||
Board of directors members | four to ten | |||||
Shares of common stock repurchased | (66,904) | (429,746) | (363,430) | |||
Purchase of shares of common stock | $ 3,700 | $ 18,500 | $ 14,200 | |||
Common stock, without par value | $ 149,248 | $ 144,625 | ||||
Common stock, shares outstanding | 24,796,763 | 24,703,903 | 24,742,942 | 24,282,184 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 157,529 | |||||
Conversion of Stock, Shares Issued | 105,930 | |||||
Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | 0 | |||
Board of directors members | five to seven | |||||
Shares of common stock repurchased | 0 | 0 | (1,023,948) | |||
Stock Redeemed or Called During Period, Shares | (157,529) | |||||
Purchase of common stock | $ (46,400) | |||||
Common stock, without par value | $ 72 | $ 72 | ||||
Common stock, shares outstanding | 11,413 | 11,413 | 11,413 | 1,192,890 | ||
Parent Company [Member] | ||||||
Class of Stock [Line Items] | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 71.00% | |||||
Common stocks | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock under compensation plans | $ 5,022 | $ 12,028 | $ 20,156 | |||
Purchase of common stock | (399) | (2,396) | (8,319) | |||
Common stock, without par value | 149,320 | 144,697 | 135,065 | $ 123,228 | ||
Stock Redeemed or Called During Period, Value | 0 | |||||
Common stocks | Common Class A | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock under compensation plans | 5,022 | 12,028 | 20,156 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | 993 | |||||
Purchase of common stock | (399) | (2,396) | (1,862) | |||
Common stock, without par value | 149,248 | 144,625 | 134,993 | 115,706 | ||
Common stocks | Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock under compensation plans | 0 | 0 | 0 | |||
Purchase of common stock | 0 | 0 | (6,457) | |||
Common stock, without par value | $ 72 | $ 72 | 72 | $ 7,522 | ||
Stock Redeemed or Called During Period, Value | $ (993) | |||||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 50,000 |
Stockholders' Equity AOCI table
Stockholders' Equity AOCI table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | $ 114,532 | $ 258,410 | $ 119,067 | $ 289,853 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (144,886) | 144,444 | (159,941) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,008 | (5,101) | (10,845) | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | [1] | (2,791) | 2,778 | (1,798) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | 120,787 | 266,211 | 126,587 | 306,167 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (143,731) | 141,947 | (169,627) | ||
Accumulated Other-than-Temporary Impairment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | (114) | 1,131 | (1,366) | (8,362) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (1,155) | 2,497 | 9,686 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | (6,141) | (8,932) | (6,154) | $ (7,952) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1,693) | (2,323) | (9,953) | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | (90) | 0 | 2,690 | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 2,791 | $ (2,778) | $ 1,798 | ||
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | $ 11,062 | $ 3,760 | $ 15,967 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (573) | (822) | (2,412) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,008 | (5,101) | (10,845) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | [1] | (2,791) | 2,778 | (1,798) |
reclassifications out of accumulated other comprehensive income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | (2,829) | (3,760) | (16,121) | |
Change in offsets to unrealized on investments | (231) | (186) | 921 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (146) | 0 | (4,250) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 12 | 11 | (11) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | (4,306) | 4,263 | 2,777 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 1,550 | (7,848) | (16,684) | |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | (542) | 2,747 | 5,839 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (1,008) | 5,101 | (10,845) | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | (2,829) | (3,760) | (16,121) | |
Change in offsets to unrealized on investments | (224) | (186) | 809 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 2,605 | 3,574 | (15,312) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 912 | 1,251 | 5,359 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1,693) | (2,323) | (9,953) | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | 0 | 0 | 0 | |
Change in offsets to unrealized on investments | (7) | 0 | 112 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (146) | 0 | (4,250) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | (139) | 0 | (4,138) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | 49 | 0 | 1,448 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 90 | 0 | (2,690) | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | 0 | 0 | 0 | |
Change in offsets to unrealized on investments | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 12 | 11 | (11) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | (4,306) | 4,263 | 2,777 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (4,294) | 4,274 | 2,766 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1,503) | 1,496 | (968) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 2,791 | $ (2,778) | $ 1,798 | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Stockholders' Equity Dividend d
Stockholders' Equity Dividend disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Common Stock Special Dividends Per Share Cash Paid | $ 2 | $ 2 | |
Payment Of Special Cash Dividend | $ 49,500 | $ 51,400 | |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | 469,579 | $ 418,538 | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | 100,000 | ||
Parent Company [Member] | |||
Class of Stock [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 50,000 | $ 45,700 | $ 140,000 |
Retirement and Compensation P77
Retirement and Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 421,411,715 | ||
Multiemployer Plan Number | 1 | ||
Multiemployer Plan, Period Contributions | $ 30,000 | $ 16,800 | $ 22,500 |
Directors nonrestricted Class A stock grants [Member] | |||
Multiemployer Plans [Line Items] | |||
Tax Benefit from Compensation Expense | 0 | ||
Cash-based restricted stock unit plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Tax Benefit from Compensation Expense | $ 900 | 600 | 600 |
Class A common stock compensation plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Tax Benefit from Compensation Expense | $ 100 | $ 100 |
Retirement and Compensation P78
Retirement and Compensation Plans Funding Status and Net Periodic Pension Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | $ 257,010,000 | ||
Fair Value of Plan Assets, End of period | 262,276,000 | $ 257,010,000 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Plan Assets | (23,301,000) | (20,512,000) | |
Defined Benefit Plan, Settlements, Benefit Obligation | (23,301,000) | (20,512,000) | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 339,139,000 | 292,449,000 | |
Defined Benefit Plan, Service Cost | 5,892,000 | 5,295,000 | $ 6,472,000 |
Defined Benefit Plan, Interest Cost | 13,472,000 | 13,919,000 | 13,384,000 |
Defined Benefit Plan, Actuarial Gain (Loss) | 13,281,000 | (50,315,000) | |
Defined Benefit Plan, Benefits Paid | (2,501,000) | (2,327,000) | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 319,420,000 | 339,139,000 | 292,449,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | 257,010,000 | 250,820,000 | |
Defined Benefit Plan, Actual Return on Plan Assets | 1,068,000 | 12,229,000 | |
Defined Benefit Plan, Contributions by Employer | 30,000,000 | 16,800,000 | |
Defined Benefit Plan, Benefits Paid | (2,501,000) | (2,327,000) | |
Fair Value of Plan Assets, End of period | 262,276,000 | 257,010,000 | 250,820,000 |
Defined Benefit Plan, Funded Status of Plan | (57,144,000) | (82,129,000) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 279,858,000 | 305,388,000 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 26,729,000 | 23,265,000 | |
Defined Benefit Plan, Service Cost | 435,000 | 269,000 | 252,000 |
Defined Benefit Plan, Interest Cost | 1,000,000 | 1,077,000 | 1,035,000 |
Defined Benefit Plan, Actuarial Gain (Loss) | 2,812,000 | (5,464,000) | |
Defined Benefit Plan, Benefits Paid | (3,077,000) | (3,346,000) | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 22,275,000 | 26,729,000 | 23,265,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 3,077,000 | 3,346,000 | |
Defined Benefit Plan, Benefits Paid | (3,077,000) | (3,346,000) | |
Fair Value of Plan Assets, End of period | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | (22,275,000) | (26,729,000) | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 20,980,000 | $ 23,973,000 |
Retirement and Compensation P79
Retirement and Compensation Plans Net periodic pension costs incurred by the plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 5,892 | $ 5,295 | $ 6,472 |
Defined Benefit Plan, Interest Cost | 13,472 | 13,919 | 13,384 |
Defined Benefit Plan, Expected Return on Plan Assets | (17,563) | (17,504) | (15,666) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 144 | 144 | 144 |
Defined Benefit Plan, Amortization of Gains (Losses) | 10,464 | 6,087 | 12,468 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | (7,998) | (6,306) | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 20,407 | 14,247 | 16,802 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 100 | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 9,400 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 15,000 | ||
Multiemployer Plans, Minimum Contribution | 4,800 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 17,500 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 15,500 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 17,600 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 17,500 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 19,100 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 109,100 | ||
Net periodic pension cost individual entity share | 6,614 | 4,569 | 5,363 |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 435 | 269 | 252 |
Defined Benefit Plan, Interest Cost | 1,000 | 1,077 | 1,035 |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (11) | (11) | (11) |
Defined Benefit Plan, Amortization of Gains (Losses) | 1,528 | 1,131 | 1,267 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | 2,952 | 2,466 | 2,543 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (100) | ||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 900 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | 2.4 | ||
Multiemployer Plans, Minimum Contribution | $ 1,200 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,800 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 2,100 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,400 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2,300 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 8,700 | ||
Net periodic pension cost individual entity share | $ 1,671 | $ 1,372 | $ 1,436 |
Retirement and Compensation P80
Retirement and Compensation Plans FBL's share of prepaid or accrued pension costs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Multiemployer unrecognized liability for underfunded status | $ 57,100 | $ 82,100 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 20,258 | 17,148 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | 0 | 0 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 20,258 | 17,148 |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits | 969 | 1,417 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (16,746) | (21,437) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (15,777) | (20,020) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 9,695 | 14,035 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost Credit, after Tax | (1) | (13) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 9,694 | $ 14,022 |
Retirement and Compensation P81
Retirement and Compensation Plans Weighted average assumptions (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.65% | 4.05% | 4.65% | 4.05% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.31% | 3.00% | 3.31% | 3.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.52% | 4.42% | 4.05% | 4.99% | 4.18% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 7.00% | 7.00% | 7.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.31% | 3.00% | 3.00% | 3.00% | |||
Fixed Income Funds [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Allocation Percentage | 0.55 | ||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 59.00% | 59.00% | |||||
Equity Funds [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Allocation Percentage | 0.40 | ||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 38.00% | 38.00% | |||||
Alternative investments [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | ||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 3.00% |
Retirement and Compensation P82
Retirement and Compensation Plans Fair Values of plan assets by category and hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 262,276 | $ 257,010 | |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 59,466 | 61,088 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 49,803 | 50,860 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 153,007 | 145,062 | $ 132,354 |
Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30,326 | 31,499 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30,326 | 31,499 | |
Equity Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Funds [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Private Equity Funds, Foreign [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,140 | 29,589 | |
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,140 | 29,589 | |
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Private Equity Funds, Foreign [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Money Market Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,584 | 543 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,584 | 543 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,468 | 12,249 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,468 | 12,249 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
U.S. Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,091 | 25,250 | |
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,091 | 25,250 | |
U.S. Equity Funds [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,660 | 12,818 | |
Real Estate Funds [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real Estate Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,660 | 12,818 | |
Real Estate Funds [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 134,749 | 128,244 | |
Group annuity contract [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 134,749 | 128,244 | 117,226 |
Funded annuity contract [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,996 | 12,298 | |
Funded annuity contract [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Funded annuity contract [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Funded annuity contract [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11,996 | 12,298 | 12,932 |
Limited partnership [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,262 | 4,520 | |
Limited partnership [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Limited partnership [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Limited partnership [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,262 | $ 4,520 | $ 2,196 |
Retirement and Compensation P83
Retirement and Compensation Plans Level 3 plan assets changes in fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | $ 257,010 | |
Fair Value of Plan Assets, End of period | 262,276 | $ 257,010 |
Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 145,062 | 132,354 |
Defined Benefit Plan, Purchases, Sales, and Settlements | 1,824 | 6,560 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 6,121 | 6,148 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Fair Value of Plan Assets, End of period | 153,007 | 145,062 |
Group annuity contract [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 128,244 | |
Fair Value of Plan Assets, End of period | 134,749 | 128,244 |
Group annuity contract [Member] | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 128,244 | 117,226 |
Defined Benefit Plan, Purchases, Sales, and Settlements | 1,156 | 5,829 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 5,349 | 5,189 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Fair Value of Plan Assets, End of period | 134,749 | 128,244 |
Funded annuity contract [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 12,298 | |
Fair Value of Plan Assets, End of period | 11,996 | 12,298 |
Funded annuity contract [Member] | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 12,298 | 12,932 |
Defined Benefit Plan, Purchases, Sales, and Settlements | (1,012) | (1,376) |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 710 | 742 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Fair Value of Plan Assets, End of period | 11,996 | 12,298 |
Limited partnership [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 4,520 | |
Fair Value of Plan Assets, End of period | 6,262 | 4,520 |
Limited partnership [Member] | Fair Value, Inputs, Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 4,520 | 2,196 |
Defined Benefit Plan, Purchases, Sales, and Settlements | 1,680 | 2,107 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 62 | 217 |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 |
Fair Value of Plan Assets, End of period | $ 6,262 | $ 4,520 |
Retirement and Compensation P84
Retirement and Compensation Plans Other retirement plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 2,200 | $ 2,000 | $ 1,800 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | [1] | (2,791) | 2,778 | (1,798) |
Health and medical post retirement plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 100 | 100 | 100 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (100) | $ 100 | $ 0 | |
Minimum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan, employer discretionary percentage | 2.75% | |||
Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan, employer discretionary percentage | 5.75% | |||
Defined Contribution Plan Grandfathered Choice Participant [Member] | Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 2.00% | |||
Defined contribution plan 100% matching level [Member] | Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 4.00% | |||
Defined Contribution Plan 50% Matching Level [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 2.00% | |||
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Retirement and Compensation P85
Retirement and Compensation Plans Share based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Options, Outstanding [Roll Forward] | ||||||
Options, Outstanding, Number | 134,848 | 273,060 | 134,848 | 273,060 | ||
Options, Exercises in Period | (138,212) | |||||
Options, Forfeitures in Period | 0 | |||||
Options, Outstanding, Number | 134,848 | 273,060 | ||||
Options, Vested and Expected to Vest, Outstanding, Number | 134,848 | |||||
Options, Exercisable, Number | 134,848 | |||||
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||
Options, Outstanding, Weighted Average Exercise Price | $ 27.50 | |||||
Options, Exercises in Period, Weighted Average Exercise Price | 26.95 | |||||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | |||||
Options, Outstanding, Weighted Average Exercise Price | $ 28.07 | $ 27.50 | ||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 28.07 | |||||
Options, Exercisable, Weighted Average Exercise Price | $ 28.07 | |||||
Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 20 days | |||||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 20 days | |||||
Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months 20 days | |||||
Options, Outstanding, Intrinsic Value | [1] | $ 4,796 | ||||
Options, Exercisable, Intrinsic Value | [1] | 4,796 | ||||
Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | [1] | $ 4,796 | ||||
Options, Exercises in Period, Total Intrinsic Value | $ 4,500 | $ 6,500 | $ 6,600 | |||
Cash Received from Exercise of Stock Options | 3,700 | 10,500 | 19,400 | |||
Tax Benefit Realized from Exercise of Stock Options | $ 1,400 | $ 2,200 | 2,300 | |||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Nonvested stock released to employees, tax benefit | $ 1,700 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 159,764 | 390,707 | 666,659 | |||
Number of Shares Available for Grant | 3,430,142 | |||||
Class A common stock compensation plans [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 200 | $ 300 | ||||
Tax Benefit from Compensation Expense | 100 | 100 | ||||
Cash-based restricted stock unit plan [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 1,700 | 1,000 | 1,000 | |||
Tax Benefit from Compensation Expense | $ 900 | $ 600 | $ 600 | |||
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||||
Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 4,500 | |||||
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 11 days | |||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 128,762 | |||||
Stock units, Grants in Period | 52,067 | |||||
Stock units, Vested in Period | (31,959) | |||||
Stock units, Forfeited in Period | (3,455) | |||||
Number of shares or units end of period | 145,415 | 128,762 | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Nonvested, Weighted Average Grant Date Fair Value | $ 42.36 | $ 36.80 | ||||
Stock units, Grants in Period, Weighted Average Grant Date Fair Value | $ 52.19 | $ 38.63 | $ 34.94 | |||
Stock units, Vested in Period, Weighted Average Grant Date Fair Value | 36.59 | |||||
Stock units, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.81 | |||||
share based compensation restricted stock units cash paid expense | $ 1,800 | $ 1,800 | $ 500 | |||
Directors stock grants-cash based units [Member] | ||||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 19,066 | |||||
Number of shares or units end of period | 22,874 | 19,066 | ||||
Directors nonrestricted Class A stock grants [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Tax Benefit from Compensation Expense | 0 | |||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 56,759 | |||||
Number of shares or units end of period | 56,868 | 56,759 | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Number of Shares Available for Grant | 114,179 | |||||
Executive Salary and Bonus Deferred Compensation Plan-cash based units [Member] | ||||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 16,923 | |||||
Number of shares or units end of period | 16,679 | 16,923 | ||||
Executive Salary and Bonus Deferred Compensation Plan [Member] | ||||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 90,009 | |||||
Number of shares or units end of period | 66,621 | 90,009 | ||||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Number of Shares Available for Grant | 103,525 | |||||
Executive excess 401(k) plan-cash based units [Member] | ||||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 79 | |||||
Number of shares or units end of period | 84 | 79 | ||||
Executive excess 401(k) plan [Member] | ||||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||||
Number of shares or units beginning | 2,878 | |||||
Number of shares or units end of period | 2,991 | 2,878 | ||||
Health and medical post retirement plans [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 100 | $ 100 | $ 100 | |||
[1] | Represents the difference between the share price and exercise price for each option, excluding options where the exercise price is above the share price, at December 31, 2015. |
Managment and Other Agreements
Managment and Other Agreements (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Farm Bureau Property & Casualty insurance company [Member] | |||
Related Party Transaction [Line Items] | |||
Equipment Expense | $ 0.7 | $ 0.9 | $ 1.1 |
Management Fees Revenue | 2.3 | 1.9 | 1.8 |
Professional and Contract Services Expense | 9.9 | 9.3 | 9.7 |
Investment Advisory Fees | 2.3 | 1.9 | 1.7 |
Subsidiary of Common Parent [Member] | |||
Related Party Transaction [Line Items] | |||
Professional and Contract Services Expense | 1 | 1 | 0.9 |
Majority Shareholder [Member] | |||
Related Party Transaction [Line Items] | |||
Royalty Expense | $ 0.6 | 0.5 | 0.5 |
Royalty agreement restriction | $ 0.10 | ||
Other Farm Bureau organizations [Member] | |||
Related Party Transaction [Line Items] | |||
Royalty Expense | $ 1.7 | 1.7 | 1.8 |
Subsidiaries [Member] | |||
Related Party Transaction [Line Items] | |||
Nonoperating Income (Expense) | $ 3.2 | $ 3.2 | $ 3 |
Committments and Contingencies
Committments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Change in state insurance guaranty fund | $ (0.1) | $ (0.1) | $ (0.1) |
Deferred Revenue, Noncurrent | 1 | 1.2 | |
Operating Leases, Rent Expense | 4 | 4.3 | 4.3 |
Deferred Revenue, Revenue Recognized | 0.2 | $ 0.2 | $ 0.2 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2.1 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2.1 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2.1 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2.1 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 2.1 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 2.1 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to FBL Financial Group, Inc. | $ 30,905 | $ 26,659 | $ 32,372 | $ 23,591 | $ 28,148 | $ 30,159 | $ 28,642 | $ 22,992 | $ 113,527 | $ 109,941 | $ 108,558 |
Dividends on preferred stock | 150 | 150 | 150 | ||||||||
Income available to common stockholders from continuing operations | $ 113,377 | $ 109,791 | $ 108,408 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 24,927,209 | 24,866,284 | 25,508,522 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 89,274 | 149,960 | 265,893 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 25,016,483 | 25,016,244 | 25,774,415 | ||||||||
Earnings per common share | $ 1.24 | $ 1.07 | $ 1.30 | $ 0.95 | $ 1.13 | $ 1.21 | $ 1.15 | $ 0.92 | $ 4.55 | $ 4.42 | $ 4.25 |
Earnings per common share - assuming dilution | $ 1.23 | $ 1.06 | $ 1.29 | $ 0.94 | $ 1.13 | $ 1.21 | $ 1.14 | $ 0.91 | $ 4.53 | $ 4.39 | $ 4.21 |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | $ 469,579 | $ 418,538 | $ 469,579 | $ 418,538 |
Statutory Insurance Informati89
Statutory Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory Accounting Practices [Line Items] | |||
Statutory accounting practices, net gain from operations | $ 100,013 | $ 97,799 | $ 93,306 |
Statutory Accounting Practices, Statutory Net Income Amount | 106,009 | 97,393 | $ 94,583 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 603,062 | 552,021 | |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | 469,579 | 418,538 | |
Statutory RBC Total adjusted capital | 668,278 | 614,201 | |
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 117,284 | $ 112,771 | |
Statutory RBC Ratio | 570.00% | 545.00% | |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 100,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 182,624 | $ 175,494 | $ 186,745 | $ 177,946 | $ 175,147 | $ 173,420 | $ 175,837 | $ 168,535 | $ 722,809 | $ 692,939 | $ 691,231 |
Operating revenues | 715,018 | 687,732 | 679,639 | ||||||||
Realized gains on investments related to revenue | 10,482 | 2,937 | 13,597 | ||||||||
Derivative unrealized related to revenues | (2,691) | 2,270 | (2,005) | ||||||||
Net investment income | 99,005 | 95,882 | 97,489 | 98,773 | 98,492 | 95,744 | 95,215 | 92,631 | 391,149 | 382,082 | 370,651 |
Investment Income, Net | 393,840 | 379,812 | 372,656 | ||||||||
Investment Income, Nonoperating | (2,691) | 2,270 | (2,005) | ||||||||
Depreciation, Depletion and Amortization | 31,818 | 28,945 | 28,422 | ||||||||
Other Depreciation and Amortization | 31,925 | 28,631 | 28,773 | ||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | 225 | 189 | 973 | ||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | (332) | 125 | (1,324) | ||||||||
Net income attributable to FBL Financial Group, Inc. | $ 30,905 | $ 26,659 | $ 32,372 | $ 23,591 | $ 28,148 | $ 30,159 | $ 28,642 | $ 22,992 | 113,527 | 109,941 | 108,558 |
Operating Income (Loss) | 134,764 | 139,442 | 134,578 | ||||||||
Income tax on operating income | (29,876) | (32,401) | (33,985) | ||||||||
Realized gains losses on investments net of offsets | 8,498 | 1,786 | 8,206 | ||||||||
Derivatives unrealized gain net of offsets | 141 | 1,114 | (241) | ||||||||
Annuity | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 212,420 | 203,477 | 197,539 | ||||||||
Investment Income, Net | 209,896 | 201,550 | 196,303 | ||||||||
Other Depreciation and Amortization | 4,548 | 5,709 | 7,186 | ||||||||
Operating Income (Loss) | 69,950 | 65,056 | 63,592 | ||||||||
Life Insurance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 408,966 | 390,609 | 385,325 | ||||||||
Investment Income, Net | 152,730 | 146,349 | 140,510 | ||||||||
Other Depreciation and Amortization | 18,831 | 20,027 | 19,430 | ||||||||
Operating Income (Loss) | 53,146 | 51,521 | 48,814 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 93,632 | 93,646 | 96,775 | ||||||||
Investment Income, Net | 31,214 | 31,913 | 35,843 | ||||||||
Other Depreciation and Amortization | 8,546 | 2,895 | 2,157 | ||||||||
Operating Income (Loss) | $ 11,668 | $ 22,865 | $ 22,172 |
Segment Information Segment ass
Segment Information Segment assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Segment assets | $ 8,946,257 | $ 8,653,413 | |
Unrealized Gains on assets in AOCI | 185,747 | 410,995 | |
Assets | 9,132,004 | 9,064,408 | |
Goodwill | 9,900 | 9,900 | |
Annuity | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 4,209,627 | 3,981,825 | |
Goodwill | 3,900 | ||
Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 3,112,756 | 2,956,347 | |
Goodwill | 6,100 | ||
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 1,623,874 | 1,715,241 | |
Farm Bureau Property & Casualty insurance company [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Leases, Income Statement, Lease Revenue Depreciation and Amortization | $ 4,100 | $ 3,100 | $ 2,200 |
Segment Information Reconciliat
Segment Information Reconciliation of non-GAAP measures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | $ 683,100 | $ 646,600 | $ 635,600 |
Increase (Decrease) in Premiums Receivable | 848 | (2) | 741 |
Traditional life insurance premiums | 190,956 | 183,300 | 180,944 |
Interest sensitive product charges | 114,584 | 109,770 | 111,575 |
Annuity | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 2,524 | 1,927 | 1,236 |
Traditional life insurance premiums | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 190,108 | 183,302 | 180,203 |
Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 281,003 | 282,098 | 307,474 |
Interest sensitive product charges | 65,543 | 61,297 | 64,245 |
Life insurance - interest sensitive [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 90,895 | 98,796 | 127,271 |
Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 46,517 | 46,546 | 46,094 |
Admiin charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 14,342 | 13,783 | 19,602 |
Admiin charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 5,809 | 6,212 | 6,138 |
Cost of insurance charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 46,911 | 45,273 | 42,697 |
Cost of insurance charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 29,760 | 29,569 | 29,567 |
Surrender charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 919 | 737 | 484 |
Surrender charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 346 | 479 | 525 |
Separate account charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 8,854 | 9,157 | 8,742 |
Amortization of policy initiation fees [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 3,371 | 1,504 | 1,462 |
Amortization of policy initiation fees [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | $ 1,748 | $ 1,129 | $ 1,122 |
Segment Information Premium con
Segment Information Premium concentration (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
IOWA | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 26.20% | 25.70% | 27.60% |
KANSAS | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.60% | 20.80% | 20.00% |
OKLAHOMA | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 8.90% | 8.20% | 7.70% |
Quarterly Financial Informati94
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premiums and product charges | $ 76,532 | $ 76,575 | $ 77,164 | $ 75,269 | $ 73,029 | $ 72,653 | $ 74,805 | $ 72,583 | |||
Net investment income | 99,005 | 95,882 | 97,489 | 98,773 | 98,492 | 95,744 | 95,215 | 92,631 | $ 391,149 | $ 382,082 | $ 370,651 |
Realized gains (losses) on investments | 3,553 | (506) | 7,808 | (366) | (328) | 1,000 | 2,806 | (540) | 10,489 | 2,938 | 13,555 |
Revenues | 182,624 | 175,494 | 186,745 | 177,946 | 175,147 | 173,420 | 175,837 | 168,535 | 722,809 | 692,939 | 691,231 |
Net income attributable to FBL Financial Group, Inc. | $ 30,905 | $ 26,659 | $ 32,372 | $ 23,591 | $ 28,148 | $ 30,159 | $ 28,642 | $ 22,992 | $ 113,527 | $ 109,941 | $ 108,558 |
Earnings per common share | $ 1.24 | $ 1.07 | $ 1.30 | $ 0.95 | $ 1.13 | $ 1.21 | $ 1.15 | $ 0.92 | $ 4.55 | $ 4.42 | $ 4.25 |
Earnings per common share - assuming dilution | $ 1.23 | $ 1.06 | $ 1.29 | $ 0.94 | $ 1.13 | $ 1.21 | $ 1.14 | $ 0.91 | $ 4.53 | $ 4.39 | $ 4.21 |
Sch I. Schedule of Investments
Sch I. Schedule of Investments (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | $ 7,462,697 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 7,722,753 | |
Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 6,379,919 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 6,637,776 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 6,637,776 | |
All Other Corporate Bonds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 3,464,402 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,518,707 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,518,707 | |
Asset-backed Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,529,856 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,602,620 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,602,620 | |
United States Government and agencies | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 41,050 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 44,098 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 44,098 | |
State, municipal and other governments | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,344,611 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,472,351 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,472,351 | |
Equity Securities, Investment Summary [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 116,336 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 121,667 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 121,667 | |
Banks, Trust and Insurance, Equities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 24,988 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 24,988 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 24,988 | |
Industrial, Miscellaneous, and All Others [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 4,319 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,728 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 4,728 | |
Non-redeemable preferred stocks | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 87,029 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 91,951 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 91,951 | |
Mortgage Loans on Real Estate [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 745,858 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 744,303 | |
Real Estate Investment [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 2,115 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,955 | [2] |
Policy Loans [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 185,784 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 185,784 | |
Short-term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 28,251 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 28,251 | |
Other Long-term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 4,434 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $ 3,017 | |
[1] | On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans. | |
[2] | Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost. |
Sch II - Condensed Financial 96
Sch II - Condensed Financial Information on Registrant (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets [Abstract] | ||||||||||||
Fixed maturities - available for sale | $ 6,637,776 | $ 6,700,698 | $ 6,637,776 | $ 6,700,698 | ||||||||
Equity securities - available for sale | 121,667 | 112,623 | 121,667 | 112,623 | ||||||||
Short-term investments | 28,251 | 48,585 | 28,251 | 48,585 | ||||||||
Cash and cash equivalents | 29,490 | 76,632 | 29,490 | 76,632 | $ 6,370 | $ 78,074 | ||||||
Amounts receivable from affiliates | 2,834 | 2,666 | 2,834 | 2,666 | ||||||||
Accrued investment income | 78,274 | 76,445 | 78,274 | 76,445 | ||||||||
Current income taxes recoverable | 2,421 | 0 | 2,421 | 0 | ||||||||
Other assets | 75,811 | 70,286 | 75,811 | 70,286 | ||||||||
Assets | 9,132,004 | 9,064,408 | 9,132,004 | 9,064,408 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Amounts payable to affiliates | 575 | 188 | 575 | 188 | ||||||||
Current income taxes | 0 | 2,764 | 0 | 2,764 | ||||||||
Long-term debt payable non-affiliates | 97,000 | 97,000 | 97,000 | 97,000 | ||||||||
Liabilities | 7,997,530 | 7,811,526 | 7,997,530 | 7,811,526 | ||||||||
Preferred stock | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
Accumulated other comprehensive income | 114,532 | 258,410 | 114,532 | 258,410 | 119,067 | 289,853 | ||||||
Retained earnings | 867,574 | 846,737 | 867,574 | 846,737 | ||||||||
Total FBL Financial Group, Inc. stockholders' equity | 1,134,426 | 1,252,844 | 1,134,426 | 1,252,844 | ||||||||
Liabilities and Equity | 9,132,004 | 9,064,408 | 9,132,004 | 9,064,408 | ||||||||
Revenues: | ||||||||||||
Net investment income | 99,005 | $ 95,882 | $ 97,489 | $ 98,773 | 98,492 | $ 95,744 | $ 95,215 | $ 92,631 | 391,149 | 382,082 | 370,651 | |
Realized gains (losses) on investments | 3,553 | (506) | 7,808 | (366) | (328) | 1,000 | 2,806 | (540) | 10,489 | 2,938 | 13,555 | |
Other income | 15,631 | 14,849 | 14,506 | |||||||||
Revenues | 182,624 | 175,494 | 186,745 | 177,946 | 175,147 | 173,420 | 175,837 | 168,535 | 722,809 | 692,939 | 691,231 | |
Costs and Expenses [Abstract] | ||||||||||||
Interest expense | 4,850 | 4,707 | 6,863 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 151,368 | 147,101 | 150,305 | |||||||||
Income Tax Expense (Benefit) | (47,418) | (47,335) | (49,322) | |||||||||
Net income attributable to FBL Financial Group, Inc. | 30,905 | $ 26,659 | $ 32,372 | $ 23,591 | 28,148 | $ 30,159 | $ 28,642 | $ 22,992 | 113,527 | 109,941 | 108,558 | |
Parent Company [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Investments in subsidiaries (eliminated in consolidation) | 1,145,988 | 1,226,389 | 1,145,988 | 1,226,389 | ||||||||
Fixed maturities - available for sale | 35,212 | 53,907 | 35,212 | 53,907 | ||||||||
Equity securities - available for sale | 1,428 | 273 | 1,428 | 273 | ||||||||
Short-term investments | 13,066 | 13,461 | 13,066 | 13,461 | ||||||||
Cash and cash equivalents | 26,839 | 46,042 | 26,839 | 46,042 | 0 | $ 47,994 | ||||||
Accrued investment income | 12 | 77 | 12 | 77 | ||||||||
Current income taxes recoverable | 651 | 425 | 651 | 425 | ||||||||
Deferred income tax assets | 13,682 | 17,522 | 13,682 | 17,522 | ||||||||
Other assets | 10,106 | 9,235 | 10,106 | 9,235 | ||||||||
Assets | 1,250,006 | 1,369,997 | 1,250,006 | 1,369,997 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Accrued expenses and other liabilities | 18,470 | 19,401 | 18,470 | 19,401 | ||||||||
Amounts payable to affiliates | 0 | 188 | 0 | 188 | ||||||||
Long-term debt payable non-affiliates | 97,000 | 97,000 | 97,000 | 97,000 | ||||||||
Liabilities | 115,580 | 117,153 | 115,580 | 117,153 | ||||||||
Preferred stock | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
Accumulated other comprehensive income | 114,532 | 258,410 | 114,532 | 258,410 | ||||||||
Retained earnings | 867,574 | 846,737 | 867,574 | 846,737 | ||||||||
Total FBL Financial Group, Inc. stockholders' equity | 1,134,426 | 1,252,844 | 1,134,426 | 1,252,844 | ||||||||
Liabilities and Equity | 1,250,006 | 1,369,997 | 1,250,006 | 1,369,997 | ||||||||
Revenues: | ||||||||||||
Net investment income | 2,033 | 2,689 | 2,120 | |||||||||
Realized gains (losses) on investments | (583) | 1,047 | 33 | |||||||||
Dividends from subsidiaries (eliminated in consolidation) | 50,000 | 45,700 | 140,000 | |||||||||
Other income | (8) | 7 | 22 | |||||||||
Revenues | 59,373 | 60,204 | 146,007 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Interest expense | 4,850 | 4,723 | 6,967 | |||||||||
General and administrative expenses | 8,795 | 8,471 | 9,582 | |||||||||
Total expenses | 13,645 | 13,194 | 16,549 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 45,728 | 47,010 | 129,458 | |||||||||
Income Tax Expense (Benefit) | 2,507 | 1,011 | 5,316 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 48,235 | 48,021 | 134,774 | |||||||||
Equity in undistributed income of subsidiary | 65,292 | 61,920 | (26,216) | |||||||||
Net income attributable to FBL Financial Group, Inc. | 113,527 | 109,941 | 108,558 | |||||||||
Common Class A | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 149,248 | 144,625 | 149,248 | 144,625 | ||||||||
Common Class A | Parent Company [Member] | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 149,248 | 144,625 | 149,248 | 144,625 | ||||||||
Common Class B | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 72 | 72 | 72 | 72 | ||||||||
Common Class B | Parent Company [Member] | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 72 | 72 | 72 | 72 | ||||||||
Affiliated Entity [Member] | Parent Company [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Amounts receivable from affiliates | 1,264 | 2,666 | 1,264 | 2,666 | ||||||||
Revenues: | ||||||||||||
Management Fees Revenue | 2,277 | 1,925 | 1,760 | |||||||||
Subsidiaries [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Amounts receivable from affiliates | 1,758 | 0 | 1,758 | 0 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Amounts payable to affiliates | $ 110 | $ 564 | 110 | 564 | ||||||||
Subsidiaries [Member] | Parent Company [Member] | ||||||||||||
Revenues: | ||||||||||||
Management Fees Revenue | 5,654 | 8,836 | 2,072 | |||||||||
Dividends in form of cash [Member] | Parent Company [Member] | ||||||||||||
Revenues: | ||||||||||||
Dividends from subsidiaries (eliminated in consolidation) | $ 50,000 | $ 45,700 | $ 92,135 |
Sch II - Condensed Financial 97
Sch II - Condensed Financial Information on Registrant Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ 224,910 | $ 208,758 | $ 182,275 |
Equity securities - available for sale | (23,833) | (19,178) | (26,740) |
Short-term investments, net change | 20,334 | 60,092 | (34,161) |
Net Cash Provided by (Used in) Investing Activities | (369,357) | (308,643) | (277,961) |
Repayments of debt | 0 | 0 | (50,000) |
Excess tax deductions on stock-based compensation | 1,362 | 1,199 | 1,964 |
Repurchase of common stock, net | (584) | (8,003) | (43,707) |
Dividends paid | (89,347) | (34,749) | (64,775) |
Net Cash Provided by (Used in) Financing Activities | 97,305 | 170,147 | 23,982 |
Increase in cash and cash equivalents | (47,142) | 70,262 | (71,704) |
Cash and cash equivalents at end of period | 29,490 | 76,632 | 6,370 |
Cash and cash equivalents at beginning of period | 76,632 | 6,370 | 78,074 |
Income Taxes Paid, Net | (27,701) | (22,802) | (21,001) |
Cash paid during the period for interest | 4,850 | 4,850 | 7,104 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 1,841 | 4,200 | (5,750) |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 18,618 | 21,347 | 45,808 |
Payments to Acquire Available-for-sale Securities | 0 | 0 | (15,192) |
Equity securities - available for sale | (1,188) | (269) | 0 |
Short-term investments, net change | 395 | 17,617 | (6,577) |
Dividends from subsidiaries (eliminated in consolidation) | 50,000 | 45,700 | 140,000 |
Net Cash Provided by (Used in) Investing Activities | 67,825 | 84,395 | 116,174 |
Repayments of debt | 0 | 0 | (50,000) |
Excess tax deductions on stock-based compensation | 1,362 | 1,199 | 1,964 |
Repurchase of common stock, net | (584) | (8,003) | (43,707) |
Capital contribution by parent to subsidiary | (300) | (1,000) | (1,900) |
Dividends paid | (89,347) | (34,749) | (64,775) |
Net Cash Provided by (Used in) Financing Activities | (88,869) | (42,553) | (158,418) |
Increase in cash and cash equivalents | (19,203) | 46,042 | (47,994) |
Cash and cash equivalents at end of period | 26,839 | 46,042 | 0 |
Cash and cash equivalents at beginning of period | 46,042 | 0 | 47,994 |
Income Taxes Paid, Net | (6,344) | (6,927) | 9,182 |
Cash paid during the period for interest | 4,850 | 4,850 | 7,104 |
Dividends in form of cash [Member] | Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 50,000 | $ 45,700 | $ 92,135 |
Sch II - Condensed Financial 98
Sch II - Condensed Financial Information on Registrant Notes - Dividends and debt (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 50,000 | $ 45,700 | $ 140,000 |
Dividends in form of cash [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | 50,000 | 45,700 | 92,135 |
Dividends in form of securities [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 0 | $ 0 | $ 47,865 |
Sch III Supplementary Insuran99
Sch III Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | $ 335,783 | $ 220,760 | $ 335,514 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 6,427,014 | 6,147,935 | 5,819,495 |
Supplementary Insurance Information, Unearned Premiums | 18,624 | 12,078 | 20,045 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 594,205 | 590,634 | 590,202 |
Supplementary Insurance Information, Premium Revenue | 305,540 | 293,070 | 292,519 |
Supplementary Insurance Information, Net Investment Income | 391,149 | 382,082 | 370,651 |
Investment Income, Nonoperating | (2,691) | 2,270 | (2,005) |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 393,588 | 374,416 | 364,070 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 35,220 | 33,303 | 29,908 |
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | 225 | 189 | 973 |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | (332) | 125 | (1,324) |
Supplementary Insurance Information, Other Operating Expense | 108,448 | 104,955 | 108,352 |
Scenario, Actual [Member] | Annuity | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 85,819 | 82,778 | 82,404 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 3,550,364 | 3,370,109 | 3,172,598 |
Supplementary Insurance Information, Unearned Premiums | 0 | 0 | 0 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 370,326 | 372,244 | 376,879 |
Supplementary Insurance Information, Premium Revenue | 2,524 | 1,927 | 1,236 |
Supplementary Insurance Information, Net Investment Income | 209,896 | 201,550 | 196,303 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 110,356 | 105,669 | 102,308 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 9,658 | 10,477 | 9,422 |
Supplementary Insurance Information, Other Operating Expense | 22,456 | 22,275 | 22,217 |
Scenario, Actual [Member] | Life Insurance | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 248,333 | 232,020 | 216,743 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 2,473,357 | 2,372,108 | 2,254,194 |
Supplementary Insurance Information, Unearned Premiums | 9,719 | 10,111 | 8,884 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 194,751 | 193,567 | 191,478 |
Supplementary Insurance Information, Premium Revenue | 256,504 | 244,597 | 245,148 |
Supplementary Insurance Information, Net Investment Income | 152,730 | 146,349 | 140,510 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 253,461 | 238,841 | 231,861 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 14,364 | 15,594 | 15,760 |
Supplementary Insurance Information, Other Operating Expense | 76,167 | 72,641 | 75,571 |
Scenario, Actual [Member] | Corporate and Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 75,366 | 85,506 | 91,917 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 399,203 | 394,536 | 389,746 |
Supplementary Insurance Information, Unearned Premiums | 12,257 | 13,428 | 13,951 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 29,128 | 24,823 | 21,845 |
Supplementary Insurance Information, Premium Revenue | 46,519 | 46,547 | 46,093 |
Supplementary Insurance Information, Net Investment Income | 31,214 | 31,913 | 35,843 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 32,346 | 29,470 | 30,183 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 11,316 | 6,929 | 5,170 |
Supplementary Insurance Information, Other Operating Expense | 9,816 | 10,032 | 10,499 |
Scenario, Adjustment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | (73,735) | (179,544) | (55,550) |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 4,090 | 11,182 | 2,957 |
Supplementary Insurance Information, Unearned Premiums | (3,352) | (11,461) | (2,790) |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 0 | 0 | 0 |
Supplementary Insurance Information, Premium Revenue | 0 | 0 | 0 |
Unearned revenue reserve, amortization due to realized gains | (7) | (1) | 42 |
Supplementary Insurance Information, Net Investment Income | 0 | 0 | 0 |
Investment Income, Nonoperating | (2,691) | 2,270 | (2,005) |
Deferred sales inducements, amortization due to realized gains losses | 2 | 4 | 28 |
Deferred sales inducements, amortization due to unrealized gains losses | (2,577) | 432 | (310) |
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | 214 | 178 | 880 |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | (332) | 125 | (1,324) |
Supplementary Insurance Information, Other Operating Expense | 0 | 0 | 0 |
Present Value of Future Profits, amortization due to realized gains losses | $ 9 | $ 7 | $ 65 |
Sch IV Reinsurance (Details)
Sch IV Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 59,136,803 | $ 57,010,809 | $ 54,603,479 |
Ceded Premiums, Life Insurance in Force | 14,263,420 | 13,837,869 | 13,220,004 |
Assumed Premiums, Life Insurance in Force | 551,563 | 592,022 | 613,281 |
Premiums, Net, Life Insurance in Force | $ 45,424,946 | $ 43,764,962 | $ 41,996,756 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 1.20% | 1.40% | 1.50% |
Direct Premiums Earned | $ 336,718 | $ 325,182 | $ 321,498 |
Ceded Premiums Earned | 33,462 | 32,513 | 29,360 |
Assumed Premiums Earned | 2,751 | 783 | 786 |
Premiums Earned, Net | $ 306,007 | $ 293,452 | $ 292,924 |
Premiums, Percentage Assumed to Net | 0.90% | 0.30% | 0.30% |
Interest sensitive product charges | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 113,221 | $ 110,431 | $ 112,229 |
Ceded Premiums Earned | 1,024 | 1,026 | 1,026 |
Assumed Premiums Earned | 2,387 | 365 | 372 |
Premiums Earned, Net | $ 114,584 | $ 109,770 | $ 111,575 |
Premiums, Percentage Assumed to Net | 2.10% | 0.30% | 0.30% |
Traditional life insurance premiums | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 215,936 | $ 206,701 | $ 200,729 |
Ceded Premiums Earned | 25,344 | 23,819 | 20,199 |
Assumed Premiums Earned | 364 | 418 | 414 |
Premiums Earned, Net | $ 190,956 | $ 183,300 | $ 180,944 |
Premiums, Percentage Assumed to Net | 0.20% | 0.20% | 0.20% |
Accident and health premiums | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 7,561 | $ 8,050 | $ 8,540 |
Ceded Premiums Earned | 7,094 | 7,668 | 8,135 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | $ 467 | $ 382 | $ 405 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |