Document and entity information
Document and entity information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Feb. 27, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | FBL FINANCIAL GROUP INC | |
Entity Central Index Key | 1,012,771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 609,145,446 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,879,776 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments: | ||
Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $6,757,250; 2016 - $6,661,711) | $ 7,291,967 | $ 7,008,790 |
Equity securities - available for sale, at fair value (cost: 2017 - $123,320; 2016 - $130,479) | 130,750 | 132,968 |
Mortgage loans | 971,812 | 816,471 |
Real estate | 1,543 | 1,955 |
Policy loans | 191,398 | 188,254 |
Short-term investments | 17,007 | 16,348 |
Other investments | 15,766 | 9,874 |
Total investments | 8,620,243 | 8,174,660 |
Cash and cash equivalents | 52,696 | 33,583 |
Securities and indebtedness of related parties | 130,240 | 137,422 |
Accrued investment income | 76,468 | 78,437 |
Amounts receivable from affiliates | 3,561 | 3,790 |
Reinsurance recoverable | 108,948 | 105,290 |
Deferred acquisition costs | 302,611 | 330,324 |
Value of insurance in force acquired | 4,560 | 9,226 |
Current income taxes recoverable | 3,269 | 4,309 |
Other assets | 112,054 | 92,021 |
Assets held in separate accounts | 651,963 | 597,072 |
Total assets | 10,066,613 | 9,566,134 |
Future policy benefits: | ||
Interest sensitive products | 5,299,961 | 5,100,625 |
Traditional life insurance and accident and health products | 1,750,504 | 1,698,792 |
Other policy claims and benefits | 44,475 | 43,395 |
Supplementary contracts without life contingencies | 322,630 | 330,232 |
Amounts payable to affiliates | 267,023 | 265,221 |
Amounts payable to affiliates | 1,164 | 862 |
Long-term debt payable to non-affiliates | 97,000 | 97,000 |
Deferred income taxes | 131,912 | 163,495 |
Other liabilities | 111,131 | 81,182 |
Liabilities related to separate accounts | 651,963 | 597,072 |
Total liabilities | 8,677,763 | 8,377,876 |
FBL Financial Group, Inc. stockholders' equity: | ||
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares | 3,000 | 3,000 |
Accumulated other comprehensive income | 284,983 | 149,555 |
Retained earnings | 947,148 | 882,672 |
Total FBL Financial Group, Inc. stockholders' equity | 1,388,792 | 1,188,202 |
Noncontrolling interest | 58 | 56 |
Total stockholders' equity | 1,388,850 | 1,188,258 |
Total liabilities and stockholders' equity | 10,066,613 | 9,566,134 |
Common Class A | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | 153,589 | 152,903 |
Common Class B | ||
FBL Financial Group, Inc. stockholders' equity: | ||
Common stock, without par value | $ 72 | $ 72 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical disclosures - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 6,757,250 | $ 6,661,711 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 123,320 | $ 130,479 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 24,930,526 | 24,893,955 |
Common Class A | ||
Common stock, shares authorized | 88,500,000 | 88,500,000 |
Common Stock, Shares, Issued | 24,919,113 | 24,882,542 |
Common stock, shares outstanding | 24,919,113 | 24,882,542 |
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 |
Parent Company [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $ 24,936 | $ 29,210 |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 3,764 | $ 2,942 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Interest sensitive product charges | $ 112,936 | $ 111,928 | $ 114,584 |
Traditional life insurance premiums | 195,330 | 196,914 | 190,956 |
Net investment income | 415,199 | 404,170 | 391,149 |
Net realized capital gains on sales of investments | 599 | 3,106 | 11,062 |
Total other-than-temporary impairment losses | (3,986) | (7,320) | (719) |
Non-credit portion in other comprehensive income/loss | 0 | 2,451 | 146 |
Net impairment losses recognized in earnings | (3,986) | (4,869) | (573) |
Other income | 15,400 | 15,165 | 15,631 |
Total revenues | 735,478 | 726,414 | 722,809 |
Benefits and expenses: | |||
Interest sensitive product benefits | 251,878 | 238,586 | 217,443 |
Traditional life insurance benefits | 173,023 | 177,682 | 176,145 |
Policyholder dividends | 10,140 | 10,574 | 11,828 |
Underwriting, acquisition and insurance expenses | 134,878 | 135,967 | 143,668 |
Interest expense | 4,850 | 4,850 | 4,850 |
Other expenses | 18,382 | 16,966 | 17,507 |
Total benefits and expenses | 593,151 | 584,625 | 571,441 |
Income from continuing operations before equity income, income taxes and noncontrolling interest | 142,327 | 141,789 | 151,368 |
Income taxes | 40,729 | (46,010) | (47,418) |
Equity income, net of related income taxes | 11,299 | 11,440 | 9,523 |
Net income from continuing operations | 194,355 | 107,219 | 113,473 |
Net loss (income) attributable to noncontrolling interest | (28) | 4 | 54 |
Net income attributable to FBL Financial Group, Inc. | $ 194,327 | $ 107,223 | $ 113,527 |
Earnings per common share: | |||
Earnings per common share | $ 7.76 | $ 4.29 | $ 4.55 |
Earnings per common share - assuming dilution: | |||
Earnings per common share - assuming dilution | 7.75 | 4.28 | 4.53 |
Regular quarterly cash dividend [Member] | |||
Earnings per common share - assuming dilution: | |||
Cash dividends per common share | 1.76 | 1.68 | 1.60 |
Special cash dividend [Member] | |||
Earnings per common share - assuming dilution: | |||
Cash dividends per common share | $ 1.50 | $ 2 | $ 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Net income | $ 194,355 | $ 107,219 | $ 113,473 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Change in net unrealized investment gains/losses | 88,685 | 38,077 | (146,579) | [1] | |
Non-credit impairment losses | 0 | (1,476) | (90) | [1] | |
Change in funded status of the other postretirement benefit plans | (1,483) | (1,578) | 2,791 | [1] | |
Total other comprehensive income, net of tax | [1] | 87,202 | 35,023 | (143,878) | |
Total comprehensive income, net of tax | 281,557 | 142,242 | (30,405) | ||
Comprehensive income (loss) attributable to noncontrolling interest | 28 | (4) | (54) | ||
Comprehensive income attributable to FBL Financial Group, Inc. | $ 281,529 | $ 142,246 | $ (30,351) | ||
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common stocks | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | |
Balance at beginning of period at Dec. 31, 2014 | $ 1,252,882 | $ 3,000 | $ 144,697 | $ 258,410 | $ 846,737 | $ 38 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 113,473 | 113,527 | (54) | ||||
Other comprehensive income | (143,878) | [1] | (143,878) | 0 | 0 | ||
Issuance of common stock under compensation plans | 5,022 | 5,022 | |||||
Purchase of common stock | (3,742) | (399) | (3,343) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (89,197) | (89,197) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 64 | 64 | |||||
Balance at end of period at Dec. 31, 2015 | 1,134,474 | 3,000 | 149,320 | 114,532 | 867,574 | 48 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 107,219 | 107,223 | (4) | ||||
Other comprehensive income | 35,023 | [1] | 35,023 | 0 | 0 | ||
Issuance of common stock under compensation plans | 3,718 | 3,718 | |||||
Purchase of common stock | (586) | (63) | (523) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (91,452) | (91,452) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 12 | 12 | |||||
Balance at end of period at Dec. 31, 2016 | 1,188,258 | 3,000 | 152,975 | 149,555 | 882,672 | 56 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 194,355 | 194,327 | 28 | ||||
Other comprehensive income | 87,202 | [1] | 87,202 | 0 | 0 | ||
Reclassification related to the Tax Act | 0 | 48,226 | (48,226) | ||||
Issuance of common stock under compensation plans | 708 | 708 | |||||
Purchase of common stock | (246) | (22) | (224) | ||||
Dividends on preferred stock | (150) | (150) | |||||
Dividends on common stock | (81,251) | (81,251) | |||||
Receipts related to noncontrolling interest | (26) | (26) | |||||
Balance at end of period at Dec. 31, 2017 | $ 1,388,850 | $ 3,000 | $ 153,661 | $ 284,983 | $ 947,148 | $ 58 | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 194,355 | $ 107,219 | $ 113,473 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Interest credited to account balances | 163,111 | 153,856 | 152,467 |
Charges for mortality, surrenders and administration | (112,682) | (111,792) | (108,250) |
Net realized (gains) losses on investments | 3,387 | 1,763 | (10,489) |
Change in fair value of derivatives | (8,007) | (828) | (1,098) |
Increase in liabilities for life insurance and other future policy benefits | 87,489 | 91,080 | 76,474 |
Deferral of acquisition costs | (44,409) | (42,553) | (43,215) |
Amortization of deferred acquisition costs and value of insurance in force | 25,016 | 30,898 | 38,306 |
Change in reinsurance recoverable | (5,097) | (1,392) | (2,651) |
Provision for deferred income taxes | (75,030) | 9,550 | 6,840 |
Other | 13,585 | 1,993 | 3,053 |
Net cash provided by operating activities | 241,718 | 239,794 | 224,910 |
Sales, maturities or repayments: | |||
Fixed maturities - available for sale | 619,627 | 539,657 | 615,811 |
Equity securities - available for sale | 9,880 | 5,532 | 14,921 |
Mortgage loans | 62,285 | 81,425 | 42,429 |
Derivative instruments | 13,220 | 2,987 | 3,899 |
Policy loans | 36,330 | 35,458 | 35,406 |
Securities and indebtedness of related parties | 9,032 | 10,086 | 27,789 |
Other investments | 164 | 171 | 0 |
Real estate | 717 | 0 | 0 |
Acquisitions: | |||
Fixed maturities - available for sale | (690,013) | (829,184) | (871,406) |
Equity securities - available for sale | (2,692) | (11,057) | (23,833) |
Mortgage loans | (217,409) | (160,005) | (155,815) |
Derivative instruments | (9,311) | (6,847) | (4,122) |
Policy loans | (39,474) | (37,928) | (38,688) |
Securities and indebtedness of related parties | (15,672) | (17,927) | (26,213) |
Short-term investments, net change | (659) | 11,903 | 20,334 |
Purchases and disposals of property and equipment, net | (11,427) | (11,787) | (9,869) |
Net cash used in investing activities | (235,402) | (387,516) | (369,357) |
Financing activities | |||
Contract holder account deposits | 534,449 | 600,383 | 586,072 |
Contract holder account withdrawals | (440,581) | (344,664) | (415,262) |
Proceeds from the issuance of short-term debt | 0 | 0 | 15,000 |
Repayments of debt | 0 | (15,000) | 0 |
Issuance (repurchase) of common stock, net | 356 | 1,840 | (584) |
Dividends paid | (81,401) | (91,602) | (89,347) |
Other financing activities | (26) | 858 | 1,426 |
Net cash provided by financing activities | 12,797 | 151,815 | 97,305 |
Increase (decrease) in cash and cash equivalents | 19,113 | 4,093 | (47,142) |
Cash and cash equivalents at beginning of year | 33,583 | 29,490 | 76,632 |
Cash and cash equivalents at end of year | 52,696 | 33,583 | 29,490 |
Supplemental disclosures of cash flow information | |||
Cash paid during the period for interest | (4,850) | (4,854) | (4,850) |
Cash paid during the period for income taxes | $ (16,347) | $ (20,894) | $ (27,701) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Nature of Business FBL Financial Group, Inc. (we or the Company), majority owned by the Iowa Farm Bureau Federation (IFBF), operates predominantly in the life insurance industry through its principal subsidiary, Farm Bureau Life Insurance Company (Farm Bureau Life). Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Greenfields Life Insurance Company (Greenfields), a subsidiary of Farm Bureau Life, offers life and annuity products in the state of Colorado. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau affiliated property-casualty companies. Consolidation Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated. Adoption of New Accounting Pronouncements Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards adopted: Share-based compensation In March 2016, the Financial Accounting Standards Board (FASB) issued guidance that impacted the accounting for share-based compensation, 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. January 1, 2017 The guidance was adopted prospectively. Adoption resulted in a federal income tax benefit of $0.6 million ($0.02 per basic and diluted common share) for the year ended December 31, 2017. Prior periods were not restated. Stockholders' Equity In February 2018 the FASB issued guidance allowing a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from changes in the federal income tax rate due to enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (Tax Act). Accounting guidance requires that deferred tax assets and liabilities, including those associated with components of AOCI, be remeasured during the period new tax laws are enacted, with any changes reflected as a component of income tax expense (benefit). Under the previous guidance retained earnings would reflect the full amount of the change and AOCI would not be adjusted for the portion of the change related to its components, leaving the unadjusted change “stranded” in AOCI. The new guidance allows AOCI be adjusted to reclassify these stranded tax effects to retained earnings. October 1, 2017 The new guidance is effective for 2018, with early adoption permitted for public companies during periods for which financial statements have not been issued. We adopted the new guidance in 2017, and have reported the reclassification in our Consolidated Statement of Stockholders’ Equity. The adjustment does not impact earnings, but rather is a reclassification of amounts between stockholders’ equity accounts. Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: Financial instruments - recognition and measurement 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. January 1, 2018 Adoption of the guidance will require us to recognize gains or losses from changes in the fair value of our equity security investments through the consolidated statement of operations rather than as unrealized gains or losses reflected in other comprehensive income. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, on January 1, 2018, we will reclassify $4.8 million of net unrealized investment gains, net of offsets, on our equity investments, from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment. Revenue recognition 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 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 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. January 1, 2018 The new guidance could have impacted our non-insurance contract revenues, primarily net commissions on products we broker for others ,which are insignificant to our operations. We have evaluated those contracts and concluded that none will be impacted by the new guidance; accordingly, we will not be required to report a cumulative effect adjustment to opening retained earnings on January 1, 2018, under the modified retrospective method of adoption. Leases 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 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. January 1, 2019 We are currently evaluating the impact of this guidance on our consolidated financial statements. Upon adoption we will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach. Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: Financial Instruments - credit impairment In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve. January 1, 2020 We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. |
Significant Accounting Policies Investments [Text Block] | Investments Fixed Maturities and Equity Securities Fixed maturities are comprised of bonds and redeemable preferred stock and are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations. Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income. Mortgage Loans Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. We evaluate each of our mortgage loans individually and establish a valuation allowance for estimated losses, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. 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. Real Estate Our real estate is held for investment and reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. No properties were held for investment with impairment charges as of December 31, 2017 or as of December 31, 2016 . Other Investments Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation. We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments. Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include non-guaranteed low income housing tax credit entities (LIHTC). In applying the equity method, we record our share of income or loss reported by the equity investees. In accounting for these investments, we consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios. Accrued Investment Income We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income. Realized Gains and Losses on Investments Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is an other-than-temporary impairment (OTTI) and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an OTTI write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value. We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as: • historical operating trends; • business prospects; • status of the industry in which we operate; • analyst ratings on the issuer and sector; • quality of management; • size of the 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 will not be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value. After an OTTI write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and the current estimate of the amount and timing of future cash flows . Fair Values Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values that are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models. Cash and Cash Equivalents For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Reinsurance Recoverable We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. We monitor the financial condition of these reinsurers, establishing an allowance for uncollectible reinsurance recoverables as necessary. We have concluded that no such allowance was required at December 31, 2017 or 2016 . For business assumed from other companies, reinsurance recoverable includes premium receivable net of our share of benefits and expenses we owe to the ceding company. Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements. Deferred Acquisition Costs and Value of Insurance in Force Acquired Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value was determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Value of insurance in force acquired is being amortized on a fixed amortization schedule. For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. Other Assets Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to twenty years. Property and equipment had a carrying value of $35.8 million at December 31, 2017 and $33.5 million at December 31, 2016 , and accumulated depreciation and amortization of $78.7 million at December 31, 2017 and $70.1 million at December 31, 2016 . Depreciation and amortization expense for property and equipment was $8.7 million in 2017 and 2016 , and $8.2 million in 2015 . Other assets at December 31, 2017 and 2016 , also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of this analysis, we have determined our goodwill was not impaired as of December 31, 2017 or 2016 . Future Policy Benefits Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2017 , 2016 and 2015 . The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 2.00% to 6.00% . The average rate of assumed investment yields used in estimating gross margins was 5.47% in 2017 , 5.51% in 2016 and 5.66% in 2015 . The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations. The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred. Other Policy Claims and Benefits We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs. We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 29% of receipts from policyholders during 2017 ( 2016 - 32% and 2015 - 31% ) and represented 10% of life insurance in force at December 31, 2017 and 11% at December 31, 2016 and 2015 . Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the assets or liabilities are recovered or settled. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Separate Accounts The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations. Recognition of Premium Revenues and Costs Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance and product guarantees, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs. All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business. Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2017 2016 2015 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 24,356 $ 22,735 $ 22,260 Amortization of deferred acquisition costs 22,507 28,225 35,220 Amortization of value of insurance in force acquired 2,178 2,392 2,436 Other underwriting, acquisition and insurance expenses, net of deferrals 85,837 82,615 83,752 Total $ 134,878 $ 135,967 $ 143,668 Other Income and Other Expenses Other income and other expenses primarily consist of revenue and expenses generated by our various non-insurance subsidiaries for investment advisory, marketing and distribution, and leasing services. They also include revenues and expenses generated by our parent company for management services. Certain of these activities are performed on behalf of our affiliates. Lease income from leases with affiliates totaled $4.6 million in 2017 , $4.8 million in 2016 and $4.9 million in 2015 . Investment advisory fee income from affiliates totaled $2.7 million in 2017 , $2.5 million in 2016 and $2.3 million in 2015 . In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $2.5 million in 2017 , $3.4 million in 2016 and $3.2 million in 2015 . We expense legal costs associated with a loss contingency as incurred. Retirement and Compensation Plans We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period. We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest. We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. See Note 8 for additional details on these plans. Comprehensive Income Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities as well as the underfunded obligation for certain retirement and postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income (Loss), excludes net investment gains and losses included in net income that represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized, which could have a material impact on the consolidated financial statements. |
Investment Operations
Investment Operations | 12 Months Ended |
Dec. 31, 2017 | |
Investment Operations [Abstract] | |
Investment [Text Block] | Investment Operations Fixed Maturity and Equity Securities Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2017 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) $ 3,374,927 $ 329,299 $ (15,955 ) $ 3,688,271 $ (504 ) Residential mortgage-backed 483,671 35,890 (3,280 ) 516,281 339 Commercial mortgage-backed 674,076 34,464 (3,233 ) 705,307 — Other asset-backed 818,071 18,645 (3,214 ) 833,502 845 United States Government and agencies 23,378 1,606 (79 ) 24,905 — States and political subdivisions 1,383,127 141,813 (1,239 ) 1,523,701 — Total fixed maturities $ 6,757,250 $ 561,717 $ (27,000 ) $ 7,291,967 $ 680 Equity securities: Non-redeemable preferred stocks $ 92,951 $ 7,146 $ (265 ) $ 99,832 Common stocks 30,369 549 — 30,918 Total equity securities $ 123,320 $ 7,695 $ (265 ) $ 130,750 Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 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) $ 3,529,997 $ 228,601 $ (49,943 ) $ 3,708,655 $ (1,082 ) Residential mortgage-backed 396,110 29,121 (2,931 ) 422,300 (983 ) Commercial mortgage-backed 546,446 33,645 (4,137 ) 575,954 — Other asset-backed 771,570 8,846 (9,766 ) 770,650 2,544 United States Government and agencies 30,575 1,629 (132 ) 32,072 — States and political subdivisions 1,387,013 119,298 (7,152 ) 1,499,159 — Total fixed maturities $ 6,661,711 $ 421,140 $ (74,061 ) $ 7,008,790 $ 479 Equity securities: Non-redeemable preferred stocks $ 100,042 $ 4,050 $ (1,675 ) $ 102,417 Common stocks 30,437 114 — 30,551 Total equity securities $ 130,479 $ 4,164 $ (1,675 ) $ 132,968 (1) Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. (2) Corporate securities include hybrid preferred securities with a fair value of $17.5 million at December 31, 2017 and $23.3 million at December 31, 2016 . Corporate securities also include redeemable preferred stock with a fair value of $21.7 million at December 31, 2017 and $24.5 million at December 31, 2016 . Available-For-Sale Fixed Maturities by Maturity Date December 31, 2017 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 152,509 $ 155,126 Due after one year through five years 647,454 686,727 Due after five years through ten years 700,297 742,583 Due after ten years 3,281,172 3,652,441 4,781,432 5,236,877 Mortgage-backed and other asset-backed 1,975,818 2,055,090 Total fixed maturities $ 6,757,250 $ 7,291,967 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity. Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income December 31, 2017 2016 (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 534,718 $ 347,079 Equity securities - available for sale 7,430 2,489 542,148 349,568 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (147,173 ) (95,647 ) Value of insurance in force acquired (14,870 ) (12,382 ) Unearned revenue reserve 12,705 4,215 Adjustments for assumed changes in policyholder liabilities (18,499 ) (3,795 ) Provision for deferred income taxes (see Note 5) (78,605 ) (84,684 ) Net unrealized investment gains $ 295,706 $ 157,275 Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Fixed maturities - available for sale $ 187,639 $ 89,222 $ (331,408 ) Equity securities - available for sale 4,941 (2,842 ) 118 Change in unrealized appreciation/depreciation of investments $ 192,580 $ 86,380 $ (331,290 ) The changes in net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income are reported along with changes in fair value for which no OTTI losses were previously recognized. Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 31, 2017 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 $ 85,019 $ (1,261 ) $ 183,820 $ (14,694 ) $ 268,839 $ (15,955 ) 59.1 % Residential mortgage-backed 76,393 (1,757 ) 31,779 (1,523 ) 108,172 (3,280 ) 12.1 Commercial mortgage-backed 151,158 (2,078 ) 16,398 (1,155 ) 167,556 (3,233 ) 12.0 Other asset-backed 159,111 (2,006 ) 71,064 (1,208 ) 230,175 (3,214 ) 11.9 United States Government and agencies 5,698 (47 ) 1,864 (32 ) 7,562 (79 ) 0.3 States and political subdivisions 5,904 (96 ) 20,505 (1,143 ) 26,409 (1,239 ) 4.6 Total fixed maturities $ 483,283 $ (7,245 ) $ 325,430 $ (19,755 ) $ 808,713 $ (27,000 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 2,819 $ (71 ) $ 4,807 $ (194 ) $ 7,626 $ (265 ) Total equity securities $ 2,819 $ (71 ) $ 4,807 $ (194 ) $ 7,626 $ (265 ) Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 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 $ 742,626 $ (23,142 ) $ 220,939 $ (26,801 ) $ 963,565 $ (49,943 ) 67.3 % Residential mortgage-backed 51,873 (1,014 ) 22,744 (1,917 ) 74,617 (2,931 ) 4.0 Commercial mortgage-backed 95,690 (3,590 ) 6,610 (547 ) 102,300 (4,137 ) 5.6 Other asset-backed 371,829 (5,810 ) 95,740 (3,956 ) 467,569 (9,766 ) 13.2 United States Government and agencies 6,438 (132 ) — — 6,438 (132 ) 0.2 States and political subdivisions 150,052 (7,152 ) — — 150,052 (7,152 ) 9.7 Total fixed maturities $ 1,418,508 $ (40,840 ) $ 346,033 $ (33,221 ) $ 1,764,541 $ (74,061 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 12,774 $ (150 ) $ 13,438 $ (1,525 ) $ 26,212 $ (1,675 ) Total equity securities $ 12,774 $ (150 ) $ 13,438 $ (1,525 ) $ 26,212 $ (1,675 ) Fixed maturities in the above tables include 247 securities from 154 issuers at December 31, 2017 and 516 securities from 404 issuers at December 31, 2016 . Unrealized losses decreased during 2017 primarily due to a decrease in treasury rates as well as a general decrease in credit spreads. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI at December 31, 2017 . We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified. Our largest unrealized loss was from a retailer and totaled $2.6 million at December 31, 2017. 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. 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 non-accrual 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. At December 31, 2017 and December 31, 2016 , there were no non-performing loans over 90 days past due on contractual payments. At December 31, 2017 , we had committed to provide additional funding for mortgage loans totaling $14.6 million . These commitments arose in the normal course of business at terms that are comparable to similar investments. Mortgage Loans by Collateral Type December 31, 2017 December 31, 2016 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 410,090 42.2 % $ 361,088 44.2 % Retail 292,257 30.1 240,602 29.5 Industrial 207,180 21.3 154,005 18.9 Other 62,285 6.4 60,776 7.4 Total $ 971,812 100.0 % $ 816,471 100.0 % Mortgage Loans by Geographic Location within the United States December 31, 2017 December 31, 2016 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 296,947 30.5 % $ 266,019 32.6 % Pacific 146,320 15.0 104,337 12.8 West North Central 127,096 13.1 105,753 12.9 Mountain 105,627 10.9 79,707 9.8 East North Central 91,971 9.5 91,550 11.2 West South Central 85,566 8.8 74,258 9.1 East South Central 67,228 6.9 54,676 6.7 New England 35,005 3.6 35,246 4.3 Middle Atlantic 16,052 1.7 4,925 0.6 Total $ 971,812 100.0 % $ 816,471 100.0 % Mortgage Loans by Loan-to-Value Ratio December 31, 2017 December 31, 2016 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 334,037 34.4 % $ 274,953 33.7 % 50% - 60% 258,359 26.6 210,555 25.8 60% - 70% 297,404 30.6 233,216 28.5 70% - 80% 63,116 6.5 67,607 8.3 80% - 90% 18,896 1.9 30,140 3.7 Total $ 971,812 100.0 % $ 816,471 100.0 % The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically when there is indication of a possible significant collateral decline or there are loan modifications or refinance requests. Mortgage Loans by Year of Origination December 31, 2017 December 31, 2016 Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2017 $ 214,365 22.1 % $ — — % 2016 154,359 15.9 158,817 19.4 2015 144,890 14.9 149,302 18.3 2014 77,866 8.0 80,771 9.9 2013 67,142 6.9 69,887 8.6 2012 and prior 313,190 32.2 357,694 43.8 Total $ 971,812 100.0 % $ 816,471 100.0 % Impaired Mortgage Loans December 31, 2017 2016 (Dollars in thousands) Unpaid principal balance $ 19,027 $ 21,459 Less: Related allowance (497 ) (713 ) Carrying value of impaired mortgage loans $ 18,530 $ 20,746 Allowance on Mortgage Loans Year ended December 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 713 $ 851 Recoveries (216 ) (138 ) Balance at end of period $ 497 $ 713 Mortgage Loan Modifications Our commercial mortgage loan portfolio can include 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 2017 or 2016 . Components of Net Investment Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Fixed maturities - available for sale $ 344,302 $ 342,657 $ 338,952 Equity securities - available for sale 6,502 6,558 6,091 Mortgage loans 42,185 38,098 35,923 Real estate — — 169 Policy loans 9,014 8,956 8,871 Short-term investments, cash and cash equivalents 506 365 141 Derivative income (loss) 7,687 3,935 (2,266 ) Prepayment fee income and other 12,470 10,992 11,555 422,666 411,561 399,436 Less investment expenses (7,467 ) (7,391 ) (8,287 ) Net investment income $ 415,199 $ 404,170 $ 391,149 Realized Gains (Losses) - Recorded in Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 1,426 $ 9,793 $ 4,781 Gross losses (1,081 ) (8,523 ) (1,952 ) Equity securities (90 ) 529 — Mortgage loans — 817 — Real estate 304 — — Other 40 490 8,233 599 3,106 11,062 Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) — (4,767 ) (363 ) Other credit-related (2) (3,986 ) (102 ) (210 ) Realized gains (losses) on investments recorded in income $ (3,387 ) $ (1,763 ) $ 10,489 (1) Amount represents the credit-related losses recognized for fixed maturities that were impaired through income but not written down to fair value. As discussed above, the non-credit portion of the losses have been recognized in other comprehensive income (loss). (2) Amount represents credit-related losses for other investments, real estate and fixed maturities written down to fair value through income. Also included are impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets. Proceeds from sales of fixed maturities were $58.7 million in 2017 , $109.5 million in 2016 and $108.5 million in 2015 . Realized losses on sales were on securities that we did not intend to sell at the prior balance sheet date or on securities that were impaired in a prior period, but decreased in value and were sold during the current reporting period. Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities The following table sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which the non-credit portion of the OTTI was recognized in other comprehensive income (loss) and corresponding changes in such amounts. Credit loss impairments with no portion of the loss recognized in other comprehensive income, such as securities for which OTTI were measured at fair value, are excluded from the table. Year ended December 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ (14,500 ) $ (11,498 ) Increases for newly impaired investments — (2,595 ) Increases to previously impaired investments — (2,172 ) Reductions due to investments sold 1,521 1,765 Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income 587 — Balance at end of period $ (12,392 ) $ (14,500 ) 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 VIE status 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 includes 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 VIEs, which are classified as securities and indebtedness of related parties, and consist of 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 carrying value and any unfunded commitments that exist for each particular VIE. We also have not provided additional support or other guarantees that were not previously contractually required (financial or otherwise) to any of the VIEs as of December 31, 2017 or December 31, 2016. Based on this analysis, none of our VIEs were required to be consolidated at December 31, 2017 or December 31, 2016. VIE Investments by Category December 31, 2017 December 31, 2016 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss (Dollars in thousands) LIHTC $ 82,417 $ 84,103 $ 91,255 $ 95,058 Investment companies 25,335 62,372 23,379 45,569 Real estate limited partnerships 8,589 20,590 10,790 14,558 Other 1,182 1,488 429 2,034 Total $ 117,523 $ 168,553 $ 125,853 $ 157,219 In addition, we make passive investments in the normal course of business in structured securities issued by VIEs for which we are not the investment manager. These structured securities include all of the residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities included in our fixed maturities. Our maximum exposure to loss on these securities is limited to our carrying value in the investment. We have determined that we are not the primary beneficiary of these structured securities because we do not have the power to direct the activities that most significantly impact the entities' economic performance. Derivative Instruments Our primary derivative exposure relates to purchased call options, which provide an economic hedge to the embedded derivatives in our indexed annuity and universal life insurance products. We also have embedded derivatives within our modified coinsurance agreements as well as an interest-only fixed maturity investment. We do not apply hedge accounting to any of our derivative positions, and they are held at fair value. Derivatives Instruments by Type December 31, 2017 December 31, 2016 (Dollars in thousands) Assets Freestanding derivatives: Call options (reported in other investments) $ 14,824 $ 9,360 Embedded derivatives: Modified coinsurance (reported in reinsurance recoverable) 2,125 3,411 Interest-only security (reported in fixed maturities) 2,096 3,374 Total assets $ 19,045 $ 16,145 Liabilities Embedded derivatives: Indexed annuity and universal life products (reported in liability for future policy benefits) $ 27,774 $ 15,778 Modified coinsurance agreements (reported in other liabilities) 268 114 Total liabilities $ 28,042 $ 15,892 Derivative Income (Loss) Year ended December 31, 2017 2016 2015 (Dollars in thousands) Change in fair value of free standing derivatives: Call options $ 9,373 $ 2,990 $ (1,480 ) Change in fair value of embedded derivatives: Modified coinsurance agreements (1,440 ) 716 (809 ) Interest-only security (246 ) 229 23 Indexed annuity and universal life products 320 (2,390 ) 2,577 Total income from derivatives $ 8,007 $ 1,545 $ 311 Derivative income (loss) is reported in net investment income except for the change in fair value of the embedded derivatives on our indexed annuity and universal life products, which is reported in interest sensitive product benefits. We are exposed to credit losses in the event of nonperformance of the counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings (currently rated A or better by nationally recognized statistical rating organizations). We have also entered into credit support agreements with the counterparties requiring them to post collateral when net exposures exceed pre-determined thresholds that vary by counterparty. The net amount of such exposure is essentially the market value less collateral held for such agreements with each counterparty. The call options are supported by securities collateral received of $7.9 million at December 31, 2017 , which is held in a separate custodial account. Subject to certain constraints, we are permitted to sell or re-pledge this collateral, but do not have legal rights to the collateral; accordingly, it has not been recorded on our balance sheet. At December 31, 2017 , none of the collateral had been sold or re-pledged. As of December 31, 2017 our net exposure to credit losses on derivatives was $6.9 million . Low Income Housing Tax Credit Investments We invest in non-guaranteed federal LIHTC, which are included in securities and indebtedness of related parties in the balance sheet. The carrying value of these investments totaled $82.4 million at December 31, 2017 and $91.3 million at December 31, 2016 . There were impairment losses of $2.4 million recorded on these investments during 2017 with no impairments in 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 Year ended December 31, 2017 2016 2015 (Dollars in thousands) Equity losses from LIHTC $ (8,489 ) $ (7,547 ) $ (7,022 ) Income tax benefits: Tax benefits from equity losses 2,971 2,641 2,458 Investment tax credits 14,227 14,077 13,542 Equity income from LIHTC, net of related income benefits $ 8,709 $ 9,171 $ 8,978 At December 31, 2017 , 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 $51.0 million , including $1.7 million for commitments to LIHTC, which are summarized by year in the following table. Commitments to LIHTC by Year December 31, 2017 (Dollars in thousands) 2018 $ 829 2019 46 2020-2025 811 Total $ 1,686 Other At December 31, 2017 , affidavits of deposits covering investments with a carrying value totaling $8,066.4 million were on deposit with state agencies to meet regulatory requirements. Fixed maturities with a carrying value of $443.9 million were on deposit with the Federal Home Loan Bank of Des Moines (FHLB) as collateral for funding agreements. The carrying value of investments which have been non-income producing for the twelve months preceding December 31, 2017 includes real estate totaling $1.5 million . No investment in any entity or its affiliates (other than bonds issued by agencies of the United States Government) exceeded 10.0% of stockholders' equity at December 31, 2017 . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Values The carrying and estimated fair values of our financial instruments are as follows: Fair Values and Carrying Values December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 7,291,967 $ 7,291,967 $ 7,008,790 $ 7,008,790 Equity securities - available for sale 130,750 130,750 132,968 132,968 Mortgage loans 971,812 989,503 816,471 840,337 Policy loans 191,398 236,223 188,254 230,656 Other investments 15,713 16,838 9,809 11,272 Cash, cash equivalents and short-term investments 69,703 69,703 49,931 49,931 Reinsurance recoverable 2,125 2,125 3,411 3,411 Assets held in separate accounts 651,963 651,963 597,072 597,072 Liabilities Future policy benefits $ 4,192,367 $ 4,147,654 $ 4,044,148 $ 3,903,177 Supplementary contracts without life contingencies 322,630 327,151 330,232 330,633 Advance premiums and other deposits 259,099 259,099 257,171 257,171 Long-term debt 97,000 78,628 97,000 67,599 Other liabilities 268 268 114 114 Liabilities related to separate accounts 651,963 649,610 597,072 593,760 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 or, if observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available. In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows: • Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly. • Level 3 - Fair values are based on significant unobservable inputs for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period. The following methods and assumptions were used in estimating the fair value of our financial instruments: Fixed maturities: Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value. Level 2 fixed maturities consist of corporate, mortgage- and asset-backed, United States Government agencies, state and political subdivisions 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 with no quoted market prices 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 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 for which 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 that 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 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 for which 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. Long-term debt: Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market's assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt. Other liabilities: Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities. Liabilities related to separate accounts: Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities' fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability. Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2017 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 Fixed maturities: Corporate securities $ — $ 3,654,671 $ 33,600 $ 3,688,271 Residential mortgage-backed securities — 507,157 9,124 516,281 Commercial mortgage-backed securities — 619,606 85,701 705,307 Other asset-backed securities — 780,022 53,480 833,502 United States Government and agencies 9,078 15,827 — 24,905 States and political subdivisions — 1,523,701 — 1,523,701 Total fixed maturities 9,078 7,100,984 181,905 7,291,967 Non-redeemable preferred stocks — 92,425 7,407 99,832 Common stocks 4,313 26,605 — 30,918 Other investments — 14,824 — 14,824 Cash, cash equivalents and short-term investments 69,703 — — 69,703 Reinsurance recoverable — 2,125 — 2,125 Assets held in separate accounts 651,963 — — 651,963 Total assets $ 735,057 $ 7,236,963 $ 189,312 $ 8,161,332 Liabilities Future policy benefits - indexed annuity embedded derivatives $ — $ — $ 27,774 $ 27,774 Other liabilities — 268 — 268 Total liabilities $ — $ 268 $ 27,774 $ 28,042 Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 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 Fixed maturities: Corporate securities $ — $ 3,649,536 $ 59,119 $ 3,708,655 Residential mortgage-backed securities — 422,300 — 422,300 Commercial mortgage-backed securities — 494,520 81,434 575,954 Other asset-backed securities — 716,282 54,368 770,650 United States Government and agencies 11,943 20,129 — 32,072 States and political subdivisions — 1,499,159 — 1,499,159 Total fixed maturities 11,943 6,801,926 194,921 7,008,790 Non-redeemable preferred stocks — 95,006 7,411 102,417 Common stocks 3,056 27,495 — 30,551 Other investments — 9,360 — 9,360 Cash, cash equivalents and short-term investments 49,931 — — 49,931 Reinsurance recoverable — 3,411 — 3,411 Assets held in separate accounts 597,072 — — 597,072 Total assets $ 662,002 $ 6,937,198 $ 202,332 $ 7,801,532 Liabilities Future policy benefits - indexed annuity embedded derivatives $ — $ — $ 15,778 $ 15,778 Other liabilities — 114 — 114 Total liabilities $ — $ 114 $ 15,778 $ 15,892 Level 3 Fixed Maturities by Valuation Source - Recurring Basis December 31, 2017 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 4,555 $ 29,045 $ 33,600 Commercial mortgage-backed securities 85,701 — 85,701 Residential mortgage-backed securities 9,124 — 9,124 Other asset-backed securities 47,080 6,400 53,480 Total $ 146,460 $ 35,445 $ 181,905 Percent of total 80.5 % 19.5 % 100.0 % December 31, 2016 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 17,684 $ 41,435 $ 59,119 Commercial mortgage-backed securities 81,434 — 81,434 Other asset-backed securities 39,308 15,060 54,368 Total $ 138,426 $ 56,495 $ 194,921 Percent of total 71.0 % 29.0 % 100.0 % Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis December 31, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 27,682 Discounted cash flow Credit spread 0.91% - 6.20% (4.17%) Commercial mortgage-backed 72,224 Discounted cash flow Credit spread 1.40% - 4.10% (2.50%) Non-redeemable preferred stocks 7,407 Discounted cash flow Credit spread 2.94% (2.94%) Total assets $ 107,313 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 27,774 Discounted cash flow Credit risk Risk margin 0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%) December 31, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 47,398 Discounted cash flow Credit spread 0.58% - 4.25% (2.81%) Commercial mortgage-backed 81,434 Discounted cash flow Credit spread 1.10% - 4.15% (2.95%) Other asset-backed securities 6,461 Discounted cash flow Credit spread 1.08% - 4.87% (3.45%) Non-redeemable preferred stocks 7,411 Discounted cash flow Credit spread 4.05% (4.05%) Total assets $ 142,704 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 15,778 Discounted cash flow Credit risk Risk margin 0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%) The tables above exclude certain securities with fair value based on non-binding broker quotes for which we could not reasonably obtain the quantitative unobservable inputs. Level 3 Financial Instruments Changes in Fair Value - Recurring Basis December 31, 2017 Realized and unrealized gains (losses), net Balance, December 31, 2016 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2017 (Dollars in thousands) Assets Corporate securities $ 59,119 $ 5,000 $ (12,230 ) $ 84 $ (1,365 ) $ 13,440 $ (30,409 ) $ (39 ) $ 33,600 Residential mortgage-backed securities — 32,455 — — (1 ) — (23,331 ) 1 9,124 Commercial mortgage-backed securities 81,434 25,591 (802 ) — 6,218 — (26,658 ) (82 ) 85,701 Other asset-backed securities 54,368 126,867 (8,886 ) — 499 13,353 (132,700 ) (21 ) 53,480 Non-redeemable preferred stocks 7,411 — — — (4 ) — — — 7,407 Total assets $ 202,332 $ 189,913 $ (21,918 ) $ 84 $ 5,347 $ 26,793 $ (213,098 ) $ (141 ) $ 189,312 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 15,778 $ 6,594 $ (2,128 ) $ 7,530 $ — $ — $ — $ — $ 27,774 December 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, December 31, 2016 (Dollars in thousands) Assets Corporate securities $ 49,076 $ 2,000 $ (13,751 ) $ (27 ) $ (490 ) $ 35,956 $ (13,572 ) $ (73 ) $ 59,119 Residential mortgage-backed securities 3,729 — (3,722 ) — (137 ) — — 130 — Commercial mortgage-backed securities 88,180 18,826 (1,656 ) — (141 ) — (23,852 ) 77 81,434 Other asset-backed securities 55,557 64,146 (11,621 ) — 212 30,098 (84,045 ) 21 54,368 United States Government and agencies 8,726 — — — 486 — (9,218 ) 6 — State, municipal and other governments — — — — 108 2,393 (2,501 ) — — Non-redeemable preferred stocks 7,471 — — — (60 ) — — — 7,411 Total assets $ 212,739 $ 84,972 $ (30,750 ) $ (27 ) $ (22 ) $ 68,447 $ (133,188 ) $ 161 $ 202,332 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 9,374 $ 5,913 $ (115 ) $ 606 $ — $ — $ — $ — $ 15,778 (1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above. Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels December 31, 2017 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 $ — $ — $ 989,503 $ 989,503 Policy loans — — 236,223 236,223 Other investments — — 2,014 2,014 Total assets $ — $ — $ 1,227,740 $ 1,227,740 Liabilities Future policy benefits $ — $ — $ 4,119,880 $ 4,119,880 Supplementary contracts without life contingencies — — 327,151 327,151 Advance premiums and other deposits — — 259,099 259,099 Long-term debt — — 78,628 78,628 Liabilities related to separate accounts — — 649,610 649,610 Total liabilities $ — $ — $ 5,434,368 $ 5,434,368 December 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 $ — $ — $ 840,337 $ 840,337 Policy loans — — 230,656 230,656 Other investments 1,912 1,912 Total assets $ — $ — $ 1,072,905 $ 1,072,905 Liabilities Future policy benefits $ — $ — $ 3,887,399 $ 3,887,399 Supplementary contracts without life contingencies — — 330,633 330,633 Advance premiums and other deposits — — 257,171 257,171 Long-term debt — — 67,599 67,599 Liabilities related to separate accounts — — 593,760 593,760 Total liabilities $ — $ — $ 5,136,562 $ 5,136,562 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 2017 or 2016. |
Reinsurance and Policy Provisio
Reinsurance and Policy Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Reinsurance and Policy Provisions [Abstract] | |
Reinsurance and Policy Provisions [Text Block] | Reinsurance and Policy Provisions Reinsurance In the normal course of business, we seek to limit our exposure to loss on any single insured or event and to recover a portion of benefits paid by ceding a portion of our exposure to other insurance companies. Our reinsurance coverage for life insurance varies according to the age and risk classification of the insured with current retention limits ranging up to $1.0 million of coverage per individual life. Certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance. We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements. Farm Bureau Life may cede certain losses under an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention of $15.2 million . A maximum occurrence limit of $50.0 million per aircraft applies to policies written on agents of the Company who are participating in company-sponsored incentive trips. Additionally, a $200.0 million occurrence limit applies to employees in the home office building, net of reinsurance on group life policies. All other occurrence catastrophes are unlimited in amount. Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet their obligations under reinsurance agreements, our insurance subsidiaries would be liable for these obligations, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for reinsurance recoverable since none of our receivables are deemed to be uncollectible. Ceded reinsurance reduces our revenues by the amount that we pay for premium or forego in product charges and reduces our benefits and expenses by reimbursements of claims by our reinsurers. Assumed reinsurance adds to our premiums or product charges and to benefits and expenses related to the business we assume. These impacts are shown in the table below. Impact of Reinsurance on our Financial Statements Year ended December 31, 2017 2016 2015 (Dollars in thousands) Ceded (reductions to financial statement items): Premiums and product charges $ 32,922 $ 33,058 $ 33,462 Insurance benefits 24,159 22,515 26,183 Allowances for expenses and commissions 4,548 4,709 4,945 Assumed (additions to financial statement items): Premiums and product charges 2,637 2,670 2,751 Insurance benefits 6,356 2,302 1,231 Allowances for expenses and commissions 1,543 1,427 1,570 Reinsurance in Force and Percentage of Direct Life Insurance in Force Year ended December 31, 2017 2016 (Dollars in millions) Ceded reinsurance $ 14,087 22.5 % $ 14,258 23.5 % Assumed reinsurance 487 0.8 % 524 0.9 % Policy Provisions Analysis of the Value of Insurance in Force Acquired Year ended December 31, 2017 2016 2015 (Dollars in thousands) Balance at beginning of year $ 21,608 $ 24,000 $ 26,436 Amortization per fixed schedule (2,178 ) (2,198 ) (2,384 ) Impact of unlocking actuarial assumptions — (194 ) (52 ) Balance at end of year 19,430 21,608 24,000 Impact of net unrealized investment gains and losses (14,870 ) (12,382 ) (3,087 ) Value of insurance in force acquired $ 4,560 $ 9,226 $ 20,913 We amortize the value of insurance in force based on a fixed amortization schedule. Net amortization, based on our fixed amortization schedules, for the next five years is expected to be as follows: 2018 - $2.2 million ; 2019 - $2.1 million ; 2020 - $2.2 million ; 2021 - $2.0 million ; and 2022 - $2.0 million . Certain variable annuity and variable universal life contracts in our separate accounts and in variable business we have assumed through reinsurance partners have minimum interest guarantees on funds deposited in our general account. In addition, we have certain variable annuity contracts that include a) guaranteed minimum death benefits (GMDB), b) an incremental death benefit (IDB) rider that pays a percentage of the gain on the contract upon the death of the contract holder, and/or c) a guaranteed minimum income benefit (GMIB) that provides monthly income to the contract holder after the eighth policy year. GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee December 31, 2017 December 31, 2016 Separate Account Balance Net Amount at Risk Separate Account Balance Net Amount at Risk (Dollars in thousands) Guaranteed minimum death benefit: Return of net deposits $ 173,761 $ 442 $ 159,617 $ 543 Return the greater of highest anniversary 292,112 1,068 270,539 2,920 Incremental death benefit 265,456 67,350 241,142 53,933 Guaranteed minimum income benefit 29,987 — 32,733 — Total $ 68,860 $ 57,396 The separate account assets are primarily comprised of stock and bond mutual funds. The net amount at risk for these contracts is based on the amount by which GMDB, IDB or GMIB exceeds account value. The reserve for GMDBs, IDBs or GMIBs, determined using modeling techniques and industry mortality assumptions, that is included in future policy benefits, totaled $6.9 million at December 31, 2017 and $5.8 million at December 31, 2016 . The weighted average age of the contract holders with GMDB, IDB or GMIB rider exposure was 66 years at December 31, 2017 and 62 years at December 31, 2016 . Benefits paid for GMDBs, IDBs and GMIBs totaled $0.8 million for 2017 , $0.5 million for 2016 and $0.4 million for 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We file a consolidated federal income tax return with Farm Bureau Life and FBL Financial Services, Inc. and certain of their subsidiaries. The companies included in the consolidated federal income tax return each report current income tax expense as allocated under a consolidated tax allocation agreement. This allocation typically results in profitable companies recognizing a tax provision as if the individual company filed a separate return and loss companies recognizing a benefit to the extent their losses contribute to reduce consolidated taxes. Deferred income taxes have been established based upon the temporary differences between the financial statement and income tax bases of assets and liabilities. The reversal of the temporary differences will result in taxable or deductible amounts in future years when the related asset or liability is recovered or settled. A valuation allowance is required if it is more likely than not that a deferred tax asset will not be realized. In assessing the need for a valuation allowance we considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. Based on the available positive and negative evidence regarding future sources of taxable income, we have determined that the establishment of a valuation allowance was not necessary at December 31, 2017 and 2016 . The Tax Act makes broad changes to the U.S. tax code that potentially impact our companies, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax liabilities of $85.8 million , which includes $48.2 million related to deferred taxes previously recognized in accumulated other comprehensive income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018. No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions. Income Tax Expenses (Credits) Year ended December 31, 2017 2016 2015 (Dollars in thousands) Taxes provided in consolidated statements of operations on: Income before equity loss: Current $ 34,301 $ 36,461 $ 40,578 Deferred (75,030 ) 9,549 6,840 (40,729 ) 46,010 47,418 Equity loss, including low income housing tax credits (15,804 ) (15,498 ) (15,706 ) Taxes provided in consolidated statements of changes in stockholders' equity: Accumulated other comprehensive income 43,448 18,882 (77,473 ) Class A and Class B common stock (1) — (846 ) (1,363 ) 43,448 18,036 (78,836 ) $ (13,085 ) $ 48,548 $ (47,124 ) (1) Beginning in 2017, accounting guidance requires tax benefits of equity-based compensation to be recorded through net income rather than directly to stockholders' equity. Accordingly, we do not expect to have a provision for taxes on Class A and B common stock for years after 2016. See Note 1 for further discussion of this accounting change. Effective Tax Rate Reconciliation to Federal Income Tax Rate Year ended December 31, 2017 2016 2015 (Dollars in thousands) Income before income taxes and equity loss $ 142,327 $ 141,789 $ 151,368 Income tax at federal statutory rate (35%) $ 49,814 $ 49,626 $ 52,979 Tax effect (decrease) of: Tax-exempt dividend and interest income (3,384 ) (2,950 ) (3,233 ) Remeasurement of deferred taxes under the Tax Act (85,797 ) — — Other items (1,362 ) (666 ) (2,328 ) Income tax expense $ (40,729 ) $ 46,010 $ 47,418 In 2015, the other items affecting the effective tax rate include a $1.8 million tax benefit resulting from the disposition of an equity method investment, for which the carrying value consisted solely of nondeductible goodwill. In 2017, the other items affecting the effective tax rate include $0.6 million in tax benefits from equity-based compensation deductions. Prior to 2017, these tax benefits were recorded to stockholders equity, so they did not impact the effective tax rate. Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities December 31, 2017 2016 (Dollars in thousands) Deferred income tax assets: Future policy benefits $ 21,926 $ 30,340 Accrued benefit and compensation costs 3,435 10,001 Loss carryforwards 3,452 5,709 Other 2,669 2,393 31,482 48,443 Deferred income tax liabilities: Fixed maturity and equity securities 118,716 131,655 Deferred acquisition costs 33,177 62,599 Value of insurance in force acquired 958 3,229 Property and equipment 5,883 7,777 Other 4,660 6,678 163,394 211,938 Net deferred income tax liability $ 131,912 $ 163,495 Deferred tax assets and liabilities at December 31, 2016 are recorded at a 35% tax rate, the enacted tax rate at that time. Deferred taxes at December 31, 2017 are recorded at a 21% tax rate, as under the Tax Act this is the enacted rate that will be in effect when the temporary differences are expected to reverse. We recognize the benefits of uncertain tax positions when the benefits are more-likely-than-not to be sustained. We had no reserve for uncertain tax positions at December 31, 2017 or 2016 . We recognize interest related to uncertain tax positions in interest expense and related penalties in other expenses. We paid no such interest and penalties related to federal income taxes during 2017 or 2016 . We do not expect any significant changes in the amount of our reserve for uncertain tax positions within the next twelve months. We are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2014. At December 31, 2017 , we had non-life net operating loss carryforwards for federal income tax purposes totaling $15.5 million , which expire beginning in 2032. We also had non-life net operating loss carryforwards in several state jurisdictions, with varying expiration dates. State deferred taxes are not generally provided on any temporary differences or carryforwards, as state taxes have historically been insignificant. We invest in LIHTC, which generate pre-tax losses but after-tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and the approval of tax credits. These tax credits, which are reported in equity income, totaled $14.2 million in 2017 , $14.1 million in 2016 and $13.5 million in 2015 . |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Credit Arrangements Long-term debt includes $97.0 million of our subordinated debt obligation to FBL Financial Group Capital Trust (the Trust). We issued 5% Subordinated Deferrable Interest Notes due June 30, 2047 (the Notes) with a principal amount of $100.0 million to support $97.0 million of 5% Preferred Securities issued by the Trust. We also have a $3.0 million equity investment in the Trust, which is netted against the Notes on the consolidated balance sheets due to a contractual right of offset. The sole assets of the Trust are and will be the Notes and any interest accrued thereon. The interest payment dates on the Notes correspond to the distribution dates on the 5% Preferred Securities. The 5% Preferred Securities, which have a liquidation value of $1,000.00 per share plus accrued and unpaid distributions, mature simultaneously with the Notes. As of December 31, 2017 and 2016 , 97,000 shares of 5% Preferred Securities were outstanding, all of which we unconditionally guarantee. Short-term debt as of December 31, 2015 consisted of two short-term advances, collateralized by fixed maturity securities, payable to FHLB totaling $15.0 million . The advances included a $10.0 million advance on December 21, 2015, repaid January 11, 2016, at an interest rate of 0.55% and a $5.0 million advance on December 30, 2015, repaid January 6, 2016, at an interest rate of 0.46% . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity The IFBF owns our Series B preferred stock. Each share of Series B preferred stock has a liquidation preference of $0.60 and voting rights identical to that of Class A common stock with the exception that each Series B share is entitled to two votes while each Class A share is entitled to one vote. The Series B preferred stock pays cumulative annual cash dividends of $0.03 per share, payable quarterly, and is redeemable by us, at our option, at $0.60 per share plus unpaid dividends if the stock ceases to be beneficially owned by a Farm Bureau organization. Reconciliation of Outstanding Common Stock Class A Class B (1) 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 159,764 5,022 — — 159,764 5,022 Purchase of common stock (66,904 ) (399 ) — — (66,904 ) (399 ) Outstanding at December 31, 2015 24,796,763 149,248 11,413 72 24,808,176 149,320 Issuance of common stock under compensation plans 96,101 3,718 — — 96,101 3,718 Purchase of common stock (10,322 ) (63 ) — — (10,322 ) (63 ) Outstanding at December 31, 2016 24,882,542 152,903 11,413 72 24,893,955 152,975 Issuance of common stock under compensation plans 40,082 708 — — 40,082 708 Purchase of common stock (3,511 ) (22 ) — — (3,511 ) (22 ) Outstanding at December 31, 2017 24,919,113 $ 153,589 11,413 $ 72 24,930,526 $ 153,661 (1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis. Holders of the Class A common stock and Series B preferred stock vote together as a group in the election of Class A Directors ( four to ten ). The Class B common stock votes as a separate class to elect the Class B Directors ( five to seven ). Voting for the Directors is noncumulative. Ownership aspects of our Class B common stock are governed by a Class B Shareholder Agreement. The IFBF's ownership in the three classes of stock results in IFBF owning 71% of our voting stock as of December 31, 2017 , and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share common stock dividends. Share Repurchases We periodically repurchase our Class A common stock under programs approved by our Board of Directors. 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. Under these programs, we repurchased 3,511 shares of stock for $0.2 million in 2017 , 10,322 shares of stock for $0.6 million in 2016 and 66,904 shares of stock for $3.7 million in 2015 . Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. There was $49.2 million remaining available for repurchases at December 31, 2017 under the active repurchase program. Dividend Restrictions We have agreed that we will not pay dividends on the Class A or Class B Common Stock, nor on the Series B Preferred Stock, if we are in default of the Subordinated Deferrable Interest Note Agreement dated May 30, 1997 with FBL Financial Group Capital Trust. We are compliant with all terms of this agreement at December 31, 2017 . See Note 6 for additional information regarding this agreement. The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. See Note 12 for discussion on our statutory dividend restrictions. Special Dividends Periodically, we declare a special cash dividend payable to our Class A and Class B common shareholders. We have paid the following special dividends during the last three years: $1.50 per share in 2017 totaling $37.4 million , $2.00 per share in 2016 totaling $49.7 million and $2.00 per share in 2015 totaling $49.5 million . Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Gains (Losses) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Balance at January 1, 2015 $ 266,211 $ 1,131 $ (8,932 ) $ 258,410 Other comprehensive income before reclassifications (143,731 ) (1,155 ) — (144,886 ) Reclassification adjustments (1,693 ) (90 ) 2,791 1,008 Balance at December 31, 2015 120,787 (114 ) (6,141 ) 114,532 Other comprehensive income before reclassifications 37,895 1,901 — 39,796 Reclassification adjustments (1,719 ) (1,476 ) (1,578 ) (4,773 ) Balance at December 31, 2016 156,963 311 (7,719 ) 149,555 Other comprehensive income before reclassifications 88,534 136 — 88,670 Reclassification related to the Tax Act (3) 49,657 90 (1,521 ) 48,226 Reclassification adjustments 15 — (1,483 ) (1,468 ) Balance at December 31, 2017 $ 295,169 $ 537 $ (10,723 ) $ 284,983 (1) Unrealized net investment gains (losses) relate to available-for-sale securities and include the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans. (3) Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1. Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2017 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (255 ) $ — $ — $ (255 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 274 — — 274 Other than temporary impairment losses — — — — Other expenses - change in unrecognized postretirement items: Prior service costs — — — — Net actuarial loss — — (1,702 ) (1,702 ) Reclassifications before income taxes 19 — (1,702 ) (1,683 ) Income taxes (4 ) — 219 215 Reclassification adjustments $ 15 $ — $ (1,483 ) $ (1,468 ) Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2016 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (1,799 ) $ — $ — $ (1,799 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities (845 ) 180 — (665 ) Other than temporary impairment losses — (2,451 ) — (2,451 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (1 ) (1 ) Net actuarial loss — — (2,425 ) (2,425 ) Reclassifications before income taxes (2,644 ) (2,271 ) (2,426 ) (7,341 ) Income taxes 925 795 848 2,568 Reclassification adjustments $ (1,719 ) $ (1,476 ) $ (1,578 ) $ (4,773 ) Year ended December 31, 2015 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (2,829 ) $ — $ — $ (2,829 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 224 7 — 231 Other than temporary impairment losses — (146 ) — (146 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (12 ) (12 ) Net actuarial gain — — 4,306 4,306 Reclassifications before income taxes (2,605 ) (139 ) 4,294 1,550 Income taxes 912 49 (1,503 ) (542 ) Reclassification adjustments $ (1,693 ) $ (90 ) $ 2,791 $ 1,008 (1) See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans. |
Retirement and Compensation Pla
Retirement and Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Defined Benefit Pension Plans We participate in various defined benefit pension plans (the Plans), including a multiemployer plan. The multiemployer plan is considered qualified under Internal Revenue Service regulations, and covers our employees and the employees of the other participating companies who had attained age 21, had one year of service and were employed prior to January 1, 2013. We also have a plan that provides supplemental pension benefits to certain highly compensated employees who have salaries and/or pension benefits in excess of the qualified limits imposed by federal law and were employed prior to January 1, 2013. Benefits under these plans are based on years of service and the employee's compensation. The plans are discussed below. Multiemployer Defined Benefit Plan The FBL Financial Group Retirement Plan (the Multiemployer Plan) is considered a multiemployer plan, with the participation of affiliated and unaffiliated employers along with FBL Financial Group, Inc. and its subsidiaries. Under the multiemployer plan structure, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. If an employer elects to discontinue participation, prior to departure they will be required to contribute their portion of the underfunded pension obligation associated with their employees. This required contribution will be based on an actuarial estimate of future benefit obligations, which as an estimate may not ultimately be sufficient to fund future actual benefits. None of the participating employers have provided notice that they would be discontinuing participation in the Multiemployer Plan or would otherwise be unable to continue providing their share of required funding as of December 31, 2017. Contributions are made each year, resulting in the Multiemployer Plan being partially funded for payment of projected future benefit obligations. Effective in 2013, the Multiemployer Plan was closed to new participants and those participants who had not attained age 40 and 10 years of service as of December 31, 2012 no longer accrue additional years of service in the Multiemployer Plan. Multiemployer Plan name FBL Financial Group Retirement Plan Employer identification number 42-1411715 Plan number 001 FBL's contributions (in thousands) 2017 $45,000 2016 $30,000 2015 $30,000 Net periodic pension cost of the Multiemployer Plan is allocated between participating employers on a basis of time incurred by the respective employees for each employer. Such allocations are reviewed annually. The Multiemployer Plan is not subject to collective bargaining agreements, a financial improvement plan or a rehabilitation plan. No surcharges were required to be paid to the Multiemployer Plan during 2017 , 2016 or 2015 . We are the primary employer in the Multiemployer Plan, providing more than 5 percent of the total contributions during 2017 , 2016 and 2015 . Other Defined Benefit Plans The other defined benefit plans (the Other Plans) provide benefits in addition to those offered under the Multiemployer Plan to certain of our employees or affiliated employers. These non-qualified benefit plans are not funded, whereby contributions are made as current benefit obligations become due. Net periodic pension cost of the Other Plans is allocated between the subsidiaries of FBL Financial Group, Inc. and the Farm Bureau affiliated property-casualty companies on a basis of time incurred by the respective employees for each company. Funding Status and Net Periodic Pension Costs Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2017 2016 (Dollars in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of the year $ 336,454 $ 319,420 $ 24,585 $ 22,275 Service cost 5,552 5,795 436 335 Interest cost 14,124 14,447 1,003 966 Actuarial loss 41,855 15,767 2,728 3,317 Benefits paid (21,986 ) (18,975 ) (1,838 ) (2,308 ) Projected benefit obligation 375,999 336,454 26,914 24,585 Change in plan assets: Fair value of plan assets at beginning of the year 291,071 262,276 — — Actual return on plan assets 31,311 17,770 — — Employer contributions 45,000 30,000 1,838 2,308 Benefits paid (21,986 ) (18,975 ) (1,838 ) (2,308 ) Fair value of plan assets at end of the year 345,396 291,071 — — Underfunded status at end of the year $ (30,603 ) $ (45,383 ) $ (26,914 ) $ (24,585 ) Accumulated benefit obligation $ 334,462 $ 297,753 $ 23,504 $ 21,407 The fair value of plan assets of the Multiemployer Plan exceeded the accumulated benefit obligation at December 31, 2017, but was less than the accumulated benefit obligation at December 31, 2016. Net Periodic Pension Costs Incurred by the Plans Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2015 2017 2016 2015 (Dollars in thousands) Service cost $ 5,552 $ 5,795 $ 5,892 $ 436 $ 335 $ 435 Interest cost 14,124 14,447 13,472 1,003 966 1,000 Expected return on assets (19,184 ) (17,865 ) (17,563 ) — — — Amortization of prior service cost 131 144 144 — (1 ) (11 ) Amortization of actuarial loss 10,121 9,432 10,464 1,172 918 1,528 Effect of settlement — — 7,998 — — — Net periodic pension cost $ 10,744 $ 11,953 $ 20,407 $ 2,611 $ 2,218 $ 2,952 FBL Financial Group, Inc. share of net periodic pension cost $ 3,404 $ 3,807 $ 6,614 $ 1,551 $ 1,260 $ 1,671 Pension settlement charges were recognized after determining the total cash payments exceeded the sum of the service and interest cost for 2015. The Plans' prior service costs are amortized using a straight-line amortization method over the average remaining service period or life expectancy of the employees, depending upon who is covered under each plan. For actuarial gains and losses, we use a corridor (10% of the greater of the projected benefit obligation or the market value of plan assets) to determine the amounts to amortize. For the Multiemployer Plan it is expected that net periodic pension cost in 2018 will include $12.5 million for amortization of the actuarial loss and less than $0.1 million of prior service cost amortization. For the Other Plans it is expected that net periodic pension cost in 2018 , included in accumulated other comprehensive income, will include $1.4 million for amortization of the actuarial loss. We expect contributions to be paid to the Multiemployer Plan by us and our affiliated and unaffiliated employers for 2018 to be approximately $15.0 million , of which $4.6 million is expected to be contributed by us. We expect contributions to be paid to the Other Plans by us and affiliates for 2018 to be approximately $1.6 million , of which $0.7 million is expected to be contributed by us. Expected benefits to be paid under the Multiemployer Plan are as follows: 2018 - $18.6 million , 2019 - $17.9 million , 2020 - $21.3 million , 2021 - $21.7 million , 2022 - $22.7 million and 2023 through 2027 - $123.3 million . Expected benefits to be paid under the Other Plans are as follows: 2018 - $2.3 million , 2019 - $3.6 million , 2020 - $3.0 million , 2021 - $2.8 million , 2022 - $2.1 million and 2023 through 2027 - $14.7 million . FBL's Proportionate Share of Prepaid or Accrued Pension Cost Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2017 2016 (Dollars in thousands) Amount recognized in FBL's statement of financial position Prepaid benefit cost $ 36,858 $ 26,006 $ 740 $ 876 Accrued benefit cost — — (21,245 ) (19,159 ) Net amount recognized $ 36,858 $ 26,006 $ (20,505 ) $ (18,283 ) Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) Net actuarial loss $ 13,649 $ 12,094 Net amount recognized $ 13,649 $ 12,094 (1) For our Multiemployer Plan, the underfunded portion of the pension benefit obligation is not required to be recognized as a liability in our consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled $30.6 million at December 31, 2017 and $45.4 million at December 31, 2016 . Weighted Average Assumptions Used to Determine Benefit Obligation December 31 2017 2016 Discount rate 3.72 % 4.29 % Annual salary increases 3.27 % 3.31 % We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements. Weighted Average Assumptions Used to Determine Net Periodic Pension Cost Year Ended December 31, 2017 2016 2015 Discount rate 4.29 % 4.65 % 4.52% / 4.05% Expected long-term return on plan assets 6.60 % 6.75 % 6.75% / 7.00% Annual salary increases 3.31 % 3.31 % 3.31% / 3.00% Our expected long-term return on plan assets represents the rate of earnings expected in the funds invested to provide for anticipated benefit payments. We have analyzed the expected rates of return and determined that the long-term return assumption should be revised downward in 2017 to 6.60%. On September 30, 2015, the plan incurred a remeasurement due to settlement accounting. This resulted in a discount rate of 4.05% being used for the nine months ended September 30, 2015 and 4.52% for the three months ended December 31, 2015. We also completed an actuarial study of our assumptions during 2015. At the remeasurement, this resulted in reducing the expected long-term return on plan assets from 7.00% to 6.75% and increasing assumed annual salary increases from 3.00% to 3.31%. Multiemployer Plan Assets The Multiemployer Plan assets are primarily invested in annuity products and insurance company pooled separate accounts that invest predominately in equity securities and real estate. We have certain pension obligations that are fully funded through annuity contracts with Farm Bureau Life, which are presented as funded annuity contracts below. For 2017 , excluding the funded annuity contracts, we employed a long-term investment strategy of diversifying the Multiemployer Plan assets with 55% in fixed income investments, 40% in equities and 5% in alternative investments. At December 31, 2017 , the Multiemployer Plan assets were invested approximately 59% in fixed income investments, 38% in diversified equities and 3% in alternative investments. The fixed income investments consist primarily of the group annuity contract and fixed income securities held in pooled separate accounts. The equity securities are in pooled separate accounts and mutual funds. The alternative investments consist of interests in limited partnerships that own various liquid and illiquid assets. Our investment strategy is to (1) achieve a long-term return sufficient to satisfy all Multiemployer Plan obligations, (2) assume a prudent level of risk and (3) maintain adequate liquidity. The expected return on Multiemployer Plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the Multiemployer Plan. In estimating the expected rate of return for each asset class, we take into account factors such as historical rates of return, expected future risk-free rates of return and anticipated returns expected given the risk profile of each asset class. The valuation methodologies used for assets measured at fair value are: • Group and funded annuity contracts: contract value is equivalent to fair value, as the interest-crediting rates are periodically reset to align with market rates at the discretion of the issuer. • Pooled separate accounts: the net asset value of our separate account shares is based on the latest quoted market price of the underlying investments or in the case of a real estate separate account, estimates of the current market value of the underlying property held. • Mutual funds: the net asset value of our mutual funds is based on quoted market prices available in active markets. • Alternative investments: the carrying value of the limited partnership interests reflects the Plan’s proportionate share of the net asset value of those partnerships, which is derived from the fair value of the underlying holdings. The pension financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Unadjusted quoted prices in active markets for identical assets that are accessible to us at the measurement date. Level 2 - Inputs other than quoted prices in active markets for identical assets that are either directly or indirectly observable for substantially the full term of the asset or liability. Level 3 - Inputs are unobservable and require management's judgment about the assumptions that market participants would use in pricing the assets. Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels December 31, 2017 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 39,563 $ — $ — $ 39,563 International funds 40,349 — — 40,349 Pooled separate accounts: (1) Short-term fixed income funds — 793 — 793 Fixed income funds — 14,689 — 14,689 U.S. equity funds — 32,726 — 32,726 Real estate fund — 15,526 — 15,526 Annuities: (2) Group annuity contract — — 181,403 181,403 Funded annuity contracts — — 10,776 10,776 Alternative investments: (3) Limited partnerships — — 9,571 9,571 Total $ 79,912 $ 63,734 $ 201,750 $ 345,396 December 31, 2016 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 35,888 $ — $ — $ 35,888 International funds 35,709 — — 35,709 Pooled separate accounts: (1) Short-term fixed income funds — 606 — 606 Fixed income funds — 14,271 — 14,271 U.S. equity funds — 28,640 — 28,640 Real estate fund — 14,346 — 14,346 Annuities: (2) Group annuity contract — — 141,782 141,782 Funded annuity contracts — — 11,382 11,382 Alternative investments: (3) Limited partnerships — — 8,447 8,447 Total $ 71,597 $ 57,863 $ 161,611 $ 291,071 (1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company. (2) Represents group annuity contracts with Farm Bureau Life. (3) Represents interests in several limited partnerships. Level 3 Multiemployer Plan Asset Changes in Fair Value December 31, 2017 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2017 (Dollars in thousands) Group annuity contract $ 141,782 $ 33,221 $ 6,400 $ — $ — $ 181,403 Funded annuity contracts 11,382 (1,258 ) 652 — — 10,776 Limited partnerships 8,447 314 810 — — 9,571 Total $ 161,611 $ 32,277 $ 7,862 $ — $ — $ 201,750 December 31, 2016 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2016 (Dollars in thousands) Group annuity contract $ 134,749 $ 1,334 $ 5,699 $ — $ — $ 141,782 Funded annuity contracts 11,996 (1,287 ) 673 — — 11,382 Limited partnerships 6,262 1,536 649 — — 8,447 Total $ 153,007 $ 1,583 $ 7,021 $ — $ — $ 161,611 |
Postemployment Benefits Disclosure [Text Block] | Other Retirement Plans We participate with affiliated and unaffiliated employers in a 401(k) defined contribution plan, which covers substantially all employees. We match employee contributions up to 2% or 4% of the eligible compensation contributed by the employee and at an amount equal to 50% of an employee's contributions on the next 2% of the eligible compensation contributed by the employee. As shown in the table below, certain employees will also receive an annual discretionary employer contribution based on age plus years of service ranging from 2.75% to 5.75% as a percent of pay. Costs are allocated among the affiliates on a basis of time incurred by the respective employees for each company. Our expense related to this plan totaled $2.6 million in 2017 , $2.4 million in 2016 and $2.2 million in 2015 . Attained age 40 and 10 years of service at December 31, 2012 Accruing years of service in the Multiemployer Plan 100% Employer Match 50% Employer Match Discretionary Employer Contribution Yes Yes first 2% of employee's contributions employee contributions between 2% and 4% No No No first 4% of employee's contributions employee contributions between 4% and 6% 2.75% to 5.75% We have established deferred compensation plans for certain key current and former employees and have certain other benefit plans that provide for retirement and other benefits. Liabilities for these plans are accrued as the related benefits are earned. Certain of the assets related to these plans are on deposit with us and amounts relating to these plans are included in our financial statements. In addition, certain amounts included in the policy liabilities for interest sensitive products relate to deposit administration funds maintained by us on behalf of affiliates. In addition to benefits offered under the aforementioned benefit plans, we participate with affiliated and unaffiliated employers in a plan that provides group term life insurance benefits to retirees. We froze our portion of the plan on December 31, 2016 such that no new participants will enter the plan. During 2016, we recognized $0.2 million in curtailment gain related to freezing the group term life benefits to retirees. We also have two single-employer plans, frozen to new participants, that provide health and medical benefits to a small group of retirees. Postretirement benefit (income)/expense for this plan is allocated in a manner consistent with pension expense discussed above and totaled ($0.1) million in 2017 and 2016 and $0.1 million in 2015 . Changes in the underfunded portion of these plans, reported in other comprehensive income, aggregated ($0.1) million in 2017 and less than ($0.1) million in 2016 and 2015 . |
Compensation and Employee Benefit Plans [Text Block] | Share-based Compensation Plans The share-based payment arrangements under our Class A Common Stock Compensation Plan are described below. Expenses have been fully recognized under this plan. We also have a Cash-Based Restricted Stock Unit Plan. We allocate a portion of the expense for these arrangements to affiliates; expense amounts below represent our share of these expenses. Compensation expense for arrangements under this plan totaled $1.9 million for 2017 , $2.3 million for 2016 and $1.7 million for 2015 . The income tax benefit recognized in the statements of operations for this arrangement totaled $1.0 million in 2017 , $1.2 million in 2016 and $0.9 million in 2015 . Stock Option Awards Prior to 2012, we granted stock options for Class A common stock to officers and employees, which have a contractual term of 10 years and vest over a period up to five years, contingent upon continued employment with us. Prior to 2009, we also granted stock options for Class A common stock to directors, which were fully vested upon grant and had a contractual term that varied with the length of time the director remained on the Board, up to 10 years. The exercise price for all options is equal to the fair value of the common stock on the grant date. Stock Option Activity Number of Shares Weighted-Average Weighted-Average Aggregate (Dollars in thousands, except per share data) Shares under option at January 1, 2017 45,395 $ 27.35 Exercised (21,527 ) 33.60 Forfeited or expired — — Shares under option at December 31, 2017 23,868 21.92 2.15 $ 1,139 Vested at December 31, 2017 23,868 $ 21.92 2.15 $ 1,139 Exercisable options at December 31, 2017 23,868 $ 21.92 2.15 $ 1,139 (1) Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017. The intrinsic value of options exercised during the year totaled $0.8 million for 2017 , $3.2 million for 2016 and $4.5 million for 2015 . We issue new shares to satisfy stock option exercises. Cash received from stock options exercised totaled $0.7 million for 2017 , $2.5 million for 2016 and $3.7 million for 2015 . The actual tax benefit realized from stock options exercised totaled $0.2 million for 2017 , $1.0 million for 2016 and $1.4 million for 2015 . Cash-Based Restricted Stock Units We annually grant performance and non-performance cash-based restricted stock units to certain executives. The restricted stock units will vest and be paid out in cash over 5 years, contingent on continued employment with us. The performance units have the same vesting requirements, but are also contingent upon meeting a financial goal. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The effects of changes in the stock price during the service period are recognized as compensation cost over the service period. Restricted Stock Unit Activity Number of Units Weighted-Average Grant-Date Fair Value Restricted stock units at January 1, 2017 121,517 $ 46.10 Granted 23,526 69.10 Vested (42,465 ) 42.55 Forfeited or canceled — — Restricted stock units at December 31, 2017 102,578 52.85 The weighted average grant-date fair value per common share of restricted stock units granted was $69.10 in 2017 , $60.34 in 2016 and $52.19 in 2015 . Unrecognized compensation expense related to unvested restricted stock units based on the stock price at December 31, 2017 totaled $2.9 million . This expense is expected to be recognized over a weighted-average period of 1.79 years. Dividends are paid on restricted stock units upon vesting. Cash payments including dividends for restricted stock units totaled $3.3 million in 2017 and $2.7 million in 2016 and 2015 . Other We have a Director Compensation Plan under which non-employee directors on our Board may elect to receive a portion of their compensation in the form of cash or deferred cash-based stock units. Cash-based stock units outstanding under this plan totaled 25,243 at December 31, 2017 and 24,923 at December 31, 2016 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 53,254 at December 31, 2017 and 57,876 at December 31, 2016 . At December 31, 2017 , there were 108,131 shares of Class A common stock available for future issuance under the Director Compensation Plan. We also have an Executive Salary and Bonus Deferred Compensation Plan under which certain officers of the Company were allowed to use their base salary and annual cash bonus to purchase deferred cash-based stock units. Cash-based stock units outstanding under this plan totaled 11,661 at December 31, 2017 and 16,323 at December 31, 2016 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 50,208 at December 31, 2017 and 63,909 at December 31, 2016 . At December 31, 2017 , shares of Class A common stock available for future issuance under this plan totaled 97,533 . This plan was frozen to future deferrals on December 31, 2013. We also have an Executive Excess 401(k) Plan under which officers of the Company who met salary guidelines and 401(k) contribution guidelines were allowed to purchase unregistered deferred cash-based stock units. There were no cash-based stock units outstanding under this plan at December 31, 2017 and 89 at December 31, 2016 . Prior to 2012, deferred stock units were used instead of deferred cash-based stock units. Under this plan, we have deferred stock units outstanding totaling 3,175 at December 31, 2017 and 3,168 at December 31, 2016 . This plan was frozen to future deferrals on December 31, 2013. |
Managment and Other Agreements
Managment and Other Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Management and Other Agreements [Abstract] | |
Management and other agreements [Text Block] | Management and Other Agreements We have management agreements under which we provide general business, administrative and management services to Farm Bureau Property & Casualty Insurance Company and other affiliates. Fee income for these services totaled $2.0 million in 2017 , $2.2 million in 2016 and $2.3 million in 2015 . In addition, as discussed in Note 1, we provide investment advisory services and lease property and equipment under agreements with Farm Bureau Property & Casualty, other affiliates and non-affiliates. We share certain office facilities and services with the IFBF and its affiliated companies. These expenses are allocated on the basis of cost and time studies that are updated annually and consist primarily of rent, salaries and related expenses, travel and other operating costs. In addition, Farm Bureau Management Corporation, a wholly-owned subsidiary of the IFBF, provides certain services to us under a separate arrangement. We incurred related expenses totaling $1.1 million in 2017 and $1.0 million in 2016 and 2015 . We also have an expense allocation agreement with Farm Bureau Property & Casualty Insurance Company for the use of property and equipment. Expense relating to this agreement totaled $0.3 million in 2017 and 2016 and $0.7 million in 2015 . We have service agreements with the Farm Bureau-affiliated property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty Insurance Company and another affiliate. Under the service agreements, the property-casualty companies are responsible for development and management of our agency force for a fee. We incurred expenses totaling $9.1 million in 2017 , $8.6 million in 2016 and $9.9 million in 2015 relating to these arrangements. We are licensed by the IFBF to use the "Farm Bureau" and "FB" designations in Iowa. In connection with this license, we incurred royalty expense totaling $0.6 million in 2017 , 2016 and 2015 . We have similar arrangements with other state Farm Bureau organizations in our market territory. Total royalty expense to Farm Bureau organizations other than the IFBF totaled $1.8 million in 2017 and in 2016 and $1.7 million in 2015 . The royalty agreement with the IFBF provides IFBF an option to terminate the agreement if our quarterly common stock dividend is below $0.10 per share. |
Committments and Contingencies
Committments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Proceedings In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. We are not aware of any such claims threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries for which a material loss is reasonably possible. Other We self-insure our employee health and dental claims. However, claims in excess of our self-insurance limits are fully insured. We fund insurance claims through a self-insurance trust. Deposits to the trust are made at an amount equal to our best estimate of claims to be paid during the period and a liability is established at each balance sheet date for any unpaid claims. Adjustments, if any, resulting in changes in the estimate of claims incurred are reflected in operations in the periods in which such adjustments are known. We lease our home office properties under a 10-year operating lease, which expires in 2021, from a wholly-owned subsidiary of the IFBF. Future remaining minimum lease payments under this lease, as of December 31, 2017 , are as follows: 2018 - $2.2 million , 2019 - $2.2 million , 2020 - $2.2 million and 2021 - $2.2 million . Rent expense for the lease totaled $4.1 million in 2017 and 2016 and $4.0 million in 2015 . These amounts are net of $0.2 million in 2017 , 2016 and 2015 in amortization of a deferred gain on the exchange of our home office properties for common stock in 1998. The remaining unamortized deferred gain totaled $0.7 million at December 31, 2017 and $0.9 million at December 31, 2016 . From time to time, assessments are levied on our insurance subsidiaries by life and health guaranty associations in most states in which the subsidiaries are licensed. These assessments, which are accrued for, are to cover losses of policyholders of insolvent or rehabilitated companies. In some states, these assessments can be partially recovered through a reduction in future premium taxes. Expenses for guaranty fund assessments, net of related premium tax offsets, totaled less than $0.1 million in 2017 , 2016 and 2015 . |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share Computation of Earnings per Common Share Year ended December 31, 2017 2016 2015 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 194,327 $ 107,223 $ 113,527 Less: Dividends on Series B preferred stock 150 150 150 Income available to common stockholders $ 194,177 $ 107,073 $ 113,377 Denominator: Weighted-average shares - basic 25,038,334 24,985,400 24,927,209 Effect of dilutive securities - stock-based compensation 19,111 43,683 89,274 Weighted-average shares - diluted 25,057,445 25,029,083 25,016,483 Earnings per common share $ 7.76 $ 4.29 $ 4.55 Earnings per common share - assuming dilution $ 7.75 $ 4.28 $ 4.53 There were no antidilutive stock options outstanding in any period presented. |
Statutory Insurance Information
Statutory Insurance Information | 12 Months Ended |
Dec. 31, 2017 | |
Statutory Insurance Information [Abstract] | |
Statutory insurance information [Text Block] | Statutory Insurance Information The statutory financial statements of Farm Bureau Life and Greenfields are prepared in accordance with the accounting practices prescribed or permitted by the Insurance Division of the state of Iowa and the Colorado Division of Insurance, respectively. Those insurance divisions have adopted the accounting guidance contained in the National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (the Manual) as the prescribed accounting practice for insurance companies domiciled in their state. The insurance divisions may permit accounting practices that differ from those prescribed by the Manual. None of our statutory accounting practices differed materially from those prescribed by the Manual. Several differences exist between GAAP and statutory accounting practices. Principally, under statutory accounting, deferred acquisition costs are not capitalized, fixed maturity securities are generally carried at amortized cost, insurance liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Statutory Information of our Insurance Subsidiaries Year ended December 31, 2017 2016 2015 (Dollars in thousands) Farm Bureau Life: Net gain from operations (excludes impact of realized gains and losses on investments) $ 106,062 $ 106,143 $ 100,013 Net income 104,947 100,657 106,009 Greenfields: Net loss from operations (excludes impact of realized gains and losses on investments) (192 ) (443 ) (362 ) Net loss (192 ) (443 ) (362 ) Statutory Information of our Insurance Subsidiaries - Continued Farm Bureau Life Greenfields December 31, December 31, 2017 2016 2017 2016 (Dollars in thousands) Total capital and surplus $ 615,973 $ 617,321 $ 9,006 $ 9,273 Unassigned surplus (deficit) 482,490 483,838 (1,794 ) (1,527 ) Risk-Based Capital measurements: Total adjusted capital 682,570 685,721 9,028 9,289 Company action level capital 123,628 125,994 172 173 RBC Ratio 552 % 544 % 5,249 % 5,322 % State laws specify regulatory actions if an insurer's risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company's capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory "authorized control level" RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. Farm Bureau Life's ability to pay dividends to the parent company is restricted by the Iowa Insurance Holding Company Act to earned surplus arising from its business as of the date the dividend is paid. In addition, prior approval of the Iowa Insurance Commissioner is required for a dividend distribution of cash or other property whose fair value, together with that of other dividends made within the preceding 12 months, exceeds the greater of (i) 10% of policyholders' surplus as of the preceding year end, or (ii) the statutory net gain from operations of the insurer for the preceding calendar year. As shown in the tables above, at December 31, 2017 , Farm Bureau Life’s net gain from operations of $106.1 million , exceeded 10% of statutory surplus; accordingly, that amount is the maximum available for distribution to FBL Financial Group, Inc. without regulatory approval during 2018 . Timing of such dividends during the year is limited based on the timing of dividends paid within the preceding 12 months. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company. The Annuity segment primarily consists of fixed rate and indexed annuities and supplementary contracts (some of which involve life contingencies). Fixed rate and indexed annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest. Fixed rate annuities primarily consist of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees. With indexed annuities, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum guarantees. The Life Insurance segment consists of whole life, term life and universal life policies. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis. The Corporate and Other segment consists of the following corporate items and products/services that do not meet the quantitative threshold for separate segment reporting: • investments and related investment income not specifically allocated to our product segments, • interest expense, • closed blocks of variable annuity, variable universal life insurance and accident and health insurance products, • advisory services for the management of investments and other companies, • marketing and distribution services for the sale of mutual funds and insurance products not issued by us, and • leasing services with affiliates. We use non-GAAP operating income (a measure of earnings not recognized under GAAP), in addition to net income, to measure our performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the impact of changes in federal statutory income tax rates and tax laws, realized gains and losses on investments and the change in net unrealized gains and losses on derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed annuities are expected to be in force. During 2017, we revised our non-GAAP operating income definition to remove from net income the initial impact to deferred income taxes from a change in tax laws. Such changes can create an unusual one-time remeasurement of deferred taxes not reflective of normal operations. The revision did not impact 2016 or 2015 non-GAAP operating earnings but did affect 2017, with the recent enactment of the Tax Act. See Note 5 to our consolidated financial statements included in item 8 for additional information regarding the Tax Act. Non-GAAP 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 non-GAAP 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. We analyze our segment results based on pre-tax non-GAAP operating income. Accordingly, income taxes are not allocated to the segments. In addition, non-GAAP operating results are reported net of transactions between the segments. Adjustments to net income are net of amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. While not applicable for the periods reported herein, our non-GAAP operating income policy also calls for adjustments to net income relating to the following: • settlements or judgments arising from lawsuits, net of any recoveries from third parties, • the cumulative effect of changes in accounting principles and • discontinued operations. In 2016, due to changes in product offerings since the last amendment to our policy for calculating non-GAAP operating income, we refined our calculation of non-GAAP operating income to include offsets relating to changes in interest sensitive product reserves. These offsets, net of tax, decreased non-GAAP operating income $0.5 million in 2017 and increased non-GAAP operating income $0.9 million in 2016. These offsets, net of tax, not taken into account in the computation of non-GAAP operating income for 2015 would have increased non-GAAP operating income $0.1 million . Reconciliation Between Net Income and Non-GAAP Operating Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Net income attributable to FBL Financial Group, Inc. $ 194,327 $ 107,223 $ 113,527 Net income adjustments: Initial impact of the Tax Act (85,797 ) — — Realized gains/losses on investments (1) 2,381 713 (8,498 ) Change in net unrealized gains/losses on derivatives (1) (2,549 ) (1,485 ) (141 ) Non-GAAP operating income $ 108,362 $ 106,451 $ 104,888 Financial Information Concerning our Operating Segments Year ended December 31, 2017 2016 2015 (Dollars in thousands) Pre-tax non-GAAP operating income: Annuity $ 68,821 $ 66,025 $ 69,950 Life Insurance 53,856 55,977 53,146 Corporate and Other 14,861 14,548 11,668 Total pre-tax non-GAAP operating income 137,538 136,550 134,764 Income taxes on non-GAAP operating income (29,176 ) (30,099 ) (29,876 ) Non-GAAP operating income $ 108,362 $ 106,451 $ 104,888 Non-GAAP operating revenues: Annuity $ 224,184 $ 214,486 $ 212,420 Life Insurance 418,593 414,446 408,966 Corporate and Other 94,340 92,703 93,632 737,117 721,635 715,018 Net realized gains/losses on investments (1) (3,902 ) (1,771 ) 10,482 Change in net unrealized gains/losses on derivatives (1) 2,263 6,550 (2,691 ) Consolidated revenues $ 735,478 $ 726,414 $ 722,809 Net investment income: Annuity $ 219,700 $ 210,679 $ 209,896 Life Insurance 158,318 154,427 152,730 Corporate and Other 34,918 32,514 31,214 412,936 397,620 393,840 Change in net unrealized gains/losses on derivatives (1) 2,263 6,550 (2,691 ) Consolidated net investment income $ 415,199 $ 404,170 $ 391,149 Depreciation and amortization: Annuity $ 6,489 $ 8,253 $ 4,548 Life Insurance 18,720 15,117 18,831 Corporate and Other (1,120 ) 5,178 8,546 24,089 28,548 31,925 Net realized gains (losses) on investments (1) (240 ) (673 ) 225 Change in net unrealized gains/losses on derivatives (1) (639 ) 562 (332 ) Consolidated depreciation and amortization $ 23,210 $ 28,437 $ 31,818 Operating Segment Assets December 31, 2017 2016 (Dollars in thousands) Assets: Annuity $ 4,608,735 $ 4,452,878 Life Insurance 3,367,562 3,256,306 Corporate and Other 1,710,211 1,615,411 9,686,508 9,324,595 Unrealized gains in accumulated other comprehensive income (2) 380,105 241,539 Consolidated assets $ 10,066,613 $ 9,566,134 (1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred sales inducements, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. (2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired attributable to these items. Depreciation and amortization related to property and equipment are allocated to the product segments while the related property, equipment and capitalized software are allocated to the Corporate and Other segment. Depreciation and amortization for the Corporate and Other segment include $4.1 million for 2017 , $4.4 million for 2016 and $4.1 million for 2015 relating to leases with affiliates. In the consolidated statements of operations, we record these depreciation amounts net of related lease income from affiliates. Interest expense is attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at December 31, 2017 and 2016 was allocated among the segments as follows: Annuity ( $3.9 million ) and Life Insurance ( $6.1 million ). Prior to 2017, securities and indebtedness of related parties were attributable to the Corporate and Other segment. In 2017, we began to assign a portion of our investments held in securities and indebtedness of related parties to the Life Insurance segment. The following chart provides the related equity income (loss) by segment. Equity Income (Loss) by Operating Segment Year ended December 31, 2017 2016 2015 (Dollars in thousands) Pre-tax equity income (loss): Life Insurance $ 2,741 $ — $ — Corporate and Other (7,246 ) (4,057 ) (6,183 ) Total pre-tax equity loss (4,505 ) (4,057 ) (6,183 ) Income taxes 15,804 15,497 15,706 Equity income, net of related income taxes $ 11,299 $ 11,440 $ 9,523 Premiums collected, which is not a measure used in financial statements prepared according to GAAP, include premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $631.0 million in 2017 , $689.7 million in 2016 and $683.1 million 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 Year ended December 31, 2017 2016 2015 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 292,344 $ 281,551 $ 281,003 Premiums collected on interest sensitive products (97,963 ) (85,622 ) (90,895 ) Traditional life insurance premiums collected 194,381 195,929 190,108 Change in due premiums and other 949 985 848 Traditional life insurance premiums as included in the Consolidated Statements of Operations. $ 195,330 $ 196,914 $ 190,956 There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below. Interest Sensitive Product Charges by Segment Year ended December 31, 2017 2016 2015 (Dollars in thousands) Annuity Surrender charges and other $ 4,484 $ 3,803 $ 2,524 Life Insurance Administration charges $ 15,487 $ 14,170 $ 14,342 Cost of insurance charges 46,096 48,111 46,911 Surrender charges 1,913 1,181 919 Amortization of policy initiation fees 1,437 (24 ) 3,371 Total $ 64,933 $ 63,438 $ 65,543 Corporate and Other Administration charges $ 5,332 $ 5,547 $ 5,809 Cost of insurance charges 29,670 29,805 29,760 Surrender charges 150 213 346 Separate account charges 8,246 7,957 8,854 Amortization of policy initiation fees 121 1,165 1,748 Total $ 43,519 $ 44,687 $ 46,517 Consolidated interest sensitive product charges as included in the Statements of Operations $ 112,936 $ 111,928 $ 114,584 Cost of insurance charges in the Life Insurance segment decreased in 2017, compared to 2016, due to a $3.2 million correction of fees charged during prior periods on a closed block of business. Changes in amortization of policy initiation fees, compared to the prior year periods, is primarily due to the impact of unlocking assumptions used in the calculation of unearned revenue reserves. Premium Concentration by State Year ended December 31, 2017 2016 2015 Life and annuity collected premiums: Iowa 25.9 % 25.1 % 26.2 % Kansas 18.1 19.1 18.6 Oklahoma 8.2 8.0 8.9 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Information (Unaudited) Unaudited Quarterly Results of Operations 2017 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 77,635 $ 79,718 $ 75,091 $ 75,822 Net investment income 100,994 103,908 102,950 107,347 Realized gains (losses) on investments (469 ) 921 14 (3,853 ) Total revenues 181,920 188,997 181,556 183,005 Net income attributable to FBL Financial Group, Inc. 26,433 32,291 27,104 108,499 Earnings per common share $ 1.05 $ 1.29 $ 1.08 $ 4.33 Earnings per common share - assuming dilution $ 1.05 $ 1.29 $ 1.08 $ 4.33 Net income and earnings per share for the quarter ended December 31, 2017 reflect the initial impact of the Tax Act. See Note 1 and Note 5 for more details. 2016 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 78,249 $ 78,632 $ 73,533 $ 78,428 Net investment income 98,385 100,722 103,514 101,549 Realized gains (losses) on investments (607 ) (2,294 ) 621 517 Total revenues 179,666 181,285 181,284 184,179 Net income attributable to FBL Financial Group, Inc. 25,946 24,380 30,017 26,880 Earnings per common share $ 1.04 $ 0.97 $ 1.20 $ 1.07 Earnings per common share - assuming dilution $ 1.04 $ 0.97 $ 1.20 $ 1.07 |
Sch I. Schedule of Investments
Sch I. Schedule of Investments | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Investments [Abstract] | |
Summary of Investments, Other than Investments in Related Parties [Text Block] | Schedule I - Summary of Investments - Other Than Investments in Related Parties FBL FINANCIAL GROUP, INC. December 31, 2017 Column A Column B Column C Column D Type of Investment Cost (1) Value Amount at which (Dollars in thousands) Fixed maturities, available for sale: Bonds: Corporate $ 3,374,927 $ 3,688,271 $ 3,688,271 Mortgage- and asset-backed 1,975,818 2,055,090 2,055,090 United States Government and agencies 23,378 24,905 24,905 States and political subdivisions 1,383,127 1,523,701 1,523,701 Total 6,757,250 $ 7,291,967 7,291,967 Equity securities, available for sale: Common stocks: Banks, trusts and insurance companies 26,605 $ 26,605 26,605 Industrial, miscellaneous and all other 3,764 4,313 4,313 Non-redeemable preferred stocks 92,951 99,832 99,832 Total 123,320 $ 130,750 130,750 Mortgage loans 972,309 971,812 Investment real estate (2) 1,703 1,543 Policy loans 191,398 191,398 Short-term investments 17,007 17,007 Other investments 10,027 15,766 Total investments $ 8,073,014 $ 8,620,243 (1) On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans. (2) Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost. |
Sch II - Condensed Financial In
Sch II - Condensed Financial Information on Registrant | 12 Months Ended |
Dec. 31, 2017 | |
Schedule II. Condensed Financial Information of Registrant [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Schedule II - Condensed Financial Information of Registrant FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Balance Sheets (Dollars in thousands) December 31, 2017 2016 Assets Investments in subsidiaries (eliminated in consolidation) $ 1,422,662 $ 1,205,356 Fixed maturities - available for sale, at fair value (amortized cost: 2017 - $24,936; 2016 - $29,210) 29,430 31,182 Equity securities - available for sale, at fair value (cost: 2017 - $3,764; 2016 - $2,942) 4,313 3,056 Short-term investments 6,460 5,988 Cash and cash equivalents 23,954 30,803 Amounts receivable from affiliates 1,142 1,758 Amounts receivable from subsidiaries (eliminated in consolidation) 3,807 10,487 Accrued investment income 16 13 Current income taxes recoverable — 153 Deferred income tax assets 7,098 12,622 Other assets 13,381 12,585 Total assets $ 1,512,263 $ 1,314,003 Liabilities and stockholders' equity Liabilities: Accrued expenses and other liabilities $ 26,093 $ 28,758 Amounts payable from subsidiaries (eliminated in consolidation) 6 43 Current income taxes 372 — Long-term debt payable to non-affiliates 97,000 97,000 Total liabilities 123,471 125,801 Stockholders' equity: Preferred stock 3,000 3,000 Class A common stock 153,589 152,903 Class B common stock 72 72 Accumulated other comprehensive income 284,983 149,555 Retained earnings 947,148 882,672 Total stockholders' equity 1,388,792 1,188,202 Total liabilities and stockholders' equity $ 1,512,263 $ 1,314,003 See accompanying notes to condensed financial statements. Schedule II -Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Statements of Operations (Dollars in thousands) Year Ended December 31, 2017 2016 2015 Revenues: Net investment income $ 1,972 $ 2,013 $ 2,033 Realized gains (losses) on investments — — (583 ) Dividends from subsidiaries (eliminated in consolidation) 71,500 85,900 50,000 Management fee income from affiliates 2,001 2,179 2,277 Management fee income from subsidiaries (eliminated in consolidation) 5,805 5,652 5,654 Other income 2 2 (8 ) Total revenues 81,280 95,746 59,373 Expenses: Interest expense 4,850 4,850 4,850 General and administrative expenses 8,408 9,002 8,795 Total expenses 13,258 13,852 13,645 68,022 81,894 45,728 Income tax benefit (expense) (2,321 ) 2,349 2,507 Income before equity in undistributed income of subsidiaries 65,701 84,243 48,235 Equity in undistributed income of subsidiaries (eliminated in consolidation) 128,626 22,980 65,292 Net income $ 194,327 $ 107,223 $ 113,527 See accompanying notes to condensed financial statements. Schedule II - Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Condensed Statements of Cash Flows (Dollars in thousands) Year ended December 31, 2017 2016 2015 Net cash provided by (used in) operating activities $ 417 $ (4,342 ) $ 1,841 Investing activities Sales, maturities or redemptions of fixed maturities - available for sale 5,478 5,641 18,618 Acquisitions of equity securities - available for sale (702 ) (1,397 ) (1,188 ) Short-term investments, net change (472 ) 7,078 395 Dividends from subsidiaries (eliminated in consolidation) 71,500 85,900 50,000 Net cash provided by investing activities 75,804 97,222 67,825 Financing activities Excess tax deductions on stock-based compensation — 846 1,362 Issuance (repurchase) of common stock, net 330 1,840 (584 ) Capital contribution to subsidiary (2,000 ) — (300 ) Dividends paid (81,400 ) (91,602 ) (89,347 ) Net cash used in financing activities (83,070 ) (88,916 ) (88,869 ) Increase (decrease) in cash and cash equivalents (6,849 ) 3,964 (19,203 ) Cash and cash equivalents at beginning of year 30,803 26,839 46,042 Cash and cash equivalents at end of year $ 23,954 $ 30,803 $ 26,839 Supplemental disclosure of cash flow information Cash received (paid) during the year for: Income taxes $ 2,849 $ 5,486 $ 9,344 Interest (4,850 ) (4,850 ) (4,850 ) See accompanying notes to condensed financial statements. Schedule II - Condensed Financial Information of Registrant (Continued) FBL FINANCIAL GROUP, INC. (PARENT COMPANY) Notes to Condensed Financial Statements December 31, 2017 1. Basis of Presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of FBL Financial Group, Inc. In the parent company only financial statements, our investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. In addition, the carrying value includes net unrealized gains/losses on the subsidiaries' investments classified as "available for sale." 2. Dividends from Subsidiaries The parent company received dividends in the form of cash totaling $71.5 million in 2017 , $85.9 million in 2016 and $50.0 million in 2015 . 3 . Debt See Note 6 to the consolidated financial statements included in Item 8 for a description of the parent company's debt, including items paid off. The company's debt matures in 2047. 4. Income Taxes The Tax Act makes broad changes to the U.S. tax code that potentially impact the company, including 1) reducing the federal statutory tax rate from 35% to 21%, 2) eliminating the corporate alternative minimum tax, 3) further limiting interest expense deductions, 4) changing the rules regarding use of net operating losses, and 5) allowing immediate expensing of capital assets acquired after September 27, 2017. Due to the reduced statutory tax rate, we were required to remeasure our deferred tax assets and liabilities using the lower rate at December 22, 2017, the date of enactment. This remeasurement resulted in a reduction of net deferred tax assets totaling $4.2 million , which decreased net income. This represents a provisional estimate of the impact of the Tax Act, as it is based on our current understanding of the legislation. As additional guidance is released, the estimate will be updated as necessary during 2018. No other provisions of the Tax Act had a significant impact on our 2017 income tax provisions. |
Sch III Supplementary Insurance
Sch III Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2017 | |
Schedule III. Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | Schedule III - Supplementary Insurance Information FBL FINANCIAL GROUP, INC. Column A Column B Column C Column D Column E Deferred acquisition costs Future policy Unearned Other (Dollars in thousands) December 31, 2017: Annuity $ 92,116 $ 3,963,187 $ — $ 355,877 Life Insurance 287,421 2,677,519 17,043 201,693 Corporate and Other 70,247 419,411 11,986 32,083 Impact of unrealized gains/losses (147,173 ) 18,499 (12,705 ) — Total $ 302,611 $ 7,078,616 $ 16,324 $ 589,653 December 31, 2016: Annuity $ 88,762 $ 3,827,295 $ — $ 364,966 Life Insurance 267,545 2,573,276 13,526 199,944 Corporate and Other 69,664 417,524 11,611 30,543 Impact of unrealized gains/losses (95,647 ) 3,795 (4,215 ) — Total $ 330,324 $ 6,821,890 $ 20,922 $ 595,453 December 31, 2015: Annuity $ 85,819 $ 3,550,364 $ — $ 370,326 Life Insurance 248,333 2,473,357 9,719 194,751 Corporate and Other 75,366 399,203 12,257 29,128 Impact of unrealized gains/losses (73,735 ) 4,090 (3,352 ) — Total $ 335,783 $ 6,427,014 $ 18,624 $ 594,205 Schedule III - Supplementary Insurance Information (Continued) FBL FINANCIAL GROUP, INC. Column A Column F Column G Column H Column I Column J Premium Net Benefits, Amortization Other (Dollars in thousands) December 31, 2017: Annuity $ 4,484 $ 219,700 $ 122,224 $ 8,506 $ 24,633 Life Insurance 260,780 158,318 264,657 14,368 78,313 Corporate and Other 43,517 34,918 39,060 488 9,425 Change in net unrealized gains/losses on derivatives — 2,263 (1,021 ) (639 ) — Impact of realized gains/losses (515 ) — (19 ) (216 ) — Total $ 308,266 $ 415,199 $ 424,901 $ 22,507 $ 112,371 December 31, 2016: Annuity $ 3,803 $ 210,679 $ 113,543 $ 11,185 $ 23,733 Life Insurance 260,331 154,427 261,757 11,038 75,100 Corporate and Other 44,716 32,514 37,296 6,078 8,912 Change in net unrealized gains/losses on derivatives — 6,550 3,704 562 — Impact of realized gains/losses (8 ) — (32 ) (638 ) (3 ) Total $ 308,842 $ 404,170 $ 416,268 $ 28,225 $ 107,742 December 31, 2015: Annuity $ 2,524 $ 209,896 $ 110,356 $ 9,658 $ 22,456 Life Insurance 256,504 152,730 253,461 14,364 76,167 Corporate and Other 46,519 31,214 32,346 11,316 9,816 Change in net unrealized gains/losses on derivatives — (2,691 ) (2,577 ) (332 ) — Impact of realized gains/losses (7 ) — 2 214 9 Total $ 305,540 $ 391,149 $ 393,588 $ 35,220 $ 108,448 |
Sch IV Reinsurance
Sch IV Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Schedule IV. Reinsurance [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | Schedule IV - Reinsurance FBL FINANCIAL GROUP, INC. Column A Column B Column C Column D Column E Column F Gross Ceded to Assumed Net amount Percent of (Dollars in thousands) Year ended December 31, 2017: Life insurance in force, at end of year $ 62,667,310 $ 14,086,576 $ 487,284 $ 49,068,018 1.0 % Insurance premiums and other considerations: Interest sensitive product charges $ 111,616 $ 1,021 $ 2,341 $ 112,936 2.1 % Traditional life insurance premiums 220,866 25,832 296 195,330 0.2 % Accident and health premiums 6,486 6,069 — 417 — $ 338,968 $ 32,922 $ 2,637 $ 308,683 0.9 % Year ended December 31, 2016: Life insurance in force, at end of year $ 60,753,614 $ 14,258,457 $ 523,538 $ 47,018,695 1.1 % Insurance premiums and other considerations: Interest sensitive product charges $ 110,608 $ 1,003 $ 2,323 $ 111,928 2.1 % Traditional life insurance premiums 222,037 25,470 347 196,914 0.2 % Accident and health premiums 6,956 6,585 — 371 — $ 339,601 $ 33,058 $ 2,670 $ 309,213 0.9 % Year ended December 31, 2015: Life insurance in force, at end of year $ 59,136,803 $ 14,263,420 $ 551,563 $ 45,424,946 1.2 % Insurance premiums and other considerations: Interest sensitive product charges $ 113,221 $ 1,024 $ 2,387 $ 114,584 2.1 % Traditional life insurance premiums 215,936 25,344 364 190,956 0.2 % Accident and health premiums 7,561 7,094 — 467 — $ 336,718 $ 33,462 $ 2,751 $ 306,007 0.9 % |
Significant Accounting Polici26
Significant Accounting Policies Level 2 (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Consolidation, Policy | Consolidation Our consolidated financial statements include the financial statements of the Company and its direct and indirect subsidiaries. All significant intercompany transactions have been eliminated. |
Marketable Securities, Policy | Fixed Maturities and Equity Securities Fixed maturities are comprised of bonds and redeemable preferred stock and are designated as "available for sale." Available-for-sale securities, with the exception of interest-only bonds, are reported at fair value and unrealized gains and losses on these securities are included directly in stockholders' equity as a component of accumulated other comprehensive income. The unrealized gains and losses are reduced by a provision for deferred income taxes and adjustments to deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities that would have been required as a charge or credit to income had such amounts been realized. Interest-only bonds are considered to have an embedded derivative feature. Accordingly, unrealized gains and losses relating to these securities are recorded as a component of net investment income in the consolidated statements of operations. Premiums and discounts for all fixed maturity securities are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on mortgage- and asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Subsequent revisions in assumptions are recorded using the retrospective or prospective method. Under the retrospective method used for mortgage-backed and asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security is adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which is used for all other mortgage-backed and asset-backed securities, future cash flows are estimated and interest income is recognized going forward using the new internal rate of return. Equity securities, comprised of mutual funds and common and non-redeemable preferred stocks, are designated as "available for sale" and are reported at fair value. The change in unrealized gains and losses of equity securities is included directly in stockholders' equity, net of any related deferred income taxes, as a component of accumulated other comprehensive income. |
Investment, Policy | Mortgage Loans Mortgage loans are reported at cost adjusted for amortization of premiums and accrual of discounts. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value, which may be based upon the present value of expected future cash flows from the loan, or the fair value of the underlying collateral. We evaluate each of our mortgage loans individually and establish a valuation allowance for estimated losses, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. 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. Real Estate Our real estate is held for investment and reported at cost less allowances for depreciation, as applicable. The carrying value of these assets is subject to regular review. For properties held for investment, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized and the property's cost basis is reduced to fair value. No properties were held for investment with impairment charges as of December 31, 2017 or as of December 31, 2016 . Other Investments Policy loans are reported at unpaid principal balance. Short-term investments, which include investments with remaining maturities of one year or less, but greater than three months at the time of acquisition, are reported at cost adjusted for amortization of premiums and accrual of discounts. Other investments include call options, which are carried at fair value, a promissory note acquired in a sale of a partnership interest, which is carried at the remaining basis of the partnership, and our ownership interest in aircraft acquired in a troubled debt restructuring with a bond issuer that filed for bankruptcy. The ownership interest in the aircraft is reported at cost, less accumulated depreciation. We have embedded derivatives associated with modified coinsurance contracts, which are included within reinsurance recoverable. These instruments are carried at fair value with changes reflected in net investment income. See Note 2 for more information regarding our derivative instruments. Securities and indebtedness of related parties include investments in corporations and partnerships over which we may exercise significant influence and those investments for which we use the equity method of accounting. These corporations and partnerships operate predominately in the investment company, real estate, broker/dealer and insurance industries and include non-guaranteed low income housing tax credit entities (LIHTC). In applying the equity method, we record our share of income or loss reported by the equity investees. In accounting for these investments, we consistently use the most recent financial information available, which is generally for periods not more than three months prior to the ending date of the period for which we are reporting. For partnerships operating in the investment company industry, this income or loss includes changes in unrealized gains and losses in the partnerships' investment portfolios. Accrued Investment Income We discontinue the accrual of investment income on invested assets when it is determined that it is probable that we will not collect the income. Realized Gains and Losses on Investments Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value for a fixed maturity security is an other-than-temporary impairment (OTTI) and we do not intend to sell or believe we will be required to sell the security before recovery of our amortized cost, a specific write down is charged to earnings for the credit loss and a specific charge is recognized in accumulated other comprehensive income for the non-credit loss component. If we intend to sell or believe we will be required to sell a fixed maturity security before its recovery, the full amount of the impairment write down to fair value is charged to earnings. For all equity securities, the full amount of an OTTI write down is recognized as a realized loss on investments in the consolidated statements of operations and the new cost basis for the security is equal to its fair value. We monitor the financial condition and operations of the issuers of fixed maturities and equity securities that could potentially have a credit impairment that is OTTI. In determining whether or not an unrealized loss is OTTI, we review factors such as: • historical operating trends; • business prospects; • status of the industry in which we operate; • analyst ratings on the issuer and sector; • quality of management; • size of the 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 will not be recognized in earnings. Our assumptions for residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows. Our assumptions for corporate and other fixed maturities include anticipated principal and interest payments and an estimated recovery value, generally based on a percentage return of the current fair value. After an OTTI write down of all equity securities and any fixed maturities with a credit-only impairment, the cost basis is not adjusted for subsequent recoveries in fair value. For fixed maturities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and the current estimate of the amount and timing of future cash flows . |
Fair Value of Financial Instruments, Policy | Fair Values Fair values of fixed maturities are based on quoted market prices in active markets when available. Fair values of fixed maturities that are not actively traded are estimated using valuation methods that vary by asset class. Fair values of redeemable preferred stocks, equity securities and derivative investments are based on the latest quoted market prices, or for those items not readily marketable, generally at values that are representative of the fair values of comparable issues. Fair values for all securities are reviewed for reasonableness by considering overall market conditions and values for similar securities. See Note 3 for more information on our fair value policies, including assumptions and the amount of securities priced using the valuation models. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents For purposes of our consolidated statements of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
Reinsurance Accounting Policy | Reinsurance Recoverable We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. For business ceded to other companies, reinsurance recoverable includes the reinsurers' share of policyholder liabilities, claims and expenses, net of amounts due the reinsurers for premiums. We monitor the financial condition of these reinsurers, establishing an allowance for uncollectible reinsurance recoverables as necessary. We have concluded that no such allowance was required at December 31, 2017 or 2016 . For business assumed from other companies, reinsurance recoverable includes premium receivable net of our share of benefits and expenses we owe to the ceding company. Fair values for the embedded derivatives in our modified coinsurance contracts are based on the difference between the fair value and the cost basis of the underlying investments. See Note 2 for more information regarding derivatives and Note 4 for additional details on our reinsurance agreements. |
Capitalization of Deferred Policy Acquisition Costs, Policy | Deferred Acquisition Costs and Value of Insurance in Force Acquired Deferred acquisition costs include certain costs of successfully acquiring new insurance business, including commissions and other expenses related to the production of new business, to the extent recoverable from future policy revenues and gross profits. Also included are premium bonuses and bonus interest credited to contracts during the first contract year only. The value of insurance in force acquired represents the cost assigned to insurance contracts when an insurance company is acquired. The initial value was determined by an actuarial study using expected future gross profits as a measurement of the net present value of the insurance acquired. Value of insurance in force acquired is being amortized on a fixed amortization schedule. For participating traditional life insurance and interest sensitive products, these costs are being amortized generally in proportion to expected gross margins or gross profits. That amortization is adjusted retrospectively through an unlocking process when estimates of current or future gross profits/margins (including the impact of investment gains and losses) to be realized from a group of products are revised. For nonparticipating traditional life products, these costs are amortized over the premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. Such anticipated premium revenues are estimated using the same assumptions used for computing liabilities for future policy benefits. All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing deferred policy acquisition costs, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing deferred policy acquisition costs, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract. |
Depreciation, Depletion, and Amortization, Policy | Other Assets Other assets include property and equipment, primarily comprised of capitalized software costs and furniture and equipment, which are reported at cost less allowances for depreciation and amortization. We expense costs incurred in the preliminary stages of developing internal-use software as well as costs incurred post-implementation for maintenance. Capitalization of internal-use software costs occurs after management has authorized the project and it is probable that the software will be used as intended. Amortization of software costs begins after the software has been placed in production. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to twenty years. Property and equipment had a carrying value of $35.8 million at December 31, 2017 and $33.5 million at December 31, 2016 , and accumulated depreciation and amortization of $78.7 million at December 31, 2017 and $70.1 million at December 31, 2016 . Depreciation and amortization expense for property and equipment was $8.7 million in 2017 and 2016 , and $8.2 million in 2015 . |
Goodwill and Intangible Assets, Policy | Other assets at December 31, 2017 and 2016 , also includes goodwill of $9.9 million related to the excess of the amounts paid to acquire companies over the fair value of the net assets acquired. Goodwill is not amortized but is subject to annual impairment testing. We evaluate our goodwill balance by comparing the fair value of our reporting units to the carrying value of the goodwill. We conduct a qualitative impairment review at least annually as well as when indicators suggest an impairment may have occurred to determine if indicators of deterioration in the business would suggest its value has declined below the carrying value of goodwill. Such circumstances include changes in the competitive or overall economic environment or other business condition changes that may negatively impact the value of the underlying business. On a periodic basis, as well as in the event circumstances indicate the value of the business may have declined significantly, we will estimate the value of the business using discounted cash flow techniques. We believe this approach better approximates the fair value of our goodwill than a market capitalization approach. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including future premiums, product lapses, investment yields and discount rate. Underlying assumptions are based on historical experience and our best estimates given information available at the time of testing. As a result of this analysis, we have determined our goodwill was not impaired as of December 31, 2017 or 2016 . |
Future Policy Benefits Liability, Policy | Future Policy Benefits Future policy benefit reserves for interest sensitive products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. We also have additional benefit reserves that are established for annuity or universal life-type contracts that provide benefit guarantees, or for contracts that are expected to produce profits followed by losses. The liabilities are accrued in relation to estimated contract assessments. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policy account balances. Interest crediting rates for our interest sensitive products ranged from 1.00% to 5.50% in 2017 , 2016 and 2015 . The liability for future policy benefits for direct participating traditional life insurance is based on net level premium reserves, including assumptions as to interest, mortality and other factors underlying the guaranteed policy cash values. Reserve interest assumptions are level and range from 2.00% to 6.00% . The average rate of assumed investment yields used in estimating gross margins was 5.47% in 2017 , 5.51% in 2016 and 5.66% in 2015 . The liability for future policy benefits for non-participating traditional life insurance is computed using a net level method, including assumptions as to mortality, persistency and interest and includes provisions for possible unfavorable deviations. The liabilities for future policy benefits for accident and health insurance are computed using a net level (or an equivalent) method, including assumptions as to morbidity, mortality and interest and include provisions for possible unfavorable deviations. Policy benefit claims are charged to expense in the period that the claims are incurred. |
Revenue Recognition, Deferred Revenue, Policy | Other Policy Claims and Benefits We have unearned revenue reserves that reflect the unamortized balance of charges assessed to interest sensitive contract holders to compensate us for services to be performed over future periods (policy initiation fees). These charges have been deferred and are being recognized in income over the period benefited using the same assumptions and factors used to amortize deferred acquisition costs. |
Policyholders' Dividend, Policy | We have accrued dividends for participating business that are established for anticipated amounts earned to date that have not been paid. The declaration of future dividends for participating business is at the discretion of the Board of Directors of Farm Bureau Life. Participating business accounted for 29% of receipts from policyholders during 2017 ( 2016 - 32% and 2015 - 31% ) and represented 10% of life insurance in force at December 31, 2017 and 11% at December 31, 2016 and 2015 . |
Income Tax, Policy | Deferred Income Taxes Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the assets or liabilities are recovered or settled. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. A valuation allowance against deferred income tax assets is established if it is more likely than not that some portion or all of the deferred income tax assets will not be realized. |
Policyholder Accounts, Policy | Separate Accounts The separate account assets and liabilities reported in our accompanying consolidated balance sheets represent funds that are separately administered for the benefit of certain policyholders that bear the underlying investment risk. The separate account assets are carried at fair value and separate account liabilities represent policy account balances before applicable surrender charges. Revenues and expenses related to the separate account assets and liabilities, to the extent of benefits paid or provided to the separate account policyholders, are excluded from the amounts reported in the accompanying consolidated statements of operations. |
Revenue Recognition, Premiums Earned, Policy | Recognition of Premium Revenues and Costs Revenues for interest sensitive and variable products consist of policy charges for the cost of insurance and product guarantees, asset charges, administration charges, amortization of policy initiation fees and surrender charges assessed against policyholder account balances. The timing of revenue recognition as it relates to these charges and fees is determined based on the nature of such charges and fees. Policy charges for the cost of insurance, asset charges and policy administration charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Certain policy initiation fees that represent compensation for services to be provided in the future are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are determined based upon contractual terms and are recognized upon surrender of a contract. Policy benefits and claims charged to expense include interest amounts credited to policyholder account balances and benefit claims incurred in excess of policyholder account balances during the period. Amortization of deferred acquisition costs is recognized as expense over the life of the policy. Traditional life insurance premiums are recognized as revenues over the premium-paying period. Future policy benefits and policy acquisition costs are recognized as expenses over the life of the policy by means of the provision for future policy benefits and amortization of deferred acquisition costs. All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. The cost of reinsurance ceded is recognized over the contract periods of the reinsurance agreements. Policies and contracts assumed are accounted for in a manner similar to that followed for direct business. Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2017 2016 2015 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 24,356 $ 22,735 $ 22,260 Amortization of deferred acquisition costs 22,507 28,225 35,220 Amortization of value of insurance in force acquired 2,178 2,392 2,436 Other underwriting, acquisition and insurance expenses, net of deferrals 85,837 82,615 83,752 Total $ 134,878 $ 135,967 $ 143,668 |
Other Income and Other Expenses, Policy | Other Income and Other Expenses Other income and other expenses primarily consist of revenue and expenses generated by our various non-insurance subsidiaries for investment advisory, marketing and distribution, and leasing services. They also include revenues and expenses generated by our parent company for management services. Certain of these activities are performed on behalf of our affiliates. Lease income from leases with affiliates totaled $4.6 million in 2017 , $4.8 million in 2016 and $4.9 million in 2015 . Investment advisory fee income from affiliates totaled $2.7 million in 2017 , $2.5 million in 2016 and $2.3 million in 2015 . In addition, Farm Bureau Life has certain items, including fees earned from brokered products, reported as other income and other expense, which netted to $2.5 million in 2017 , $3.4 million in 2016 and $3.2 million in 2015 . We expense legal costs associated with a loss contingency as incurred. |
Pension and Other Postretirement Plans, Policy | Retirement and Compensation Plans We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. The multiemployer plan records an asset or liability based on the difference between contributions made to the plan to date and expense recognized for the plan to date. The obligations for the single employer plans are based on an actuarial valuation of future benefits. For the multiemployer plan, our contributions are commingled with those of the other employers to fund the plan benefit obligations. Should a participating employer be unable to provide funding, the remaining employers would be required to continue funding all future obligations. We employ a long-term investment strategy of maintaining diversified plan assets. The expected return on plan assets is set at the long-term rate expected to be earned based on the long-term investment strategy of the plans for assets at the end of the reporting period. |
Share-based Compensation, Option and Incentive Plans Policy | We have a Cash-Based Restricted Stock Unit Plan. Performance and non-performance units are awarded under this plan. In addition to meeting the performance goals, the performance units are subject to a five-year vesting schedule. The non-performance units awarded under this plan vest over five years. The amount payable per unit awarded is equal to the price per share of the Company's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The expense related to the performance units is based on the number of units expected to vest and is recognized over the required service period. The expense related to the non-performance units is recognized over the five-year vesting schedule. The impact of forfeitures is estimated and compensation expense is recognized only for those units expected to vest. We also have share-based payment arrangements under our Class A Common Stock Compensation Plan, although no new awards have been made since 2011. See Note 8 for additional details on these plans. |
Comprehensive Income, Policy | Comprehensive Income Comprehensive income includes net income, as well as other comprehensive income items not recognized through net income. Other comprehensive income includes unrealized gains and losses on our available-for-sale securities as well as the underfunded obligation for certain retirement and postretirement benefit plans. These items are included in accumulated other comprehensive income, net of tax and other offsets, in stockholders' equity. The changes in unrealized gains and losses reported in our Statement of Comprehensive Income (Loss), excludes net investment gains and losses included in net income that represent transfers from unrealized to realized gains and losses. These transfers are further discussed in Note 7. The components of the underfunded obligation for certain retirement and postretirement benefit plans are provided in Note 8. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. For example, significant estimates and assumptions are utilized in the valuation of investments, determination of other-than-temporary impairments of investments, amortization of deferred acquisition costs, calculation of policyholder liabilities and accruals and determination of pension expense. It is reasonably possible that actual experience could differ from the estimates and assumptions utilized, which could have a material impact on the consolidated financial statements. |
Significant Accounting Polici27
Significant Accounting Policies Insurance costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Recognition of underwriting, acquisition and insurance costs | Underwriting, Acquisition and Insurance Expenses Year ended December 31, 2017 2016 2015 (Dollars in thousands) Underwriting, acquisition and insurance expenses: Commission expense, net of deferrals $ 24,356 $ 22,735 $ 22,260 Amortization of deferred acquisition costs 22,507 28,225 35,220 Amortization of value of insurance in force acquired 2,178 2,392 2,436 Other underwriting, acquisition and insurance expenses, net of deferrals 85,837 82,615 83,752 Total $ 134,878 $ 135,967 $ 143,668 |
Investment Operations (Tables)
Investment Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment Operations [Abstract] | |
Available-For-Sale Fixed Maturity and Equity Securities by Investment Category | Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 31, 2017 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) $ 3,374,927 $ 329,299 $ (15,955 ) $ 3,688,271 $ (504 ) Residential mortgage-backed 483,671 35,890 (3,280 ) 516,281 339 Commercial mortgage-backed 674,076 34,464 (3,233 ) 705,307 — Other asset-backed 818,071 18,645 (3,214 ) 833,502 845 United States Government and agencies 23,378 1,606 (79 ) 24,905 — States and political subdivisions 1,383,127 141,813 (1,239 ) 1,523,701 — Total fixed maturities $ 6,757,250 $ 561,717 $ (27,000 ) $ 7,291,967 $ 680 Equity securities: Non-redeemable preferred stocks $ 92,951 $ 7,146 $ (265 ) $ 99,832 Common stocks 30,369 549 — 30,918 Total equity securities $ 123,320 $ 7,695 $ (265 ) $ 130,750 Available-For-Sale Fixed Maturity and Equity Securities by Investment Category December 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) $ 3,529,997 $ 228,601 $ (49,943 ) $ 3,708,655 $ (1,082 ) Residential mortgage-backed 396,110 29,121 (2,931 ) 422,300 (983 ) Commercial mortgage-backed 546,446 33,645 (4,137 ) 575,954 — Other asset-backed 771,570 8,846 (9,766 ) 770,650 2,544 United States Government and agencies 30,575 1,629 (132 ) 32,072 — States and political subdivisions 1,387,013 119,298 (7,152 ) 1,499,159 — Total fixed maturities $ 6,661,711 $ 421,140 $ (74,061 ) $ 7,008,790 $ 479 Equity securities: Non-redeemable preferred stocks $ 100,042 $ 4,050 $ (1,675 ) $ 102,417 Common stocks 30,437 114 — 30,551 Total equity securities $ 130,479 $ 4,164 $ (1,675 ) $ 132,968 (1) Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. (2) Corporate securities include hybrid preferred securities with a fair value of $17.5 million at December 31, 2017 and $23.3 million at December 31, 2016 . Corporate securities also include redeemable preferred stock with a fair value of $21.7 million at December 31, 2017 and $24.5 million at December 31, 2016 . |
Available-For-Sale Fixed Maturities by Maturity Date | Available-For-Sale Fixed Maturities by Maturity Date December 31, 2017 Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 152,509 $ 155,126 Due after one year through five years 647,454 686,727 Due after five years through ten years 700,297 742,583 Due after ten years 3,281,172 3,652,441 4,781,432 5,236,877 Mortgage-backed and other asset-backed 1,975,818 2,055,090 Total fixed maturities $ 6,757,250 $ 7,291,967 |
Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income December 31, 2017 2016 (Dollars in thousands) Net unrealized appreciation on: Fixed maturities - available for sale $ 534,718 $ 347,079 Equity securities - available for sale 7,430 2,489 542,148 349,568 Adjustments for assumed changes in amortization pattern of: Deferred acquisition costs (147,173 ) (95,647 ) Value of insurance in force acquired (14,870 ) (12,382 ) Unearned revenue reserve 12,705 4,215 Adjustments for assumed changes in policyholder liabilities (18,499 ) (3,795 ) Provision for deferred income taxes (see Note 5) (78,605 ) (84,684 ) Net unrealized investment gains $ 295,706 $ 157,275 |
Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income | Change in Unrealized Appreciation/Depreciation of Investments - Recorded in Accumulated Other Comprehensive Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Fixed maturities - available for sale $ 187,639 $ 89,222 $ (331,408 ) Equity securities - available for sale 4,941 (2,842 ) 118 Change in unrealized appreciation/depreciation of investments $ 192,580 $ 86,380 $ (331,290 ) |
Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time | Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 31, 2017 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 $ 85,019 $ (1,261 ) $ 183,820 $ (14,694 ) $ 268,839 $ (15,955 ) 59.1 % Residential mortgage-backed 76,393 (1,757 ) 31,779 (1,523 ) 108,172 (3,280 ) 12.1 Commercial mortgage-backed 151,158 (2,078 ) 16,398 (1,155 ) 167,556 (3,233 ) 12.0 Other asset-backed 159,111 (2,006 ) 71,064 (1,208 ) 230,175 (3,214 ) 11.9 United States Government and agencies 5,698 (47 ) 1,864 (32 ) 7,562 (79 ) 0.3 States and political subdivisions 5,904 (96 ) 20,505 (1,143 ) 26,409 (1,239 ) 4.6 Total fixed maturities $ 483,283 $ (7,245 ) $ 325,430 $ (19,755 ) $ 808,713 $ (27,000 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 2,819 $ (71 ) $ 4,807 $ (194 ) $ 7,626 $ (265 ) Total equity securities $ 2,819 $ (71 ) $ 4,807 $ (194 ) $ 7,626 $ (265 ) Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time December 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 $ 742,626 $ (23,142 ) $ 220,939 $ (26,801 ) $ 963,565 $ (49,943 ) 67.3 % Residential mortgage-backed 51,873 (1,014 ) 22,744 (1,917 ) 74,617 (2,931 ) 4.0 Commercial mortgage-backed 95,690 (3,590 ) 6,610 (547 ) 102,300 (4,137 ) 5.6 Other asset-backed 371,829 (5,810 ) 95,740 (3,956 ) 467,569 (9,766 ) 13.2 United States Government and agencies 6,438 (132 ) — — 6,438 (132 ) 0.2 States and political subdivisions 150,052 (7,152 ) — — 150,052 (7,152 ) 9.7 Total fixed maturities $ 1,418,508 $ (40,840 ) $ 346,033 $ (33,221 ) $ 1,764,541 $ (74,061 ) 100.0 % Equity securities: Non-redeemable preferred stocks $ 12,774 $ (150 ) $ 13,438 $ (1,525 ) $ 26,212 $ (1,675 ) Total equity securities $ 12,774 $ (150 ) $ 13,438 $ (1,525 ) $ 26,212 $ (1,675 ) |
Mortgage Loans by Collateral Type | Mortgage Loans by Collateral Type December 31, 2017 December 31, 2016 Collateral Type Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) Office $ 410,090 42.2 % $ 361,088 44.2 % Retail 292,257 30.1 240,602 29.5 Industrial 207,180 21.3 154,005 18.9 Other 62,285 6.4 60,776 7.4 Total $ 971,812 100.0 % $ 816,471 100.0 % |
Mortgage Loans by Geographic Location within the United States | Mortgage Loans by Geographic Location within the United States December 31, 2017 December 31, 2016 Region of the United States Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) South Atlantic $ 296,947 30.5 % $ 266,019 32.6 % Pacific 146,320 15.0 104,337 12.8 West North Central 127,096 13.1 105,753 12.9 Mountain 105,627 10.9 79,707 9.8 East North Central 91,971 9.5 91,550 11.2 West South Central 85,566 8.8 74,258 9.1 East South Central 67,228 6.9 54,676 6.7 New England 35,005 3.6 35,246 4.3 Middle Atlantic 16,052 1.7 4,925 0.6 Total $ 971,812 100.0 % $ 816,471 100.0 % |
Mortgage Loans by Loan-to-Value Ratio | Mortgage Loans by Loan-to-Value Ratio December 31, 2017 December 31, 2016 Loan-to-Value Ratio Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 0% - 50% $ 334,037 34.4 % $ 274,953 33.7 % 50% - 60% 258,359 26.6 210,555 25.8 60% - 70% 297,404 30.6 233,216 28.5 70% - 80% 63,116 6.5 67,607 8.3 80% - 90% 18,896 1.9 30,140 3.7 Total $ 971,812 100.0 % $ 816,471 100.0 % |
Mortgage Loans by Year of Origination | Mortgage Loans by Year of Origination December 31, 2017 December 31, 2016 Carrying Value Percent of Total Carrying Value Percent of Total (Dollars in thousands) 2017 $ 214,365 22.1 % $ — — % 2016 154,359 15.9 158,817 19.4 2015 144,890 14.9 149,302 18.3 2014 77,866 8.0 80,771 9.9 2013 67,142 6.9 69,887 8.6 2012 and prior 313,190 32.2 357,694 43.8 Total $ 971,812 100.0 % $ 816,471 100.0 % |
Impaired Mortgage Loans | Impaired Mortgage Loans December 31, 2017 2016 (Dollars in thousands) Unpaid principal balance $ 19,027 $ 21,459 Less: Related allowance (497 ) (713 ) Carrying value of impaired mortgage loans $ 18,530 $ 20,746 |
Allowance on Mortgage Loans | Allowance on Mortgage Loans Year ended December 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 713 $ 851 Recoveries (216 ) (138 ) Balance at end of period $ 497 $ 713 |
Components of Net Investment Income | Components of Net Investment Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Fixed maturities - available for sale $ 344,302 $ 342,657 $ 338,952 Equity securities - available for sale 6,502 6,558 6,091 Mortgage loans 42,185 38,098 35,923 Real estate — — 169 Policy loans 9,014 8,956 8,871 Short-term investments, cash and cash equivalents 506 365 141 Derivative income (loss) 7,687 3,935 (2,266 ) Prepayment fee income and other 12,470 10,992 11,555 422,666 411,561 399,436 Less investment expenses (7,467 ) (7,391 ) (8,287 ) Net investment income $ 415,199 $ 404,170 $ 391,149 |
Realized Gains (Losses) - Recorded in Income | Realized Gains (Losses) - Recorded in Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Realized gains (losses) on sales of investments Fixed maturities: Gross gains $ 1,426 $ 9,793 $ 4,781 Gross losses (1,081 ) (8,523 ) (1,952 ) Equity securities (90 ) 529 — Mortgage loans — 817 — Real estate 304 — — Other 40 490 8,233 599 3,106 11,062 Impairment losses recognized in earnings: Credit-related portion of fixed maturity losses (1) — (4,767 ) (363 ) Other credit-related (2) (3,986 ) (102 ) (210 ) Realized gains (losses) on investments recorded in income $ (3,387 ) $ (1,763 ) $ 10,489 (1) Amount represents the credit-related losses recognized for fixed maturities that were impaired through income but not written down to fair value. As discussed above, the non-credit portion of the losses have been recognized in other comprehensive income (loss). (2) Amount represents credit-related losses for other investments, real estate and fixed maturities written down to fair value through income. Also included are impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets. |
Credit Loss Component of Other-than-temporary Impairments on Fixed Maturities | Year ended December 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ (14,500 ) $ (11,498 ) Increases for newly impaired investments — (2,595 ) Increases to previously impaired investments — (2,172 ) Reductions due to investments sold 1,521 1,765 Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income 587 — Balance at end of period $ (12,392 ) $ (14,500 ) |
VIE Investments by Category | VIE Investments by Category December 31, 2017 December 31, 2016 Carrying Value Maximum Exposure to Loss Carrying Value Maximum Exposure to Loss (Dollars in thousands) LIHTC $ 82,417 $ 84,103 $ 91,255 $ 95,058 Investment companies 25,335 62,372 23,379 45,569 Real estate limited partnerships 8,589 20,590 10,790 14,558 Other 1,182 1,488 429 2,034 Total $ 117,523 $ 168,553 $ 125,853 $ 157,219 |
Schedule of Derivative Instruments | Derivatives Instruments by Type December 31, 2017 December 31, 2016 (Dollars in thousands) Assets Freestanding derivatives: Call options (reported in other investments) $ 14,824 $ 9,360 Embedded derivatives: Modified coinsurance (reported in reinsurance recoverable) 2,125 3,411 Interest-only security (reported in fixed maturities) 2,096 3,374 Total assets $ 19,045 $ 16,145 Liabilities Embedded derivatives: Indexed annuity and universal life products (reported in liability for future policy benefits) $ 27,774 $ 15,778 Modified coinsurance agreements (reported in other liabilities) 268 114 Total liabilities $ 28,042 $ 15,892 Derivative Income (Loss) Year ended December 31, 2017 2016 2015 (Dollars in thousands) Change in fair value of free standing derivatives: Call options $ 9,373 $ 2,990 $ (1,480 ) Change in fair value of embedded derivatives: Modified coinsurance agreements (1,440 ) 716 (809 ) Interest-only security (246 ) 229 23 Indexed annuity and universal life products 320 (2,390 ) 2,577 Total income from derivatives $ 8,007 $ 1,545 $ 311 |
Affordable Housing Program | LIHTC Equity Income (Loss), Net of Related Income Taxes Year ended December 31, 2017 2016 2015 (Dollars in thousands) Equity losses from LIHTC $ (8,489 ) $ (7,547 ) $ (7,022 ) Income tax benefits: Tax benefits from equity losses 2,971 2,641 2,458 Investment tax credits 14,227 14,077 13,542 Equity income from LIHTC, net of related income benefits $ 8,709 $ 9,171 $ 8,978 At December 31, 2017 , 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 $51.0 million , including $1.7 million for commitments to LIHTC, which are summarized by year in the following table. Commitments to LIHTC by Year December 31, 2017 (Dollars in thousands) 2018 $ 829 2019 46 2020-2025 811 Total $ 1,686 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Values and Carrying Values December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value (Dollars in thousands) Assets Fixed maturities - available for sale $ 7,291,967 $ 7,291,967 $ 7,008,790 $ 7,008,790 Equity securities - available for sale 130,750 130,750 132,968 132,968 Mortgage loans 971,812 989,503 816,471 840,337 Policy loans 191,398 236,223 188,254 230,656 Other investments 15,713 16,838 9,809 11,272 Cash, cash equivalents and short-term investments 69,703 69,703 49,931 49,931 Reinsurance recoverable 2,125 2,125 3,411 3,411 Assets held in separate accounts 651,963 651,963 597,072 597,072 Liabilities Future policy benefits $ 4,192,367 $ 4,147,654 $ 4,044,148 $ 3,903,177 Supplementary contracts without life contingencies 322,630 327,151 330,232 330,633 Advance premiums and other deposits 259,099 259,099 257,171 257,171 Long-term debt 97,000 78,628 97,000 67,599 Other liabilities 268 268 114 114 Liabilities related to separate accounts 651,963 649,610 597,072 593,760 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 31, 2017 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 Fixed maturities: Corporate securities $ — $ 3,654,671 $ 33,600 $ 3,688,271 Residential mortgage-backed securities — 507,157 9,124 516,281 Commercial mortgage-backed securities — 619,606 85,701 705,307 Other asset-backed securities — 780,022 53,480 833,502 United States Government and agencies 9,078 15,827 — 24,905 States and political subdivisions — 1,523,701 — 1,523,701 Total fixed maturities 9,078 7,100,984 181,905 7,291,967 Non-redeemable preferred stocks — 92,425 7,407 99,832 Common stocks 4,313 26,605 — 30,918 Other investments — 14,824 — 14,824 Cash, cash equivalents and short-term investments 69,703 — — 69,703 Reinsurance recoverable — 2,125 — 2,125 Assets held in separate accounts 651,963 — — 651,963 Total assets $ 735,057 $ 7,236,963 $ 189,312 $ 8,161,332 Liabilities Future policy benefits - indexed annuity embedded derivatives $ — $ — $ 27,774 $ 27,774 Other liabilities — 268 — 268 Total liabilities $ — $ 268 $ 27,774 $ 28,042 Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels December 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 Fixed maturities: Corporate securities $ — $ 3,649,536 $ 59,119 $ 3,708,655 Residential mortgage-backed securities — 422,300 — 422,300 Commercial mortgage-backed securities — 494,520 81,434 575,954 Other asset-backed securities — 716,282 54,368 770,650 United States Government and agencies 11,943 20,129 — 32,072 States and political subdivisions — 1,499,159 — 1,499,159 Total fixed maturities 11,943 6,801,926 194,921 7,008,790 Non-redeemable preferred stocks — 95,006 7,411 102,417 Common stocks 3,056 27,495 — 30,551 Other investments — 9,360 — 9,360 Cash, cash equivalents and short-term investments 49,931 — — 49,931 Reinsurance recoverable — 3,411 — 3,411 Assets held in separate accounts 597,072 — — 597,072 Total assets $ 662,002 $ 6,937,198 $ 202,332 $ 7,801,532 Liabilities Future policy benefits - indexed annuity embedded derivatives $ — $ — $ 15,778 $ 15,778 Other liabilities — 114 — 114 Total liabilities $ — $ 114 $ 15,778 $ 15,892 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Level 3 Fixed Maturities by Valuation Source - Recurring Basis December 31, 2017 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 4,555 $ 29,045 $ 33,600 Commercial mortgage-backed securities 85,701 — 85,701 Residential mortgage-backed securities 9,124 — 9,124 Other asset-backed securities 47,080 6,400 53,480 Total $ 146,460 $ 35,445 $ 181,905 Percent of total 80.5 % 19.5 % 100.0 % December 31, 2016 Third-party vendors Priced Total (Dollars in thousands) Corporate securities $ 17,684 $ 41,435 $ 59,119 Commercial mortgage-backed securities 81,434 — 81,434 Other asset-backed securities 39,308 15,060 54,368 Total $ 138,426 $ 56,495 $ 194,921 Percent of total 71.0 % 29.0 % 100.0 % |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis December 31, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 27,682 Discounted cash flow Credit spread 0.91% - 6.20% (4.17%) Commercial mortgage-backed 72,224 Discounted cash flow Credit spread 1.40% - 4.10% (2.50%) Non-redeemable preferred stocks 7,407 Discounted cash flow Credit spread 2.94% (2.94%) Total assets $ 107,313 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 27,774 Discounted cash flow Credit risk Risk margin 0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%) December 31, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in thousands) Assets Corporate securities $ 47,398 Discounted cash flow Credit spread 0.58% - 4.25% (2.81%) Commercial mortgage-backed 81,434 Discounted cash flow Credit spread 1.10% - 4.15% (2.95%) Other asset-backed securities 6,461 Discounted cash flow Credit spread 1.08% - 4.87% (3.45%) Non-redeemable preferred stocks 7,411 Discounted cash flow Credit spread 4.05% (4.05%) Total assets $ 142,704 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 15,778 Discounted cash flow Credit risk Risk margin 0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%) |
Level 3 Financial Instruments Changes in Fair Value [Table Text Block] | Level 3 Financial Instruments Changes in Fair Value - Recurring Basis December 31, 2017 Realized and unrealized gains (losses), net Balance, December 31, 2016 Purchases Disposals Included in net income Included in other compre-hensive income Transfers into Level 3 (1) Transfers out of Level 3 (1) Amort-ization included in net income Balance, December 31, 2017 (Dollars in thousands) Assets Corporate securities $ 59,119 $ 5,000 $ (12,230 ) $ 84 $ (1,365 ) $ 13,440 $ (30,409 ) $ (39 ) $ 33,600 Residential mortgage-backed securities — 32,455 — — (1 ) — (23,331 ) 1 9,124 Commercial mortgage-backed securities 81,434 25,591 (802 ) — 6,218 — (26,658 ) (82 ) 85,701 Other asset-backed securities 54,368 126,867 (8,886 ) — 499 13,353 (132,700 ) (21 ) 53,480 Non-redeemable preferred stocks 7,411 — — — (4 ) — — — 7,407 Total assets $ 202,332 $ 189,913 $ (21,918 ) $ 84 $ 5,347 $ 26,793 $ (213,098 ) $ (141 ) $ 189,312 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 15,778 $ 6,594 $ (2,128 ) $ 7,530 $ — $ — $ — $ — $ 27,774 December 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, December 31, 2016 (Dollars in thousands) Assets Corporate securities $ 49,076 $ 2,000 $ (13,751 ) $ (27 ) $ (490 ) $ 35,956 $ (13,572 ) $ (73 ) $ 59,119 Residential mortgage-backed securities 3,729 — (3,722 ) — (137 ) — — 130 — Commercial mortgage-backed securities 88,180 18,826 (1,656 ) — (141 ) — (23,852 ) 77 81,434 Other asset-backed securities 55,557 64,146 (11,621 ) — 212 30,098 (84,045 ) 21 54,368 United States Government and agencies 8,726 — — — 486 — (9,218 ) 6 — State, municipal and other governments — — — — 108 2,393 (2,501 ) — — Non-redeemable preferred stocks 7,471 — — — (60 ) — — — 7,411 Total assets $ 212,739 $ 84,972 $ (30,750 ) $ (27 ) $ (22 ) $ 68,447 $ (133,188 ) $ 161 $ 202,332 Liabilities Future policy benefits - indexed annuity embedded derivatives $ 9,374 $ 5,913 $ (115 ) $ 606 $ — $ — $ — $ — $ 15,778 (1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above. |
Financial Instruments Not Reported at Value [Table Text Block] | Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels December 31, 2017 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 $ — $ — $ 989,503 $ 989,503 Policy loans — — 236,223 236,223 Other investments — — 2,014 2,014 Total assets $ — $ — $ 1,227,740 $ 1,227,740 Liabilities Future policy benefits $ — $ — $ 4,119,880 $ 4,119,880 Supplementary contracts without life contingencies — — 327,151 327,151 Advance premiums and other deposits — — 259,099 259,099 Long-term debt — — 78,628 78,628 Liabilities related to separate accounts — — 649,610 649,610 Total liabilities $ — $ — $ 5,434,368 $ 5,434,368 December 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 $ — $ — $ 840,337 $ 840,337 Policy loans — — 230,656 230,656 Other investments 1,912 1,912 Total assets $ — $ — $ 1,072,905 $ 1,072,905 Liabilities Future policy benefits $ — $ — $ 3,887,399 $ 3,887,399 Supplementary contracts without life contingencies — — 330,633 330,633 Advance premiums and other deposits — — 257,171 257,171 Long-term debt — — 67,599 67,599 Liabilities related to separate accounts — — 593,760 593,760 Total liabilities $ — $ — $ 5,136,562 $ 5,136,562 |
Reinsurance and Policy Provis30
Reinsurance and Policy Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reinsurance and Policy Provisions [Abstract] | |
Reinsurance [Text Block] | Impact of Reinsurance on our Financial Statements Year ended December 31, 2017 2016 2015 (Dollars in thousands) Ceded (reductions to financial statement items): Premiums and product charges $ 32,922 $ 33,058 $ 33,462 Insurance benefits 24,159 22,515 26,183 Allowances for expenses and commissions 4,548 4,709 4,945 Assumed (additions to financial statement items): Premiums and product charges 2,637 2,670 2,751 Insurance benefits 6,356 2,302 1,231 Allowances for expenses and commissions 1,543 1,427 1,570 Reinsurance in Force and Percentage of Direct Life Insurance in Force Year ended December 31, 2017 2016 (Dollars in millions) Ceded reinsurance $ 14,087 22.5 % $ 14,258 23.5 % Assumed reinsurance 487 0.8 % 524 0.9 % |
Present Value of Future Insurance Profits [Text Block] | Year ended December 31, 2017 2016 2015 (Dollars in thousands) Balance at beginning of year $ 21,608 $ 24,000 $ 26,436 Amortization per fixed schedule (2,178 ) (2,198 ) (2,384 ) Impact of unlocking actuarial assumptions — (194 ) (52 ) Balance at end of year 19,430 21,608 24,000 Impact of net unrealized investment gains and losses (14,870 ) (12,382 ) (3,087 ) Value of insurance in force acquired $ 4,560 $ 9,226 $ 20,913 |
Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block] | GMDB, IDB and GMIB Net Amount at Risk by Type of Guarantee December 31, 2017 December 31, 2016 Separate Account Balance Net Amount at Risk Separate Account Balance Net Amount at Risk (Dollars in thousands) Guaranteed minimum death benefit: Return of net deposits $ 173,761 $ 442 $ 159,617 $ 543 Return the greater of highest anniversary 292,112 1,068 270,539 2,920 Incremental death benefit 265,456 67,350 241,142 53,933 Guaranteed minimum income benefit 29,987 — 32,733 — Total $ 68,860 $ 57,396 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income Tax Expenses (Credits) Year ended December 31, 2017 2016 2015 (Dollars in thousands) Taxes provided in consolidated statements of operations on: Income before equity loss: Current $ 34,301 $ 36,461 $ 40,578 Deferred (75,030 ) 9,549 6,840 (40,729 ) 46,010 47,418 Equity loss, including low income housing tax credits (15,804 ) (15,498 ) (15,706 ) Taxes provided in consolidated statements of changes in stockholders' equity: Accumulated other comprehensive income 43,448 18,882 (77,473 ) Class A and Class B common stock (1) — (846 ) (1,363 ) 43,448 18,036 (78,836 ) $ (13,085 ) $ 48,548 $ (47,124 ) (1) Beginning in 2017, accounting guidance requires tax benefits of equity-based compensation to be recorded through net income rather than directly to stockholders' equity. Accordingly, we do not expect to have a provision for taxes on Class A and B common stock for years after 2016. See Note 1 for further discussion of this accounting change. |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective Tax Rate Reconciliation to Federal Income Tax Rate Year ended December 31, 2017 2016 2015 (Dollars in thousands) Income before income taxes and equity loss $ 142,327 $ 141,789 $ 151,368 Income tax at federal statutory rate (35%) $ 49,814 $ 49,626 $ 52,979 Tax effect (decrease) of: Tax-exempt dividend and interest income (3,384 ) (2,950 ) (3,233 ) Remeasurement of deferred taxes under the Tax Act (85,797 ) — — Other items (1,362 ) (666 ) (2,328 ) Income tax expense $ (40,729 ) $ 46,010 $ 47,418 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Tax Effect of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities December 31, 2017 2016 (Dollars in thousands) Deferred income tax assets: Future policy benefits $ 21,926 $ 30,340 Accrued benefit and compensation costs 3,435 10,001 Loss carryforwards 3,452 5,709 Other 2,669 2,393 31,482 48,443 Deferred income tax liabilities: Fixed maturity and equity securities 118,716 131,655 Deferred acquisition costs 33,177 62,599 Value of insurance in force acquired 958 3,229 Property and equipment 5,883 7,777 Other 4,660 6,678 163,394 211,938 Net deferred income tax liability $ 131,912 $ 163,495 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Reconciliation of Outstanding Common Stock Class A Class B (1) 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 159,764 5,022 — — 159,764 5,022 Purchase of common stock (66,904 ) (399 ) — — (66,904 ) (399 ) Outstanding at December 31, 2015 24,796,763 149,248 11,413 72 24,808,176 149,320 Issuance of common stock under compensation plans 96,101 3,718 — — 96,101 3,718 Purchase of common stock (10,322 ) (63 ) — — (10,322 ) (63 ) Outstanding at December 31, 2016 24,882,542 152,903 11,413 72 24,893,955 152,975 Issuance of common stock under compensation plans 40,082 708 — — 40,082 708 Purchase of common stock (3,511 ) (22 ) — — (3,511 ) (22 ) Outstanding at December 31, 2017 24,919,113 $ 153,589 11,413 $ 72 24,930,526 $ 153,661 (1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis. |
Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income, Net of Tax and Other Offsets Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Gains (Losses) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Balance at January 1, 2015 $ 266,211 $ 1,131 $ (8,932 ) $ 258,410 Other comprehensive income before reclassifications (143,731 ) (1,155 ) — (144,886 ) Reclassification adjustments (1,693 ) (90 ) 2,791 1,008 Balance at December 31, 2015 120,787 (114 ) (6,141 ) 114,532 Other comprehensive income before reclassifications 37,895 1,901 — 39,796 Reclassification adjustments (1,719 ) (1,476 ) (1,578 ) (4,773 ) Balance at December 31, 2016 156,963 311 (7,719 ) 149,555 Other comprehensive income before reclassifications 88,534 136 — 88,670 Reclassification related to the Tax Act (3) 49,657 90 (1,521 ) 48,226 Reclassification adjustments 15 — (1,483 ) (1,468 ) Balance at December 31, 2017 $ 295,169 $ 537 $ (10,723 ) $ 284,983 (1) Unrealized net investment gains (losses) relate to available-for-sale securities and include the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans. (3) Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2017 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (255 ) $ — $ — $ (255 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 274 — — 274 Other than temporary impairment losses — — — — Other expenses - change in unrecognized postretirement items: Prior service costs — — — — Net actuarial loss — — (1,702 ) (1,702 ) Reclassifications before income taxes 19 — (1,702 ) (1,683 ) Income taxes (4 ) — 219 215 Reclassification adjustments $ 15 $ — $ (1,483 ) $ (1,468 ) Accumulated Other Comprehensive Income Reclassification Adjustments Year ended December 31, 2016 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (1,799 ) $ — $ — $ (1,799 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities (845 ) 180 — (665 ) Other than temporary impairment losses — (2,451 ) — (2,451 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (1 ) (1 ) Net actuarial loss — — (2,425 ) (2,425 ) Reclassifications before income taxes (2,644 ) (2,271 ) (2,426 ) (7,341 ) Income taxes 925 795 848 2,568 Reclassification adjustments $ (1,719 ) $ (1,476 ) $ (1,578 ) $ (4,773 ) Year ended December 31, 2015 Unrealized Net Investment Gains (Losses) (1) Accumulated Non-Credit Impairment Losses (1) Underfunded Portion of Certain Benefit Total (Dollars in thousands) Realized capital gains on sales of investments $ (2,829 ) $ — $ — $ (2,829 ) Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities 224 7 — 231 Other than temporary impairment losses — (146 ) — (146 ) Other expenses - change in unrecognized postretirement items: Prior service costs — — (12 ) (12 ) Net actuarial gain — — 4,306 4,306 Reclassifications before income taxes (2,605 ) (139 ) 4,294 1,550 Income taxes 912 49 (1,503 ) (542 ) Reclassification adjustments $ (1,693 ) $ (90 ) $ 2,791 $ 1,008 (1) See Note 2 for further information. (2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans. |
Retirement and Compensation P33
Retirement and Compensation Plans Defined Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Plans [Table Text Block] | Multiemployer Plan name FBL Financial Group Retirement Plan Employer identification number 42-1411715 Plan number 001 FBL's contributions (in thousands) 2017 $45,000 2016 $30,000 2015 $30,000 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Funding Status and Net Periodic Pension Costs Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2017 2016 (Dollars in thousands) Change in projected benefit obligation: Net benefit obligation at beginning of the year $ 336,454 $ 319,420 $ 24,585 $ 22,275 Service cost 5,552 5,795 436 335 Interest cost 14,124 14,447 1,003 966 Actuarial loss 41,855 15,767 2,728 3,317 Benefits paid (21,986 ) (18,975 ) (1,838 ) (2,308 ) Projected benefit obligation 375,999 336,454 26,914 24,585 Change in plan assets: Fair value of plan assets at beginning of the year 291,071 262,276 — — Actual return on plan assets 31,311 17,770 — — Employer contributions 45,000 30,000 1,838 2,308 Benefits paid (21,986 ) (18,975 ) (1,838 ) (2,308 ) Fair value of plan assets at end of the year 345,396 291,071 — — Underfunded status at end of the year $ (30,603 ) $ (45,383 ) $ (26,914 ) $ (24,585 ) Accumulated benefit obligation $ 334,462 $ 297,753 $ 23,504 $ 21,407 |
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Pension Costs Incurred by the Plans Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2015 2017 2016 2015 (Dollars in thousands) Service cost $ 5,552 $ 5,795 $ 5,892 $ 436 $ 335 $ 435 Interest cost 14,124 14,447 13,472 1,003 966 1,000 Expected return on assets (19,184 ) (17,865 ) (17,563 ) — — — Amortization of prior service cost 131 144 144 — (1 ) (11 ) Amortization of actuarial loss 10,121 9,432 10,464 1,172 918 1,528 Effect of settlement — — 7,998 — — — Net periodic pension cost $ 10,744 $ 11,953 $ 20,407 $ 2,611 $ 2,218 $ 2,952 FBL Financial Group, Inc. share of net periodic pension cost $ 3,404 $ 3,807 $ 6,614 $ 1,551 $ 1,260 $ 1,671 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | FBL's Proportionate Share of Prepaid or Accrued Pension Cost Multiemployer Plan Other Plans As of and for the year ended December 31, As of and for the year ended December 31, 2017 2016 2017 2016 (Dollars in thousands) Amount recognized in FBL's statement of financial position Prepaid benefit cost $ 36,858 $ 26,006 $ 740 $ 876 Accrued benefit cost — — (21,245 ) (19,159 ) Net amount recognized $ 36,858 $ 26,006 $ (20,505 ) $ (18,283 ) Amount recognized in FBL's accumulated other comprehensive income, before taxes (1) Net actuarial loss $ 13,649 $ 12,094 Net amount recognized $ 13,649 $ 12,094 (1) For our Multiemployer Plan, the underfunded portion of the pension benefit obligation is not required to be recognized as a liability in our consolidated balance sheets. The unrecognized liability for the underfunded status of our Multiemployer Plan totaled $30.6 million at December 31, 2017 and $45.4 million at December 31, 2016 . |
Schedule of Assumptions Used [Table Text Block] | Weighted Average Assumptions Used to Determine Benefit Obligation December 31 2017 2016 Discount rate 3.72 % 4.29 % Annual salary increases 3.27 % 3.31 % We estimate the discount rate by projecting and discounting future benefit payments inherent in the projected benefit obligation using a commercially available "spot" yield curve constructed using techniques and a bond universe specifically selected to meet the accounting standard requirements. Weighted Average Assumptions Used to Determine Net Periodic Pension Cost Year Ended December 31, 2017 2016 2015 Discount rate 4.29 % 4.65 % 4.52% / 4.05% Expected long-term return on plan assets 6.60 % 6.75 % 6.75% / 7.00% Annual salary increases 3.31 % 3.31 % 3.31% / 3.00% |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Values of the Multiemployer Plan Assets by Asset Category and Hierarchy Levels December 31, 2017 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 39,563 $ — $ — $ 39,563 International funds 40,349 — — 40,349 Pooled separate accounts: (1) Short-term fixed income funds — 793 — 793 Fixed income funds — 14,689 — 14,689 U.S. equity funds — 32,726 — 32,726 Real estate fund — 15,526 — 15,526 Annuities: (2) Group annuity contract — — 181,403 181,403 Funded annuity contracts — — 10,776 10,776 Alternative investments: (3) Limited partnerships — — 9,571 9,571 Total $ 79,912 $ 63,734 $ 201,750 $ 345,396 December 31, 2016 Quoted prices in Significant other Significant Total (Dollars in thousands) Mutual funds: (1) U.S. equity funds $ 35,888 $ — $ — $ 35,888 International funds 35,709 — — 35,709 Pooled separate accounts: (1) Short-term fixed income funds — 606 — 606 Fixed income funds — 14,271 — 14,271 U.S. equity funds — 28,640 — 28,640 Real estate fund — 14,346 — 14,346 Annuities: (2) Group annuity contract — — 141,782 141,782 Funded annuity contracts — — 11,382 11,382 Alternative investments: (3) Limited partnerships — — 8,447 8,447 Total $ 71,597 $ 57,863 $ 161,611 $ 291,071 (1) Represents mutual funds and pooled separate account investments with Principal Life Insurance Company. (2) Represents group annuity contracts with Farm Bureau Life. (3) Represents interests in several limited partnerships. |
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | Level 3 Multiemployer Plan Asset Changes in Fair Value December 31, 2017 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2017 (Dollars in thousands) Group annuity contract $ 141,782 $ 33,221 $ 6,400 $ — $ — $ 181,403 Funded annuity contracts 11,382 (1,258 ) 652 — — 10,776 Limited partnerships 8,447 314 810 — — 9,571 Total $ 161,611 $ 32,277 $ 7,862 $ — $ — $ 201,750 December 31, 2016 Return on assets December 31, Purchases Held at year end Sold during year Transfers into (out) of level 3 December 31, 2016 (Dollars in thousands) Group annuity contract $ 134,749 $ 1,334 $ 5,699 $ — $ — $ 141,782 Funded annuity contracts 11,996 (1,287 ) 673 — — 11,382 Limited partnerships 6,262 1,536 649 — — 8,447 Total $ 153,007 $ 1,583 $ 7,021 $ — $ — $ 161,611 |
Retirement and Compensation P34
Retirement and Compensation Plans Stock based compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Option Activity Number of Shares Weighted-Average Weighted-Average Aggregate (Dollars in thousands, except per share data) Shares under option at January 1, 2017 45,395 $ 27.35 Exercised (21,527 ) 33.60 Forfeited or expired — — Shares under option at December 31, 2017 23,868 21.92 2.15 $ 1,139 Vested at December 31, 2017 23,868 $ 21.92 2.15 $ 1,139 Exercisable options at December 31, 2017 23,868 $ 21.92 2.15 $ 1,139 (1) Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock Unit Activity Number of Units Weighted-Average Grant-Date Fair Value Restricted stock units at January 1, 2017 121,517 $ 46.10 Granted 23,526 69.10 Vested (42,465 ) 42.55 Forfeited or canceled — — Restricted stock units at December 31, 2017 102,578 52.85 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Computation of Earnings per Common Share Year ended December 31, 2017 2016 2015 (Dollars in thousands, except per share data) Numerator: Net income attributable to FBL Financial Group, Inc. $ 194,327 $ 107,223 $ 113,527 Less: Dividends on Series B preferred stock 150 150 150 Income available to common stockholders $ 194,177 $ 107,073 $ 113,377 Denominator: Weighted-average shares - basic 25,038,334 24,985,400 24,927,209 Effect of dilutive securities - stock-based compensation 19,111 43,683 89,274 Weighted-average shares - diluted 25,057,445 25,029,083 25,016,483 Earnings per common share $ 7.76 $ 4.29 $ 4.55 Earnings per common share - assuming dilution $ 7.75 $ 4.28 $ 4.53 |
Statutory Insurance Informati36
Statutory Insurance Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statutory Insurance Information [Abstract] | |
Statutory Accounting Practices Disclosure [Table Text Block] | Statutory Information of our Insurance Subsidiaries Year ended December 31, 2017 2016 2015 (Dollars in thousands) Farm Bureau Life: Net gain from operations (excludes impact of realized gains and losses on investments) $ 106,062 $ 106,143 $ 100,013 Net income 104,947 100,657 106,009 Greenfields: Net loss from operations (excludes impact of realized gains and losses on investments) (192 ) (443 ) (362 ) Net loss (192 ) (443 ) (362 ) Statutory Information of our Insurance Subsidiaries - Continued Farm Bureau Life Greenfields December 31, December 31, 2017 2016 2017 2016 (Dollars in thousands) Total capital and surplus $ 615,973 $ 617,321 $ 9,006 $ 9,273 Unassigned surplus (deficit) 482,490 483,838 (1,794 ) (1,527 ) Risk-Based Capital measurements: Total adjusted capital 682,570 685,721 9,028 9,289 Company action level capital 123,628 125,994 172 173 RBC Ratio 552 % 544 % 5,249 % 5,322 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation Between Net Income and Non-GAAP Operating Income Year ended December 31, 2017 2016 2015 (Dollars in thousands) Net income attributable to FBL Financial Group, Inc. $ 194,327 $ 107,223 $ 113,527 Net income adjustments: Initial impact of the Tax Act (85,797 ) — — Realized gains/losses on investments (1) 2,381 713 (8,498 ) Change in net unrealized gains/losses on derivatives (1) (2,549 ) (1,485 ) (141 ) Non-GAAP operating income $ 108,362 $ 106,451 $ 104,888 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Financial Information Concerning our Operating Segments Year ended December 31, 2017 2016 2015 (Dollars in thousands) Pre-tax non-GAAP operating income: Annuity $ 68,821 $ 66,025 $ 69,950 Life Insurance 53,856 55,977 53,146 Corporate and Other 14,861 14,548 11,668 Total pre-tax non-GAAP operating income 137,538 136,550 134,764 Income taxes on non-GAAP operating income (29,176 ) (30,099 ) (29,876 ) Non-GAAP operating income $ 108,362 $ 106,451 $ 104,888 Non-GAAP operating revenues: Annuity $ 224,184 $ 214,486 $ 212,420 Life Insurance 418,593 414,446 408,966 Corporate and Other 94,340 92,703 93,632 737,117 721,635 715,018 Net realized gains/losses on investments (1) (3,902 ) (1,771 ) 10,482 Change in net unrealized gains/losses on derivatives (1) 2,263 6,550 (2,691 ) Consolidated revenues $ 735,478 $ 726,414 $ 722,809 Net investment income: Annuity $ 219,700 $ 210,679 $ 209,896 Life Insurance 158,318 154,427 152,730 Corporate and Other 34,918 32,514 31,214 412,936 397,620 393,840 Change in net unrealized gains/losses on derivatives (1) 2,263 6,550 (2,691 ) Consolidated net investment income $ 415,199 $ 404,170 $ 391,149 Depreciation and amortization: Annuity $ 6,489 $ 8,253 $ 4,548 Life Insurance 18,720 15,117 18,831 Corporate and Other (1,120 ) 5,178 8,546 24,089 28,548 31,925 Net realized gains (losses) on investments (1) (240 ) (673 ) 225 Change in net unrealized gains/losses on derivatives (1) (639 ) 562 (332 ) Consolidated depreciation and amortization $ 23,210 $ 28,437 $ 31,818 Operating Segment Assets December 31, 2017 2016 (Dollars in thousands) Assets: Annuity $ 4,608,735 $ 4,452,878 Life Insurance 3,367,562 3,256,306 Corporate and Other 1,710,211 1,615,411 9,686,508 9,324,595 Unrealized gains in accumulated other comprehensive income (2) 380,105 241,539 Consolidated assets $ 10,066,613 $ 9,566,134 (1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred sales inducements, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. (2) Amounts are net adjustments for assumed changes in deferred acquisition costs and value of insurance in force acquired attributable to these items. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Equity Income (Loss) by Operating Segment Year ended December 31, 2017 2016 2015 (Dollars in thousands) Pre-tax equity income (loss): Life Insurance $ 2,741 $ — $ — Corporate and Other (7,246 ) (4,057 ) (6,183 ) Total pre-tax equity loss (4,505 ) (4,057 ) (6,183 ) Income taxes 15,804 15,497 15,706 Equity income, net of related income taxes $ 11,299 $ 11,440 $ 9,523 |
Reconciliation of non-GAAP measures [table text block] [Table Text Block] | Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance Year ended December 31, 2017 2016 2015 (Dollars in thousands) Traditional and universal life insurance premiums collected $ 292,344 $ 281,551 $ 281,003 Premiums collected on interest sensitive products (97,963 ) (85,622 ) (90,895 ) Traditional life insurance premiums collected 194,381 195,929 190,108 Change in due premiums and other 949 985 848 Traditional life insurance premiums as included in the Consolidated Statements of Operations. $ 195,330 $ 196,914 $ 190,956 There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below. Interest Sensitive Product Charges by Segment Year ended December 31, 2017 2016 2015 (Dollars in thousands) Annuity Surrender charges and other $ 4,484 $ 3,803 $ 2,524 Life Insurance Administration charges $ 15,487 $ 14,170 $ 14,342 Cost of insurance charges 46,096 48,111 46,911 Surrender charges 1,913 1,181 919 Amortization of policy initiation fees 1,437 (24 ) 3,371 Total $ 64,933 $ 63,438 $ 65,543 Corporate and Other Administration charges $ 5,332 $ 5,547 $ 5,809 Cost of insurance charges 29,670 29,805 29,760 Surrender charges 150 213 346 Separate account charges 8,246 7,957 8,854 Amortization of policy initiation fees 121 1,165 1,748 Total $ 43,519 $ 44,687 $ 46,517 Consolidated interest sensitive product charges as included in the Statements of Operations $ 112,936 $ 111,928 $ 114,584 |
Concentration Risk Disclosure [Text Block] | Premium Concentration by State Year ended December 31, 2017 2016 2015 Life and annuity collected premiums: Iowa 25.9 % 25.1 % 26.2 % Kansas 18.1 19.1 18.6 Oklahoma 8.2 8.0 8.9 |
Quarterly Financial Informati38
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Unaudited Quarterly Results of Operations 2017 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 77,635 $ 79,718 $ 75,091 $ 75,822 Net investment income 100,994 103,908 102,950 107,347 Realized gains (losses) on investments (469 ) 921 14 (3,853 ) Total revenues 181,920 188,997 181,556 183,005 Net income attributable to FBL Financial Group, Inc. 26,433 32,291 27,104 108,499 Earnings per common share $ 1.05 $ 1.29 $ 1.08 $ 4.33 Earnings per common share - assuming dilution $ 1.05 $ 1.29 $ 1.08 $ 4.33 Net income and earnings per share for the quarter ended December 31, 2017 reflect the initial impact of the Tax Act. See Note 1 and Note 5 for more details. 2016 Quarter ended March 31, June 30, September 30, December 31, (Dollars in thousands, except per share data) Premiums and product charges $ 78,249 $ 78,632 $ 73,533 $ 78,428 Net investment income 98,385 100,722 103,514 101,549 Realized gains (losses) on investments (607 ) (2,294 ) 621 517 Total revenues 179,666 181,285 181,284 184,179 Net income attributable to FBL Financial Group, Inc. 25,946 24,380 30,017 26,880 Earnings per common share $ 1.04 $ 0.97 $ 1.20 $ 1.07 Earnings per common share - assuming dilution $ 1.04 $ 0.97 $ 1.20 $ 1.07 |
Significant Accounting Polici39
Significant Accounting Policies Accounting principles (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification related to financial instruments recognition and measurement guidance | $ 4.8 | ||
Employee Stock Option [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0.6 | ||
Cash-based restricted stock unit plan [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1 | $ 1.2 | $ 0.9 |
Earnings Per Share, Basic, Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0.02 | ||
Earnings Per Share, Diluted, Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0.02 |
Significant Accounting Polici40
Significant Accounting Policies Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Net | $ 35,800 | $ 33,500 | |
Accumulated Depreciation | 78,700 | 70,100 | |
Depreciation expense | 8,700 | 8,700 | $ 8,200 |
Goodwill | $ 9,900 | $ 9,900 |
Significant Accounting Polici41
Significant Accounting Policies Recognition of costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recognition of underwriting, acquisition and insurance costs [Line Items] | |||
Commission expense, net of deferrals | $ 24,356 | $ 22,735 | $ 22,260 |
Amortization of deferred acquisition costs | 22,507 | 28,225 | 35,220 |
Amortization of value of insurance in force acquired | 2,178 | 2,392 | 2,436 |
Other underwriting, acquisition and insurance expenses, net of deferrals | 85,837 | 82,615 | 83,752 |
Total | $ 134,878 | $ 135,967 | $ 143,668 |
Significant Accounting Polici42
Significant Accounting Policies Other income other expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Future policy benefits: | |||
Future policy benefits, assumptions, average rate in investment yields in gross margin estimation | 5.47% | 5.51% | 5.66% |
Other Policyholder Claims and Benefits | |||
Premiums from policies subject to participation in dividends | 29.00% | 32.00% | 31.00% |
Contracts in force subject to participation in dividends | 10.00% | 11.00% | 11.00% |
Other Income and Expenses [Abstract] | |||
Real Estate Owned, Valuation Allowance | $ 0 | $ 0 | |
Farm Bureau Property & Casualty insurance company [Member] | |||
Other Income and Expenses [Abstract] | |||
Lease income | 4.6 | 4.8 | $ 4.9 |
Investment Advisory Fees | 2.7 | 2.5 | 2.3 |
Subsidiaries [Member] | |||
Other Income and Expenses [Abstract] | |||
Nonoperating Income (Expense) | $ 2.5 | $ 3.4 | $ 3.2 |
Minimum [Member] | Interest Sensitive Life [Member] | |||
Future policy benefits: | |||
Future Policy Benefits, Interest Rate Assumptions | 1.00% | 1.00% | 1.00% |
Minimum [Member] | Participating Life Insurance Policy [Member] | |||
Future policy benefits: | |||
Future Policy Benefits, Interest Rate Assumptions | 2.00% | ||
Maximum [Member] | Interest Sensitive Life [Member] | |||
Future policy benefits: | |||
Future Policy Benefits, Interest Rate Assumptions | 5.50% | 5.50% | 5.50% |
Maximum [Member] | Participating Life Insurance Policy [Member] | |||
Future policy benefits: | |||
Future Policy Benefits, Interest Rate Assumptions | 6.00% |
Investment Operations Available
Investment Operations Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Non-credit losses on other-than-temporary impairments (1) | [1] | |||
Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 6,757,250 | 6,661,711 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 561,717 | 421,140 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 27,000 | 74,061 | ||
Fair Value | 7,291,967 | 7,008,790 | ||
Non-credit losses on other-than-temporary impairments (1) | [1] | 680 | 479 | |
Corporate | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 3,374,927 | 3,529,997 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 329,299 | 228,601 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 15,955 | 49,943 | ||
Fair Value | 3,688,271 | 3,708,655 | ||
Non-credit losses on other-than-temporary impairments (1) | (504) | (1,082) | ||
Other Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value | 17,500 | 23,300 | ||
Redeemable Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value | 21,700 | 24,500 | ||
Residential mortgage-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 483,671 | 396,110 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 35,890 | 29,121 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3,280 | 2,931 | ||
Fair Value | 516,281 | 422,300 | ||
Non-credit losses on other-than-temporary impairments (1) | 339 | (983) | ||
Commercial mortgage-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 674,076 | 546,446 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 34,464 | 33,645 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3,233 | 4,137 | ||
Fair Value | 705,307 | 575,954 | ||
Non-credit losses on other-than-temporary impairments (1) | 0 | 0 | ||
Other asset-backed | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 818,071 | 771,570 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 18,645 | 8,846 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 3,214 | 9,766 | ||
Fair Value | 833,502 | 770,650 | ||
Non-credit losses on other-than-temporary impairments (1) | 845 | 2,544 | ||
United States Government and agencies | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 23,378 | 30,575 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1,606 | 1,629 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 79 | 132 | ||
Fair Value | 24,905 | 32,072 | ||
Non-credit losses on other-than-temporary impairments (1) | 0 | 0 | ||
States and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,383,127 | 1,387,013 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 141,813 | 119,298 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,239 | 7,152 | ||
Fair Value | 1,523,701 | 1,499,159 | ||
Non-credit losses on other-than-temporary impairments (1) | 0 | 0 | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 123,320 | 130,479 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,695 | 4,164 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 265 | 1,675 | ||
Fair Value | 130,750 | 132,968 | ||
Non-redeemable preferred stocks | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 92,951 | 100,042 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,146 | 4,050 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 265 | 1,675 | ||
Fair Value | 99,832 | 102,417 | ||
Common stocks | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 30,369 | 30,437 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 549 | 114 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Fair Value | $ 30,918 | $ 30,551 | ||
[1] | Non-credit losses subsequent to the initial impairment measurement date on OTTI losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at December 31, 2017 and for other asset-backed securities at December 31, 2016 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities. |
Investment Operations Availab44
Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 152,509 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 647,454 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 700,297 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 3,281,172 | |
Available For Sale Securities Debt Maturities with Maturity Date, Amortized Cost | 4,781,432 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 1,975,818 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 6,757,250 | $ 6,661,711 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 155,126 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 686,727 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 742,583 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 3,652,441 | |
Available For Sale Securities Debt Maturities with Maturity Date, Fair Value | 5,236,877 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 2,055,090 | |
Available-for-sale Securities, Debt Securities | $ 7,291,967 | $ 7,008,790 |
Investment Operations Net Unrea
Investment Operations Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net Unrealized Gains Losses [Line Items] | |||
Assumed changes in amortization of DAC | $ 147,173 | $ 95,647 | |
Impact of net unrealized investment gains and losses | 14,870 | 12,382 | $ 3,087 |
Assumed changes in amortization patter of URR | 12,705 | 4,215 | |
Assumed changes in policyholder liability | (18,499) | (3,795) | |
Provision for deferred income taxes | 78,605 | 84,684 | |
Debt Securities [Member] | |||
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 534,718 | 347,079 | |
Equity Securities [Member] | |||
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 7,430 | 2,489 | |
Accumulated net unrealized investment gain (loss) [Member] | |||
Net Unrealized Gains Losses [Line Items] | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 542,148 | 349,568 | |
Net Unrealized gains losses on investments in Accumulated other comprehensive Income | $ 295,706 | $ 157,275 |
Investment Operations Change in
Investment Operations Change in unrealized appreciation/depreciation of investments in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | $ 192,580 | $ 86,380 | $ (331,290) |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | 187,639 | 89,222 | (331,408) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation/depreciation of investments | $ 4,941 | $ (2,842) | $ 118 |
Investment Operations Fixed Mat
Investment Operations Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time (Details) $ in Thousands | Dec. 31, 2017USD ($)issuerssecurities | Dec. 31, 2016USD ($)issuerssecurities |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 247 | 516 |
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers | issuers | 154 | 404 |
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 | $ 483,283 | $ 1,418,508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,245) | (40,840) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 325,430 | 346,033 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (19,755) | (33,221) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 808,713 | 1,764,541 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (27,000) | $ (74,061) |
Percent of Total | 100.00% | 100.00% |
Corporate (2) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 85,019 | $ 742,626 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,261) | (23,142) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 183,820 | 220,939 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,694) | (26,801) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 268,839 | 963,565 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (15,955) | $ (49,943) |
Percent of Total | 59.10% | 67.30% |
Residential mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 76,393 | $ 51,873 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,757) | (1,014) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 31,779 | 22,744 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,523) | (1,917) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 108,172 | 74,617 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,280) | $ (2,931) |
Percent of Total | 12.10% | 4.00% |
Mortgage-backed Securities, Issued by Private Enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer | $ 2,600 | |
Commercial mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 151,158 | $ 95,690 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,078) | (3,590) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,398 | 6,610 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,155) | (547) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 167,556 | 102,300 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,233) | $ (4,137) |
Percent of Total | 12.00% | 5.60% |
Other asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 159,111 | $ 371,829 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,006) | (5,810) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 71,064 | 95,740 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,208) | (3,956) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 230,175 | 467,569 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,214) | $ (9,766) |
Percent of Total | 11.90% | 13.20% |
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 | $ 5,698 | $ 6,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (47) | (132) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,864 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (32) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,562 | 6,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (79) | $ (132) |
Percent of Total | 0.30% | 0.20% |
States and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 5,904 | $ 150,052 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (96) | (7,152) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 20,505 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,143) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 26,409 | 150,052 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,239) | $ (7,152) |
Percent of Total | 4.60% | 9.70% |
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 | $ 2,819 | $ 12,774 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (71) | (150) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,807 | 13,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (194) | (1,525) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,626 | 26,212 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (265) | (1,675) |
Non-redeemable preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,819 | 12,774 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (71) | (150) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,807 | 13,438 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (194) | (1,525) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 7,626 | 26,212 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (265) | $ (1,675) |
Investment Operations Mortgage
Investment Operations Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Other Commitment | $ 14,600 | |
Carrying Value | $ 971,812 | $ 816,471 |
Percent of Total | 100.00% | 100.00% |
Year of origination 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 214,365 | $ 0 |
Percent of Total | 22.10% | 0.00% |
Year of origination 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 154,359 | $ 158,817 |
Percent of Total | 15.90% | 19.40% |
Year of origination 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 144,890 | $ 149,302 |
Percent of Total | 14.90% | 18.30% |
Year of origination 2014 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 77,866 | $ 80,771 |
Percent of Total | 8.00% | 9.90% |
Year of origination 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 67,142 | $ 69,887 |
Percent of Total | 6.90% | 8.60% |
Year of origination prior [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 313,190 | $ 357,694 |
Percent of Total | 32.20% | 43.80% |
0% - 50% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 334,037 | $ 274,953 |
Percent of Total | 34.40% | 33.70% |
50% - 60% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 258,359 | $ 210,555 |
Percent of Total | 26.60% | 25.80% |
60% - 70% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 297,404 | $ 233,216 |
Percent of Total | 30.60% | 28.50% |
70% - 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 63,116 | $ 67,607 |
Percent of Total | 6.50% | 8.30% |
80% - 90% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 18,896 | $ 30,140 |
Percent of Total | 1.90% | 3.70% |
South Atlantic | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 296,947 | $ 266,019 |
Percent of Total | 30.50% | 32.60% |
Pacific | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 146,320 | $ 104,337 |
Percent of Total | 15.00% | 12.80% |
West North Central | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 127,096 | $ 105,753 |
Percent of Total | 13.10% | 12.90% |
Mountain | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 105,627 | $ 79,707 |
Percent of Total | 10.90% | 9.80% |
East North Central | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 91,971 | $ 91,550 |
Percent of Total | 9.50% | 11.20% |
West South Central | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 85,566 | $ 74,258 |
Percent of Total | 8.80% | 9.10% |
East South Central | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 67,228 | $ 54,676 |
Percent of Total | 6.90% | 6.70% |
New England | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 35,005 | $ 35,246 |
Percent of Total | 3.60% | 4.30% |
Middle Atlantic | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 16,052 | $ 4,925 |
Percent of Total | 1.70% | 0.60% |
Office | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 410,090 | $ 361,088 |
Percent of Total | 42.20% | 44.20% |
Retail | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 292,257 | $ 240,602 |
Percent of Total | 30.10% | 29.50% |
Industrial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 207,180 | $ 154,005 |
Percent of Total | 21.30% | 18.90% |
Other | ||
Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 62,285 | $ 60,776 |
Percent of Total | 6.40% | 7.40% |
Investment Operations Impaired
Investment Operations Impaired Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | |||
Impaired mortgage loans, Unpaid Principal Balance | $ 19,027 | $ 21,459 | |
Financing Receivable, Allowance for Credit Losses | 497 | 713 | $ 851 |
Impaired mortgage loans, Related Allowance | $ 18,530 | $ 20,746 |
Investment Operations Allowance
Investment Operations Allowance on Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance on mortgage loans | $ 713 | $ 851 |
Charge offs | 216 | 138 |
Allowance on mortgage loans | $ 497 | $ 713 |
Investment Operations Component
Investment Operations Components of Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | $ 422,666 | $ 411,561 | $ 399,436 | ||||||||
Derivative income (loss) | 7,687 | 3,935 | (2,266) | ||||||||
Prepayment fee income and other | 12,470 | 10,992 | 11,555 | ||||||||
Less investment expenses | (7,467) | (7,391) | (8,287) | ||||||||
Net investment income | $ 107,347 | $ 102,950 | $ 103,908 | $ 100,994 | $ 101,549 | $ 103,514 | $ 100,722 | $ 98,385 | 415,199 | 404,170 | 391,149 |
Fixed maturities - available for sale | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 344,302 | 342,657 | 338,952 | ||||||||
Equity securities - available for sale | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 6,502 | 6,558 | 6,091 | ||||||||
Mortgage loans | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 42,185 | 38,098 | 35,923 | ||||||||
Real estate | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 0 | 0 | 169 | ||||||||
Policy loans | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | 9,014 | 8,956 | 8,871 | ||||||||
Short-term investments, cash and cash equivalents | |||||||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
Gross Investment Income, Operating | $ 506 | $ 365 | $ 141 |
Investment Operations Realized
Investment Operations Realized gains losses on investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | $ 599 | $ 3,106 | $ 11,062 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (3,986) | (4,869) | (573) |
Realized gains (losses) on investments recorded in income | (3,387) | (1,763) | 10,489 |
Proceeds from Sale of Available-for-sale Securities, Debt | 58,700 | 109,500 | 108,500 |
Categories of Investments, Cost-method Investments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Mortgage loans | 0 | 817 | 0 |
Real estate | 304 | 0 | 0 |
Other | 40 | 490 | 8,233 |
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gross gains | 1,426 | 9,793 | 4,781 |
Gross losses | (1,081) | (8,523) | (1,952) |
Equity Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Equity securities | (90) | 529 | 0 |
Credit-related portion of fixed maturity losses (1) | |||
Gain (Loss) on Investments [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (4,767) | (363) |
Other credit-related (2) | |||
Gain (Loss) on Investments [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ (3,986) | $ (102) | $ (210) |
Investment Operations Credit lo
Investment Operations Credit loss component of other-than-temporary impairments on fixed maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at beginning of period | $ (14,500) | $ (11,498) |
Increases for newly impaired investments | 0 | 2,595 |
Increases to previously impaired investments | 0 | 2,172 |
Reductions due to investments sold | 1,521 | 1,765 |
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income | 587 | 0 |
Balance at end of period | $ (12,392) | $ (14,500) |
Investment Operations Variable
Investment Operations Variable interest entities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Holdings [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 117,523 | $ 125,853 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 168,553 | 157,219 |
LIHTC | ||
Investment Holdings [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 82,417 | 91,255 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 84,103 | 95,058 |
Investment companies | ||
Investment Holdings [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 25,335 | 23,379 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 62,372 | 45,569 |
Real estate limited partnerships | ||
Investment Holdings [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 8,589 | 10,790 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 20,590 | 14,558 |
Other | ||
Investment Holdings [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 1,182 | 429 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 1,488 | $ 2,034 |
Investment Operations Derivativ
Investment Operations Derivative instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Derivative Assets | $ 19,045 | $ 16,145 | |
Derivative Liability | (28,042) | (15,892) | |
Derivative, Gain (Loss) on Derivative, Net | 8,007 | 1,545 | $ 311 |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | 7,900 | ||
Net exposure to credit losses on derivatives | 6,900 | ||
Call options (reported in other investments) | Equity Option [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | 14,824 | 9,360 | |
Modified coinsurance (reported in reinsurance recoverable) | Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | 2,125 | 3,411 | |
Interest-only security (reported in fixed maturities) | Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | 2,096 | 3,374 | |
Indexed annuity and universal life products (reported in liability for future policy benefits) | Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Liability | (27,774) | (15,778) | |
Modified coinsurance agreements (reported in other liabilities) | Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative Liability | (268) | (114) | |
Investment Income [Member] | Equity Option [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 9,373 | 2,990 | (1,480) |
Investment Income [Member] | Embedded Derivative Financial Instruments - MODCO [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,440) | 716 | (809) |
Investment Income [Member] | Embedded Derivative Financial Instruments - Interest only Security [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (246) | 229 | 23 |
Interest sensitive product charges | Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 320 | $ (2,390) | $ 2,577 |
Investment Operations LIHTC Inv
Investment Operations LIHTC Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 130,240 | $ 137,422 | |
Tax impact of Income from Equity Method Investments | (15,804) | (15,498) | $ (15,706) |
Investment Tax Credit | 14,227 | 14,077 | 13,542 |
Income (Loss) from Equity Method Investments | 11,299 | 11,440 | 9,523 |
Qualified Affordable Housing Project Investments, Commitment | 1,686 | ||
Other Commitment | 14,600 | ||
Affordable Housing Tax Credit Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 82,400 | 91,300 | |
Impairment losses on equity method investments | 2,400 | 0 | 0 |
Income (Loss) from Affordable Housing Projects, Equity Method Investments | (8,489) | (7,547) | (7,022) |
Tax impact of Income from Equity Method Investments | 2,971 | 2,641 | 2,458 |
Income (Loss) from Equity Method Investments | 8,709 | $ 9,171 | $ 8,978 |
Other Commitment, Due in Next Twelve Months | 829 | ||
Other Commitment, Due in Second Year | 46 | ||
Other Commitment, Due in Third Year | 811 | ||
Limited Partnerships and Limited Liability Companies [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other Commitment | $ 51,000 |
Investment Operations Other (De
Investment Operations Other (Details) $ in Millions | Dec. 31, 2017USD ($) |
Summary of Investment Holdings [Line Items] | |
Deposit Assets | $ 8,066.4 |
Available-for-sale Securities Pledged as Collateral | 443.9 |
Investment, Non-Income Producing Flag | $ 1.5 |
Fair Value Fair Values and Carr
Fair Value Fair Values and Carrying Values (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | $ 7,291,967 | $ 7,008,790 |
Equity securities - available for sale | 130,750 | 132,968 |
Mortgage loans | 971,812 | 816,471 |
Policy loans | 191,398 | 188,254 |
Other investments | 19,045 | 16,145 |
Assets held in separate accounts | 651,963 | 597,072 |
Liabilities related to separate accounts | 651,963 | 597,072 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 971,812 | 816,471 |
Policy loans | 191,398 | 188,254 |
Other investments | 15,713 | 9,809 |
Cash, cash equivalents and short-term investments | 69,703 | 49,931 |
Reinsurance recoverable | 2,125 | 3,411 |
Assets held in separate accounts | 651,963 | 597,072 |
Future policy benefits | 4,192,367 | 4,044,148 |
Supplementary contracts without life contingencies | 322,630 | 330,232 |
Advance premiums and other deposits | 259,099 | 257,171 |
Long-term debt | 97,000 | 97,000 |
Other liabilities | 268 | 114 |
Liabilities related to separate accounts | 651,963 | 597,072 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | 7,291,967 | 7,008,790 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities - available for sale | 130,750 | 132,968 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 989,503 | 840,337 |
Policy loans | 236,223 | 230,656 |
Other investments | 16,838 | 11,272 |
Cash, cash equivalents and short-term investments | 69,703 | 49,931 |
Reinsurance recoverable | 2,125 | 3,411 |
Assets held in separate accounts | 651,963 | 597,072 |
Future policy benefits | 4,147,654 | 3,903,177 |
Supplementary contracts without life contingencies | 327,151 | 330,633 |
Advance premiums and other deposits | 259,099 | 257,171 |
Long-term debt | 78,628 | 67,599 |
Other liabilities | 268 | 114 |
Liabilities related to separate accounts | 649,610 | 593,760 |
Estimate of Fair Value Measurement [Member] | Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale | 7,291,967 | 7,008,790 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities - available for sale | $ 130,750 | $ 132,968 |
Fair Value Valuation of our Fin
Fair Value Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 19,045 | $ 16,145 |
Assets held in separate accounts | 651,963 | 597,072 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 16,838 | 11,272 |
Cash, cash equivalents and short-term investments | 69,703 | 49,931 |
Reinsurance recoverable | 2,125 | 3,411 |
Assets held in separate accounts | 651,963 | 597,072 |
Future policy benefits - indexed annuity embedded derivatives | 4,147,654 | 3,903,177 |
Other liabilities | 268 | 114 |
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 | 7,291,967 | 7,008,790 |
Other investments | 14,824 | 9,360 |
Cash, cash equivalents and short-term investments | 69,703 | 49,931 |
Reinsurance recoverable | 2,125 | 3,411 |
Assets held in separate accounts | 651,963 | 597,072 |
Assets, Fair Value Disclosure | 8,161,332 | 7,801,532 |
Future policy benefits - indexed annuity embedded derivatives | 27,774 | 15,778 |
Other liabilities | 268 | 114 |
Liabilities, Fair Value Disclosure | 28,042 | 15,892 |
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,078 | 11,943 |
Other investments | 0 | 0 |
Cash, cash equivalents and short-term investments | 69,703 | 49,931 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 651,963 | 597,072 |
Assets, Fair Value Disclosure | 735,057 | 662,002 |
Future policy benefits - indexed annuity embedded derivatives | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 7,100,984 | 6,801,926 |
Other investments | 14,824 | 9,360 |
Cash, cash equivalents and short-term investments | 0 | 0 |
Reinsurance recoverable | 2,125 | 3,411 |
Assets held in separate accounts | 0 | 0 |
Assets, Fair Value Disclosure | 7,236,963 | 6,937,198 |
Future policy benefits - indexed annuity embedded derivatives | 0 | 0 |
Other liabilities | 268 | 114 |
Liabilities, Fair Value Disclosure | 268 | 114 |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 181,905 | 194,921 |
Other investments | 0 | 0 |
Cash, cash equivalents and short-term investments | 0 | 0 |
Reinsurance recoverable | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Assets, Fair Value Disclosure | 189,312 | 202,332 |
Future policy benefits - indexed annuity embedded derivatives | 15,778 | |
Other liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure | 27,774 | 15,778 |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 181,905 | 194,921 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,688,271 | 3,708,655 |
Corporate | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,688,271 | 3,708,655 |
Corporate | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Corporate | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,654,671 | 3,649,536 |
Corporate | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,600 | 59,119 |
Corporate | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,600 | 59,119 |
Residential mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 516,281 | 422,300 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 516,281 | 422,300 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 507,157 | 422,300 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 9,124 | 0 |
Residential mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,124 | |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 705,307 | 575,954 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 705,307 | 575,954 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 619,606 | 494,520 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 85,701 | 81,434 |
Commercial mortgage-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 85,701 | 81,434 |
Other asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 833,502 | 770,650 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 833,502 | 770,650 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 0 | 0 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 780,022 | 716,282 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 53,480 | 54,368 |
Other asset-backed | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 53,480 | 54,368 |
United States Government and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 24,905 | 32,072 |
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 | 24,905 | 32,072 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 9,078 | 11,943 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 15,827 | 20,129 |
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
States and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,523,701 | 1,499,159 |
States and political subdivisions | 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 | 1,523,701 | 1,499,159 |
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,523,701 | 1,499,159 |
States and political subdivisions | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Non-redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 99,832 | 102,417 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 99,832 | 102,417 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 92,425 | 95,006 |
Non-redeemable preferred stocks | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 7,407 | 7,411 |
Common stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 30,918 | 30,551 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 30,918 | 30,551 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 4,313 | 3,056 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 26,605 | 27,495 |
Common stocks | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value Level 3 Fixed Maturi
Fair Value Level 3 Fixed Maturity Securities on a recurring basis by valuation source (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 3,688,271 | $ 3,708,655 |
Percent of Total | 59.10% | 67.30% |
Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 705,307 | $ 575,954 |
Percent of Total | 12.00% | 5.60% |
Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 516,281 | $ 422,300 |
Percent of Total | 12.10% | 4.00% |
Other asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 833,502 | $ 770,650 |
Percent of Total | 11.90% | 13.20% |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 181,905 | $ 194,921 |
Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 33,600 | 59,119 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 7,291,967 | 7,008,790 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 181,905 | $ 194,921 |
Percent of Total | 100.00% | 100.00% |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 3,688,271 | $ 3,708,655 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 33,600 | 59,119 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 85,701 | 81,434 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 9,124 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 53,480 | 54,368 |
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 146,460 | $ 138,426 |
Percent of Total | 80.50% | 71.00% |
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 4,555 | $ 17,684 |
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 85,701 | 81,434 |
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 9,124 | |
Estimate of Fair Value Measurement [Member] | Third-party vendors | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 47,080 | 39,308 |
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 35,445 | $ 56,495 |
Percent of Total | 19.50% | 29.00% |
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Corporate | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 29,045 | $ 41,435 |
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Commercial mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | 0 | |
Estimate of Fair Value Measurement [Member] | Priced internally | Fair Value, Measurements, Recurring [Member] | Other asset-backed | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 6,400 | $ 15,060 |
Fair Value Quantitative Informa
Fair Value Quantitative Information about Level 3 Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Significant unobservable inputs (Level 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 189,312 | $ 202,332 |
Future policy benefits - indexed annuity embedded derivatives | 15,778 | |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 27,682 | $ 47,398 |
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 | 0.91% - 6.20% (4.17%) | 0.58% - 4.25% (2.81%) |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 72,224 | $ 81,434 |
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 | 1.40% - 4.10% (2.50%) | 1.10% - 4.15% (2.95%) |
Other asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 6,461 | |
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Fair Value Measurements, Significant Assumptions | Credit spread | |
Input range and weighted average | 1.08% - 4.87% (3.45%) | |
Non-redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 7,407 | $ 7,411 |
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 | 2.94% (2.94%) | 4.05% (4.05%) |
Asset fair value by technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 107,313 | $ 142,704 |
Index Annuity Embedded Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Future policy benefits - indexed annuity embedded derivatives | $ 27,774 | $ 15,778 |
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 | 0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%) | 0.80% - 2.00% (1.25%) 0.15% - 0.40% (0.25%) |
Fair Value Level 3 Financial In
Fair Value Level 3 Financial Instruments changes in Fair Value recurring basis (Details) - Fair Value, Measurements, Recurring [Member] - Significant unobservable inputs (Level 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | $ 202,332 | $ 212,739 |
Asset Purchases | 189,913 | 84,972 |
Asset Sales | (21,918) | (30,750) |
Asset, Gain (Loss) Included in Earnings | 84 | (27) |
Gain/Loss in Other Comprehensive Income (Loss) | 5,347 | (22) |
Asset Transfers Into Level 3 | 26,793 | 68,447 |
Asset, Transfers out of Level 3 | (213,098) | (133,188) |
Asset, Amortization | (141) | 161 |
Asset Balance at end of period | 189,312 | 202,332 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 59,119 | 49,076 |
Asset Purchases | 5,000 | 2,000 |
Asset Sales | (12,230) | (13,751) |
Asset, Gain (Loss) Included in Earnings | 84 | 27 |
Gain/Loss in Other Comprehensive Income (Loss) | (1,365) | 490 |
Asset Transfers Into Level 3 | 13,440 | 35,956 |
Asset, Transfers out of Level 3 | (30,409) | (13,572) |
Asset, Amortization | (39) | (73) |
Asset Balance at end of period | 33,600 | 59,119 |
Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 0 | 3,729 |
Asset Purchases | 32,455 | 0 |
Asset Sales | 0 | (3,722) |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (1) | (137) |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | (23,331) | 0 |
Asset, Amortization | 1 | 130 |
Asset Balance at end of period | 9,124 | 0 |
Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 81,434 | 88,180 |
Asset Purchases | 25,591 | 18,826 |
Asset Sales | (802) | (1,656) |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | 6,218 | 141 |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | (26,658) | (23,852) |
Asset, Amortization | (82) | 77 |
Asset Balance at end of period | 85,701 | 81,434 |
Other asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 54,368 | 55,557 |
Asset Purchases | 126,867 | 64,146 |
Asset Sales | (8,886) | (11,621) |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | 499 | (212) |
Asset Transfers Into Level 3 | 13,353 | 30,098 |
Asset, Transfers out of Level 3 | (132,700) | (84,045) |
Asset, Amortization | (21) | 21 |
Asset Balance at end of period | 53,480 | 54,368 |
United States Government and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 0 | 8,726 |
Asset Purchases | 0 | |
Asset Sales | 0 | |
Asset, Gain (Loss) Included in Earnings | 0 | |
Gain/Loss in Other Comprehensive Income (Loss) | (486) | |
Asset Transfers Into Level 3 | 0 | |
Asset, Transfers out of Level 3 | (9,218) | |
Asset, Amortization | 6 | |
Asset Balance at end of period | 0 | |
State, municipal and other governments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 0 | 0 |
Asset Purchases | 0 | |
Asset Sales | 0 | |
Asset, Gain (Loss) Included in Earnings | 0 | |
Gain/Loss in Other Comprehensive Income (Loss) | (108) | |
Asset Transfers Into Level 3 | 2,393 | |
Asset, Transfers out of Level 3 | (2,501) | |
Asset, Amortization | 0 | |
Asset Balance at end of period | 0 | |
Non-redeemable preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset Balance at beginning of period | 7,411 | 7,471 |
Asset Purchases | 0 | 0 |
Asset Sales | 0 | 0 |
Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Gain/Loss in Other Comprehensive Income (Loss) | (4) | (60) |
Asset Transfers Into Level 3 | 0 | 0 |
Asset, Transfers out of Level 3 | 0 | 0 |
Asset, Amortization | 0 | 0 |
Asset Balance at end of period | 7,407 | 7,411 |
Index Annuity Embedded Derivatives [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability Value beginning of period | 15,778 | 9,374 |
Liability, Purchases | 6,594 | 5,913 |
Liability, Settlements | (2,128) | (115) |
Liability, Gain (Loss) Included in Earnings | 7,530 | (606) |
Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Liability, Transfers Into Level 3 | 0 | 0 |
Liability, Transfers out of Level 3 | 0 | 0 |
Liability Value end of period | $ 27,774 | $ 15,778 |
Fair Value Valuation of Financi
Fair Value Valuation of Financial Instruments Not Reported at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | $ 971,812 | $ 816,471 |
Policy loans | 191,398 | 188,254 |
Other investments | 19,045 | 16,145 |
Liabilities related to separate accounts | 651,963 | 597,072 |
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Assets, Fair Value Disclosure | 735,057 | 662,002 |
Future policy benefits | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 14,824 | 9,360 |
Assets, Fair Value Disclosure | 7,236,963 | 6,937,198 |
Future policy benefits | 0 | 0 |
Liabilities, Fair Value Disclosure | 268 | 114 |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Assets, Fair Value Disclosure | 189,312 | 202,332 |
Future policy benefits | 15,778 | |
Liabilities, Fair Value Disclosure | 27,774 | 15,778 |
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 | 989,503 | 840,337 |
Policy loans | 236,223 | 230,656 |
Other investments | 2,014 | 1,912 |
Assets, Fair Value Disclosure | 1,227,740 | 1,072,905 |
Future policy benefits | 4,119,880 | 3,887,399 |
Supplementary contracts without life contingencies | 327,151 | 330,633 |
Advance premiums and other deposits | 259,099 | 257,171 |
Long-term debt | 78,628 | 67,599 |
Liabilities related to separate accounts | 649,610 | 593,760 |
Liabilities, Fair Value Disclosure | 5,434,368 | 5,136,562 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplementary contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Future policy benefits | 0 | 0 |
Supplementary contracts without life contingencies | 0 | 0 |
Advance premiums and other deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans | 989,503 | 840,337 |
Policy loans | 236,223 | 230,656 |
Other investments | 2,014 | 1,912 |
Assets, Fair Value Disclosure | 1,227,740 | 1,072,905 |
Future policy benefits | 4,119,880 | 3,887,399 |
Supplementary contracts without life contingencies | 327,151 | 330,633 |
Advance premiums and other deposits | 259,099 | 257,171 |
Long-term debt | 78,628 | 67,599 |
Liabilities related to separate accounts | 649,610 | 593,760 |
Liabilities, Fair Value Disclosure | $ 5,434,368 | $ 5,136,562 |
Reinsurance and Policy Provis64
Reinsurance and Policy Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention limit | $ 1,000 | ||
Ceded Premiums Earned | 32,922 | $ 33,058 | $ 33,462 |
Reinsurance Effect on Claims and Benefits Incurred, Amount Ceded | 24,159 | 22,515 | 26,183 |
Ceded reinsurance allowances for expenses and commissions | 4,548 | 4,709 | 4,945 |
Assumed Premiums Earned | 2,637 | 2,670 | 2,751 |
Policyholder Benefits and Claims Incurred, Assumed | 6,356 | 2,302 | 1,231 |
Assumed reinsurance allowances for expenses and commissions | 1,543 | 1,427 | 1,570 |
Ceded Premiums, Life Insurance in Force | 14,087,000 | 14,258,000 | 14,263,420 |
Assumed Premiums, Life Insurance in Force | $ 487,000 | $ 524,000 | $ 551,563 |
Reinsurance effect on in force ceded, percentage | 22.50% | 23.50% | |
Contracts in Force Subject to Participation Through Reinsurance, Percentage | 0.80% | 0.90% | |
100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Reinsurance retention limit | $ 15,200 | ||
Maximum [Member] | Company sponsored agent trip [Member] | 100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | 50,000 | ||
Maximum [Member] | Home office [Member] | 100% Quota Share Accidental Death [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | $ 200,000 |
Reinsurance and Policy Provis65
Reinsurance and Policy Provisions Value of insurance in force acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Roll Forward] (Deprecated 2017-01-31) | |||
Present Value of Future Insurance Profits, Pre FAS 115 | $ 21,608 | $ 24,000 | $ 26,436 |
Amortization per fixed schedule | (2,178) | (2,198) | (2,384) |
Present Value of Future Insurance Profits, Amortization Expense | 0 | 194 | 52 |
Present Value of Future Insurance Profits, Pre FAS 115 | 19,430 | 21,608 | 24,000 |
Impact of net unrealized investment gains and losses | (14,870) | (12,382) | (3,087) |
Value of insurance in force acquired | 4,560 | $ 9,226 | $ 20,913 |
Present Value of Future Insurance Profits, Amortization Expense, Year One | 2,200 | ||
Present Value of Future Insurance Profits, Amortization Expense, Year Two | 2,100 | ||
Present Value of Future Insurance Profits, Amortization Expense, Year Three | 2,200 | ||
Present Value of Future Insurance Profits, Amortization Expense, Year Four | 2,000 | ||
Present Value of Future Insurance Profits, Amortization Expense, Year Five | $ 2,000 |
Reinsurance and Policy Provis66
Reinsurance and Policy Provisions GMDB, IDB, GMIB (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 68,860 | $ 57,396 | |
Net Amount at Risk by Product and Guarantee, General Account Value | 6,900 | 5,800 | |
Net amount at risk by product and guarantee, benefits paid | $ 800 | $ 500 | $ 400 |
Net Amount at Risk by Product and Guarantee, Weighted Average Attained Age | 66 years | 62 years | |
GMDB return of net deposits [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | $ 173,761 | $ 159,617 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 442 | 543 | |
Guaranteed Minimum Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 292,112 | 270,539 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 1,068 | 2,920 | |
Incremental Death Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 265,456 | 241,142 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | 67,350 | 53,933 | |
Guaranteed Minimum Income Benefit [Member] | |||
Net Amount at Risk by Product and Guarantee [Line Items] | |||
Net Amount at Risk by Product and Guarantee, Separate Account Value | 29,987 | 32,733 | |
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 34,301 | $ 36,461 | $ 40,578 |
Deferred Federal Income Tax Expense (Benefit) | (75,030) | 9,549 | 6,840 |
Income Tax Expense (Benefit) | (40,729) | 46,010 | 47,418 |
Tax impact of Income from Equity Method Investments | (15,804) | (15,498) | (15,706) |
Income Tax Effects Allocated Directly to Equity [Abstract] | |||
Change in net unrealized investment gains/losses - deferred, Tax | 43,448 | 18,882 | (77,473) |
Issuance of shares under stock option plan, current | 0 | (846) | (1,363) |
Income Tax Effects Allocated Directly to Equity | 43,448 | 18,036 | (78,836) |
Total tax from all sources provided in our financial statements | $ (13,085) | $ 48,548 | $ (47,124) |
Income Taxes Effective tax rate
Income Taxes Effective tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Initial impact on deferred tax liabilities from the Tax Act | $ (85,797) | $ 0 | $ 0 |
Reclassification related to the Tax Act | 0 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 142,327 | 141,789 | 151,368 |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 49,814 | 49,626 | 52,979 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income | (3,384) | (2,950) | (3,233) |
Effective Income Tax Rate Reconciliation, Other Adjustments | (1,362) | (666) | (2,328) |
Income Tax Expense (Benefit) | (40,729) | $ 46,010 | $ 47,418 |
AOCI Attributable to Parent [Member] | |||
Income Tax Contingency [Line Items] | |||
Reclassification related to the Tax Act | $ 48,226 |
Income Taxes Components of defe
Income Taxes Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $ 21,926 | $ 30,340 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 3,435 | 10,001 |
Deferred Tax Assets, Operating Loss Carryforwards | 3,452 | 5,709 |
Deferred Tax Assets, Other | 2,669 | 2,393 |
Deferred Tax Assets, Gross | 31,482 | 48,443 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Deferred Tax Liabilities, Other Comprehensive Income | 118,716 | 131,655 |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | 33,177 | 62,599 |
Deferred Tax Liabilities, Value of Insurance in Force Acquired | 958 | 3,229 |
Deferred Tax Liabilities, Property, Plant and Equipment | 5,883 | 7,777 |
Deferred Tax Liabilities, Other | 4,660 | 6,678 |
Deferred Tax Liabilities, Gross | 163,394 | 211,938 |
Deferred income taxes | 131,912 | $ 163,495 |
Operating Loss Carryforwards | $ 15,500 |
Income Taxes Other tax disclosu
Income Taxes Other tax disclosures (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes [Abstract] | |
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | $ 1.8 |
Tax benefits from equity-based compensation deductions | $ 0.6 |
Credit Arrangements (Details)
Credit Arrangements (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt payable to non-affiliates | $ 97,000 | $ 97,000 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Debt Instrument [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |
Preferred stock, shares outstanding | 97,000 | |
Senior Notes, unaffiliated [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable to non-affiliates | $ 97,000 | |
5% Subordinated Deferrable Interest Notes, due June 30, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable to non-affiliates | 100,000 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable to non-affiliates | 97,000 | |
Capital trust equity [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt payable to non-affiliates | $ 3,000 |
Credit Arrangements Short Term
Credit Arrangements Short Term Debt (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)Rate | |
Short-term Debt [Line Items] | |
Short-term debt payable to non-affiliates | $ 15 |
Short-Term Debt December 21st [Member] | |
Short-term Debt [Line Items] | |
Short-term debt payable to non-affiliates | $ 10 |
Line of Credit Facility, Interest Rate During Period | Rate | 0.55% |
Short-Term Debt December 30th [Member] | |
Short-term Debt [Line Items] | |
Short-term debt payable to non-affiliates | $ 5 |
Line of Credit Facility, Interest Rate During Period | Rate | 0.46% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Preferred Stock, Liquidation Preference Per Share | $ 0.60 | |||
Preferred Stock, Dividend Rate, Percentage | 0.03 | |||
Preferred Stock, Redemption Price Per Share | $ 0.60 | |||
Common stock, shares outstanding | 24,930,526 | 24,893,955 | 24,808,176 | 24,715,316 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 40,082 | 96,101 | 159,764 | |
Issuance of common stock under compensation plans | $ 708 | $ 3,718 | $ 5,022 | |
Shares of common stock repurchased | (3,511) | (10,322) | (66,904) | |
Purchase of common stock | $ (246) | $ (586) | $ (3,742) | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 49,200 | |||
Parent Company [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Percentage of Ownership after Transaction | 71.00% | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 24,919,113 | 24,882,542 | 24,796,763 | 24,703,903 |
Common stock, without par value | $ 153,589 | $ 152,903 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 40,082 | 96,101 | 159,764 | |
Shares of common stock repurchased | (3,511) | (10,322) | (66,904) | |
Board of directors members | four to ten | |||
Purchase of shares of common stock | $ 200 | $ 600 | $ 3,700 | |
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 | 0 | |
Shares of common stock repurchased | 0 | 0 | 0 | |
Board of directors members | five to seven | |||
Common stocks | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | $ 153,661 | $ 152,975 | $ 149,320 | $ 144,697 |
Issuance of common stock under compensation plans | 708 | 3,718 | 5,022 | |
Purchase of common stock | (22) | (63) | (399) | |
Common stocks | Common Class A | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | 153,589 | 152,903 | 149,248 | 144,625 |
Issuance of common stock under compensation plans | 708 | 3,718 | 5,022 | |
Purchase of common stock | (22) | (63) | (399) | |
Common stocks | Common Class B | ||||
Class of Stock [Line Items] | ||||
Common stock, without par value | 72 | 72 | 72 | $ 72 |
Issuance of common stock under compensation plans | 0 | 0 | 0 | |
Purchase of common stock | $ 0 | $ 0 | $ 0 |
Stockholders' Equity Dividend d
Stockholders' Equity Dividend disclosures (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Common Stock Special Dividends Per Share Cash Paid | $ 1.50 | $ 2 | $ 2 |
Payment Of Special Cash Dividend | $ 37.4 | $ 49.7 | $ 49.5 |
Stockholders' Equity AOCI table
Stockholders' Equity AOCI table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | $ 284,983 | $ 149,555 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 88,670 | 39,796 | $ (144,886) | ||
Reclassification related to the Tax Act | 0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1,468) | (4,773) | 1,008 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,483 | 1,578 | (2,791) | [1] | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | 295,169 | 156,963 | 120,787 | $ 266,211 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 88,534 | 37,895 | (143,731) | ||
Reclassification related to the Tax Act | 49,657 | ||||
Accumulated Other-than-Temporary Impairment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | 537 | 311 | (114) | 1,131 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 136 | 1,901 | (1,155) | ||
Reclassification related to the Tax Act | 90 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | (10,723) | (7,719) | (6,141) | (8,932) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | 0 | ||
Reclassification related to the Tax Act | (1,521) | ||||
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income | 284,983 | 149,555 | 114,532 | $ 258,410 | |
Reclassification related to the Tax Act | 48,226 | ||||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 15 | (1,719) | (1,693) | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | (1,476) | 90 | ||
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (1,483) | $ (1,578) | $ 2,791 | ||
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Stockholders' Equity AOCI Recla
Stockholders' Equity AOCI Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | $ 599 | $ 3,106 | $ 11,062 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (3,986) | (4,869) | (573) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (1,468) | (4,773) | 1,008 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 1,483 | 1,578 | (2,791) | [1] |
reclassifications out of accumulated other comprehensive income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | (255) | (1,799) | (2,829) | |
Change in offsets to unrealized on investments | (274) | 665 | 231 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (2,451) | (146) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 1 | (12) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 1,702 | 2,425 | 4,306 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | (1,683) | (7,341) | 1,550 | |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 215 | 2,568 | (542) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 1,468 | 4,773 | 1,008 | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | (255) | (1,799) | (2,829) | |
Change in offsets to unrealized on investments | (274) | 845 | 224 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (19) | 2,644 | (2,605) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (4) | 925 | 912 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 15 | (1,719) | (1,693) | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | 0 | 0 | 0 | |
Change in offsets to unrealized on investments | 0 | (180) | 7 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (2,451) | (146) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | 0 | (2,271) | (139) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | 0 | 795 | 49 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 1,476 | (90) | |
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net realized capital gains on sales of investments | 0 | 0 | 0 | |
Change in offsets to unrealized on investments | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 1 | (12) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 1,702 | 2,425 | 4,306 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1,702 | 2,426 | 4,294 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 219 | 848 | (1,503) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (1,483) | $ (1,578) | $ 2,791 | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Retirement and Compensation P77
Retirement and Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 421,411,715 | ||
Multiemployer Plan Number | 1 | ||
Multiemployer Plan, Contributions by Employer | $ 45,000 | $ 30,000 | $ 30,000 |
Cash-based restricted stock unit plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 14 days | ||
Tax Benefit from Compensation Expense | $ 1,000 | 1,200 | 900 |
share based compensation restricted stock units cash paid expense | $ 3,300 | $ 2,700 | $ 2,700 |
Retirement and Compensation P78
Retirement and Compensation Plans Funding Status and Net Periodic Pension Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | $ 291,071,000 | ||
Fair Value of Plan Assets, End of period | 345,396,000 | $ 291,071,000 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 24,585,000 | 22,275,000 | |
Defined Benefit Plan, Service Cost | 436,000 | 335,000 | $ 435,000 |
Defined Benefit Plan, Interest Cost | 1,003,000 | 966,000 | 1,000,000 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2,728,000) | (3,317,000) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,838,000 | 2,308,000 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 26,914,000 | 24,585,000 | 22,275,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,838,000 | 2,308,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,838,000 | 2,308,000 | |
Fair Value of Plan Assets, End of period | 0 | 0 | 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (26,914,000) | (24,585,000) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 23,504,000 | 21,407,000 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 336,454,000 | 319,420,000 | |
Defined Benefit Plan, Service Cost | 5,552,000 | 5,795,000 | 5,892,000 |
Defined Benefit Plan, Interest Cost | 14,124,000 | 14,447,000 | 13,472,000 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (41,855,000) | (15,767,000) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 21,986,000 | 18,975,000 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 375,999,000 | 336,454,000 | 319,420,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets beginning of period | 291,071,000 | 262,276,000 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 31,311,000 | 17,770,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 45,000,000 | 30,000,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 21,986,000 | 18,975,000 | |
Fair Value of Plan Assets, End of period | 345,396,000 | 291,071,000 | $ 262,276,000 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (30,603,000) | (45,383,000) | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 334,462,000 | $ 297,753,000 |
Retirement and Compensation P79
Retirement and Compensation Plans Net periodic pension costs incurred by the plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 436 | $ 335 | $ 435 |
Defined Benefit Plan, Interest Cost | 1,003 | 966 | 1,000 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | (1) | (11) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1,172 | 918 | 1,528 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2,611 | 2,218 | 2,952 |
Net periodic pension cost individual entity share | 1,551 | 1,260 | 1,671 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 1,400 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | 1.6 | ||
Multiemployer Plans, Minimum Contribution | $ 700 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 2,300 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 3,600 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 3,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 2,800 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 2,100 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 14,700 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 5,552 | 5,795 | 5,892 |
Defined Benefit Plan, Interest Cost | 14,124 | 14,447 | 13,472 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (19,184) | (17,865) | (17,563) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 131 | 144 | 144 |
Defined Benefit Plan, Amortization of Gain (Loss) | 10,121 | 9,432 | 10,464 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | (7,998) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 10,744 | 11,953 | 20,407 |
Net periodic pension cost individual entity share | 3,404 | $ 3,807 | $ 6,614 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 100 | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 12,500 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 15,000 | ||
Multiemployer Plans, Minimum Contribution | 4,600 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 18,600 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 17,900 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 21,300 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 21,700 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 22,700 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 123,300 |
Retirement and Compensation P80
Retirement and Compensation Plans FBL's share of prepaid or accrued pension costs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Multiemployer unrecognized liability for underfunded status | $ 30,600 | $ 45,400 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 36,858 | 26,006 |
Liability, Defined Benefit Plan | 0 | 0 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 36,858 | 26,006 |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 740 | 876 |
Liability, Defined Benefit Plan | (21,245) | (19,159) |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (20,505) | (18,283) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 13,649 | 12,094 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 13,649 | $ 12,094 |
Retirement and Compensation P81
Retirement and Compensation Plans Weighted average assumptions (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.72% | 4.29% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.27% | 3.31% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.52% | 4.05% | 4.29% | 4.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.75% | 7.00% | 6.60% | 6.75% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.31% | 3.00% | 3.31% | 3.31% |
Fixed income funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage | 0.55 | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 59.00% | |||
U.S. equity funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage | 0.40 | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 38.00% | |||
Alternative investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage | 0.05 | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% |
Retirement and Compensation P82
Retirement and Compensation Plans Fair Values of plan assets by category and hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 345,396 | $ 291,071 | |
Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 79,912 | 71,597 | |
Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 63,734 | 57,863 | |
Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 201,750 | 161,611 | $ 153,007 |
U.S. equity funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 39,563 | 35,888 | |
U.S. equity funds | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 39,563 | 35,888 | |
U.S. equity funds | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
U.S. equity funds | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
International funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40,349 | 35,709 | |
International funds | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40,349 | 35,709 | |
International funds | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
International funds | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Short-term fixed income funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 793 | 606 | |
Short-term fixed income funds | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Short-term fixed income funds | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 793 | 606 | |
Short-term fixed income funds | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed income funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14,689 | 14,271 | |
Fixed income funds | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fixed income funds | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14,689 | 14,271 | |
Fixed income funds | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
U.S. equity funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 32,726 | 28,640 | |
U.S. equity funds | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
U.S. equity funds | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 32,726 | 28,640 | |
U.S. equity funds | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real estate fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,526 | 14,346 | |
Real estate fund | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Real estate fund | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,526 | 14,346 | |
Real estate fund | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 181,403 | 141,782 | |
Group annuity contract | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Group annuity contract | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 181,403 | 141,782 | 134,749 |
Funded annuity contracts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,776 | 11,382 | |
Funded annuity contracts | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Funded annuity contracts | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Funded annuity contracts | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,776 | 11,382 | 11,996 |
Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9,571 | 8,447 | |
Limited partnerships | Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Limited partnerships | Significant other observable inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Limited partnerships | Significant unobservable inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,571 | $ 8,447 | $ 6,262 |
Retirement and Compensation P83
Retirement and Compensation Plans Level 3 plan assets changes in fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | $ 291,071 | |
Fair Value of Plan Assets, End of period | 345,396 | $ 291,071 |
Significant unobservable inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 161,611 | 153,007 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements | 32,277 | 1,583 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 7,862 | 7,021 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Fair Value of Plan Assets, End of period | 201,750 | 161,611 |
Group annuity contract | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 141,782 | |
Fair Value of Plan Assets, End of period | 181,403 | 141,782 |
Group annuity contract | Significant unobservable inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 141,782 | 134,749 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements | 33,221 | 1,334 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 6,400 | 5,699 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Fair Value of Plan Assets, End of period | 181,403 | 141,782 |
Funded annuity contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 11,382 | |
Fair Value of Plan Assets, End of period | 10,776 | 11,382 |
Funded annuity contracts | Significant unobservable inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 11,382 | 11,996 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements | (1,258) | (1,287) |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 652 | 673 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Fair Value of Plan Assets, End of period | 10,776 | 11,382 |
Limited partnerships | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 8,447 | |
Fair Value of Plan Assets, End of period | 9,571 | 8,447 |
Limited partnerships | Significant unobservable inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets beginning of period | 8,447 | 6,262 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchases, Sales, and Settlements | 314 | 1,536 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 810 | 649 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 |
Fair Value of Plan Assets, End of period | $ 9,571 | $ 8,447 |
Retirement and Compensation P84
Retirement and Compensation Plans Other retirement plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost | $ 2,600 | $ 2,400 | $ 2,200 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 1,483 | 1,578 | (2,791) | [1] |
Minimum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan, employer discretionary percentage | 2.75% | |||
Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan, employer discretionary percentage | 5.75% | |||
Defined Contribution Plan Grandfathered Choice Participant [Member] | Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 2.00% | |||
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 2.00% | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 10,744 | 11,953 | 20,407 | |
Pension Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent | 4.00% | |||
Health and medical post retirement plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Effect of Curtailments on Accumulated Benefit Obligation | 200 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (100) | (100) | 100 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ (100) | $ (100) | $ (100) | |
[1] | Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. |
Retirement and Compensation P85
Retirement and Compensation Plans Share based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Options, Outstanding [Roll Forward] | ||||
Options, Outstanding, Number | 45,395 | |||
Options, Exercises in Period | (21,527) | |||
Options, Forfeitures in Period | 0 | |||
Options, Outstanding, Number | 23,868 | 45,395 | ||
Options, Vested and Expected to Vest, Outstanding, Number | 23,868 | |||
Options, Exercisable, Number | 23,868 | |||
Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Options, Outstanding, Weighted Average Exercise Price | $ 27.35 | |||
Options, Exercises in Period, Weighted Average Exercise Price | 33.60 | |||
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | |||
Options, Outstanding, Weighted Average Exercise Price | 21.92 | $ 27.35 | ||
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 21.92 | |||
Options, Exercisable, Weighted Average Exercise Price | $ 21.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 1 month 24 days | |||
Options, Outstanding, Intrinsic Value | [1] | $ 1,139 | ||
Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | [1] | 1,139 | ||
Options, Exercisable, Intrinsic Value | [1] | 1,139 | ||
Options, Exercises in Period, Total Intrinsic Value | 800 | $ 3,200 | $ 4,500 | |
Cash Received from Exercise of Stock Options | 700 | 2,500 | 3,700 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 200 | 1,000 | 1,400 | |
Cash-based restricted stock unit plan [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 1,900 | 2,300 | 1,700 | |
Tax Benefit from Compensation Expense | $ 1,000 | $ 1,200 | $ 900 | |
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 121,517 | |||
Stock units, Grants in Period | 23,526 | |||
Stock units, Vested in Period | (42,465) | |||
Stock units, Forfeited in Period | 0 | |||
Number of shares or units end of period | 102,578 | 121,517 | ||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Nonvested, Weighted Average Grant Date Fair Value | $ 52.85 | $ 46.10 | ||
Stock units, Grants in Period, Weighted Average Grant Date Fair Value | 69.10 | $ 60.34 | $ 52.19 | |
Stock units, Vested in Period, Weighted Average Grant Date Fair Value | 42.55 | |||
Stock units, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |||
Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 2,900 | |||
share based compensation restricted stock units cash paid expense | $ 3,300 | $ 2,700 | $ 2,700 | |
Directors stock grants-cash based units [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 24,923 | |||
Number of shares or units end of period | 25,243 | 24,923 | ||
Directors nonrestricted Class A stock grants [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 57,876 | |||
Number of shares or units end of period | 53,254 | 57,876 | ||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Number of Shares Available for Grant | 108,131 | |||
Executive Salary and Bonus Deferred Compensation Plan-cash based units [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 16,323 | |||
Number of shares or units end of period | 11,661 | 16,323 | ||
Executive Salary and Bonus Deferred Compensation Plan [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 63,909 | |||
Number of shares or units end of period | 50,208 | 63,909 | ||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Number of Shares Available for Grant | 97,533 | |||
Executive excess 401(k) plan-cash based units [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 89 | |||
Number of shares or units end of period | 0 | 89 | ||
Executive excess 401(k) plan [Member] | ||||
Nonvested & restricted Stock Units, Number of Shares [Roll Forward] | ||||
Number of shares or units beginning | 3,168 | |||
Number of shares or units end of period | 3,175 | 3,168 | ||
[1] | Represents the difference between the share price and exercise price for each option, excluding options for which the exercise price is above the share price, at December 31, 2017. |
Managment and Other Agreements
Managment and Other Agreements (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Reclassification related to financial instruments recognition and measurement guidance | $ 4.8 | ||
Farm Bureau Property & Casualty insurance company [Member] | |||
Related Party Transaction [Line Items] | |||
Management Fees Revenue | 2 | $ 2.2 | $ 2.3 |
Professional and Contract Services Expense | 9.1 | 8.6 | 9.9 |
Equipment Expense | 0.3 | 0.3 | 0.7 |
Subsidiary of Common Parent [Member] | |||
Related Party Transaction [Line Items] | |||
Professional and Contract Services Expense | 1.1 | 1 | 1 |
Majority Shareholder [Member] | |||
Related Party Transaction [Line Items] | |||
Royalty Expense | $ 0.6 | 0.6 | 0.6 |
Royalty agreement restriction | $ 0.10 | ||
Other Farm Bureau organizations [Member] | |||
Related Party Transaction [Line Items] | |||
Royalty Expense | $ 1.8 | $ 1.8 | $ 1.7 |
Committments and Contingencies
Committments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2.2 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2.2 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2.2 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2.2 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | ||
Operating Leases, Rent Expense | 4.1 | $ 4.1 | $ 4 |
Deferred Revenue, Revenue Recognized | (0.2) | (0.2) | (0.2) |
Deferred Revenue, Noncurrent | 0.7 | 0.9 | |
Change in state insurance guaranty fund | $ (0.1) | $ (0.1) | $ (0.1) |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to FBL Financial Group, Inc. | $ 108,499 | $ 27,104 | $ 32,291 | $ 26,433 | $ 26,880 | $ 30,017 | $ 24,380 | $ 25,946 | $ 194,327 | $ 107,223 | $ 113,527 |
Dividends on preferred stock | 150 | 150 | 150 | ||||||||
Income available to common stockholders | $ 194,177 | $ 107,073 | $ 113,377 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 25,038,334 | 24,985,400 | 24,927,209 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 19,111 | 43,683 | 89,274 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 25,057,445 | 25,029,083 | 25,016,483 | ||||||||
Earnings per common share | $ 4.33 | $ 1.08 | $ 1.29 | $ 1.05 | $ 1.07 | $ 1.20 | $ 0.97 | $ 1.04 | $ 7.76 | $ 4.29 | $ 4.55 |
Earnings per common share - assuming dilution | $ 4.33 | $ 1.08 | $ 1.29 | $ 1.05 | $ 1.07 | $ 1.20 | $ 0.97 | $ 1.04 | $ 7.75 | $ 4.28 | $ 4.53 |
Statutory Insurance Informati89
Statutory Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 106,100 | ||
Parent Company [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory accounting practices, net gain from operations | 106,062 | $ 106,143 | $ 100,013 |
Statutory Accounting Practices, Statutory Net Income Amount | 104,947 | 100,657 | 106,009 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 615,973 | 617,321 | |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | 482,490 | 483,838 | |
Statutory RBC Total adjusted capital | 682,570 | 685,721 | |
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 123,628 | $ 125,994 | |
Statutory RBC Ratio | 552.00% | 544.00% | |
Subsidiaries [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory accounting practices, net gain from operations | $ (192) | $ (443) | (362) |
Statutory Accounting Practices, Statutory Net Income Amount | (192) | (443) | $ (362) |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 9,006 | 9,273 | |
Dividend Payments Restrictions Schedule, Statutory Capital and Surplus | (1,794) | (1,527) | |
Statutory RBC Total adjusted capital | 9,028 | 9,289 | |
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 172 | $ 173 | |
Statutory RBC Ratio | 5249.00% | 5322.00% |
Segment Information Reconciliat
Segment Information Reconciliation Between Net Income and Non-GAAP Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income offsets due to Interest Sensitive Product Reserves | $ 500 | $ 900 | $ 100 | ||||||||
Net income attributable to FBL Financial Group, Inc. | $ 108,499 | $ 27,104 | $ 32,291 | $ 26,433 | $ 26,880 | $ 30,017 | $ 24,380 | $ 25,946 | 194,327 | 107,223 | 113,527 |
Initial impact on deferred tax liabilities from the Tax Act | (85,797) | 0 | 0 | ||||||||
Realized gains losses on investments net of offsets | 2,381 | 713 | (8,498) | ||||||||
Derivatives unrealized gain net of offsets | (2,549) | (1,485) | (141) | ||||||||
Operating Income (Loss) | $ 108,362 | $ 106,451 | $ 104,888 |
Segment Information Reconcili91
Segment Information Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Pre-Tax Operating Income (Loss) | $ 137,538 | $ 136,550 | $ 134,764 | ||||||||
Income tax on operating income | 29,176 | 30,099 | 29,876 | ||||||||
Operating Income (Loss) | 108,362 | 106,451 | 104,888 | ||||||||
Operating revenues | 737,117 | 721,635 | 715,018 | ||||||||
Realized gains on investments related to revenue | (3,902) | (1,771) | 10,482 | ||||||||
Derivative unrealized related to revenues | 2,263 | 6,550 | (2,691) | ||||||||
Revenues | $ 183,005 | $ 181,556 | $ 188,997 | $ 181,920 | $ 184,179 | $ 181,284 | $ 181,285 | $ 179,666 | 735,478 | 726,414 | 722,809 |
Investment Income, Net | 412,936 | 397,620 | 393,840 | ||||||||
Change in net unrealized gains/losses on derivatives | 2,263 | 6,550 | (2,691) | ||||||||
Net investment income | 107,347 | $ 102,950 | $ 103,908 | $ 100,994 | 101,549 | $ 103,514 | $ 100,722 | $ 98,385 | 415,199 | 404,170 | 391,149 |
Other Depreciation and Amortization | 24,089 | 28,548 | 31,925 | ||||||||
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | (240) | (673) | 225 | ||||||||
Deferred Policy Acquisition Cost, Unrealized Investment Gain (Loss) | (639) | 562 | (332) | ||||||||
Depreciation, Depletion and Amortization | 23,210 | 28,437 | 31,818 | ||||||||
Segment assets | 9,686,508 | 9,324,595 | 9,686,508 | 9,324,595 | |||||||
Unrealized Gains on assets in AOCI | 380,105 | 241,539 | 380,105 | 241,539 | |||||||
Assets | 10,066,613 | 9,566,134 | 10,066,613 | 9,566,134 | |||||||
Annuity | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Pre-Tax Operating Income (Loss) | 68,821 | 66,025 | 69,950 | ||||||||
Operating revenues | 224,184 | 214,486 | 212,420 | ||||||||
Investment Income, Net | 219,700 | 210,679 | 209,896 | ||||||||
Other Depreciation and Amortization | 6,489 | 8,253 | 4,548 | ||||||||
Segment assets | 4,608,735 | 4,452,878 | 4,608,735 | 4,452,878 | |||||||
Life Insurance | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Pre-Tax Operating Income (Loss) | 53,856 | 55,977 | 53,146 | ||||||||
Operating revenues | 418,593 | 414,446 | 408,966 | ||||||||
Investment Income, Net | 158,318 | 154,427 | 152,730 | ||||||||
Other Depreciation and Amortization | 18,720 | 15,117 | 18,831 | ||||||||
Segment assets | 3,367,562 | 3,256,306 | 3,367,562 | 3,256,306 | |||||||
Corporate and Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Pre-Tax Operating Income (Loss) | 14,861 | 14,548 | 11,668 | ||||||||
Operating revenues | 94,340 | 92,703 | 93,632 | ||||||||
Investment Income, Net | 34,918 | 32,514 | 31,214 | ||||||||
Other Depreciation and Amortization | (1,120) | 5,178 | $ 8,546 | ||||||||
Segment assets | $ 1,710,211 | $ 1,615,411 | $ 1,710,211 | $ 1,615,411 |
Segment Information Segment ass
Segment Information Segment assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Segment assets | $ 9,686,508 | $ 9,324,595 | |
Unrealized Gains on assets in AOCI | 380,105 | 241,539 | |
Assets | 10,066,613 | 9,566,134 | |
Goodwill | 9,900 | 9,900 | |
Annuity | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 4,608,735 | 4,452,878 | |
Goodwill | 3,900 | 3,900 | |
Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 3,367,562 | 3,256,306 | |
Goodwill | 6,100 | 6,100 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Segment assets | 1,710,211 | 1,615,411 | |
Farm Bureau Property & Casualty insurance company [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Leases, Income Statement, Lease Revenue Depreciation and Amortization | $ 4,100 | $ 4,400 | $ 4,100 |
Segment Information Schedule of
Segment Information Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Pre-Tax on Equity Income (Loss) | $ (4,505) | $ (4,057) | $ (6,183) |
Income Tax on Equity Income | 15,804 | 15,497 | 15,706 |
Equity income, net of related income taxes | 11,299 | 11,440 | 9,523 |
Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Pre-Tax on Equity Income (Loss) | 2,741 | 0 | 0 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Pre-Tax on Equity Income (Loss) | $ (7,246) | $ (4,057) | $ (6,183) |
Segment Information Reconcili94
Segment Information Reconciliation of non-GAAP measures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | $ 631,000 | $ 689,700 | $ 683,100 |
Increase (Decrease) in Premiums Receivable | 949 | 985 | 848 |
Traditional life insurance premiums | 195,330 | 196,914 | 190,956 |
Interest sensitive product charges | 112,936 | 111,928 | 114,584 |
Annuity | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 4,484 | 3,803 | 2,524 |
Traditional life insurance premiums | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 194,381 | 195,929 | 190,108 |
Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 292,344 | 281,551 | 281,003 |
Interest sensitive product charges | 64,933 | 63,438 | 65,543 |
Life insurance - interest sensitive [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Proceeds from Insurance Premiums Collected | 97,963 | 85,622 | 90,895 |
Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 43,519 | 44,687 | 46,517 |
Admin charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 15,487 | 14,170 | 14,342 |
Admin charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 5,332 | 5,547 | 5,809 |
Cost of insurance charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 46,096 | 48,111 | 46,911 |
Cost of insurance charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 29,670 | 29,805 | 29,760 |
Surrender charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 1,913 | 1,181 | 919 |
Surrender charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 150 | 213 | 346 |
Separate account charges [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 8,246 | 7,957 | 8,854 |
Amortization of policy initiation fees [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 1,437 | (24) | 3,371 |
Amortization of policy initiation fees [Member] | Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | 121 | $ 1,165 | $ 1,748 |
Correction of fees charged [Member] | Cost of insurance charges [Member] | Life Insurance | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Interest sensitive product charges | $ 3,200 |
Segment Information Premium con
Segment Information Premium concentration (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
IOWA | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.90% | 25.10% | 26.20% |
KANSAS | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.10% | 19.10% | 18.60% |
OKLAHOMA | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 8.20% | 8.00% | 8.90% |
Quarterly Financial Informati96
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums and product charges | $ 75,822 | $ 75,091 | $ 79,718 | $ 77,635 | $ 78,428 | $ 73,533 | $ 78,632 | $ 78,249 | |||
Net investment income | 107,347 | 102,950 | 103,908 | 100,994 | 101,549 | 103,514 | 100,722 | 98,385 | $ 415,199 | $ 404,170 | $ 391,149 |
Realized gains (losses) on investments | (3,853) | 14 | 921 | (469) | 517 | 621 | (2,294) | (607) | (3,387) | (1,763) | 10,489 |
Revenues | 183,005 | 181,556 | 188,997 | 181,920 | 184,179 | 181,284 | 181,285 | 179,666 | 735,478 | 726,414 | 722,809 |
Net income attributable to FBL Financial Group, Inc. | $ 108,499 | $ 27,104 | $ 32,291 | $ 26,433 | $ 26,880 | $ 30,017 | $ 24,380 | $ 25,946 | $ 194,327 | $ 107,223 | $ 113,527 |
Earnings per common share | $ 4.33 | $ 1.08 | $ 1.29 | $ 1.05 | $ 1.07 | $ 1.20 | $ 0.97 | $ 1.04 | $ 7.76 | $ 4.29 | $ 4.55 |
Earnings per common share - assuming dilution | $ 4.33 | $ 1.08 | $ 1.29 | $ 1.05 | $ 1.07 | $ 1.20 | $ 0.97 | $ 1.04 | $ 7.75 | $ 4.28 | $ 4.53 |
Sch I. Schedule of Investments
Sch I. Schedule of Investments (Details) $ in Thousands | Dec. 31, 2017USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | $ 8,073,014 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 8,620,243 | |
Fixed Maturities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 6,757,250 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 7,291,967 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 7,291,967 | |
All Other Corporate Bonds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 3,374,927 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 3,688,271 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 3,688,271 | |
Asset-backed Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,975,818 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 2,055,090 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 2,055,090 | |
United States Government and agencies | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 23,378 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 24,905 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 24,905 | |
States and political subdivisions | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,383,127 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,523,701 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,523,701 | |
Equity Securities, Investment Summary [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 123,320 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 130,750 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 130,750 | |
Banks, Trust and Insurance, Equities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 26,605 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 26,605 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 26,605 | |
Industrial, Miscellaneous, and All Others [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 3,764 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 4,313 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 4,313 | |
Non-redeemable preferred stocks | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 92,951 | [1] |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 99,832 | |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 99,832 | |
Mortgage loans | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 972,309 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 971,812 | |
Real Estate Investment [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 1,703 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,543 | [2] |
Policy loans | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 191,398 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 191,398 | |
Short-term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 17,007 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 17,007 | |
Other Long-term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Summary of Investments, Other than Investments in Related Parties, Cost | 10,027 | [1] |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $ 15,766 | |
[1] | On the basis of cost adjusted for repayments and amortization of premiums and accrual of discounts for fixed maturities and short-term investments; original cost for equity securities, real estate and other investments; and unpaid principal balance for mortgage loans and policy loans. | |
[2] | Amount shown on balance sheet differs from cost due to depreciation and allowance for possible losses deducted from cost. |
Sch II - Condensed Financial 98
Sch II - Condensed Financial Information on Registrant (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets [Abstract] | ||||||||||||
Fixed maturities - available for sale | $ 7,291,967 | $ 7,008,790 | $ 7,291,967 | $ 7,008,790 | ||||||||
Equity securities - available for sale | 130,750 | 132,968 | 130,750 | 132,968 | ||||||||
Short-term investments | 17,007 | 16,348 | 17,007 | 16,348 | ||||||||
Cash and cash equivalents | 52,696 | 33,583 | 52,696 | 33,583 | $ 29,490 | $ 76,632 | ||||||
Amounts receivable from affiliates | 3,561 | 3,790 | 3,561 | 3,790 | ||||||||
Accrued investment income | 76,468 | 78,437 | 76,468 | 78,437 | ||||||||
Current income taxes recoverable | 3,269 | 4,309 | 3,269 | 4,309 | ||||||||
Other assets | 112,054 | 92,021 | 112,054 | 92,021 | ||||||||
Assets | 10,066,613 | 9,566,134 | 10,066,613 | 9,566,134 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Amounts payable to affiliates | 1,164 | 862 | 1,164 | 862 | ||||||||
Long-term debt payable to non-affiliates | 97,000 | 97,000 | 97,000 | 97,000 | ||||||||
Liabilities | 8,677,763 | 8,377,876 | 8,677,763 | 8,377,876 | ||||||||
Preferred stock | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
Accumulated other comprehensive income | 284,983 | 149,555 | 284,983 | 149,555 | ||||||||
Retained earnings | 947,148 | 882,672 | 947,148 | 882,672 | ||||||||
Total FBL Financial Group, Inc. stockholders' equity | 1,388,792 | 1,188,202 | 1,388,792 | 1,188,202 | ||||||||
Liabilities and Equity | 10,066,613 | 9,566,134 | 10,066,613 | 9,566,134 | ||||||||
Revenues: | ||||||||||||
Net investment income | 107,347 | $ 102,950 | $ 103,908 | $ 100,994 | 101,549 | $ 103,514 | $ 100,722 | $ 98,385 | 415,199 | 404,170 | 391,149 | |
Realized gains (losses) on investments | (3,853) | 14 | 921 | (469) | 517 | 621 | (2,294) | (607) | (3,387) | (1,763) | 10,489 | |
Other income | 15,400 | 15,165 | 15,631 | |||||||||
Revenues | 183,005 | 181,556 | 188,997 | 181,920 | 184,179 | 181,284 | 181,285 | 179,666 | 735,478 | 726,414 | 722,809 | |
Costs and Expenses [Abstract] | ||||||||||||
Interest expense | 4,850 | 4,850 | 4,850 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 142,327 | 141,789 | 151,368 | |||||||||
Income Tax Expense (Benefit) | 40,729 | (46,010) | (47,418) | |||||||||
Net income attributable to FBL Financial Group, Inc. | 108,499 | $ 27,104 | $ 32,291 | $ 26,433 | 26,880 | $ 30,017 | $ 24,380 | $ 25,946 | 194,327 | 107,223 | 113,527 | |
Parent Company [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Investments in subsidiaries (eliminated in consolidation) | 1,422,662 | 1,205,356 | 1,422,662 | 1,205,356 | ||||||||
Fixed maturities - available for sale | 29,430 | 31,182 | 29,430 | 31,182 | ||||||||
Equity securities - available for sale | 4,313 | 3,056 | 4,313 | 3,056 | ||||||||
Short-term investments | 6,460 | 5,988 | 6,460 | 5,988 | ||||||||
Cash and cash equivalents | 23,954 | 30,803 | 23,954 | 30,803 | 26,839 | $ 46,042 | ||||||
Accrued investment income | 16 | 13 | 16 | 13 | ||||||||
Current income taxes recoverable | 0 | 153 | 0 | 153 | ||||||||
Deferred income tax assets | 7,098 | 12,622 | 7,098 | 12,622 | ||||||||
Other assets | 13,381 | 12,585 | 13,381 | 12,585 | ||||||||
Assets | 1,512,263 | 1,314,003 | 1,512,263 | 1,314,003 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Accrued expenses and other liabilities | 26,093 | 28,758 | 26,093 | 28,758 | ||||||||
Current income taxes | 372 | 0 | 372 | 0 | ||||||||
Long-term debt payable to non-affiliates | 97,000 | 97,000 | 97,000 | 97,000 | ||||||||
Liabilities | 123,471 | 125,801 | 123,471 | 125,801 | ||||||||
Preferred stock | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
Accumulated other comprehensive income | 284,983 | 149,555 | 284,983 | 149,555 | ||||||||
Retained earnings | 947,148 | 882,672 | 947,148 | 882,672 | ||||||||
Total FBL Financial Group, Inc. stockholders' equity | 1,388,792 | 1,188,202 | 1,388,792 | 1,188,202 | ||||||||
Liabilities and Equity | 1,512,263 | 1,314,003 | 1,512,263 | 1,314,003 | ||||||||
Revenues: | ||||||||||||
Net investment income | 1,972 | 2,013 | 2,033 | |||||||||
Realized gains (losses) on investments | 0 | 0 | (583) | |||||||||
Dividends from subsidiaries (eliminated in consolidation) | 71,500 | 85,900 | 50,000 | |||||||||
Other income | 2 | 2 | (8) | |||||||||
Revenues | 81,280 | 95,746 | 59,373 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Interest expense | 4,850 | 4,850 | 4,850 | |||||||||
General and administrative expenses | 8,408 | 9,002 | 8,795 | |||||||||
Total expenses | 13,258 | 13,852 | 13,645 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 68,022 | 81,894 | 45,728 | |||||||||
Income Tax Expense (Benefit) | (2,321) | 2,349 | 2,507 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 65,701 | 84,243 | 48,235 | |||||||||
Equity in undistributed income of subsidiary | 128,626 | 22,980 | 65,292 | |||||||||
Net income attributable to FBL Financial Group, Inc. | 194,327 | 107,223 | 113,527 | |||||||||
Common Class A | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 153,589 | 152,903 | 153,589 | 152,903 | ||||||||
Common Class A | Parent Company [Member] | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 153,589 | 152,903 | 153,589 | 152,903 | ||||||||
Common Class B | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 72 | 72 | 72 | 72 | ||||||||
Common Class B | Parent Company [Member] | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||
Common stock, without par value | 72 | 72 | 72 | 72 | ||||||||
Affiliated Entity [Member] | Parent Company [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Amounts receivable from affiliates | 1,142 | 1,758 | 1,142 | 1,758 | ||||||||
Revenues: | ||||||||||||
Management Fees Revenue | 2,001 | 2,179 | 2,277 | |||||||||
Subsidiaries [Member] | ||||||||||||
Assets [Abstract] | ||||||||||||
Amounts receivable from affiliates | 3,807 | 10,487 | 3,807 | 10,487 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Amounts payable to affiliates | $ 6 | $ 43 | 6 | 43 | ||||||||
Subsidiaries [Member] | Parent Company [Member] | ||||||||||||
Revenues: | ||||||||||||
Management Fees Revenue | 5,805 | 5,652 | 5,654 | |||||||||
Dividends in form of cash [Member] | Parent Company [Member] | ||||||||||||
Revenues: | ||||||||||||
Dividends from subsidiaries (eliminated in consolidation) | $ 71,500 | $ 85,900 | $ 50,000 |
Sch II - Condensed Financial 99
Sch II - Condensed Financial Information on Registrant Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ 241,718 | $ 239,794 | $ 224,910 |
Equity securities - available for sale | (2,692) | (11,057) | (23,833) |
Short-term investments, net change | (659) | 11,903 | 20,334 |
Net Cash Provided by (Used in) Investing Activities | (235,402) | (387,516) | (369,357) |
Repurchase of common stock, net | 356 | 1,840 | (584) |
Dividends paid | (81,401) | (91,602) | (89,347) |
Net Cash Provided by (Used in) Financing Activities | 12,797 | 151,815 | 97,305 |
Increase in cash and cash equivalents | 19,113 | 4,093 | (47,142) |
Cash and cash equivalents at end of year | 52,696 | 33,583 | 29,490 |
Cash and cash equivalents at beginning of year | 33,583 | 29,490 | 76,632 |
Income Taxes Received, Net | 16,347 | 20,894 | 27,701 |
Cash paid during the period for interest | 4,850 | 4,854 | 4,850 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 417 | (4,342) | 1,841 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 5,478 | 5,641 | 18,618 |
Equity securities - available for sale | (702) | (1,397) | (1,188) |
Short-term investments, net change | (472) | 7,078 | 395 |
Dividends from subsidiaries (eliminated in consolidation) | 71,500 | 85,900 | 50,000 |
Net Cash Provided by (Used in) Investing Activities | 75,804 | 97,222 | 67,825 |
Excess tax deductions on stock-based compensation | 0 | 846 | 1,362 |
Repurchase of common stock, net | 330 | 1,840 | (584) |
Capital contribution by parent to subsidiary | (2,000) | 0 | (300) |
Dividends paid | (81,400) | (91,602) | (89,347) |
Net Cash Provided by (Used in) Financing Activities | (83,070) | (88,916) | (88,869) |
Increase in cash and cash equivalents | (6,849) | 3,964 | (19,203) |
Cash and cash equivalents at end of year | 23,954 | 30,803 | 26,839 |
Cash and cash equivalents at beginning of year | 30,803 | 26,839 | 46,042 |
Income Taxes Received, Net | (2,849) | (5,486) | 9,344 |
Cash paid during the period for interest | 4,850 | 4,850 | 4,850 |
Dividends in form of cash [Member] | Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 71,500 | $ 85,900 | $ 50,000 |
Sch II - Condensed Financial100
Sch II - Condensed Financial Information on Registrant Notes - Dividends, debt and income taxes (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 71,500 | $ 85,900 | $ 50,000 |
Initial impact on net deferred tax assets from the Tax Act | 4,200 | ||
Dividends in form of cash [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries (eliminated in consolidation) | $ 71,500 | $ 85,900 | $ 50,000 |
Sch III Supplementary Insura101
Sch III Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | $ 302,611 | $ 330,324 | $ 335,783 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 7,078,616 | 6,821,890 | 6,427,014 |
Supplementary Insurance Information, Unearned Premiums | 16,324 | 20,922 | 18,624 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 589,653 | 595,453 | 594,205 |
Supplementary Insurance Information, Premium Revenue | 308,266 | 308,842 | 305,540 |
Supplementary Insurance Information, Net Investment Income | 415,199 | 404,170 | 391,149 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 424,901 | 416,268 | 393,588 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 22,507 | 28,225 | 35,220 |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | 639 | (562) | 332 |
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | (240) | (673) | 225 |
Supplementary Insurance Information, Other Operating Expense | 112,371 | 107,742 | 108,448 |
Annuity | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 92,116 | 88,762 | 85,819 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 3,963,187 | 3,827,295 | 3,550,364 |
Supplementary Insurance Information, Unearned Premiums | 0 | 0 | 0 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 355,877 | 364,966 | 370,326 |
Supplementary Insurance Information, Premium Revenue | 4,484 | 3,803 | 2,524 |
Supplementary Insurance Information, Net Investment Income | 219,700 | 210,679 | 209,896 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 122,224 | 113,543 | 110,356 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 8,506 | 11,185 | 9,658 |
Supplementary Insurance Information, Other Operating Expense | 24,633 | 23,733 | 22,456 |
Life Insurance | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 287,421 | 267,545 | 248,333 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 2,677,519 | 2,573,276 | 2,473,357 |
Supplementary Insurance Information, Unearned Premiums | 17,043 | 13,526 | 9,719 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 201,693 | 199,944 | 194,751 |
Supplementary Insurance Information, Premium Revenue | 260,780 | 260,331 | 256,504 |
Supplementary Insurance Information, Net Investment Income | 158,318 | 154,427 | 152,730 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 264,657 | 261,757 | 253,461 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 14,368 | 11,038 | 14,364 |
Supplementary Insurance Information, Other Operating Expense | 78,313 | 75,100 | 76,167 |
Corporate and Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | 70,247 | 69,664 | 75,366 |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 419,411 | 417,524 | 399,203 |
Supplementary Insurance Information, Unearned Premiums | 11,986 | 11,611 | 12,257 |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 32,083 | 30,543 | 29,128 |
Supplementary Insurance Information, Premium Revenue | 43,517 | 44,716 | 46,519 |
Supplementary Insurance Information, Net Investment Income | 34,918 | 32,514 | 31,214 |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 39,060 | 37,296 | 32,346 |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | 488 | 6,078 | 11,316 |
Supplementary Insurance Information, Other Operating Expense | 9,425 | 8,912 | 9,816 |
Scenario, Adjustment [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Supplementary Insurance Information, Deferred Policy Acquisition Costs | (147,173) | (95,647) | (73,735) |
Supplementary Insurance Information, Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 18,499 | 3,795 | 4,090 |
Supplementary Insurance Information, Unearned Premiums | (12,705) | (4,215) | (3,352) |
Supplementary Insurance Information, Other Policy Claims and Benefits Payable | 0 | 0 | 0 |
Supplementary Insurance Information, Premium Revenue | 0 | 0 | 0 |
Unearned revenue reserve, amortization due to realized gains | (515) | (8) | (7) |
Supplementary Insurance Information, Net Investment Income | 0 | 0 | 0 |
Investment Income, Nonoperating | 2,263 | 6,550 | (2,691) |
Deferred sales inducements, amortization due to unrealized gains losses | (1,021) | 3,704 | (2,577) |
Deferred sales inducements, amortization due to realized gains losses | (19) | (32) | 2 |
Deferred Policy Acquisition Cost, Amortization Expense, Unrealized Investment Gains (Losses) | 639 | (562) | 332 |
Deferred Policy Acquisition Cost, Amortization Expense, Net Investment Gains (Losses) | (216) | (638) | 214 |
Supplementary Insurance Information, Other Operating Expense | 0 | 0 | 0 |
Present Value of Future Profits, amortization due to realized gains losses | $ 0 | $ (3) | $ 9 |
Sch IV Reinsurance (Details)
Sch IV Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 62,667,310 | $ 60,753,614 | $ 59,136,803 |
Ceded Premiums, Life Insurance in Force | 14,087,000 | 14,258,000 | 14,263,420 |
Assumed Premiums, Life Insurance in Force | 487,000 | 524,000 | 551,563 |
Premiums, Net, Life Insurance in Force | $ 49,068,018 | $ 47,018,695 | $ 45,424,946 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 1.00% | 1.10% | 1.20% |
Direct Premiums Earned | $ 338,968 | $ 339,601 | $ 336,718 |
Ceded Premiums Earned | 32,922 | 33,058 | 33,462 |
Assumed Premiums Earned | 2,637 | 2,670 | 2,751 |
Premiums Earned, Net | $ 308,683 | $ 309,213 | $ 306,007 |
Premiums, Percentage Assumed to Net | 0.90% | 0.90% | 0.90% |
Interest sensitive product charges | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 111,616 | $ 110,608 | $ 113,221 |
Ceded Premiums Earned | 1,021 | 1,003 | 1,024 |
Assumed Premiums Earned | 2,341 | 2,323 | 2,387 |
Premiums Earned, Net | $ 112,936 | $ 111,928 | $ 114,584 |
Premiums, Percentage Assumed to Net | 2.10% | 2.10% | 2.10% |
Traditional life insurance premiums | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 220,866 | $ 222,037 | $ 215,936 |
Ceded Premiums Earned | 25,832 | 25,470 | 25,344 |
Assumed Premiums Earned | 296 | 347 | 364 |
Premiums Earned, Net | $ 195,330 | $ 196,914 | $ 190,956 |
Premiums, Percentage Assumed to Net | 0.20% | 0.20% | 0.20% |
Accident and health premiums | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums Earned | $ 6,486 | $ 6,956 | $ 7,561 |
Ceded Premiums Earned | 6,069 | 6,585 | 7,094 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | $ 417 | $ 371 | $ 467 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |