Document and entity information
Document and entity information Document - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | May. 05, 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-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 24,850,871 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,413 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments: | ||
Fixed maturities - available for sale, at fair value (amortized cost: 2016 - $6,371,089; 2015 - $6,379,919) | $ 6,788,657 | $ 6,637,776 |
Equity securities - available for sale, at fair value (cost: 2016 - $125,137; 2015 - $116,336) | 130,755 | 121,667 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 769,387 | 744,303 |
Real estate | 1,955 | 1,955 |
Policy loans | 186,959 | 185,784 |
Short-term investments | 13,323 | 28,251 |
Other investments | 4,079 | 3,017 |
Total investments | 7,895,115 | 7,722,753 |
Cash and cash equivalents | 23,447 | 29,490 |
Securities and indebtedness of related parties | 129,300 | 134,570 |
Accrued investment income | 84,990 | 78,274 |
Amounts receivable from affiliates | 3,722 | 2,834 |
Reinsurance recoverable | 104,947 | 103,898 |
Deferred acquisition costs | 286,789 | 335,783 |
Value of insurance in force acquired | 20,148 | 20,913 |
Current income taxes recoverable | 0 | 2,421 |
Other assets | 79,675 | 75,811 |
Assets held in separate accounts | 607,739 | 625,257 |
Total assets | 9,235,872 | 9,132,004 |
Future policy benefits: | ||
Interest sensitive products | 4,813,464 | 4,764,159 |
Traditional life insurance and accident and health products | 1,654,105 | 1,637,322 |
Other policy claims and benefits | 36,395 | 44,157 |
Supplementary contracts without life contingencies | 340,322 | 339,929 |
Advance premiums and other deposits | 262,224 | 254,276 |
Amounts payable to affiliates | 633 | 575 |
Short-term debt payable to non-affiliates | 0 | 15,000 |
Long-term debt payable to non-affiliates | 97,000 | 97,000 |
Current income taxes | 3,021 | 0 |
Deferred income taxes | 174,701 | 135,063 |
Other liabilities | 73,116 | 84,792 |
Liabilities related to separate accounts | 607,739 | 625,257 |
Total liabilities | 8,062,720 | 7,997,530 |
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 |
Common stock, without par value | 150,851 | 149,320 |
Accumulated other comprehensive income | 185,918 | 114,532 |
Retained earnings | 833,341 | 867,574 |
Total FBL Financial Group, Inc. stockholders' equity | 1,173,110 | 1,134,426 |
Noncontrolling interest | 42 | 48 |
Total stockholders' equity | 1,173,152 | 1,134,474 |
Total liabilities and stockholders' equity | 9,235,872 | 9,132,004 |
Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 24,840,893 shares in 2016 and 24,796,763 shares in 2015 | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | 150,779 | 149,248 |
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2016 and 2015 | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | $ 72 | $ 72 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parenthetical disclosure - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 6,371,089 | $ 6,379,919 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 125,137 | $ 116,336 |
Common Stock, Shares, Outstanding | 24,852,306 | 24,808,176 |
Preferred Stock | ||
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 Class A | ||
Common Stock, Shares Authorized | 88,500,000 | 88,500,000 |
Common Stock, Shares, Issued | 24,840,893 | 24,796,763 |
Common Stock, Shares, Outstanding | 24,840,893 | 24,796,763 |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Interest sensitive product charges | $ 28,111 | $ 28,121 |
Traditional life insurance premiums | 50,138 | 47,148 |
Net investment income | 98,385 | 98,773 |
Net realized capital gains on sales of investments | 1,590 | (366) |
Total other-than-temporary impairment losses | (3,719) | 0 |
Non-credit portion in other comprehensive income | 1,522 | 0 |
Net impairment loss recognized in earnings | (2,197) | 0 |
Other income | 3,639 | 4,270 |
Total revenues | 179,666 | 177,946 |
Benefits and expenses: | ||
Interest sensitive product benefits | 54,419 | 55,808 |
Traditional life insurance benefits | 44,569 | 45,709 |
Policyholder dividends | 3,040 | 2,961 |
Underwriting, acquisition and insurance expenses | 37,714 | 35,541 |
Interest expense | 1,212 | 1,212 |
Other expenses | 4,358 | 4,530 |
Total benefits and expenses | 145,312 | 145,761 |
Income before equity method investments, income taxes and noncontrolling interest | 34,354 | 32,185 |
Income taxes | (11,069) | (10,384) |
Equity income, net of related income taxes | 2,652 | 1,769 |
Net income | 25,937 | 23,570 |
Net loss (gain) attributable to noncontrolling interest | 9 | 21 |
Net income attributable to FBL Financial Group, Inc. | $ 25,946 | $ 23,591 |
Earnings per common share | $ 1.04 | $ 0.95 |
Earnings per common share - assuming dilution | 1.04 | 0.94 |
Cash dividends per common share | 2.42 | 2.40 |
Regular quarterly cash dividend [Member] | ||
Benefits and expenses: | ||
Cash dividends per common share | 0.42 | 0.40 |
Special cash dividend [Member] | ||
Benefits and expenses: | ||
Cash dividends per common share | $ 2 | $ 2 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Net income | $ 25,937 | $ 23,570 | |
Change in net unrealized investment gains/losses | [1] | 72,203 | 29,187 |
Non-credit impairment losses | [1] | (952) | 0 |
Change in underfunded status of other postretirement benefit plans | [1] | 135 | 231 |
Total other comprehensive income, net of tax | [1] | 71,386 | 29,418 |
Comprehensive income | 97,323 | 52,988 | |
Comprehensive loss attributable to noncontrolling interest | 9 | 21 | |
Comprehensive income attributable to FBL Financial Group, Inc. | $ 97,332 | $ 53,009 | |
[1] | Other comprehensive income 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 Chan
Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | |
Balance at Dec. 31, 2014 | $ 1,252,882 | $ 3,000 | $ 144,697 | $ 258,410 | $ 846,737 | $ 38 | |
Net income | 23,570 | 23,591 | (21) | ||||
Other comprehensive income | 29,418 | [1] | 29,418 | ||||
Issurance of common stock under compensation plans | 2,682 | 2,682 | |||||
Purchase of common stock | 0 | ||||||
Dividends on preferred stock | (38) | (38) | |||||
Dividends on common stock | (59,440) | (59,440) | |||||
Receipts related to noncontrolling interest | 14 | 14 | |||||
Balance at Mar. 31, 2015 | 1,249,088 | 3,000 | 147,379 | 287,828 | 810,850 | 31 | |
Balance at Dec. 31, 2015 | 1,134,474 | 3,000 | 149,320 | 114,532 | 867,574 | 48 | |
Net income | 25,937 | 25,946 | (9) | ||||
Other comprehensive income | 71,386 | [1] | 71,386 | ||||
Issurance of common stock under compensation plans | 1,535 | 1,535 | |||||
Purchase of common stock | (40) | (4) | (36) | ||||
Dividends on preferred stock | (38) | (38) | |||||
Dividends on common stock | (60,105) | (60,105) | |||||
Receipts related to noncontrolling interest | 3 | 3 | |||||
Balance at Mar. 31, 2016 | $ 1,173,152 | $ 3,000 | $ 150,851 | $ 185,918 | $ 833,341 | $ 42 | |
[1] | Other comprehensive income 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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 25,937 | $ 23,570 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Interest credited to account balances | 37,317 | 37,964 |
Charges for mortality, surrenders and administration | (27,603) | (26,977) |
Net realized losses on investments | 607 | 366 |
Change in fair value of derivatives | 1,582 | (97) |
Increase in liabilities for life insurance and other future policy benefits | 20,715 | 16,184 |
Deferral of policy acquisition costs | (9,941) | (10,354) |
Amortization of deferred acquisition costs and value of insurance in force | 10,224 | 9,054 |
Change in reinsurance recoverable | (1,049) | (5,669) |
Provision for deferred income taxes | 1,213 | 2,036 |
Other | (11,603) | (281) |
Net cash provided by (used in) operating activities | 47,399 | 45,796 |
Sales, maturities or repayments: | ||
Fixed maturities - available for sale | 102,822 | 123,134 |
Equity securities - available for sale | 600 | 420 |
Mortgage loans | 9,007 | 14,257 |
Derivative instruments | 65 | 1,078 |
Policy loans | 9,185 | 9,222 |
Securities and indebtedness of related parties | 5,866 | 4,892 |
Acquisitions: | ||
Fixed maturity securities - available for sale | (103,354) | (179,351) |
Equity securities - available for sale | (1,326) | (8,130) |
Mortgage loans | (34,057) | (58,235) |
Derivative instruments | (1,715) | (896) |
Policy loans | (10,360) | (9,152) |
Securities and indebtedness of related parties | (2,219) | (7,956) |
Short-term investments, net change | 14,928 | 25,323 |
Purchases and disposals of property and equipment, net | (1,427) | (3,443) |
Net cash used in investing activities | (11,985) | (88,837) |
Financing activities | ||
Contract holder account deposits | 127,190 | 196,491 |
Contract holder account withdrawals | (94,709) | (128,679) |
Repayments of debt | (15,000) | 0 |
Receipts related to noncontrolling interests, net | 3 | 14 |
Excess tax deductions on stock-based compensation | 244 | 620 |
Proceeds from (Repurchase of) Equity | 958 | 1,717 |
Dividends paid | (60,143) | (59,478) |
Net cash provided by (used in) financing activities | (41,457) | 10,685 |
Decrease in cash and cash equivalents | (6,043) | (32,356) |
Cash and cash equivalents, beginning of period | 29,490 | 76,632 |
Cash and cash equivalents, end of period | 23,447 | 44,276 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for interest | 1,216 | 1,213 |
Cash paid during the period for income taxes | $ 1 | $ 2,001 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of FBL Financial Group, Inc. (we or the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Our financial statements include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of our financial position and results of operations. Operating results for the quarter ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . We encourage you to refer to our consolidated financial statements and notes for the year ended December 31, 2015 included in our Annual Report on Form 10-K for a complete description of our material accounting policies. Also included in the Form 10-K is a description of areas of judgments and estimates and other information necessary to understand our financial position and results of operations. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (FASB) issued guidance that amends existing consolidation guidance. The decision to consolidate an entity that a company has an ownership stake in is based on one of two consolidation models: the voting interest entity model and the variable interest entity model. The new guidance revises certain criteria used to determine which consolidation model to use, as well as the criteria considered in each model to determine whether consolidation is required. We adopted the new guidance on January 1, 2016. Adoption of the guidance had no impact on our financial statements as it did not alter any of our prior consolidation decisions. Adoption did result in certain entities which were previously evaluated under the voting interest entity model to be evaluated under the variable interest entity model. See Note 2 for details regarding our variable interest entities. In March 2016, the FASB adopted guidance that will impact the accounting for share-based compensation. The guidance will impact several areas including the accounting for excess tax benefits and deficiencies, classification of excess tax benefits within the consolidated statement of cash flows, and the accounting for forfeitures. The guidance becomes effective for fiscal years beginning after December 15, 2016. Certain requirements must be adopted prospectively, while others are required to be adopted on a modified prospective basis, or retroactively. We are currently evaluating the impact of this new guidance on our consolidated financial statements. In January 2016, the FASB issued guidance that 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 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 February 2016, the FASB issued a new lease accounting standard, which, for most lessees, will result in a gross-up of the balance sheet. Under the new standard, lessees will recognize the leased assets on the balance sheet and will recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are a number of accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption. The guidance becomes effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The new standard will be applied as of the beginning of the earliest comparative period presented in the financial statements (date of initial application). We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Investment Operations
Investment Operations | 3 Months Ended |
Mar. 31, 2016 | |
Investment Operations [Abstract] | |
Investment Operations | Investment Operations Fixed Maturity and Equity Securities Available-For-Sale Fixed Maturity and Equity Securities by Investment Category March 31, 2016 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) $ 3,452,908 $ 258,227 $ (97,954 ) $ 3,613,181 $ 154 Residential mortgage-backed 418,814 38,147 (2,768 ) 454,193 (1,582 ) Commercial mortgage-backed 523,358 58,253 (1,476 ) 580,135 — Other asset-backed 592,785 11,518 (10,066 ) 594,237 2,850 United States Government and agencies 40,637 3,715 (1 ) 44,351 — State, municipal and other governments 1,342,587 160,169 (196 ) 1,502,560 — Total fixed maturities $ 6,371,089 $ 530,029 $ (112,461 ) $ 6,788,657 $ 1,422 Equity securities: Non-redeemable preferred stocks $ 95,041 $ 6,873 $ (1,626 ) $ 100,288 Common stocks 30,096 400 (29 ) 30,467 Total equity securities $ 125,137 $ 7,273 $ (1,655 ) $ 130,755 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 (1) Non-credit losses, subsequent to the initial impairment measurement date, on other-than-temporary impairment (OTTI) losses 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 March 31, 2016 and December 31, 2015 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 carrying value of $31.1 million at March 31, 2016 and $43.5 million at December 31, 2015 . Corporate securities also include redeemable preferred stock with a carrying value of $25.3 million at March 31, 2016 and $24.8 million at December 31, 2015 . Available-For-Sale Fixed Maturities by Maturity Date March 31, 2016 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 69,531 $ 70,600 Due after one year through five years 758,676 812,294 Due after five years through ten years 760,987 795,877 Due after ten years 3,246,938 3,481,321 4,836,132 5,160,092 Mortgage-backed and other asset-backed 1,534,957 1,628,565 Total fixed maturities $ 6,371,089 $ 6,788,657 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 March 31, December 31, (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 417,568 $ 257,857 Equity securities - available for sale 5,618 5,331 423,186 263,188 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (123,606 ) (73,735 ) Value of insurance in force acquired (3,304 ) (3,087 ) Unearned revenue reserve 6,135 3,352 Adjustments for assumed changes in policyholder liabilities (7,166 ) (4,090 ) Provision for deferred income taxes (103,321 ) (64,955 ) Net unrealized investment gains $ 191,924 $ 120,673 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 March 31, 2016 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 $ 632,232 $ (48,204 ) $ 180,810 $ (49,750 ) $ 813,042 $ (97,954 ) 87.1 % Residential mortgage-backed 19,945 (225 ) 25,376 (2,543 ) 45,321 (2,768 ) 2.5 Commercial mortgage-backed 26,171 (1,280 ) 2,350 (196 ) 28,521 (1,476 ) 1.3 Other asset-backed 252,009 (4,984 ) 71,884 (5,082 ) 323,893 (10,066 ) 8.9 United States Government and agencies 750 (1 ) — — 750 (1 ) — State, municipal and other governments 18,404 (196 ) — — 18,404 (196 ) 0.2 Total fixed maturities $ 949,511 $ (54,890 ) $ 280,420 $ (57,571 ) $ 1,229,931 $ (112,461 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 15,837 $ (1,126 ) $ 4,500 $ (500 ) $ 20,337 $ (1,626 ) Common stocks 2,546 (29 ) — — 2,546 (29 ) Total equity securities $ 18,383 $ (1,155 ) $ 4,500 $ (500 ) $ 22,883 $ (1,655 ) 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 Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated 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 stocks 1,428 (41 ) — — 1,428 (41 ) Total equity securities $ 22,708 $ (614 ) $ 4,400 $ (600 ) $ 27,108 $ (1,214 ) Fixed maturities in the above tables include 370 securities from 304 issuers at March 31, 2016 and 542 securities from 435 issuers at December 31, 2015 . 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 March 31, 2016 . Corporate securities: The largest unrealized losses were in the energy sector ( $266.5 million fair value and $56.3 million unrealized loss) and the basic industrial sector ( $137.1 million fair value and $18.2 million unrealized loss). The largest unrealized losses in the energy sector were in the midstream ( $81.6 million fair value and $17.9 million unrealized loss) and the oil field services ( $48.8 million fair value and $16.9 million unrealized loss) sub-sectors. The largest unrealized losses in the basic industrial sector were in the metal/mining ( $69.4 million fair value and $13.7 million unrealized loss) and the chemicals ( $55.0 million fair value and $4.0 million unrealized loss) sub-sectors. The majority of losses were attributable to credit spread widening across the energy sector and metal/mining sub-sector 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 and then increased to $38.34 on March 31, 2016. 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. 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 OTTIs 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 $4.6 million at March 31, 2016 , 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 March 31, 2016 was $1.5 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 $0.8 million . 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 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 an OTTI. In determining whether or not an unrealized loss is an 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 . Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities Three months ended March 31, 2016 2015 (Dollars in thousands) Balance at beginning of period $ (11,498 ) $ (16,772 ) Increases to previously impaired investments (2,172 ) — Reductions due to investments sold 310 159 Balance at end of period $ (13,360 ) $ (16,613 ) The table above sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which a portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. Realized Gains (Losses) - Recorded in Income Three months ended March 31, 2016 2015 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 1,590 $ 220 Gross losses — (586 ) 1,590 (366 ) Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) (2,172 ) — Other credit-related (25 ) — Net realized losses on investments recorded in income $ (607 ) $ (366 ) (1) Amount represents the credit-related losses recognized for fixed maturities that were impaired to the present value of estimated future cash flows 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). Proceeds from sales of fixed maturities totaled $8.9 million during the three months ended March 31, 2016 and $17.3 million during the three months ended March 31, 2015 . Realized gains and losses on sales of investments are determined on the basis of specific identification. Mortgage Loans Our mortgage loan portfolio consists 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 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 March 31, 2016 and December 31, 2015 , there were no non-performing loans over 90 days past due on contractual payments. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. 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. Mortgage Loans by Collateral Type March 31, 2016 December 31, 2015 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 351,022 45.6 % $ 333,400 44.8 % Retail 226,639 29.5 227,039 30.5 Industrial 141,344 18.4 133,085 17.9 Other 50,382 6.5 50,779 6.8 Total $ 769,387 100.0 % $ 744,303 100.0 % Mortgage Loans by Geographic Location within the United States March 31, 2016 December 31, 2015 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 233,986 30.4 % $ 233,522 31.4 % Pacific 106,219 13.8 100,188 13.4 West North Central 101,433 13.2 102,555 13.8 East North Central 84,554 11.0 86,019 11.5 Mountain 77,650 10.1 78,750 10.6 West South Central 68,363 8.9 66,677 9.0 Other 97,182 12.6 76,592 10.3 Total $ 769,387 100.0 % $ 744,303 100.0 % Mortgage Loans by Loan-to-Value Ratio March 31, 2016 December 31, 2015 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 260,642 33.9 % $ 264,605 35.6 % 51% - 60% 196,653 25.6 169,045 22.7 61% - 70% 250,207 32.4 234,544 31.5 71% - 80% 52,882 6.9 67,072 9.0 81% - 90% 9,003 1.2 9,037 1.2 Total $ 769,387 100.0 % $ 744,303 100.0 % 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 March 31, 2016 December 31, 2015 Year of Origination Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2016 $ 34,049 4.3 % $ — — % 2015 153,675 20.0 154,582 20.9 2014 82,864 10.8 83,546 11.2 2013 79,155 10.3 79,879 10.7 2012 65,154 8.5 65,817 8.8 2011 and prior 354,490 46.1 360,479 48.4 Total $ 769,387 100.0 % $ 744,303 100.0 % Impaired Mortgage Loans March 31, 2016 December 31, 2015 (Dollars in thousands) Unpaid principal balance $ 21,707 $ 21,766 Less: Related allowance (851 ) (851 ) Discount (40 ) (87 ) Carrying value of impaired mortgage loans $ 20,816 $ 20,828 Allowance on Mortgage Loans March 31, 2016 December 31, 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 851 $ 857 Charge offs — (6 ) Balance at end of period $ 851 $ 851 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 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 the first quarter of 2016 or of 2015. Low Income Housing Tax Credit Investments (LIHTC) We invest in non-guaranteed federal LIHTC, which are included in securities and indebtedness of related parties on the balance sheet. The carrying value of these investments totaled $94.3 million at March 31, 2016 and $94.2 million at December 31, 2015. There were no impairment losses recorded on these investments during the first quarter of 2016 or 2015. 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Equity losses from LIHTC $ (1,539 ) $ (1,845 ) Income benefits: Tax benefits from equity losses 539 646 Investment tax credits 3,450 3,187 Equity income from LIHTC, net of related income benefits $ 2,450 $ 1,988 At March 31, 2016 , 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 $29.5 million , including $6.8 million for LIHTC commitments, which are summarized by year in the following table. LIHTC Commitments by year March 31, 2016 (Dollars in thousands) 2016 $ 5,405 2017 899 2018-2024 468 Total $ 6,772 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. After determining that a VIE exists, we review our involvement in the VIE to determine whether we have both the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the rights to receive benefits that could be potentially significant to the VIE. This analysis included a review of the purpose and design of the VIE as well as the role that we played in the formation of the entity and how that role could impact our ability to control the VIE. We also review the activities and decisions considered significant to the economic performance of the VIE and assess what power we have in directing those activities and decisions. Finally, we review the agreements in place to determine if there are any guarantees that would affect our maximum exposure to loss. We have reviewed the circumstances surrounding our investments in our VIEs, which are classified as securities and indebtedness of related parties and consist of non-guaranteed federal LIHTC, limited partnerships or limited liability companies accounted for under the equity method. In addition, we have reviewed the ownership interests in our VIEs and determined that we do not hold direct majority ownership or have other contractual rights (such as kick out rights) that give us effective control over these entities resulting in us having both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The maximum loss exposure relative to our VIEs is limited to the carry value and any unfunded commitments that exist for each particular VIE. Based on this analysis, none of our VIEs were required to be consolidated for any reporting periods presented in this Form 10-Q. In adopting the new guidance referred to in Note 1, additional entities were deemed to be VIEs, and are disclosed below for both periods presented. There were no circumstances that occurred during the reporting period that resulted in any changes in our decision not to consolidate any of our VIEs. We also have not provided additional support or other guarantees that was not previously contractually required (financial or otherwise) to any of the VIEs as of March 31, 2016 or December 31, 2015. VIE Investments by category March 31, 2016 December 31, 2015 Carrying Value Maximum Exposure to Loss Carrying Value (1) Maximum Exposure to Loss (1) (Dollars in thousands) LIHTC $ 94,310 $ 101,082 $ 94,170 $ 102,626 Investment companies 14,969 29,825 20,004 35,604 Real estate limited partnerships 9,044 15,088 9,554 15,610 Other 635 2,445 637 2,448 Total $ 118,958 $ 148,440 $ 124,365 $ 156,288 (1) Prior year values have been restated for comparability with the amounts as presented under the new accounting guidance discussed in Note 1. 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 $11.0 million at March 31, 2016 and $9.9 million at December 31, 2015 . At March 31, 2016 , 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 $2.3 million at March 31, 2016 , 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 that provide an economic hedge for our index contracts. Derivative liabilities totaled $10.7 million at March 31, 2016 and $9.4 million at December 31, 2015 and include derivatives embedded within our index contracts and derivatives embedded within our modified coinsurance agreements. The net gain or loss recognized on these derivatives is included in net investment income and interest sensitive benefits. Net gain (loss) recognized on these derivatives totaled $(1.2) million for the quarter ended March 31, 2016 and $0.3 million for the quarter ended March 31, 2015 . |
Fair Values
Fair Values | 3 Months Ended |
Mar. 31, 2016 | |
Fair Values [Abstract] | |
Fair Value | Fair Values The carrying and estimated fair values of our financial instruments are as follows: Fair Values and Carrying Values March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 6,788,657 $ 6,788,657 $ 6,637,776 $ 6,637,776 Equity securities - available for sale 130,755 130,755 121,667 121,667 Mortgage loans 769,387 819,166 744,303 780,624 Policy loans 186,959 240,315 185,784 230,153 Other investments 3,992 5,255 2,331 2,331 Cash, cash equivalents and short-term investments 36,770 36,770 57,741 57,741 Reinsurance recoverable 2,741 2,741 2,636 2,636 Assets held in separate accounts 607,739 607,739 625,257 625,257 Fair Values and Carrying Values (continued) March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Liabilities Future policy benefits $ 3,788,720 $ 3,696,482 $ 3,750,186 $ 3,618,145 Supplementary contracts without life contingencies 340,322 345,016 339,929 339,717 Advance premiums and other deposits 252,367 252,367 245,269 245,269 Short-term debt — — 15,000 15,000 Long-term debt 97,000 64,864 97,000 68,133 Other liabilities — — 56 56 Liabilities related to separate accounts 607,739 603,549 625,257 620,676 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 into 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 Government sponsored agencies, state and municipal 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 that 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 that 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 measured at fair value on a recurring basis include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Level 3 other investments, which are not measured at fair value on a recurring basis, include a promissory note that is priced internally using a discounted cash flow based on our assessment of the credit risk of the borrower. 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 that 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 that 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 March 31, 2016 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 $ — $ 3,563,649 $ 49,532 $ 3,613,181 Residential mortgage-backed securities — 454,193 — 454,193 Commercial mortgage-backed securities — 490,977 89,158 580,135 Other asset-backed securities — 536,181 58,056 594,237 United States Government and agencies 14,745 20,692 8,914 44,351 State, municipal and other governments — 1,500,059 2,501 1,502,560 Non-redeemable preferred stocks — 92,702 7,586 100,288 Common stocks 5,810 24,657 — 30,467 Other investments — 3,393 — 3,393 Cash, cash equivalents and short-term investments 36,770 — — 36,770 Reinsurance recoverable — 2,741 — 2,741 Assets held in separate accounts 607,739 — — 607,739 Total assets $ 665,064 $ 6,689,244 $ 215,747 $ 7,570,055 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 10,650 $ 10,650 Total liabilities $ — $ — $ 10,650 $ 10,650 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 Level 3 Fixed Maturities by Valuation Source - Recurring Basis March 31, 2016 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 9,120 $ 40,412 $ 49,532 Commercial mortgage-backed securities 89,158 — 89,158 Other asset-backed securities 37,492 20,564 58,056 United States Government and agencies — 8,914 8,914 State, municipal and other governments 2,501 — 2,501 Total $ 138,271 $ 69,890 $ 208,161 Percent of total 66.4 % 33.6 % 100.0 % December 31, 2015 Third-party vendors Priced internally Total (Dollars in thousands) Corporate securities $ 17,208 $ 31,868 $ 49,076 Residential mortgage-backed securities — 3,729 3,729 Commercial mortgage-backed securities 88,180 — 88,180 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 % Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis March 31, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 41,978 Discounted cash flow Credit spread 1.29% - 22.94% (12.80%) Commercial mortgage-backed 74,074 Discounted cash flow Credit spread 1.20% - 4.35% (3.30%) Other asset-backed securities 19,164 Discounted cash flow Credit spread 1.11% - 7.38% (5.13%) United States Government and agencies 8,914 Discounted cash flow Credit spread 2.50% (2.50%) States, municipal and other governments 2,501 Discounted cash flow Credit spread 1.89% (1.89%) Non-redeemable preferred stocks 7,586 Discounted cash flow Credit spread 5.11% (5.11%) Total Assets $ 154,217 Liabilities Future policy benefits - index annuity embedded derivatives $ 10,650 Discounted cash flow Credit risk Risk margin 0.80% - 2.45% (1.60%) 0.15% - 0.40% (0.25%) 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 8,727 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 $ 134,543 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 Discounted cash flow Credit risk 0.80% - 2.25% (1.45%) 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 March 31, 2016 Realized and unrealized gains (losses), net Balance, December 31, 2015 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, March 31, 2016 (Dollars in thousands) Assets Corporate securities $ 49,076 $ 2,000 $ (2,180 ) $ — $ (1,584 ) $ 9,354 $ (7,125 ) $ (9 ) $ 49,532 Residential mortgage-backed securities 3,729 — (3,722 ) — (137 ) — — 130 — Commercial mortgage-backed securities 88,180 — (219 ) — 2,487 — (1,335 ) 45 89,158 Other asset-backed securities 55,557 12,999 (807 ) — 147 920 (10,762 ) 2 58,056 United States Government and agencies 8,726 — — — 186 — — 2 8,914 State, municipal and other governments — — — — 108 2,393 — — 2,501 Non-redeemable preferred stocks 7,471 — — — 115 — — — 7,586 Total Assets $ 212,739 $ 14,999 $ (6,928 ) $ — $ 1,322 $ 12,667 $ (19,222 ) $ 170 $ 215,747 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 $ 1,208 $ (314 ) $ 382 $ — $ — $ — $ — $ 10,650 Total Liabilities $ 9,374 $ 1,208 $ (314 ) $ 382 $ — $ — $ — $ — $ 10,650 Level 3 Financial Instruments Changes in Fair Value - Recurring Basis March 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, March 31, 2015 (Dollars in thousands) Assets Corporate securities $ 64,239 $ 2,993 $ (3,613 ) $ — $ (4,190 ) $ 14,165 $ — $ 105 $ 73,699 Residential mortgage-backed securities — 5,052 — — (6 ) — — — 5,046 Commercial mortgage-backed securities 77,891 — (193 ) — 780 — — 24 78,502 Other asset-backed securities 116,141 19,742 (3,876 ) — (77 ) — (39,095 ) 53 92,888 United States Government and agencies 9,065 — — — 89 — — 2 9,156 Non-redeemable preferred stocks 8,054 — — — 298 — — — 8,352 Total Assets $ 275,390 $ 27,787 $ (7,682 ) $ — $ (3,106 ) $ 14,165 $ (39,095 ) $ 184 $ 267,643 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 $ 1,067 $ (183 ) $ 26 $ — $ — $ — $ — $ 9,591 Total Liabilities $ 8,681 $ 1,067 $ (183 ) $ 26 $ — $ — $ — $ — $ 9,591 (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 March 31, 2016 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 $ — $ — $ 819,166 $ 819,166 Policy loans — — 240,315 240,315 Other investments — — 1,862 1,862 Total assets $ — $ — $ 1,061,343 $ 1,061,343 Liabilities Future policy benefits $ — $ — $ 3,685,832 $ 3,685,832 Supplementary contracts without life contingencies — — 345,016 345,016 Advance premiums and other deposits — — 252,367 252,367 Long-term debt — — 64,864 64,864 Liabilities related to separate accounts — — 603,549 603,549 Total liabilities $ — $ — $ 4,951,628 $ 4,951,628 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 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 that have been deemed to be impaired during the reporting period. There were no mortgage loans or real estate impaired to fair value during the quarters ended March 31, 2016 or March 31, 2015. |
Defined Benefit Plan
Defined Benefit Plan | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Plan [Abstract] | |
Defined Benefit Plan | Defined Benefit Plan We participate with several affiliates and an unaffiliated organization in various defined benefit plans, including a multiemployer plan. Our share of net periodic pension cost for the plans is recorded as expense in our consolidated statements of operations. Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Multiemployer Plan Three months ended March 31, 2016 2015 (Dollars in thousands) Service cost $ 1,448 $ 1,488 Interest cost 3,612 3,300 Expected return on assets (4,466 ) (4,463 ) Amortization of prior service cost 36 36 Amortization of actuarial loss 2,358 2,598 Net periodic pension cost $ 2,988 $ 2,959 FBL Financial Group, Inc. share of net periodic pension costs $ 952 $ 959 Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Other Plans Three months ended March 31, 2016 2015 (Dollars in thousands) Service cost $ 84 $ 109 Interest cost 241 250 Amortization of prior service cost — (3 ) Amortization of actuarial loss 230 382 Net periodic pension cost $ 555 $ 738 FBL Financial Group, Inc. share of net periodic pension costs $ 315 $ 418 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note | Stockholders' Equity Share Repurchases During 2014 and 2016, our Board of Directors approved programs to repurchase our Class A common stock. These repurchase programs 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. In connection with the Class A repurchase programs, we repurchased 720 shares for less than $0.1 million during the three months ended March 31, 2016 and we made no repurchases during the three months ended March 31, 2015 . At March 31, 2016 , $50.0 million remains available for repurchase under the program announced in 2016. 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 that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. Special Dividend In March 2016, the Board of Directors approved a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $49.7 million . 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 . Reconciliation of Outstanding Common Stock Class A Class B Total Shares Dollars Shares Dollars Shares Dollars (Dollars in thousands) Outstanding at January 1, 2015 24,703,903 $ 144,625 11,413 $ 72 24,715,316 $ 144,697 Issuance of common stock under compensation plans 81,568 2,682 — — 81,568 2,682 Purchase of common stock — — — — — — Outstanding at March 31, 2015 24,785,471 $ 147,307 11,413 $ 72 24,796,884 $ 147,379 Outstanding at January 1, 2016 24,796,763 $ 149,248 11,413 $ 72 24,808,176 $ 149,320 Issuance of common stock under compensation plans 44,850 1,535 — — 44,850 1,535 Purchase of common stock (720 ) (4 ) — — (720 ) (4 ) Outstanding at March 31, 2016 24,840,893 $ 150,779 11,413 $ 72 24,852,306 $ 150,851 Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Balance at January 1, 2015 $ 266,211 $ 1,131 $ (8,932 ) $ 258,410 Other comprehensive income before reclassifications 28,515 425 — 28,940 Reclassification adjustments 247 — 231 478 Balance at March 31, 2015 $ 294,973 $ 1,556 $ (8,701 ) $ 287,828 Balance at January 1, 2016 $ 120,787 $ (114 ) $ (6,141 ) $ 114,532 Other comprehensive income before reclassifications 71,283 1,991 — 73,274 Reclassification adjustments (1,071 ) $ (952 ) 135 (1,888 ) Balance at March 31, 2016 $ 190,999 $ 925 $ (6,006 ) $ 185,918 (1) Includes 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. Accumulated Other Comprehensive Income Reclassification Adjustments Three months ended March 31, 2016 Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Realized capital losses on sales of investments $ (1,590 ) $ — $ — $ (1,590 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities (58 ) 58 — — Other-than-temporary impairment losses — (1,522 ) — (1,522 ) Other expenses: Change in unrecognized postretirement items: Net actuarial loss — — 208 208 Reclassifications before income taxes (1,648 ) (1,464 ) 208 (2,904 ) Income taxes 577 512 (73 ) 1,016 Reclassification adjustments $ (1,071 ) $ (952 ) $ 135 $ (1,888 ) Three months ended March 31, 2015 Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Realized capital losses on sales of investments $ 366 $ — $ — $ 366 Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 14 — — 14 Other expenses: Change in unrecognized postretirement items: Prior service costs — — (3 ) (3 ) Net actuarial loss — — 358 358 Reclassifications before income taxes 380 — 355 735 Income taxes (133 ) — (124 ) (257 ) Reclassification adjustments $ 247 $ — $ 231 $ 478 (1) See Note 2 for further information. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Computation of Earnings per Common Share Three months ended March 31, 2016 2015 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 25,946 $ 23,591 Less: Dividends on Series B preferred stock 38 38 Income available to common stockholders $ 25,908 $ 23,553 Denominator: Weighted average shares - basic 24,949,840 24,899,278 Effect of dilutive securities - stock-based compensation 57,957 109,300 Weighted average shares - diluted 25,007,797 25,008,578 Earnings per common share $ 1.04 $ 0.95 Earnings per common share - assuming dilution: $ 1.04 $ 0.94 There were no antidilutive stock options outstanding in either period presented. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Segment Information | 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. 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 quarter to quarter. 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 life insurance 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Operating revenues: Annuity $ 52,179 $ 52,759 Life Insurance 103,603 102,010 Corporate and Other 23,424 23,705 179,206 178,474 Net realized losses on investments (1) (607 ) (366 ) Change in net unrealized gains/losses on derivatives (1) 1,067 (162 ) Consolidated revenues $ 179,666 $ 177,946 Pre-tax operating income: Annuity $ 17,148 $ 17,088 Life Insurance 14,071 9,785 Corporate and Other 2,489 3,496 33,708 30,369 Income taxes on operating income (7,390 ) (6,554 ) Net realized gains/losses on investments (1) (397 ) (247 ) Change in net unrealized gains/losses on derivatives (1) 25 23 Consolidated net income attributable to FBL Financial Group, Inc. $ 25,946 $ 23,591 (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. 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 March 31, 2016 and December 31, 2015 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, includes premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $173.2 million for the quarter ended March 31, 2016 and $166.2 million for the same period in 2015 . 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 71,713 $ 71,215 Premiums collected on interest sensitive products (21,036 ) (23,691 ) Traditional life insurance premiums collected 50,677 47,524 Change in due premiums and other (539 ) (376 ) Traditional life insurance premiums $ 50,138 $ 47,148 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Annuity Surrender charges and other $ 942 $ 613 Life Insurance Administration charges $ 3,504 $ 3,697 Cost of insurance charges 11,825 11,492 Surrender charges 216 217 Amortization of policy initiation fees 228 499 Total $ 15,773 $ 15,905 Corporate and Other Administration charges $ 1,441 $ 1,517 Cost of insurance charges 7,516 7,424 Surrender charges 26 108 Separate account charges 1,978 2,239 Amortization of policy initiation fees 435 315 Total $ 11,396 $ 11,603 Consolidated interest sensitive product charges $ 28,111 $ 28,121 |
Investment Operations (Tables)
Investment Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment Operations [Abstract] | |
Available-for-sale Securities [Table Text Block] | Available-For-Sale Fixed Maturity and Equity Securities by Investment Category March 31, 2016 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) $ 3,452,908 $ 258,227 $ (97,954 ) $ 3,613,181 $ 154 Residential mortgage-backed 418,814 38,147 (2,768 ) 454,193 (1,582 ) Commercial mortgage-backed 523,358 58,253 (1,476 ) 580,135 — Other asset-backed 592,785 11,518 (10,066 ) 594,237 2,850 United States Government and agencies 40,637 3,715 (1 ) 44,351 — State, municipal and other governments 1,342,587 160,169 (196 ) 1,502,560 — Total fixed maturities $ 6,371,089 $ 530,029 $ (112,461 ) $ 6,788,657 $ 1,422 Equity securities: Non-redeemable preferred stocks $ 95,041 $ 6,873 $ (1,626 ) $ 100,288 Common stocks 30,096 400 (29 ) 30,467 Total equity securities $ 125,137 $ 7,273 $ (1,655 ) $ 130,755 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 (1) Non-credit losses, subsequent to the initial impairment measurement date, on other-than-temporary impairment (OTTI) losses 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 March 31, 2016 and December 31, 2015 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 carrying value of $31.1 million at March 31, 2016 and $43.5 million at December 31, 2015 . Corporate securities also include redeemable preferred stock with a carrying value of $25.3 million at March 31, 2016 and $24.8 million at December 31, 2015 . Available-For-Sale Fixed Maturities by Maturity Date March 31, 2016 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 69,531 $ 70,600 Due after one year through five years 758,676 812,294 Due after five years through ten years 760,987 795,877 Due after ten years 3,246,938 3,481,321 4,836,132 5,160,092 Mortgage-backed and other asset-backed 1,534,957 1,628,565 Total fixed maturities $ 6,371,089 $ 6,788,657 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available-For-Sale Fixed Maturities by Maturity Date March 31, 2016 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 69,531 $ 70,600 Due after one year through five years 758,676 812,294 Due after five years through ten years 760,987 795,877 Due after ten years 3,246,938 3,481,321 4,836,132 5,160,092 Mortgage-backed and other asset-backed 1,534,957 1,628,565 Total fixed maturities $ 6,371,089 $ 6,788,657 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. |
Unrealized Gain (Loss) on Investments [Table Text Block] | Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income March 31, December 31, (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 417,568 $ 257,857 Equity securities - available for sale 5,618 5,331 423,186 263,188 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (123,606 ) (73,735 ) Value of insurance in force acquired (3,304 ) (3,087 ) Unearned revenue reserve 6,135 3,352 Adjustments for assumed changes in policyholder liabilities (7,166 ) (4,090 ) Provision for deferred income taxes (103,321 ) (64,955 ) Net unrealized investment gains $ 191,924 $ 120,673 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. |
Schedule of Unrealized Loss on Investments [Table Text Block] | Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time March 31, 2016 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 $ 632,232 $ (48,204 ) $ 180,810 $ (49,750 ) $ 813,042 $ (97,954 ) 87.1 % Residential mortgage-backed 19,945 (225 ) 25,376 (2,543 ) 45,321 (2,768 ) 2.5 Commercial mortgage-backed 26,171 (1,280 ) 2,350 (196 ) 28,521 (1,476 ) 1.3 Other asset-backed 252,009 (4,984 ) 71,884 (5,082 ) 323,893 (10,066 ) 8.9 United States Government and agencies 750 (1 ) — — 750 (1 ) — State, municipal and other governments 18,404 (196 ) — — 18,404 (196 ) 0.2 Total fixed maturities $ 949,511 $ (54,890 ) $ 280,420 $ (57,571 ) $ 1,229,931 $ (112,461 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 15,837 $ (1,126 ) $ 4,500 $ (500 ) $ 20,337 $ (1,626 ) Common stocks 2,546 (29 ) — — 2,546 (29 ) Total equity securities $ 18,383 $ (1,155 ) $ 4,500 $ (500 ) $ 22,883 $ (1,655 ) 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 Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated 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 stocks 1,428 (41 ) — — 1,428 (41 ) Total equity securities $ 22,708 $ (614 ) $ 4,400 $ (600 ) $ 27,108 $ (1,214 ) Fixed maturities in the above tables include 370 securities from 304 issuers at March 31, 2016 and 542 securities from 435 issuers at December 31, 2015 . 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 March 31, 2016 . Corporate securities: The largest unrealized losses were in the energy sector ( $266.5 million fair value and $56.3 million unrealized loss) and the basic industrial sector ( $137.1 million fair value and $18.2 million unrealized loss). The largest unrealized losses in the energy sector were in the midstream ( $81.6 million fair value and $17.9 million unrealized loss) and the oil field services ( $48.8 million fair value and $16.9 million unrealized loss) sub-sectors. The largest unrealized losses in the basic industrial sector were in the metal/mining ( $69.4 million fair value and $13.7 million unrealized loss) and the chemicals ( $55.0 million fair value and $4.0 million unrealized loss) sub-sectors. The majority of losses were attributable to credit spread widening across the energy sector and metal/mining sub-sector 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 and then increased to $38.34 on March 31, 2016. 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. 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 OTTIs 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 $4.6 million at March 31, 2016 , 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 March 31, 2016 was $1.5 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 $0.8 million . |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | 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 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 an OTTI. In determining whether or not an unrealized loss is an 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 . Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities Three months ended March 31, 2016 2015 (Dollars in thousands) Balance at beginning of period $ (11,498 ) $ (16,772 ) Increases to previously impaired investments (2,172 ) — Reductions due to investments sold 310 159 Balance at end of period $ (13,360 ) $ (16,613 ) The table above sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which a portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. |
Realized Gain (Loss) on Investments [Table Text Block] | Realized Gains (Losses) - Recorded in Income Three months ended March 31, 2016 2015 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 1,590 $ 220 Gross losses — (586 ) 1,590 (366 ) Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) (2,172 ) — Other credit-related (25 ) — Net realized losses on investments recorded in income $ (607 ) $ (366 ) (1) Amount represents the credit-related losses recognized for fixed maturities that were impaired to the present value of estimated future cash flows 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). Proceeds from sales of fixed maturities totaled $8.9 million during the three months ended March 31, 2016 and $17.3 million during the three months ended March 31, 2015 . Realized gains and losses on sales of investments are determined on the basis of specific identification. |
Mortgage Loans by Colateral Type [Table Text Block] | Mortgage Loans by Collateral Type March 31, 2016 December 31, 2015 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 351,022 45.6 % $ 333,400 44.8 % Retail 226,639 29.5 227,039 30.5 Industrial 141,344 18.4 133,085 17.9 Other 50,382 6.5 50,779 6.8 Total $ 769,387 100.0 % $ 744,303 100.0 % |
Mortgage Loans by Geograpic Location [Table Text Block] | Mortgage Loans by Geographic Location within the United States March 31, 2016 December 31, 2015 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 233,986 30.4 % $ 233,522 31.4 % Pacific 106,219 13.8 100,188 13.4 West North Central 101,433 13.2 102,555 13.8 East North Central 84,554 11.0 86,019 11.5 Mountain 77,650 10.1 78,750 10.6 West South Central 68,363 8.9 66,677 9.0 Other 97,182 12.6 76,592 10.3 Total $ 769,387 100.0 % $ 744,303 100.0 % |
Mortgage Loans by loan to value ratio [Table Text Block] | Mortgage Loans by Loan-to-Value Ratio March 31, 2016 December 31, 2015 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 260,642 33.9 % $ 264,605 35.6 % 51% - 60% 196,653 25.6 169,045 22.7 61% - 70% 250,207 32.4 234,544 31.5 71% - 80% 52,882 6.9 67,072 9.0 81% - 90% 9,003 1.2 9,037 1.2 Total $ 769,387 100.0 % $ 744,303 100.0 % 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 [Table Text Block] | Mortgage Loans by Year of Origination March 31, 2016 December 31, 2015 Year of Origination Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2016 $ 34,049 4.3 % $ — — % 2015 153,675 20.0 154,582 20.9 2014 82,864 10.8 83,546 11.2 2013 79,155 10.3 79,879 10.7 2012 65,154 8.5 65,817 8.8 2011 and prior 354,490 46.1 360,479 48.4 Total $ 769,387 100.0 % $ 744,303 100.0 % |
Impaired Financing Receivables [Table Text Block] | Impaired Mortgage Loans March 31, 2016 December 31, 2015 (Dollars in thousands) Unpaid principal balance $ 21,707 $ 21,766 Less: Related allowance (851 ) (851 ) Discount (40 ) (87 ) Carrying value of impaired mortgage loans $ 20,816 $ 20,828 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance on Mortgage Loans March 31, 2016 December 31, 2015 2016 2015 (Dollars in thousands) Balance at beginning of period $ 851 $ 857 Charge offs — (6 ) Balance at end of period $ 851 $ 851 |
Affordable Housing Program [Text Block] | We invest in non-guaranteed federal LIHTC, which are included in securities and indebtedness of related parties on the balance sheet. The carrying value of these investments totaled $94.3 million at March 31, 2016 and $94.2 million at December 31, 2015. There were no impairment losses recorded on these investments during the first quarter of 2016 or 2015. 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Equity losses from LIHTC $ (1,539 ) $ (1,845 ) Income benefits: Tax benefits from equity losses 539 646 Investment tax credits 3,450 3,187 Equity income from LIHTC, net of related income benefits $ 2,450 $ 1,988 At March 31, 2016 , 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 $29.5 million , including $6.8 million for LIHTC commitments, which are summarized by year in the following table. LIHTC Commitments by year March 31, 2016 (Dollars in thousands) 2016 $ 5,405 2017 899 2018-2024 468 Total $ 6,772 |
Schedule of Variable Interest Entities [Table Text Block] | VIE Investments by category March 31, 2016 December 31, 2015 Carrying Value Maximum Exposure to Loss Carrying Value (1) Maximum Exposure to Loss (1) (Dollars in thousands) LIHTC $ 94,310 $ 101,082 $ 94,170 $ 102,626 Investment companies 14,969 29,825 20,004 35,604 Real estate limited partnerships 9,044 15,088 9,554 15,610 Other 635 2,445 637 2,448 Total $ 118,958 $ 148,440 $ 124,365 $ 156,288 (1) Prior year values have been restated for comparability with the amounts as presented under the new accounting guidance discussed in Note 1. |
Fair Values (Tables)
Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Values [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Values and Carrying Values March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 6,788,657 $ 6,788,657 $ 6,637,776 $ 6,637,776 Equity securities - available for sale 130,755 130,755 121,667 121,667 Mortgage loans 769,387 819,166 744,303 780,624 Policy loans 186,959 240,315 185,784 230,153 Other investments 3,992 5,255 2,331 2,331 Cash, cash equivalents and short-term investments 36,770 36,770 57,741 57,741 Reinsurance recoverable 2,741 2,741 2,636 2,636 Assets held in separate accounts 607,739 607,739 625,257 625,257 Fair Values and Carrying Values (continued) March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Liabilities Future policy benefits $ 3,788,720 $ 3,696,482 $ 3,750,186 $ 3,618,145 Supplementary contracts without life contingencies 340,322 345,016 339,929 339,717 Advance premiums and other deposits 252,367 252,367 245,269 245,269 Short-term debt — — 15,000 15,000 Long-term debt 97,000 64,864 97,000 68,133 Other liabilities — — 56 56 Liabilities related to separate accounts 607,739 603,549 625,257 620,676 |
Valuation of our Financial Instruments Measured on Recurring Basis by hierarchy levels [Table Text Block] | Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels March 31, 2016 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 $ — $ 3,563,649 $ 49,532 $ 3,613,181 Residential mortgage-backed securities — 454,193 — 454,193 Commercial mortgage-backed securities — 490,977 89,158 580,135 Other asset-backed securities — 536,181 58,056 594,237 United States Government and agencies 14,745 20,692 8,914 44,351 State, municipal and other governments — 1,500,059 2,501 1,502,560 Non-redeemable preferred stocks — 92,702 7,586 100,288 Common stocks 5,810 24,657 — 30,467 Other investments — 3,393 — 3,393 Cash, cash equivalents and short-term investments 36,770 — — 36,770 Reinsurance recoverable — 2,741 — 2,741 Assets held in separate accounts 607,739 — — 607,739 Total assets $ 665,064 $ 6,689,244 $ 215,747 $ 7,570,055 Liabilities Future policy benefits - index annuity embedded derivatives $ — $ — $ 10,650 $ 10,650 Total liabilities $ — $ — $ 10,650 $ 10,650 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 |
Level 3 fixed maturities on Measurement on Recurring Basis by Valuation Technique [Table Text Block] | Level 3 Fixed Maturities by Valuation Source - Recurring Basis March 31, 2016 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 9,120 $ 40,412 $ 49,532 Commercial mortgage-backed securities 89,158 — 89,158 Other asset-backed securities 37,492 20,564 58,056 United States Government and agencies — 8,914 8,914 State, municipal and other governments 2,501 — 2,501 Total $ 138,271 $ 69,890 $ 208,161 Percent of total 66.4 % 33.6 % 100.0 % December 31, 2015 Third-party vendors Priced internally Total (Dollars in thousands) Corporate securities $ 17,208 $ 31,868 $ 49,076 Residential mortgage-backed securities — 3,729 3,729 Commercial mortgage-backed securities 88,180 — 88,180 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 % |
Quantitative Information about Level 3 Fair Value Measurement Inputs [Text Block] | Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis March 31, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 41,978 Discounted cash flow Credit spread 1.29% - 22.94% (12.80%) Commercial mortgage-backed 74,074 Discounted cash flow Credit spread 1.20% - 4.35% (3.30%) Other asset-backed securities 19,164 Discounted cash flow Credit spread 1.11% - 7.38% (5.13%) United States Government and agencies 8,914 Discounted cash flow Credit spread 2.50% (2.50%) States, municipal and other governments 2,501 Discounted cash flow Credit spread 1.89% (1.89%) Non-redeemable preferred stocks 7,586 Discounted cash flow Credit spread 5.11% (5.11%) Total Assets $ 154,217 Liabilities Future policy benefits - index annuity embedded derivatives $ 10,650 Discounted cash flow Credit risk Risk margin 0.80% - 2.45% (1.60%) 0.15% - 0.40% (0.25%) 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 8,727 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 $ 134,543 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 Discounted cash flow Credit risk 0.80% - 2.25% (1.45%) 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 March 31, 2016 Realized and unrealized gains (losses), net Balance, December 31, 2015 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, March 31, 2016 (Dollars in thousands) Assets Corporate securities $ 49,076 $ 2,000 $ (2,180 ) $ — $ (1,584 ) $ 9,354 $ (7,125 ) $ (9 ) $ 49,532 Residential mortgage-backed securities 3,729 — (3,722 ) — (137 ) — — 130 — Commercial mortgage-backed securities 88,180 — (219 ) — 2,487 — (1,335 ) 45 89,158 Other asset-backed securities 55,557 12,999 (807 ) — 147 920 (10,762 ) 2 58,056 United States Government and agencies 8,726 — — — 186 — — 2 8,914 State, municipal and other governments — — — — 108 2,393 — — 2,501 Non-redeemable preferred stocks 7,471 — — — 115 — — — 7,586 Total Assets $ 212,739 $ 14,999 $ (6,928 ) $ — $ 1,322 $ 12,667 $ (19,222 ) $ 170 $ 215,747 Liabilities Future policy benefits - index annuity embedded derivatives $ 9,374 $ 1,208 $ (314 ) $ 382 $ — $ — $ — $ — $ 10,650 Total Liabilities $ 9,374 $ 1,208 $ (314 ) $ 382 $ — $ — $ — $ — $ 10,650 Level 3 Financial Instruments Changes in Fair Value - Recurring Basis March 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, March 31, 2015 (Dollars in thousands) Assets Corporate securities $ 64,239 $ 2,993 $ (3,613 ) $ — $ (4,190 ) $ 14,165 $ — $ 105 $ 73,699 Residential mortgage-backed securities — 5,052 — — (6 ) — — — 5,046 Commercial mortgage-backed securities 77,891 — (193 ) — 780 — — 24 78,502 Other asset-backed securities 116,141 19,742 (3,876 ) — (77 ) — (39,095 ) 53 92,888 United States Government and agencies 9,065 — — — 89 — — 2 9,156 Non-redeemable preferred stocks 8,054 — — — 298 — — — 8,352 Total Assets $ 275,390 $ 27,787 $ (7,682 ) $ — $ (3,106 ) $ 14,165 $ (39,095 ) $ 184 $ 267,643 Liabilities Future policy benefits - index annuity embedded derivatives $ 8,681 $ 1,067 $ (183 ) $ 26 $ — $ — $ — $ — $ 9,591 Total Liabilities $ 8,681 $ 1,067 $ (183 ) $ 26 $ — $ — $ — $ — $ 9,591 (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 March 31, 2016 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 $ — $ — $ 819,166 $ 819,166 Policy loans — — 240,315 240,315 Other investments — — 1,862 1,862 Total assets $ — $ — $ 1,061,343 $ 1,061,343 Liabilities Future policy benefits $ — $ — $ 3,685,832 $ 3,685,832 Supplementary contracts without life contingencies — — 345,016 345,016 Advance premiums and other deposits — — 252,367 252,367 Long-term debt — — 64,864 64,864 Liabilities related to separate accounts — — 603,549 603,549 Total liabilities $ — $ — $ 4,951,628 $ 4,951,628 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 |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Defined Benefit Plan [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Multiemployer Plan Three months ended March 31, 2016 2015 (Dollars in thousands) Service cost $ 1,448 $ 1,488 Interest cost 3,612 3,300 Expected return on assets (4,466 ) (4,463 ) Amortization of prior service cost 36 36 Amortization of actuarial loss 2,358 2,598 Net periodic pension cost $ 2,988 $ 2,959 FBL Financial Group, Inc. share of net periodic pension costs $ 952 $ 959 Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Other Plans Three months ended March 31, 2016 2015 (Dollars in thousands) Service cost $ 84 $ 109 Interest cost 241 250 Amortization of prior service cost — (3 ) Amortization of actuarial loss 230 382 Net periodic pension cost $ 555 $ 738 FBL Financial Group, Inc. share of net periodic pension costs $ 315 $ 418 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
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, 2015 24,703,903 $ 144,625 11,413 $ 72 24,715,316 $ 144,697 Issuance of common stock under compensation plans 81,568 2,682 — — 81,568 2,682 Purchase of common stock — — — — — — Outstanding at March 31, 2015 24,785,471 $ 147,307 11,413 $ 72 24,796,884 $ 147,379 Outstanding at January 1, 2016 24,796,763 $ 149,248 11,413 $ 72 24,808,176 $ 149,320 Issuance of common stock under compensation plans 44,850 1,535 — — 44,850 1,535 Purchase of common stock (720 ) (4 ) — — (720 ) (4 ) Outstanding at March 31, 2016 24,840,893 $ 150,779 11,413 $ 72 24,852,306 $ 150,851 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Balance at January 1, 2015 $ 266,211 $ 1,131 $ (8,932 ) $ 258,410 Other comprehensive income before reclassifications 28,515 425 — 28,940 Reclassification adjustments 247 — 231 478 Balance at March 31, 2015 $ 294,973 $ 1,556 $ (8,701 ) $ 287,828 Balance at January 1, 2016 $ 120,787 $ (114 ) $ (6,141 ) $ 114,532 Other comprehensive income before reclassifications 71,283 1,991 — 73,274 Reclassification adjustments (1,071 ) $ (952 ) 135 (1,888 ) Balance at March 31, 2016 $ 190,999 $ 925 $ (6,006 ) $ 185,918 (1) Includes 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. |
Disclosure of Reclassification Amount [Text Block] | Accumulated Other Comprehensive Income Reclassification Adjustments Three months ended March 31, 2016 Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Realized capital losses on sales of investments $ (1,590 ) $ — $ — $ (1,590 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities (58 ) 58 — — Other-than-temporary impairment losses — (1,522 ) — (1,522 ) Other expenses: Change in unrecognized postretirement items: Net actuarial loss — — 208 208 Reclassifications before income taxes (1,648 ) (1,464 ) 208 (2,904 ) Income taxes 577 512 (73 ) 1,016 Reclassification adjustments $ (1,071 ) $ (952 ) $ 135 $ (1,888 ) Three months ended March 31, 2015 Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Status of Postretirement Benefit Plans Total (Dollars in thousands) Realized capital losses on sales of investments $ 366 $ — $ — $ 366 Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 14 — — 14 Other expenses: Change in unrecognized postretirement items: Prior service costs — — (3 ) (3 ) Net actuarial loss — — 358 358 Reclassifications before income taxes 380 — 355 735 Income taxes (133 ) — (124 ) (257 ) Reclassification adjustments $ 247 $ — $ 231 $ 478 (1) See Note 2 for further information. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Computation of Earnings per Common Share Three months ended March 31, 2016 2015 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 25,946 $ 23,591 Less: Dividends on Series B preferred stock 38 38 Income available to common stockholders $ 25,908 $ 23,553 Denominator: Weighted average shares - basic 24,949,840 24,899,278 Effect of dilutive securities - stock-based compensation 57,957 109,300 Weighted average shares - diluted 25,007,797 25,008,578 Earnings per common share $ 1.04 $ 0.95 Earnings per common share - assuming dilution: $ 1.04 $ 0.94 There were no antidilutive stock options outstanding in either period presented. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial Information Concerning our Operating Segments Three months ended March 31, 2016 2015 (Dollars in thousands) Operating revenues: Annuity $ 52,179 $ 52,759 Life Insurance 103,603 102,010 Corporate and Other 23,424 23,705 179,206 178,474 Net realized losses on investments (1) (607 ) (366 ) Change in net unrealized gains/losses on derivatives (1) 1,067 (162 ) Consolidated revenues $ 179,666 $ 177,946 Pre-tax operating income: Annuity $ 17,148 $ 17,088 Life Insurance 14,071 9,785 Corporate and Other 2,489 3,496 33,708 30,369 Income taxes on operating income (7,390 ) (6,554 ) Net realized gains/losses on investments (1) (397 ) (247 ) Change in net unrealized gains/losses on derivatives (1) 25 23 Consolidated net income attributable to FBL Financial Group, Inc. $ 25,946 $ 23,591 (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. |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 71,713 $ 71,215 Premiums collected on interest sensitive products (21,036 ) (23,691 ) Traditional life insurance premiums collected 50,677 47,524 Change in due premiums and other (539 ) (376 ) Traditional life insurance premiums $ 50,138 $ 47,148 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 Three months ended March 31, 2016 2015 (Dollars in thousands) Annuity Surrender charges and other $ 942 $ 613 Life Insurance Administration charges $ 3,504 $ 3,697 Cost of insurance charges 11,825 11,492 Surrender charges 216 217 Amortization of policy initiation fees 228 499 Total $ 15,773 $ 15,905 Corporate and Other Administration charges $ 1,441 $ 1,517 Cost of insurance charges 7,516 7,424 Surrender charges 26 108 Separate account charges 1,978 2,239 Amortization of policy initiation fees 435 315 Total $ 11,396 $ 11,603 Consolidated interest sensitive product charges $ 28,111 $ 28,121 |
Investment Operations Available
Investment Operations Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 6,371,089 | $ 6,379,919 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 125,137 | 116,336 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,229,931 | 1,768,798 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 6,371,089 | 6,379,919 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 530,029 | 412,919 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (112,461) | (155,062) | |
Available-for-sale securities | 6,788,657 | 6,637,776 | |
Non-credit losses on other-than-temporary impairments | [1] | 1,422 | (175) |
Corporate | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 813,042 | 1,231,054 | |
Amortized Cost | 3,452,908 | 3,464,402 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 258,227 | 192,149 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (97,954) | (137,844) | |
Available-for-sale securities | 3,613,181 | 3,518,707 | |
Non-credit losses on other-than-temporary impairments | 154 | 351 | |
Hybrid preferred securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities | 31,100 | 43,500 | |
Redeemable Preferred Stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities | 25,300 | 24,800 | |
Residential mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 45,321 | 48,183 | |
Amortized Cost | 418,814 | 436,969 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 38,147 | 33,880 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (2,768) | (5,343) | |
Available-for-sale securities | 454,193 | 465,506 | |
Non-credit losses on other-than-temporary impairments | (1,582) | (3,584) | |
Commercial mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,521 | 56,081 | |
Amortized Cost | 523,358 | 514,195 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 58,253 | 42,284 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,476) | (2,487) | |
Available-for-sale securities | 580,135 | 553,992 | |
Non-credit losses on other-than-temporary impairments | 0 | 0 | |
Other asset backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 323,893 | 350,693 | |
Amortized Cost | 592,785 | 578,692 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 11,518 | 11,554 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (10,066) | (7,124) | |
Available-for-sale securities | 594,237 | 583,122 | |
Non-credit losses on other-than-temporary impairments | 2,850 | 3,058 | |
United States Government and agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 750 | 4,807 | |
Amortized Cost | 40,637 | 41,050 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 3,715 | 3,129 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1) | (81) | |
Available-for-sale securities | 44,351 | 44,098 | |
Non-credit losses on other-than-temporary impairments | 0 | 0 | |
State, municipal and other government [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18,404 | 77,980 | |
Amortized Cost | 1,342,587 | 1,344,611 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 160,169 | 129,923 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (196) | (2,183) | |
Available-for-sale securities | 1,502,560 | 1,472,351 | |
Non-credit losses on other-than-temporary impairments | 0 | 0 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 22,883 | 27,108 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 125,137 | 116,336 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,273 | 6,545 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 1,655 | 1,214 | |
Available-for-sale securities | 130,755 | 121,667 | |
Non-redeemable preferred stock [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,337 | 25,680 | |
Amortized Cost | 95,041 | 87,029 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,873 | 6,095 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 1,626 | 1,173 | |
Available-for-sale securities | 100,288 | 91,951 | |
Common Stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,546 | 1,428 | |
Amortized Cost | 30,096 | 29,307 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 400 | 450 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 29 | 41 | |
Available-for-sale securities | $ 30,467 | $ 29,716 | |
[1] | Non-credit losses, subsequent to the initial impairment measurement date, on other-than-temporary impairment (OTTI) losses 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 March 31, 2016 and December 31, 2015 due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. |
Investment Operations Availab23
Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, amortized cost basis | $ 69,531 | |
Due after one year through five years, amortized cost basis | 758,676 | |
Due after five years through ten years, amortized cost basis | 760,987 | |
Due after ten years, amortized cost basis | 3,246,938 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 4,836,132 | |
Mortgage-backed and other asset-backed, amortized cost basis | 1,534,957 | |
Total fixed maturities, amortized cost basis | 6,371,089 | $ 6,379,919 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, fair value | 70,600 | |
Due after one year through five years, fair value | 812,294 | |
Due after five years through ten years, fair value | 795,877 | |
Due after ten years, fair value | 3,481,321 | |
Total fixed maturities with maturity date, fair value | 5,160,092 | |
Mortgage-backed and other asset-backed, fair value | 1,628,565 | |
Total fixed maturities, fair value | $ 6,788,657 | $ 6,637,776 |
Investment Operations Net Unrea
Investment Operations Net Unrealized Gains (Losses) on Investments in AOCI (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Net Unrealized Gains Losses [Line Items] | |||||
Assumed changes in amortization of DAC | $ (123,606) | $ (73,735) | |||
Assumed changes in amortization pattern of VIIF | (3,304) | (3,087) | |||
Assumed changes in amortization pattern of URR | 6,135 | 3,352 | |||
Assumed change in policyholder liability | 7,166 | 4,090 | |||
Provision for deferred income taxes | (103,321) | (64,955) | |||
Accumulated other comprehensive income | 185,918 | 114,532 | $ 287,828 | $ 258,410 | |
Debt Securities [Member] | |||||
Net Unrealized Gains Losses [Line Items] | |||||
Unrealized appreciation on fixed maturities available for sale | 417,568 | 257,857 | |||
Equity Securities [Member] | |||||
Net Unrealized Gains Losses [Line Items] | |||||
Unrealized appreciation on fixed maturities available for sale | 5,618 | 5,331 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Net Unrealized Gains Losses [Line Items] | |||||
Unrealized appreciation on fixed maturities available for sale | 423,186 | 263,188 | |||
Accumulated other comprehensive income | [1] | $ 191,924 | $ 120,673 | ||
[1] | Includes 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. |
Investment Operations Unrealize
Investment Operations Unrealized Losses by Length of Time (Details) $ in Thousands | Mar. 31, 2016USD ($)issuerssecurities | Dec. 31, 2015USD ($)issuerssecurities |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 370 | 542 |
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers | issuers | 304 | 435 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 632,232 | $ 1,115,324 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (48,204) | (96,062) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 180,810 | 115,730 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (49,750) | (41,782) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 813,042 | 1,231,054 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (97,954) | $ (137,844) |
percent of total | 87.10% | 88.90% |
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer | $ 4,600 | |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 19,945 | $ 21,646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (225) | (725) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 25,376 | 26,537 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,543) | (4,618) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 45,321 | 48,183 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,768) | $ (5,343) |
percent of total | 2.50% | 3.40% |
Commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 26,171 | $ 48,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,280) | (1,947) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,350 | 7,657 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (196) | (540) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,521 | 56,081 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,476) | $ (2,487) |
percent of total | 1.30% | 1.60% |
Other asset backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 252,009 | $ 285,395 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,984) | (3,323) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 71,884 | 65,298 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5,082) | (3,801) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 323,893 | 350,693 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (10,066) | $ (7,124) |
percent of total | 8.90% | 4.60% |
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 | $ 750 | $ 4,807 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | (81) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 750 | 4,807 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) | $ (81) |
percent of total | 0.00% | 0.10% |
State, municipal and other government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 18,404 | $ 77,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (196) | (2,183) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18,404 | 77,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (196) | $ (2,183) |
percent of total | 0.20% | 1.40% |
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 | $ 949,511 | $ 1,553,576 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (54,890) | (104,321) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 280,420 | 215,222 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (57,571) | (50,741) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,229,931 | 1,768,798 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (112,461) | $ (155,062) |
percent of total | 100.00% | 100.00% |
Non-redeemable preferred stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 15,837 | $ 21,280 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,126) | (573) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,500 | 4,400 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (500) | (600) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,337 | 25,680 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,626) | (1,173) |
Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,546 | 1,428 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (29) | (41) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,546 | 1,428 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (29) | (41) |
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 | 18,383 | 22,708 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,155) | (614) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,500 | 4,400 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (500) | (600) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 22,883 | 27,108 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,655) | $ (1,214) |
Commercial mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer | 1,500 | |
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by security | 800 | |
Energy sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 266,500 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (56,300) | |
Oil Field Services [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 48,800 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (16,900) | |
Midstream Sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 81,600 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (17,900) | |
basic industrial sector [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 137,100 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (18,200) | |
metal/mining [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 69,400 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (13,700) | |
Chemicals [Member] | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 55,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (4,000) |
Investment Operations Credit lo
Investment Operations Credit loss component of Other-than-temporary Impairments on Fixed Maturities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at beginning of period | $ (11,498) | $ (16,772) |
Increases to previously impaired assets | (2,172) | 0 |
Reductions due to securities sold | 310 | 159 |
Balance at end of period | $ (13,360) | $ (16,613) |
Investment Operations Realized
Investment Operations Realized Gains (Losses) - Recorded in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | ||
Net realized capital gains on sales of investments | $ 1,590 | $ (366) |
Net impairment loss recognized in earnings | (2,197) | 0 |
Realized gains (losses) on investments recorded in income | (607) | (366) |
Proceeds from Sale of Available-for-sale Securities | 8,900 | 17,300 |
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross gains - fixed maturities - available for sale | 1,590 | 220 |
Gross losses - fixed maturities - available for sale | 0 | (586) |
Credit related [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Net impairment loss recognized in earnings | (2,172) | 0 |
Other credit-related [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Net impairment loss recognized in earnings | $ (25) | $ 0 |
Investment Operations Mortgage
Investment Operations Mortgage Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 769,387 | $ 744,303 |
Percentage of Mortgage Loans | 100.00% | 100.00% |
Year of origination 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 34,049 | $ 0 |
Percentage of Mortgage Loans | 4.30% | 0.00% |
Year of origination 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 153,675 | $ 154,582 |
Percentage of Mortgage Loans | 20.00% | 20.90% |
Year of origination 2014 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 82,864 | $ 83,546 |
Percentage of Mortgage Loans | 10.80% | 11.20% |
Year of origination 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 79,155 | $ 79,879 |
Percentage of Mortgage Loans | 10.30% | 10.70% |
Year of origination 2012 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 65,154 | $ 65,817 |
Percentage of Mortgage Loans | 8.50% | 8.80% |
Year of origination prior [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 354,490 | $ 360,479 |
Percentage of Mortgage Loans | 46.10% | 48.40% |
0% to 50% loan to value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 260,642 | $ 264,605 |
Percentage of Mortgage Loans | 33.90% | 35.60% |
51% to 60% loan-to-value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 196,653 | $ 169,045 |
Percentage of Mortgage Loans | 25.60% | 22.70% |
61% to 70% loan-to-value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 250,207 | $ 234,544 |
Percentage of Mortgage Loans | 32.40% | 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 | $ 52,882 | $ 67,072 |
Percentage of Mortgage Loans | 6.90% | 9.00% |
81% to 90% loan to value [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 9,003 | $ 9,037 |
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 | $ 233,986 | $ 233,522 |
Percentage of Mortgage Loans | 30.40% | 31.40% |
Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 106,219 | $ 100,188 |
Percentage of Mortgage Loans | 13.80% | 13.40% |
West North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 101,433 | $ 102,555 |
Percentage of Mortgage Loans | 13.20% | 13.80% |
East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 84,554 | $ 86,019 |
Percentage of Mortgage Loans | 11.00% | 11.50% |
Mountain [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 77,650 | $ 78,750 |
Percentage of Mortgage Loans | 10.10% | 10.60% |
West South Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 68,363 | $ 66,677 |
Percentage of Mortgage Loans | 8.90% | 9.00% |
Other geographical locations [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 97,182 | $ 76,592 |
Percentage of Mortgage Loans | 12.60% | 10.30% |
Investment Geographic Region [Domain] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 769,387 | $ 744,303 |
Percentage of Mortgage Loans | 100.00% | 100.00% |
Office [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 351,022 | $ 333,400 |
Percentage of Mortgage Loans | 45.60% | 44.80% |
Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 226,639 | $ 227,039 |
Percentage of Mortgage Loans | 29.50% | 30.50% |
Industrial [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 141,344 | $ 133,085 |
Percentage of Mortgage Loans | 18.40% | 17.90% |
Other property type [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 50,382 | $ 50,779 |
Percentage of Mortgage Loans | 6.50% | 6.80% |
Investment Operations Impaired
Investment Operations Impaired mortgage loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | $ 21,707 | $ 21,766 | ||
Financing Receivable, Allowance for Credit Losses | (851) | (851) | $ (851) | $ (857) |
Debt Instrument, Unamortized Discount | (40) | (87) | ||
Impaired Financing Receivable, Recorded Investment | $ 20,816 | $ 20,828 |
Investment Operations Allowance
Investment Operations Allowance on Mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 851 | $ 857 |
Charge offs | 0 | (6) |
Balance at end of period | $ 851 | $ 851 |
Investment Operations LIHTC Inv
Investment Operations LIHTC Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 129,300 | $ 134,570 | |
Investment Tax Credit | 3,450 | $ 3,187 | |
Income (Loss) from Equity Method Investments | 2,652 | 1,769 | |
Affordable Housing Tax Credit Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 94,300 | $ 94,200 | |
Income (Loss) from Affordable Housing Projects, Equity Method Investments | (1,539) | (1,845) | |
Tax impact of Income from Equity Method Investments | 539 | 646 | |
Income (Loss) from Equity Method Investments | $ 2,450 | $ 1,988 |
Investment Operations Other (De
Investment Operations Other (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Summary of Investment Holdings [Line Items] | |
Other Commitment | $ 29,500 |
Qualified Affordable Housing Project Investments, Commitment | 6,772 |
Affordable Housing Tax Credit Investments [Member] | |
Summary of Investment Holdings [Line Items] | |
Other Commitment, Due in Next Twelve Months | 5,405 |
Other Commitment, Due in Second Year | 899 |
Other Commitment, Due in Third Year | $ 468 |
Investment Operations Commitmen
Investment Operations Commitments (Details) $ in Millions | Mar. 31, 2016USD ($) |
Long-term Purchase Commitment [Line Items] | |
Other Commitment | $ 29.5 |
Investment Operations Variable
Investment Operations Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 118,958 | $ 124,365 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 148,440 | 156,288 |
Low income housing tax credits [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 94,310 | 94,170 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 101,082 | 102,626 |
Investment companies [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 14,969 | 20,004 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 29,825 | 35,604 |
Real estate limited partnerships [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 9,044 | 9,554 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 15,088 | 15,610 |
Other VIE investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 635 | 637 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 2,445 | $ 2,448 |
Investment Operations Derivativ
Investment Operations Derivative instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets (incl in other investments) | $ 11 | $ 9.9 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0.4 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 2.3 | ||
Derivative Liabilities | 10.7 | $ 9.4 | |
Derivative, Gain (Loss) on Derivative, Net | $ (1.2) | $ 0.3 |
Fair Values Fair Value by Balan
Fair Values Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities, Debt Securities | $ 6,788,657 | $ 6,637,776 |
Available-for-sale Securities, Equity Securities | 130,755 | 121,667 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 769,387 | 744,303 |
Policy loans | 186,959 | 185,784 |
Other investments | 11,000 | 9,900 |
Assets held in separate accounts | 607,739 | 625,257 |
Liabilities related to separate accounts | 607,739 | 625,257 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 769,387 | 744,303 |
Policy loans | 186,959 | 185,784 |
Other investments | 3,992 | 2,331 |
Cash and short-term investments | 36,770 | 57,741 |
Reinsurance recoverable | 2,741 | 2,636 |
Assets held in separate accounts | 607,739 | 625,257 |
Future policy benefits | 3,788,720 | 3,750,186 |
Supplemental contracts without life contingencies | 340,322 | 339,929 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 15,000 | |
Long-term debt | 97,000 | 97,000 |
Other liabilities | 0 | 56 |
Liabilities related to separate accounts | 607,739 | 625,257 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,788,657 | 6,637,776 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities, Equity Securities | 130,755 | 121,667 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 819,166 | 780,624 |
Policy loans | 240,315 | 230,153 |
Other investments | 5,255 | 2,331 |
Cash and short-term investments | 36,770 | 57,741 |
Reinsurance recoverable | 2,741 | 2,636 |
Assets held in separate accounts | 607,739 | 625,257 |
Future policy benefits | 3,696,482 | 3,618,145 |
Supplemental contracts without life contingencies | 345,016 | 339,717 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 0 | 15,000 |
Long-term debt | 64,864 | 68,133 |
Other liabilities | 0 | 56 |
Liabilities related to separate accounts | 603,549 | 620,676 |
Estimate of Fair Value Measurement [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities, Debt Securities | 6,788,657 | 6,637,776 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities, Equity Securities | $ 130,755 | $ 121,667 |
Fair Values Valuation of Financ
Fair Values Valuation of Financial Instruments by Hierarchy Levels (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 11,000 | $ 9,900 |
Assets held in separate accounts | 607,739 | 625,257 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 5,255 | 2,331 |
Cash and short-term investments | 36,770 | 57,741 |
Reinsurance recoverable | 2,741 | 2,636 |
Assets held in separate accounts | 607,739 | 625,257 |
Future policy benefits - index annuity embedded derivatives | 3,696,482 | 3,618,145 |
Other liabilities | 0 | 56 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 3,393 | 2,331 |
Cash and short-term investments | 36,770 | 57,741 |
Reinsurance recoverable | 2,741 | 2,636 |
Assets held in separate accounts | 607,739 | 625,257 |
Assets, Fair Value Disclosure | 7,570,055 | 7,447,408 |
Future policy benefits - index annuity embedded derivatives | 10,650 | 9,374 |
Other liabilities | 56 | |
Total liabilities | 10,650 | 9,430 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Cash and short-term investments | 36,770 | 57,741 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 607,739 | 625,257 |
Future policy benefits - index annuity embedded derivatives | 0 | 0 |
Other liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 665,064 | 702,486 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 3,393 | 2,331 |
Cash and short-term investments | 0 | 0 |
Reinsurance recoverable | 2,741 | 2,636 |
Assets held in separate accounts | 0 | 0 |
Future policy benefits - index annuity embedded derivatives | 0 | 0 |
Other liabilities | 56 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 6,689,244 | 6,532,183 |
Total liabilities | 0 | 56 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Cash and short-term investments | 0 | 0 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Future policy benefits - index annuity embedded derivatives | 9,374 | |
Other liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 208,161 | 205,268 |
Assets, Fair Value Disclosure | 215,747 | 212,739 |
Total liabilities | 10,650 | 9,374 |
Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,613,181 | 3,518,707 |
Corporate securities | 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 | 3,613,181 | 3,518,707 |
Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,563,649 | 3,469,631 |
Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 49,532 | 49,076 |
Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 49,532 | 49,076 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 454,193 | 465,506 |
Residential mortgage-backed securities [Member] | 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 | 454,193 | 465,506 |
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 0 | 0 |
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 454,193 | 461,777 |
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 0 | 3,729 |
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,729 | |
Commercial mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 580,135 | 553,992 |
Commercial mortgage-backed securities [Member] | 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 | 580,135 | 553,992 |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 0 | 0 |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 490,977 | 465,812 |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 89,158 | 88,180 |
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 89,158 | 88,180 |
Other asset backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 594,237 | 583,122 |
Other asset backed securities [Member] | 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 | 594,237 | 583,122 |
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 0 | 0 |
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 536,181 | 527,565 |
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available-for-sale | 58,056 | 55,557 |
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 58,056 | 55,557 |
United States Government and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 44,351 | 44,098 |
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 | 44,351 | 44,098 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 14,745 | 14,760 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 20,692 | 20,612 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,914 | 8,726 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,914 | 8,726 |
State, municipal and other government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,502,560 | 1,472,351 |
State, municipal and other government [Member] | 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 | 1,502,560 | 1,472,351 |
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,500,059 | 1,472,351 |
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,501 | 0 |
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,501 | |
Non-redeemable preferred stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 100,288 | 91,951 |
Non-redeemable preferred stock [Member] | 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 | 100,288 | 91,951 |
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 92,702 | 84,480 |
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,586 | 7,471 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 30,467 | 29,716 |
Common Stock | 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 | 30,467 | 29,716 |
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 5,810 | 4,728 |
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 24,657 | 24,988 |
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Values Level 3 Fixed Matur
Fair Values Level 3 Fixed Maturitiies on a Recurring Basis by Valuation Source (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Corporate securities | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 3,613,181 | $ 3,518,707 |
percent of total | 87.10% | 88.90% |
Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 49,532 | $ 49,076 |
Residential mortgage-backed securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 454,193 | $ 465,506 |
percent of total | 2.50% | 3.40% |
Commercial mortgage-backed securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 580,135 | $ 553,992 |
percent of total | 1.30% | 1.60% |
Other asset backed securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 594,237 | $ 583,122 |
percent of total | 8.90% | 4.60% |
United States Government and agencies | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 44,351 | $ 44,098 |
percent of total | 0.00% | 0.10% |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 8,914 | $ 8,726 |
State, municipal and other government [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 1,502,560 | $ 1,472,351 |
percent of total | 0.20% | 1.40% |
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 2,501 | $ 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 7,570,055 | 7,447,408 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 215,747 | 212,739 |
Available-for-sale securities | $ 208,161 | $ 205,268 |
percent of total | 100.00% | 100.00% |
Estimate of Fair Value Measurement [Member] | Corporate securities | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 3,613,181 | $ 3,518,707 |
Estimate of Fair Value Measurement [Member] | Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 49,532 | 49,076 |
Estimate of Fair Value Measurement [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 3,729 | |
Estimate of Fair Value Measurement [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 89,158 | 88,180 |
Estimate of Fair Value Measurement [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 58,056 | 55,557 |
Estimate of Fair Value Measurement [Member] | United States Government and agencies | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 44,351 | 44,098 |
Estimate of Fair Value Measurement [Member] | United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 8,914 | 8,726 |
Estimate of Fair Value Measurement [Member] | State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 1,502,560 | 1,472,351 |
Estimate of Fair Value Measurement [Member] | State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 2,501 | |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 138,271 | $ 140,808 |
percent of total | 66.40% | 68.60% |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 9,120 | $ 17,208 |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 89,158 | 88,180 |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 37,492 | 35,420 |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 2,501 | |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 69,890 | $ 64,460 |
percent of total | 33.60% | 31.40% |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Corporate securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 40,412 | $ 31,868 |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 3,729 | |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 20,564 | 20,137 |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | 8,914 | $ 8,726 |
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Available-for-sale securities | $ 0 |
Fair Values Quantitative Inform
Fair Values Quantitative Information about Unobservable Measurement Inputs (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Future policy benefits - index annuity embedded derivatives | $ 9,374 | |
Index Annuity Embedded Derivatives [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Future policy benefits - index annuity embedded derivatives | $ 10,650 | $ 9,374 |
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% - 2.45% (1.60%) 0.15% - 0.40% (0.25%) | 0.80% - 2.25% (1.45%) 0.15% - 0.40% (0.25%) |
Corporate securities | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 41,978 | $ 33,508 |
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 | 1.29% - 22.94% (12.80%) | 1.16% - 17.50% (11.26%) |
Commercial mortgage-backed | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 74,074 | $ 71,100 |
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 | 1.20% - 4.35% (3.30%) | 1.10% - 4.15% (3.12%) |
Other asset backed securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 19,164 | $ 13,737 |
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 | 1.11% - 7.38% (5.13%) | 1.25% - 7.90% (5.61%) |
United States Government and agencies | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,914 | $ 8,727 |
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 | 2.50% (2.50%) | 2.59% (2.59%) |
State, municipal and other government [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 2,501 | |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Fair Value Measurements, Significant Assumptions | Credit spread | |
Input range and weighted average | 1.89% (1.89%) | |
Non-redeemable preferred stock [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 7,586 | $ 7,471 |
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 | 5.11% (5.11%) | 4.55% (4.55%) |
Asset fair value by technique [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 154,217 | $ 134,543 |
Fair Values Level 3 Financial I
Fair Values Level 3 Financial Instruments Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | $ 212,739 | $ 275,390 | ||
Purchases | 14,999 | 27,787 | ||
Disposals | (6,928) | (7,682) | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 1,322 | 3,106 | ||
Transfers Into Level 3 | [1] | 12,667 | 14,165 | |
Transfers out of Level 3 | [1] | (19,222) | (39,095) | |
Amortization included in net income | 170 | 184 | ||
Asset Balance, beginning of period | 215,747 | 267,643 | ||
Liability balance, beginning of period | 9,374 | 8,681 | ||
Purchases | 1,208 | 1,067 | ||
Settlements | (314) | (183) | ||
Realized and unrealized gains (losses), net, included in net income | 382 | (26) | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 0 | 0 | ||
Transfers Into Level 3 | [1] | 0 | 0 | |
Transfers out of Level 3 | [1] | 0 | 0 | |
Liability balance, end of period | 10,650 | 9,591 | ||
Corporate securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 49,076 | 64,239 | ||
Purchases | 2,000 | 2,993 | ||
Disposals | (2,180) | (3,613) | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | (1,584) | 4,190 | ||
Transfers Into Level 3 | 9,354 | 14,165 | ||
Transfers out of Level 3 | (7,125) | 0 | ||
Amortization included in net income | (9) | 105 | ||
Asset Balance, beginning of period | 49,532 | 73,699 | ||
Residential mortgage-backed securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 3,729 | 0 | ||
Purchases | 0 | 5,052 | ||
Disposals | (3,722) | 0 | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | (137) | 6 | ||
Transfers Into Level 3 | 0 | [1] | 0 | |
Transfers out of Level 3 | 0 | 0 | ||
Amortization included in net income | 130 | 0 | ||
Asset Balance, beginning of period | 0 | 5,046 | ||
Commercial mortgage-backed securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 88,180 | 77,891 | ||
Purchases | 0 | 0 | ||
Disposals | (219) | (193) | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 2,487 | (780) | ||
Transfers Into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (1,335) | 0 | ||
Amortization included in net income | 45 | 24 | ||
Asset Balance, beginning of period | 89,158 | 78,502 | ||
Other asset backed securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 55,557 | 116,141 | ||
Purchases | 12,999 | 19,742 | ||
Disposals | (807) | (3,876) | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 147 | 77 | ||
Transfers Into Level 3 | 920 | 0 | ||
Transfers out of Level 3 | (10,762) | (39,095) | ||
Amortization included in net income | 2 | 53 | ||
Asset Balance, beginning of period | 58,056 | 92,888 | ||
United States Government and agencies | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 8,726 | 9,065 | ||
Purchases | 0 | 0 | ||
Disposals | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 186 | (89) | ||
Transfers Into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Amortization included in net income | 2 | 2 | ||
Asset Balance, beginning of period | 8,914 | 9,156 | ||
State, municipal and other government [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 0 | |||
Purchases | 0 | |||
Disposals | 0 | |||
Realized and unrealized gains (losses), net, included in net income | 0 | |||
Realized and unrealized gains (losses), net, included in other comprehensive income | 108 | |||
Transfers Into Level 3 | 2,393 | |||
Transfers out of Level 3 | 0 | |||
Amortization included in net income | 0 | |||
Asset Balance, beginning of period | 2,501 | |||
Non-redeemable preferred stock [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset Balance, beginning of period | 7,471 | 8,054 | ||
Purchases | 0 | 0 | ||
Disposals | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in net income | 0 | 0 | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 115 | 298 | ||
Transfers Into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Amortization included in net income | 0 | 0 | ||
Asset Balance, beginning of period | 7,586 | 8,352 | ||
Index Annuity Embedded Derivatives [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Liability balance, beginning of period | 9,374 | 8,681 | ||
Purchases | 1,208 | 1,067 | ||
Settlements | (314) | (183) | ||
Realized and unrealized gains (losses), net, included in net income | 382 | (26) | ||
Realized and unrealized gains (losses), net, included in other comprehensive income | 0 | 0 | ||
Transfers Into Level 3 | [1] | 0 | 0 | |
Transfers out of Level 3 | [1] | 0 | 0 | |
Liability balance, end of period | $ 10,650 | $ 9,591 | ||
[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. |
Fair Values Valuation of Fina41
Fair Values Valuation of Financial Instruments not reported at fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 769,387 | $ 744,303 |
Policy loans | 186,959 | 185,784 |
Other investments | 11,000 | 9,900 |
Liabilities related to separate accounts | 607,739 | 625,257 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 819,166 | 780,624 |
Policy loans | 240,315 | 230,153 |
Other investments | 1,862 | |
Total assets | 1,061,343 | 1,010,777 |
Future policy benefits | 3,685,832 | 3,608,771 |
Supplemental contracts without life contingencies | 345,016 | 339,717 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 15,000 | |
Long-term debt | 64,864 | 68,133 |
Liabilities related to separate accounts | 603,549 | 620,676 |
Total liabilities | 4,951,628 | 4,897,566 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Other investments | 0 | 0 |
Future policy benefits | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 0 | 0 |
Policy loans | 0 | 0 |
Other investments | 0 | |
Total assets | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplemental contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short term debt, fair value disclosure | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Other investments | 3,393 | 2,331 |
Future policy benefits | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 0 | 0 |
Policy loans | 0 | 0 |
Other investments | 0 | |
Total assets | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplemental contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short term debt, fair value disclosure | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Other investments | 0 | 0 |
Future policy benefits | 9,374 | |
Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial Instruments Not Reported at Fair Value [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 819,166 | 780,624 |
Policy loans | 240,315 | 230,153 |
Other investments | 1,862 | |
Total assets | 1,061,343 | 1,010,777 |
Future policy benefits | 3,685,832 | 3,608,771 |
Supplemental contracts without life contingencies | 345,016 | 339,717 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 15,000 | |
Long-term debt | 64,864 | 68,133 |
Liabilities related to separate accounts | 603,549 | 620,676 |
Total liabilities | $ 4,951,628 | $ 4,897,566 |
Fair Values Level 3 Financial42
Fair Values Level 3 Financial Instruments Measured at Fair Value on a nonrecurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 769,387 | $ 744,303 |
Policy loans | 186,959 | 185,784 |
Liabilities related to separate accounts | 607,739 | 625,257 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
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 [Member] | ||
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 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits | 9,374 | |
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 on Real Estate, Commercial and Consumer, Net | 819,166 | 780,624 |
Policy loans | 240,315 | 230,153 |
Total assets | 1,061,343 | 1,010,777 |
Future policy benefits | 3,685,832 | 3,608,771 |
Supplemental contracts without life contingencies | 345,016 | 339,717 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 15,000 | |
Long-term debt | 64,864 | 68,133 |
Liabilities related to separate accounts | 603,549 | 620,676 |
Total liabilities | 4,951,628 | 4,897,566 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 0 | 0 |
Policy loans | 0 | 0 |
Total assets | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplemental contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short term debt, fair value disclosure | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 0 | 0 |
Policy loans | 0 | 0 |
Total assets | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplemental contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Short term debt, fair value disclosure | 0 | |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 819,166 | 780,624 |
Policy loans | 240,315 | 230,153 |
Total assets | 1,061,343 | 1,010,777 |
Future policy benefits | 3,685,832 | 3,608,771 |
Supplemental contracts without life contingencies | 345,016 | 339,717 |
Advance premiums and other deposits | 252,367 | 245,269 |
Short term debt, fair value disclosure | 15,000 | |
Long-term debt | 64,864 | 68,133 |
Liabilities related to separate accounts | 603,549 | 620,676 |
Total liabilities | $ 4,951,628 | $ 4,897,566 |
Defined Benefit Plan (Details)
Defined Benefit Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1,448 | $ 1,488 |
Interest cost | 3,612 | 3,300 |
Expected return on assets | (4,466) | (4,463) |
Amortization of prior service cost | 36 | 36 |
Amortization of actuarial loss | 2,358 | 2,598 |
Net periodic pension cost | 2,988 | 2,959 |
Net periodic pension cost individual entity share | 952 | 959 |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 84 | 109 |
Interest cost | 241 | 250 |
Amortization of prior service cost | 0 | (3) |
Amortization of actuarial loss | 230 | 382 |
Net periodic pension cost | 555 | 738 |
Net periodic pension cost individual entity share | $ 315 | $ 418 |
Stockholders Equity (Details)
Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 50,000 | |||
Common Stock Special Dividends Per Share Cash Paid | $ 2 | $ 2 | ||
Payment Of Special Cash Dividend | $ 49,700 | $ 49,500 | ||
Common Stock, Shares, Outstanding | 24,852,306 | 24,796,884 | 24,808,176 | 24,715,316 |
Common stock, without par value | $ 150,851 | $ 149,320 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 44,850 | 81,568 | ||
Issurance of common stock under compensation plans | $ 1,535 | $ 2,682 | ||
Stock Repurchased During Period, Shares | (720) | 0 | ||
Stock Repurchased During Period, Value | $ (40) | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 24,840,893 | 24,785,471 | 24,796,763 | 24,703,903 |
Common stock, without par value | $ 150,779 | $ 149,248 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 44,850 | 81,568 | ||
Stock Repurchased During Period, Shares | (720) | 0 | ||
Stock Repurchased During Period, Value | $ (100) | |||
Common Class B | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares, Outstanding | 11,413 | 11,413 | 11,413 | 11,413 |
Common stock, without par value | $ 72 | $ 72 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | 0 | ||
Stock Repurchased During Period, Shares | 0 | 0 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | $ 147,379 | $ 144,697 | ||
Issurance of common stock under compensation plans | $ 1,535 | 2,682 | ||
Stock Repurchased During Period, Value | (4) | 0 | ||
Common Stock | Common Class A | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | 150,779 | 147,307 | 149,248 | 144,625 |
Issurance of common stock under compensation plans | 1,535 | 2,682 | ||
Stock Repurchased During Period, Value | (4) | 0 | ||
Common Stock | Common Class B | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | 72 | 72 | $ 72 | $ 72 |
Issurance of common stock under compensation plans | 0 | 0 | ||
Stock Repurchased During Period, Value | $ 0 | $ 0 |
Stockholders Equity Accumulated
Stockholders Equity Accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Accumulated other comprehensive income | $ 185,918 | $ 287,828 | $ 114,532 | $ 258,410 | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 73,274 | 28,940 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (1,888) | 478 | ||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Accumulated other comprehensive income | 190,999 | 294,973 | 120,787 | [1] | 266,211 | [1] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | [1] | 71,283 | 28,515 | |||||
Accumulated Other-than-Temporary Impairment [Member] | ||||||||
Accumulated other comprehensive income | 925 | 1,556 | (114) | 1,131 | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 1,991 | 425 | ||||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Accumulated other comprehensive income | (6,006) | (8,701) | $ (6,141) | $ (8,932) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | ||||||
reclassifications out of accumulated other comprehensive income [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (1,888) | 478 | ||||||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | [1] | (1,071) | 247 | [2] | ||||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | [2] | (952) | 0 | |||||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | $ 135 | $ 231 | ||||||
[1] | Includes 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] | See Note 2 for further information. |
Stockholders Equity AOC I Recla
Stockholders Equity AOC I Reclassification Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | ||||
Net realized capital gains on sales of investments | $ 1,590 | $ (366) | |||
Net impairment loss recognized in earnings | (2,197) | 0 | |||
Income available to common stockholders from continuing operations | 25,908 | 23,553 | |||
Income taxes | 11,069 | 10,384 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (1,888) | 478 | |||
reclassifications out of accumulated other comprehensive income [Member] | |||||
Net realized capital gains on sales of investments | (1,590) | 366 | |||
Change in offsets to unrealized on investments | 0 | 14 | |||
Net impairment loss recognized in earnings | (1,522) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | (3) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 208 | 358 | |||
Income available to common stockholders from continuing operations | (2,904) | 735 | |||
Income taxes | 1,016 | (257) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | (1,888) | 478 | |||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Net realized capital gains on sales of investments | (1,590) | 366 | |||
Change in offsets to unrealized on investments | (58) | 14 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | [1] | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | [2] | 0 | [1] | |
Income available to common stockholders from continuing operations | (1,648) | [2] | 380 | [1] | |
Income taxes | 577 | [2] | (133) | [1] | |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | [2] | (1,071) | 247 | [1] | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | |||||
Net realized capital gains on sales of investments | [1] | 0 | 0 | ||
Change in offsets to unrealized on investments | 58 | 0 | |||
Net impairment loss recognized in earnings | (1,522) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | [1] | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | [1] | 0 | 0 | ||
Income available to common stockholders from continuing operations | [1] | (1,464) | 0 | ||
Income taxes | [1] | 512 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | [1] | (952) | 0 | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Net realized capital gains on sales of investments | 0 | 0 | |||
Change in offsets to unrealized on investments | 0 | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Costs Arising During Period, Net of Tax | (3) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 208 | 358 | |||
Income available to common stockholders from continuing operations | 208 | 355 | |||
Income taxes | (73) | (124) | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | $ 135 | $ 231 | |||
[1] | See Note 2 for further information. | ||||
[2] | Includes 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. |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator [Abstract] | ||
Net income attributable to FBL Financial Group, Inc. | $ 25,946 | $ 23,591 |
Less: Dividends Series B preferred stock | (38) | (38) |
Income available to common stockholders from continuing operations | $ 25,908 | $ 23,553 |
Denominator [Abstract] | ||
Weighted average shares - diluted | 25,007,797 | 25,008,578 |
Weighted average shares - basic | 24,949,840 | 24,899,278 |
Effect of dilutive securities - stock-based compensation | 57,957 | 109,300 |
Earnings per common share | $ 1.04 | $ 0.95 |
Earnings per common share - assuming dilution | $ 1.04 | $ 0.94 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 179,206 | $ 178,474 | |
Realized gains (losses) on investments (1) | [1] | (607) | (366) |
Change in net unrealized gains/losses on derivatives (1) | [1] | 1,067 | (162) |
Operating revenues | 179,666 | 177,946 | |
Operating Income (Loss) | 33,708 | 30,369 | |
Income tax on operating income | (7,390) | (6,554) | |
Realized gains/losses on investments (1) | [1] | (397) | (247) |
Change in net unrealized gains/losses on derivatives | [1] | 25 | 23 |
Net income attributable to FBL Financial Group, Inc. | 25,946 | 23,591 | |
Annuity Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 52,179 | 52,759 | |
Operating Income (Loss) | 17,148 | 17,088 | |
Life Insurance Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 103,603 | 102,010 | |
Operating Income (Loss) | 14,071 | 9,785 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 23,424 | 23,705 | |
Operating Income (Loss) | $ 2,489 | $ 3,496 | |
[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. |
Segment Information Reconciliat
Segment Information Reconciliation of non-GAAP measures Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Premiums collected | $ 173,200 | $ 166,200 |
Change in due premiums and other | (539) | (376) |
Traditional life insurance premiums | 50,138 | 47,148 |
Interest sensitive product charges | 28,111 | 28,121 |
Annuity Segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 942 | 613 |
Life Insurance Segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Premiums collected | 71,713 | 71,215 |
Interest sensitive product charges | 15,773 | 15,905 |
Life Insurance Segment [Member] | Admiin charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 3,504 | 3,697 |
Life Insurance Segment [Member] | Cost of insurance charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 11,825 | 11,492 |
Life Insurance Segment [Member] | Surrender charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 216 | 217 |
Life Insurance Segment [Member] | Amortization of policy initiation fees [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 228 | 499 |
Corporate and Other [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 11,396 | 11,603 |
Corporate and Other [Member] | Admiin charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 1,441 | 1,517 |
Corporate and Other [Member] | Cost of insurance charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 7,516 | 7,424 |
Corporate and Other [Member] | Surrender charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 26 | 108 |
Corporate and Other [Member] | Separate account charges [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 1,978 | 2,239 |
Corporate and Other [Member] | Amortization of policy initiation fees [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Interest sensitive product charges | 435 | 315 |
Life insurance - interest sensitive [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Premiums collected | 21,036 | 23,691 |
Life insurance - traditional [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Premiums collected | $ 50,677 | $ 47,524 |
Segment Information Goodwill by
Segment Information Goodwill by segment (Details) $ in Millions | Mar. 31, 2016USD ($) |
Annuity Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Goodwill | $ 3.9 |
Life Insurance Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Goodwill | $ 6.1 |