Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Central Index Key | '0001267238 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Registrant Name | 'ASSURANT INC | ' | ' |
Entity Public Float | ' | ' | $3,776 |
Entity Common Stock, Shares Outstanding | ' | 71,642,824 | ' |
Trading Symbol | 'AIZ | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Fixed maturity securities available for sale, at fair value (amortized cost - $10,520,310 in 2013 and $10,728,714 in 2012) | $11,291,875 | $12,171,638 | ||
Equity securities available for sale, at fair value (cost - $417,535 in 2013 and $422,703 in 2012) | 458,358 | 475,806 | ||
Commercial mortgage loans on real estate, at amortized cost | 1,287,032 | 1,311,682 | ||
Policy loans | 51,678 | 52,938 | ||
Short-term investments | 470,458 | 300,925 | ||
Collateral held/pledged under securities agreements | 95,215 | 94,729 | ||
Other investments | 589,399 | 568,600 | ||
Total investments | 14,244,015 | 14,976,318 | ||
Cash and cash equivalents | 1,717,184 | 909,404 | ||
Premiums and accounts receivable, net | 1,080,171 | 830,027 | ||
Reinsurance recoverables | 5,752,134 | 6,141,737 | ||
Accrued investment income | 145,189 | 149,032 | ||
Deferred acquisition costs | 3,128,931 | 2,861,163 | ||
Property and equipment, at cost less accumulated depreciation | 253,630 | 250,796 | ||
Tax receivable | 0 | 32,740 | ||
Goodwill | 784,561 | 640,714 | ||
Value of business acquired | 53,549 | 62,109 | ||
Other intangible assets, net | 354,636 | [1] | 262,994 | [1] |
Other assets | 258,942 | 97,700 | ||
Assets held in separate accounts | 1,941,747 | 1,731,873 | ||
Total assets | 29,714,689 | 28,946,607 | ||
Liabilities | ' | ' | ||
Future policy benefits and expenses | 8,646,572 | 8,513,505 | ||
Unearned premiums | 6,662,672 | 6,192,260 | ||
Claims and benefits payable | 3,389,371 | 3,960,590 | ||
Commissions payable | 429,636 | 339,680 | ||
Reinsurance balances payable | 106,932 | 103,808 | ||
Funds held under reinsurance | 76,778 | 61,413 | ||
Deferred gain on disposal of businesses | 99,311 | 115,620 | ||
Obligation under securities agreements | 95,206 | 94,714 | ||
Accounts payable and other liabilities | 1,662,348 | 1,514,091 | ||
Deferred income taxes, net | 129,148 | 161,288 | ||
Tax payable | 3,371 | 0 | ||
Debt | 1,638,118 | 972,399 | ||
Liabilities related to separate accounts | 1,941,747 | 1,731,873 | ||
Total liabilities | 24,881,210 | 23,761,241 | ||
Commitments and contingencies (Note 24) | ' | ' | ||
Stockholders' equity | ' | ' | ||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 71,828,208 and 78,664,029 shares outstanding at December 31, 2013 and December 31, 2012, respectively | 1,482 | 1,474 | ||
Additional paid-in capital | 3,087,533 | 3,052,454 | ||
Retained earnings | 4,415,875 | 4,001,096 | ||
Accumulated other comprehensive income | 426,830 | 830,403 | ||
Treasury stock, at cost; 76,039,652 and 68,332,638 shares at December 31, 2013 and December 31, 2012, respectively | -3,098,241 | -2,700,061 | ||
Total stockholders' equity | 4,833,479 | 5,185,366 | ||
Total liabilities and stockholders' equity | $29,714,689 | $28,946,607 | ||
[1] | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, except Share data, unless otherwise specified | ||||
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' |
Fixed maturity securities available for sale, amortized cost | $10,520,310 | $10,728,714 | ' | ' |
Equity securities available for sale, cost | $417,535 | $422,703 | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' |
Common stock, shares authorized | 800,000,000 | 800,000,000 | ' | ' |
Common stock, shares outstanding | 71,828,208 | 78,664,029 | 88,524,374 | 102,000,371 |
Treasury stock, shares, at cost | 76,039,652 | 68,332,638 | ' | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Net earned premiums | $7,759,796 | $7,236,984 | $7,125,368 |
Net investment income | 650,296 | 713,128 | 689,532 |
Net realized gains on investments, excluding other-than-temporary impairment losses | 38,912 | 66,196 | 40,416 |
Total other-than-temporary impairment losses | -4,516 | -1,939 | -8,183 |
Portion of net loss recognized in other comprehensive income, before taxes | 129 | 96 | 347 |
Net other-than-temporary impairment losses recognized in earnings | -4,387 | -1,843 | -7,836 |
Amortization of deferred gain on disposal of businesses | 16,310 | 18,413 | 20,461 |
Fees and other income | 586,730 | 475,392 | 404,863 |
Total revenues | 9,047,657 | 8,508,270 | 8,272,804 |
Benefits, losses and expenses | ' | ' | ' |
Policyholder benefits | 3,675,532 | 3,655,404 | 3,749,734 |
Amortization of deferred acquisition costs and value of business acquired | 1,470,287 | 1,403,215 | 1,327,788 |
Underwriting, general and administrative expenses | 3,034,404 | 2,631,594 | 2,428,795 |
Interest expense | 77,735 | 60,306 | 60,360 |
Total benefits, losses and expenses | 8,257,958 | 7,750,519 | 7,566,677 |
Income before provision for income taxes | 789,699 | 757,751 | 706,127 |
Provision for income taxes | 300,792 | 274,046 | 167,171 |
Net income | $488,907 | $483,705 | $538,956 |
Earnings Per Share | ' | ' | ' |
Basic | $6.38 | $5.74 | $5.58 |
Diluted | $6.30 | $5.67 | $5.51 |
Dividends per share | $0.96 | $0.81 | $0.70 |
Share Data | ' | ' | ' |
Weighted average shares outstanding used in basic per share calculations | 76,648,688 | 84,276,427 | 96,626,306 |
Plus: Dilutive securities | 1,006,076 | 1,030,638 | 1,169,003 |
Weighted average shares used in diluted per share calculations | 77,654,764 | 85,307,065 | 97,795,309 |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement Of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $488,907 | $483,705 | $538,956 |
Other comprehensive (loss) income: | ' | ' | ' |
Change in unrealized gains on securities, net of taxes of $231,472, $(141,037), and $(152,180), respectively | -455,808 | 268,106 | 300,518 |
Change in other-than-temporary impairment gains, net of taxes of $(1,382), $(4,563), and $(1,518), respectively | 2,566 | 8,474 | 2,819 |
Change in foreign currency translation, net of taxes of $8,162, $(3,500), and $2,305, respectively | -45,649 | -4,036 | -22,590 |
Amortization of pension and postretirement unrecognized net periodic benefit cost and change in funded status, net of taxes of $(51,302), $(163), and $5,439, respectively | 95,318 | 283 | -10,106 |
Total other comprehensive (loss) income | -403,573 | 272,827 | 270,641 |
Total comprehensive income | $85,334 | $756,532 | $809,597 |
Consolidated_Statement_Of_Comp1
Consolidated Statement Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement Of Comprehensive Income [Abstract] | ' | ' | ' |
Net change in unrealized gains on securities, taxes | $231,472 | ($141,037) | ($152,180) |
Net change in other-than-temporary impairment gains recognized in other comprehensive income, taxes | -1,382 | -4,563 | -1,518 |
Net change in foreign currency translation, taxes | 8,162 | -3,500 | 2,305 |
Amortization of pension and postretirement unrecognized net periodic benefit cost, taxes | ($51,302) | ($163) | $5,439 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2010 | $1,453 | $2,993,957 | $3,115,213 | $286,935 | ($1,764,422) | $4,633,136 |
Stock plan exercises | 11 | -2,101 | 0 | 0 | 0 | -2,090 |
Stock plan compensation expense | 0 | 36,888 | 0 | 0 | 0 | 36,888 |
Change in tax benefit from share-based payment arrangements | 0 | -3,267 | 0 | 0 | 0 | -3,267 |
Dividends | 0 | 0 | -67,385 | 0 | 0 | -67,385 |
Acquisition of common stock | 0 | 0 | 0 | 0 | -532,929 | -532,929 |
Net income | 0 | 0 | 538,956 | 0 | 0 | 538,956 |
Other comprehensive income (loss) | 0 | 0 | 0 | 270,641 | 0 | 270,641 |
Balance at Dec. 31, 2011 | 1,464 | 3,025,477 | 3,586,784 | 557,576 | -2,297,351 | 4,873,950 |
Stock plan exercises | 10 | -12,340 | 0 | 0 | 0 | -12,330 |
Stock plan compensation expense | 0 | 37,589 | 0 | 0 | 0 | 37,589 |
Change in tax benefit from share-based payment arrangements | 0 | 1,728 | 0 | 0 | 0 | 1,728 |
Dividends | 0 | 0 | -69,393 | 0 | 0 | -69,393 |
Acquisition of common stock | 0 | 0 | 0 | 0 | -402,710 | -402,710 |
Net income | 0 | 0 | 483,705 | 0 | 0 | 483,705 |
Other comprehensive income (loss) | 0 | 0 | 0 | 272,827 | 0 | 272,827 |
Balance at Dec. 31, 2012 | 1,474 | 3,052,454 | 4,001,096 | 830,403 | -2,700,061 | 5,185,366 |
Stock plan exercises | 8 | -13,814 | 0 | 0 | 0 | -13,806 |
Stock plan compensation expense | 0 | 50,004 | 0 | 0 | 0 | 50,004 |
Change in tax benefit from share-based payment arrangements | 0 | -1,111 | 0 | 0 | 0 | -1,111 |
Dividends | 0 | 0 | -74,128 | 0 | 0 | -74,128 |
Acquisition of common stock | 0 | 0 | 0 | 0 | -398,180 | -398,180 |
Net income | 0 | 0 | 488,907 | 0 | 0 | 488,907 |
Other comprehensive income (loss) | 0 | 0 | 0 | -403,573 | 0 | -403,573 |
Balance at Dec. 31, 2013 | $1,482 | $3,087,533 | $4,415,875 | $426,830 | ($3,098,241) | $4,833,479 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities | ' | ' | ' | |||
Net income | $488,907 | $483,705 | $538,956 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |||
Change in reinsurance recoverable | 444,639 | -730,274 | -282,268 | |||
Change in premiums and accounts receivable | -210,997 | -185,273 | -105,171 | |||
Change in deferred acquisition costs and value of business acquired | -337,060 | -358,637 | -145,091 | |||
Change in other intangible assets | -56,997 | -43,957 | -31,585 | |||
Change in accrued investment income | 1,839 | 4,832 | -7,532 | |||
Change in insurance policy reserves and expenses | 166,839 | 1,356,403 | 595,363 | |||
Change in accounts payable and other liabilities | 181,374 | 33,775 | 124,658 | |||
Change in commissions payable | 106,424 | 79,378 | -14,364 | |||
Change in reinsurance balances payable | 6,214 | -27,077 | 26,945 | |||
Change in funds withheld under reinsurance | 18,209 | -4,286 | -285 | |||
Change in securities classified as trading | -10,606 | -2,874 | 32,777 | |||
Change in income taxes | 171,311 | -5,800 | 24,914 | |||
Change in tax valuation allowance | 3,383 | 2,937 | -80,584 | |||
Amortization of deferred gain on disposal of businesses | -16,310 | -18,413 | -20,461 | |||
Depreciation and amortization | 124,851 | 124,387 | 129,391 | |||
Net realized gains on investments | -34,525 | -64,353 | -32,580 | |||
Loss on extinguishment of debt | 964 | 0 | 0 | |||
Stock based compensation expense | 50,004 | 37,589 | 36,888 | |||
Income from real estate joint ventures | -5,573 | -35,023 | -6,023 | |||
Change in tax benefit from share-based payment arrangements | 1,112 | -1,728 | 3,267 | |||
Other intangible asset impairment | 3,323 | 26,458 | 0 | |||
Other | -69,764 | 7,929 | 68,089 | |||
Net cash provided by operating activities | 1,027,561 | 679,698 | 855,304 | |||
Sales of: | ' | ' | ' | |||
Fixed maturity securities available for sale | 2,582,731 | 2,197,475 | 1,556,894 | |||
Equity securities available for sale | 236,730 | 120,729 | 120,445 | |||
Other invested assets | 49,456 | 103,834 | 50,600 | |||
Property and equipment and other | 1,422 | 2,375 | 3,823 | |||
Subsidiary, net of cash transferred | 0 | [1] | 1,364 | [1] | 0 | [1] |
Maturities, calls, prepayments, and scheduled redemption of: | ' | ' | ' | |||
Fixed maturity securities available for sale | 882,159 | 999,591 | 949,950 | |||
Commercial mortgage loans on real estate | 217,377 | 126,768 | 96,552 | |||
Purchases of: | ' | ' | ' | |||
Fixed maturity securities available for sale | -3,396,588 | -3,729,316 | -2,643,277 | |||
Equity securities available for sale | -215,881 | -186,962 | -34,556 | |||
Commercial mortgage loans on real estate | -194,468 | -126,578 | -88,649 | |||
Other invested assets | -57,001 | -41,640 | -66,499 | |||
Property and equipment and other | -52,326 | -56,457 | -35,747 | |||
Subsidiary, net of cash transferred | -181,865 | [1] | -3,500 | [1] | -45,080 | [1] |
Equity interest | -91,420 | [2] | 0 | [2] | 0 | [2] |
Change in short-term investments | -173,603 | 140,309 | -90,368 | |||
Change in policy loans | 1,031 | 1,345 | 1,887 | |||
Change in collateral held/pledged under securities agreements | -492 | 780 | 27,437 | |||
Net cash (used in) investing activities | -392,738 | -449,883 | -196,588 | |||
Financing activities | ' | ' | ' | |||
Issuance of debt | 698,093 | 0 | 0 | |||
Repurchase of debt | -33,634 | 0 | 0 | |||
Repayment of mandatorily redeemable preferred stock | 0 | 0 | -5,000 | |||
Change in tax benefit from share-based payment arrangements | -1,112 | 1,728 | -3,267 | |||
Acquisition of common stock | -393,012 | -412,196 | -533,848 | |||
Dividends paid | -74,128 | -69,393 | -67,385 | |||
Change in obligation under securities agreements | 492 | -780 | -27,437 | |||
Change in receivables under securities loan agreements | 0 | 0 | 14,370 | |||
Change in obligations to return borrowed securities | 0 | 0 | -14,281 | |||
Net cash provided by (used in) financing activities | 196,699 | -480,641 | -636,848 | |||
Effect of exchange rate changes on cash and cash equivalents | -23,742 | -6,483 | -5,671 | |||
Change in cash and cash equivalents | 807,780 | -257,309 | 16,197 | |||
Cash and cash equivalents at beginning of period | 909,404 | 1,166,713 | 1,150,516 | |||
Cash and cash equivalents at end of period | 1,717,184 | 909,404 | 1,166,713 | |||
Supplemental information: | ' | ' | ' | |||
Income taxes paid | 119,740 | 272,868 | 218,372 | |||
Interest paid on mandatorily redeemable preferred stock and debt | $70,741 | $60,188 | $60,244 | |||
[1] | 2013 includes the acquisition of Field Asset Services Group Limited and Lifestyle Services Group Limited. 2012 includes the sale of one immaterial subsidiary. 2011 includes the acquisition of SureDeposit.Relates to the purchase of equity interest in IkC) Asistencia. A contingent liability of $31,250 was established due to the terms of the agreements. | |||||
[2] | Relates to the purchase of equity interest in IkC) Asistencia. A contingent liability of $31,250 was established due to the terms of the agreements. |
Consolidated_Statement_Of_Cash1
Consolidated Statement Of Cash Flows (Parenthetical) (Ike [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Ike [Member] | ' |
Contingent consideration liability | $31,250 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Nature Of Operations [Abstract] | ' |
Nature Of Operations | ' |
1. Nature of Operations | |
Assurant, Inc. (the “Company”) is a holding company whose subsidiaries provide specialized insurance products and related services in North America and select worldwide markets. | |
The Company is traded on the New York Stock Exchange under the symbol AIZ. | |
Through its operating subsidiaries, the Company provides mobile device protection, debt protection administration, credit-related insurance, warranties and service contracts, pre-funded funeral insurance, lender-placed homeowners insurance, property preservation, renters insurance and related products, manufactured housing homeowners insurance, individual health and small employer group health insurance, group dental insurance, group disability insurance, and group life insurance. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in thousands, except for number of shares, per share amounts and number of securities in an unrealized loss position. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. | |
Variable Interest Entities | |
The Company may enter into agreements with other entities that are deemed to be variable interest entities (“VIEs”). At the time these agreements are executed, the Company evaluates the applicability of the accounting guidance for VIEs. Entities which do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (“primary beneficiary”) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. The items on the Company’s balance sheets affected by the use of estimates include but are not limited to, investments, premiums and accounts receivable, reinsurance recoverables, deferred acquisition costs (“DAC”), deferred income taxes and associated valuation allowances, goodwill, valuation of business acquired (“VOBA”), future policy benefits and expenses, unearned premiums, claims and benefits payable, deferred gain on disposal of businesses, pension and post-retirement liabilities and commitments and contingencies. The estimates are sensitive to market conditions, investment yields, mortality, morbidity, commissions and other acquisition expenses, policyholder behavior and other factors. Actual results could differ from the estimates recorded. The Company believes all amounts reported are reasonable and adequate. | |
Earnings Per Share | |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts that can be converted into common stock were exercised as of the end of the period. Restricted stock and restricted stock units which have non-forfeitable rights to dividends or dividend equivalents are included in calculating basic and diluted earnings per share under the two-class method. | |
Comprehensive Income | |
Comprehensive income is comprised of net income, net unrealized gains and losses on foreign currency translation, net unrealized gains and losses on securities classified as available for sale, net unrealized gains and losses on other-than-temporarily impaired securities and expenses for pension and post-retirement plans, less deferred income taxes. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the 2013 presentation. | |
Foreign Currency Translation | |
For foreign affiliates where the local currency is the functional currency, unrealized foreign currency translation gains and losses net of deferred income taxes have been reflected in accumulated other comprehensive income (“AOCI”). Other than for two of our wholly owned Canadian subsidiaries, deferred taxes have not been provided for unrealized currency translation gains and losses since the Company intends to indefinitely reinvest the earnings in these other jurisdictions. Transaction gains and losses on assets and liabilities denominated in foreign currencies are recorded in underwriting, general and administration expenses in the consolidated statements of operations during the period in which they occur. | |
Fair Value | |
The Company uses an exit price for its fair value measurements. An exit price is defined as the amount received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In measuring fair value, the Company gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 5 for further information. | |
Investments | |
Fixed maturity and equity securities are classified as available-for-sale, as defined in the investments guidance, and reported at fair value. If the fair value is higher than the amortized cost for fixed maturity securities or the purchase cost for equity securities, the excess is an unrealized gain; and, if lower than cost, the difference is an unrealized loss. Net unrealized gains and losses on securities classified as available-for-sale, less deferred income taxes, are included in AOCI. | |
Commercial mortgage loans on real estate are reported at unpaid balances, adjusted for amortization of premium or discount, less allowance for losses. The allowance is based on management’s analysis of factors including actual loan loss experience, specific events based on geographical, political or economic conditions, industry experience, loan groupings that have probable and estimable losses and individually impaired loan loss analysis. A loan is considered individually impaired when it becomes probable the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Indicative factors of impairment include, but are not limited to, whether the loan is current, the value of the collateral and the financial position of the borrower. If a loan is individually impaired, the Company uses one of the following valuation methods based on the individual loans’ facts and circumstances to measure the impairment amount: (1) the present value of expected future cash flows, (2) the loan’s observable market price, or (3) the fair value of collateral. Changes in the allowance for loan losses are recorded in net realized losses on investments, excluding other-than-temporary impairment losses. | |
The Company places loans on non-accrual status after 90 days of delinquent payments (unless the loans are both well secured and in the process of collection). A loan may be placed on non-accrual status before this time if information is available that suggests its impairment is probable. | |
Policy loans are reported at unpaid principal balances, which do not exceed the cash surrender value of the underlying policies. | |
Short-term investments include money market funds and short maturity investments. These amounts are reported at cost, which approximates fair value. | |
The Company engages in collateralized transactions in which fixed maturity securities, especially bonds issued by the U.S. government, government agencies and authorities, and U.S. corporations, are loaned to selected broker/dealers. The collateral held under these securities lending transactions is reported at fair value and the obligation is reported at the amount of the collateral received. The difference between the collateral held and obligations under securities lending is recorded as an unrealized loss and is included as part of AOCI. | |
Other investments consist primarily of investments in joint ventures, partnerships, invested assets associated with a modified coinsurance arrangement, invested assets associated with the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan (“ASIC”) and the Assurant Deferred Compensation Plan (“ADC”). The joint ventures and partnerships are valued according to the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee, generally on a three month lag. The invested assets related to the modified coinsurance arrangement, the AIP, ASIC and ADC are classified as trading securities as defined in the investment guidance. | |
The Company monitors its investment portfolio to identify investments that may be other-than-temporarily impaired. In addition, securities, aggregated by issuer, whose market price is equal to 80% or less of their original purchase price or which had a discrete credit event resulting in the debtor defaulting or seeking bankruptcy protection are added to a potential write-down list, which is discussed at quarterly meetings attended by members of the Company’s investment, accounting and finance departments. See Note 4 for further information. | |
Realized gains and losses on sales of investments are recognized on the specific identification basis. | |
Investment income is recorded as earned and reported net of investment expenses. The Company uses the interest method to recognize interest income on its commercial mortgage loans. | |
The Company anticipates prepayments of principal in the calculation of the effective yield for mortgage-backed securities and structured securities. The retrospective method is used to adjust the effective yield. | |
Cash and Cash Equivalents | |
The Company considers cash on hand, all operating cash and working capital cash to be cash equivalents. These amounts are carried at cost, which approximates fair value. Cash balances are reviewed at the end of each reporting period to determine if negative cash balances exist. If negative cash balances do exist, the cash accounts are netted with other positive cash accounts of the same bank provided the right of offset exists between the accounts. If the right of offset does not exist, the negative cash balances are reclassified to accounts payable. | |
Uncollectible Receivable Balance | |
The Company maintains allowances for doubtful accounts for probable losses resulting from the inability to collect payments. | |
Reinsurance | |
Reinsurance recoverables include amounts related to paid benefits and estimated amounts related to unpaid policy and contract claims, future policyholder benefits and policyholder contract deposits. The cost of reinsurance is recognized over the terms of the underlying reinsured policies using assumptions consistent with those used to account for the policies. Amounts recoverable from reinsurers are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves and are reported in the consolidated balance sheets. The cost of reinsurance related to long-duration contracts is recognized over the life of the underlying reinsured policies. The ceding of insurance does not discharge the Company’s primary liability to insureds, thus a credit exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and holds collateral (in the form of funds withheld, trusts, and letters of credit) as security under the reinsurance agreements. An allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from reinsurers (net of collateral), reinsurer solvency, management’s experience and current economic conditions. | |
Funds withheld under reinsurance represent amounts contractually held from assuming companies in accordance with reinsurance agreements. | |
Reinsurance premiums assumed are calculated based upon payments received from ceding companies together with accrual estimates, which are based on both payments received and in force policy information received from ceding companies. Any subsequent differences arising on such estimates are recorded in the period in which they are determined. | |
Income Taxes | |
Current federal income taxes are recognized based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. | |
The Company classifies net interest expense related to tax matters and any applicable penalties as a component of income tax expense. | |
Deferred Acquisition Costs | |
Only direct incremental costs associated with the successful acquisition of new or renewal insurance contracts are deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Acquisition costs primarily consist of commissions and premium taxes. Certain direct response advertising expenses are deferred when the primary purpose of the advertising is to elicit sales to customers who can be shown to have specifically responded to the advertising and the direct response advertising results in probable future benefits. | |
Premium deficiency testing is performed annually and generally reviewed quarterly. Such testing involves the use of best estimate assumptions including the anticipation of investment income to determine if anticipated future policy premiums are adequate to recover all DAC and related claims, benefits and expenses. To the extent a premium deficiency exists, it is recognized immediately by a charge to the consolidated statement of operations and a corresponding reduction in DAC. If the premium deficiency is greater than unamortized DAC, a liability will be accrued for the excess deficiency. | |
Long Duration Contracts | |
Acquisition costs for pre-funded funeral (“preneed”) life insurance policies issued prior to 2009 and certain life insurance policies no longer offered are deferred and amortized in proportion to anticipated premiums over the premium-paying period. These acquisition costs consist primarily of first year commissions paid to agents. | |
Acquisition costs relating to group worksite insurance products consist primarily of first year commissions to brokers, costs of issuing new certificates and compensation to sales representatives. These acquisition costs are front-end loaded, thus they are deferred and amortized over the estimated terms of the underlying contracts. | |
For preneed investment-type annuities, preneed life insurance policies with discretionary death benefit growth issued after January 1, 2009, universal life insurance policies, and investment-type annuities (no longer offered), DAC is amortized in proportion to the present value of estimated gross profits from investment, mortality, expense margins and surrender charges over the estimated life of the policy or contract. The assumptions used for the estimates are consistent with those used in computing the policy or contract liabilities. | |
Acquisition costs relating to the individual voluntary limited benefit health policies issued in 2007 and later are deferred and amortized over the estimated average terms of the underlying contracts. These acquisition costs relate to commission expenses which result from commission schedules that pay significantly higher rates in the first year. | |
Short Duration Contracts | |
Acquisition costs relating to property contracts, warranty and extended service contracts and single premium credit insurance contracts are amortized over the term of the contracts in relation to premiums earned. | |
Acquisition costs relating to monthly pay credit insurance business consist mainly of direct response advertising costs and are deferred and amortized over the estimated average terms and balances of the underlying contracts. | |
Acquisition costs relating to group term life, group disability, group dental, and group vision consist primarily of compensation to sales representatives. These acquisition costs are front-end loaded; thus, they are deferred and amortized over the estimated terms of the underlying contracts. | |
Property and Equipment | |
Property and equipment are reported at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over estimated useful lives with a maximum of 39.5 years for buildings, a maximum of 7 years for furniture and a maximum of 5 years for equipment. Expenditures for maintenance and repairs are charged to income as incurred. Expenditures for improvements are capitalized and depreciated over the remaining useful life of the asset. | |
Property and equipment also includes capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software. Such costs are capitalized and amortized using the straight-line method over their estimated useful lives, not to exceed 20 years. Property and equipment are assessed for impairment when impairment indicators exist. | |
Goodwill | |
Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist. We regularly assess whether any indicators of impairment exist. Such indicators include, but are not limited to: significant adverse change in legal factors, adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment. | |
When required, we test goodwill for impairment at the reporting unit level. Following the guidance on goodwill, we have concluded that our reporting units for goodwill testing are equivalent to our reported operating segments, excluding the Corporate and Other segment. | |
At the time of the annual goodwill test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step goodwill impairment test. The Company is required to perform step one if it determines qualitatively that it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Otherwise, no further testing is required. | |
If the Company does not take the option to perform the qualitative assessment or the qualitative assessment performed indicates that it is more likely than not that the reporting unit’s fair value is less than the carrying value, the Company will then compare the estimated fair value of the reporting unit with its net book value (“Step 1”). If the estimated fair value exceeds its net book value, goodwill is deemed not to be impaired, and no further testing is necessary. If the net book value exceeds its estimated fair value, we perform a second test to measure the amount of impairment, if any. To determine the amount of any impairment, we determine the implied fair value of goodwill in the same manner as if the reporting unit were being acquired in a business combination (“Step 2”). Specifically, we determine the fair value of all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical calculation that yields the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, we record an impairment charge for the difference. | |
In the fourth quarter of 2013, the Company chose the option to first perform a qualitative assessment for our Assurant Specialty Property reporting unit. Based on this assessment, the Company determined that it was more likely than not that the reporting unit’s fair value was more than its carrying amount, therefore further impairment testing was not necessary. For our Assurant Solutions reporting unit we performed Step 1 and concluded that the estimated fair value of the reporting unit exceeded its respective book value and therefore goodwill was not impaired. | |
In the fourth quarter of 2012, we performed Step 1 for both our Assurant Specialty Property and Assurant Solutions reporting units and concluded that the estimated fair value of the reporting units exceeded their respective book values and therefore goodwill was not impaired. | |
For 2013 and 2012, the Assurant Employee Benefits and Assurant Health reporting units did not have goodwill. | |
Value of Businesses Acquired | |
VOBA is an identifiable intangible asset representing the value of the insurance businesses acquired. The amount is determined using best estimates for mortality, lapse, maintenance expenses and investment returns at date of purchase. The amount determined represents the purchase price paid to the seller for producing the business. Similar to the amortization of DAC, the amortization of VOBA is over the premium payment period for traditional life insurance policies and a small block of limited payment policies. For the remaining limited payment policies, preneed life insurance policies, all universal life policies and annuities, the amortization of VOBA is over the expected lifetime of the policies. | |
VOBA is tested annually in the fourth quarter for recoverability. If it is determined that future policy premiums and investment income or gross profits are not adequate to cover related losses or loss expenses, then an expense is reported in current earnings. Based on 2013 and 2012 testing, future policy premiums and investment income or gross profits were deemed adequate to cover related losses or loss expenses. | |
Other Assets | |
Other assets consist primarily of investments in unconsolidated entities and prepaid items. The Company accounts for investments in unconsolidated entities using the equity method of accounting since the Company can exert significant influence over the investee, but does not have effective control over the investee. The Company’s equity in the net income (loss) from equity method investments is recorded as income (loss) with a corresponding increase (decrease) in the investment. Judgment regarding the level of influence over each equity method investee includes considering factors such as ownership interest, board representation and policy making decisions. In applying the equity method, the Company uses financial information provided by the investee, which may be received on a lag basis. | |
Other Intangible Assets | |
Other intangible assets that have finite lives, including but not limited to, customer contracts, customer relationships and marketing relationships, are amortized over their estimated useful lives. Other intangible assets deemed to have indefinite useful lives, primarily certain state licenses, are not amortized and are subject to at least annual impairment tests. At the time of the annual impairment test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Impairment exists if the carrying amount of the indefinite-lived other intangible asset exceeds its fair value. For other intangible assets with finite lives, impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the other intangible asset. Generally other intangible assets with finite lives are only tested for impairment if there are indicators (“triggers”) of impairment identified. Triggers include, but are not limited to, a significant adverse change in the extent, manner or length of time in which the other intangible asset is being used or a significant adverse change in legal factors or in the business climate that could affect the value of the other intangible asset. In certain cases, the Company does perform an annual impairment test for other intangible assets with finite lives even if there are no triggers present. There were no material impairment charges related to finite-lived other intangible assets in 2013. The Company recorded an impairment charge of $26,458 related to finite-lived intangible assets in 2012. For both 2013 and 2012, there were no impairment charges for indefinite-lived other intangible assets. | |
Amortization expense and impairment charges are included in underwriting, general and administrative expenses in the consolidated statements of operations. | |
Separate Accounts | |
Assets and liabilities associated with separate accounts relate to premium and annuity considerations for variable life and annuity products for which the contract-holder, rather than the Company, bears the investment risk. Separate account assets (with matching liabilities) are reported at fair value. 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 because the accounts are administered by reinsurers. | |
Reserves | |
Reserves are established in accordance with GAAP, using generally accepted actuarial methods. Factors used in their calculation include experience derived from historical claim payments and actuarial assumptions. Such assumptions and other factors include trends, the incidence of incurred claims, the extent to which all claims have been reported, and internal claims processing charges. The process used in computing reserves cannot be exact, particularly for liability coverages, since actual claim costs are dependent upon such complex factors as inflation, changes in doctrines of legal liabilities and damage awards. The methods of making such estimates and establishing the related liabilities are periodically reviewed and updated. | |
Reserves do not represent an exact calculation of exposure, but instead represent our best estimates of what we expect the ultimate settlement and administration of a claim or group of claims will cost based on facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including but not limited to: changes in the economic cycle, changes in the social perception of the value of work, emerging medical perceptions regarding physiological or psychological causes of disability, emerging health issues and new methods of treatment or accommodation, inflation, judicial trends, legislative changes and claims handling procedures. | |
Many of these items are not directly quantifiable. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated. Because establishment of reserves is an inherently uncertain process involving estimates of future losses, there can be no certainty that ultimate losses will not exceed existing claims reserves. Future loss development could require reserves to be increased, which could have a material adverse effect on our earnings in the periods in which such increases are made. However, based on information currently available, we believe our reserve estimates are adequate. | |
Long Duration Contracts | |
The Company’s long duration contracts include preneed life insurance policies and annuity contracts, traditional life insurance policies no longer offered, universal life and annuities no longer offered, policies disposed of via reinsurance (Fortis Financial Group (“FFG”) and Long Term Care (“LTC”) contracts), group worksite policies, group life conversion policies and certain medical policies. | |
Future policy benefits and expense reserves for LTC, certain life and annuity insurance policies no longer offered, a majority of individual medical policies issued prior to 2003, certain medical contracts issued from 2003 through 2006, individual voluntary limited benefit health policies issued in 2007 and later, the traditional life insurance contracts within FFG group worksite contracts and group life conversion policies are equal to the present value of future benefits to policyholders plus related expenses less the present value of the future net premiums. These amounts are estimated based on assumptions as to the expected investment yield, inflation, mortality, morbidity and withdrawal rates as well as other assumptions that are based on the Company’s experience. These assumptions reflect anticipated trends and include provisions for possible unfavorable deviations. | |
Future policy benefits and expense reserves for preneed investment-type annuities, preneed life insurance policies with discretionary death benefit growth issued after 2008, universal life insurance policies and investment-type annuity contracts (no longer offered), and the variable life insurance and investment-type annuity contracts in FFG consist of policy account balances before applicable surrender charges and certain deferred policy initiation fees that are being recognized in income over the terms of the policies. Policy benefits charged to expense during the period include amounts paid in excess of policy account balances and interest credited to policy account balances. An unearned revenue reserve is also recorded for those preneed life insurance contracts which represents the balance of the excess of gross premiums over net premiums that is still recognized in future years’ income in a constant relationship to estimated gross profits. | |
Future policy benefits and expense reserves for preneed life insurance contracts issued prior to 2009 are reported at the present value of future benefits to policyholders and related expenses less the present value of future net premiums. Reserve assumptions are selected using best estimates for expected investment yield, inflation, mortality and withdrawal rates. These assumptions reflect current trends, are based on Company experience and include provision for possible unfavorable deviation. An unearned revenue reserve is also recorded for these contracts which represents the balance of the excess of gross premiums over net premiums that is still to be recognized in future years’ income in a constant relationship to insurance in force. | |
Reserves for group worksite policies also include case reserves and incurred but not reported (“IBNR”) reserves which equal the net present value of the expected future claims payments. Worksite group disability reserves are discounted to the valuation date at the valuation interest rate. The valuation interest rate is reviewed quarterly by taking into consideration actual and expected earned rates on our asset portfolio. | |
Changes in the estimated liabilities are reported as a charge or credit to policyholder benefits as the estimates are revised. | |
Short Duration Contracts | |
The Company’s short duration contracts include group term life contracts, group disability contracts, medical contracts, dental contracts, vision contracts, property and warranty contracts, credit life and disability contracts and extended service contracts. For short duration contracts, claims and benefits payable reserves are recorded when insured events occur. The liability is based on the expected ultimate cost of settling the claims. The claims and benefits payable reserves include (1) case reserves for known but unpaid claims as of the balance sheet date; (2) IBNR reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date; and (3) loss adjustment expense reserves for the expected handling costs of settling the claims. | |
For group disability, the case reserves and the IBNR reserves are recorded at an amount equal to the net present value of the expected future claims payments. Group long-term disability and group term life waiver of premiums reserves are discounted to the valuation date at the valuation interest rate. The valuation interest rate is reviewed quarterly by taking into consideration actual and expected earned rates on our asset portfolio. Group long term disability and group term life reserve adequacy studies are performed annually, and morbidity and mortality assumptions are adjusted where appropriate. | |
The Company has exposure to asbestos, environmental and other general liability claims arising from its participation in various reinsurance pools from 1971 through 1985. This exposure arose from a short duration contract that the Company discontinued writing many years ago. The Company carries case reserves for these liabilities as recommended by the various pool managers and IBNR reserves. Any estimation of these liabilities is subject to greater than normal variation and uncertainty due to the general lack of sufficient detailed data, reporting delays, and absence of generally accepted actuarial methodology for determining the exposures. There are significant unresolved industry legal issues, including such items as whether coverage exists and what constitutes an occurrence. In addition, the determination of ultimate damages and the final allocation of losses to financially responsible parties are highly uncertain. | |
Changes in the estimated liabilities are recorded as a charge or credit to policyholder benefits as estimates are revised. Amounts reimbursed by the National Flood Insurance Program for processing and adjudication services are reported as a reduction of policyholder benefits. | |
Medical Loss Ratio Rebate Unearned Premium Reserve | |
The Affordable Care Act was signed into law in March 2010. One provision of the Affordable Care Act, effective January 1, 2011, established a minimum medical loss ratio (“MLR”) designed to ensure that a minimum percentage of premiums is paid for clinical services or health care quality improvement activities. The Affordable Care Act established an MLR of 80% for individual and small group businesses and 85% for large group business. If the actual loss ratios, calculated in a manner prescribed by the Department of Health and Human Services (“HHS”), are less than the required MLR, premium rebates are payable to the policyholders by August 1 of the subsequent year. | |
The Company has estimated its 2013 impact of this regulation based on definitions and calculation methodologies outlined in the HHS regulations and guidance. The estimate was based on separate projection models for the individual medical and small group businesses using projections of expected premiums, claims, and enrollment by state, legal entity, and market for medical business subject to MLR requirements for the MLR reporting year. In addition, the projection models include quality improvement expenses, state assessments and taxes. The premium rebate is presented as a reduction of net earned premiums in the consolidated statement of operations and included in unearned premiums in the consolidated balance sheets. | |
Deferred Gain on Disposal of Businesses | |
The Company recorded a deferred gain on disposal of businesses utilizing reinsurance. On March 1, 2000, the Company sold its LTC business using a coinsurance contract. On April 2, 2001, the Company sold its FFG business using a modified coinsurance contract. Since the form of sale did not discharge the Company’s primary liability to the insureds, the gain on these disposals was deferred and reported as a liability. The liability is decreased and recognized as revenue over the estimated life of the contracts’ terms. The Company reviews and evaluates the estimates affecting the deferred gain on disposal of businesses annually or when significant information affecting the estimates becomes known to the Company, and adjusts the revenue recognized accordingly. Based on the Company’s annual review in the fourth quarters of 2013 and 2012, there were no adjustments to the estimates affecting the deferred gain. | |
Debt | |
The Company reports debt net of unamortized discount or premium and repurchases. Interest expense related to debt is expensed as incurred. | |
Premiums | |
Long Duration Contracts | |
Currently, the Company’s long duration contracts which are actively being sold are preneed life insurance and certain group worksite insurance policies. The preneed life insurance policies include provisions for death benefit growth that is either pegged to the changes in the Consumer Price Index or determined periodically at the discretion of management. For preneed life insurance policies issued prior to 2009, revenues are recognized when due from policyholders. For preneed life insurance policies with discretionary death benefit growth issued after 2008 and for preneed investment-type annuity contracts, revenues consist of charges assessed against policy balances. Revenues are recognized ratably as earned income over the premium-paying periods of the policies for the group worksite insurance products. | |
For a majority of individual medical contracts issued prior to 2003, a limited number of individual medical contracts currently issued from 2003 through 2006 in certain jurisdictions, individual voluntary limited benefit health policies issued in 2007 and later and traditional life insurance contracts previously sold by the preneed business (no longer offered), revenue is recognized when due from policyholders. | |
For universal life insurance and investment-type annuity contracts previously sold by the Assurant Solutions segment (no longer offered), revenues consist of charges assessed against policy balances. | |
Premiums for LTC insurance and traditional life insurance contracts within FFG are recognized as revenue when due from the policyholder. For universal life insurance and investment-type annuity contracts within FFG, revenues consist of charges assessed against policy balances. For the FFG and LTC businesses previously sold, all revenue is ceded. | |
Short Duration Contracts | |
The Company’s short duration contracts are those on which the Company recognizes revenue on a pro-rata basis over the contract term. The Company’s short duration contracts primarily include group term life, group disability, medical, dental, vision, property and warranty, credit life and disability, and extended service contracts and individual medical contracts issued from 2003 through 2006 in most jurisdictions and in all jurisdictions after 2006. | |
Reinstatement premiums for reinsurance are netted against net earned premiums in the consolidated statements of operations. | |
Total Other-Than-Temporary Impairment Losses | |
For debt securities with credit losses and non-credit losses or gains, total other-than-temporary impairment (“OTTI”) losses is the total of the decline in fair value from either the most recent OTTI determination or a prior period end in which the fair value declined until the current period end valuation date. This amount does not include any securities that had fair value increases. For equity securities and debt securities that the Company has the intent to sell or if it is more likely than not that it will be required to sell for equity securities that have an OTTI or for debt securities if there are only credit losses, total other-than-temporary impairment losses is the total amount by which the fair value of the security is less than its amortized cost basis at the period end valuation date and the decline in fair value is deemed to be other-than-temporary. | |
When a decline in value is considered to be other-than-temporary for equity method investments, the carrying value of these investments is written down, or impaired, to fair value. | |
Fees and Other Income | |
Income earned on preneed life insurance policies with discretionary death benefit growth issued after 2008 is presented within fees and other income. | |
The Company also derives fees and other income from providing administrative services. These fees are recognized monthly when services are performed. | |
Dealer obligor service contracts are sales in which the retailer/dealer is designated as the obligor (administrative service-only plans). For these contract sales, the Company recognizes administrative fee revenue on a straight-line pro-rata basis over the terms of the service contract. | |
Administrator obligor service contracts are sales in which the Company is designated as the obligor. The Company recognizes and reports administration fees related to these contracts as earned on the same basis as the premium is recognized or on a straight-line pro-rata basis. | |
Administration fees related to the unexpired portion of the contract term for both the dealer obligor and administrator obligor service contracts are deferred and amortized over the term of the contracts. These unexpired amounts are reported in accounts payable and other liabilities on the consolidated balance sheets. | |
Underwriting, General and Administrative Expenses | |
Underwriting, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, salaries and personnel benefits and other general operating expenses and are expensed as incurred. | |
Leases | |
The Company records expenses for operating leases on a straight-line basis over the lease term. | |
Contingencies | |
The Company evaluates each contingent matter separately. A loss contingency is recorded if reasonably estimable and probable. The Company establishes reserves for these contingencies at the best estimate, or if no one estimated number within the range of possible losses is more probable than any other, the Company records an estimated reserve at the low end of the estimated range. Contingencies affecting the Company primarily relate to litigation matters which are inherently difficult to evaluate and are subject to significant changes. The Company believes the contingent amounts recorded are reasonable. | |
Recent Accounting Pronouncements—Adopted | |
On September 30, 2012, the Company adopted the amended intangibles-goodwill and other guidance. This guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Under this amended guidance, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset, unless the entity determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amended guidance includes a number of events and circumstances for an entity to consider in conducting the qualitative assessment and did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2012, the Company adopted the guidance on fair value measurement. This amended guidance changes certain fair value measurement principles and expands required disclosures to include quantitative and qualitative information about unobservable inputs in Level 3 measurements to achieve common fair value measurement and disclosure requirements in GAAP and International Financial Reporting Standards. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2012, the Company adopted the amendments to existing guidance on accounting for costs associated with acquiring or renewing insurance contracts. The amendments modified the definition of the types of costs incurred by insurance entities that can be capitalized in the acquisition of new and renewal contracts. Under this amended guidance, only direct incremental costs associated with successful insurance contract acquisitions or renewals are deferrable. The guidance was adopted retrospectively and has been applied to all prior period financial information contained in these consolidated financial statements. | |
On December 31, 2011, the Company adopted the new guidance related to the presentation of comprehensive income. This guidance provides two alternatives for presenting comprehensive income. An entity can report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Each component of net income and each component of other comprehensive income, together with totals for comprehensive income and its two parts, net income and other comprehensive income, are displayed under either alternative. The statement(s) are to be presented with equal prominence as the other primary financial statements. The new guidance eliminates the Company’s previously applied option to report other comprehensive income and its components in the statement of changes in stockholders’ equity. The guidance does not change the items that constitute net income or other comprehensive income, and does not change when an item of other comprehensive income must be reclassified to net income. The Company chose to early adopt this guidance and therefore is reporting comprehensive income in a separate but consecutive statement, with full retrospective application as required by the guidance. The adoption of the new presentation requirements did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2011, the Company adopted the new guidance on multiple deliverable revenue arrangements. This guidance requires entities to use their best estimate of the selling price of a deliverable within a multiple deliverable revenue arrangement if the entity and other entities do not sell the deliverable separate from the other deliverables within the arrangement. In addition, it requires both qualitative and quantitative disclosures. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. | |
Recent Accounting Pronouncements—Not Yet Adopted | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this guidance state that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. An exception to this guidance would be where a net operating loss carryforward or similar tax loss or credit carryforward would not be available under the tax law to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such a case, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective for interim and annual periods beginning after December 15, 2013. The Company will be adopting this presentation as of the effective date and does not expect any net impact to the Company’s financial position and results of operations. | |
In July 2011, the FASB issued amendments to the other expenses guidance to address how health insurers should recognize and classify in their statements of operations fees mandated by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (the “Affordable Care Act”). The Affordable Care Act imposes an annual fee on health insurers for each calendar year beginning on or after January 1, 2014. The amendments specify that the liability for the fee should be estimated and recorded in full once the entity provides qualifying health insurance in the applicable calendar year in which the fee is payable with a corresponding deferred cost that is amortized to expense ratably over the calendar year during which it is payable. The guidance is effective for calendar years beginning after December 31, 2013, when the fee initially becomes effective. Therefore, the Company is required to adopt this guidance on January 1, 2014 and it impacts the results of our Assurant Health and Assurant Employee Benefits segments. In the first quarter of 2014, the estimated liability for the mandated fees and the corresponding deferred cost asset of $24,000 will be recorded in accounts payable and other liabilities and in other assets, respectively, on the consolidated balance sheets. The deferred cost asset will be amortized ratably over the calendar year to underwriting, general and administrative expense in the consolidated statements of operations. This is an estimated amount and may be adjusted once the assessment is received from the federal government. | |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
3. Acquisitions | |
On September 30, 2013, the Company acquired Field Asset Services from FirstService Corporation for $54,636 in cash. In connection with the acquisition, the Company recorded $21,020 of marketing and technology based intangible assets, all of which are amortizable over a 5 to 9 year period, and $28,908 of goodwill, all of which is tax deductible. The primary factor contributing to the recognition of goodwill is the future expected growth of this business. This acquisition expands existing collateral protection service offerings for customers of Assurant Specialty Property. | |
On October 25, 2013, the Company acquired Lifestyle Services Group, a mobile phone insurance provider based in the U.K. The acquisition-date fair value of the consideration transferred totaled £106,394 ($172,156), which consists of an initial cash payment of £87,081 ($140,906), a delayed payment of £3,000 ($4,854) and contingent consideration of an additional £16,313 ($26,395), payable no later than March 31, 2014. The contingent consideration arrangement is based on a client contract renewal. In connection with the acquisition, the Company recorded £45,266 ($73,245) of customer related intangibles, all of which are amortizable over a 2 to 10 year period, and £70,234 ($113,646) of goodwill, none of which is tax deductible. The primary factor contributing to the recognition of goodwill is the future expected growth of this business within Assurant Solutions. | |
On December 30, 2013, the Company paid Mex $1,191,499 (U.S.D $91,420) for a 40% investment in the Mexican operations of Iké Asistencia (“Iké”), a services assistance business with operations in Mexico and other countries in Latin America. On February 10, 2014, the Company made an additional payment of Mex $272,541 (U.S.D $20,404) for 40% of Iké’s Latin American operations. Following these payments, the Company owns 40% of the equity interests and outstanding shares of Iké and, under the terms of the agreements, will also have options to acquire the remaining interest in Iké over time. | |
The Company concluded that Iké is a VIE, however it does not have the controlling financial interest to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the investment in Iké is recorded under the equity method of accounting and the resulting investment in this unconsolidated entity is included in other assets on the consolidated balance sheet as of December 31, 2013. The Company’s income from its investment in Iké will be included in fees and other income of the consolidated statements of operations. This income will be adjusted for basis differences, such as the amortization of separately identifiable intangible assets. | |
The estimated fair value of a net put option to acquire the remaining interests of Iké is included in accounts payable and other liabilities of the consolidated balance sheet as of December 31, 2013. The estimated fair value of the net option will be remeasured each quarter and any changes in the fair value will be also included in fees and other income in the consolidated statements of operations. | |
An indemnification asset that approximates the estimated contingencies related to uncertain tax positions for Iké is included in other assets on the consolidated balance sheet as of December 31, 2013. Any subsequent changes in the indemnification asset will be recorded as an offset to the investment in this unconsolidated entity. | |
There were no material business combinations in 2012. | |
On June 21, 2011, in an all cash transaction, the Company acquired the SureDeposit business, the leading provider of security deposit alternatives to the multi-family housing industry, for $45,080. In connection with the acquisition, the Company recorded $25,350 of customer, marketing and technology based intangible assets, all of which are amortizable over a 5 to 10 year period, and $19,608 of goodwill. The primary factor contributing to the recognition of goodwill is the future expected growth of this business. This acquisition expands the multi-family housing product offering and associated cross-selling opportunities with existing clients for the Assurant Specialty Property segment. | |
Investments
Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
4. Investments | ||||||||||||||||
The following tables show the cost or amortized cost, gross unrealized gains and losses, fair value and OTTI of our fixed maturity and equity securities as of the dates indicated: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (a) | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 408,378 | $ | 4,166 | $ | -1,888 | $ | 410,656 | $ | 0 | ||||||
States, municipalities and political subdivisions | 774,233 | 63,543 | -2,624 | 835,152 | 0 | |||||||||||
Foreign governments | 647,486 | 35,543 | -7,608 | 675,421 | 0 | |||||||||||
Asset-backed | 4,320 | 1,910 | -56 | 6,174 | 1,773 | |||||||||||
Commercial mortgage-backed | 57,594 | 2,850 | -82 | 60,362 | 0 | |||||||||||
Residential mortgage-backed | 919,216 | 41,905 | -13,217 | 947,904 | 19,525 | |||||||||||
Corporate | 7,709,083 | 684,776 | -37,653 | 8,356,206 | 19,359 | |||||||||||
Total fixed maturity securities | $ | 10,520,310 | $ | 834,693 | $ | -63,128 | $ | 11,291,875 | $ | 40,657 | ||||||
Equity securities: | ||||||||||||||||
Common stocks | $ | 17,890 | $ | 11,352 | $ | -10 | $ | 29,232 | $ | 0 | ||||||
Non-redeemable preferred stocks | 399,645 | 38,880 | -9,399 | 429,126 | 0 | |||||||||||
Total equity securities | $ | 417,535 | $ | 50,232 | $ | -9,409 | $ | 458,358 | $ | 0 | ||||||
31-Dec-12 | ||||||||||||||||
Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (a) | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 633,329 | $ | 8,722 | $ | -127 | $ | 641,924 | $ | 0 | ||||||
States, municipalities and political subdivisions | 800,592 | 106,560 | -96 | 907,056 | 0 | |||||||||||
Foreign governments | 672,671 | 82,096 | -1,359 | 753,408 | 0 | |||||||||||
Asset-backed | 27,182 | 1,437 | -422 | 28,197 | 1,159 | |||||||||||
Commercial mortgage-backed | 64,344 | 5,539 | 0 | 69,883 | 0 | |||||||||||
Residential mortgage-backed | 714,628 | 56,983 | -554 | 771,057 | 14,259 | |||||||||||
Corporate | 7,815,968 | 1,193,695 | -9,550 | 9,000,113 | 21,291 | |||||||||||
Total fixed maturity securities | $ | 10,728,714 | $ | 1,455,032 | $ | -12,108 | $ | 12,171,638 | $ | 36,709 | ||||||
Equity securities: | ||||||||||||||||
Common stocks | $ | 14,707 | $ | 4,243 | $ | 0 | $ | 18,950 | $ | 0 | ||||||
Non-redeemable preferred stocks | 407,996 | 53,976 | -5,116 | 456,856 | 0 | |||||||||||
Total equity securities | $ | 422,703 | $ | 58,219 | $ | -5,116 | $ | 475,806 | $ | 0 | ||||||
(a) | Represents the amount of other-than-temporary impairments recognized in accumulated other comprehensive income. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. | |||||||||||||||
Our states, municipalities and political subdivisions holdings are highly diversified across the U.S. and Puerto Rico, with no individual state’s exposure (including both general obligation and revenue securities) exceeding 0.5% of the overall investment portfolio as of December 31, 2013 and 2012. At December 31, 2013 and 2012, the securities include general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers, including $234,640 and $168,705, respectively, of advance refunded or escrowed-to-maturity bonds (collectively referred to as “pre-refunded bonds”), which are bonds for which an irrevocable trust has been established to fund the remaining payments of principal and interest. As of December 31, 2013 and 2012, revenue bonds account for 53% and 52% of the holdings, respectively. Excluding pre-refunded revenue bonds, the activities supporting the income streams of the Company’s revenue bonds are across a broad range of sectors, primarily highway, water, transit, airport and marina, higher education, specifically pledged tax revenues, and other miscellaneous sources such as bond banks, finance authorities and appropriations. | ||||||||||||||||
The Company’s investments in foreign government fixed maturity securities are held mainly in countries and currencies where the Company has policyholder liabilities, which allow the assets and liabilities to be more appropriately matched. At December 31, 2013, approximately 70%, 15%, and 6% of the foreign government securities were held in the Canadian government/provincials and the governments of Brazil and Germany, respectively. At December 31, 2012, approximately 67%, 15% and 6% of the foreign government securities were held in the Canadian government/provincials and the governments of Brazil and Germany, respectively. No other country represented more than 3% and 5% of our foreign government securities as of December 31, 2013 and 2012, respectively. | ||||||||||||||||
The Company has European investment exposure in its corporate fixed maturity and equity securities of $1,082,129 with an unrealized gain of $78,126 at December 31, 2013 and $1,054,820 with an unrealized gain of $122,420 at December 31, 2012. Approximately 25% and 28% of the corporate European exposure is held in the financial industry at December 31, 2013 and 2012, respectively. Our largest European country exposure represented approximately 6% and 5% of the fair value of our corporate securities as of December 31, 2013 and 2012, respectively. Approximately 5% of the fair value of the corporate European securities are pound and euro-denominated and are not hedged to U.S. dollars, but, held to support those foreign-denominated liabilities. Our international investments are managed as part of our overall portfolio with the same approach to risk management and focus on diversification. | ||||||||||||||||
The cost or amortized cost and fair value of fixed maturity securities at December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||
Cost or Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 583,725 | $ | 589,192 | ||||||||||||
Due after one year through five years | 2,136,037 | 2,270,487 | ||||||||||||||
Due after five years through ten years | 2,800,831 | 2,909,407 | ||||||||||||||
Due after ten years | 4,018,587 | 4,508,349 | ||||||||||||||
Total | 9,539,180 | 10,277,435 | ||||||||||||||
Asset-backed | 4,320 | 6,174 | ||||||||||||||
Commercial mortgage-backed | 57,594 | 60,362 | ||||||||||||||
Residential mortgage-backed | 919,216 | 947,904 | ||||||||||||||
Total | $ | 10,520,310 | $ | 11,291,875 | ||||||||||||
Major categories of net investment income were as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Fixed maturity securities | $ | 530,144 | $ | 553,668 | $ | 565,486 | ||||||||||
Equity securities | 27,013 | 24,771 | 29,645 | |||||||||||||
Commercial mortgage loans on real estate | 76,665 | 79,108 | 80,903 | |||||||||||||
Policy loans | 3,426 | 3,204 | 3,102 | |||||||||||||
Short-term investments | 2,156 | 4,889 | 5,351 | |||||||||||||
Other investments | 20,573 | 54,581 | 21,326 | |||||||||||||
Cash and cash equivalents | 14,679 | 15,323 | 7,838 | |||||||||||||
Total investment income | 674,656 | 735,544 | 713,651 | |||||||||||||
Investment expenses | -24,360 | -22,416 | -24,119 | |||||||||||||
Net investment income | $ | 650,296 | $ | 713,128 | $ | 689,532 | ||||||||||
No material investments of the Company were non-income producing for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
The following table summarizes the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from sales | $ | 2,821,177 | $ | 2,314,540 | $ | 1,679,553 | ||||||||||
Gross realized gains | 81,921 | 68,697 | 57,120 | |||||||||||||
Gross realized losses | 50,667 | 12,597 | 20,925 | |||||||||||||
For securities sold at a loss during 2013, the average period of time these securities were trading continuously at a price below book value was approximately 12 months. | ||||||||||||||||
The following table sets forth the net realized gains (losses), including other-than-temporary impairments, recognized in the statement of operations as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net realized gains (losses) related to sales and other: | ||||||||||||||||
Fixed maturity securities | $ | 14,579 | $ | 59,815 | $ | 44,924 | ||||||||||
Equity securities | 19,789 | -3,466 | -7,010 | |||||||||||||
Commercial mortgage loans on real estate | 2,515 | 3,072 | 336 | |||||||||||||
Other investments | 2,029 | 6,775 | 2,166 | |||||||||||||
Total net realized gains related to sales and other | 38,912 | 66,196 | 40,416 | |||||||||||||
Net realized losses related to other-than-temporary impairments: | ||||||||||||||||
Fixed maturity securities | -3,295 | -1,287 | -7,780 | |||||||||||||
Equity securities | 0 | -226 | -21 | |||||||||||||
Other investments | -1,092 | -330 | -35 | |||||||||||||
Total net realized losses related to other-than-temporary impairments | -4,387 | -1,843 | -7,836 | |||||||||||||
Total net realized gains | $ | 34,525 | $ | 64,353 | $ | 32,580 | ||||||||||
Other-Than-Temporary Impairments | ||||||||||||||||
The Company follows the OTTI guidance which requires entities to separate an OTTI of a debt security into two components when there are credit related losses associated with the impaired debt security for which the Company asserts that it does not have the intent to sell, and it is more likely than not that it will not be required to sell before recovery of its cost basis. Under the OTTI guidance, the amount of the OTTI related to a credit loss is recognized in earnings, and the amount of the OTTI related to other, non-credit, factors (e.g. , interest rates, market conditions, etc.) is recorded as a component of other comprehensive income. In instances where no credit loss exists but the Company intends to sell the security or it is more likely than not that the Company will have to sell the debt security prior to the anticipated recovery, the decline in market value below amortized cost is recognized as an OTTI in earnings. In periods after the recognition of an OTTI on debt securities, the Company accounts for such securities as if they had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. For debt securities for which OTTI was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be accreted or amortized into net investment income. | ||||||||||||||||
For the twelve months ended December 31, 2013 and 2012, the Company recorded $4,516 and $1,939, respectively, of OTTI, of which $4,387 and $1,843 was related to credit losses and recorded as net OTTI losses recognized in earnings, with the remaining amounts of $129 and $96, respectively, related to all other factors and was recorded as an unrealized loss component of AOCI. | ||||||||||||||||
The following table sets forth the amount of credit loss impairments recognized within the results of operations on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in AOCI, and the corresponding changes in such amounts. | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance, beginning of year | $ | 95,589 | $ | 103,090 | $ | 105,245 | ||||||||||
Additions for credit loss impairments recognized in the current period on securities not previously impaired | 0 | 0 | 1,455 | |||||||||||||
Additions for credit loss impairments recognized in the current period on securities previously impaired | 107 | 56 | 1,598 | |||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | -1,851 | -1,590 | -669 | |||||||||||||
Reductions for credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period | -48,567 | -5,967 | -4,539 | |||||||||||||
Balance, end of year | $ | 45,278 | $ | 95,589 | $ | 103,090 | ||||||||||
We regularly monitor our investment portfolio to ensure investments that may be other-than-temporarily impaired are identified in a timely fashion, properly valued, and charged against earnings in the proper period. The determination that a security has incurred an other-than-temporary decline in value requires the judgment of management. Assessment factors include, but are not limited to, the length of time and the extent to which the market value has been less than cost, the financial condition and rating of the issuer, whether any collateral is held, the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery for equity securities and the intent to sell or whether it is more likely than not that the Company will be required to sell for fixed maturity securities. Inherently, there are risks and uncertainties involved in making these judgments. Changes in circumstances and critical assumptions such as a continued weak economy, a more pronounced economic downturn or unforeseen events which affect one or more companies, industry sectors, or countries could result in additional impairments in future periods for other-than-temporary declines in value. Any equity security whose price decline is deemed other-than-temporary is written down to its then current market value with the amount of the impairment reported as a realized loss in that period. The impairment of a fixed maturity security that the Company has the intent to sell or that it is more likely than not that the Company will be required to sell is deemed other-than-temporary and is written down to its market value at the balance sheet date with the amount of the impairment reported as a realized loss in that period. For all other-than-temporarily impaired fixed maturity securities that do not meet either of these two criteria, the Company is required to analyze its ability to recover the amortized cost of the security by calculating the net present value of projected future cash flows. For these other-than-temporarily impaired fixed maturity securities, the net amount recognized in earnings is equal to the difference between the amortized cost of the fixed maturity security and its net present value. | ||||||||||||||||
The Company considers different factors to determine the amount of projected future cash flows and discounting methods for corporate debt and residential and commercial mortgage-backed or asset-backed securities. For corporate debt securities, the split between the credit and non-credit losses is driven principally by assumptions regarding the amount and timing of projected future cash flows. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the security at the date of acquisition. For residential and commercial mortgage-backed and asset-backed securities, cash flow estimates, including prepayment assumptions, are based on data from widely accepted third-party data sources or internal estimates. In addition to prepayment assumptions, cash flow estimates vary based on assumptions regarding the underlying collateral including default rates, recoveries and changes in value. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed maturity security prior to impairment at the balance sheet date. The discounted cash flows become the new amortized cost basis of the fixed maturity security. | ||||||||||||||||
In periods subsequent to the recognition of an OTTI, the Company generally accretes the discount (or amortizes the reduced premium) into net investment income, up to the non-discounted amount of projected future cash flows, resulting from the reduction in cost basis, based upon the amount and timing of the expected future cash flows over the estimated period of cash flows. | ||||||||||||||||
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities and equity securities at December 31, 2013 and 2012 were as follows: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||
Losses | Losses | Losses | ||||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 52,615 | $ | -1,464 | $ | 3,514 | $ | -424 | $ | 56,129 | $ | -1,888 | ||||
States, municipalities and political subdivisions | 30,145 | -2,624 | 0 | 0 | 30,145 | -2,624 | ||||||||||
Foreign governments | 217,708 | -7,596 | 111 | -12 | 217,819 | -7,608 | ||||||||||
Asset-backed | 0 | 0 | 1,442 | -56 | 1,442 | -56 | ||||||||||
Commercial mortgage-backed | 5,036 | -82 | 0 | 0 | 5,036 | -82 | ||||||||||
Residential mortgage-backed | 407,808 | -11,667 | 31,498 | -1,550 | 439,306 | -13,217 | ||||||||||
Corporate | 1,412,611 | -36,848 | 19,291 | -805 | 1,431,902 | -37,653 | ||||||||||
Total fixed maturity securities | $ | 2,125,923 | $ | -60,281 | $ | 55,856 | $ | -2,847 | $ | 2,181,779 | $ | -63,128 | ||||
Equity securities: | ||||||||||||||||
Common stock | $ | 187 | $ | -10 | $ | 0 | $ | 0 | $ | 187 | $ | -10 | ||||
Non-redeemable preferred stocks | 159,723 | -8,200 | 11,807 | -1,199 | 171,530 | -9,399 | ||||||||||
Total equity securities | $ | 159,910 | $ | -8,210 | $ | 11,807 | $ | -1,199 | $ | 171,717 | $ | -9,409 | ||||
31-Dec-12 | ||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||
Losses | Losses | Losses | ||||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 233,559 | $ | -127 | $ | 0 | $ | 0 | $ | 233,559 | $ | -127 | ||||
States, municipalities and political subdivisions | 0 | 0 | 4,575 | -96 | 4,575 | -96 | ||||||||||
Foreign governments | 41,917 | -204 | 8,925 | -1,155 | 50,842 | -1,359 | ||||||||||
Asset-backed | 0 | 0 | 2,662 | -422 | 2,662 | -422 | ||||||||||
Residential mortgage-backed | 56,674 | -509 | 9,300 | -45 | 65,974 | -554 | ||||||||||
Corporate | 459,797 | -5,802 | 62,778 | -3,748 | 522,575 | -9,550 | ||||||||||
Total fixed maturity securities | $ | 791,947 | $ | -6,642 | $ | 88,240 | $ | -5,466 | $ | 880,187 | $ | -12,108 | ||||
Equity securities: | ||||||||||||||||
Non-redeemable preferred stocks | $ | 52,508 | $ | -416 | $ | 48,626 | $ | -4,700 | $ | 101,134 | $ | -5,116 | ||||
Total gross unrealized losses represent approximately 3% and 2% of the aggregate fair value of the related securities at December 31, 2013 and 2012, respectively. Approximately 94% and 41% of these gross unrealized losses have been in a continuous loss position for less than twelve months at December 31, 2013 and 2012, respectively. The total gross unrealized losses are comprised of 667 and 238 individual securities at December 31, 2013 and 2012, respectively. In accordance with its policy described above, the Company concluded that for these securities an adjustment to its results of operations for other-than-temporary impairments of the gross unrealized losses was not warranted at December 31, 2013 and 2012. These conclusions were based on a detailed analysis of the underlying credit and expected cash flows of each security. As of December 31, 2013, the gross unrealized losses that have been in a continuous loss position for twelve months or more were concentrated in the Company’s residential mortgage-backed and corporate fixed maturity securities, and in non-redeemable preferred stocks. Within the Company’s corporate fixed maturity securities, the majority of the loss position relates to securities in the industrial sector. The industrial sector’s gross unrealized losses of twelve months or more were $354, or 44%, of the corporate fixed maturity total. The non-redeemable preferred stocks are perpetual preferred securities that have characteristics of both debt and equity securities. To evaluate these securities, we apply an impairment model similar to that used for our fixed maturity securities. As of December 31, 2013, the Company did not intend to sell these securities and it was not more likely than not that the Company would be required to sell them and no underlying cash flow issues were noted. Therefore, the Company did not recognize an OTTI on those perpetual preferred securities that had been in a continuous unrealized loss position for twelve months or more. As of December 31, 2013, the Company did not intend to sell the fixed maturity securities and it was not more likely than not that the Company would be required to sell the securities before the anticipated recovery of their amortized cost basis. The gross unrealized losses are primarily attributable to widening credit spreads associated with an underlying shift in overall credit risk premium. | ||||||||||||||||
The cost or amortized cost and fair value of available-for-sale fixed maturity securities in an unrealized loss position at December 31, 2013, by contractual maturity, is shown below: | ||||||||||||||||
Cost or | ||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 22,707 | $ | 22,579 | ||||||||||||
Due after one year through five years | 350,208 | 344,476 | ||||||||||||||
Due after five years through ten years | 1,048,031 | 1,017,945 | ||||||||||||||
Due after ten years | 364,822 | 350,995 | ||||||||||||||
Total | 1,785,768 | 1,735,995 | ||||||||||||||
Asset-backed | 1,498 | 1,442 | ||||||||||||||
Commercial mortgage-backed | 5,118 | 5,036 | ||||||||||||||
Residential mortgage-backed | 452,523 | 439,306 | ||||||||||||||
Total | $ | 2,244,907 | $ | 2,181,779 | ||||||||||||
The Company has exposure to sub-prime and related mortgages within our fixed maturity security portfolio. At December 31, 2013, approximately 3.1% of the residential mortgage-backed holdings had exposure to sub-prime mortgage collateral. This represented approximately 0.3% of the total fixed income portfolio and 2.3% of the total unrealized gain position. Of the securities with sub-prime exposure, approximately 12.2% are rated as investment grade. All residential mortgage-backed securities, including those with sub-prime exposure, are reviewed as part of the ongoing other-than-temporary impairment monitoring process. | ||||||||||||||||
The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. and Canada. At December 31, 2013, approximately 38% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, New York, and Utah. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from $9 to $15,574 at December 31, 2013 and from $36 to $15,939 at December 31, 2012. | ||||||||||||||||
Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. Loan-to-value and debt-service coverage ratios are measures commonly used to assess the credit quality of commercial mortgage loans. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the third quarter. | ||||||||||||||||
The following summarizes our loan-to-value and average debt-service coverage ratios as of the dates indicated: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Loan-to-Value | Carrying Value | % of Gross Mortgage Loans | Debt-Service Coverage Ratio | |||||||||||||
70% and less | $ | 1,143,200 | 88.5 | % | 1.97 | |||||||||||
71 – 80% | 73,603 | 5.7 | % | 1.44 | ||||||||||||
81 – 95% | 58,752 | 4.6 | % | 1.19 | ||||||||||||
Greater than 95% | 15,959 | 1.2 | % | 0.87 | ||||||||||||
Gross commercial mortgage loans | 1,291,514 | 100.0 | % | 1.89 | ||||||||||||
Less valuation allowance | -4,482 | |||||||||||||||
Net commercial mortgage loans | $ | 1,287,032 | ||||||||||||||
31-Dec-12 | ||||||||||||||||
Loan-to-Value | Carrying Value | % of Gross Mortgage Loans | Debt-Service Coverage Ratio | |||||||||||||
70% and less | $ | 1,141,564 | 86.6 | % | 1.95 | |||||||||||
71 – 80% | 103,152 | 7.8 | % | 1.30 | ||||||||||||
81 – 95% | 57,413 | 4.3 | % | 1.04 | ||||||||||||
Greater than 95% | 16,550 | 1.3 | % | 1.02 | ||||||||||||
Gross commercial mortgage loans | 1,318,679 | 100.0 | % | 1.85 | ||||||||||||
Less valuation allowance | -6,997 | |||||||||||||||
Net commercial mortgage loans | $ | 1,311,682 | ||||||||||||||
All commercial mortgage loans that are individually impaired have an established mortgage loan valuation allowance for losses. Changing economic conditions affect our valuation of commercial mortgage loans. Changing vacancies and rents are incorporated into the discounted cash flow analysis that we perform for monitored loans and may contribute to the establishment of (or an increase or decrease in) a commercial mortgage loan valuation allowance for losses. In addition, we continue to monitor the entire commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events, have deteriorating credits or have experienced a reduction in debt-service coverage ratio. Where warranted, we have established or increased a valuation allowance based upon this analysis. | ||||||||||||||||
The commercial mortgage loan valuation allowance for losses was $4,482 and $6,997 at December 31, 2013 and 2012, respectively. In 2013 and 2012, the loan valuation allowance was decreased $2,515 and $3,413, respectively, due to changing economic conditions and geographic concentrations. | ||||||||||||||||
At December 31, 2013, the Company had mortgage loan commitments outstanding of approximately $16,625. The Company is also committed to fund additional capital contributions of $26,815 to real estate joint ventures. | ||||||||||||||||
The Company has short term investments and fixed maturities of $543,344 and $580,953 at December 31, 2013 and 2012, respectively, on deposit with various governmental authorities as required by law. | ||||||||||||||||
The Company utilizes derivative instruments in managing the Assurant Solutions segment preneed life insurance business exposure to inflation risk. The derivative instruments, Consumer Price Index Caps (the “CPI CAPs”), limits the inflation risk on certain policies. The CPI CAPs do not qualify under GAAP as effective hedges; therefore, they are marked-to-market on a quarterly basis and the gain or loss is recognized in the statement of operations in fees and other income. As of December 31, 2013 and 2012, the CPI CAPs included in other assets on the consolidated balance sheet amounted to $2,491 and $5,886, respectively. The loss recorded in the results of operations totaled $3,395, $2,635, and $1,304 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Collateralized Transactions | ||||||||||||||||
The Company engages in transactions in which fixed maturity securities, primarily bonds issued by the U.S. government and government agencies and authorities, and U.S. corporations, are loaned to selected broker/dealers. Collateral, greater than or equal to 102% of the fair value of the securities lent, plus accrued interest, is received in the form of cash and cash equivalents held by a custodian bank for the benefit of the Company. The use of cash collateral received is unrestricted. The Company reinvests the cash collateral received, generally in investments of high credit quality that are designated as available-for-sale. The Company monitors the fair value of securities loaned and the collateral received, with additional collateral obtained, as necessary. The Company is subject to the risk of loss to the extent there is a loss on the re-investment of cash collateral. | ||||||||||||||||
As of December 31, 2013 and 2012, our collateral held under securities lending, of which its use is unrestricted, was $95,215 and $94,729, respectively, and is included in the consolidated balance sheets under the collateral held/pledged under securities agreements. Our liability to the borrower for collateral received was $95,206 and $94,714, respectively, and is included in the consolidated balance sheets under the obligation under securities agreements. The difference between the collateral held and obligations under securities lending is recorded as an unrealized gain and is included as part of AOCI. All securities are in an unrealized gain position as of December 31, 2013 and 2012. The Company includes the available-for-sale investments purchased with the cash collateral in its evaluation of other-than-temporary impairments. | ||||||||||||||||
Cash proceeds that the Company receives as collateral for the securities it lends and subsequent repayment of the cash are regarded by the Company as cash flows from financing activities, since the cash received is considered a borrowing. Since the Company reinvests the cash collateral generally in investments that are designated as available-for-sale, the reinvestment is presented as cash flows from investing activities. | ||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||||||||
5. Fair Value Disclosures | |||||||||||||||||||||||||||
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures | |||||||||||||||||||||||||||
The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as 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. In accordance with this guidance, the Company has categorized its recurring basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. | |||||||||||||||||||||||||||
The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||||||||||
The levels of the fair value hierarchy are described below: | |||||||||||||||||||||||||||
• | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access. | ||||||||||||||||||||||||||
• | Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly, for substantially the full term of the asset. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset. The observable inputs are used in valuation models to calculate the fair value for the asset. | ||||||||||||||||||||||||||
• | Level 3 inputs are unobservable but are significant to the fair value measurement for the asset, and include situations where there is little, if any, market activity for the asset. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset. | ||||||||||||||||||||||||||
A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. | |||||||||||||||||||||||||||
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. The amounts presented below for Collateral held/pledged under securities agreements, Other investments, Cash equivalents, Other assets, Assets and Liabilities held in separate accounts and Other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan, American Security Insurance Company Investment Plan, Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the Assurant Investment Plan, contingent consideration related to a business combination and other derivatives. The fair value amount and the majority of the associated levels presented for Other investments and Assets and Liabilities held in separate accounts are received directly from third parties. | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 410,656 | $ | 0 | $ | 410,656 | $ | 0 | |||||||||||||||||||
State, municipalities and political subdivisions | 835,152 | 0 | 812,495 | 22,657 | |||||||||||||||||||||||
Foreign governments | 675,421 | 789 | 657,775 | 16,857 | |||||||||||||||||||||||
Asset-backed | 6,174 | 0 | 6,174 | 0 | |||||||||||||||||||||||
Commercial mortgage-backed | 60,362 | 0 | 59,764 | 598 | |||||||||||||||||||||||
Residential mortgage-backed | 947,904 | 0 | 943,737 | 4,167 | |||||||||||||||||||||||
Corporate | 8,356,206 | 0 | 8,240,862 | 115,344 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stocks | 29,232 | 28,548 | 684 | 0 | |||||||||||||||||||||||
Non-redeemable preferred stocks | 429,126 | 0 | 421,616 | 7,510 | |||||||||||||||||||||||
Short-term investments | 470,458 | 273,518 | b | 196,940 | c | 0 | |||||||||||||||||||||
Collateral held/pledged under securities agreements | 74,212 | 67,202 | b | 7,010 | c | 0 | |||||||||||||||||||||
Other investments | 246,748 | 66,659 | a | 175,918 | c | 4,171 | d | ||||||||||||||||||||
Cash equivalents | 1,233,701 | 967,372 | b | 266,329 | c | 0 | |||||||||||||||||||||
Other assets | 3,726 | 0 | 1,235 | f | 2,491 | e | |||||||||||||||||||||
Assets held in separate accounts | 1,887,988 | 1,696,811 | a | 191,177 | c | 0 | |||||||||||||||||||||
Total financial assets | $ | 15,667,066 | $ | 3,100,899 | $ | 12,392,372 | $ | 173,795 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | $ | 106,992 | $ | 54,794 | a | $ | 31,868 | g | $ | 20,330 | f | ||||||||||||||||
Liabilities related to separate accounts | 1,887,988 | 1,696,811 | a | 191,177 | c | 0 | |||||||||||||||||||||
Total financial liabilities | $ | 1,994,980 | $ | 1,751,605 | $ | 223,045 | $ | 20,330 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 641,924 | $ | 0 | $ | 637,749 | $ | 4,175 | |||||||||||||||||||
State, municipalities and political subdivisions | 907,056 | 0 | 907,056 | 0 | |||||||||||||||||||||||
Foreign governments | 753,408 | 672 | 729,639 | 23,097 | |||||||||||||||||||||||
Asset-backed | 28,197 | 0 | 28,197 | 0 | |||||||||||||||||||||||
Commercial mortgage-backed | 69,883 | 0 | 68,109 | 1,774 | |||||||||||||||||||||||
Residential mortgage-backed | 771,057 | 0 | 762,846 | 8,211 | |||||||||||||||||||||||
Corporate | 9,000,113 | 0 | 8,842,110 | 158,003 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stocks | 18,950 | 18,267 | 683 | 0 | |||||||||||||||||||||||
Non-redeemable preferred stocks | 456,856 | 0 | 456,842 | 14 | |||||||||||||||||||||||
Short-term investments | 300,925 | 201,803 | b | 99,122 | c | 0 | |||||||||||||||||||||
Collateral held/pledged under securities agreements | 74,729 | 68,939 | b | 5,790 | c | 0 | |||||||||||||||||||||
Other investments | 250,806 | 49,199 | a | 190,280 | c | 11,327 | d | ||||||||||||||||||||
Cash equivalents | 381,777 | 366,543 | b | 15,234 | c | 0 | |||||||||||||||||||||
Other assets | 6,609 | 0 | 723 | f | 5,886 | e | |||||||||||||||||||||
Assets held in separate accounts | 1,674,406 | 1,469,050 | a | 205,356 | c | 0 | |||||||||||||||||||||
Total financial assets | $ | 15,336,696 | $ | 2,174,473 | $ | 12,949,736 | $ | 212,487 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | $ | 51,828 | $ | 49,199 | a | $ | 69 | f | $ | 2,560 | f | ||||||||||||||||
Liabilities related to separate accounts | 1,674,406 | 1,469,050 | a | 205,356 | c | 0 | |||||||||||||||||||||
Total financial liabilities | $ | 1,726,234 | $ | 1,518,249 | $ | 205,425 | $ | 2,560 | |||||||||||||||||||
a. | Mainly includes mutual funds. | ||||||||||||||||||||||||||
b. | Mainly includes money market funds. | ||||||||||||||||||||||||||
c. | Mainly includes fixed maturity securities. | ||||||||||||||||||||||||||
d. | Mainly includes fixed maturity securities and other derivatives. | ||||||||||||||||||||||||||
e. | Mainly includes the Consumer Price Index Cap Derivatives (“CPI Caps”). | ||||||||||||||||||||||||||
f. | Mainly includes other derivatives. | ||||||||||||||||||||||||||
g. | Mainly includes contingent consideration liability related to a business combination. | ||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 financial assets during 2013 or 2012. However, there were transfers between Level 2 and Level 3 financial assets in 2013 and 2012, which are reflected in the “Transfers in” and “Transfers out” columns below. Transfers between Level 2 and Level 3 most commonly occur when market observable inputs that were previously available become unavailable in the current period. The remaining unpriced securities are submitted to independent brokers who provide non-binding broker quotes or are priced by other qualified sources. | |||||||||||||||||||||||||||
The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets and liabilities carried at fair value during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||
Balance, beginning of period | Total gains (losses) (realized/ unrealized) included in earnings (1) | Net unrealized (losses) gains included in other comprehensive income (2) | Purchases | Sales | Transfers in (3) | Transfers out (3) | Balance, end of period | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 4,175 | $ | 0 | $ | -3 | $ | 0 | $ | -4,172 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
States, municipalities and political subdivisions | 0 | -3 | 1,675 | 20,985 | 0 | 0 | 0 | 22,657 | |||||||||||||||||||
Foreign governments | 23,097 | -6 | -3,582 | 0 | 0 | 0 | -2,652 | 16,857 | |||||||||||||||||||
Commercial mortgage-backed | 1,774 | 20 | -30 | 0 | -1,166 | 0 | 0 | 598 | |||||||||||||||||||
Residential mortgage-backed | 8,211 | -19 | -1,156 | 29,938 | -2,406 | 0 | -30,401 | 4,167 | |||||||||||||||||||
Corporate | 158,003 | 6,979 | -5,383 | 5,325 | -33,974 | 4,997 | -20,603 | 115,344 | |||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||
Non-redeemable preferred stocks | 14 | 12 | -42 | 5,275 | -2,041 | 4,305 | -13 | 7,510 | |||||||||||||||||||
Other investments | 11,327 | -1,274 | 1,827 | 8 | -7,717 | 0 | 0 | 4,171 | |||||||||||||||||||
Other assets | 5,886 | -3,395 | 0 | 0 | 0 | 0 | 0 | 2,491 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | -2,560 | 127 | 0 | -17,897 | 0 | 0 | 0 | -20,330 | |||||||||||||||||||
Total level 3 assets and liabilities | $ | 209,927 | $ | 2,441 | $ | -6,694 | $ | 43,634 | $ | -51,476 | $ | 9,302 | $ | -53,669 | $ | 153,465 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||
Balance, beginning of period | Total (losses) gains (realized/ unrealized) included in earnings (1) | Net unrealized gains (losses) included in other comprehensive income (2) | Purchases | Sales | Transfers in (3) | Transfers out (3) | Balance, end of period | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 4,400 | $ | -3 | $ | -10 | $ | 0 | $ | -212 | $ | 0 | $ | 0 | $ | 4,175 | |||||||||||
Foreign governments | 22,713 | 79 | 987 | 0 | -682 | 0 | 0 | 23,097 | |||||||||||||||||||
Asset-backed | 453 | 0 | 0 | 0 | 0 | 0 | -453 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 904 | 54 | -26 | 0 | -2,053 | 2,895 | 0 | 1,774 | |||||||||||||||||||
Residential mortgage-backed | 1,867 | -17 | 331 | 1,930 | -1,098 | 7,065 | -1,867 | 8,211 | |||||||||||||||||||
Corporate | 137,629 | 2,040 | 11,810 | 8,942 | -19,667 | 18,701 | -1,452 | 158,003 | |||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||
Non-redeemable preferred stocks | 13 | 0 | 12 | 0 | 0 | 4 | -15 | 14 | |||||||||||||||||||
Other investments | 18,257 | 1 | 839 | 0 | -8,631 | 1,488 | -627 | 11,327 | |||||||||||||||||||
Other assets | 8,521 | -2,635 | 0 | 0 | 0 | 0 | 0 | 5,886 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | -2,720 | 160 | 0 | 0 | 0 | 0 | 0 | -2,560 | |||||||||||||||||||
Total level 3 assets and liabilities | $ | 192,037 | $ | -321 | $ | 13,943 | $ | 10,872 | $ | -32,343 | $ | 30,153 | $ | -4,414 | $ | 209,927 | |||||||||||
-2 | |||||||||||||||||||||||||||
-1 | Included as part of net realized gains on investments in the consolidated statement of operations. | ||||||||||||||||||||||||||
-2 | Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income. | ||||||||||||||||||||||||||
-3 | Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs. | ||||||||||||||||||||||||||
Three different valuation techniques can be used in determining fair value for financial assets and liabilities: the market, income or cost approaches. The three valuation techniques described in the fair value measurements and disclosures guidance are consistent with generally accepted valuation methodologies. The market approach valuation techniques use prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. When possible, quoted prices (unadjusted) in active markets are used as of the period-end date (such as for mutual funds and money market funds). Otherwise, valuation techniques consistent with the market approach including matrix pricing and comparables are used. Matrix pricing is a mathematical technique employed principally to value debt securities without relying exclusively on quoted prices for those securities but rather by relying on the securities’ relationship to other benchmark quoted securities. Market approach valuation techniques often use market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering both qualitative and quantitative factors specific to the measurement. | |||||||||||||||||||||||||||
Income approach valuation techniques convert future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. These techniques rely on current market expectations of future amounts as of the period-end date. Examples of income approach valuation techniques include present value techniques, option-pricing models, binomial or lattice models that incorporate present value techniques and the multi-period excess earnings method. | |||||||||||||||||||||||||||
Cost approach valuation techniques are based upon the amount that would be required to replace the service capacity of an asset at the period-end date, or the current replacement cost. That is, from the perspective of a market participant (seller), the price that would be received for the asset is determined based on the cost to a market participant (buyer) to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. | |||||||||||||||||||||||||||
While not all three approaches are applicable to all financial assets or liabilities, where appropriate, one or more valuation techniques may be used. For all the classes of financial assets and liabilities included in the above hierarchy, excluding the CPI Caps and certain privately placed corporate bonds, the market valuation technique is generally used. For certain privately placed corporate bonds, the CPI Caps, and certain derivatives, the income valuation technique is generally used. For the years ended December 31, 2013 and 2012, the application of the valuation technique applied to the Company’s classes of financial assets and liabilities has been consistent. | |||||||||||||||||||||||||||
Level 1 Securities | |||||||||||||||||||||||||||
The Company’s investments and liabilities classified as Level 1 as of December 31, 2013 and 2012, consisted of mutual funds and money market funds, foreign government fixed maturities and common stocks that are publicly listed and/or actively traded in an established market. | |||||||||||||||||||||||||||
Level 2 Securities | |||||||||||||||||||||||||||
The Company’s Level 2 securities are valued using various observable market inputs obtained from a pricing service. The pricing service prepares estimates of fair value measurements for our Level 2 securities using proprietary valuation models based on techniques such as matrix pricing which include observable market inputs. The fair value measurements and disclosures guidance defines observable market inputs as the assumptions market participants would use in pricing the asset or liability developed on market data obtained from sources independent of the Company. The extent of the use of each observable market input for a security depends on the type of security and the market conditions at the balance sheet date. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The following observable market inputs (“standard inputs”), listed in the approximate order of priority, are utilized in the pricing evaluation of Level 2 securities: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research data. Further details for Level 2 investment types follow: | |||||||||||||||||||||||||||
United States Government and government agencies and authorities: U.S. government and government agencies and authorities securities are priced by our pricing service utilizing standard inputs. Included in this category are U.S. Treasury securities which are priced using vendor trading platform data in addition to the standard inputs. | |||||||||||||||||||||||||||
State, municipalities and political subdivisions: State, municipalities and political subdivisions securities are priced by our pricing service utilizing material event notices and new issue data inputs in addition to the standard inputs. | |||||||||||||||||||||||||||
Foreign governments: Foreign government securities are primarily fixed maturity securities denominated in Canadian dollars which are priced by our pricing service utilizing standard inputs. The pricing service also evaluates each security based on relevant market information including relevant credit information, perceived market movements and sector news. | |||||||||||||||||||||||||||
Commercial mortgage-backed, residential mortgage-backed and asset-backed: Commercial mortgage-backed, residential mortgage-backed and asset-backed securities are priced by our pricing service utilizing monthly payment information and collateral performance information in addition to the standard inputs. Additionally, commercial mortgage-backed securities and asset-backed securities utilize new issue data while residential mortgage-backed securities utilize vendor trading platform data. | |||||||||||||||||||||||||||
Corporate: Corporate securities are priced by our pricing service utilizing standard inputs. Non-investment grade securities within this category are priced by our pricing service utilizing observations of equity and credit default swap curves related to the issuer in addition to the standard inputs. Certain privately placed corporate bonds are priced by a non-pricing service source using a model with observable inputs including, but not limited to, the credit rating, credit spreads, sector add-ons, and issuer specific add-ons. | |||||||||||||||||||||||||||
Non-redeemable preferred stocks: Non-redeemable preferred stocks are priced by our pricing service utilizing observations of equity and credit default swap curves related to the issuer in addition to the standard inputs. | |||||||||||||||||||||||||||
Short-term investments, collateral held/pledged under securities agreements, other investments, cash equivalents, and assets/liabilities held in separate accounts: To price the fixed maturity securities in these categories, the pricing service utilizes the standard inputs. | |||||||||||||||||||||||||||
Other liabilities: The contingent consideration liability related to a business combination is valued at the contractual amount stated in the purchase agreement plus accrued interest. The contractual amount plus interest represents the fair value and is a market observable input due to the fact the amount is specifically stated in the agreement and there is a short time frame (less than three months) for determining whether the payment will be made or not. | |||||||||||||||||||||||||||
Valuation models used by the pricing service can change period to period, depending on the appropriate observable inputs that are available at the balance sheet date to price a security. When market observable inputs are unavailable to the pricing service, the remaining unpriced securities are submitted to independent brokers who provide non-binding broker quotes or are priced by other qualified sources. If the Company cannot corroborate the non-binding broker quotes with Level 2 inputs, these securities are categorized as Level 3 securities. | |||||||||||||||||||||||||||
Level 3 Securities | |||||||||||||||||||||||||||
The Company’s investments classified as Level 3 as of December 31, 2013 and 2012, consisted of fixed maturity and equity securities and derivatives. All of the Level 3 fixed maturity and equity securities are priced using non-binding broker quotes which cannot be corroborated with Level 2 inputs. Of our total Level 3 fixed maturity and equity securities, $70,244 and $102,586 were priced by a pricing service using single broker quotes due to insufficient information to provide an evaluated price as of December 31, 2013 and 2012, respectively. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The remaining $97,219 and $100,220 were priced internally using independent and non-binding broker quotes as of December 31, 2013 and 2012, respectively. The inputs factoring into the broker quotes include trades in the actual bond being priced, trades of comparable bonds, quality of the issuer, optionality, structure and liquidity. Significant changes in interest rates, issuer credit, liquidity, and overall market conditions would result in a significantly lower or higher broker quote. The prices received from both the pricing service and internally are reviewed for reasonableness by management and if necessary, management works with the pricing service or broker to further understand how they developed their price. Further details on Level 3 derivative investment types follow: | |||||||||||||||||||||||||||
Other investments and other liabilities: Swaptions are priced using a Black-Scholes pricing model incorporating third-party market data, including swap volatility data. Credit default swaps are priced using non-binding quotes provided by market makers or broker-dealers who are recognized as market participants. Inputs factored into the non-binding quotes include trades in the actual credit default swap which is being priced, trades in comparable credit default swaps, quality of the issuer, structure and liquidity. The net option related to the investment in Iké is valued using an income approach; specifically, a Monte Carlo simulation option pricing model. The inputs to the model include, but are not limited to, the projected normalized earnings before interest, tax, depreciation, and amortization (EBITDA) and free cash flow for the underlying asset, the discount rate, and the volatility of and the correlation between the normalized EBITDA and the value of the underlying asset. Significant increases (decreases) in the projected normalized EBITDA relative to the value of the underlying asset in isolation would result in a significantly higher (lower) fair value. | |||||||||||||||||||||||||||
Other assets: A non-pricing service source prices the CPI Cap derivatives using a model with inputs including, but not limited to, the time to expiration, the notional amount, the strike price, the forward rate, implied volatility and the discount rate. | |||||||||||||||||||||||||||
Management evaluates the following factors in order to determine whether the market for a financial asset is inactive. The factors include, but are not limited to: | |||||||||||||||||||||||||||
• | There are few recent transactions, | ||||||||||||||||||||||||||
• | Little information is released publicly, | ||||||||||||||||||||||||||
• | The available prices vary significantly over time or among market participants, | ||||||||||||||||||||||||||
• | The prices are stale (i.e., not current), and | ||||||||||||||||||||||||||
• | The magnitude of the bid-ask spread. | ||||||||||||||||||||||||||
Illiquidity did not have a material impact in the fair value determination of the Company’s financial assets. | |||||||||||||||||||||||||||
The Company generally obtains one price for each financial asset. The Company performs a monthly analysis to assess if the evaluated prices represent a reasonable estimate of their fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and on-going review of pricing service methodologies, review of the prices received from the pricing service, review of pricing statistics and trends, and comparison of prices for certain securities with two different appropriate price sources for reasonableness. Following this analysis, the Company generally uses the best estimate of fair value based upon all available inputs. On infrequent occasions, a non-pricing service source may be more familiar with the market activity for a particular security than the pricing service. In these cases the price used is taken from the non-pricing service source. The pricing service provides information to indicate which securities were priced using market observable inputs so that the Company can properly categorize our financial assets in the fair value hierarchy. | |||||||||||||||||||||||||||
For the net option, the Company will perform a periodic analysis to assess if the evaluated price represents a reasonable estimate of the fair value for the financial liability. This process will involve quantitative and qualitative analysis overseen by finance and accounting professionals. Examples of procedures to be performed include, but are not limited to, initial and on-going review of the pricing methodology and review of the projection for the underlying asset including the probability distribution of possible scenarios. | |||||||||||||||||||||||||||
Disclosures for Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||||
The Company also measures the fair value of certain assets on a non-recurring basis, generally on an annual basis, or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include commercial mortgage loans, goodwill and finite-lived intangible assets. | |||||||||||||||||||||||||||
For its 2013 and 2011 fourth quarter annual goodwill impairment tests, a qualitative assessment was performed for the Assurant Specialty Property reporting unit; for the Assurant Solutions Reporting unit, the Company performed a Step 1 analysis. Based on these analyses, it was determined that goodwill was not impaired at either reporting unit. For its 2012 fourth quarter annual goodwill impairment test, the Company performed a Step 1 analysis for the Assurant Solutions and Assurant Specialty Property reporting units. Based on these analyses, it was determined that goodwill was not impaired at either reporting unit. See Note 10 for further information. | |||||||||||||||||||||||||||
The Company utilizes both the income and market valuation approaches to measure the fair value of its reporting units when required. Under the income approach, the Company determined the fair value of the reporting units considering distributable earnings, which were estimated from operating plans. The resulting cash flows were then discounted using a market participant weighted average cost of capital estimated for the reporting units. After discounting the future discrete earnings to their present value, the Company estimated the terminal value attributable to the years beyond the discrete operating plan period. The discounted terminal value was then added to the aggregate discounted distributable earnings from the discrete operating plan period to estimate the fair value of the reporting units. Under the market approach, the Company derived the fair value of the reporting units based on various financial multiples, including but not limited to: price to tangible book value of equity, price to estimated 2013 earnings and price to estimated 2014 earnings, which were estimated based on publicly available data related to comparable guideline companies. In addition, financial multiples were also estimated from publicly available purchase price data for acquisitions of companies operating in the insurance industry. The estimated fair value of the reporting units was more heavily weighted towards the income approach because in the current economic environment the earnings capacity of a business is generally considered the most important factor in the valuation of a business enterprise. This fair value determination was categorized as Level 3 (unobservable) in the fair value hierarchy. | |||||||||||||||||||||||||||
During the fourth quarter of 2012, a $26,458 impairment charge was recorded in connection with the 2007 acquisitions of two U.K. mortgage insurance brokers due to the persistency rates of the acquired business declining significantly following actions by an independent underwriter of the business. This fair value determination was categorized as Level 3 (unobservable) in the fair value hierarchy. | |||||||||||||||||||||||||||
There was no remaining goodwill or material other intangible assets measured at fair value on a non-recurring basis on which an impairment charge was recorded as of December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Fair Value of Financial Instruments Disclosures | |||||||||||||||||||||||||||
The financial instruments guidance requires disclosure of fair value information about financial instruments, as defined therein, for which it is practicable to estimate such fair value. Therefore, it requires fair value disclosure for financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets. However, this guidance excludes certain financial instruments, including those related to insurance contracts and those accounted for under the equity method and joint ventures guidance (such as real estate joint ventures). | |||||||||||||||||||||||||||
For the financial instruments included within the following financial assets and financial liabilities, the carrying value in the consolidated balance sheets equals or approximates fair value. Please refer to the Fair Value Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures section above for more information on the financial instruments included within the following financial assets and financial liabilities and the methods and assumptions used to estimate fair value: | |||||||||||||||||||||||||||
• | Cash and cash equivalents | ||||||||||||||||||||||||||
• | Fixed maturity securities | ||||||||||||||||||||||||||
• | Equity securities | ||||||||||||||||||||||||||
• | Short-term investments | ||||||||||||||||||||||||||
• | Collateral held/pledged under securities agreements | ||||||||||||||||||||||||||
• | Other investments | ||||||||||||||||||||||||||
• | Other assets | ||||||||||||||||||||||||||
• | Assets held in separate accounts | ||||||||||||||||||||||||||
• | Other liabilities | ||||||||||||||||||||||||||
• | Liabilities related to separate accounts | ||||||||||||||||||||||||||
In estimating the fair value of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets, the Company used the following methods and assumptions: | |||||||||||||||||||||||||||
Commercial mortgage loans: the fair values of mortgage loans are estimated using discounted cash flow models. The model inputs include mortgage amortization schedules and loan provisions, an internally developed credit spread based on the credit risk associated with the borrower and the U.S. Treasury spot curve. Mortgage loans with similar characteristics are aggregated for purposes of the calculations. | |||||||||||||||||||||||||||
Policy loans: the carrying value of policy loans reported in the consolidated balance sheets approximates fair value. | |||||||||||||||||||||||||||
Policy reserves under investment product: the fair values for the Company’s policy reserves under investment products are determined using discounted cash flow analysis. Key inputs to the valuation include projections of policy cash flows, reserve run-off, market yields and risk margins. | |||||||||||||||||||||||||||
Funds held under reinsurance: the carrying value reported approximates fair value due to the short maturity of the instruments. | |||||||||||||||||||||||||||
Debt: the fair value of debt is based upon matrix pricing performed by the pricing service utilizing the standard inputs. | |||||||||||||||||||||||||||
Obligation under securities agreements: obligation under securities agreements is reported at the amount of cash received from the selected broker/dealers. | |||||||||||||||||||||||||||
The following table discloses the carrying value, fair value amount and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets: | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Financial Assets | Carrying Value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 1,287,032 | $ | 1,444,974 | $ | 0 | $ | 0 | $ | 1,444,974 | |||||||||||||||||
Policy loans | 51,678 | 51,678 | 51,678 | 0 | 0 | ||||||||||||||||||||||
Total financial assets | $ | 1,338,710 | $ | 1,496,652 | $ | 51,678 | $ | 0 | $ | 1,444,974 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 809,628 | $ | 808,734 | $ | 0 | $ | 0 | $ | 808,734 | |||||||||||||||||
Funds withheld under reinsurance | 76,778 | 76,778 | 76,778 | 0 | 0 | ||||||||||||||||||||||
Debt | 1,638,118 | 1,656,588 | 0 | 1,656,588 | 0 | ||||||||||||||||||||||
Obligations under securities agreements | 95,206 | 95,206 | 95,206 | 0 | 0 | ||||||||||||||||||||||
Total financial liabilities | $ | 2,619,730 | $ | 2,637,306 | $ | 171,984 | $ | 1,656,588 | $ | 808,734 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Financial Assets | Carrying Value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 1,311,682 | $ | 1,468,723 | $ | 0 | $ | 0 | $ | 1,468,723 | |||||||||||||||||
Policy loans | 52,938 | 52,938 | 52,938 | 0 | 0 | ||||||||||||||||||||||
Total financial assets | $ | 1,364,620 | $ | 1,521,661 | $ | 52,938 | $ | 0 | $ | 1,468,723 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 862,398 | $ | 902,449 | $ | 0 | $ | 0 | $ | 902,449 | |||||||||||||||||
Funds withheld under reinsurance | 61,413 | 61,413 | 61,413 | 0 | 0 | ||||||||||||||||||||||
Debt | 972,399 | 1,050,920 | 0 | 1,050,920 | 0 | ||||||||||||||||||||||
Obligations under securities agreements | 94,714 | 94,714 | 94,714 | 0 | 0 | ||||||||||||||||||||||
Total financial liabilities | $ | 1,990,924 | $ | 2,109,496 | $ | 156,127 | $ | 1,050,920 | $ | 902,449 | |||||||||||||||||
-1 | Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above. | ||||||||||||||||||||||||||
Premiums_And_Accounts_Receivab
Premiums And Accounts Receivable | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Premiums And Accounts Receivable [Abstract] | ' | ||||||
Premiums And Accounts Receivable | ' | ||||||
6. Premiums and Accounts Receivable | |||||||
Receivables are reported net of an allowance for uncollectible amounts. A summary of such receivables is as follows: | |||||||
As of December 31, | |||||||
2013 | 2012 | ||||||
Insurance premiums receivable | $ | 941,460 | $ | 718,148 | |||
Other receivables | 175,357 | 143,250 | |||||
Allowance for uncollectible amounts | -36,646 | -31,371 | |||||
Total | $ | 1,080,171 | $ | 830,027 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
7. Income Taxes | |||||||||||||
The Company and the majority of its subsidiaries are subject to U.S. tax and file a U.S. consolidated federal income tax return. Information about domestic and foreign pre-tax income as well as current and deferred tax expense (benefit) follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-tax income | |||||||||||||
Domestic | $ | 716,172 | $ | 686,571 | $ | 637,708 | |||||||
Foreign | 73,527 | 71,180 | 68,419 | ||||||||||
Total pre-tax income | $ | 789,699 | $ | 757,751 | $ | 706,127 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current expense: | |||||||||||||
Federal & state | $ | 129,204 | $ | 169,394 | $ | 233,576 | |||||||
Foreign | 35,188 | 33,520 | 8,970 | ||||||||||
Total current expense | 164,392 | 202,914 | 242,546 | ||||||||||
Deferred expense (benefit): | |||||||||||||
Federal & state | 131,336 | 71,372 | -89,732 | ||||||||||
Foreign | 5,064 | -240 | 14,357 | ||||||||||
Total deferred expense (benefit) | 136,400 | 71,132 | -75,375 | ||||||||||
Total income tax expense | $ | 300,792 | $ | 274,046 | $ | 167,171 | |||||||
The provision for foreign taxes includes amounts attributable to income from U.S. possessions that are considered foreign under U.S. tax laws. International operations of the Company are subject to income taxes imposed by the jurisdiction in which they operate. | |||||||||||||
A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax rate: | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Reconciling items: | |||||||||||||
Tax exempt interest | -1 | -1.3 | -1.3 | ||||||||||
Dividends received deduction | -0.7 | -0.6 | -0.6 | ||||||||||
Foreign earnings (a) | 1.1 | 0.5 | 0.7 | ||||||||||
Change in valuation allowance | 0 | 0 | -11.5 | ||||||||||
Non deductible compensation | 3.4 | 1.1 | 0 | ||||||||||
IRS audit settlement | 0 | 1.0 | 0 | ||||||||||
Other | 0.3 | 0.5 | 1.4 | ||||||||||
Effective income tax rate: | 38.1 | % | 36.2 | % | 23.7 | % | |||||||
(a) | Results for all years primarily include tax expense/(benefit) associated with the earnings of certain non-U.S. subsidiaries that are deemed reinvested indefinitely and realization of foreign tax credits for certain other subsidiaries. | ||||||||||||
During the year ended December 31, 2011, the Company recognized an income tax benefit of $80,584 primarily related to the release of a valuation allowance due to sufficient taxable income of the appropriate character during the period. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | -11,515 | $ | -17,524 | $ | -13,844 | |||||||
Additions based on tax positions related to the current year | -309 | -499 | -758 | ||||||||||
Reductions based on tax positions related to the current year | 995 | 3,124 | 997 | ||||||||||
Additions for tax positions of prior years | -1,090 | -20,830 | -5,512 | ||||||||||
Reductions for tax positions of prior years | 959 | 8,365 | 483 | ||||||||||
Lapses | 0 | 374 | 700 | ||||||||||
Settlements | 638 | 15,475 | 410 | ||||||||||
Balance at end of year | $ | -10,322 | $ | -11,515 | $ | -17,524 | |||||||
The total unrecognized tax benefit, $12,510, $12,442, and $21,563 for 2013, 2012, and 2011, respectively, which includes interest, would impact the Company’s consolidated effective tax rate if recognized. The liability for unrecognized tax benefits is included in tax payable on the consolidated balance sheet. | |||||||||||||
The Company’s continuing practice is to recognize interest expense related to income tax matters in income tax expense. During the years ended December 31, 2013, 2012 and 2011, the Company recognized approximately $375, $1,200 and $600, respectively, of interest expense related to income tax matters. The Company had $4,500 and $4,300 of interest accrued as of December 31, 2013 and 2012, respectively. No penalties have been accrued. | |||||||||||||
The Company and its subsidiaries file income tax returns in the U.S. and various state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2008 , and is currently under U.S. federal income tax audit for years 2009 through 2011. This audit cycle began in April 2013. Substantially all non-U.S. income tax matters have been concluded for the years through 2007, and all state and local income tax matters have been concluded for the years through 2009. | |||||||||||||
The tax effects of temporary differences that result in significant deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Policyholder and separate account reserves | $ | 611,774 | $ | 548,512 | |||||||||
Accrued liabilities | 17,791 | 5,295 | |||||||||||
Investments, net | 119,410 | 206,517 | |||||||||||
Net operating loss carryforwards | 65,507 | 75,828 | |||||||||||
Capital loss carryforwards | 4,297 | 0 | |||||||||||
Deferred gain on disposal of businesses | 34,833 | 40,554 | |||||||||||
Compensation related | 21,713 | 46,456 | |||||||||||
Employee and post-retirement benefits | 81,725 | 122,599 | |||||||||||
Other | 101,409 | 112,309 | |||||||||||
Total deferred tax asset | 1,058,459 | 1,158,070 | |||||||||||
Less valuation allowance | -16,474 | -13,091 | |||||||||||
Deferred tax assets, net of valuation allowance | 1,041,985 | 1,144,979 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Deferred acquisition costs | -894,921 | -799,966 | |||||||||||
Net unrealized appreciation on securities | -276,212 | -506,301 | |||||||||||
Total deferred tax liability | -1,171,133 | -1,306,267 | |||||||||||
Net deferred income tax liability | $ | -129,148 | $ | -161,288 | |||||||||
The net deferred tax liability of $129,148 as of December 31, 2013 is comprised of $155,858 deferred tax liabilities and $26,710 deferred tax assets, by jurisdiction. Similarly, the net deferred tax liability of $161,288 as of December 31, 2012 is comprised of $197,898 deferred tax liabilities and $36,610 deferred tax assets, by jurisdiction. | |||||||||||||
The Company’s valuation allowance against deferred tax assets increased by $3,383 to $16,474 at December 31, 2013 from $13,091 at December 31, 2012. A cumulative valuation allowance of $16,474 has been recorded because it is management’s assessment that it is more likely than not that only $1,041,985 of deferred tax assets will be realized. The valuation allowance relates to the deferred tax assets attributable to certain international subsidiaries. | |||||||||||||
The Company’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income of the same character within the carryback or carryforward periods. In assessing future taxable income, the Company considered all sources of taxable income available to realize its deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies. If changes occur in the assumptions underlying the Company’s tax planning strategies or in the scheduling of the reversal of the Company’s deferred tax liabilities, the valuation allowance may need to be adjusted in the future. | |||||||||||||
Other than for certain wholly owned Canadian subsidiaries, deferred taxes have not been provided on the undistributed earnings of wholly owned foreign subsidiaries since the Company intends to indefinitely reinvest the earnings in these other jurisdictions. The cumulative amount of undistributed earnings for which the Company has not provided deferred income taxes is $143,522. Upon distribution of such earnings in a taxable event, the Company would incur additional U.S. income taxes of $5,860 net of anticipated foreign tax credits. | |||||||||||||
At December 31, 2013, the Company and its subsidiaries had net operating loss carryforwards for U.S. federal and foreign income tax purposes. Net operating loss carryforwards total $261,528 and will expire if unused as follows: | |||||||||||||
Expiration Year | Amount | ||||||||||||
2014 – 2018 | $ | 22,989 | |||||||||||
2019 – 2023 | 9,665 | ||||||||||||
2024 – 2028 | 6,981 | ||||||||||||
2029 – 2033 | 52,670 | ||||||||||||
Unlimited | 169,223 | ||||||||||||
$ | 261,528 | ||||||||||||
At December 31, 2013, the Company and its subsidiaries have $11,899 of capital loss carryovers, all of which were generated during 2013 for U.S. federal and state income tax purposes. These capital loss carryovers will expire in 2018 if not utilized. | |||||||||||||
Deferred_Acquisition_Costs
Deferred Acquisition Costs | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Deferred Acquisition Costs [Abstract] | ' | |||||||||
Deferred Acquisition Costs | ' | |||||||||
8. Deferred Acquisition Costs | ||||||||||
Information about deferred acquisition costs is as follows: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,861,163 | $ | 2,492,857 | $ | 2,366,183 | ||||
Costs deferred and other (1) | 1,729,613 | 1,762,560 | 1,443,309 | |||||||
Amortization | -1,461,845 | -1,394,254 | -1,316,635 | |||||||
Ending balance | $ | 3,128,931 | $ | 2,861,163 | $ | 2,492,857 | ||||
-1 | Includes foreign currency translation | |||||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
9. Property and Equipment | |||||||
Property and equipment consists of the following: | |||||||
As of December 31, | |||||||
2013 | 2012 | ||||||
Land | $ | 14,359 | $ | 14,359 | |||
Buildings and improvements | 249,034 | 236,444 | |||||
Furniture, fixtures and equipment | 477,617 | 481,382 | |||||
Total | 741,010 | 732,185 | |||||
Less accumulated depreciation | -487,380 | -481,389 | |||||
Total | $ | 253,630 | $ | 250,796 | |||
Depreciation expense for 2013, 2012 and 2011 amounted to $50,652, $49,595 and $55,193, respectively. Depreciation expense is included in underwriting, general and administrative expenses in the consolidated statements of operations. | |||||||
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
10. Goodwill | ||||||||||||||||
Information about goodwill is as follows: | ||||||||||||||||
Goodwill for the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance as of January 1: | ||||||||||||||||
Goodwill | $ | 2,291,034 | $ | 2,289,417 | $ | 2,270,099 | ||||||||||
Accumulated impairment losses | -1,650,320 | -1,650,320 | -1,650,320 | |||||||||||||
640,714 | 639,097 | 619,779 | ||||||||||||||
Additions | 142,554 | 0 | 19,608 | |||||||||||||
Foreign currency translation and other | 1,293 | 1,617 | -290 | |||||||||||||
Goodwill | 2,434,881 | 2,291,034 | 2,289,417 | |||||||||||||
Accumulated impairment losses | -1,650,320 | -1,650,320 | -1,650,320 | |||||||||||||
Balance as of December 31: | $ | 784,561 | $ | 640,714 | $ | 639,097 | ||||||||||
The Company has assigned goodwill to its operating segments for impairment testing purposes. The Corporate and Other segment is not assigned goodwill. Below is a roll forward of goodwill by reportable segment. | ||||||||||||||||
Specialty | Employee | |||||||||||||||
Solutions (1) | Property | Health | Benefits | Consolidated | ||||||||||||
Balance at December 31, 2011 | ||||||||||||||||
Goodwill | $ | 1,640,584 | 259,452 | 204,303 | 185,078 | 2,289,417 | ||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
379,645 | 259,452 | 0 | 0 | 639,097 | ||||||||||||
Foreign currency translation and other | 1,617 | 0 | 0 | 0 | 1,617 | |||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Goodwill | 1,642,201 | 259,452 | 204,303 | 185,078 | 2,291,034 | |||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
381,262 | 259,452 | 0 | 0 | 640,714 | ||||||||||||
Acquisitions | 113,646 | 28,908 | 0 | 0 | 142,554 | |||||||||||
Foreign currency translation and other | 1,293 | 0 | 0 | 0 | 1,293 | |||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Goodwill | 1,757,140 | 288,360 | 204,303 | 185,078 | 2,434,881 | |||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
$ | 496,201 | $ | 288,360 | $ | 0 | $ | 0 | $ | 784,561 | |||||||
-1 | The accumulated impairment loss relates to an acquisition made in 1999. The entity acquired had businesses that currently are primarily represented by the Assurant Solutions and Assurant Specialty Property segments. Prior to 2006, the Assurant Solutions and Assurant Specialty Property segments were combined and together called Assurant Solutions. Thus, the entire goodwill impairment recognized in 2002 due to the adoption of FAS 142 is included in the tables under the Assurant Solutions segment. | |||||||||||||||
In accordance with the goodwill guidance, goodwill is deemed to have an indefinite life and should not be amortized, but rather must be tested, at least annually, for impairment. In addition, goodwill should be tested for impairment between annual tests if an event occurs or circumstances change that would “more likely than not” reduce the estimated fair value of the reporting unit below its carrying value. | ||||||||||||||||
The goodwill impairment test has two steps. Step 1 of the test identifies potential impairments at the reporting unit level, which for the Company is the same as our operating segments, by comparing the estimated fair value of each reporting unit to its net book value. If the estimated fair value of a reporting unit exceeds its net book value, there is no impairment of goodwill and Step 2 is unnecessary. However, if the net book value exceeds the estimated fair value, then Step 1 is failed, and Step 2 is performed to determine the amount of the potential impairment. Step 2 utilizes acquisition accounting guidance and requires the fair value calculation of all individual assets and liabilities of the reporting unit (excluding goodwill, but including any unrecognized intangible assets). The net fair value of assets less liabilities is then compared to the reporting unit’s total estimated fair value as calculated in Step 1. The excess of fair value over the net asset value equals the implied fair value of goodwill. The implied fair value of goodwill is then compared to the carrying value of goodwill to determine the reporting unit’s goodwill impairment. During September 2011, the FASB issued amended intangibles- goodwill and other guidance. This guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test, described above. | ||||||||||||||||
In the fourth quarters of 2013, 2012 and 2011, the Company conducted its annual assessments of goodwill. | ||||||||||||||||
In 2013 and 2011, for the Assurant Specialty Property reporting unit, the Company chose the option to perform a qualitative assessment under the amended intangibles- goodwill and other guidance. The Company performed a Step 1 test for the Specialty Property reporting unit in 2012 and for the Assurant Solutions reporting unit in 2013, 2012 and 2011. Based on these tests, it was determined that goodwill was not impaired at either reporting unit. | ||||||||||||||||
VOBA_And_Other_Intangible_Asse
VOBA And Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
VOBA And Other Intangible Assets [Abstract] | ' | ||||||||||||||||||
VOBA And Other Intangible Assets | ' | ||||||||||||||||||
11. VOBA and Other Intangible Assets | |||||||||||||||||||
Information about VOBA is as follows: | |||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Beginning balance | $ | 62,109 | $ | 71,014 | $ | 82,208 | |||||||||||||
Amortization, net of interest accrued | -8,442 | -8,961 | -11,153 | ||||||||||||||||
Foreign currency translation and other | -118 | 56 | -41 | ||||||||||||||||
Ending balance | $ | 53,549 | $ | 62,109 | $ | 71,014 | |||||||||||||
As of December 31, 2013, the entire outstanding balance of VOBA is from the Assurant Solutions segment with the majority related to the preneed life insurance business. VOBA in the preneed life insurance business assumes an interest rate ranging from 5.4% to 7.5%. | |||||||||||||||||||
At December 31, 2013 the estimated amortization of VOBA for the next five years and thereafter is as follows: | |||||||||||||||||||
Year | Amount, | ||||||||||||||||||
2014 | $ | 7,983 | |||||||||||||||||
2015 | 7,589 | ||||||||||||||||||
2016 | 7,219 | ||||||||||||||||||
2017 | 6,891 | ||||||||||||||||||
2018 | 6,644 | ||||||||||||||||||
Thereafter | 17,223 | ||||||||||||||||||
Total | $ | 53,549 | |||||||||||||||||
Information about other intangible assets is as follows: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Net Other | Net Other | ||||||||||||||||||
Carrying | Accumulated | Intangible | Carrying | Accumulated | Intangible | ||||||||||||||
Value | Amortization | Assets | Value | Amortization | Assets | ||||||||||||||
Contract based intangibles | $ | 61,179 | $ | -33,113 | $ | 28,066 | $ | 68,083 | $ | -36,958 | $ | 31,125 | |||||||
Customer related intangibles (1) | 469,788 | -170,690 | 299,098 | 491,434 | -272,783 | 218,651 | |||||||||||||
Marketing related intangibles | 36,652 | -22,090 | 14,562 | 46,396 | -33,430 | 12,966 | |||||||||||||
Technology based intangibles | 13,760 | -850 | 12,910 | 360 | -108 | 252 | |||||||||||||
Total (2) | $ | 581,379 | $ | -226,743 | $ | 354,636 | $ | 606,273 | $ | -343,279 | $ | 262,994 | |||||||
-1 | Excluded from the 2012 customer related carrying value and accumulated amortization amounts is an impairment charge of $26,458. This impairment charge relates to the Assurant Solutions segment and is primarily related to the 2007 acquisitions of two U.K. mortgage insurance brokers. In 2012, persistency rates of the acquired business declined significantly following actions by an independent underwriter of the business, resulting in the impairment. | ||||||||||||||||||
-2 | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. | ||||||||||||||||||
Other intangible assets that have finite lives, including customer relationships, customer contracts and other intangible assets, are amortized over their useful lives. The estimated amortization of other intangible assets and the amount of indefinite lived intangible assets, which mainly include state licenses, are as follows: | |||||||||||||||||||
Year | Amount | ||||||||||||||||||
2014 | $ | 57,724 | |||||||||||||||||
2015 | 55,337 | ||||||||||||||||||
2016 | 53,528 | ||||||||||||||||||
2017 | 50,492 | ||||||||||||||||||
2018 | 41,783 | ||||||||||||||||||
Thereafter | 93,047 | ||||||||||||||||||
Total other intangible assets with finite lives | 351,911 | ||||||||||||||||||
Total other intangible assets with indefinite lives | 2,725 | ||||||||||||||||||
Total other intangible assets | $ | 354,636 | |||||||||||||||||
Reserves
Reserves | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Reserves [Abstract] | ' | ||||||||||||||||||||||||
Reserves | ' | ||||||||||||||||||||||||
12. Reserves | |||||||||||||||||||||||||
The following table provides reserve information of the Company’s major product lines at the dates shown: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Claims and Benefits | Claims and Benefits | ||||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Future | Incurred | Future | Incurred | ||||||||||||||||||||||
Policy | But Not | Policy | But Not | ||||||||||||||||||||||
Benefits and | Unearned | Case | Reported | Benefits and | Unearned | Case | Reported | ||||||||||||||||||
Expenses | Premiums | Reserves | Reserves | Expenses | Premiums | Reserves | Reserves | ||||||||||||||||||
Long Duration Contracts: | |||||||||||||||||||||||||
Preneed funeral life insurance policies and investment-type annuity contracts | $ | 4,453,154 | $ | 185,863 | $ | 14,236 | $ | 5,901 | $ | 4,306,947 | $ | 154,998 | $ | 13,139 | $ | 7,297 | |||||||||
Life insurance no longer offered | 432,075 | 565 | 2,200 | 2,690 | 445,347 | 574 | 3,110 | 4,437 | |||||||||||||||||
Universal life and other products no longer offered | 189,319 | 125 | 735 | 3,110 | 210,037 | 127 | 825 | 5,133 | |||||||||||||||||
FFG, LTC and other disposed businesses | 3,440,947 | 34,158 | 740,704 | 75,195 | 3,424,511 | 35,862 | 713,258 | 55,661 | |||||||||||||||||
Medical | 94,436 | 10,454 | 3,840 | 9,799 | 89,540 | 10,293 | 6,831 | 10,016 | |||||||||||||||||
All other | 36,641 | 475 | 14,943 | 8,422 | 37,123 | 455 | 15,786 | 8,904 | |||||||||||||||||
Short Duration Contracts: | |||||||||||||||||||||||||
Group term life | 0 | 4,135 | 169,972 | 29,799 | 0 | 3,681 | 172,804 | 30,953 | |||||||||||||||||
Group disability | 0 | 2,537 | 1,156,693 | 115,158 | 0 | 2,143 | 1,189,656 | 119,431 | |||||||||||||||||
Medical | 0 | 125,817 | 68,869 | 153,313 | 0 | 111,351 | 99,549 | 148,209 | |||||||||||||||||
Dental | 0 | 5,140 | 2,402 | 17,461 | 0 | 4,648 | 2,442 | 15,896 | |||||||||||||||||
Property and warranty | 0 | 2,514,356 | 201,336 | 437,888 | 0 | 2,368,372 | 459,586 | 707,472 | |||||||||||||||||
Credit life and disability | 0 | 314,420 | 39,419 | 52,096 | 0 | 323,510 | 46,406 | 57,794 | |||||||||||||||||
Extended service contracts | 0 | 3,331,936 | 6,622 | 36,790 | 0 | 3,068,652 | 7,654 | 38,596 | |||||||||||||||||
All other | 0 | 132,691 | 3,203 | 16,575 | 0 | 107,594 | 2,246 | 17,499 | |||||||||||||||||
Total | $ | 8,646,572 | $ | 6,662,672 | $ | 2,425,174 | $ | 964,197 | $ | 8,513,505 | $ | 6,192,260 | $ | 2,733,292 | $ | 1,227,298 | |||||||||
The following table provides a roll forward of the Company’s product lines with the most significant claims and benefits payable balances: group term life, group disability, medical and property and warranty lines of business. Claims and benefits payable is comprised of case and IBNR reserves. | |||||||||||||||||||||||||
Group | Property | ||||||||||||||||||||||||
Term | Group | Short Duration | Long Duration | and | |||||||||||||||||||||
Life | Disability | Medical (2) | Medical (2) | Warranty | |||||||||||||||||||||
Balance as of December 31, 2010, gross of reinsurance (3) | $ | 219,284 | $ | 1,404,274 | $ | 290,390 | $ | 18,559 | $ | 518,431 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -3,021 | -37,182 | -15,562 | -703 | -149,032 | ||||||||||||||||||||
Balance as of January 1, 2011, net of reinsurance | 216,263 | 1,367,092 | 274,828 | 17,856 | 369,399 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 143,240 | 326,036 | 1,238,393 | 92,009 | 997,563 | ||||||||||||||||||||
Prior year’s interest | 8,164 | 60,908 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -26,575 | -63,834 | -60,247 | -3,579 | -26,849 | ||||||||||||||||||||
Total incurred losses | 124,829 | 323,110 | 1,178,146 | 88,430 | 970,714 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 85,374 | 65,287 | 993,687 | 76,792 | 740,451 | ||||||||||||||||||||
Prior year (s) | 39,490 | 284,869 | 208,257 | 13,903 | 218,947 | ||||||||||||||||||||
Total paid losses | 124,864 | 350,156 | 1,201,944 | 90,695 | 959,398 | ||||||||||||||||||||
Balance as of December 31, 2011, net of reinsurance (3) | 216,228 | 1,340,046 | 251,030 | 15,591 | 380,715 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 3,542 | 37,370 | 17,904 | 2,964 | 189,977 | ||||||||||||||||||||
Balance as of December 31, 2011 gross of reinsurance (3) | $ | 219,770 | $ | 1,377,416 | $ | 268,934 | $ | 18,555 | $ | 570,692 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -3,542 | -37,370 | -17,904 | -2,964 | -189,977 | ||||||||||||||||||||
Balance as of January 1, 2012, net of reinsurance | 216,228 | 1,340,046 | 251,030 | 15,591 | 380,715 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 126,712 | 287,459 | 1,130,525 | 99,887 | 1,142,285 | ||||||||||||||||||||
Prior year’s interest | 7,993 | 58,502 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -27,918 | -58,562 | -52,515 | -3,831 | -46,006 | ||||||||||||||||||||
Total incurred losses | 106,787 | 287,399 | 1,078,010 | 96,056 | 1,096,279 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 79,071 | 68,269 | 903,984 | 84,071 | 797,492 | ||||||||||||||||||||
Prior year (s) | 43,004 | 288,255 | 193,745 | 11,465 | 227,502 | ||||||||||||||||||||
Total paid losses | 122,075 | 356,524 | 1,097,729 | 95,536 | 1,024,994 | ||||||||||||||||||||
Balance as of December 31, 2012, net of reinsurance (3) | 200,940 | 1,270,921 | 231,311 | 16,111 | 452,000 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 2,817 | 38,166 | 16,447 | 736 | 715,058 | ||||||||||||||||||||
Balance as of December 31, 2012 gross of reinsurance (3) | $ | 203,757 | $ | 1,309,087 | $ | 247,758 | $ | 16,847 | $ | 1,167,058 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -2,817 | -38,166 | -16,447 | -736 | -715,058 | ||||||||||||||||||||
Balance as of January 1, 2013, net of reinsurance | 200,940 | 1,270,921 | 231,311 | 16,111 | 452,000 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 121,708 | 284,005 | 1,097,313 | 110,933 | 1,140,500 | ||||||||||||||||||||
Prior year’s interest | 7,773 | 56,705 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -14,300 | -29,975 | -42,063 | -3,971 | -23,801 | ||||||||||||||||||||
Total incurred losses | 115,181 | 310,735 | 1,055,250 | 106,962 | 1,116,699 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 75,119 | 70,236 | 894,533 | 98,183 | 802,130 | ||||||||||||||||||||
Prior year (s) | 43,694 | 278,559 | 184,824 | 11,869 | 310,660 | ||||||||||||||||||||
Total paid losses | 118,813 | 348,795 | 1,079,357 | 110,052 | 1,112,790 | ||||||||||||||||||||
Balance as of December 31, 2013, net of reinsurance (3) | 197,308 | 1,232,861 | 207,204 | 13,021 | 455,909 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 2,463 | 38,990 | 14,978 | 618 | 183,315 | ||||||||||||||||||||
Balance as of December 31, 2013 gross of reinsurance (3) | $ | 199,771 | $ | 1,271,851 | $ | 222,182 | $ | 13,639 | $ | 639,224 | |||||||||||||||
-1 | Reinsurance ceded and other includes claims and benefits payable balances that have either been (a) reinsured to third parties, (b) established for claims related expenses whose subsequent payment is not recorded as a paid claim, or (c) reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits), which cannot be analyzed appropriately under a roll-forward approach. | ||||||||||||||||||||||||
-2 | Short duration and long duration medical methodologies used for settling claims and benefits payable are similar. | ||||||||||||||||||||||||
-3 | The Company’s net retained credit life and disability claims and benefits payable were $54,483, $64,031 and $69,264 at December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Short Duration Contracts | |||||||||||||||||||||||||
The Company’s short duration contracts are comprised of group term life, group disability, medical, dental, property and warranty, credit life and disability, extended service contract and all other. The principal products and services included in these categories are described in the summary of significant accounting polices (see Note 2). | |||||||||||||||||||||||||
Case and IBNR reserves are developed using actuarial principles and assumptions that consider, among other things, contractual requirements, historical utilization trends and payment patterns, benefit changes, medical inflation, seasonality, membership, product mix, legislative and regulatory environment, economic factors, disabled life mortality and claim termination rates and other relevant factors. The Company consistently applies the principles and assumptions listed above from year to year, while also giving due consideration to the potential variability of these factors. | |||||||||||||||||||||||||
Since case and IBNR reserves include estimates developed from various actuarial methods, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates. As shown in the table above, if the amounts listed on the line labeled “Incurred losses related to: Prior years” are negative (redundant) this means that the Company’s actual losses incurred related to prior years for these lines were less than the estimates previously made by the Company. If the line labeled “Incurred losses related to: Prior years” are positive (deficient) this means that the Company’s actual losses incurred related to prior years for these lines were greater than the estimates previously made by the Company. | |||||||||||||||||||||||||
Medical reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits) have been excluded from the incurred loss roll-forwards because they cannot be analyzed appropriately under a roll-forward approach. | |||||||||||||||||||||||||
Group Term Life case and IBNR reserves redundancies in all years are due to actual mortality rates running below those assumed in prior year reserves, and actual recovery rates running higher than those assumed in prior year reserves. | |||||||||||||||||||||||||
Group Disability case and IBNR reserves show redundancies in all years due to actual claim recovery rates exceeding those assumed in prior year reserves. | |||||||||||||||||||||||||
The redundancies in our Medical lines case and IBNR reserves were caused by the Company's claims and other case reserves developing more favorably than expected. The Company's actual claims experience reflected lower medical provider utilization and lower medical inflation than assumed in the Company's prior-year pricing and reserving processes. | |||||||||||||||||||||||||
The Company’s group disability products include short and long term disability coverage. Case and IBNR reserves for long-term disability claims have been discounted at 5.25% for claims incurred in 2010 and earlier, 4.75% for claims incurred in 2011 and 2012, and 4.25% for claims incurred in 2013. The December 31, 2013 and 2012 liabilities net of reinsurance include $1,271,851 and $1,309,087 respectively, of such reserves. The amount of discounts deducted from outstanding reserves as of December 31, 2013 and 2012 are $386,582 and $412,973, respectively. | |||||||||||||||||||||||||
In 2013, 2012, and 2011, the Company's Property and Warranty case and IBNR reserves reflected redundancies from its lender-placed homeowners, credit, warranty and other short tail product lines. The 2013 redundancy decreased due to $6,500 of adverse development from Super Storm Sandy and a flattening of redundancies on lender placed products. The 2011 redundancy was impacted by $11,400 in adverse development from the 2010 Arizona hail event. For the longer-tail Property and Warranty coverages (e.g. asbestos, environmental, and other general liability), for all other years presented, there were no material changes in estimated amounts for incurred claims in prior years. | |||||||||||||||||||||||||
Long Duration Contracts | |||||||||||||||||||||||||
The Company’s long duration contracts are primarily comprised of preneed life insurance and annuity policies, life insurance policies (no longer offered), universal life and annuities (no longer offered), FFG and LTC disposed businesses and medical policies. The principal products and services included in these categories are described in the summary of significant accounting policies. See Note 2 for further information. | |||||||||||||||||||||||||
The Assurant Solutions segment manages preneed insurance products through two separate divisions: the independent division and the American Memorial Life Insurance Company (“AMLIC”) division. The Company signed an agreement with Forethought Life Insurance Company on November 9, 2005 whereby the Company discontinued writing new preneed insurance policies in the U.S. via independent funeral homes. The reserve assumptions for future policy benefits and expenses for pre-funded funeral life and annuity contracts and traditional life insurance (no longer offered) by the preneed business differ by division and are established based upon the following: | |||||||||||||||||||||||||
PreNeed Business—Independent Division | |||||||||||||||||||||||||
Interest and discount rates for preneed life insurance issued prior to 2009 vary by year of issuance and product, are based on pricing assumptions and modified to allow for provisions for adverse deviation. For preneed life insurance with discretionary death benefit growth issued after 2008, interest and discount rates are based upon current assumptions without provisions for adverse deviation. During 2013 and 2012, interest and discount rates ranged between 3.5% and 7.3%. | |||||||||||||||||||||||||
Interest and discount rates for traditional life insurance (no longer offered) vary by year of issuance and products and were 7.5% grading to 5.3% over 20 years in 2013 and 2012 with the exception of a block of pre-1980 business which had a level 8.8% discount rate in 2013 and 2012. | |||||||||||||||||||||||||
Mortality assumptions for business issued prior to 2009 are based upon pricing assumptions and modified to allow for provisions for adverse deviation. For business issued after 2008, mortality assumptions are based upon pricing assumptions without provisions for adverse deviation. Surrender rates vary by product and are based upon pricing assumptions. | |||||||||||||||||||||||||
Future assumed policy benefit increases on preneed life insurance issued prior to 2009 ranged from 1.0% to 7.0% in 2013 and 2012. Some policies have future policy benefit increases, which are guaranteed or tied to equal some measure of inflation. The inflation assumption for most of these inflation-linked benefits was 3.0% in both 2013 and 2012 with the exception of most policies issued in 2005 through 2007 where the assumption was 2.3%. Future policy benefit increases for business issued in 2013 are based on current assumptions. | |||||||||||||||||||||||||
The reserves for annuities issued by the independent division are based on assumed interest rates credited on deferred annuities, which vary by year of issue, and ranged from 1.0% to 5.5% in 2013 and 2012. Withdrawal charges, if any, generally range from 7.0% to 0.0% and grade to zero over a period of seven years for business issued in the U.S. Canadian annuity products have a surrender charge that varies by product series and premium paying period. | |||||||||||||||||||||||||
PreNeed Business—AMLIC Division | |||||||||||||||||||||||||
Interest and discount rates for preneed life insurance issued or acquired after September 2000 and prior to 2009 vary by year of issuance and are based on pricing assumptions and modified to allow for provisions for adverse deviation. For preneed life insurance with discretionary death benefit growth issued after 2008, interest and discount rates are based on current assumptions without provisions for adverse deviation. Discount rates for 2013 and 2012 issues ranged from 1.5% to 5.0%. Preneed insurance issued prior to October 2000 and all traditional life insurance issued by the AMLIC division use discount rates, which vary by issue year and product, ranging from 0.0% to 7.5% in 2013 and 2012. | |||||||||||||||||||||||||
Mortality assumptions for preneed life insurance issued or acquired after September 2000 and prior to 2009 are based upon pricing assumptions, which approximate actual experience, and modified to allow for provisions for adverse deviation. For preneed life insurance with discretionary death benefit growth issued after 2008, mortality assumptions are based upon pricing assumptions, which approximate actual experience, without provisions for adverse deviation. Surrender rates for preneed life insurance issued or acquired in October 2000 and beyond vary by product and are based upon pricing assumptions. Mortality assumptions for all preneed life insurance and traditional life insurance acquired by the AMLIC division prior to October 2000 are based on statutory valuation requirements, which approximate GAAP, with no explicit provision for lapses. | |||||||||||||||||||||||||
Future policy benefit increases for preneed life insurance products are based upon pricing assumptions. First-year guaranteed benefit increases were 0.0% in 2013 and 2012. Renewal guaranteed benefit increases ranged from 0.0% to 3.0% in 2013 and 2012. For contracts with minimum benefit increases associated with an inflation index, assumed benefit increases equaled the discount rate less 3.0% in 2013 and 2012. | |||||||||||||||||||||||||
The reserves for annuities issued by the AMLIC division are based on assumed interest rates credited on deferred annuities and ranged from 1.0% to 6.5% in 2013 and 2012. Withdrawal charges ranged from 8.0% to 0.0% grading to zero over eight years for business issued in the United States. Canadian annuity products have a flat 35% surrender charge. Nearly all the deferred annuities contracts have a 3.0% guaranteed interest rate. | |||||||||||||||||||||||||
Universal Life and Annuities—No Longer Offered | |||||||||||||||||||||||||
The reserves for universal life and annuity products (no longer offered) in the Assurant Solutions segment have been established based on the following assumptions: Interest rates credited on annuities, which vary by product and time when funds were received, ranged from 3.5% to 4.0% with guaranteed credited rates that ranged from 3.5% to 4.0% in 2013 and 2012, except for a limited number of policies with credited rates of 4.5% with guaranteed credited rate of 4.5%. Annuities are also subject to surrender charges, which vary by contract year and grade to zero over a period no longer than seven years. Surrender values on annuities will never be less than the amount of paid-in premiums (net of prior withdrawals) regardless of the surrender charge. Credited interest rates on universal life funds vary by product and time when funds were received and ranged from 4.0% to 4.1% in 2013 and 2012. Guaranteed crediting rates where present were 4.0%. Additionally, universal life funds are subject to surrender charges that vary by product, age, sex, year of issue, risk class, face amount and grade to zero over a period not longer than 20 years. | |||||||||||||||||||||||||
FFG and LTC | |||||||||||||||||||||||||
Reserves for previously disposed FFG and LTC businesses are included in the Company’s reserves in accordance with the insurance guidance. The Company maintains an offsetting reinsurance recoverable related to these reserves. See Note 13 for further information. | |||||||||||||||||||||||||
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Reinsurance [Abstract] | ' | |||||||||||||||||||||||||||
Reinsurance | ' | |||||||||||||||||||||||||||
13. Reinsurance | ||||||||||||||||||||||||||||
In the ordinary course of business, the Company is involved in both the assumption and cession of reinsurance with non-affiliated companies. The following table provides details of the reinsurance recoverables balance for the years ended December 31: | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Ceded future policyholder benefits and expense | $ | 3,355,706 | $ | 3,338,783 | ||||||||||||||||||||||||
Ceded unearned premium | 1,283,674 | 1,214,028 | ||||||||||||||||||||||||||
Ceded claims and benefits payable | 1,053,640 | 1,540,073 | ||||||||||||||||||||||||||
Ceded paid losses | 59,114 | 48,853 | ||||||||||||||||||||||||||
Total | $ | 5,752,134 | $ | 6,141,737 | ||||||||||||||||||||||||
A key credit quality indicator for reinsurance is the A.M. Best financial strength ratings of the reinsurer. The A.M. Best ratings are an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. The A.M. Best ratings for new reinsurance agreements where there is material credit exposure are reviewed at the time of execution. The A.M. Best ratings for existing reinsurance agreements are reviewed on a periodic basis, at least annually. The following table provides the reinsurance recoverable as of December 31, 2013 grouped by A.M. Best rating: | ||||||||||||||||||||||||||||
Ceded future | ||||||||||||||||||||||||||||
policyholder | Ceded | Ceded claims | ||||||||||||||||||||||||||
Best Ratings of | benefits and | unearned | and benefits | Ceded paid | ||||||||||||||||||||||||
Reinsurer | expense | premiums | payable | losses | Total | |||||||||||||||||||||||
A++ or A+ | $ | 1,846,063 | $ | 37,671 | $ | 741,151 | $ | 2,555 | $ | 2,627,440 | ||||||||||||||||||
A or A- | 1,469,989 | 45,199 | 146,204 | 13,959 | 1,675,351 | |||||||||||||||||||||||
B++ or B+ | 38,038 | 21,139 | 3,427 | 5 | 62,609 | |||||||||||||||||||||||
B or B- | 0 | 561 | 207 | 70 | 838 | |||||||||||||||||||||||
Not Rated | 1,616 | 1,179,104 | 162,651 | 53,345 | 1,396,716 | |||||||||||||||||||||||
Total | 3,355,706 | 1,283,674 | 1,053,640 | 69,934 | 5,762,954 | |||||||||||||||||||||||
Less: Allowance | 0 | 0 | 0 | -10,820 | -10,820 | |||||||||||||||||||||||
Net reinsurance recoverable | $ | 3,355,706 | $ | 1,283,674 | $ | 1,053,640 | $ | 59,114 | $ | 5,752,134 | ||||||||||||||||||
A.M. Best ratings for The Hartford and John Hancock, the reinsurers with the largest reinsurance recoverable balances, are A and A+, respectively. A.M. Best currently maintains a stable outlook on the financial strength ratings of John Hancock and The Hartford. The total amount of recoverable for these two reinsurers is $3,680,176 as of December 31, 2013. Most of the assets backing reserves relating to reinsurance recoverables from these two counterparties are held in trust. | ||||||||||||||||||||||||||||
A substantial portion of the Not Rated category is related to Assurant Solutions’ and Assurant Specialty Property’s agreements to reinsure premiums and risks related to business generated by certain clients to the clients’ own captive insurance companies or to reinsurance subsidiaries in which the clients have an ownership interest. To mitigate exposure to credit risk for these reinsurers, the Company evaluates the financial condition of the reinsurer and holds substantial collateral (in the form of funds withheld, trusts, and letters of credit) as security. The Not Rated category also includes recoverables from the National Flood Insurance Program and the Florida Hurricane Catastrophe Fund. | ||||||||||||||||||||||||||||
An allowance for doubtful accounts related to reinsurance recoverables is recorded on the basis of periodic evaluations of balances due from reinsurers (net of collateral), reinsurer solvency, management’s experience and current economic conditions. The allowance for doubtful accounts was $10,820 and $10,633 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Information about the valuation allowance for reinsurance recoverable is as follows: | ||||||||||||||||||||||||||||
Years Ended | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 10,633 | $ | 10,633 | ||||||||||||||||||||||||
Provision | 187 | 0 | ||||||||||||||||||||||||||
Other additions | 0 | 0 | ||||||||||||||||||||||||||
Direct write-downs charged against the allowance | 0 | 0 | ||||||||||||||||||||||||||
Balance as of the end-of-year | $ | 10,820 | $ | 10,633 | ||||||||||||||||||||||||
The effect of reinsurance on premiums earned and benefits incurred was as follows: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Long | Short | Long | Short | Long | Short | |||||||||||||||||||||||
Duration | Duration | Total | Duration | Duration | Total | Duration | Duration | Total | ||||||||||||||||||||
Direct earned premiums and other considerations | $ | 555,368 | $ | 9,293,288 | $ | 9,848,656 | $ | 568,308 | $ | 8,711,619 | $ | 9,279,927 | $ | 584,532 | $ | 8,553,695 | $ | 9,138,227 | ||||||||||
Premiums assumed | 10,117 | 304,980 | 315,097 | 12,536 | 278,160 | 290,696 | 13,048 | 306,920 | 319,968 | |||||||||||||||||||
Premiums ceded | -304,064 | -2,099,893 | -2,403,957 | -322,428 | -2,011,211 | -2,333,639 | -330,523 | -2,002,304 | -2,332,827 | |||||||||||||||||||
Net earned premiums and other considerations | $ | 261,421 | $ | 7,498,375 | $ | 7,759,796 | $ | 258,416 | $ | 6,978,568 | $ | 7,236,984 | $ | 267,057 | $ | 6,858,311 | $ | 7,125,368 | ||||||||||
Direct policyholder benefits | $ | 933,110 | $ | 3,706,848 | $ | 4,639,958 | $ | 909,670 | $ | 4,152,252 | $ | 5,061,922 | $ | 1,074,435 | $ | 3,653,693 | $ | 4,728,128 | ||||||||||
Policyholder benefits assumed | 22,844 | 211,446 | 234,290 | 27,681 | 173,581 | 201,262 | 29,619 | 228,368 | 257,987 | |||||||||||||||||||
Policyholder benefits ceded | -590,281 | -608,435 | -1,198,716 | -581,890 | -1,025,890 | -1,607,780 | -734,970 | -501,411 | -1,236,381 | |||||||||||||||||||
Net policyholder benefits | $ | 365,673 | $ | 3,309,859 | $ | 3,675,532 | $ | 355,461 | $ | 3,299,943 | $ | 3,655,404 | $ | 369,084 | $ | 3,380,650 | $ | 3,749,734 | ||||||||||
The Company had $1,035,617 and $1,069,031, respectively, of invested assets held in trusts or by custodians as of December 31, 2013 and 2012, respectively, for the benefit of others related to certain reinsurance arrangements. | ||||||||||||||||||||||||||||
The Company utilizes ceded reinsurance for loss protection and capital management, business dispositions, and in the Assurant Solutions and Assurant Specialty Property segments, for client risk and profit sharing. | ||||||||||||||||||||||||||||
Loss Protection and Capital Management | ||||||||||||||||||||||||||||
As part of the Company’s overall risk and capacity management strategy, the Company purchases reinsurance for certain risks underwritten by the Company’s various segments, including significant individual or catastrophic claims. | ||||||||||||||||||||||||||||
For those product lines where there is exposure to losses from catastrophe events, the Company closely monitors and manages its aggregate risk exposure by geographic area. The Company has entered into reinsurance treaties to manage exposure to these types of events. | ||||||||||||||||||||||||||||
On January 30, 2012, certain of the Companies’ subsidiaries (“the Subsidiaries”) entered into two reinsurance agreements with Ibis Re II Ltd. (“Ibis Re II”). Ibis Re II is an independent special purpose reinsurance company domiciled in the Cayman Islands. The Ibis Re II agreements provide up to $130,000 of reinsurance coverage for protection against losses over a three-year period from individual hurricane events in Hawaii, Puerto Rico, and along the Gulf and Eastern Coasts of the United States. The agreements expire in February 2015. Ibis Re II financed the property catastrophe reinsurance coverage by issuing $130,000 in catastrophe bonds to unrelated investors (the “Series 2012-1 Notes”). | ||||||||||||||||||||||||||||
On June 26, 2013, the Subsidiaries entered into three additional reinsurance agreements with Ibis Re II providing up to $185,000 of reinsurance coverage for protection against losses over a three-year period from individual hurricane events in Hawaii, Puerto Rico, and along the Gulf and Eastern Coasts of the United States. The agreements expire in June 2016. Ibis Re II financed the property catastrophe reinsurance coverage by issuing $185,000 in catastrophe bonds to unrelated investors (the “Series 2013-1 Notes”). | ||||||||||||||||||||||||||||
The $315,000 of coverage represents approximately 17% of the expected first event coverage (net of reimbursements of the Florida Hurricane Catastrophe Fund) purchased by the Company in excess of the Company’s anticipated retention. | ||||||||||||||||||||||||||||
Under the terms of these reinsurance agreements, the Subsidiaries are obligated to pay annual reinsurance premiums to Ibis Re II for the reinsurance coverage. The reinsurance agreements with Ibis Re II utilize a dual trigger that is based upon an index that is created by applying predetermined percentages to insured industry losses in each state in the covered area as reported by an independent party and the Subsidiaries’ covered losses incurred. Reinsurance contracts that have a separate, pre-identified variable (e.g., a loss-based index) are accounted for as reinsurance if certain conditions are met. In the case of the reinsurance agreements with Ibis Re II, these conditions were met, thus the Company accounted for them as reinsurance in accordance with the guidance for reinsurance contracts. | ||||||||||||||||||||||||||||
Amounts payable to the Subsidiaries under the reinsurance agreements will be determined by the index-based losses, which are designed to approximate the Subsidiaries’ actual losses from any covered event. The amount of actual losses and index losses from any covered event may differ. For each covered event, Ibis Re II pays the Subsidiaries the lesser of the covered index-based losses or the Subsidiaries’ actual losses. The principal amount of the catastrophe bonds will be reduced by any amounts paid to the Subsidiaries under the reinsurance agreements. The Subsidiaries have not incurred any losses subject to the reinsurance agreements since their inception. | ||||||||||||||||||||||||||||
As of December 31, 2013, the Company had not ceded any losses to Ibis Re II. | ||||||||||||||||||||||||||||
As with any reinsurance agreement, there is credit risk associated with collecting amounts due from reinsurers. With regard to the Series 2012-1 Notes and Series 2013-1 Notes, the credit risk is mitigated by two reinsurance trust accounts for each Series, respectively. Each reinsurance trust account has been funded by Ibis Re II with money market funds that invest solely in direct government obligations backed by the U.S. government with maturities of no more than 13 months. The money market funds must have a principal stability rating of at least AAA by Standard & Poor’s. | ||||||||||||||||||||||||||||
At the time the agreements were entered into with Ibis Re II, the Company evaluated the applicability of the accounting guidance that addresses variable interest entities (“VIEs”). Entities which do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. | ||||||||||||||||||||||||||||
As a result of the evaluation of the reinsurance agreements with Ibis Re II, the Company concluded that Ibis Re II is a VIE. However, while Ibis Re II is a VIE, the Company concluded that it does not have a significant variable interest in Ibis Re II as the variability in results, caused by the reinsurance agreements, is expected to be absorbed entirely by the bondholders and the Company is not entitled to any residual amounts. Accordingly, the Company is not the primary beneficiary of Ibis Re II and does not consolidate the entities in the Company’s financial statements. | ||||||||||||||||||||||||||||
Business Divestitures | ||||||||||||||||||||||||||||
The Company has used reinsurance to exit certain businesses, such as the disposals of FFG and LTC. Reinsurance was used in these cases to facilitate the transactions because the businesses shared legal entities with operating segments that the Company retained. Assets supporting liabilities ceded relating to these businesses are mainly held in trusts and the separate accounts relating to FFG are still reflected in the Company’s balance sheet. If the reinsurers became insolvent, we would be exposed to the risk that the assets in the trusts and/or the separate accounts would be insufficient to support the liabilities that would revert back to us. The reinsurance recoverable from The Hartford was $1,101,847 and $1,125,472 as of December 31, 2013 and 2012, respectively. The reinsurance recoverable from John Hancock was $2,578,329 and $2,494,275 as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
The reinsurance agreement associated with the FFG sale also stipulates that The Hartford contribute funds to increase the value of the separate account assets relating to Modified Guaranteed Annuity business sold if such value declines below the value of the associated liabilities. If The Hartford fails to fulfill these obligations, the Company will be obligated to make these payments. | ||||||||||||||||||||||||||||
In addition, the Company would be responsible for administering this business in the event of reinsurer insolvency. We do not currently have the administrative systems and capabilities to process this business. Accordingly, we would need to obtain those capabilities in the event of an insolvency of one or more of the reinsurers of these businesses. We might be forced to obtain such capabilities on unfavorable terms with a resulting material adverse effect on our results of operations and financial condition. | ||||||||||||||||||||||||||||
As of December 31, 2013, we were not aware of any regulatory actions taken with respect to the solvency of the insurance subsidiaries of The Hartford or John Hancock that reinsure the FFG and LTC businesses, and the Company has not been obligated to fulfill any of such reinsurers’ obligations. | ||||||||||||||||||||||||||||
John Hancock and The Hartford have paid their obligations when due and there have been no disputes. | ||||||||||||||||||||||||||||
Segment Client Risk and Profit Sharing | ||||||||||||||||||||||||||||
The Assurant Solutions and Assurant Specialty Property segments write business produced by their clients, such as mortgage lenders and servicers, financial institutions and reinsures all or a portion of such business to insurance subsidiaries of some clients. Such arrangements allow significant flexibility in structuring the sharing of risks and profits on the underlying business. | ||||||||||||||||||||||||||||
A substantial portion of Assurant Solutions and Assurant Specialty Property’s reinsurance activities are related to agreements to reinsure premiums and risks related to business generated by certain clients to the clients’ own captive insurance companies or to reinsurance subsidiaries in which the clients have an ownership interest. Through these arrangements, our insurance subsidiaries share some of the premiums and risk related to client-generated business with these clients. When the reinsurance companies are not authorized to do business in our insurance subsidiary’s domiciliary state, the Company’s insurance subsidiary generally obtains collateral, such as a trust or a letter of credit, from the reinsurance company or its affiliate in an amount equal to the outstanding reserves to obtain full statutory financial credit in the domiciliary state for the reinsurance. | ||||||||||||||||||||||||||||
The Company’s reinsurance agreements do not relieve the Company from its direct obligation to its insureds. Thus, a credit exposure exists to the extent that any reinsurer is unable to meet the obligations assumed in the reinsurance agreements. To mitigate its exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and holds substantial collateral (in the form of funds, trusts, and letters of credit) as security under the reinsurance agreements. | ||||||||||||||||||||||||||||
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt [Abstract] | ' |
Debt | ' |
14. Debt | |
On March 28, 2013, the Company completed an issuance of two series of senior notes with an aggregate principal amount of $700,000 (the “2013 Senior Notes”). The Company received net proceeds of $698,093 from this transaction, which represents the principal amount less the discount before offering expenses. The discount of $1,907 is being amortized over the life of the 2013 Senior Notes and is included as part of interest expense on the consolidated statements of operations. The first series is $350,000 in principal amount, bears interest at 2.50% per year and is payable in a single installment due March 15, 2018 and was issued at a 0.18% discount. The second series is $350,000 in principal amount, bears interest at 4.00% per year and is payable in a single installment due March 15, 2023 and was issued at a 0.37% discount. Interest on the 2013 Senior Notes is payable semi-annually on March 15 and September 15 of each year. The 2013 Senior Notes are unsecured obligations and rank equally with all of the Company’s other senior unsecured indebtedness. The Company may redeem each series of the 2013 Senior Notes in whole or in part at any time and from time to time before their maturity at the redemption price set forth in the Indenture. The 2013 Senior Notes are registered under the Securities Act of 1933, as amended. | |
The interest expense incurred related to the 2013 Senior Notes was $17,357 for the year ended December 31, 2013. There was $6,635 of accrued interest at December 31, 2013. The Company made an interest payment on the 2013 Senior Notes of $10,553 on September 15, 2013. | |
In February 2004, the Company issued two series of senior notes with an aggregate principal amount of $975,000 (the “2004 Senior Notes”). The Company received net proceeds of $971,537 from this transaction, which represents the principal amount less the discount. The discount of $3,463 is being amortized over the life of the 2004 Senior Notes and is included as part of interest expense on the statement of operations. The first series was $500,000 in principal amount, issued at a 0.11% discount, bore interest at 5.63% per year and was repaid on February 18, 2014. The second series is $475,000 in principal amount, bears interest at 6.75% per year and is payable in a single installment due February 15, 2034 and was issued at a 0.61% discount. Interest on the 2004 Senior Notes is payable semi-annually on February 15 and August 15 of each year. The 2004 Senior Notes are unsecured obligations and rank equally with all of the Company’s other senior unsecured indebtedness. The 2004 Senior Notes are not redeemable prior to maturity. All of the holders of the senior notes exchanged their notes in May 2004 for new notes registered under the Securities Act of 1933, as amended. | |
During the twelve months ended December 31, 2013, the Company repurchased $32,670 of the 2004 Senior Notes through open market transactions. The $964 difference between the reacquisition price and the net carrying amount of the extinguished debt for the twelve months ended December 31, 2013 was recorded as an extinguishment loss and is included in the consolidated statement of operations as part of interest expense. | |
The interest expense incurred related to the 2004 Senior Notes was $59,414, $60,306, and $60,360 for the years ended December 31, 2013, 2012, and 2011, respectively. There was $21,876 and $22,570 of accrued interest at December 31, 2013 and 2012, respectively. The Company made interest payments of $30,094 on February 15, 2013 and 2012 and August 15, 2013 and 2012. | |
Credit Facility | |
The Company’s commercial paper program requires the Company to maintain liquidity facilities either in an available amount equal to any outstanding notes from the commercial paper program or in an amount sufficient to maintain the ratings assigned to the notes issued from the commercial paper program. The Company’s subsidiaries do not maintain commercial paper or other borrowing facilities at their level. This program is currently backed up by a $350,000 senior revolving credit facility, of which $345,740 was available at December 31, 2013, due to $4,260 of outstanding letters of credit related to this program. | |
On September 21, 2011, the Company entered into a four-year unsecured $350,000 revolving credit agreement (“2011 Credit Facility”) with a syndicate of banks arranged by JP Morgan Chase Bank, N.A. and Bank of America, N.A. The 2011 Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and/or letters of credit from a sole issuing bank in an aggregate amount of $350,000 and is available until September 2015, provided the Company is in compliance with all covenants. The 2011 Credit Facility has a sublimit for letters of credit issued thereunder of $50,000. The proceeds of these loans may be used for the Company’s commercial paper program or for general corporate purposes. The Company may increase the total amount available under the 2011 Credit Facility to $525,000 subject to certain conditions. No bank is obligated to provide commitments above their share of the $350,000 facility. | |
The Company did not use the commercial paper program during the twelve months ended December 31, 2013 and 2012 and there were no amounts relating to the commercial paper program outstanding at December 31, 2013 and December 31, 2012. The Company made no borrowings using the 2011 Credit Facility and no loans are outstanding at December 31, 2013. | |
The 2011 Credit Facility contains restrictive covenants and requires that the Company maintain certain specified minimum ratios and thresholds. Among others, these covenants include maintaining a maximum debt to capitalization ratio and a minimum consolidated adjusted net worth. At December 31, 2013, the Company was in compliance with all covenants, minimum ratios and thresholds. | |
Common_Stock
Common Stock | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock [Abstract] | ' | |||||||||
Common Stock | ' | |||||||||
15. Common Stock | ||||||||||
Changes in the number of common stock shares outstanding are as follows: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Shares outstanding, beginning | 78,664,029 | 88,524,374 | 102,000,371 | |||||||
Vested restricted stock and restricted stock units, net (a) | 340,525 | 370,244 | 336,919 | |||||||
Issuance related to performance share units | 252,025 | 403,519 | 0 | |||||||
Issuance related to ESPP | 217,573 | 213,942 | 217,787 | |||||||
Issuance related to SARS exercise | 61,070 | 51,410 | 57,837 | |||||||
Shares repurchased | -7,707,014 | -10,899,460 | -14,088,540 | |||||||
Shares outstanding, ending | 71,828,208 | 78,664,029 | 88,524,374 | |||||||
(a) | Vested restricted stock and restricted stock units shown net of shares retired to cover participant tax liability | |||||||||
The Company is authorized to issue 800,000,000 shares of common stock. In addition, 150,001 shares of Class B and 400,001 shares of Class C common stock, per the Restated Certificate of Incorporation of Assurant, Inc., are still authorized but have not been retired. | ||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Based Compensation [Abstract] | ' | ||||||||
Stock Based Compensation | ' | ||||||||
16. Stock Based Compensation | |||||||||
In accordance with the guidance on share based compensation, the Company recognized stock-based compensation costs based on the grant date fair value. The Company also applied the “long form” method to calculate its beginning pool of windfall tax benefits related to employee stock-based compensation awards as of the adoption date of the guidance. For the years ended December 31, 2013, 2012 and 2011, the Company recognized compensation costs net of a 5% per year forfeiture rate on a pro-rated basis over the remaining vesting period. | |||||||||
Long-Term Equity Incentive Plan | |||||||||
In May 2008, the Company’s shareholders approved the Assurant, Inc. Long-Term Equity Incentive Plan (“ALTEIP”), which authorized the granting of up to 3,400,000 new shares of the Company’s common stock to employees, officers and non-employee directors. In May 2010, the Company’s shareholders approved an amended and restated ALTEIP, increasing the number of shares of the Company’s common stock authorized for issuance to 5,300,000 new shares. Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights (“SARs”), restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”) and dividend equivalents. All future share-based grants will be awarded under the ALTEIP. | |||||||||
The Compensation Committee of the Board of Directors (the “Compensation Committee”) awards PSUs and RSUs annually. RSUs and PSUs are promises to issue actual shares of common stock at the end of a vesting period or performance period. The RSUs granted to employees under the ALTEIP were based on salary grade and performance and vest one-third each year over a three-year period. RSUs granted to non-employee directors also vest one-third each year over a three-year period, however, issuance of vested shares is deferred until separation from Board service. RSUs receive dividend equivalents in cash during the restricted period and do not have voting rights during the restricted period. PSUs accrue dividend equivalents during the performance period based on a target payout, and will be paid in cash at the end of the performance period based on the actual number of shares issued. The fair value of RSUs is estimated using the fair market value of a share of the Company’s common stock at the date of grant. The fair value of PSUs is estimated using the Monte Carlo simulation model and is described in further detail below. | |||||||||
For the PSU portion of an award, the number of shares a participant will receive upon vesting is contingent upon the Company’s performance with respect to selected metrics, identified below, compared against a broad index of insurance companies and assigned a percentile ranking. These rankings are then averaged to determine the composite percentile ranking for the performance period. The payout levels can vary between 0% and 150% (maximum) of the target (100%) ALTEIP award amount based on the Company’s level of performance against the selected metrics. | |||||||||
PSU Performance Goals. The Compensation Committee established book value per share (“BVPS”) growth excluding AOCI, revenue growth and total stockholder return as the three performance measures for PSU awards. BVPS growth is defined as the year-over-year growth of the Company’s stockholders’ equity excluding AOCI divided by the number of fully diluted total shares outstanding at the end of the period. Revenue growth is defined as the year-over-year change in total revenues as disclosed in the Company’s annual statement of operations. Total stockholder return is defined as appreciation in Company stock plus dividend yield to stockholders. Payouts will be determined by measuring performance against the average performance of companies included in the A.M. Best U.S. Insurance Index, excluding those with revenues of less than $1,000,000 or that are not in the health or insurance Global Industry Classification Standard codes. | |||||||||
Under the ALTEIP, the Company’s Chief Executive Officer (“CEO”) is authorized by the Board of Directors to grant common stock, restricted stock and RSUs to employees other than the executive officers of the Company (as defined in Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). The Board of Directors reviews and ratifies these grants quarterly. Restricted stock and RSUs granted under this program may have different vesting periods. | |||||||||
Restricted Stock Units | |||||||||
A summary of the Company’s outstanding restricted stock units is presented below: | |||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Shares | Fair Value | ||||||||
Shares outstanding at December 31, 2012 | 1,206,015 | $ | 38.22 | ||||||
Grants | 525,124 | 45.27 | |||||||
Vests | -548,494 | 37.38 | |||||||
Forfeitures and adjustments | -22,555 | 40.96 | |||||||
Shares outstanding at December 31, 2013 | 1,160,090 | $ | 41.77 | ||||||
The compensation expense recorded related to RSUs was $26,734, $22,158 and $20,100 for the years ended December 31, 2013, 2012 and 2011, respectively. The related total income tax benefit recognized was $9,343, $7,746 and $7,012 for the years ended December 31, 2013, 2012 and 2011, respectively. The weighted average grant date fair value for RSUs granted in 2012 and 2011 was $40.72 and $38.05, respectively. | |||||||||
As of December 31, 2013, there was $14,390 of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.04 years. The total fair value of shares vested during the years ended December 31, 2013, 2012 and 2011 was $24,812, $23,177 and $18,060, respectively. | |||||||||
Performance Share Units | |||||||||
A summary of the Company’s outstanding performance share units is presented below: | |||||||||
Weighted- | |||||||||
Average Grant- | |||||||||
Performance | Date | ||||||||
Share Units | Fair Value | ||||||||
Performance share units outstanding, December 31, 2012 | 1,204,383 | $ | 37.51 | ||||||
Grants | 408,808 | 44.22 | |||||||
Vests | -424,537 | 33.12 | |||||||
Performance adjustment (1) | 16,285 | 33.12 | |||||||
Forfeitures and adjustments | -18,110 | 41.73 | |||||||
Performance share units outstanding, December 31, 2013 | 1,186,829 | $ | 41.28 | ||||||
(1) | Represents the change in shares issued based upon the attainment of performance goals established by the Company. | ||||||||
PSU grants above represent initial target awards and do not reflect potential increases or decreases resulting from the financial performance objectives to be determined at the end of the prospective performance period. The actual number of shares to be issued at the end of each performance period will range from 0% to 150% of the initial target awards. | |||||||||
The compensation expense recorded related to PSUs was $22,257, $14,045 and $14,355 for the years ended December 31, 2013, 2012 and 2011, respectively. Portions of the compensation expense recorded during 2011 and 2010 were reversed in 2012 and 2011, respectively, since the Company’s level of actual performance as measured against pre-established performance goals had declined. The related total income tax benefit recognized was $7,774, $4,911, and $5,005 for the years ended December 31, 2013, 2012 and 2011, respectively. The weighted average grant date fair value for PSUs granted in 2012 and 2011 was $41.68 and $37.83, respectively. | |||||||||
As of December 31, 2013, there was $15,090 of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 0.74 years. The total fair value of shares vested and issued during the years ended December 31, 2013 and 2012 was $19,392 and $24,403, respectively. There were no PSUs vested and issued during the year ended December 31, 2011. | |||||||||
The fair value of PSUs with market conditions was estimated on the date of grant using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market condition stipulated in the award. Expected volatilities for awards issued during the years ended December 31, 2013 and 2012 were based on the historical stock prices of the Company’s stock and peer insurance group. The expected term for grants issued during the years ended December 31, 2013, 2012 and 2011 was assumed to equal the average of the vesting period of the PSUs. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||
For awards granted during the | |||||||||
year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 26.76 | % | 30.18 | % | 59.39 | % | |||
Expected term (years) | 2.80 | 2.81 | 2.81 | ||||||
Risk free interest rate | 0.39 | % | 0.42 | % | 1.18 | % | |||
Long-Term Incentive Plan | |||||||||
Prior to the approval of the ALTEIP, share based awards were granted under the 2004 Assurant Long-Term Incentive Plan (“ALTIP”), which authorized the granting of up to 10,000,000 new shares of the Company’s common stock to employees and officers under the ALTIP, Business Value Rights Program and CEO Equity Grants Program. Under the ALTIP, the Company was authorized to grant restricted stock and SARs. Since May 2008, no new grants have been made under this plan and the impact of these grants on the consolidated financial statements is immaterial. | |||||||||
Employee Stock Purchase Plan | |||||||||
Under the Employee Stock Purchase Plan (“ESPP”), the Company is authorized to issue up to 5,000,000 new shares to employees who are participants in the ESPP. The ESPP allows eligible employees to contribute, through payroll deductions, portions of their after-tax compensation in each offering period toward the purchase of shares of the Company’s common stock. There are two offering periods during the year (January 1 through June 30 and July 1 through December 31) and shares are purchased at the end of each offering period at 90% of the lower of the closing price of the common stock on the first or last day of the offering period. Participants’ contributions are limited to a maximum contribution of $7.5 per offering period, or $15 per year. | |||||||||
The ESPP is offered to individuals who are scheduled to work at least 20 hours per week and at least five months per year, have been continuously employed for at least six months by the start of the offering period, are not temporary employees (employed less than 12 months), and have not been on a leave of absence for more than 90 days immediately preceding the offering period. Participants must be employed on the last trading day of the offering period in order to purchase Company shares under the ESPP. The maximum number of shares that can be purchased each offering period is 5,000 shares per employee. | |||||||||
In January 2014, the Company issued 75,746 shares at a discounted price of $46.36 for the offering period of July 1, 2013 through December 31, 2013. In January 2013, the Company issued 107,535 shares at a discounted price of $31.23 for the offering period of July 1, 2012 through December 31, 2012. | |||||||||
In July 2013, the Company issued 110,038 shares to employees at a discounted price of $31.93 for the offering period of January 1, 2013 through June 30, 2013. In July 2012, the Company issued 110,699 shares to employees at a discounted price of $31.36 for the offering period of January 1, 2012 through June 30, 2012. | |||||||||
The compensation expense recorded related to the ESPP was $1,098, $1,396 and $1,306 for the years ended December 31, 2013, 2012 and 2011, respectively. The related income tax benefit for disqualified disposition was $208, $157 and $180 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The fair value of each award under the ESPP was estimated at the beginning of each offering period using the Black-Scholes option-pricing model and assumptions in the table below. Expected volatilities are based on implied volatilities from traded options on the Company’s stock and the historical volatility of the Company’s stock. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is based on the current annualized dividend and share price as of the grant date. | |||||||||
For awards issued during the | |||||||||
year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 18.30 - 25.40 | % | 25.26 – 36.77 | % | 27.13-32.41 | % | |||
Risk free interest rates | 0.08 - 0.15 | % | 0.06 – 0.10 | % | 0.19-0.22 | % | |||
Dividend yield | 2.34 - 2.38 | % | 1.72 – 1.95 | % | 1.64-1.85 | % | |||
Expected term (years) | 0.5 | 0.5 | 0.5 | ||||||
Non-Stock Based Incentive Plans | |||||||||
Deferred Compensation | |||||||||
The deferred compensation programs consist of the AIP, the ASIC and the ADC Plans. The AIP and ASIC Plans provided key employees the ability to exchange a portion of their compensation for options to purchase certain third-party mutual funds. The AIP and ASIC Plans were frozen in December 2004 and no additional contributions can be made to either Plan. Effective March 1, 2005 and amended and restated on January 1, 2008, the ADC Plan was established in order to comply with the American Jobs Creation Act of 2004 (“Jobs Act”) and IRC Section 409A. The ADC Plan provides key employees the ability to defer a portion of their eligible compensation to be notionally invested in a variety of mutual funds. Deferrals and withdrawals under the ADC Plan are intended to be fully compliant with the Jobs Act definition of eligible compensation and distribution requirements. | |||||||||
Stock_Repurchase
Stock Repurchase | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stock Repurchase [Abstract] | ' | |||||||
Stock Repurchase | ' | |||||||
17. Stock Repurchase | ||||||||
The following table shows the shares repurchased during the periods indicated: | ||||||||
Total Number of Shares | ||||||||
Purchased as Part of | ||||||||
Number of | Average Price | Publicly Announced | ||||||
Period in 2013 | Shares Purchased | Paid Per Share | Programs | |||||
January | 0 | $ | 0.00 | 0 | ||||
February | 0 | 0.00 | 0 | |||||
March | 600,000 | 44.28 | 600,000 | |||||
April | 1,803,621 | 46.29 | 1,803,621 | |||||
May | 1,383,080 | 48.92 | 1,383,080 | |||||
June | 459,412 | 50.08 | 459,412 | |||||
July | 376,300 | 52.68 | 376,300 | |||||
August | 814,900 | 55.01 | 814,900 | |||||
September | 735,525 | 54.77 | 735,525 | |||||
October | 786,676 | 57.13 | 786,676 | |||||
November | 270,000 | 60.79 | 270,000 | |||||
December | 477,500 | 65.27 | 477,500 | |||||
Total | 7,707,014 | $ | 51.66 | 7,707,014 | ||||
On May 14, 2012, the Company’s Board of Directors authorized the Company to repurchase up to $600,000 of its outstanding common stock. On November 18, 2013, the Company’s Board of Directors authorized the Company to repurchase up to an additional $600,000 of its outstanding common stock, making the total remaining under the authorization $752,436 as of that date. | ||||||||
During the year ended December 31, 2013, the Company repurchased 7,707,014 shares of the Company’s outstanding common stock at a cost of $398,026, exclusive of commissions, leaving $704,874 remaining under the total repurchase authorization at December 31, 2013. | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
18. Accumulated Other Comprehensive Income | ||||||||||||||||
Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes): | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2012 | $ | 6,882 | $ | 981,879 | $ | 23,861 | $ | -182,219 | $ | 830,403 | ||||||
Other comprehensive (loss) income before reclassifications | -45,649 | -478,853 | -2,237 | 77,938 | -448,801 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 23,045 | 4,803 | 17,380 | 45,228 | |||||||||||
Net current-period other comprehensive (loss) income | -45,649 | -455,808 | 2,566 | 95,318 | -403,573 | |||||||||||
Balance at December 31, 2013 | $ | -38,767 | $ | 526,071 | $ | 26,427 | $ | -86,901 | $ | 426,830 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2011 | $ | 10,918 | $ | 713,773 | $ | 15,387 | $ | -182,502 | $ | 557,576 | ||||||
Other comprehensive (loss) income before reclassifications | -4,036 | 240,603 | 8,551 | -14,872 | 230,246 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 27,503 | -77 | 15,155 | 42,581 | |||||||||||
Net current-period other comprehensive (loss) income | -4,036 | 268,106 | 8,474 | 283 | 272,827 | |||||||||||
Balance at December 31, 2012 | $ | 6,882 | $ | 981,879 | $ | 23,861 | $ | -182,219 | $ | 830,403 | ||||||
Year Ended December 31, 2011 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2010 | $ | 33,508 | $ | 413,255 | $ | 12,568 | $ | -172,396 | $ | 286,935 | ||||||
Other comprehensive (loss) income before reclassifications | -22,590 | 284,611 | 3,813 | -20,440 | 245,394 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 15,907 | -994 | 10,334 | 25,247 | |||||||||||
Net current-period other comprehensive (loss) income | -22,590 | 300,518 | 2,819 | -10,106 | 270,641 | |||||||||||
Balance at December 31, 2011 | $ | 10,918 | $ | 713,773 | $ | 15,387 | $ | -182,502 | $ | 557,576 | ||||||
The following tables summarize the reclassifications out of accumulated other comprehensive income. | ||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | ||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Unrealized gains on securities | $ | 35,454 | $ | 42,312 | $ | 24,472 | Net realized gains on investments, excluding other-than-temporary impairment losses | |||||||||
-12,409 | -14,809 | -8,565 | Provision for income taxes | |||||||||||||
$ | 23,045 | $ | 27,503 | $ | 15,907 | Net of tax | ||||||||||
OTTI | $ | 7,389 | $ | -118 | $ | -1,529 | Portion of net loss (gain) recognized in other comprehensive income, before taxes | |||||||||
-2,586 | 41 | 535 | Provision for income taxes | |||||||||||||
$ | 4,803 | $ | -77 | $ | -994 | Net of tax | ||||||||||
Amortization of pension and postretirement unrecognized net periodic benefit cost: | ||||||||||||||||
Amortization of prior service cost | $ | -77 | $ | -152 | $ | 1,070 | -1 | |||||||||
Amortization of net loss | 26,816 | 23,467 | 14,829 | -1 | ||||||||||||
26,739 | 23,315 | 15,899 | Total before tax | |||||||||||||
-9,359 | -8,160 | -5,565 | Provision for income taxes | |||||||||||||
$ | 17,380 | $ | 15,155 | $ | 10,334 | Net of tax | ||||||||||
Total reclassifications for the period | $ | 45,228 | $ | 42,581 | $ | 25,247 | Net of tax | |||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 20 - Retirement and Other Employee Benefits for additional information | |||||||||||||||
Statutory_Information
Statutory Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Statutory Information [Abstract] | ' | |||||||||
Statutory Information | ' | |||||||||
19. Statutory Information | ||||||||||
The Company’s insurance subsidiaries prepare financial statements on the basis of statutory accounting practices (“SAP”) prescribed or permitted by the insurance departments of their states of domicile. Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and administrative rules. | ||||||||||
The principal differences between SAP and GAAP are: 1) policy acquisition costs are expensed as incurred under SAP, but are deferred and amortized under GAAP; 2) the value of business acquired is not capitalized under SAP but is under GAAP; 3) amounts collected from holders of universal life-type and annuity products are recognized as premiums when collected under SAP, but are initially recorded as contract deposits under GAAP, with cost of insurance recognized as revenue when assessed and other contract charges recognized over the periods for which services are provided; 4) the classification and carrying amounts of investments in certain securities are different under SAP than under GAAP; 5) the criteria for providing asset valuation allowances, and the methodologies used to determine the amounts thereof, are different under SAP than under GAAP; 6) the timing of establishing certain reserves, and the methodologies used to determine the amounts thereof, are different under SAP than under GAAP; 7) certain assets are not admitted for purposes of determining surplus under SAP; 8) methodologies used to determine the amounts of deferred taxes, intangible assets and goodwill are different under SAP than under GAAP; and 9) the criteria for obtaining reinsurance accounting treatment is different under SAP than under GAAP. | ||||||||||
The combined statutory net income, excluding intercompany dividends and surplus note interest, and capital and surplus of the Company’s U.S. domiciled statutory insurance subsidiaries follow: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Statutory net income | ||||||||||
P&C companies | $ | 457,068 | $ | 371,520 | $ | 367,315 | ||||
Life companies | 148,851 | 223,519 | 148,554 | |||||||
Total statutory net income | $ | 605,919 | $ | 595,039 | $ | 515,869 | ||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Statutory capital and surplus | ||||||||||
P&C companies | $ | 1,440,394 | $ | 1,382,745 | ||||||
Life companies | 923,660 | 973,446 | ||||||||
Total statutory capital and surplus | $ | 2,364,054 | $ | 2,356,191 | ||||||
The Company also has non-insurance subsidiaries and foreign insurance subsidiaries that are not subject to SAP. The statutory net income and statutory capital and surplus amounts presented above do not include foreign insurance subsidiaries in accordance with SAP. | ||||||||||
Insurance enterprises are required by state insurance departments to adhere to minimum risk-based capital (“RBC”) requirements developed by the NAIC. All of the Company’s insurance subsidiaries exceed minimum RBC requirements. | ||||||||||
The payment of dividends to the Company by any of the Company’s regulated U.S domiciled insurance subsidiaries in excess of a certain amount (i.e., extraordinary dividends) must be approved by the subsidiary’s domiciliary state department of insurance. Ordinary dividends, for which no regulatory approval is generally required, are limited to amounts determined by a formula, which varies by state. The formula for the majority of the states in which the Company’s subsidiaries are domiciled is based on the prior year’s statutory net income or 10% of the statutory surplus as of the end of the prior year. Some states limit ordinary dividends to the greater of these two amounts, others limit them to the lesser of these two amounts and some states exclude prior year realized capital gains from prior year net income in determining ordinary dividend capacity. Some states have an additional stipulation that dividends may only be paid out of earned surplus. If insurance regulators determine that payment of an ordinary dividend or any other payments by the Company’s insurance subsidiaries to the Company (such as payments under a tax sharing agreement or payments for employee or other services) would be adverse to policyholders or creditors, the regulators may block such payments that would otherwise be permitted without prior approval. Based on the dividend restrictions under applicable laws and regulations, the maximum amount of dividends that the Company’s U.S domiciled insurance subsidiaries could pay to the Company in 2014 without regulatory approval is approximately $484,000. No assurance can be given that there will not be further regulatory actions restricting the ability of the Company’s insurance subsidiaries to pay dividends. | ||||||||||
State regulators require insurance companies to meet minimum capitalization standards designed to ensure that they can fulfill obligations to policyholders. Minimum capital requirements are expressed as a ratio of a company’s total adjusted capital (“TAC”) to its risk-based capital (“RBC”) (the “RBC Ratio”). TAC is equal to statutory surplus adjusted to exclude certain statutory liabilities. RBC is calculated by applying specified factors to various asset, premium, expense, liability, and reserve items. | ||||||||||
Generally, if a company’s RBC Ratio is below 100% (the “Authorized Control Level”), the insurance commissioner of the company’s state of domicile is authorized to take control of the company, to protect the interests of policyholders. If the RBC Ratio is greater than 100% but less than 200% (the “Company Action Level”), the company must submit a RBC plan to the commissioner of the state of domicile. Corrective actions may also be required if the RBC Ratio is greater than the Company Action Level but the company fails certain trend tests. | ||||||||||
As of December 31, 2013, the TAC of each of our insurance subsidiaries exceeded the Company Action Level and no trend tests that would require regulatory action were violated. As of December 31, 2013, the TAC of our life and health entities subject to RBC requirements was $999,804. The corresponding Authorized Control Level was $166,551. As of December 31, 2013, the TAC of our P&C entities subject to RBC requirements was $1,440,394. The corresponding Authorized Control Level was $205,819. | ||||||||||
Retirement_And_Other_Employee_
Retirement And Other Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Retirement And Other Employee Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Retirement And Other Employee Benefits | ' | ||||||||||||||||||||||||||||||||||||
20. Retirement and Other Employee Benefits | |||||||||||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan) covering substantially all employees. The Assurant Pension Plan is considered “qualified” because it meets the requirements of Internal Revenue Code Section 401(a) (“IRC 401(a)”) and the Employee Retirement Income Security Act of 1974 (“ERISA”). The Assurant Pension Plan is a pension equity plan with a grandfathered final average earnings plan for a certain group of employees. Benefits are based on certain years of service and the employee’s compensation during certain such years of service. The Company’s funding policy is to contribute amounts to the Assurant Pension Plan sufficient to meet the minimum funding requirements in ERISA, plus such additional amounts as the Company may determine to be appropriate from time to time up to the maximum permitted. The funding policy considers several factors to determine such additional amounts including items such as the amount of service cost plus 15% of the Assurant Pension Plan deficit and the capital position of the Company. During 2013, we contributed $50,000 in cash to the Assurant Pension Plan. We expect to contribute $30,000 in cash to the Assurant Pension Plan over the course of 2014. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. Assurant Pension Plan assets are maintained in a separate trust and as such are not included in the consolidated balance sheets of the Company. | |||||||||||||||||||||||||||||||||||||
As of January 1, 2014, Assurant Pension and Executive Pension Plans are no longer offered to new hires. Current employees will not be affected and will continue to accrue benefits under the Assurant Pension and Executive Pension Plans. Employees who are currently eligible but not yet participating in the Assurant Pension Plan will remain eligible to participate in the future once they meet the Assurant Pension and Executive Pension Plan requirements. | |||||||||||||||||||||||||||||||||||||
The Company also has various non-contributory, non-qualified supplemental plans covering certain employees. Since these plans are “non-qualified” they are not subject to the laws and regulations of IRC 401(a) and ERISA. As such, the Company is not required, and does not, fund these plans. The qualified and nonqualified plans are referred to as “Pension Benefits” unless otherwise noted. The Company has the right to modify or terminate these benefits; however, the Company will not be relieved of its obligation to plan participants for their vested benefits. | |||||||||||||||||||||||||||||||||||||
In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. On July 1, 2011, the Company terminated certain health care benefits for employees who did not qualify for “grandfathered” status and no longer offers these benefits to new hires. The Company contribution, plan design and other terms of the remaining benefits will not change for those grandfathered employees. The Company has the right to modify or terminate these benefits. Plan assets and benefit obligations are measured as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Summarized information on the Company’s Pension Benefits and Retirement Health Benefits plans (together the “Plans”) for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | -956,172 | $ | -855,638 | $ | -749,284 | $ | -86,237 | $ | -75,702 | $ | -97,436 | |||||||||||||||||||||||||
Service cost | -38,580 | -35,609 | -31,832 | -2,863 | -2,762 | -3,233 | |||||||||||||||||||||||||||||||
Interest cost | -38,243 | -38,348 | -38,919 | -3,473 | -3,483 | -3,915 | |||||||||||||||||||||||||||||||
Amendments | 0 | 0 | -1,865 | 0 | 0 | 13,541 | |||||||||||||||||||||||||||||||
Actuarial gain (loss), including curtailments and settlements | 89,029 | -60,106 | -73,449 | 11,213 | -6,288 | 13,249 | |||||||||||||||||||||||||||||||
Benefits paid | 38,023 | 33,529 | 39,711 | 2,314 | 1,998 | 2,092 | |||||||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | -905,943 | $ | -956,172 | $ | -855,638 | $ | -79,046 | $ | -86,237 | $ | -75,702 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 704,976 | $ | 601,662 | $ | 533,867 | $ | 45,651 | $ | 42,073 | $ | 39,663 | |||||||||||||||||||||||||
Actual return on plan assets | 64,641 | 81,896 | 56,965 | 3,234 | 5,576 | 4,502 | |||||||||||||||||||||||||||||||
Employer contributions | 56,217 | 56,096 | 51,740 | 400 | 0 | 0 | |||||||||||||||||||||||||||||||
Benefits paid (including administrative expenses) | -39,084 | -34,678 | -40,910 | -2,314 | -1,998 | -2,092 | |||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 786,750 | $ | 704,976 | $ | 601,662 | $ | 46,971 | $ | 45,651 | $ | 42,073 | |||||||||||||||||||||||||
Funded status at end of year | $ | -119,193 | $ | -251,196 | $ | -253,976 | $ | -32,075 | $ | -40,586 | $ | -33,629 | |||||||||||||||||||||||||
In accordance with the guidance on retirement benefits, the Company aggregates the results of the qualified and non-qualified plans as “Pension Benefits” and is required to disclose the aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets, if the obligations within those plans exceed plan assets. | |||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the projected benefit obligations, the accumulated benefit obligations of Pension Benefits exceeded, and fair value of plan assets are as follows: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Non-Qualified Pension Benefits | Total Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 786,750 | $ | 704,976 | $ | 601,662 | $ | 0 | $ | 0 | $ | 0 | $ | 786,750 | $ | 704,976 | $ | 601,662 | |||||||||||||||||||
Projected benefit obligation | -768,672 | -812,642 | -727,179 | -137,271 | -143,530 | -128,459 | -905,943 | -956,172 | -855,638 | ||||||||||||||||||||||||||||
Funded status at end of year | $ | 18,078 | $ | -107,666 | $ | -125,517 | $ | -137,271 | $ | -143,530 | $ | -128,459 | $ | -119,193 | $ | -251,196 | $ | -253,976 | |||||||||||||||||||
Accumulated benefit obligation | $ | 645,431 | $ | 673,427 | $ | 604,763 | $ | 115,286 | $ | 122,573 | $ | 110,435 | $ | 760,717 | $ | 796,000 | $ | 715,198 | |||||||||||||||||||
The Pension Protection Act of 2006 (“PPA”) requires certain qualified plans, like the Assurant Pension Plan, to meet specified funding thresholds. If these funding thresholds are not met, there are negative consequences to the plan and participants. If the funded percentage falls below 80%, full payment of lump sum benefits as well as implementation of amendments improving benefits are restricted. | |||||||||||||||||||||||||||||||||||||
As of January 1, 2013, the Assurant Pension Plan funded percentage was 127.72% on a PPA calculated basis (based on an actuarial average value of assets compared to the funding target). Therefore, benefit and payment restrictions did not occur during 2013. The 2013 funded measure will also be used to determine restrictions, if any, that can occur during the first nine months of 20134. Due to the funding status of the Assurant Pension Plan in 2013, no restrictions will exist before October 2014 (the time that the January 1, 2014 actuarial valuation needs to be completed). Also, based on the estimated funded status as of January 1, 2014, the Company does not anticipate any restrictions on benefits for the remainder of 2014. | |||||||||||||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Assets | $ | 18,078 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Liabilities | $ | -137,271 | $ | -251,196 | $ | -253,976 | $ | -32,075 | $ | -40,586 | $ | -33,629 | |||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Net gain (loss) | $ | -147,288 | $ | -282,491 | $ | -286,535 | $ | 11,710 | $ | 261 | $ | 3,741 | |||||||||||||||||||||||||
Prior service cost | -4,119 | -4,975 | -5,756 | 6,102 | 7,035 | 7,968 | |||||||||||||||||||||||||||||||
$ | -151,407 | $ | -287,466 | $ | -292,291 | $ | 17,812 | $ | 7,296 | $ | 11,709 | ||||||||||||||||||||||||||
Components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income for the years ended December 31 were as follows: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 38,580 | $ | 35,609 | $ | 31,832 | $ | 2,863 | $ | 2,762 | $ | 3,233 | |||||||||||||||||||||||||
Interest cost | 38,243 | 38,348 | 38,919 | 3,473 | 3,483 | 3,915 | |||||||||||||||||||||||||||||||
Expected return on plan assets | -44,222 | -40,064 | -40,698 | -2,998 | -2,768 | -2,957 | |||||||||||||||||||||||||||||||
Amortization of prior service cost | 856 | 781 | 795 | -933 | -933 | 275 | |||||||||||||||||||||||||||||||
Amortization of net (gain) loss | 26,816 | 23,467 | 15,119 | 0 | 0 | -290 | |||||||||||||||||||||||||||||||
Curtailment (gain)/settlement loss | 0 | 0 | 521 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 60,273 | $ | 58,141 | $ | 46,488 | $ | 2,405 | $ | 2,544 | $ | 4,176 | |||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||
Net (gain) loss | $ | -108,387 | $ | 19,423 | $ | 58,752 | $ | -11,449 | $ | 3,480 | $ | -14,794 | |||||||||||||||||||||||||
Amortization of prior service cost, and effects of curtailments/settlements | -856 | -781 | -1,687 | 933 | 933 | -275 | |||||||||||||||||||||||||||||||
Amortization of net gain (loss) | -26,816 | -23,467 | -15,119 | 0 | 0 | 290 | |||||||||||||||||||||||||||||||
Prior service credit | 0 | 0 | 1,865 | 0 | 0 | -13,541 | |||||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive (income) loss | $ | -136,059 | $ | -4,825 | $ | 43,811 | $ | -10,516 | $ | 4,413 | $ | -28,320 | |||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | -75,786 | $ | 53,316 | $ | 90,299 | $ | -8,111 | $ | 6,957 | $ | -24,144 | |||||||||||||||||||||||||
The Company uses a five-year averaging method to determine the market-related value of Pension Benefits plan assets, which is used to calculate the expected return of plan assets component of the Plans’ expense. Under this methodology, asset gains/losses that result from actual returns which differ from the Company’s expected long-term rate of return on assets assumption are recognized in the market-related value of assets on a level basis over a five year period. The difference between actual as compared to expected asset returns for the Plans will be fully reflected in the market-related value of plan assets over the next five years using the methodology described above. Other post-employment benefit assets under the Retirement Health Benefits are valued at fair value. | |||||||||||||||||||||||||||||||||||||
The estimated net loss and prior service cost of Pension Benefits that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $10,563 and $847, respectively. The net gain and prior service credit of Retirement Health Benefits that will be amortized from accumulated other comprehensive income into net periodic cost over the next fiscal year is $516 and $933. | |||||||||||||||||||||||||||||||||||||
Determination of the projected benefit obligation was based on the following weighted-average assumptions for the years ended December 31: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Retirement Health Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.98 | % | 4.12 | % | 4.59 | % | 4.64 | % | 3.71 | % | 4.40 | % | 4.99 | % | 4.12 | % | 4.64 | % | |||||||||||||||||||
Determination of the net periodic benefit cost was based on the following weighted-average assumptions for the years ended December 31: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Retirement Health Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.12 | % | 4.59 | % | 5.44 | % | 3.71 | % | 4.40 | % | 5.11 | % | 4.12 | % | 4.64 | % | 5.55 | % | |||||||||||||||||||
Expected long- term return on plan assets | 6.75 | % | 6.75 | % | 7.50 | % | 0 | % | 0 | % | 0 | % | 6.75 | % | 6.75 | % | 7.50 | % | |||||||||||||||||||
* | Assumed rates of compensation increases are also used to determine net periodic benefit cost. Assumed rates varied by age and ranged from 3.25% - 9.30% for the Pension Benefits for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||
The selection of our discount rate assumption reflects the rate at which the Plans’ obligations could be effectively settled at December 31, 2013, 2012 and 2011. The methodology for selecting the discount rate was to match each Plan’s cash flows to that of a yield curve that provides the equivalent yields on zero-coupon corporate bonds for each maturity. The yield curve utilized in the cash flow analysis was comprised of 208 bonds rated AA by either Moody’s or Standard & Poor’s with maturities between zero and thirty years. The discount rate for each Plan is the single rate that produces the same present value of cash flows. | |||||||||||||||||||||||||||||||||||||
To develop the expected long-term rate of return on assets assumption, the Company considered the current level of expected returns on risk free investments (primarily, government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested or to be invested. The expected return for each asset class was then weighted based on the targeted asset allocation to develop the expected long-term rate of return on asset assumptions for the portfolio. The Company believes the current assumption reflects the projected return on the invested assets, given the current market conditions and the modified portfolio structure. Actual return on plan assets was 9.0% and 13.6% for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The assumed health care cost trend rates used in measuring the accumulated postretirement benefit obligation and net periodic benefit cost were as follows: | |||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year: | |||||||||||||||||||||||||||||||||||||
Pre-65 Non-reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Post-65 Non-reimbursement Plan | 8.5 | % | 9.0 | % | 9.5 | % | |||||||||||||||||||||||||||||||
Pre-65 Reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Post-65 Reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | |||||||||||||||||||||||||||||||||||||
Pre-65 Non-reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Post-65 Non-reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Pre-65 Reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Post-65 Reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
One percentage point increase in health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 43 | $ | 44 | $ | 62 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | 601 | 727 | 863 | ||||||||||||||||||||||||||||||||||
One percentage point decrease in health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | -66 | $ | -66 | $ | -91 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | -884 | -1,031 | -1,196 | ||||||||||||||||||||||||||||||||||
The assets of the Plans are managed to maximize their long-term pre-tax investment return, subject to the following dual constraints: minimization of required contributions and maintenance of solvency requirements. It is anticipated that periodic contributions to the Plans will, for the foreseeable future, be sufficient to meet benefit payments thus allowing the balance to be managed according to a long-term approach. The Investment Committee for the Plans meets on a quarterly basis and reviews the re-balancing of existing fund assets and the asset allocation of new fund contributions. | |||||||||||||||||||||||||||||||||||||
The goal of our asset strategy is to ensure that the growth in the value of the fund over the long-term, both in real and nominal terms, manages (controls) risk exposure. Risk is managed by investing in a broad range of asset classes, and within those asset classes, a broad range of individual securities. Diversification by asset classes stabilizes total fund results over short-term time periods. Each asset class is externally managed by outside investment managers appointed by the Investment Committee. Derivatives may be used consistent with the Plan’s investment objectives established by the Investment Committee. All securities must be U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||
In 2013, 8% of the Plans’ assets were allocated to Mesirow Institutional Multi-Strategy Fund, L.P. (“MIMSF”). MIMSF is a multi-strategy product for U.S. tax-exempt investors subject to ERISA. MIMSF allocates to five primary sub-strategies including hedged equity, credit, event, relative value and multi-strategy. Allocations to these sub-strategies will shift over time depending upon MIMSF’s investment outlook. MIMSF is managed to be broadly diversified in terms of both strategy and manager exposures. | |||||||||||||||||||||||||||||||||||||
The Investment Committee that oversees the investment of the plan assets conducts an annual review of the investment strategies and policies of the Plans. This includes a review of the strategic asset allocation, including the relationship of the Plans’ liabilities and portfolio structure. As a result of this review, the Investment Committee has adopted the current target asset allocation. The allocation is consistent with 2012. | |||||||||||||||||||||||||||||||||||||
The Plans’ | |||||||||||||||||||||||||||||||||||||
Asset Allocation Percentages | |||||||||||||||||||||||||||||||||||||
Financial Assets | Low | Target (2) | High | ||||||||||||||||||||||||||||||||||
Equity securities (1): | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Mutual fund- U.S. listed large cap | 22.0 | % | 27.0 | % | 32.0 | % | |||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 8.0 | % | 10.5 | % | 13.0 | % | |||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 29.5 | % | 32.0 | % | 34.5 | % | |||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 5.5 | % | 8.0 | % | 10.5 | % | |||||||||||||||||||||||||||||||
-1 | The Plans’ long-term asset allocation targets are 30% equity, 50% fixed income and 20% investment funds. Current target asset allocations for equity securities include allocations for investment funds. The Company invests certain plan assets in investment funds, examples of which include real estate investment funds and private equity funds, during 2013. Amounts allocated for these investments are included in the equity securities caption of the fair value hierarchy at December 31, 2013, provided in the section above. | ||||||||||||||||||||||||||||||||||||
-2 | It is understood that these guidelines are targets and that deviations may occur periodically as a result of cash flows, market impact or short-term decisions implemented by either the Investment Committee or their investment managers. | ||||||||||||||||||||||||||||||||||||
The assets of the Plans are primarily invested in fixed maturity and equity securities. While equity risk is fully retained, interest rate risk is hedged by aligning the duration of the fixed maturity securities with the duration of the liabilities. Specifically, interest rate swaps are used to synthetically extend the duration of fixed maturity securities to match the duration of the liabilities, as measured on a projected benefit obligation basis. In addition, the Plans’ fixed income securities have exposure to credit risk. In order to adequately diversify and limit exposure to credit risk, the Investment Committee established parameters which include a limit on the asset types that managers are permitted to purchase, maximum exposure limits by sector and by individual issuer (based on asset quality) and minimum required ratings on individual securities. As of December 31, 2013, 44.4% of plan assets were invested in fixed maturity securities and 14.7%, 10.8% and 8.3% of those securities were concentrated in the financial, communications and consumer non-cyclical industries, with no exposure to any single creditor in excess of 5.6%, 6.4% and 7.7% of those industries, respectively. As of December 31, 2013, 43.6% of plan assets were invested in equity securities and 64.2% of the Plans’ equity securities were invested in a mutual fund that attempts to replicate the return of the Standard & Poor’s 500 index (“S&P 500”) by investing its assets in large capitalization stocks that are included in the S&P 500 using a weighting similar to the S&P 500. | |||||||||||||||||||||||||||||||||||||
The fair value hierarchy for the Company’s qualified pension plan and other post retirement benefit plan assets at December 31, 2013 by asset category, is as follows: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 33,750 | $ | 0 | $ | 33,750 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 60,770 | 60,770 | 0 | 0 | |||||||||||||||||||||||||||||||||
Preferred stock | 2,674 | 2,674 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 220,185 | 220,185 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 59,242 | 0 | 59,242 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 95,813 | 0 | 95,813 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 203,542 | 0 | 203,542 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 50,131 | 0 | 50,131 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 59,977 | 0 | 0 | 59977 | |||||||||||||||||||||||||||||||||
Private equity fund | 1,525 | 0 | 0 | 1525 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 3,106 | 0 | 3,106 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 790,715 | $ | 283,629 | $ | 445,584 | $ | 61,502 | |||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 2,015 | $ | 0 | $ | 2,015 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 3,628 | 3,628 | 0 | 0 | |||||||||||||||||||||||||||||||||
Preferred stock | 160 | 160 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 13,146 | 13,146 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 3,537 | 0 | 3,537 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 5,720 | 0 | 5,720 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 12,152 | 0 | 12,152 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 2,993 | 0 | 2,993 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 3,581 | 0 | 0 | 3,581 | |||||||||||||||||||||||||||||||||
Private equity fund | 91 | 0 | 0 | 91 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 185 | 0 | 185 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 47,208 | -1 | $ | 16,934 | $ | 26,602 | $ | 3,672 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
The fair value hierarchy for the Company’s qualified pension plan and other post retirement benefit plan assets at December 31, 2012 by asset category, is as follows: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 18,288 | $ | 0 | $ | 18,288 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 53,327 | 53,327 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 168,933 | 168,933 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 67,065 | 0 | 67,065 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 96,622 | 0 | 96,622 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 202,434 | 0 | 202,434 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 40,346 | 0 | 40,346 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 54,333 | 0 | 0 | 54,333 | |||||||||||||||||||||||||||||||||
Private equity fund | 65 | 0 | 0 | 65 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 14,622 | 0 | 14,622 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 716,035 | -1 | $ | 222,260 | $ | 439,377 | $ | 54,398 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 1,185 | $ | 0 | $ | 1,185 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 3,453 | 3,453 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 10,939 | 10,939 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 4,343 | 0 | 4,343 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 6,257 | 0 | 6,257 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 13,109 | 0 | 13,109 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 2,613 | 0 | 2,613 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 3,518 | 0 | 0 | 3,518 | |||||||||||||||||||||||||||||||||
Private equity fund | 4 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 947 | 0 | 947 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 46,368 | -1 | $ | 14,392 | $ | 28,454 | $ | 3,522 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
The following table for the Company’s qualified pension plan and retirement health benefit plan summarizes the change in fair value associated with the MIMSF and Private Equity Partners XI Limited Partnership, the only Level 3 financial assets. | |||||||||||||||||||||||||||||||||||||
Retirement | |||||||||||||||||||||||||||||||||||||
Pension | Health | ||||||||||||||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2012 | $ | 54,398 | $ | 3,522 | |||||||||||||||||||||||||||||||||
Purchases | 1,578 | 95 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets and plan expenses still held at the reporting date | 5,526 | 55 | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 61,502 | $ | 3,672 | |||||||||||||||||||||||||||||||||
For all the financial assets included in the above hierarchy, the market valuation technique is used. For the year ended December 31, 2013, the application of the valuation technique applied to similar assets has been consistent. | |||||||||||||||||||||||||||||||||||||
Level 1 and Level 2 securities are valued using various observable market inputs obtained from a pricing service. The pricing service prepares estimates of fair value measurements for our Level 2 securities using proprietary valuation models based on techniques such as matrix pricing which include observable market inputs. Observable market inputs for Level 1 and 2 securities are consistent with the observable market inputs described in Note 5, Fair Value Disclosures. The MIFSF utilizes all three levels of inputs to price its holdings. Since unobservable inputs may have been significant to the fair value measurement, it was classified as Level 3. | |||||||||||||||||||||||||||||||||||||
The Company obtains one price for each investment. A quarterly analysis is performed to assess if the evaluated prices represent a reasonable estimate of their fair value. This process involves quantitative and qualitative analysis and is overseen by benefits, investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and on-going review of pricing service | |||||||||||||||||||||||||||||||||||||
methodologies, review of pricing statistics and trends, and comparison of prices for certain securities with two different appropriate price sources for reasonableness. Following this analysis, the Company uses the best estimate of fair value based upon all available inputs. The pricing service provides information regarding their pricing procedures so that the Company can properly categorize the Plans’ financial assets in the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||
The Company expects to contribute up to $30,000 to its qualified pension plan in 2014. No contributions are expected to be made to the retirement health benefit plan in 2014. | |||||||||||||||||||||||||||||||||||||
The following pension benefits, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||||||
Retirement | |||||||||||||||||||||||||||||||||||||
Pension | Health | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
2014 | $ | 44,138 | $ | 2,842 | |||||||||||||||||||||||||||||||||
2015 | 61,556 | 3,192 | |||||||||||||||||||||||||||||||||||
2016 | 50,892 | 3,560 | |||||||||||||||||||||||||||||||||||
2017 | 54,103 | 3,945 | |||||||||||||||||||||||||||||||||||
2018 | 59,505 | 4,347 | |||||||||||||||||||||||||||||||||||
2019-2023 | 346,309 | 28,180 | |||||||||||||||||||||||||||||||||||
Total | $ | 616,503 | $ | 46,066 | |||||||||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries participate in a defined contribution plan covering substantially all employees. The defined contribution plan provides benefits payable to participants on retirement or disability and to beneficiaries of participants in the event of the participant’s death. The amounts expensed by the Company related to this plan were $39,263, $37,237 and $33,337 in 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||
Segment Information | ' | ||||||||||||||||||
21. Segment Information | |||||||||||||||||||
The Company has five reportable segments, which are defined based on the nature of the products and services offered: Assurant Solutions, Assurant Specialty Property, Assurant Health, Assurant Employee Benefits, and Corporate & Other. Assurant Solutions provides mobile device protection, debt protection administration, credit-related insurance, warranties and service contracts and pre-funded funeral insurance. Assurant Specialty Property provides lender-placed homeowners insurance, renters insurance and related products and manufactured housing homeowners insurance. Assurant Health provides individual health and small employer group health insurance. Assurant Employee Benefits primarily provides group dental insurance, group disability insurance, and group life insurance. Corporate & Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments and interest income earned from short-term investments held. Corporate & Other also includes the amortization of deferred gains associated with the sales of Fortis Financial Group and Long-Term Care through reinsurance agreements. | |||||||||||||||||||
The Company evaluates performance of the operating segments based on segment income (loss) after-tax excluding realized gains (losses) on investments. The Company determines reportable segments in a manner consistent with the way the Chief Operating Decision Maker makes operating decisions and assesses performance. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. See Note 2 for further information. | |||||||||||||||||||
The following tables summarize selected financial information by segment: | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,783,758 | $ | 2,380,044 | $ | 1,581,407 | $ | 1,014,587 | $ | 0 | $ | 7,759,796 | |||||||
Net investment income | 376,245 | 98,935 | 36,664 | 117,853 | 20,599 | 650,296 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 34,525 | 34,525 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 16,310 | 16,310 | |||||||||||||
Fees and other income | 400,370 | 133,135 | 29,132 | 23,434 | 659 | 586,730 | |||||||||||||
Total revenues | 3,560,373 | 2,612,114 | 1,647,203 | 1,155,874 | 72,093 | 9,047,657 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 895,504 | 890,409 | 1,169,075 | 715,656 | 4,888 | 3,675,532 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,132,298 | 309,332 | 801 | 27,856 | 0 | 1,470,287 | |||||||||||||
Underwriting, general and administrative expenses | 1,341,961 | 758,941 | 434,749 | 360,303 | 138,450 | 3,034,404 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 77,735 | 77,735 | |||||||||||||
Total benefits, losses and expenses | 3,369,763 | 1,958,682 | 1,604,625 | 1,103,815 | 221,073 | 8,257,958 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 190,610 | 653,432 | 42,578 | 52,059 | -148,980 | 789,699 | |||||||||||||
Provision (benefit) for income taxes | 65,458 | 229,846 | 36,721 | 17,506 | -48,739 | 300,792 | |||||||||||||
Segment income (loss) after taxes | $ | 125,152 | $ | 423,586 | $ | 5,857 | $ | 34,553 | $ | -100,241 | |||||||||
Net income | $ | 488,907 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 13,321,648 | $ | 3,858,314 | $ | 884,077 | $ | 2,298,698 | $ | 8,567,391 | $ | 28,930,128 | |||||||
Goodwill | 784,561 | ||||||||||||||||||
Total assets | $ | 29,714,689 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,579,220 | $ | 2,054,041 | $ | 1,589,459 | $ | 1,014,264 | $ | 0 | $ | 7,236,984 | |||||||
Net investment income | 396,681 | 103,327 | 64,308 | 128,485 | 20,327 | 713,128 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 64,353 | 64,353 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 18,413 | 18,413 | |||||||||||||
Fees and other income | 314,072 | 98,621 | 30,518 | 28,468 | 3,713 | 475,392 | |||||||||||||
Total revenues | 3,289,973 | 2,255,989 | 1,684,285 | 1,171,217 | 106,806 | 8,508,270 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 840,133 | 949,157 | 1,174,108 | 693,067 | -1,061 | 3,655,404 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,050,585 | 326,466 | 441 | 25,721 | 2 | 1,403,215 | |||||||||||||
Underwriting, general and administrative expenses | 1,217,401 | 517,822 | 420,629 | 364,321 | 111,421 | 2,631,594 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 60,306 | 60,306 | |||||||||||||
Total benefits, losses and expenses | 3,108,119 | 1,793,445 | 1,595,178 | 1,083,109 | 170,668 | 7,750,519 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 181,854 | 462,544 | 89,107 | 88,108 | -63,862 | 757,751 | |||||||||||||
Provision (benefit) for income taxes | 58,101 | 157,593 | 37,107 | 30,049 | -8,804 | 274,046 | |||||||||||||
Segment income (loss) after taxes | $ | 123,753 | $ | 304,951 | $ | 52,000 | $ | 58,059 | $ | -55,058 | |||||||||
Net income | $ | 483,705 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 12,342,077 | $ | 4,207,746 | $ | 882,731 | $ | 2,366,097 | $ | 8,507,242 | $ | 28,305,893 | |||||||
Goodwill | 640,714 | ||||||||||||||||||
Total assets | $ | 28,946,607 | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,438,407 | $ | 1,904,638 | $ | 1,718,300 | $ | 1,064,023 | $ | 0 | $ | 7,125,368 | |||||||
Net investment income | 393,575 | 103,259 | 45,911 | 129,640 | 17,147 | 689,532 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 32,580 | 32,580 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 20,461 | 20,461 | |||||||||||||
Fees and other income | 265,204 | 79,337 | 34,635 | 25,382 | 305 | 404,863 | |||||||||||||
Total revenues | 3,097,186 | 2,087,234 | 1,798,846 | 1,219,045 | 70,493 | 8,272,804 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 847,254 | 857,223 | 1,271,060 | 767,723 | 6,474 | 3,749,734 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,002,995 | 299,657 | 605 | 24,531 | 0 | 1,327,788 | |||||||||||||
Underwriting, general and administrative expenses | 1,034,685 | 470,169 | 460,041 | 361,541 | 102,359 | 2,428,795 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 60,360 | 60,360 | |||||||||||||
Total benefits, losses and expenses | 2,884,934 | 1,627,049 | 1,731,706 | 1,153,795 | 169,193 | 7,566,677 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 212,252 | 460,185 | 67,140 | 65,250 | -98,700 | 706,127 | |||||||||||||
Provision (benefit) for income taxes | 76,202 | 156,462 | 26,254 | 22,175 | -113,922 | 167,171 | |||||||||||||
Segment income after taxes | $ | 136,050 | $ | 303,723 | $ | 40,886 | $ | 43,075 | $ | 15,222 | |||||||||
Net income | $ | 538,956 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 11,333,833 | $ | 3,387,027 | $ | 1,067,423 | $ | 2,477,192 | $ | 8,115,290 | $ | 26,380,765 | |||||||
Goodwill | 639,097 | ||||||||||||||||||
Total assets | $ | 27,019,862 | |||||||||||||||||
The Company operates primarily in the U.S. and Canada, but also in select international markets. | |||||||||||||||||||
The following table summarizes selected financial information by geographic location for the years ended or as of December 31: | |||||||||||||||||||
Location | Long-lived | ||||||||||||||||||
Revenues | assets | ||||||||||||||||||
2013 | |||||||||||||||||||
United States | $ | 7,792,728 | $ | 248,331 | |||||||||||||||
Foreign countries | 1,254,929 | 5,299 | |||||||||||||||||
Total | $ | 9,047,657 | $ | 253,630 | |||||||||||||||
2012 | |||||||||||||||||||
United States | $ | 7,382,252 | $ | 243,253 | |||||||||||||||
Foreign countries | 1,126,018 | 7,543 | |||||||||||||||||
Total | $ | 8,508,270 | $ | 250,796 | |||||||||||||||
2011 | |||||||||||||||||||
United States | $ | 7,230,763 | $ | 235,031 | |||||||||||||||
Foreign countries | 1,042,041 | 7,877 | |||||||||||||||||
Total | $ | 8,272,804 | $ | 242,908 | |||||||||||||||
Revenue is based in the country where the product was sold and long-lived assets, which are primarily property and equipment, are based on the physical location of those assets. The Company has no reportable major customers. | |||||||||||||||||||
The Company’s net earned premiums by segment and product are as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Solutions: | |||||||||||||||||||
Credit | $ | 547,100 | $ | 590,843 | $ | 564,411 | |||||||||||||
Service contracts | 2,057,353 | 1,816,785 | 1,694,363 | ||||||||||||||||
Preneed | 66,523 | 80,978 | 101,722 | ||||||||||||||||
Other | 112,782 | 90,614 | 77,911 | ||||||||||||||||
Total | $ | 2,783,758 | $ | 2,579,220 | $ | 2,438,407 | |||||||||||||
Specialty Property: | |||||||||||||||||||
Homeowners (lender-placed and voluntary) | $ | 1,678,172 | $ | 1,418,061 | $ | 1,274,485 | |||||||||||||
Manufactured housing (lender-placed and voluntary) | 226,058 | 207,675 | 216,613 | ||||||||||||||||
Other | 475,814 | 428,305 | 413,540 | ||||||||||||||||
Total | $ | 2,380,044 | $ | 2,054,041 | $ | 1,904,638 | |||||||||||||
Health: | |||||||||||||||||||
Individual | $ | 1,174,141 | $ | 1,178,878 | $ | 1,251,447 | |||||||||||||
Small employer group | 407,266 | 410,581 | 466,853 | ||||||||||||||||
Total | $ | 1,581,407 | $ | 1,589,459 | $ | 1,718,300 | |||||||||||||
Employee Benefits: | |||||||||||||||||||
Group dental | $ | 383,223 | $ | 394,413 | $ | 412,339 | |||||||||||||
Group disability | 403,286 | 409,757 | 449,293 | ||||||||||||||||
Group life | 192,392 | 188,246 | 193,914 | ||||||||||||||||
Group supplemental and vision products | 35,686 | 21,848 | 8,477 | ||||||||||||||||
Total | $ | 1,014,587 | $ | 1,014,264 | $ | 1,064,023 | |||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||
Earnings Per Common Share | ' | ||||||||
22. Earnings per common share | |||||||||
The following table presents net income, the weighted average common shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each period presented below. | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator | |||||||||
Net income | $ | 488,907 | $ | 483,705 | $ | 538,956 | |||
Deduct dividends paid | -74,128 | -69,393 | -67,385 | ||||||
Undistributed earnings | $ | 414,779 | $ | 414,312 | $ | 471,571 | |||
Denominator | |||||||||
Weighted average shares outstanding used in basic earnings per share calculations | 76,648,688 | 84,276,427 | 96,626,306 | ||||||
Incremental common shares from : | |||||||||
PSUs | 864,572 | 786,088 | 870,961 | ||||||
SARs | 65,712 | 133,405 | 192,756 | ||||||
ESPP | 75,792 | 111,145 | 105,286 | ||||||
Weighted average shares used in diluted earnings per share calculations | 77,654,764 | 85,307,065 | 97,795,309 | ||||||
Earnings per common share - Basic | |||||||||
Distributed earnings | $ | 0.96 | $ | 0.81 | $ | 0.70 | |||
Undistributed earnings | 5.42 | 4.93 | 4.88 | ||||||
Net income | $ | 6.38 | $ | 5.74 | $ | 5.58 | |||
Earnings per common share – Diluted | |||||||||
Distributed earnings | $ | 0.95 | $ | 0.81 | $ | 0.69 | |||
Undistributed earnings | 5.35 | 4.86 | 4.82 | ||||||
Net income | $ | 6.30 | $ | 5.67 | $ | 5.51 | |||
Average SARs totaling 2,094,251 for the year ended December 31, 2011 were outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. There were no anti-dilutive SARs outstanding for the years ended December 31, 2013 and 2012. | |||||||||
Average PSUs totaling 156 for the year ended December 31, 2012 were also outstanding but were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. There were no anti-dilutive PSUs outstanding for the years ended December 31, 2013 and 2011. | |||||||||
Quarterly_Results_Of_Operation
Quarterly Results Of Operations | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Results Of Operations [Abstract] | ' | |||||||||||||
Quarterly Results Of Operations | ' | |||||||||||||
23. Quarterly Results of Operations (Unaudited) | ||||||||||||||
The Company’s quarterly results of operations for the years ended December 31, 2013 and 2012 are summarized in the tables below: | ||||||||||||||
Three Month Periods Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
2013 | ||||||||||||||
Total revenues | $ | 2,150,623 | $ | 2,237,766 | $ | 2,258,650 | $ | 2,400,618 | ||||||
Income before provision for income taxes | 206,424 | 210,767 | 193,971 | 178,537 | ||||||||||
Net income | 117,780 | 133,523 | 128,788 | 108,816 | ||||||||||
Basic per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.58 | $ | 2.72 | $ | 2.57 | $ | 2.42 | ||||||
Net income | $ | 1.47 | $ | 1.72 | $ | 1.70 | $ | 1.48 | ||||||
Diluted per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.55 | $ | 2.69 | $ | 2.54 | $ | 2.39 | ||||||
Net income | $ | 1.46 | $ | 1.70 | $ | 1.68 | $ | 1.46 | ||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
2012 | ||||||||||||||
Total revenues | $ | 2,072,924 | $ | 2,129,290 | $ | 2,145,080 | $ | 2,160,976 | ||||||
Income before provision for income taxes | 249,648 | 264,661 | 208,619 | 34,823 | ||||||||||
Net income | 163,260 | 169,170 | 126,288 | 24,987 | ||||||||||
Basic per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.81 | $ | 3.07 | $ | 2.54 | $ | 0.44 | ||||||
Net income | $ | 1.84 | $ | 1.96 | $ | 1.54 | $ | 0.31 | ||||||
Diluted per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.77 | $ | 3.04 | $ | 2.51 | $ | 0.43 | ||||||
Net income | $ | 1.81 | $ | 1.94 | $ | 1.52 | $ | 0.31 | ||||||
During the fourth quarter of 2012, the Company recorded reportable catastrophe losses of $134,950 (after-tax) related to Superstorm Sandy in the Assurant Specialty Property segment. Additionally, during the fourth quarter of 2012, the company took a non-cash charge of $20,419 (after-tax) for the impairment of certain other intangible assets in the Assurant Solutions segment. | ||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
24. Commitments and Contingencies | ||||
The Company and its subsidiaries lease office space and equipment under operating lease arrangements. Certain facility leases contain escalation clauses based on increases in the lessors’ operating expenses. At December 31, 2013, the aggregate future minimum lease payments under these operating lease agreements that have initial or non-cancelable terms in excess of one year are: | ||||
2014 | $ | 27,770 | ||
2015 | 24,870 | |||
2016 | 18,259 | |||
2017 | 13,778 | |||
2018 | 11,216 | |||
Thereafter | 16,394 | |||
Total minimum future lease payments | $ | 112,287 | ||
Rent expense was $27,271, $29,644 and $29,440 for 2013, 2012 and 2011, respectively. | ||||
In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $17,343 and $19,760 of letters of credit outstanding as of December 31, 2013 and 2012, respectively. | ||||
As previously disclosed, during the first quarter of 2013, the Company and two of its wholly owned subsidiaries in the Assurant Specialty Property segment, American Security Insurance Company (“ASIC”) and American Bankers Insurance Company of Florida (“ABIC”), reached an agreement with the New York Department of Financial Services (the “NYDFS”) regarding the Company’s lender-placed insurance business in the State of New York. Under the terms of the agreement, and without admitting or denying any wrongdoing, ASIC made a $14,000 settlement payment to the NYDFS. In addition, among other things, ASIC and ABIC agreed to modify certain business practices in accordance with requirements that apply to all New York-licensed lender-placed insurers of properties in the state, and filed our new lender-placed program and new rates in New York. The Company also continues to respond to and cooperate with other regulatory inquiries regarding its lender-placed insurance business. | ||||
In addition, as previously disclosed, the Company is involved in a variety of litigation relating to its current and past business operations and may from time to time become involved in other such actions. In particular, the Company is a defendant in class actions in a number of jurisdictions regarding its lender-placed insurance programs. These cases allege a variety of claims under a number of legal theories. The plaintiffs seek premium refunds and other relief. The Company continues to defend itself vigorously in these class actions. The Company has accrued an estimated loss for this litigation. | ||||
We may participate in settlements on terms that we consider reasonable given the strength of our defenses. However, the possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and involves significant uncertainty. Consequently, no estimate can be made of any possible loss or range of loss in excess of the above-mentioned accrual. | ||||
Although the Company cannot predict the outcome of any action, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition. | ||||
. | ||||
Schedule_ISummary_Of_Investmen
Schedule I-Summary Of Investments Other -Than-Investments In Related Parties | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Summary Of Investments Other -Than-Investments In Related Parties [Abstract] | ' | |||||||||
Summary Of Investments Other Than Investments In Related Parties | ' | |||||||||
Assurant, Inc. | ||||||||||
at December 31, 2013 | ||||||||||
Schedule I—Summary of Investments Other–Than–Investments in Related Parties | ||||||||||
Amount at which | ||||||||||
Cost or | shown in balance | |||||||||
Amortized Cost | Fair Value | sheet | ||||||||
(in thousands) | ||||||||||
Fixed maturity securities: | ||||||||||
United States Government and government agencies and authorities | $ | 408,378 | $ | 410,656 | $ | 410,656 | ||||
States, municipalities and political subdivisions | 774,233 | 835,152 | 835,152 | |||||||
Foreign governments | 647,486 | 675,421 | 675,421 | |||||||
Asset-backed | 4,320 | 6,174 | 6,174 | |||||||
Commercial mortgage-backed | 57,594 | 60,362 | 60,362 | |||||||
Residential mortgage-backed | 919,216 | 947,904 | 947,904 | |||||||
Corporate | 7,709,083 | 8,356,206 | 8,356,206 | |||||||
Total fixed maturity securities | 10,520,310 | 11,291,875 | 11,291,875 | |||||||
Equity securities: | ||||||||||
Common stocks | 17,890 | 29,232 | 29,232 | |||||||
Non-redeemable preferred stocks | 399,645 | 429,126 | 429,126 | |||||||
Total equity securities | 417,535 | 458,358 | 458,358 | |||||||
Commercial mortgage loans on real estate, at amortized cost | 1,287,032 | 1,444,974 | 1,287,032 | |||||||
Policy loans | 51,678 | 51,678 | 51,678 | |||||||
Short-term investments | 470,458 | 470,458 | 470,458 | |||||||
Collateral held/pledged under securities agreements | 95,207 | 95,215 | 95,215 | |||||||
Other investments | 589,399 | 589,399 | 589,399 | |||||||
Total investments | $ | 13,431,619 | $ | 14,401,957 | $ | 14,244,015 | ||||
Schedule_IICondensed_Financial
Schedule II-Condensed Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Condensed Financial Information [Abstract] | ' | |||||||||
Condensed Financial Information | ' | |||||||||
Assurant, Inc. | ||||||||||
Schedule II—Condensed Balance Sheet (Parent Only) | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(in thousands except number | ||||||||||
of shares) | ||||||||||
Assets | ||||||||||
Investments: | ||||||||||
Equity investment in subsidiaries | $ | 5,121,261 | $ | 5,288,605 | ||||||
Fixed maturity securities available for sale, at fair value (amortized cost—$498,524 in 2013 and $648,399 in 2012) | 497,269 | 656,398 | ||||||||
Equity securities available for sale, at fair value (amortized cost—$12,157 in 2013 and $15,701 in 2012) | 19,108 | 18,720 | ||||||||
Short-term investments | 123,205 | 5,082 | ||||||||
Other investments | 84,685 | 72,688 | ||||||||
Total investments | 5,845,528 | 6,041,493 | ||||||||
Cash and cash equivalents | 690,549 | 197,938 | ||||||||
Receivable from subsidiaries, net | 35,117 | 31,103 | ||||||||
Income tax receivable | 16,571 | 1,400 | ||||||||
Accrued investment income | 2,815 | 2,220 | ||||||||
Property and equipment, at cost less accumulated depreciation | 127,165 | 128,155 | ||||||||
Deferred income taxes, net | 77,389 | 157,599 | ||||||||
Other intangible assets, net | 9,889 | 10,496 | ||||||||
Other assets | 24,596 | 21,341 | ||||||||
Total assets | $ | 6,829,619 | $ | 6,591,745 | ||||||
Liabilities | ||||||||||
Accounts payable and other liabilities | $ | 358,022 | $ | 433,980 | ||||||
Debt | 1,638,118 | 972,399 | ||||||||
Total liabilities | 1,996,140 | 1,406,379 | ||||||||
Commitments and Contingencies | ||||||||||
Stockholders’ equity | ||||||||||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 71,828,208 and 78,664,029 shares outstanding at December 31, 2013 and 2012, respectively | 1,482 | 1,474 | ||||||||
Additional paid-in capital | 3,087,533 | 3,052,454 | ||||||||
Retained earnings | 4,415,875 | 4,001,096 | ||||||||
Accumulated other comprehensive income | 426,830 | 830,403 | ||||||||
Treasury stock, at cost; 76,039,652 and 68,332,638 shares at December 31, 2013 and 2012, respectively | -3,098,241 | -2,700,061 | ||||||||
Total stockholders’ equity | 4,833,479 | 5,185,366 | ||||||||
Total liabilities and stockholders’ equity | $ | 6,829,619 | $ | 6,591,745 | ||||||
Assurant, Inc. | ||||||||||
Schedule II—Condensed Income Statement (Parent Only) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands ) | ||||||||||
Revenues | ||||||||||
Net investment income | $ | 7,684 | $ | 8,428 | $ | 4,496 | ||||
Net realized gains (losses) on investments | 1,713 | 7,464 | -6,119 | |||||||
Fees and other income | 89,889 | 92,320 | 88,183 | |||||||
Equity in undistributed net income of subsidiaries | 628,894 | 601,356 | 576,500 | |||||||
Total revenues | 728,180 | 709,568 | 663,060 | |||||||
Expenses | ||||||||||
General and administrative expenses | 216,623 | 188,457 | 176,872 | |||||||
Interest expense | 77,735 | 60,308 | 60,357 | |||||||
Total expenses | 294,358 | 248,765 | 237,229 | |||||||
Income before benefit for income taxes | 433,822 | 460,803 | 425,831 | |||||||
Benefit for income taxes | 55,085 | 22,902 | 113,125 | |||||||
Net income | $ | 488,907 | $ | 483,705 | $ | 538,956 | ||||
Assurant, Inc. | ||||||||||
Schedule II—Condensed Cash Flows (Parent Only) | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands) | ||||||||||
Operating Activities | ||||||||||
Net income | $ | 488,907 | $ | 483,705 | $ | 538,956 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Equity in undistributed net income of subsidiaries | -628,894 | -601,356 | -576,500 | |||||||
Dividends received from subsidiaries | 446,592 | 524,508 | 432,258 | |||||||
Change in receivables | -4,609 | -1,035 | -674 | |||||||
Change in accrued interest | 5,941 | 0 | 0 | |||||||
Change in accounts payable and other liabilities | 57,229 | 19,330 | -18,437 | |||||||
Change in securities classified as trading | -9,600 | -6,862 | 13,305 | |||||||
Change in income taxes | 18,159 | 10,903 | 4,186 | |||||||
Change in tax valuation allowance | 0 | -682 | -67,448 | |||||||
Depreciation and amortization | 34,047 | 34,471 | 39,523 | |||||||
Net realized (gains) losses on investments | -1,763 | -7,464 | 6,119 | |||||||
Loss on extinguishment of debt | 964 | 0 | 0 | |||||||
Stock based compensation expense | 50,004 | 37,589 | 36,888 | |||||||
Change in tax benefit from share-based payment arrangements | 1,112 | -1,728 | 3,267 | |||||||
Other | -17,491 | -11,034 | -6,429 | |||||||
Net cash provided by operating activities | 440,598 | 480,345 | 405,014 | |||||||
Investing Activities | ||||||||||
Sales of: | ||||||||||
Equity securities available for sale | 19,315 | 11,756 | 0 | |||||||
Other invested assets | 0 | 0 | 11,408 | |||||||
Property and equipment and other | 41 | 552 | 3,746 | |||||||
Subsidiary | 0 | 2,231 | 0 | |||||||
Maturities, prepayments, and scheduled redemption of: | ||||||||||
Fixed maturity securities available for sale | 464,153 | 482,699 | 307,025 | |||||||
Purchases of: | ||||||||||
Fixed maturity securities available for sale | -314,864 | -793,938 | -324,346 | |||||||
Equity securities available for sale | -15,557 | -17,329 | -5,291 | |||||||
Other invested assets | -152 | -1 | -15,810 | |||||||
Property and equipment and other | -29,635 | -40,750 | -21,055 | |||||||
Subsidiary | 0 | -3,500 | 0 | |||||||
Capital contributed to subsidiaries | -323,600 | -9,000 | -7,000 | |||||||
Return of capital contributions from subsidiaries | 174,277 | 67,500 | 92,000 | |||||||
Change in short-term investments | -118,123 | -255 | 3,329 | |||||||
Net cash (used in) provided by investing activities | -144,145 | -300,035 | 44,006 | |||||||
Financing Activities | ||||||||||
Issuance of debt | 698,093 | 0 | 0 | |||||||
Repurchase of debt | -33,634 | 0 | 0 | |||||||
Repayment of mandatorily redeemable preferred stock | 0 | 0 | -5,000 | |||||||
Change in tax benefit from share-based payment arrangements | -1,112 | 1,728 | -3,267 | |||||||
Acquisition of common stock | -393,012 | -412,196 | -532,011 | |||||||
Dividends paid | -74,128 | -69,393 | -67,385 | |||||||
Change in obligations to return borrowed securities | 0 | 0 | -14,281 | |||||||
Change in receivables under securities loan agreements | 0 | 0 | 14,370 | |||||||
Net cash used in financing activities | 196,207 | -479,861 | -607,574 | |||||||
Effect of exchange rate changes on cash and cash equivalents | -49 | 0 | -339 | |||||||
Change in cash and cash equivalents | 492,611 | -299,551 | -158,893 | |||||||
Cash and cash equivalents at beginning of period | 197,938 | 497,489 | 656,382 | |||||||
Cash and cash equivalents at end of period | $ | 690,549 | $ | 197,938 | $ | 497,489 | ||||
Schedule_IIISupplementary_Insu
Schedule III-Supplementary Insurance Information | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | ' | ||||||||||||||||||||||||||||||
Supplementary Insurance Information | ' | ||||||||||||||||||||||||||||||
Assurant, Inc. | |||||||||||||||||||||||||||||||
for the years ended December 31, 2013, 2012 & 2011 | |||||||||||||||||||||||||||||||
Schedule III—Supplementary Insurance Information | |||||||||||||||||||||||||||||||
Benefits | Amortization | Property | |||||||||||||||||||||||||||||
Future | claims, losses | of deferred | and | ||||||||||||||||||||||||||||
Deferred | policy | Claims and | Net | and | policy | Other* | Casualty | ||||||||||||||||||||||||
Acquisition | benefits and | Unearned | benefits | Premium | investment | settlement | acquisition | operating | Premiums | ||||||||||||||||||||||
Segment | Cost | expenses | premiums | payable | revenue | income | expenses | costs | expenses | Written | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||
Solutions | $ | 2,902,868 | $ | 5,076,507 | $ | 4,801,495 | $ | 295,970 | $ | 2,783,758 | $ | 376,245 | $ | 895,504 | $ | 1,123,856 | $ | 1,350,403 | $ | 621,543 | |||||||||||
Specialty Property | 190,331 | 2,657 | 1,682,960 | 490,422 | 2,380,044 | 98,935 | 890,409 | 309,332 | 758,941 | 2,581,696 | |||||||||||||||||||||
Employee Benefits | 23,247 | 32,025 | 12,296 | 1,513,013 | 1,014,587 | 117,853 | 715,656 | 27,856 | 360,303 | 0 | |||||||||||||||||||||
Health | 12,485 | 95,380 | 136,376 | 239,733 | 1,581,407 | 36,664 | 1,169,075 | 801 | 434,749 | 0 | |||||||||||||||||||||
Corporate and Other | 0 | 3,440,003 | 29,545 | 850,233 | 0 | 20,599 | 4,888 | 0 | 138,450 | 0 | |||||||||||||||||||||
Total segments | $ | 3,128,931 | $ | 8,646,572 | $ | 6,662,672 | $ | 3,389,371 | $ | 7,759,796 | $ | 650,296 | $ | 3,675,532 | $ | 1,461,845 | $ | 3,042,846 | $ | 3,203,239 | |||||||||||
2012 | |||||||||||||||||||||||||||||||
Solutions | $ | 2,656,113 | $ | 4,964,453 | $ | 4,412,075 | $ | 296,569 | $ | 2,579,220 | $ | 396,681 | $ | 840,133 | $ | 1,041,627 | $ | 1,226,360 | $ | 580,987 | |||||||||||
Specialty Property | 183,733 | 2,843 | 1,616,467 | 1,035,713 | 2,054,041 | 103,327 | 949,157 | 326,466 | 517,822 | 2,180,538 | |||||||||||||||||||||
Employee Benefits | 18,762 | 32,158 | 10,853 | 1,554,203 | 1,014,264 | 128,485 | 693,067 | 25,721 | 364,322 | 0 | |||||||||||||||||||||
Health | 2,555 | 90,568 | 121,768 | 268,992 | 1,589,459 | 64,308 | 1,174,108 | 440 | 420,629 | 0 | |||||||||||||||||||||
Corporate and Other | 0 | 3,423,483 | 31,097 | 805,113 | 0 | 20,327 | -1,061 | 0 | 111,422 | 0 | |||||||||||||||||||||
Total segments | $ | 2,861,163 | $ | 8,513,505 | $ | 6,192,260 | $ | 3,960,590 | $ | 7,236,984 | $ | 713,128 | $ | 3,655,404 | $ | 1,394,254 | $ | 2,640,555 | $ | 2,761,525 | |||||||||||
2011 | |||||||||||||||||||||||||||||||
Solutions | $ | 2,284,078 | $ | 4,774,199 | $ | 3,804,514 | $ | 305,086 | $ | 2,438,407 | $ | 393,575 | $ | 847,254 | $ | 991,842 | $ | 1,045,839 | $ | 493,753 | |||||||||||
Specialty Property | 192,328 | 3,400 | 1,485,538 | 435,589 | 1,904,638 | 103,259 | 857,223 | 299,656 | 470,169 | 1,985,508 | |||||||||||||||||||||
Employee Benefits | 15,552 | 3,157 | 11,388 | 1,666,985 | 1,064,023 | 129,640 | 767,723 | 24,531 | 361,541 | 0 | |||||||||||||||||||||
Health | 899 | 87,654 | 146,812 | 292,243 | 1,718,300 | 45,911 | 1,271,060 | 606 | 460,041 | 0 | |||||||||||||||||||||
Corporate and Other | 0 | 3,490,796 | 33,765 | 737,216 | 0 | 17,147 | 6,474 | 0 | 102,358 | 0 | |||||||||||||||||||||
Total segments | $ | 2,492,857 | $ | 8,359,206 | $ | 5,482,017 | $ | 3,437,119 | $ | 7,125,368 | $ | 689,532 | $ | 3,749,734 | $ | 1,316,635 | $ | 2,439,948 | $ | 2,479,261 | |||||||||||
* | Includes amortization of value of business acquired, underwriting, general and administration expenses. | ||||||||||||||||||||||||||||||
Schedule_IVReinsurance
Schedule IV-Reinsurance | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Reinsurance [Abstract] | ' | ||||||||||||||||
Reinsurance | ' | ||||||||||||||||
Assurant, Inc. | |||||||||||||||||
for the year ended December 31, 2013 | |||||||||||||||||
Schedule IV—Reinsurance | |||||||||||||||||
Percentage | |||||||||||||||||
Ceded to | Assumed | of amount | |||||||||||||||
other | from other | assumed | |||||||||||||||
Direct amount | Companies | Companies | Net amount | to net | |||||||||||||
Life Insurance in Force | $ | 98,596,728 | $ | 34,445,475 | $ | 8,162,720 | $ | 72,313,973 | 11.3 | % | |||||||
Premiums: | |||||||||||||||||
Life insurance | $ | 729,519 | $ | 373,641 | $ | 39,218 | $ | 395,096 | 9.9 | % | |||||||
Accident and health insurance | 3,089,192 | 674,640 | 170,848 | 2,585,400 | 6.6 | % | |||||||||||
Property and liability insurance | 6,029,945 | 1,355,676 | 105,031 | 4,779,300 | 2.2 | % | |||||||||||
Total earned premiums | $ | 9,848,656 | $ | 2,403,957 | $ | 315,097 | $ | 7,759,796 | 4.1 | % | |||||||
Benefits: | |||||||||||||||||
Life insurance | $ | 736,349 | $ | 361,592 | $ | 27,262 | $ | 402,019 | 6.8 | % | |||||||
Accident and health insurance | 1,995,860 | 345,806 | 147,460 | 1,797,514 | 8.2 | % | |||||||||||
Property and liability insurance | 1,907,749 | 491,318 | 59,568 | 1,475,999 | 4 | % | |||||||||||
Total policyholder benefits | $ | 4,639,958 | $ | 1,198,716 | $ | 234,290 | $ | 3,675,532 | 6.4 | % | |||||||
Assurant, Inc. | |||||||||||||||||
for the year ended December 31, 2012 | |||||||||||||||||
Schedule IV—Reinsurance | |||||||||||||||||
Percentage | |||||||||||||||||
Ceded to | Assumed | of amount | |||||||||||||||
other | from other | assumed | |||||||||||||||
Direct amount | Companies | Companies | Net amount | to net | |||||||||||||
Life Insurance in Force | $ | 98,994,909 | $ | 29,266,410 | $ | 8,009,353 | $ | 77,737,852 | 10.3 | % | |||||||
Premiums: | |||||||||||||||||
Life insurance | $ | 761,358 | $ | 383,099 | $ | 37,730 | $ | 415,989 | 9.1 | % | |||||||
Accident and health insurance | 3,139,487 | 684,302 | 177,755 | 2,632,940 | 6.8 | % | |||||||||||
Property and liability insurance | 5,379,082 | 1,266,238 | 75,211 | 4,188,055 | 1.8 | % | |||||||||||
Total earned premiums | $ | 9,279,927 | $ | 2,333,639 | $ | 290,696 | $ | 7,236,984 | 4.0 | % | |||||||
Benefits: | |||||||||||||||||
Life insurance | $ | 737,543 | $ | 371,629 | $ | 29,007 | $ | 394,921 | 7.3 | % | |||||||
Accident and health insurance | 1,962,716 | 319,062 | 142,441 | 1,786,095 | 8.0 | % | |||||||||||
Property and liability insurance | 2,361,663 | 917,089 | 29,814 | 1,474,388 | 2.0 | % | |||||||||||
Total policyholder benefits | $ | 5,061,922 | $ | 1,607,780 | $ | 201,262 | $ | 3,655,404 | 5.5 | % | |||||||
Assurant, Inc. | |||||||||||||||||
for the year ended December 31, 2011 | |||||||||||||||||
Schedule IV—Reinsurance | |||||||||||||||||
Percentage | |||||||||||||||||
Ceded to | Assumed | of amount | |||||||||||||||
other | from other | assumed | |||||||||||||||
Direct amount | Companies | Companies | Net amount | to net | |||||||||||||
Life Insurance in Force | $ | 101,324,797 | $ | 29,186,645 | $ | 12,534,422 | $ | 84,672,574 | 14.8 | % | |||||||
Premiums: | |||||||||||||||||
Life insurance | $ | 825,245 | $ | 409,687 | $ | 27,439 | $ | 442,997 | 6.2 | % | |||||||
Accident and health insurance | 3,319,177 | 713,891 | 214,201 | 2,819,487 | 7.6 | % | |||||||||||
Property and liability | 4,993,805 | 1,209,249 | 78,328 | 3,862,884 | 2.0 | % | |||||||||||
Total earned premiums | $ | 9,138,227 | $ | 2,332,827 | $ | 319,968 | $ | 7,125,368 | 4.5 | % | |||||||
Benefits: | |||||||||||||||||
Life insurance | $ | 803,245 | $ | 410,431 | $ | 40,545 | $ | 433,359 | 9.4 | % | |||||||
Accident and health insurance | 2,226,139 | 455,413 | 180,119 | 1,950,845 | 9.2 | % | |||||||||||
Property and liability | 1,698,744 | 370,537 | 37,323 | 1,365,530 | 2.7 | % | |||||||||||
Total policyholder benefits | $ | 4,728,128 | $ | 1,236,381 | $ | 257,987 | $ | 3,749,734 | 6.9 | % | |||||||
Schedule_VValuation_And_Qualif
Schedule V-Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation And Qualifying Accounts | ' | |||||||||||||||
Assurant, Inc. | ||||||||||||||||
as of December 31, 2013, 2012 and 2011 | ||||||||||||||||
Schedule V—Valuation and Qualifying Accounts | ||||||||||||||||
Additions | ||||||||||||||||
Balance at | Charged to | Charged | Balance at | |||||||||||||
Beginning of | Costs and | to Other | End of | |||||||||||||
Year | Expenses | Accounts | Deductions | Year | ||||||||||||
2013 | ||||||||||||||||
Valuation allowance for foreign NOL deferred tax carryforward | $ | 13,091 | $ | 3,383 | $ | 0 | $ | 0 | $ | 16,474 | ||||||
Valuation allowance for deferred tax assets | 0 | 0 | 0 | 0 | 0 | |||||||||||
Valuation allowance for mortgage loans on real estate | 6,997 | -2,515 | 0 | 0 | 4,482 | |||||||||||
Valuation allowance for uncollectible agents balances | 14,753 | 5,870 | 238 | 1,039 | 19,822 | |||||||||||
Valuation allowance for uncollectible accounts | 16,618 | 765 | 672 | 1,231 | 16,824 | |||||||||||
Valuation allowance for reinsurance recoverables | 10,633 | 187 | 0 | 0 | 10,820 | |||||||||||
Total | $ | 62,092 | $ | 7,690 | $ | 910 | $ | 2,270 | $ | 68,422 | ||||||
2012 | ||||||||||||||||
Valuation allowance for foreign NOL deferred tax carryforward | $ | 9,471 | $ | 3,620 | $ | 0 | $ | 0 | $ | 13,091 | ||||||
Valuation allowance for deferred tax assets | 683 | -683 | 0 | 0 | 0 | |||||||||||
Valuation allowance for mortgage loans on real estate | 10,410 | -3,328 | 0 | 85 | 6,997 | |||||||||||
Valuation allowance for uncollectible agents balances | 13,352 | 2,165 | 109 | 873 | 14,753 | |||||||||||
Valuation allowance for uncollectible accounts | 14,355 | 3,001 | -304 | 434 | 16,618 | |||||||||||
Valuation allowance for reinsurance recoverables | 10,633 | 0 | 0 | 0 | 10,633 | |||||||||||
Total | $ | 58,904 | $ | 4,775 | $ | -195 | $ | 1,392 | $ | 62,092 | ||||||
2011 | ||||||||||||||||
Valuation allowance for foreign NOL deferred tax carryforward | $ | 9,969 | $ | -498 | $ | 0 | $ | 0 | $ | 9,471 | ||||||
Valuation allowance for deferred tax assets | 80,769 | -80,086 | 0 | 0 | 683 | |||||||||||
Valuation allowance for mortgage loans on real estate | 32,838 | -336 | 0 | 22,092 | 10,410 | |||||||||||
Valuation allowance for uncollectible agents balances | 13,171 | 722 | 163 | 704 | 13,352 | |||||||||||
Valuation allowance for uncollectible accounts | 19,957 | -829 | -3 | 4,770 | 14,355 | |||||||||||
Valuation allowance for reinsurance recoverables | 15,635 | 356 | 57 | 5,415 | 10,633 | |||||||||||
Total | $ | 172,339 | $ | -80,671 | $ | 217 | $ | 32,981 | $ | 58,904 | ||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in thousands, except for number of shares, per share amounts and number of securities in an unrealized loss position. | |
Principles Of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. | |
Variable Interest Entities | ' |
Variable Interest Entities | |
The Company may enter into agreements with other entities that are deemed to be variable interest entities (“VIEs”). At the time these agreements are executed, the Company evaluates the applicability of the accounting guidance for VIEs. Entities which do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as VIEs. A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (“primary beneficiary”) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. | |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. The items on the Company’s balance sheets affected by the use of estimates include but are not limited to, investments, premiums and accounts receivable, reinsurance recoverables, deferred acquisition costs (“DAC”), deferred income taxes and associated valuation allowances, goodwill, valuation of business acquired (“VOBA”), future policy benefits and expenses, unearned premiums, claims and benefits payable, deferred gain on disposal of businesses, pension and post-retirement liabilities and commitments and contingencies. The estimates are sensitive to market conditions, investment yields, mortality, morbidity, commissions and other acquisition expenses, policyholder behavior and other factors. Actual results could differ from the estimates recorded. The Company believes all amounts reported are reasonable and adequate. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts that can be converted into common stock were exercised as of the end of the period. Restricted stock and restricted stock units which have non-forfeitable rights to dividends or dividend equivalents are included in calculating basic and diluted earnings per share under the two-class method. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income is comprised of net income, net unrealized gains and losses on foreign currency translation, net unrealized gains and losses on securities classified as available for sale, net unrealized gains and losses on other-than-temporarily impaired securities and expenses for pension and post-retirement plans, less deferred income taxes. | |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the 2013 presentation. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
For foreign affiliates where the local currency is the functional currency, unrealized foreign currency translation gains and losses net of deferred income taxes have been reflected in accumulated other comprehensive income (“AOCI”). Other than for two of our wholly owned Canadian subsidiaries, deferred taxes have not been provided for unrealized currency translation gains and losses since the Company intends to indefinitely reinvest the earnings in these other jurisdictions. Transaction gains and losses on assets and liabilities denominated in foreign currencies are recorded in underwriting, general and administration expenses in the consolidated statements of operations during the period in which they occur. | |
Fair Value | ' |
Fair Value | |
The Company uses an exit price for its fair value measurements. An exit price is defined as the amount received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In measuring fair value, the Company gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 5 for further information. | |
Investments | ' |
Investments | |
Fixed maturity and equity securities are classified as available-for-sale, as defined in the investments guidance, and reported at fair value. If the fair value is higher than the amortized cost for fixed maturity securities or the purchase cost for equity securities, the excess is an unrealized gain; and, if lower than cost, the difference is an unrealized loss. Net unrealized gains and losses on securities classified as available-for-sale, less deferred income taxes, are included in AOCI. | |
Commercial mortgage loans on real estate are reported at unpaid balances, adjusted for amortization of premium or discount, less allowance for losses. The allowance is based on management’s analysis of factors including actual loan loss experience, specific events based on geographical, political or economic conditions, industry experience, loan groupings that have probable and estimable losses and individually impaired loan loss analysis. A loan is considered individually impaired when it becomes probable the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Indicative factors of impairment include, but are not limited to, whether the loan is current, the value of the collateral and the financial position of the borrower. If a loan is individually impaired, the Company uses one of the following valuation methods based on the individual loans’ facts and circumstances to measure the impairment amount: (1) the present value of expected future cash flows, (2) the loan’s observable market price, or (3) the fair value of collateral. Changes in the allowance for loan losses are recorded in net realized losses on investments, excluding other-than-temporary impairment losses. | |
The Company places loans on non-accrual status after 90 days of delinquent payments (unless the loans are both well secured and in the process of collection). A loan may be placed on non-accrual status before this time if information is available that suggests its impairment is probable. | |
Policy loans are reported at unpaid principal balances, which do not exceed the cash surrender value of the underlying policies. | |
Short-term investments include money market funds and short maturity investments. These amounts are reported at cost, which approximates fair value. | |
The Company engages in collateralized transactions in which fixed maturity securities, especially bonds issued by the U.S. government, government agencies and authorities, and U.S. corporations, are loaned to selected broker/dealers. The collateral held under these securities lending transactions is reported at fair value and the obligation is reported at the amount of the collateral received. The difference between the collateral held and obligations under securities lending is recorded as an unrealized loss and is included as part of AOCI. | |
Other investments consist primarily of investments in joint ventures, partnerships, invested assets associated with a modified coinsurance arrangement, invested assets associated with the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan (“ASIC”) and the Assurant Deferred Compensation Plan (“ADC”). The joint ventures and partnerships are valued according to the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee, generally on a three month lag. The invested assets related to the modified coinsurance arrangement, the AIP, ASIC and ADC are classified as trading securities as defined in the investment guidance. | |
The Company monitors its investment portfolio to identify investments that may be other-than-temporarily impaired. In addition, securities, aggregated by issuer, whose market price is equal to 80% or less of their original purchase price or which had a discrete credit event resulting in the debtor defaulting or seeking bankruptcy protection are added to a potential write-down list, which is discussed at quarterly meetings attended by members of the Company’s investment, accounting and finance departments. See Note 4 for further information. | |
Realized gains and losses on sales of investments are recognized on the specific identification basis. | |
Investment income is recorded as earned and reported net of investment expenses. The Company uses the interest method to recognize interest income on its commercial mortgage loans. | |
The Company anticipates prepayments of principal in the calculation of the effective yield for mortgage-backed securities and structured securities. The retrospective method is used to adjust the effective yield. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers cash on hand, all operating cash and working capital cash to be cash equivalents. These amounts are carried at cost, which approximates fair value. Cash balances are reviewed at the end of each reporting period to determine if negative cash balances exist. If negative cash balances do exist, the cash accounts are netted with other positive cash accounts of the same bank provided the right of offset exists between the accounts. If the right of offset does not exist, the negative cash balances are reclassified to accounts payable. | |
Uncollectible Receivable Balance | ' |
Uncollectible Receivable Balance | |
The Company maintains allowances for doubtful accounts for probable losses resulting from the inability to collect payments. | |
Reinsurance | ' |
Reinsurance | |
Reinsurance recoverables include amounts related to paid benefits and estimated amounts related to unpaid policy and contract claims, future policyholder benefits and policyholder contract deposits. The cost of reinsurance is recognized over the terms of the underlying reinsured policies using assumptions consistent with those used to account for the policies. Amounts recoverable from reinsurers are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves and are reported in the consolidated balance sheets. The cost of reinsurance related to long-duration contracts is recognized over the life of the underlying reinsured policies. The ceding of insurance does not discharge the Company’s primary liability to insureds, thus a credit exposure exists to the extent that any reinsurer is unable to meet the obligation assumed in the reinsurance agreements. To mitigate this exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and holds collateral (in the form of funds withheld, trusts, and letters of credit) as security under the reinsurance agreements. An allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due from reinsurers (net of collateral), reinsurer solvency, management’s experience and current economic conditions. | |
Funds withheld under reinsurance represent amounts contractually held from assuming companies in accordance with reinsurance agreements. | |
Reinsurance premiums assumed are calculated based upon payments received from ceding companies together with accrual estimates, which are based on both payments received and in force policy information received from ceding companies. Any subsequent differences arising on such estimates are recorded in the period in which they are determined. | |
Income Taxes | ' |
Income Taxes | |
Current federal income taxes are recognized based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are recorded for temporary differences between the financial reporting basis and income tax basis of assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the periods in which the Company expects the temporary differences to reverse. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. | |
The Company classifies net interest expense related to tax matters and any applicable penalties as a component of income tax expense. | |
Deferred Acquisition Costs | ' |
Deferred Acquisition Costs | |
Only direct incremental costs associated with the successful acquisition of new or renewal insurance contracts are deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Acquisition costs primarily consist of commissions and premium taxes. Certain direct response advertising expenses are deferred when the primary purpose of the advertising is to elicit sales to customers who can be shown to have specifically responded to the advertising and the direct response advertising results in probable future benefits. | |
Premium deficiency testing is performed annually and generally reviewed quarterly. Such testing involves the use of best estimate assumptions including the anticipation of investment income to determine if anticipated future policy premiums are adequate to recover all DAC and related claims, benefits and expenses. To the extent a premium deficiency exists, it is recognized immediately by a charge to the consolidated statement of operations and a corresponding reduction in DAC. If the premium deficiency is greater than unamortized DAC, a liability will be accrued for the excess deficiency. | |
Long Duration Contracts | |
Acquisition costs for pre-funded funeral (“preneed”) life insurance policies issued prior to 2009 and certain life insurance policies no longer offered are deferred and amortized in proportion to anticipated premiums over the premium-paying period. These acquisition costs consist primarily of first year commissions paid to agents. | |
Acquisition costs relating to group worksite insurance products consist primarily of first year commissions to brokers, costs of issuing new certificates and compensation to sales representatives. These acquisition costs are front-end loaded, thus they are deferred and amortized over the estimated terms of the underlying contracts. | |
For preneed investment-type annuities, preneed life insurance policies with discretionary death benefit growth issued after January 1, 2009, universal life insurance policies, and investment-type annuities (no longer offered), DAC is amortized in proportion to the present value of estimated gross profits from investment, mortality, expense margins and surrender charges over the estimated life of the policy or contract. The assumptions used for the estimates are consistent with those used in computing the policy or contract liabilities. | |
Acquisition costs relating to the individual voluntary limited benefit health policies issued in 2007 and later are deferred and amortized over the estimated average terms of the underlying contracts. These acquisition costs relate to commission expenses which result from commission schedules that pay significantly higher rates in the first year. | |
Short Duration Contracts | |
Acquisition costs relating to property contracts, warranty and extended service contracts and single premium credit insurance contracts are amortized over the term of the contracts in relation to premiums earned. | |
Acquisition costs relating to monthly pay credit insurance business consist mainly of direct response advertising costs and are deferred and amortized over the estimated average terms and balances of the underlying contracts. | |
Acquisition costs relating to group term life, group disability, group dental, and group vision consist primarily of compensation to sales representatives. These acquisition costs are front-end loaded; thus, they are deferred and amortized over the estimated terms of the underlying contracts. | |
Property And Equipment | ' |
Property and Equipment | |
Property and equipment are reported at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over estimated useful lives with a maximum of 39.5 years for buildings, a maximum of 7 years for furniture and a maximum of 5 years for equipment. Expenditures for maintenance and repairs are charged to income as incurred. Expenditures for improvements are capitalized and depreciated over the remaining useful life of the asset. | |
Property and equipment also includes capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software. Such costs are capitalized and amortized using the straight-line method over their estimated useful lives, not to exceed 20 years. Property and equipment are assessed for impairment when impairment indicators exist. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of acquisition costs over the net fair value of identifiable assets acquired and liabilities assumed in a business combination. Goodwill is deemed to have an indefinite life and is not amortized, but rather is tested at least annually for impairment. We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist. We regularly assess whether any indicators of impairment exist. Such indicators include, but are not limited to: significant adverse change in legal factors, adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate. The evaluation of such factors requires considerable management judgment. | |
When required, we test goodwill for impairment at the reporting unit level. Following the guidance on goodwill, we have concluded that our reporting units for goodwill testing are equivalent to our reported operating segments, excluding the Corporate and Other segment. | |
At the time of the annual goodwill test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step goodwill impairment test. The Company is required to perform step one if it determines qualitatively that it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. Otherwise, no further testing is required. | |
If the Company does not take the option to perform the qualitative assessment or the qualitative assessment performed indicates that it is more likely than not that the reporting unit’s fair value is less than the carrying value, the Company will then compare the estimated fair value of the reporting unit with its net book value (“Step 1”). If the estimated fair value exceeds its net book value, goodwill is deemed not to be impaired, and no further testing is necessary. If the net book value exceeds its estimated fair value, we perform a second test to measure the amount of impairment, if any. To determine the amount of any impairment, we determine the implied fair value of goodwill in the same manner as if the reporting unit were being acquired in a business combination (“Step 2”). Specifically, we determine the fair value of all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical calculation that yields the implied fair value of goodwill. If the implied fair value of goodwill is less than the recorded goodwill, we record an impairment charge for the difference. | |
In the fourth quarter of 2013, the Company chose the option to first perform a qualitative assessment for our Assurant Specialty Property reporting unit. Based on this assessment, the Company determined that it was more likely than not that the reporting unit’s fair value was more than its carrying amount, therefore further impairment testing was not necessary. For our Assurant Solutions reporting unit we performed Step 1 and concluded that the estimated fair value of the reporting unit exceeded its respective book value and therefore goodwill was not impaired. | |
In the fourth quarter of 2012, we performed Step 1 for both our Assurant Specialty Property and Assurant Solutions reporting units and concluded that the estimated fair value of the reporting units exceeded their respective book values and therefore goodwill was not impaired. | |
For 2013 and 2012, the Assurant Employee Benefits and Assurant Health reporting units did not have goodwill. | |
Value Of Businesses Acquired | ' |
Value of Businesses Acquired | |
VOBA is an identifiable intangible asset representing the value of the insurance businesses acquired. The amount is determined using best estimates for mortality, lapse, maintenance expenses and investment returns at date of purchase. The amount determined represents the purchase price paid to the seller for producing the business. Similar to the amortization of DAC, the amortization of VOBA is over the premium payment period for traditional life insurance policies and a small block of limited payment policies. For the remaining limited payment policies, preneed life insurance policies, all universal life policies and annuities, the amortization of VOBA is over the expected lifetime of the policies. | |
VOBA is tested annually in the fourth quarter for recoverability. If it is determined that future policy premiums and investment income or gross profits are not adequate to cover related losses or loss expenses, then an expense is reported in current earnings. Based on 2013 and 2012 testing, future policy premiums and investment income or gross profits were deemed adequate to cover related losses or loss expenses. | |
Other Assets | ' |
Other Assets | |
Other assets consist primarily of investments in unconsolidated entities and prepaid items. The Company accounts for investments in unconsolidated entities using the equity method of accounting since the Company can exert significant influence over the investee, but does not have effective control over the investee. The Company’s equity in the net income (loss) from equity method investments is recorded as income (loss) with a corresponding increase (decrease) in the investment. Judgment regarding the level of influence over each equity method investee includes considering factors such as ownership interest, board representation and policy making decisions. In applying the equity method, the Company uses financial information provided by the investee, which may be received on a lag basis. | |
Other Intangible Assets | ' |
Other Intangible Assets | |
Other intangible assets that have finite lives, including but not limited to, customer contracts, customer relationships and marketing relationships, are amortized over their estimated useful lives. Other intangible assets deemed to have indefinite useful lives, primarily certain state licenses, are not amortized and are subject to at least annual impairment tests. At the time of the annual impairment test, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Impairment exists if the carrying amount of the indefinite-lived other intangible asset exceeds its fair value. For other intangible assets with finite lives, impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the other intangible asset. Generally other intangible assets with finite lives are only tested for impairment if there are indicators (“triggers”) of impairment identified. Triggers include, but are not limited to, a significant adverse change in the extent, manner or length of time in which the other intangible asset is being used or a significant adverse change in legal factors or in the business climate that could affect the value of the other intangible asset. In certain cases, the Company does perform an annual impairment test for other intangible assets with finite lives even if there are no triggers present. There were no material impairment charges related to finite-lived other intangible assets in 2013. The Company recorded an impairment charge of $26,458 related to finite-lived intangible assets in 2012. For both 2013 and 2012, there were no impairment charges for indefinite-lived other intangible assets. | |
Amortization expense and impairment charges are included in underwriting, general and administrative expenses in the consolidated statements of operations. | |
Separate Accounts | ' |
Separate Accounts | |
Assets and liabilities associated with separate accounts relate to premium and annuity considerations for variable life and annuity products for which the contract-holder, rather than the Company, bears the investment risk. Separate account assets (with matching liabilities) are reported at fair value. 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 because the accounts are administered by reinsurers. | |
Reserves | ' |
Reserves | |
Reserves are established in accordance with GAAP, using generally accepted actuarial methods. Factors used in their calculation include experience derived from historical claim payments and actuarial assumptions. Such assumptions and other factors include trends, the incidence of incurred claims, the extent to which all claims have been reported, and internal claims processing charges. The process used in computing reserves cannot be exact, particularly for liability coverages, since actual claim costs are dependent upon such complex factors as inflation, changes in doctrines of legal liabilities and damage awards. The methods of making such estimates and establishing the related liabilities are periodically reviewed and updated. | |
Reserves do not represent an exact calculation of exposure, but instead represent our best estimates of what we expect the ultimate settlement and administration of a claim or group of claims will cost based on facts and circumstances known at the time of calculation. The adequacy of reserves may be impacted by future trends in claims severity, frequency, judicial theories of liability and other factors. These variables are affected by both external and internal events, including but not limited to: changes in the economic cycle, changes in the social perception of the value of work, emerging medical perceptions regarding physiological or psychological causes of disability, emerging health issues and new methods of treatment or accommodation, inflation, judicial trends, legislative changes and claims handling procedures. | |
Many of these items are not directly quantifiable. Reserve estimates are refined as experience develops. Adjustments to reserves, both positive and negative, are reflected in the consolidated statement of operations in the period in which such estimates are updated. Because establishment of reserves is an inherently uncertain process involving estimates of future losses, there can be no certainty that ultimate losses will not exceed existing claims reserves. Future loss development could require reserves to be increased, which could have a material adverse effect on our earnings in the periods in which such increases are made. However, based on information currently available, we believe our reserve estimates are adequate. | |
Long Duration Contracts | |
The Company’s long duration contracts include preneed life insurance policies and annuity contracts, traditional life insurance policies no longer offered, universal life and annuities no longer offered, policies disposed of via reinsurance (Fortis Financial Group (“FFG”) and Long Term Care (“LTC”) contracts), group worksite policies, group life conversion policies and certain medical policies. | |
Future policy benefits and expense reserves for LTC, certain life and annuity insurance policies no longer offered, a majority of individual medical policies issued prior to 2003, certain medical contracts issued from 2003 through 2006, individual voluntary limited benefit health policies issued in 2007 and later, the traditional life insurance contracts within FFG group worksite contracts and group life conversion policies are equal to the present value of future benefits to policyholders plus related expenses less the present value of the future net premiums. These amounts are estimated based on assumptions as to the expected investment yield, inflation, mortality, morbidity and withdrawal rates as well as other assumptions that are based on the Company’s experience. These assumptions reflect anticipated trends and include provisions for possible unfavorable deviations. | |
Future policy benefits and expense reserves for preneed investment-type annuities, preneed life insurance policies with discretionary death benefit growth issued after 2008, universal life insurance policies and investment-type annuity contracts (no longer offered), and the variable life insurance and investment-type annuity contracts in FFG consist of policy account balances before applicable surrender charges and certain deferred policy initiation fees that are being recognized in income over the terms of the policies. Policy benefits charged to expense during the period include amounts paid in excess of policy account balances and interest credited to policy account balances. An unearned revenue reserve is also recorded for those preneed life insurance contracts which represents the balance of the excess of gross premiums over net premiums that is still recognized in future years’ income in a constant relationship to estimated gross profits. | |
Future policy benefits and expense reserves for preneed life insurance contracts issued prior to 2009 are reported at the present value of future benefits to policyholders and related expenses less the present value of future net premiums. Reserve assumptions are selected using best estimates for expected investment yield, inflation, mortality and withdrawal rates. These assumptions reflect current trends, are based on Company experience and include provision for possible unfavorable deviation. An unearned revenue reserve is also recorded for these contracts which represents the balance of the excess of gross premiums over net premiums that is still to be recognized in future years’ income in a constant relationship to insurance in force. | |
Reserves for group worksite policies also include case reserves and incurred but not reported (“IBNR”) reserves which equal the net present value of the expected future claims payments. Worksite group disability reserves are discounted to the valuation date at the valuation interest rate. The valuation interest rate is reviewed quarterly by taking into consideration actual and expected earned rates on our asset portfolio. | |
Changes in the estimated liabilities are reported as a charge or credit to policyholder benefits as the estimates are revised. | |
Short Duration Contracts | |
The Company’s short duration contracts include group term life contracts, group disability contracts, medical contracts, dental contracts, vision contracts, property and warranty contracts, credit life and disability contracts and extended service contracts. For short duration contracts, claims and benefits payable reserves are recorded when insured events occur. The liability is based on the expected ultimate cost of settling the claims. The claims and benefits payable reserves include (1) case reserves for known but unpaid claims as of the balance sheet date; (2) IBNR reserves for claims where the insured event has occurred but has not been reported to the Company as of the balance sheet date; and (3) loss adjustment expense reserves for the expected handling costs of settling the claims. | |
For group disability, the case reserves and the IBNR reserves are recorded at an amount equal to the net present value of the expected future claims payments. Group long-term disability and group term life waiver of premiums reserves are discounted to the valuation date at the valuation interest rate. The valuation interest rate is reviewed quarterly by taking into consideration actual and expected earned rates on our asset portfolio. Group long term disability and group term life reserve adequacy studies are performed annually, and morbidity and mortality assumptions are adjusted where appropriate. | |
The Company has exposure to asbestos, environmental and other general liability claims arising from its participation in various reinsurance pools from 1971 through 1985. This exposure arose from a short duration contract that the Company discontinued writing many years ago. The Company carries case reserves for these liabilities as recommended by the various pool managers and IBNR reserves. Any estimation of these liabilities is subject to greater than normal variation and uncertainty due to the general lack of sufficient detailed data, reporting delays, and absence of generally accepted actuarial methodology for determining the exposures. There are significant unresolved industry legal issues, including such items as whether coverage exists and what constitutes an occurrence. In addition, the determination of ultimate damages and the final allocation of losses to financially responsible parties are highly uncertain. | |
Changes in the estimated liabilities are recorded as a charge or credit to policyholder benefits as estimates are revised. Amounts reimbursed by the National Flood Insurance Program for processing and adjudication services are reported as a reduction of policyholder benefits. | |
Medical Loss Ratio Rebate Unearned Premium Reserve | |
The Affordable Care Act was signed into law in March 2010. One provision of the Affordable Care Act, effective January 1, 2011, established a minimum medical loss ratio (“MLR”) designed to ensure that a minimum percentage of premiums is paid for clinical services or health care quality improvement activities. The Affordable Care Act established an MLR of 80% for individual and small group businesses and 85% for large group business. If the actual loss ratios, calculated in a manner prescribed by the Department of Health and Human Services (“HHS”), are less than the required MLR, premium rebates are payable to the policyholders by August 1 of the subsequent year. | |
The Company has estimated its 2013 impact of this regulation based on definitions and calculation methodologies outlined in the HHS regulations and guidance. The estimate was based on separate projection models for the individual medical and small group businesses using projections of expected premiums, claims, and enrollment by state, legal entity, and market for medical business subject to MLR requirements for the MLR reporting year. In addition, the projection models include quality improvement expenses, state assessments and taxes. The premium rebate is presented as a reduction of net earned premiums in the consolidated statement of operations and included in unearned premiums in the consolidated balance sheets. | |
Deferred Gain On Disposal Of Businesses | ' |
Deferred Gain on Disposal of Businesses | |
The Company recorded a deferred gain on disposal of businesses utilizing reinsurance. On March 1, 2000, the Company sold its LTC business using a coinsurance contract. On April 2, 2001, the Company sold its FFG business using a modified coinsurance contract. Since the form of sale did not discharge the Company’s primary liability to the insureds, the gain on these disposals was deferred and reported as a liability. The liability is decreased and recognized as revenue over the estimated life of the contracts’ terms. The Company reviews and evaluates the estimates affecting the deferred gain on disposal of businesses annually or when significant information affecting the estimates becomes known to the Company, and adjusts the revenue recognized accordingly. Based on the Company’s annual review in the fourth quarters of 2013 and 2012, there were no adjustments to the estimates affecting the deferred gain. | |
Debt | ' |
Debt | |
The Company reports debt net of unamortized discount or premium and repurchases. Interest expense related to debt is expensed as incurred. | |
Premiums | ' |
Premiums | |
Long Duration Contracts | |
Currently, the Company’s long duration contracts which are actively being sold are preneed life insurance and certain group worksite insurance policies. The preneed life insurance policies include provisions for death benefit growth that is either pegged to the changes in the Consumer Price Index or determined periodically at the discretion of management. For preneed life insurance policies issued prior to 2009, revenues are recognized when due from policyholders. For preneed life insurance policies with discretionary death benefit growth issued after 2008 and for preneed investment-type annuity contracts, revenues consist of charges assessed against policy balances. Revenues are recognized ratably as earned income over the premium-paying periods of the policies for the group worksite insurance products. | |
For a majority of individual medical contracts issued prior to 2003, a limited number of individual medical contracts currently issued from 2003 through 2006 in certain jurisdictions, individual voluntary limited benefit health policies issued in 2007 and later and traditional life insurance contracts previously sold by the preneed business (no longer offered), revenue is recognized when due from policyholders. | |
For universal life insurance and investment-type annuity contracts previously sold by the Assurant Solutions segment (no longer offered), revenues consist of charges assessed against policy balances. | |
Premiums for LTC insurance and traditional life insurance contracts within FFG are recognized as revenue when due from the policyholder. For universal life insurance and investment-type annuity contracts within FFG, revenues consist of charges assessed against policy balances. For the FFG and LTC businesses previously sold, all revenue is ceded. | |
Short Duration Contracts | |
The Company’s short duration contracts are those on which the Company recognizes revenue on a pro-rata basis over the contract term. The Company’s short duration contracts primarily include group term life, group disability, medical, dental, vision, property and warranty, credit life and disability, and extended service contracts and individual medical contracts issued from 2003 through 2006 in most jurisdictions and in all jurisdictions after 2006. | |
Reinstatement premiums for reinsurance are netted against net earned premiums in the consolidated statements of operations. | |
Total Other-Than-Temporary Impairment Losses | ' |
Total Other-Than-Temporary Impairment Losses | |
For debt securities with credit losses and non-credit losses or gains, total other-than-temporary impairment (“OTTI”) losses is the total of the decline in fair value from either the most recent OTTI determination or a prior period end in which the fair value declined until the current period end valuation date. This amount does not include any securities that had fair value increases. For equity securities and debt securities that the Company has the intent to sell or if it is more likely than not that it will be required to sell for equity securities that have an OTTI or for debt securities if there are only credit losses, total other-than-temporary impairment losses is the total amount by which the fair value of the security is less than its amortized cost basis at the period end valuation date and the decline in fair value is deemed to be other-than-temporary. | |
When a decline in value is considered to be other-than-temporary for equity method investments, the carrying value of these investments is written down, or impaired, to fair value. | |
Fees And Other Income | ' |
Fees and Other Income | |
Income earned on preneed life insurance policies with discretionary death benefit growth issued after 2008 is presented within fees and other income. | |
The Company also derives fees and other income from providing administrative services. These fees are recognized monthly when services are performed. | |
Dealer obligor service contracts are sales in which the retailer/dealer is designated as the obligor (administrative service-only plans). For these contract sales, the Company recognizes administrative fee revenue on a straight-line pro-rata basis over the terms of the service contract. | |
Administrator obligor service contracts are sales in which the Company is designated as the obligor. The Company recognizes and reports administration fees related to these contracts as earned on the same basis as the premium is recognized or on a straight-line pro-rata basis. | |
Administration fees related to the unexpired portion of the contract term for both the dealer obligor and administrator obligor service contracts are deferred and amortized over the term of the contracts. These unexpired amounts are reported in accounts payable and other liabilities on the consolidated balance sheets. | |
Underwriting, General And Administrative Expenses | ' |
Underwriting, General and Administrative Expenses | |
Underwriting, general and administrative expenses consist primarily of commissions, premium taxes, licenses, fees, salaries and personnel benefits and other general operating expenses and are expensed as incurred. | |
Leases | ' |
Leases | |
The Company records expenses for operating leases on a straight-line basis over the lease term. | |
Contingencies | ' |
Contingencies | |
The Company evaluates each contingent matter separately. A loss contingency is recorded if reasonably estimable and probable. The Company establishes reserves for these contingencies at the best estimate, or if no one estimated number within the range of possible losses is more probable than any other, the Company records an estimated reserve at the low end of the estimated range. Contingencies affecting the Company primarily relate to litigation matters which are inherently difficult to evaluate and are subject to significant changes. The Company believes the contingent amounts recorded are reasonable. | |
Recent Accounting Pronouncements - Adopted | ' |
Recent Accounting Pronouncements—Adopted | |
On September 30, 2012, the Company adopted the amended intangibles-goodwill and other guidance. This guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Under this amended guidance, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset, unless the entity determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amended guidance includes a number of events and circumstances for an entity to consider in conducting the qualitative assessment and did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2012, the Company adopted the guidance on fair value measurement. This amended guidance changes certain fair value measurement principles and expands required disclosures to include quantitative and qualitative information about unobservable inputs in Level 3 measurements to achieve common fair value measurement and disclosure requirements in GAAP and International Financial Reporting Standards. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2012, the Company adopted the amendments to existing guidance on accounting for costs associated with acquiring or renewing insurance contracts. The amendments modified the definition of the types of costs incurred by insurance entities that can be capitalized in the acquisition of new and renewal contracts. Under this amended guidance, only direct incremental costs associated with successful insurance contract acquisitions or renewals are deferrable. The guidance was adopted retrospectively and has been applied to all prior period financial information contained in these consolidated financial statements. | |
On December 31, 2011, the Company adopted the new guidance related to the presentation of comprehensive income. This guidance provides two alternatives for presenting comprehensive income. An entity can report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Each component of net income and each component of other comprehensive income, together with totals for comprehensive income and its two parts, net income and other comprehensive income, are displayed under either alternative. The statement(s) are to be presented with equal prominence as the other primary financial statements. The new guidance eliminates the Company’s previously applied option to report other comprehensive income and its components in the statement of changes in stockholders’ equity. The guidance does not change the items that constitute net income or other comprehensive income, and does not change when an item of other comprehensive income must be reclassified to net income. The Company chose to early adopt this guidance and therefore is reporting comprehensive income in a separate but consecutive statement, with full retrospective application as required by the guidance. The adoption of the new presentation requirements did not have an impact on the Company’s financial position or results of operations. | |
On January 1, 2011, the Company adopted the new guidance on multiple deliverable revenue arrangements. This guidance requires entities to use their best estimate of the selling price of a deliverable within a multiple deliverable revenue arrangement if the entity and other entities do not sell the deliverable separate from the other deliverables within the arrangement. In addition, it requires both qualitative and quantitative disclosures. The adoption of this guidance did not have an impact on the Company’s financial position or results of operations. | |
Recent Accounting Pronouncements - Not Yet Adopted | ' |
Recent Accounting Pronouncements—Not Yet Adopted | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this guidance state that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. An exception to this guidance would be where a net operating loss carryforward or similar tax loss or credit carryforward would not be available under the tax law to settle any additional income taxes that would result from the disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such a case, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective for interim and annual periods beginning after December 15, 2013. The Company will be adopting this presentation as of the effective date and does not expect any net impact to the Company’s financial position and results of operations. | |
In July 2011, the FASB issued amendments to the other expenses guidance to address how health insurers should recognize and classify in their statements of operations fees mandated by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (the “Affordable Care Act”). The Affordable Care Act imposes an annual fee on health insurers for each calendar year beginning on or after January 1, 2014. The amendments specify that the liability for the fee should be estimated and recorded in full once the entity provides qualifying health insurance in the applicable calendar year in which the fee is payable with a corresponding deferred cost that is amortized to expense ratably over the calendar year during which it is payable. The guidance is effective for calendar years beginning after December 31, 2013, when the fee initially becomes effective. Therefore, the Company is required to adopt this guidance on January 1, 2014 and it impacts the results of our Assurant Health and Assurant Employee Benefits segments. In the first quarter of 2014, the estimated liability for the mandated fees and the corresponding deferred cost asset of $24,000 will be recorded in accounts payable and other liabilities and in other assets, respectively, on the consolidated balance sheets. The deferred cost asset will be amortized ratably over the calendar year to underwriting, general and administrative expense in the consolidated statements of operations. This is an estimated amount and may be adjusted once the assessment is received from the federal government. | |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Amortized Cost, Gross Unrealized Gains And Losses, Fair Value And OTTI | ' | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (a) | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 408,378 | $ | 4,166 | $ | -1,888 | $ | 410,656 | $ | 0 | ||||||
States, municipalities and political subdivisions | 774,233 | 63,543 | -2,624 | 835,152 | 0 | |||||||||||
Foreign governments | 647,486 | 35,543 | -7,608 | 675,421 | 0 | |||||||||||
Asset-backed | 4,320 | 1,910 | -56 | 6,174 | 1,773 | |||||||||||
Commercial mortgage-backed | 57,594 | 2,850 | -82 | 60,362 | 0 | |||||||||||
Residential mortgage-backed | 919,216 | 41,905 | -13,217 | 947,904 | 19,525 | |||||||||||
Corporate | 7,709,083 | 684,776 | -37,653 | 8,356,206 | 19,359 | |||||||||||
Total fixed maturity securities | $ | 10,520,310 | $ | 834,693 | $ | -63,128 | $ | 11,291,875 | $ | 40,657 | ||||||
Equity securities: | ||||||||||||||||
Common stocks | $ | 17,890 | $ | 11,352 | $ | -10 | $ | 29,232 | $ | 0 | ||||||
Non-redeemable preferred stocks | 399,645 | 38,880 | -9,399 | 429,126 | 0 | |||||||||||
Total equity securities | $ | 417,535 | $ | 50,232 | $ | -9,409 | $ | 458,358 | $ | 0 | ||||||
31-Dec-12 | ||||||||||||||||
Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI (a) | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 633,329 | $ | 8,722 | $ | -127 | $ | 641,924 | $ | 0 | ||||||
States, municipalities and political subdivisions | 800,592 | 106,560 | -96 | 907,056 | 0 | |||||||||||
Foreign governments | 672,671 | 82,096 | -1,359 | 753,408 | 0 | |||||||||||
Asset-backed | 27,182 | 1,437 | -422 | 28,197 | 1,159 | |||||||||||
Commercial mortgage-backed | 64,344 | 5,539 | 0 | 69,883 | 0 | |||||||||||
Residential mortgage-backed | 714,628 | 56,983 | -554 | 771,057 | 14,259 | |||||||||||
Corporate | 7,815,968 | 1,193,695 | -9,550 | 9,000,113 | 21,291 | |||||||||||
Total fixed maturity securities | $ | 10,728,714 | $ | 1,455,032 | $ | -12,108 | $ | 12,171,638 | $ | 36,709 | ||||||
Equity securities: | ||||||||||||||||
Common stocks | $ | 14,707 | $ | 4,243 | $ | 0 | $ | 18,950 | $ | 0 | ||||||
Non-redeemable preferred stocks | 407,996 | 53,976 | -5,116 | 456,856 | 0 | |||||||||||
Total equity securities | $ | 422,703 | $ | 58,219 | $ | -5,116 | $ | 475,806 | $ | 0 | ||||||
(a) | Represents the amount of other-than-temporary impairments recognized in accumulated other comprehensive income. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. | |||||||||||||||
Amortized Cost And Fair Value Of Fixed Maturity Securities By Contractual Maturity | ' | |||||||||||||||
Cost or Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 583,725 | $ | 589,192 | ||||||||||||
Due after one year through five years | 2,136,037 | 2,270,487 | ||||||||||||||
Due after five years through ten years | 2,800,831 | 2,909,407 | ||||||||||||||
Due after ten years | 4,018,587 | 4,508,349 | ||||||||||||||
Total | 9,539,180 | 10,277,435 | ||||||||||||||
Asset-backed | 4,320 | 6,174 | ||||||||||||||
Commercial mortgage-backed | 57,594 | 60,362 | ||||||||||||||
Residential mortgage-backed | 919,216 | 947,904 | ||||||||||||||
Total | $ | 10,520,310 | $ | 11,291,875 | ||||||||||||
Categories Of Net Investment Income | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Fixed maturity securities | $ | 530,144 | $ | 553,668 | $ | 565,486 | ||||||||||
Equity securities | 27,013 | 24,771 | 29,645 | |||||||||||||
Commercial mortgage loans on real estate | 76,665 | 79,108 | 80,903 | |||||||||||||
Policy loans | 3,426 | 3,204 | 3,102 | |||||||||||||
Short-term investments | 2,156 | 4,889 | 5,351 | |||||||||||||
Other investments | 20,573 | 54,581 | 21,326 | |||||||||||||
Cash and cash equivalents | 14,679 | 15,323 | 7,838 | |||||||||||||
Total investment income | 674,656 | 735,544 | 713,651 | |||||||||||||
Investment expenses | -24,360 | -22,416 | -24,119 | |||||||||||||
Net investment income | $ | 650,296 | $ | 713,128 | $ | 689,532 | ||||||||||
Proceeds From Sales Of Available-For-Sale Securities And The Gross Realized Gains And Gross Realized Losses | ' | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Proceeds from sales | $ | 2,821,177 | $ | 2,314,540 | $ | 1,679,553 | ||||||||||
Gross realized gains | 81,921 | 68,697 | 57,120 | |||||||||||||
Gross realized losses | 50,667 | 12,597 | 20,925 | |||||||||||||
Net Realized Gains (Losses), Including Other-Than-Temporary Impairments | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Net realized gains (losses) related to sales and other: | ||||||||||||||||
Fixed maturity securities | $ | 14,579 | $ | 59,815 | $ | 44,924 | ||||||||||
Equity securities | 19,789 | -3,466 | -7,010 | |||||||||||||
Commercial mortgage loans on real estate | 2,515 | 3,072 | 336 | |||||||||||||
Other investments | 2,029 | 6,775 | 2,166 | |||||||||||||
Total net realized gains related to sales and other | 38,912 | 66,196 | 40,416 | |||||||||||||
Net realized losses related to other-than-temporary impairments: | ||||||||||||||||
Fixed maturity securities | -3,295 | -1,287 | -7,780 | |||||||||||||
Equity securities | 0 | -226 | -21 | |||||||||||||
Other investments | -1,092 | -330 | -35 | |||||||||||||
Total net realized losses related to other-than-temporary impairments | -4,387 | -1,843 | -7,836 | |||||||||||||
Total net realized gains | $ | 34,525 | $ | 64,353 | $ | 32,580 | ||||||||||
Credit Loss Impairments Recognized | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance, beginning of year | $ | 95,589 | $ | 103,090 | $ | 105,245 | ||||||||||
Additions for credit loss impairments recognized in the current period on securities not previously impaired | 0 | 0 | 1,455 | |||||||||||||
Additions for credit loss impairments recognized in the current period on securities previously impaired | 107 | 56 | 1,598 | |||||||||||||
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | -1,851 | -1,590 | -669 | |||||||||||||
Reductions for credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period | -48,567 | -5,967 | -4,539 | |||||||||||||
Balance, end of year | $ | 45,278 | $ | 95,589 | $ | 103,090 | ||||||||||
Duration Of Gross Unrealized Losses On Fixed Maturity Securities And Equity Securities | ' | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||
Losses | Losses | Losses | ||||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 52,615 | $ | -1,464 | $ | 3,514 | $ | -424 | $ | 56,129 | $ | -1,888 | ||||
States, municipalities and political subdivisions | 30,145 | -2,624 | 0 | 0 | 30,145 | -2,624 | ||||||||||
Foreign governments | 217,708 | -7,596 | 111 | -12 | 217,819 | -7,608 | ||||||||||
Asset-backed | 0 | 0 | 1,442 | -56 | 1,442 | -56 | ||||||||||
Commercial mortgage-backed | 5,036 | -82 | 0 | 0 | 5,036 | -82 | ||||||||||
Residential mortgage-backed | 407,808 | -11,667 | 31,498 | -1,550 | 439,306 | -13,217 | ||||||||||
Corporate | 1,412,611 | -36,848 | 19,291 | -805 | 1,431,902 | -37,653 | ||||||||||
Total fixed maturity securities | $ | 2,125,923 | $ | -60,281 | $ | 55,856 | $ | -2,847 | $ | 2,181,779 | $ | -63,128 | ||||
Equity securities: | ||||||||||||||||
Common stock | $ | 187 | $ | -10 | $ | 0 | $ | 0 | $ | 187 | $ | -10 | ||||
Non-redeemable preferred stocks | 159,723 | -8,200 | 11,807 | -1,199 | 171,530 | -9,399 | ||||||||||
Total equity securities | $ | 159,910 | $ | -8,210 | $ | 11,807 | $ | -1,199 | $ | 171,717 | $ | -9,409 | ||||
31-Dec-12 | ||||||||||||||||
Less than 12 months | 12 Months or More | Total | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||
Losses | Losses | Losses | ||||||||||||||
Fixed maturity securities: | ||||||||||||||||
United States Government and government agencies and authorities | $ | 233,559 | $ | -127 | $ | 0 | $ | 0 | $ | 233,559 | $ | -127 | ||||
States, municipalities and political subdivisions | 0 | 0 | 4,575 | -96 | 4,575 | -96 | ||||||||||
Foreign governments | 41,917 | -204 | 8,925 | -1,155 | 50,842 | -1,359 | ||||||||||
Asset-backed | 0 | 0 | 2,662 | -422 | 2,662 | -422 | ||||||||||
Residential mortgage-backed | 56,674 | -509 | 9,300 | -45 | 65,974 | -554 | ||||||||||
Corporate | 459,797 | -5,802 | 62,778 | -3,748 | 522,575 | -9,550 | ||||||||||
Total fixed maturity securities | $ | 791,947 | $ | -6,642 | $ | 88,240 | $ | -5,466 | $ | 880,187 | $ | -12,108 | ||||
Equity securities: | ||||||||||||||||
Non-redeemable preferred stocks | $ | 52,508 | $ | -416 | $ | 48,626 | $ | -4,700 | $ | 101,134 | $ | -5,116 | ||||
Amortized Cost and Fair Value of Fixed Maturity Securities in an Unrealized Loss Position by Contractual Maturity | ' | |||||||||||||||
Cost or | ||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 22,707 | $ | 22,579 | ||||||||||||
Due after one year through five years | 350,208 | 344,476 | ||||||||||||||
Due after five years through ten years | 1,048,031 | 1,017,945 | ||||||||||||||
Due after ten years | 364,822 | 350,995 | ||||||||||||||
Total | 1,785,768 | 1,735,995 | ||||||||||||||
Asset-backed | 1,498 | 1,442 | ||||||||||||||
Commercial mortgage-backed | 5,118 | 5,036 | ||||||||||||||
Residential mortgage-backed | 452,523 | 439,306 | ||||||||||||||
Total | $ | 2,244,907 | $ | 2,181,779 | ||||||||||||
Credit Quality Indicators For Commercial Mortgage Loans | ' | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Loan-to-Value | Carrying Value | % of Gross Mortgage Loans | Debt-Service Coverage Ratio | |||||||||||||
70% and less | $ | 1,143,200 | 88.5 | % | 1.97 | |||||||||||
71 – 80% | 73,603 | 5.7 | % | 1.44 | ||||||||||||
81 – 95% | 58,752 | 4.6 | % | 1.19 | ||||||||||||
Greater than 95% | 15,959 | 1.2 | % | 0.87 | ||||||||||||
Gross commercial mortgage loans | 1,291,514 | 100.0 | % | 1.89 | ||||||||||||
Less valuation allowance | -4,482 | |||||||||||||||
Net commercial mortgage loans | $ | 1,287,032 | ||||||||||||||
31-Dec-12 | ||||||||||||||||
Loan-to-Value | Carrying Value | % of Gross Mortgage Loans | Debt-Service Coverage Ratio | |||||||||||||
70% and less | $ | 1,141,564 | 86.6 | % | 1.95 | |||||||||||
71 – 80% | 103,152 | 7.8 | % | 1.30 | ||||||||||||
81 – 95% | 57,413 | 4.3 | % | 1.04 | ||||||||||||
Greater than 95% | 16,550 | 1.3 | % | 1.02 | ||||||||||||
Gross commercial mortgage loans | 1,318,679 | 100.0 | % | 1.85 | ||||||||||||
Less valuation allowance | -6,997 | |||||||||||||||
Net commercial mortgage loans | $ | 1,311,682 | ||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Change in Balance Sheet Carrying Value Associated with Level 3 Financial Assets and Liabilities Carried at Fair Value | ' | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 410,656 | $ | 0 | $ | 410,656 | $ | 0 | |||||||||||||||||||
State, municipalities and political subdivisions | 835,152 | 0 | 812,495 | 22,657 | |||||||||||||||||||||||
Foreign governments | 675,421 | 789 | 657,775 | 16,857 | |||||||||||||||||||||||
Asset-backed | 6,174 | 0 | 6,174 | 0 | |||||||||||||||||||||||
Commercial mortgage-backed | 60,362 | 0 | 59,764 | 598 | |||||||||||||||||||||||
Residential mortgage-backed | 947,904 | 0 | 943,737 | 4,167 | |||||||||||||||||||||||
Corporate | 8,356,206 | 0 | 8,240,862 | 115,344 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stocks | 29,232 | 28,548 | 684 | 0 | |||||||||||||||||||||||
Non-redeemable preferred stocks | 429,126 | 0 | 421,616 | 7,510 | |||||||||||||||||||||||
Short-term investments | 470,458 | 273,518 | b | 196,940 | c | 0 | |||||||||||||||||||||
Collateral held/pledged under securities agreements | 74,212 | 67,202 | b | 7,010 | c | 0 | |||||||||||||||||||||
Other investments | 246,748 | 66,659 | a | 175,918 | c | 4,171 | d | ||||||||||||||||||||
Cash equivalents | 1,233,701 | 967,372 | b | 266,329 | c | 0 | |||||||||||||||||||||
Other assets | 3,726 | 0 | 1,235 | f | 2,491 | e | |||||||||||||||||||||
Assets held in separate accounts | 1,887,988 | 1,696,811 | a | 191,177 | c | 0 | |||||||||||||||||||||
Total financial assets | $ | 15,667,066 | $ | 3,100,899 | $ | 12,392,372 | $ | 173,795 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | $ | 106,992 | $ | 54,794 | a | $ | 31,868 | g | $ | 20,330 | f | ||||||||||||||||
Liabilities related to separate accounts | 1,887,988 | 1,696,811 | a | 191,177 | c | 0 | |||||||||||||||||||||
Total financial liabilities | $ | 1,994,980 | $ | 1,751,605 | $ | 223,045 | $ | 20,330 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 641,924 | $ | 0 | $ | 637,749 | $ | 4,175 | |||||||||||||||||||
State, municipalities and political subdivisions | 907,056 | 0 | 907,056 | 0 | |||||||||||||||||||||||
Foreign governments | 753,408 | 672 | 729,639 | 23,097 | |||||||||||||||||||||||
Asset-backed | 28,197 | 0 | 28,197 | 0 | |||||||||||||||||||||||
Commercial mortgage-backed | 69,883 | 0 | 68,109 | 1,774 | |||||||||||||||||||||||
Residential mortgage-backed | 771,057 | 0 | 762,846 | 8,211 | |||||||||||||||||||||||
Corporate | 9,000,113 | 0 | 8,842,110 | 158,003 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stocks | 18,950 | 18,267 | 683 | 0 | |||||||||||||||||||||||
Non-redeemable preferred stocks | 456,856 | 0 | 456,842 | 14 | |||||||||||||||||||||||
Short-term investments | 300,925 | 201,803 | b | 99,122 | c | 0 | |||||||||||||||||||||
Collateral held/pledged under securities agreements | 74,729 | 68,939 | b | 5,790 | c | 0 | |||||||||||||||||||||
Other investments | 250,806 | 49,199 | a | 190,280 | c | 11,327 | d | ||||||||||||||||||||
Cash equivalents | 381,777 | 366,543 | b | 15,234 | c | 0 | |||||||||||||||||||||
Other assets | 6,609 | 0 | 723 | f | 5,886 | e | |||||||||||||||||||||
Assets held in separate accounts | 1,674,406 | 1,469,050 | a | 205,356 | c | 0 | |||||||||||||||||||||
Total financial assets | $ | 15,336,696 | $ | 2,174,473 | $ | 12,949,736 | $ | 212,487 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | $ | 51,828 | $ | 49,199 | a | $ | 69 | f | $ | 2,560 | f | ||||||||||||||||
Liabilities related to separate accounts | 1,674,406 | 1,469,050 | a | 205,356 | c | 0 | |||||||||||||||||||||
Total financial liabilities | $ | 1,726,234 | $ | 1,518,249 | $ | 205,425 | $ | 2,560 | |||||||||||||||||||
a. | Mainly includes mutual funds. | ||||||||||||||||||||||||||
b. | Mainly includes money market funds. | ||||||||||||||||||||||||||
c. | Mainly includes fixed maturity securities. | ||||||||||||||||||||||||||
d. | Mainly includes fixed maturity securities and other derivatives. | ||||||||||||||||||||||||||
e. | Mainly includes the Consumer Price Index Cap Derivatives (“CPI Caps”). | ||||||||||||||||||||||||||
f. | Mainly includes other derivatives. | ||||||||||||||||||||||||||
g. | Mainly includes contingent consideration liability related to a business combination. | ||||||||||||||||||||||||||
Change In Balance Sheet Carrying Value Associated With Level 3 Financial Assets Carried At Fair Value | ' | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||
Balance, beginning of period | Total gains (losses) (realized/ unrealized) included in earnings (1) | Net unrealized (losses) gains included in other comprehensive income (2) | Purchases | Sales | Transfers in (3) | Transfers out (3) | Balance, end of period | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 4,175 | $ | 0 | $ | -3 | $ | 0 | $ | -4,172 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
States, municipalities and political subdivisions | 0 | -3 | 1,675 | 20,985 | 0 | 0 | 0 | 22,657 | |||||||||||||||||||
Foreign governments | 23,097 | -6 | -3,582 | 0 | 0 | 0 | -2,652 | 16,857 | |||||||||||||||||||
Commercial mortgage-backed | 1,774 | 20 | -30 | 0 | -1,166 | 0 | 0 | 598 | |||||||||||||||||||
Residential mortgage-backed | 8,211 | -19 | -1,156 | 29,938 | -2,406 | 0 | -30,401 | 4,167 | |||||||||||||||||||
Corporate | 158,003 | 6,979 | -5,383 | 5,325 | -33,974 | 4,997 | -20,603 | 115,344 | |||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||
Non-redeemable preferred stocks | 14 | 12 | -42 | 5,275 | -2,041 | 4,305 | -13 | 7,510 | |||||||||||||||||||
Other investments | 11,327 | -1,274 | 1,827 | 8 | -7,717 | 0 | 0 | 4,171 | |||||||||||||||||||
Other assets | 5,886 | -3,395 | 0 | 0 | 0 | 0 | 0 | 2,491 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | -2,560 | 127 | 0 | -17,897 | 0 | 0 | 0 | -20,330 | |||||||||||||||||||
Total level 3 assets and liabilities | $ | 209,927 | $ | 2,441 | $ | -6,694 | $ | 43,634 | $ | -51,476 | $ | 9,302 | $ | -53,669 | $ | 153,465 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||
Balance, beginning of period | Total (losses) gains (realized/ unrealized) included in earnings (1) | Net unrealized gains (losses) included in other comprehensive income (2) | Purchases | Sales | Transfers in (3) | Transfers out (3) | Balance, end of period | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||
United States Government and government agencies and authorities | $ | 4,400 | $ | -3 | $ | -10 | $ | 0 | $ | -212 | $ | 0 | $ | 0 | $ | 4,175 | |||||||||||
Foreign governments | 22,713 | 79 | 987 | 0 | -682 | 0 | 0 | 23,097 | |||||||||||||||||||
Asset-backed | 453 | 0 | 0 | 0 | 0 | 0 | -453 | 0 | |||||||||||||||||||
Commercial mortgage-backed | 904 | 54 | -26 | 0 | -2,053 | 2,895 | 0 | 1,774 | |||||||||||||||||||
Residential mortgage-backed | 1,867 | -17 | 331 | 1,930 | -1,098 | 7,065 | -1,867 | 8,211 | |||||||||||||||||||
Corporate | 137,629 | 2,040 | 11,810 | 8,942 | -19,667 | 18,701 | -1,452 | 158,003 | |||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||
Non-redeemable preferred stocks | 13 | 0 | 12 | 0 | 0 | 4 | -15 | 14 | |||||||||||||||||||
Other investments | 18,257 | 1 | 839 | 0 | -8,631 | 1,488 | -627 | 11,327 | |||||||||||||||||||
Other assets | 8,521 | -2,635 | 0 | 0 | 0 | 0 | 0 | 5,886 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Other liabilities | -2,720 | 160 | 0 | 0 | 0 | 0 | 0 | -2,560 | |||||||||||||||||||
Total level 3 assets and liabilities | $ | 192,037 | $ | -321 | $ | 13,943 | $ | 10,872 | $ | -32,343 | $ | 30,153 | $ | -4,414 | $ | 209,927 | |||||||||||
-2 | |||||||||||||||||||||||||||
-1 | Included as part of net realized gains on investments in the consolidated statement of operations. | ||||||||||||||||||||||||||
-2 | Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income. | ||||||||||||||||||||||||||
-3 | Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs. | ||||||||||||||||||||||||||
Carrying Value And Fair Value Of The Financial Instruments That Are Not Recognized Or Are Not Carried At Fair Value | ' | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Financial Assets | Carrying Value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 1,287,032 | $ | 1,444,974 | $ | 0 | $ | 0 | $ | 1,444,974 | |||||||||||||||||
Policy loans | 51,678 | 51,678 | 51,678 | 0 | 0 | ||||||||||||||||||||||
Total financial assets | $ | 1,338,710 | $ | 1,496,652 | $ | 51,678 | $ | 0 | $ | 1,444,974 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 809,628 | $ | 808,734 | $ | 0 | $ | 0 | $ | 808,734 | |||||||||||||||||
Funds withheld under reinsurance | 76,778 | 76,778 | 76,778 | 0 | 0 | ||||||||||||||||||||||
Debt | 1,638,118 | 1,656,588 | 0 | 1,656,588 | 0 | ||||||||||||||||||||||
Obligations under securities agreements | 95,206 | 95,206 | 95,206 | 0 | 0 | ||||||||||||||||||||||
Total financial liabilities | $ | 2,619,730 | $ | 2,637,306 | $ | 171,984 | $ | 1,656,588 | $ | 808,734 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Financial Assets | Carrying Value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | 1,311,682 | $ | 1,468,723 | $ | 0 | $ | 0 | $ | 1,468,723 | |||||||||||||||||
Policy loans | 52,938 | 52,938 | 52,938 | 0 | 0 | ||||||||||||||||||||||
Total financial assets | $ | 1,364,620 | $ | 1,521,661 | $ | 52,938 | $ | 0 | $ | 1,468,723 | |||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | 862,398 | $ | 902,449 | $ | 0 | $ | 0 | $ | 902,449 | |||||||||||||||||
Funds withheld under reinsurance | 61,413 | 61,413 | 61,413 | 0 | 0 | ||||||||||||||||||||||
Debt | 972,399 | 1,050,920 | 0 | 1,050,920 | 0 | ||||||||||||||||||||||
Obligations under securities agreements | 94,714 | 94,714 | 94,714 | 0 | 0 | ||||||||||||||||||||||
Total financial liabilities | $ | 1,990,924 | $ | 2,109,496 | $ | 156,127 | $ | 1,050,920 | $ | 902,449 | |||||||||||||||||
-1 | Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above. | ||||||||||||||||||||||||||
Premiums_And_Accounts_Receivab1
Premiums And Accounts Receivable (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Premiums And Accounts Receivable [Abstract] | ' | ||||||
Schedule Of Allowance For Uncollectible Amounts | ' | ||||||
As of December 31, | |||||||
2013 | 2012 | ||||||
Insurance premiums receivable | $ | 941,460 | $ | 718,148 | |||
Other receivables | 175,357 | 143,250 | |||||
Allowance for uncollectible amounts | -36,646 | -31,371 | |||||
Total | $ | 1,080,171 | $ | 830,027 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Information About Domestic And Foreign Pre-Tax Income | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pre-tax income | |||||||||||||
Domestic | $ | 716,172 | $ | 686,571 | $ | 637,708 | |||||||
Foreign | 73,527 | 71,180 | 68,419 | ||||||||||
Total pre-tax income | $ | 789,699 | $ | 757,751 | $ | 706,127 | |||||||
Components Of Income Tax Expense (Benefit) | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current expense: | |||||||||||||
Federal & state | $ | 129,204 | $ | 169,394 | $ | 233,576 | |||||||
Foreign | 35,188 | 33,520 | 8,970 | ||||||||||
Total current expense | 164,392 | 202,914 | 242,546 | ||||||||||
Deferred expense (benefit): | |||||||||||||
Federal & state | 131,336 | 71,372 | -89,732 | ||||||||||
Foreign | 5,064 | -240 | 14,357 | ||||||||||
Total deferred expense (benefit) | 136,400 | 71,132 | -75,375 | ||||||||||
Total income tax expense | $ | 300,792 | $ | 274,046 | $ | 167,171 | |||||||
Reconciliation Of Federal Income Tax Rate | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax rate: | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Reconciling items: | |||||||||||||
Tax exempt interest | -1 | -1.3 | -1.3 | ||||||||||
Dividends received deduction | -0.7 | -0.6 | -0.6 | ||||||||||
Foreign earnings (a) | 1.1 | 0.5 | 0.7 | ||||||||||
Change in valuation allowance | 0 | 0 | -11.5 | ||||||||||
Non deductible compensation | 3.4 | 1.1 | 0 | ||||||||||
IRS audit settlement | 0 | 1.0 | 0 | ||||||||||
Other | 0.3 | 0.5 | 1.4 | ||||||||||
Effective income tax rate: | 38.1 | % | 36.2 | % | 23.7 | % | |||||||
(a) | Results for all years primarily include tax expense/(benefit) associated with the earnings of certain non-U.S. subsidiaries that are deemed reinvested indefinitely and realization of foreign tax credits for certain other subsidiaries. | ||||||||||||
Summary Of Unrecognized Tax Benefits | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | -11,515 | $ | -17,524 | $ | -13,844 | |||||||
Additions based on tax positions related to the current year | -309 | -499 | -758 | ||||||||||
Reductions based on tax positions related to the current year | 995 | 3,124 | 997 | ||||||||||
Additions for tax positions of prior years | -1,090 | -20,830 | -5,512 | ||||||||||
Reductions for tax positions of prior years | 959 | 8,365 | 483 | ||||||||||
Lapses | 0 | 374 | 700 | ||||||||||
Settlements | 638 | 15,475 | 410 | ||||||||||
Balance at end of year | $ | -10,322 | $ | -11,515 | $ | -17,524 | |||||||
Summary Of Deferred Tax Assets And Deferred Tax Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Policyholder and separate account reserves | $ | 611,774 | $ | 548,512 | |||||||||
Accrued liabilities | 17,791 | 5,295 | |||||||||||
Investments, net | 119,410 | 206,517 | |||||||||||
Net operating loss carryforwards | 65,507 | 75,828 | |||||||||||
Capital loss carryforwards | 4,297 | 0 | |||||||||||
Deferred gain on disposal of businesses | 34,833 | 40,554 | |||||||||||
Compensation related | 21,713 | 46,456 | |||||||||||
Employee and post-retirement benefits | 81,725 | 122,599 | |||||||||||
Other | 101,409 | 112,309 | |||||||||||
Total deferred tax asset | 1,058,459 | 1,158,070 | |||||||||||
Less valuation allowance | -16,474 | -13,091 | |||||||||||
Deferred tax assets, net of valuation allowance | 1,041,985 | 1,144,979 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Deferred acquisition costs | -894,921 | -799,966 | |||||||||||
Net unrealized appreciation on securities | -276,212 | -506,301 | |||||||||||
Total deferred tax liability | -1,171,133 | -1,306,267 | |||||||||||
Net deferred income tax liability | $ | -129,148 | $ | -161,288 | |||||||||
Summary Of Net Operating Loss Carryforwards | ' | ||||||||||||
Expiration Year | Amount | ||||||||||||
2014 – 2018 | $ | 22,989 | |||||||||||
2019 – 2023 | 9,665 | ||||||||||||
2024 – 2028 | 6,981 | ||||||||||||
2029 – 2033 | 52,670 | ||||||||||||
Unlimited | 169,223 | ||||||||||||
$ | 261,528 | ||||||||||||
Deferred_Acquisition_Costs_Tab
Deferred Acquisition Costs (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Deferred Acquisition Costs [Abstract] | ' | |||||||||
Schedule Of Deferred Acquisition Costs | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Beginning balance | $ | 2,861,163 | $ | 2,492,857 | $ | 2,366,183 | ||||
Costs deferred and other (1) | 1,729,613 | 1,762,560 | 1,443,309 | |||||||
Amortization | -1,461,845 | -1,394,254 | -1,316,635 | |||||||
Ending balance | $ | 3,128,931 | $ | 2,861,163 | $ | 2,492,857 | ||||
-1 | Includes foreign currency translation | |||||||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Components Of Property And Equipment | ' | ||||||
As of December 31, | |||||||
2013 | 2012 | ||||||
Land | $ | 14,359 | $ | 14,359 | |||
Buildings and improvements | 249,034 | 236,444 | |||||
Furniture, fixtures and equipment | 477,617 | 481,382 | |||||
Total | 741,010 | 732,185 | |||||
Less accumulated depreciation | -487,380 | -481,389 | |||||
Total | $ | 253,630 | $ | 250,796 | |||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Schedule Of Goodwill | ' | |||||||||||||||
Goodwill for the Years Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Balance as of January 1: | ||||||||||||||||
Goodwill | $ | 2,291,034 | $ | 2,289,417 | $ | 2,270,099 | ||||||||||
Accumulated impairment losses | -1,650,320 | -1,650,320 | -1,650,320 | |||||||||||||
640,714 | 639,097 | 619,779 | ||||||||||||||
Additions | 142,554 | 0 | 19,608 | |||||||||||||
Foreign currency translation and other | 1,293 | 1,617 | -290 | |||||||||||||
Goodwill | 2,434,881 | 2,291,034 | 2,289,417 | |||||||||||||
Accumulated impairment losses | -1,650,320 | -1,650,320 | -1,650,320 | |||||||||||||
Balance as of December 31: | $ | 784,561 | $ | 640,714 | $ | 639,097 | ||||||||||
Goodwill By Segment For Impairment Test | ' | |||||||||||||||
Specialty | Employee | |||||||||||||||
Solutions (1) | Property | Health | Benefits | Consolidated | ||||||||||||
Balance at December 31, 2011 | ||||||||||||||||
Goodwill | $ | 1,640,584 | 259,452 | 204,303 | 185,078 | 2,289,417 | ||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
379,645 | 259,452 | 0 | 0 | 639,097 | ||||||||||||
Foreign currency translation and other | 1,617 | 0 | 0 | 0 | 1,617 | |||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Goodwill | 1,642,201 | 259,452 | 204,303 | 185,078 | 2,291,034 | |||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
381,262 | 259,452 | 0 | 0 | 640,714 | ||||||||||||
Acquisitions | 113,646 | 28,908 | 0 | 0 | 142,554 | |||||||||||
Foreign currency translation and other | 1,293 | 0 | 0 | 0 | 1,293 | |||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Goodwill | 1,757,140 | 288,360 | 204,303 | 185,078 | 2,434,881 | |||||||||||
Accumulated impairment losses | -1,260,939 | 0 | -204,303 | -185,078 | -1,650,320 | |||||||||||
$ | 496,201 | $ | 288,360 | $ | 0 | $ | 0 | $ | 784,561 | |||||||
-1 | The accumulated impairment loss relates to an acquisition made in 1999. The entity acquired had businesses that currently are primarily represented by the Assurant Solutions and Assurant Specialty Property segments. Prior to 2006, the Assurant Solutions and Assurant Specialty Property segments were combined and together called Assurant Solutions. Thus, the entire goodwill impairment recognized in 2002 due to the adoption of FAS 142 is included in the tables under the Assurant Solutions segment. | |||||||||||||||
VOBA_And_Other_Intangible_Asse1
VOBA And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
VOBA [Member] | ' | ||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ||||||||||||||||||
Information About Intangible Assets | ' | ||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Beginning balance | $ | 62,109 | $ | 71,014 | $ | 82,208 | |||||||||||||
Amortization, net of interest accrued | -8,442 | -8,961 | -11,153 | ||||||||||||||||
Foreign currency translation and other | -118 | 56 | -41 | ||||||||||||||||
Ending balance | $ | 53,549 | $ | 62,109 | $ | 71,014 | |||||||||||||
Future Amortization Expenses | ' | ||||||||||||||||||
Year | Amount, | ||||||||||||||||||
2014 | $ | 7,983 | |||||||||||||||||
2015 | 7,589 | ||||||||||||||||||
2016 | 7,219 | ||||||||||||||||||
2017 | 6,891 | ||||||||||||||||||
2018 | 6,644 | ||||||||||||||||||
Thereafter | 17,223 | ||||||||||||||||||
Total | $ | 53,549 | |||||||||||||||||
Other Intangible Assets [Member] | ' | ||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ||||||||||||||||||
Information About Intangible Assets | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Net Other | Net Other | ||||||||||||||||||
Carrying | Accumulated | Intangible | Carrying | Accumulated | Intangible | ||||||||||||||
Value | Amortization | Assets | Value | Amortization | Assets | ||||||||||||||
Contract based intangibles | $ | 61,179 | $ | -33,113 | $ | 28,066 | $ | 68,083 | $ | -36,958 | $ | 31,125 | |||||||
Customer related intangibles (1) | 469,788 | -170,690 | 299,098 | 491,434 | -272,783 | 218,651 | |||||||||||||
Marketing related intangibles | 36,652 | -22,090 | 14,562 | 46,396 | -33,430 | 12,966 | |||||||||||||
Technology based intangibles | 13,760 | -850 | 12,910 | 360 | -108 | 252 | |||||||||||||
Total (2) | $ | 581,379 | $ | -226,743 | $ | 354,636 | $ | 606,273 | $ | -343,279 | $ | 262,994 | |||||||
-1 | Excluded from the 2012 customer related carrying value and accumulated amortization amounts is an impairment charge of $26,458. This impairment charge relates to the Assurant Solutions segment and is primarily related to the 2007 acquisitions of two U.K. mortgage insurance brokers. In 2012, persistency rates of the acquired business declined significantly following actions by an independent underwriter of the business, resulting in the impairment. | ||||||||||||||||||
-2 | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. | ||||||||||||||||||
Future Amortization Expenses | ' | ||||||||||||||||||
Year | Amount | ||||||||||||||||||
2014 | $ | 57,724 | |||||||||||||||||
2015 | 55,337 | ||||||||||||||||||
2016 | 53,528 | ||||||||||||||||||
2017 | 50,492 | ||||||||||||||||||
2018 | 41,783 | ||||||||||||||||||
Thereafter | 93,047 | ||||||||||||||||||
Total other intangible assets with finite lives | 351,911 | ||||||||||||||||||
Total other intangible assets with indefinite lives | 2,725 | ||||||||||||||||||
Total other intangible assets | $ | 354,636 | |||||||||||||||||
Reserves_Tables
Reserves (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Reserves [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Reserve Information Of Major Product Lines | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Claims and Benefits | Claims and Benefits | ||||||||||||||||||||||||
Payable | Payable | ||||||||||||||||||||||||
Future | Incurred | Future | Incurred | ||||||||||||||||||||||
Policy | But Not | Policy | But Not | ||||||||||||||||||||||
Benefits and | Unearned | Case | Reported | Benefits and | Unearned | Case | Reported | ||||||||||||||||||
Expenses | Premiums | Reserves | Reserves | Expenses | Premiums | Reserves | Reserves | ||||||||||||||||||
Long Duration Contracts: | |||||||||||||||||||||||||
Preneed funeral life insurance policies and investment-type annuity contracts | $ | 4,453,154 | $ | 185,863 | $ | 14,236 | $ | 5,901 | $ | 4,306,947 | $ | 154,998 | $ | 13,139 | $ | 7,297 | |||||||||
Life insurance no longer offered | 432,075 | 565 | 2,200 | 2,690 | 445,347 | 574 | 3,110 | 4,437 | |||||||||||||||||
Universal life and other products no longer offered | 189,319 | 125 | 735 | 3,110 | 210,037 | 127 | 825 | 5,133 | |||||||||||||||||
FFG, LTC and other disposed businesses | 3,440,947 | 34,158 | 740,704 | 75,195 | 3,424,511 | 35,862 | 713,258 | 55,661 | |||||||||||||||||
Medical | 94,436 | 10,454 | 3,840 | 9,799 | 89,540 | 10,293 | 6,831 | 10,016 | |||||||||||||||||
All other | 36,641 | 475 | 14,943 | 8,422 | 37,123 | 455 | 15,786 | 8,904 | |||||||||||||||||
Short Duration Contracts: | |||||||||||||||||||||||||
Group term life | 0 | 4,135 | 169,972 | 29,799 | 0 | 3,681 | 172,804 | 30,953 | |||||||||||||||||
Group disability | 0 | 2,537 | 1,156,693 | 115,158 | 0 | 2,143 | 1,189,656 | 119,431 | |||||||||||||||||
Medical | 0 | 125,817 | 68,869 | 153,313 | 0 | 111,351 | 99,549 | 148,209 | |||||||||||||||||
Dental | 0 | 5,140 | 2,402 | 17,461 | 0 | 4,648 | 2,442 | 15,896 | |||||||||||||||||
Property and warranty | 0 | 2,514,356 | 201,336 | 437,888 | 0 | 2,368,372 | 459,586 | 707,472 | |||||||||||||||||
Credit life and disability | 0 | 314,420 | 39,419 | 52,096 | 0 | 323,510 | 46,406 | 57,794 | |||||||||||||||||
Extended service contracts | 0 | 3,331,936 | 6,622 | 36,790 | 0 | 3,068,652 | 7,654 | 38,596 | |||||||||||||||||
All other | 0 | 132,691 | 3,203 | 16,575 | 0 | 107,594 | 2,246 | 17,499 | |||||||||||||||||
Total | $ | 8,646,572 | $ | 6,662,672 | $ | 2,425,174 | $ | 964,197 | $ | 8,513,505 | $ | 6,192,260 | $ | 2,733,292 | $ | 1,227,298 | |||||||||
Schedule Of Most Significant Claims And Benefits Payable | ' | ||||||||||||||||||||||||
Group | Property | ||||||||||||||||||||||||
Term | Group | Short Duration | Long Duration | and | |||||||||||||||||||||
Life | Disability | Medical (2) | Medical (2) | Warranty | |||||||||||||||||||||
Balance as of December 31, 2010, gross of reinsurance (3) | $ | 219,284 | $ | 1,404,274 | $ | 290,390 | $ | 18,559 | $ | 518,431 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -3,021 | -37,182 | -15,562 | -703 | -149,032 | ||||||||||||||||||||
Balance as of January 1, 2011, net of reinsurance | 216,263 | 1,367,092 | 274,828 | 17,856 | 369,399 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 143,240 | 326,036 | 1,238,393 | 92,009 | 997,563 | ||||||||||||||||||||
Prior year’s interest | 8,164 | 60,908 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -26,575 | -63,834 | -60,247 | -3,579 | -26,849 | ||||||||||||||||||||
Total incurred losses | 124,829 | 323,110 | 1,178,146 | 88,430 | 970,714 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 85,374 | 65,287 | 993,687 | 76,792 | 740,451 | ||||||||||||||||||||
Prior year (s) | 39,490 | 284,869 | 208,257 | 13,903 | 218,947 | ||||||||||||||||||||
Total paid losses | 124,864 | 350,156 | 1,201,944 | 90,695 | 959,398 | ||||||||||||||||||||
Balance as of December 31, 2011, net of reinsurance (3) | 216,228 | 1,340,046 | 251,030 | 15,591 | 380,715 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 3,542 | 37,370 | 17,904 | 2,964 | 189,977 | ||||||||||||||||||||
Balance as of December 31, 2011 gross of reinsurance (3) | $ | 219,770 | $ | 1,377,416 | $ | 268,934 | $ | 18,555 | $ | 570,692 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -3,542 | -37,370 | -17,904 | -2,964 | -189,977 | ||||||||||||||||||||
Balance as of January 1, 2012, net of reinsurance | 216,228 | 1,340,046 | 251,030 | 15,591 | 380,715 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 126,712 | 287,459 | 1,130,525 | 99,887 | 1,142,285 | ||||||||||||||||||||
Prior year’s interest | 7,993 | 58,502 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -27,918 | -58,562 | -52,515 | -3,831 | -46,006 | ||||||||||||||||||||
Total incurred losses | 106,787 | 287,399 | 1,078,010 | 96,056 | 1,096,279 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 79,071 | 68,269 | 903,984 | 84,071 | 797,492 | ||||||||||||||||||||
Prior year (s) | 43,004 | 288,255 | 193,745 | 11,465 | 227,502 | ||||||||||||||||||||
Total paid losses | 122,075 | 356,524 | 1,097,729 | 95,536 | 1,024,994 | ||||||||||||||||||||
Balance as of December 31, 2012, net of reinsurance (3) | 200,940 | 1,270,921 | 231,311 | 16,111 | 452,000 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 2,817 | 38,166 | 16,447 | 736 | 715,058 | ||||||||||||||||||||
Balance as of December 31, 2012 gross of reinsurance (3) | $ | 203,757 | $ | 1,309,087 | $ | 247,758 | $ | 16,847 | $ | 1,167,058 | |||||||||||||||
Less: Reinsurance ceded and other (1) | -2,817 | -38,166 | -16,447 | -736 | -715,058 | ||||||||||||||||||||
Balance as of January 1, 2013, net of reinsurance | 200,940 | 1,270,921 | 231,311 | 16,111 | 452,000 | ||||||||||||||||||||
Incurred losses related to: | |||||||||||||||||||||||||
Current year | 121,708 | 284,005 | 1,097,313 | 110,933 | 1,140,500 | ||||||||||||||||||||
Prior year’s interest | 7,773 | 56,705 | 0 | 0 | 0 | ||||||||||||||||||||
Prior year (s) | -14,300 | -29,975 | -42,063 | -3,971 | -23,801 | ||||||||||||||||||||
Total incurred losses | 115,181 | 310,735 | 1,055,250 | 106,962 | 1,116,699 | ||||||||||||||||||||
Paid losses related to: | |||||||||||||||||||||||||
Current year | 75,119 | 70,236 | 894,533 | 98,183 | 802,130 | ||||||||||||||||||||
Prior year (s) | 43,694 | 278,559 | 184,824 | 11,869 | 310,660 | ||||||||||||||||||||
Total paid losses | 118,813 | 348,795 | 1,079,357 | 110,052 | 1,112,790 | ||||||||||||||||||||
Balance as of December 31, 2013, net of reinsurance (3) | 197,308 | 1,232,861 | 207,204 | 13,021 | 455,909 | ||||||||||||||||||||
Plus: Reinsurance ceded and other (1) | 2,463 | 38,990 | 14,978 | 618 | 183,315 | ||||||||||||||||||||
Balance as of December 31, 2013 gross of reinsurance (3) | $ | 199,771 | $ | 1,271,851 | $ | 222,182 | $ | 13,639 | $ | 639,224 | |||||||||||||||
-1 | Reinsurance ceded and other includes claims and benefits payable balances that have either been (a) reinsured to third parties, (b) established for claims related expenses whose subsequent payment is not recorded as a paid claim, or (c) reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits), which cannot be analyzed appropriately under a roll-forward approach. | ||||||||||||||||||||||||
-2 | Short duration and long duration medical methodologies used for settling claims and benefits payable are similar. | ||||||||||||||||||||||||
-3 | The Company’s net retained credit life and disability claims and benefits payable were $54,483, $64,031 and $69,264 at December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Reinsurance [Abstract] | ' | |||||||||||||||||||||||||||
Reinsurance Recoverable | ' | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Ceded future policyholder benefits and expense | $ | 3,355,706 | $ | 3,338,783 | ||||||||||||||||||||||||
Ceded unearned premium | 1,283,674 | 1,214,028 | ||||||||||||||||||||||||||
Ceded claims and benefits payable | 1,053,640 | 1,540,073 | ||||||||||||||||||||||||||
Ceded paid losses | 59,114 | 48,853 | ||||||||||||||||||||||||||
Total | $ | 5,752,134 | $ | 6,141,737 | ||||||||||||||||||||||||
Schedule Of Rating For Existing Reinsurance | ' | |||||||||||||||||||||||||||
Ceded future | ||||||||||||||||||||||||||||
policyholder | Ceded | Ceded claims | ||||||||||||||||||||||||||
Best Ratings of | benefits and | unearned | and benefits | Ceded paid | ||||||||||||||||||||||||
Reinsurer | expense | premiums | payable | losses | Total | |||||||||||||||||||||||
A++ or A+ | $ | 1,846,063 | $ | 37,671 | $ | 741,151 | $ | 2,555 | $ | 2,627,440 | ||||||||||||||||||
A or A- | 1,469,989 | 45,199 | 146,204 | 13,959 | 1,675,351 | |||||||||||||||||||||||
B++ or B+ | 38,038 | 21,139 | 3,427 | 5 | 62,609 | |||||||||||||||||||||||
B or B- | 0 | 561 | 207 | 70 | 838 | |||||||||||||||||||||||
Not Rated | 1,616 | 1,179,104 | 162,651 | 53,345 | 1,396,716 | |||||||||||||||||||||||
Total | 3,355,706 | 1,283,674 | 1,053,640 | 69,934 | 5,762,954 | |||||||||||||||||||||||
Less: Allowance | 0 | 0 | 0 | -10,820 | -10,820 | |||||||||||||||||||||||
Net reinsurance recoverable | $ | 3,355,706 | $ | 1,283,674 | $ | 1,053,640 | $ | 59,114 | $ | 5,752,134 | ||||||||||||||||||
Valuation Allowance For Reinsurance Recoverable | ' | |||||||||||||||||||||||||||
Years Ended | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 10,633 | $ | 10,633 | ||||||||||||||||||||||||
Provision | 187 | 0 | ||||||||||||||||||||||||||
Other additions | 0 | 0 | ||||||||||||||||||||||||||
Direct write-downs charged against the allowance | 0 | 0 | ||||||||||||||||||||||||||
Balance as of the end-of-year | $ | 10,820 | $ | 10,633 | ||||||||||||||||||||||||
Effect Of Reinsurance On Premiums Earned And Benefits Incurred | ' | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Long | Short | Long | Short | Long | Short | |||||||||||||||||||||||
Duration | Duration | Total | Duration | Duration | Total | Duration | Duration | Total | ||||||||||||||||||||
Direct earned premiums and other considerations | $ | 555,368 | $ | 9,293,288 | $ | 9,848,656 | $ | 568,308 | $ | 8,711,619 | $ | 9,279,927 | $ | 584,532 | $ | 8,553,695 | $ | 9,138,227 | ||||||||||
Premiums assumed | 10,117 | 304,980 | 315,097 | 12,536 | 278,160 | 290,696 | 13,048 | 306,920 | 319,968 | |||||||||||||||||||
Premiums ceded | -304,064 | -2,099,893 | -2,403,957 | -322,428 | -2,011,211 | -2,333,639 | -330,523 | -2,002,304 | -2,332,827 | |||||||||||||||||||
Net earned premiums and other considerations | $ | 261,421 | $ | 7,498,375 | $ | 7,759,796 | $ | 258,416 | $ | 6,978,568 | $ | 7,236,984 | $ | 267,057 | $ | 6,858,311 | $ | 7,125,368 | ||||||||||
Direct policyholder benefits | $ | 933,110 | $ | 3,706,848 | $ | 4,639,958 | $ | 909,670 | $ | 4,152,252 | $ | 5,061,922 | $ | 1,074,435 | $ | 3,653,693 | $ | 4,728,128 | ||||||||||
Policyholder benefits assumed | 22,844 | 211,446 | 234,290 | 27,681 | 173,581 | 201,262 | 29,619 | 228,368 | 257,987 | |||||||||||||||||||
Policyholder benefits ceded | -590,281 | -608,435 | -1,198,716 | -581,890 | -1,025,890 | -1,607,780 | -734,970 | -501,411 | -1,236,381 | |||||||||||||||||||
Net policyholder benefits | $ | 365,673 | $ | 3,309,859 | $ | 3,675,532 | $ | 355,461 | $ | 3,299,943 | $ | 3,655,404 | $ | 369,084 | $ | 3,380,650 | $ | 3,749,734 | ||||||||||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Stock [Abstract] | ' | |||||||||
Changes In The Number Of Common Stock Shares Outstanding | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Shares outstanding, beginning | 78,664,029 | 88,524,374 | 102,000,371 | |||||||
Vested restricted stock and restricted stock units, net (a) | 340,525 | 370,244 | 336,919 | |||||||
Issuance related to performance share units | 252,025 | 403,519 | 0 | |||||||
Issuance related to ESPP | 217,573 | 213,942 | 217,787 | |||||||
Issuance related to SARS exercise | 61,070 | 51,410 | 57,837 | |||||||
Shares repurchased | -7,707,014 | -10,899,460 | -14,088,540 | |||||||
Shares outstanding, ending | 71,828,208 | 78,664,029 | 88,524,374 | |||||||
(a) | Vested restricted stock and restricted stock units shown net of shares retired to cover participant tax liability | |||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Based Compensation [Abstract] | ' | ||||||||
Summary Of Company's Outstanding Restricted Stock Units | ' | ||||||||
Weighted-Average | |||||||||
Grant-Date | |||||||||
Shares | Fair Value | ||||||||
Shares outstanding at December 31, 2012 | 1,206,015 | $ | 38.22 | ||||||
Grants | 525,124 | 45.27 | |||||||
Vests | -548,494 | 37.38 | |||||||
Forfeitures and adjustments | -22,555 | 40.96 | |||||||
Shares outstanding at December 31, 2013 | 1,160,090 | $ | 41.77 | ||||||
Schedule Of Company's Outstanding Performance Share Units | ' | ||||||||
Weighted- | |||||||||
Average Grant- | |||||||||
Performance | Date | ||||||||
Share Units | Fair Value | ||||||||
Performance share units outstanding, December 31, 2012 | 1,204,383 | $ | 37.51 | ||||||
Grants | 408,808 | 44.22 | |||||||
Vests | -424,537 | 33.12 | |||||||
Performance adjustment (1) | 16,285 | 33.12 | |||||||
Forfeitures and adjustments | -18,110 | 41.73 | |||||||
Performance share units outstanding, December 31, 2013 | 1,186,829 | $ | 41.28 | ||||||
(1) | Represents the change in shares issued based upon the attainment of performance goals established by the Company. | ||||||||
Schedule Of Estimation Of Fair Value Of Awards | ' | ||||||||
For awards granted during the | |||||||||
year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 26.76 | % | 30.18 | % | 59.39 | % | |||
Expected term (years) | 2.80 | 2.81 | 2.81 | ||||||
Risk free interest rate | 0.39 | % | 0.42 | % | 1.18 | % | |||
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions | ' | ||||||||
For awards issued during the | |||||||||
year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Expected volatility | 18.30 - 25.40 | % | 25.26 – 36.77 | % | 27.13-32.41 | % | |||
Risk free interest rates | 0.08 - 0.15 | % | 0.06 – 0.10 | % | 0.19-0.22 | % | |||
Dividend yield | 2.34 - 2.38 | % | 1.72 – 1.95 | % | 1.64-1.85 | % | |||
Expected term (years) | 0.5 | 0.5 | 0.5 | ||||||
Stock_Repurchase_Tables
Stock Repurchase (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stock Repurchase [Abstract] | ' | |||||||
Shares Repurchased | ' | |||||||
Total Number of Shares | ||||||||
Purchased as Part of | ||||||||
Number of | Average Price | Publicly Announced | ||||||
Period in 2013 | Shares Purchased | Paid Per Share | Programs | |||||
January | 0 | $ | 0.00 | 0 | ||||
February | 0 | 0.00 | 0 | |||||
March | 600,000 | 44.28 | 600,000 | |||||
April | 1,803,621 | 46.29 | 1,803,621 | |||||
May | 1,383,080 | 48.92 | 1,383,080 | |||||
June | 459,412 | 50.08 | 459,412 | |||||
July | 376,300 | 52.68 | 376,300 | |||||
August | 814,900 | 55.01 | 814,900 | |||||
September | 735,525 | 54.77 | 735,525 | |||||
October | 786,676 | 57.13 | 786,676 | |||||
November | 270,000 | 60.79 | 270,000 | |||||
December | 477,500 | 65.27 | 477,500 | |||||
Total | 7,707,014 | $ | 51.66 | 7,707,014 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Components Of Accumulated Other Comprehensive Income, Net Of Tax | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2012 | $ | 6,882 | $ | 981,879 | $ | 23,861 | $ | -182,219 | $ | 830,403 | ||||||
Other comprehensive (loss) income before reclassifications | -45,649 | -478,853 | -2,237 | 77,938 | -448,801 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 23,045 | 4,803 | 17,380 | 45,228 | |||||||||||
Net current-period other comprehensive (loss) income | -45,649 | -455,808 | 2,566 | 95,318 | -403,573 | |||||||||||
Balance at December 31, 2013 | $ | -38,767 | $ | 526,071 | $ | 26,427 | $ | -86,901 | $ | 426,830 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2011 | $ | 10,918 | $ | 713,773 | $ | 15,387 | $ | -182,502 | $ | 557,576 | ||||||
Other comprehensive (loss) income before reclassifications | -4,036 | 240,603 | 8,551 | -14,872 | 230,246 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 27,503 | -77 | 15,155 | 42,581 | |||||||||||
Net current-period other comprehensive (loss) income | -4,036 | 268,106 | 8,474 | 283 | 272,827 | |||||||||||
Balance at December 31, 2012 | $ | 6,882 | $ | 981,879 | $ | 23,861 | $ | -182,219 | $ | 830,403 | ||||||
Year Ended December 31, 2011 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gains on securities | OTTI | Pension under-funding | Accumulated other comprehensive income | ||||||||||||
Balance at December 31, 2010 | $ | 33,508 | $ | 413,255 | $ | 12,568 | $ | -172,396 | $ | 286,935 | ||||||
Other comprehensive (loss) income before reclassifications | -22,590 | 284,611 | 3,813 | -20,440 | 245,394 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | 15,907 | -994 | 10,334 | 25,247 | |||||||||||
Net current-period other comprehensive (loss) income | -22,590 | 300,518 | 2,819 | -10,106 | 270,641 | |||||||||||
Balance at December 31, 2011 | $ | 10,918 | $ | 713,773 | $ | 15,387 | $ | -182,502 | $ | 557,576 | ||||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | |||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | ||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Unrealized gains on securities | $ | 35,454 | $ | 42,312 | $ | 24,472 | Net realized gains on investments, excluding other-than-temporary impairment losses | |||||||||
-12,409 | -14,809 | -8,565 | Provision for income taxes | |||||||||||||
$ | 23,045 | $ | 27,503 | $ | 15,907 | Net of tax | ||||||||||
OTTI | $ | 7,389 | $ | -118 | $ | -1,529 | Portion of net loss (gain) recognized in other comprehensive income, before taxes | |||||||||
-2,586 | 41 | 535 | Provision for income taxes | |||||||||||||
$ | 4,803 | $ | -77 | $ | -994 | Net of tax | ||||||||||
Amortization of pension and postretirement unrecognized net periodic benefit cost: | ||||||||||||||||
Amortization of prior service cost | $ | -77 | $ | -152 | $ | 1,070 | -1 | |||||||||
Amortization of net loss | 26,816 | 23,467 | 14,829 | -1 | ||||||||||||
26,739 | 23,315 | 15,899 | Total before tax | |||||||||||||
-9,359 | -8,160 | -5,565 | Provision for income taxes | |||||||||||||
$ | 17,380 | $ | 15,155 | $ | 10,334 | Net of tax | ||||||||||
Total reclassifications for the period | $ | 45,228 | $ | 42,581 | $ | 25,247 | Net of tax | |||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 20 - Retirement and Other Employee Benefits for additional information | |||||||||||||||
Statutory_Information_Tables
Statutory Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Statutory Information [Abstract] | ' | |||||||||
Summary Of Statutory Net Income And Capital And Surplus | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Statutory net income | ||||||||||
P&C companies | $ | 457,068 | $ | 371,520 | $ | 367,315 | ||||
Life companies | 148,851 | 223,519 | 148,554 | |||||||
Total statutory net income | $ | 605,919 | $ | 595,039 | $ | 515,869 | ||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Statutory capital and surplus | ||||||||||
P&C companies | $ | 1,440,394 | $ | 1,382,745 | ||||||
Life companies | 923,660 | 973,446 | ||||||||
Total statutory capital and surplus | $ | 2,364,054 | $ | 2,356,191 | ||||||
Retirement_And_Other_Employee_1
Retirement And Other Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Retirement And Other Employee Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary Of Pension Benefits And Retirement Health Benefits Plans | ' | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | -956,172 | $ | -855,638 | $ | -749,284 | $ | -86,237 | $ | -75,702 | $ | -97,436 | |||||||||||||||||||||||||
Service cost | -38,580 | -35,609 | -31,832 | -2,863 | -2,762 | -3,233 | |||||||||||||||||||||||||||||||
Interest cost | -38,243 | -38,348 | -38,919 | -3,473 | -3,483 | -3,915 | |||||||||||||||||||||||||||||||
Amendments | 0 | 0 | -1,865 | 0 | 0 | 13,541 | |||||||||||||||||||||||||||||||
Actuarial gain (loss), including curtailments and settlements | 89,029 | -60,106 | -73,449 | 11,213 | -6,288 | 13,249 | |||||||||||||||||||||||||||||||
Benefits paid | 38,023 | 33,529 | 39,711 | 2,314 | 1,998 | 2,092 | |||||||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | -905,943 | $ | -956,172 | $ | -855,638 | $ | -79,046 | $ | -86,237 | $ | -75,702 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 704,976 | $ | 601,662 | $ | 533,867 | $ | 45,651 | $ | 42,073 | $ | 39,663 | |||||||||||||||||||||||||
Actual return on plan assets | 64,641 | 81,896 | 56,965 | 3,234 | 5,576 | 4,502 | |||||||||||||||||||||||||||||||
Employer contributions | 56,217 | 56,096 | 51,740 | 400 | 0 | 0 | |||||||||||||||||||||||||||||||
Benefits paid (including administrative expenses) | -39,084 | -34,678 | -40,910 | -2,314 | -1,998 | -2,092 | |||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 786,750 | $ | 704,976 | $ | 601,662 | $ | 46,971 | $ | 45,651 | $ | 42,073 | |||||||||||||||||||||||||
Funded status at end of year | $ | -119,193 | $ | -251,196 | $ | -253,976 | $ | -32,075 | $ | -40,586 | $ | -33,629 | |||||||||||||||||||||||||
Summary Of Projected Benefit Obligations And The Accumulated Benefit Obligations | ' | ||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Non-Qualified Pension Benefits | Total Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 786,750 | $ | 704,976 | $ | 601,662 | $ | 0 | $ | 0 | $ | 0 | $ | 786,750 | $ | 704,976 | $ | 601,662 | |||||||||||||||||||
Projected benefit obligation | -768,672 | -812,642 | -727,179 | -137,271 | -143,530 | -128,459 | -905,943 | -956,172 | -855,638 | ||||||||||||||||||||||||||||
Funded status at end of year | $ | 18,078 | $ | -107,666 | $ | -125,517 | $ | -137,271 | $ | -143,530 | $ | -128,459 | $ | -119,193 | $ | -251,196 | $ | -253,976 | |||||||||||||||||||
Accumulated benefit obligation | $ | 645,431 | $ | 673,427 | $ | 604,763 | $ | 115,286 | $ | 122,573 | $ | 110,435 | $ | 760,717 | $ | 796,000 | $ | 715,198 | |||||||||||||||||||
Amount Recognized In Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Assets | $ | 18,078 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Liabilities | $ | -137,271 | $ | -251,196 | $ | -253,976 | $ | -32,075 | $ | -40,586 | $ | -33,629 | |||||||||||||||||||||||||
Amounts Recognized In Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Net gain (loss) | $ | -147,288 | $ | -282,491 | $ | -286,535 | $ | 11,710 | $ | 261 | $ | 3,741 | |||||||||||||||||||||||||
Prior service cost | -4,119 | -4,975 | -5,756 | 6,102 | 7,035 | 7,968 | |||||||||||||||||||||||||||||||
$ | -151,407 | $ | -287,466 | $ | -292,291 | $ | 17,812 | $ | 7,296 | $ | 11,709 | ||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Retirement Health Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 38,580 | $ | 35,609 | $ | 31,832 | $ | 2,863 | $ | 2,762 | $ | 3,233 | |||||||||||||||||||||||||
Interest cost | 38,243 | 38,348 | 38,919 | 3,473 | 3,483 | 3,915 | |||||||||||||||||||||||||||||||
Expected return on plan assets | -44,222 | -40,064 | -40,698 | -2,998 | -2,768 | -2,957 | |||||||||||||||||||||||||||||||
Amortization of prior service cost | 856 | 781 | 795 | -933 | -933 | 275 | |||||||||||||||||||||||||||||||
Amortization of net (gain) loss | 26,816 | 23,467 | 15,119 | 0 | 0 | -290 | |||||||||||||||||||||||||||||||
Curtailment (gain)/settlement loss | 0 | 0 | 521 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 60,273 | $ | 58,141 | $ | 46,488 | $ | 2,405 | $ | 2,544 | $ | 4,176 | |||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||
Net (gain) loss | $ | -108,387 | $ | 19,423 | $ | 58,752 | $ | -11,449 | $ | 3,480 | $ | -14,794 | |||||||||||||||||||||||||
Amortization of prior service cost, and effects of curtailments/settlements | -856 | -781 | -1,687 | 933 | 933 | -275 | |||||||||||||||||||||||||||||||
Amortization of net gain (loss) | -26,816 | -23,467 | -15,119 | 0 | 0 | 290 | |||||||||||||||||||||||||||||||
Prior service credit | 0 | 0 | 1,865 | 0 | 0 | -13,541 | |||||||||||||||||||||||||||||||
Total recognized in accumulated other comprehensive (income) loss | $ | -136,059 | $ | -4,825 | $ | 43,811 | $ | -10,516 | $ | 4,413 | $ | -28,320 | |||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | -75,786 | $ | 53,316 | $ | 90,299 | $ | -8,111 | $ | 6,957 | $ | -24,144 | |||||||||||||||||||||||||
Weighted-Average Assumptions Used To Determine Projected Benefit Obligation | ' | ||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Retirement Health Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.98 | % | 4.12 | % | 4.59 | % | 4.64 | % | 3.71 | % | 4.40 | % | 4.99 | % | 4.12 | % | 4.64 | % | |||||||||||||||||||
Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | Nonqualified Pension Benefits | Retirement Health Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.12 | % | 4.59 | % | 5.44 | % | 3.71 | % | 4.40 | % | 5.11 | % | 4.12 | % | 4.64 | % | 5.55 | % | |||||||||||||||||||
Expected long- term return on plan assets | 6.75 | % | 6.75 | % | 7.50 | % | 0 | % | 0 | % | 0 | % | 6.75 | % | 6.75 | % | 7.50 | % | |||||||||||||||||||
* | Assumed rates of compensation increases are also used to determine net periodic benefit cost. Assumed rates varied by age and ranged from 3.25% - 9.30% for the Pension Benefits for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||
Summary Of Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year: | |||||||||||||||||||||||||||||||||||||
Pre-65 Non-reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Post-65 Non-reimbursement Plan | 8.5 | % | 9.0 | % | 9.5 | % | |||||||||||||||||||||||||||||||
Pre-65 Reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Post-65 Reimbursement Plan | 8.7 | % | 9.2 | % | 9.8 | % | |||||||||||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.5 | % | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | |||||||||||||||||||||||||||||||||||||
Pre-65 Non-reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Post-65 Non-reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Pre-65 Reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Post-65 Reimbursement Plan | 2028 | 2028 | 2028 | ||||||||||||||||||||||||||||||||||
Effect Of One Percent Change In Assumed Health Care Cost | ' | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
One percentage point increase in health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 43 | $ | 44 | $ | 62 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | 601 | 727 | 863 | ||||||||||||||||||||||||||||||||||
One percentage point decrease in health care cost trend rate | |||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | -66 | $ | -66 | $ | -91 | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | -884 | -1,031 | -1,196 | ||||||||||||||||||||||||||||||||||
Allocation Of Plan Assets, Based On The Fair Value Of Assets Held And Target Allocation | ' | ||||||||||||||||||||||||||||||||||||
The Plans’ | |||||||||||||||||||||||||||||||||||||
Asset Allocation Percentages | |||||||||||||||||||||||||||||||||||||
Financial Assets | Low | Target (2) | High | ||||||||||||||||||||||||||||||||||
Equity securities (1): | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Mutual fund- U.S. listed large cap | 22.0 | % | 27.0 | % | 32.0 | % | |||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 8.0 | % | 10.5 | % | 13.0 | % | |||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 29.5 | % | 32.0 | % | 34.5 | % | |||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 5.0 | % | 7.5 | % | 10.0 | % | |||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 5.5 | % | 8.0 | % | 10.5 | % | |||||||||||||||||||||||||||||||
-1 | The Plans’ long-term asset allocation targets are 30% equity, 50% fixed income and 20% investment funds. Current target asset allocations for equity securities include allocations for investment funds. The Company invests certain plan assets in investment funds, examples of which include real estate investment funds and private equity funds, during 2013. Amounts allocated for these investments are included in the equity securities caption of the fair value hierarchy at December 31, 2013, provided in the section above. | ||||||||||||||||||||||||||||||||||||
-2 | It is understood that these guidelines are targets and that deviations may occur periodically as a result of cash flows, market impact or short-term decisions implemented by either the Investment Committee or their investment managers. | ||||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Hierarchy For Qualified Pension And Other Post Retirement Benefit Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The fair value hierarchy for the Company’s qualified pension plan and other post retirement benefit plan assets at December 31, 2013 by asset category, is as follows: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 33,750 | $ | 0 | $ | 33,750 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 60,770 | 60,770 | 0 | 0 | |||||||||||||||||||||||||||||||||
Preferred stock | 2,674 | 2,674 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 220,185 | 220,185 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 59,242 | 0 | 59,242 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 95,813 | 0 | 95,813 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 203,542 | 0 | 203,542 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 50,131 | 0 | 50,131 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 59,977 | 0 | 0 | 59977 | |||||||||||||||||||||||||||||||||
Private equity fund | 1,525 | 0 | 0 | 1525 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 3,106 | 0 | 3,106 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 790,715 | $ | 283,629 | $ | 445,584 | $ | 61,502 | |||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 2,015 | $ | 0 | $ | 2,015 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 3,628 | 3,628 | 0 | 0 | |||||||||||||||||||||||||||||||||
Preferred stock | 160 | 160 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 13,146 | 13,146 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 3,537 | 0 | 3,537 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 5,720 | 0 | 5,720 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 12,152 | 0 | 12,152 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 2,993 | 0 | 2,993 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 3,581 | 0 | 0 | 3,581 | |||||||||||||||||||||||||||||||||
Private equity fund | 91 | 0 | 0 | 91 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 185 | 0 | 185 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 47,208 | -1 | $ | 16,934 | $ | 26,602 | $ | 3,672 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
The fair value hierarchy for the Company’s qualified pension plan and other post retirement benefit plan assets at December 31, 2012 by asset category, is as follows: | |||||||||||||||||||||||||||||||||||||
Qualified Pension Benefits | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 18,288 | $ | 0 | $ | 18,288 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 53,327 | 53,327 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 168,933 | 168,933 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 67,065 | 0 | 67,065 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 96,622 | 0 | 96,622 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 202,434 | 0 | 202,434 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 40,346 | 0 | 40,346 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 54,333 | 0 | 0 | 54,333 | |||||||||||||||||||||||||||||||||
Private equity fund | 65 | 0 | 0 | 65 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 14,622 | 0 | 14,622 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 716,035 | -1 | $ | 222,260 | $ | 439,377 | $ | 54,398 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
Retirement Health Benefits | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Financial Assets | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||
Short-term investment funds | $ | 1,185 | $ | 0 | $ | 1,185 | $ | 0 | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
Common stock- U.S. listed small cap | 3,453 | 3,453 | 0 | 0 | |||||||||||||||||||||||||||||||||
Mutual funds- U.S. listed large cap | 10,939 | 10,939 | 0 | 0 | |||||||||||||||||||||||||||||||||
Common/collective trust- foreign listed | 4,343 | 0 | 4,343 | 0 | |||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. & foreign government and government agencies and authorities | 6,257 | 0 | 6,257 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign investment grade | 13,109 | 0 | 13,109 | 0 | |||||||||||||||||||||||||||||||||
Corporate- U.S & foreign high yield | 2,613 | 0 | 2,613 | 0 | |||||||||||||||||||||||||||||||||
Investment fund: | |||||||||||||||||||||||||||||||||||||
Multi-strategy hedge fund | 3,518 | 0 | 0 | 3,518 | |||||||||||||||||||||||||||||||||
Private equity fund | 4 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||
Interest rate swap | 947 | 0 | 947 | 0 | |||||||||||||||||||||||||||||||||
Total financial assets | $ | 46,368 | -1 | $ | 14,392 | $ | 28,454 | $ | 3,522 | ||||||||||||||||||||||||||||
-1 | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||
Summary Of Change In Fair Value Financial Asset | ' | ||||||||||||||||||||||||||||||||||||
Retirement | |||||||||||||||||||||||||||||||||||||
Pension | Health | ||||||||||||||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||||||||||||||
Beginning balance at December 31, 2012 | $ | 54,398 | $ | 3,522 | |||||||||||||||||||||||||||||||||
Purchases | 1,578 | 95 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets and plan expenses still held at the reporting date | 5,526 | 55 | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 61,502 | $ | 3,672 | |||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments From The Plans | ' | ||||||||||||||||||||||||||||||||||||
Retirement | |||||||||||||||||||||||||||||||||||||
Pension | Health | ||||||||||||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||||||||||||
2014 | $ | 44,138 | $ | 2,842 | |||||||||||||||||||||||||||||||||
2015 | 61,556 | 3,192 | |||||||||||||||||||||||||||||||||||
2016 | 50,892 | 3,560 | |||||||||||||||||||||||||||||||||||
2017 | 54,103 | 3,945 | |||||||||||||||||||||||||||||||||||
2018 | 59,505 | 4,347 | |||||||||||||||||||||||||||||||||||
2019-2023 | 346,309 | 28,180 | |||||||||||||||||||||||||||||||||||
Total | $ | 616,503 | $ | 46,066 | |||||||||||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||
Financial Information By Segment | ' | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,783,758 | $ | 2,380,044 | $ | 1,581,407 | $ | 1,014,587 | $ | 0 | $ | 7,759,796 | |||||||
Net investment income | 376,245 | 98,935 | 36,664 | 117,853 | 20,599 | 650,296 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 34,525 | 34,525 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 16,310 | 16,310 | |||||||||||||
Fees and other income | 400,370 | 133,135 | 29,132 | 23,434 | 659 | 586,730 | |||||||||||||
Total revenues | 3,560,373 | 2,612,114 | 1,647,203 | 1,155,874 | 72,093 | 9,047,657 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 895,504 | 890,409 | 1,169,075 | 715,656 | 4,888 | 3,675,532 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,132,298 | 309,332 | 801 | 27,856 | 0 | 1,470,287 | |||||||||||||
Underwriting, general and administrative expenses | 1,341,961 | 758,941 | 434,749 | 360,303 | 138,450 | 3,034,404 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 77,735 | 77,735 | |||||||||||||
Total benefits, losses and expenses | 3,369,763 | 1,958,682 | 1,604,625 | 1,103,815 | 221,073 | 8,257,958 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 190,610 | 653,432 | 42,578 | 52,059 | -148,980 | 789,699 | |||||||||||||
Provision (benefit) for income taxes | 65,458 | 229,846 | 36,721 | 17,506 | -48,739 | 300,792 | |||||||||||||
Segment income (loss) after taxes | $ | 125,152 | $ | 423,586 | $ | 5,857 | $ | 34,553 | $ | -100,241 | |||||||||
Net income | $ | 488,907 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 13,321,648 | $ | 3,858,314 | $ | 884,077 | $ | 2,298,698 | $ | 8,567,391 | $ | 28,930,128 | |||||||
Goodwill | 784,561 | ||||||||||||||||||
Total assets | $ | 29,714,689 | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,579,220 | $ | 2,054,041 | $ | 1,589,459 | $ | 1,014,264 | $ | 0 | $ | 7,236,984 | |||||||
Net investment income | 396,681 | 103,327 | 64,308 | 128,485 | 20,327 | 713,128 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 64,353 | 64,353 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 18,413 | 18,413 | |||||||||||||
Fees and other income | 314,072 | 98,621 | 30,518 | 28,468 | 3,713 | 475,392 | |||||||||||||
Total revenues | 3,289,973 | 2,255,989 | 1,684,285 | 1,171,217 | 106,806 | 8,508,270 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 840,133 | 949,157 | 1,174,108 | 693,067 | -1,061 | 3,655,404 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,050,585 | 326,466 | 441 | 25,721 | 2 | 1,403,215 | |||||||||||||
Underwriting, general and administrative expenses | 1,217,401 | 517,822 | 420,629 | 364,321 | 111,421 | 2,631,594 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 60,306 | 60,306 | |||||||||||||
Total benefits, losses and expenses | 3,108,119 | 1,793,445 | 1,595,178 | 1,083,109 | 170,668 | 7,750,519 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 181,854 | 462,544 | 89,107 | 88,108 | -63,862 | 757,751 | |||||||||||||
Provision (benefit) for income taxes | 58,101 | 157,593 | 37,107 | 30,049 | -8,804 | 274,046 | |||||||||||||
Segment income (loss) after taxes | $ | 123,753 | $ | 304,951 | $ | 52,000 | $ | 58,059 | $ | -55,058 | |||||||||
Net income | $ | 483,705 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 12,342,077 | $ | 4,207,746 | $ | 882,731 | $ | 2,366,097 | $ | 8,507,242 | $ | 28,305,893 | |||||||
Goodwill | 640,714 | ||||||||||||||||||
Total assets | $ | 28,946,607 | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Solutions | Specialty Property | Health | Employee Benefits | Corporate & Other | Consolidated | ||||||||||||||
Revenues | |||||||||||||||||||
Net earned premiums | $ | 2,438,407 | $ | 1,904,638 | $ | 1,718,300 | $ | 1,064,023 | $ | 0 | $ | 7,125,368 | |||||||
Net investment income | 393,575 | 103,259 | 45,911 | 129,640 | 17,147 | 689,532 | |||||||||||||
Net realized gains on investments | 0 | 0 | 0 | 0 | 32,580 | 32,580 | |||||||||||||
Amortization of deferred gain on disposal of businesses | 0 | 0 | 0 | 0 | 20,461 | 20,461 | |||||||||||||
Fees and other income | 265,204 | 79,337 | 34,635 | 25,382 | 305 | 404,863 | |||||||||||||
Total revenues | 3,097,186 | 2,087,234 | 1,798,846 | 1,219,045 | 70,493 | 8,272,804 | |||||||||||||
Benefits, losses and expenses | |||||||||||||||||||
Policyholder benefits | 847,254 | 857,223 | 1,271,060 | 767,723 | 6,474 | 3,749,734 | |||||||||||||
Amortization of deferred acquisition costs and value of business acquired | 1,002,995 | 299,657 | 605 | 24,531 | 0 | 1,327,788 | |||||||||||||
Underwriting, general and administrative expenses | 1,034,685 | 470,169 | 460,041 | 361,541 | 102,359 | 2,428,795 | |||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 60,360 | 60,360 | |||||||||||||
Total benefits, losses and expenses | 2,884,934 | 1,627,049 | 1,731,706 | 1,153,795 | 169,193 | 7,566,677 | |||||||||||||
Segment income (loss) before provision (benefit) for income taxes | 212,252 | 460,185 | 67,140 | 65,250 | -98,700 | 706,127 | |||||||||||||
Provision (benefit) for income taxes | 76,202 | 156,462 | 26,254 | 22,175 | -113,922 | 167,171 | |||||||||||||
Segment income after taxes | $ | 136,050 | $ | 303,723 | $ | 40,886 | $ | 43,075 | $ | 15,222 | |||||||||
Net income | $ | 538,956 | |||||||||||||||||
Segment assets: | |||||||||||||||||||
Segment assets, excluding goodwill | $ | 11,333,833 | $ | 3,387,027 | $ | 1,067,423 | $ | 2,477,192 | $ | 8,115,290 | $ | 26,380,765 | |||||||
Goodwill | 639,097 | ||||||||||||||||||
Total assets | $ | 27,019,862 | |||||||||||||||||
Summary Of Financial Information By Geographic Location | ' | ||||||||||||||||||
Location | Long-lived | ||||||||||||||||||
Revenues | assets | ||||||||||||||||||
2013 | |||||||||||||||||||
United States | $ | 7,792,728 | $ | 248,331 | |||||||||||||||
Foreign countries | 1,254,929 | 5,299 | |||||||||||||||||
Total | $ | 9,047,657 | $ | 253,630 | |||||||||||||||
2012 | |||||||||||||||||||
United States | $ | 7,382,252 | $ | 243,253 | |||||||||||||||
Foreign countries | 1,126,018 | 7,543 | |||||||||||||||||
Total | $ | 8,508,270 | $ | 250,796 | |||||||||||||||
2011 | |||||||||||||||||||
United States | $ | 7,230,763 | $ | 235,031 | |||||||||||||||
Foreign countries | 1,042,041 | 7,877 | |||||||||||||||||
Total | $ | 8,272,804 | $ | 242,908 | |||||||||||||||
Summary Of Net Earned Premiums By Segment And Product | ' | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Solutions: | |||||||||||||||||||
Credit | $ | 547,100 | $ | 590,843 | $ | 564,411 | |||||||||||||
Service contracts | 2,057,353 | 1,816,785 | 1,694,363 | ||||||||||||||||
Preneed | 66,523 | 80,978 | 101,722 | ||||||||||||||||
Other | 112,782 | 90,614 | 77,911 | ||||||||||||||||
Total | $ | 2,783,758 | $ | 2,579,220 | $ | 2,438,407 | |||||||||||||
Specialty Property: | |||||||||||||||||||
Homeowners (lender-placed and voluntary) | $ | 1,678,172 | $ | 1,418,061 | $ | 1,274,485 | |||||||||||||
Manufactured housing (lender-placed and voluntary) | 226,058 | 207,675 | 216,613 | ||||||||||||||||
Other | 475,814 | 428,305 | 413,540 | ||||||||||||||||
Total | $ | 2,380,044 | $ | 2,054,041 | $ | 1,904,638 | |||||||||||||
Health: | |||||||||||||||||||
Individual | $ | 1,174,141 | $ | 1,178,878 | $ | 1,251,447 | |||||||||||||
Small employer group | 407,266 | 410,581 | 466,853 | ||||||||||||||||
Total | $ | 1,581,407 | $ | 1,589,459 | $ | 1,718,300 | |||||||||||||
Employee Benefits: | |||||||||||||||||||
Group dental | $ | 383,223 | $ | 394,413 | $ | 412,339 | |||||||||||||
Group disability | 403,286 | 409,757 | 449,293 | ||||||||||||||||
Group life | 192,392 | 188,246 | 193,914 | ||||||||||||||||
Group supplemental and vision products | 35,686 | 21,848 | 8,477 | ||||||||||||||||
Total | $ | 1,014,587 | $ | 1,014,264 | $ | 1,064,023 | |||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Common Share [Abstract] | ' | ||||||||
Net Income, Weighted Average Common Shares Used In Calculating Basic Earnings Per Common Share And Diluted EPS | ' | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Numerator | |||||||||
Net income | $ | 488,907 | $ | 483,705 | $ | 538,956 | |||
Deduct dividends paid | -74,128 | -69,393 | -67,385 | ||||||
Undistributed earnings | $ | 414,779 | $ | 414,312 | $ | 471,571 | |||
Denominator | |||||||||
Weighted average shares outstanding used in basic earnings per share calculations | 76,648,688 | 84,276,427 | 96,626,306 | ||||||
Incremental common shares from : | |||||||||
PSUs | 864,572 | 786,088 | 870,961 | ||||||
SARs | 65,712 | 133,405 | 192,756 | ||||||
ESPP | 75,792 | 111,145 | 105,286 | ||||||
Weighted average shares used in diluted earnings per share calculations | 77,654,764 | 85,307,065 | 97,795,309 | ||||||
Earnings per common share - Basic | |||||||||
Distributed earnings | $ | 0.96 | $ | 0.81 | $ | 0.70 | |||
Undistributed earnings | 5.42 | 4.93 | 4.88 | ||||||
Net income | $ | 6.38 | $ | 5.74 | $ | 5.58 | |||
Earnings per common share – Diluted | |||||||||
Distributed earnings | $ | 0.95 | $ | 0.81 | $ | 0.69 | |||
Undistributed earnings | 5.35 | 4.86 | 4.82 | ||||||
Net income | $ | 6.30 | $ | 5.67 | $ | 5.51 | |||
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Results Of Operations [Abstract] | ' | |||||||||||||
Summary Of Quarterly Results Of Operations | ' | |||||||||||||
Three Month Periods Ended | ||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
2013 | ||||||||||||||
Total revenues | $ | 2,150,623 | $ | 2,237,766 | $ | 2,258,650 | $ | 2,400,618 | ||||||
Income before provision for income taxes | 206,424 | 210,767 | 193,971 | 178,537 | ||||||||||
Net income | 117,780 | 133,523 | 128,788 | 108,816 | ||||||||||
Basic per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.58 | $ | 2.72 | $ | 2.57 | $ | 2.42 | ||||||
Net income | $ | 1.47 | $ | 1.72 | $ | 1.70 | $ | 1.48 | ||||||
Diluted per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.55 | $ | 2.69 | $ | 2.54 | $ | 2.39 | ||||||
Net income | $ | 1.46 | $ | 1.70 | $ | 1.68 | $ | 1.46 | ||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||
2012 | ||||||||||||||
Total revenues | $ | 2,072,924 | $ | 2,129,290 | $ | 2,145,080 | $ | 2,160,976 | ||||||
Income before provision for income taxes | 249,648 | 264,661 | 208,619 | 34,823 | ||||||||||
Net income | 163,260 | 169,170 | 126,288 | 24,987 | ||||||||||
Basic per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.81 | $ | 3.07 | $ | 2.54 | $ | 0.44 | ||||||
Net income | $ | 1.84 | $ | 1.96 | $ | 1.54 | $ | 0.31 | ||||||
Diluted per share data: | ||||||||||||||
Income before provision for income taxes | $ | 2.77 | $ | 3.04 | $ | 2.51 | $ | 0.43 | ||||||
Net income | $ | 1.81 | $ | 1.94 | $ | 1.52 | $ | 0.31 | ||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Schedule Of Future Minimum Rental Payments For Operating Leases | ' | |||
2014 | $ | 27,770 | ||
2015 | 24,870 | |||
2016 | 18,259 | |||
2017 | 13,778 | |||
2018 | 11,216 | |||
Thereafter | 16,394 | |||
Total minimum future lease payments | $ | 112,287 | ||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Individual And Small Business Group [Member] | Large Group Business [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||
Buildings [Member] | Furniture [Member] | Equipment [Member] | Software and Software Development Costs [Member] | |||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of market price | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, estimated useful lives, maximum (in years) | ' | ' | ' | ' | ' | '39 years 6 months | '7 years | '5 years | '20 years | ' |
Goodwill impairment | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible asset impairment charge | ' | 26,458 | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived intangible asset impairment charge | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum medical loss ratio | ' | ' | ' | 80.00% | 85.00% | ' | ' | ' | ' | ' |
Mandated fees under Affordable Care Act | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24,000 |
Acquisitions_Details
Acquisitions (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Dec. 31, 2013 | Feb. 10, 2014 | Dec. 30, 2013 | Dec. 30, 2013 | Feb. 10, 2014 | Feb. 10, 2014 | Jun. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Field Asset Services [Member] | Lifestyle Services Group Limited [Member] | Lifestyle Services Group Limited [Member] | Ike [Member] | Ike [Member] | Mexican Operations of Ike [Member] | Mexican Operations of Ike [Member] | Latin American Operations of Ike [Member] | Latin American Operations of Ike [Member] | SureDeposit [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
item | USD ($) | USD ($) | GBP (£) | USD ($) | Subsequent Event [Member] | USD ($) | MXN | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | Field Asset Services [Member] | Lifestyle Services Group Limited [Member] | SureDeposit [Member] | Field Asset Services [Member] | Lifestyle Services Group Limited [Member] | SureDeposit [Member] | ||||
USD ($) | MXN | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | $54,636 | $140,906 | £ 87,081 | ' | ' | $91,420 | 1,191,499 | $20,404 | 272,541 | $45,080 | ' | ' | ' | ' | ' | ' |
Intangible assets recorded in connection with acquisition | ' | ' | ' | ' | 21,020 | 73,245 | 45,266 | ' | ' | ' | ' | ' | ' | 25,350 | ' | ' | ' | ' | ' | ' |
Amortization period of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years | '5 years | '9 years | '10 years | '10 years |
Goodwill | 640,714 | 784,561 | 639,097 | 619,779 | 28,908 | 113,646 | 70,234 | ' | ' | ' | ' | ' | ' | 19,608 | ' | ' | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' | ' | 172,156 | 106,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, delayed payment | ' | ' | ' | ' | ' | 4,854 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | 40.00% | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | $26,395 | £ 16,313 | $31,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions made | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | ||
Investment [Line Items] | ' | ' | ' |
Maximum individual state exposure | 0.50% | 0.50% | ' |
Advance refunded or escrowed-to-maturity securities | $234,640 | $168,705 | ' |
Percentage of revenue securities | 53.00% | 52.00% | ' |
Foreign country representing more than 3% in 2013 and 5% in 2012 of foreign government securities | 0 | 0 | ' |
European investment exposure in fixed maturity and equity securities | 1,082,129 | 1,054,820 | ' |
Unrealized gain of European investments within corporate fixed maturity and equity securities | 78,126 | 122,420 | ' |
Percentage of European investments held in financial industry classification | 25.00% | 28.00% | ' |
Percentage of investments in any one European country | 6.00% | 5.00% | ' |
Percentage of pound and euro-denominated European securities held to support foreign-denominatedf liabilities | 5.00% | ' | ' |
Non-income producing material investments | 0 | 0 | 0 |
Securities traded continuously at a price below book value, months | '12 months | ' | ' |
Total other-than-temporary impairment losses | 4,516 | 1,939 | 8,183 |
Net other-than-temporary impairment losses recognized in earnings | 4,387 | 1,843 | 7,836 |
Portion of net (gain) loss recognized in other comprehensive income, before taxes | 129 | 96 | ' |
Percentage of securities representing gross unrealized losses | 3.00% | 2.00% | ' |
Percentage of gross unrealized losses in a continuous loss position less than twelve months | 94.00% | 41.00% | ' |
Individual securities comprising total gross unrealized losses | 667 | 238 | ' |
Total gross unrealized losses of twelve months or more | 354 | ' | ' |
Total gross unrealized losses of twelve months or more percentage | 44.00% | ' | ' |
Percentage of residential mortgage-backed holdings exposure to sub-prime mortgage collateral | 3.10% | ' | ' |
Percentage of fixed income portfolio represents security with sub-prime exposure | 0.30% | ' | ' |
Percentage of unrealized gain position represents security with sub-prime exposure | 2.30% | ' | ' |
Percentage of security with sub-prime exposure rated as investment grade | 12.20% | ' | ' |
Approximate percentage, outstanding principal balance of commercial mortgage loans | 38.00% | ' | ' |
Outstanding balance of commercial mortgage loans | 1,291,514 | 1,318,679 | ' |
Commercial mortgage loan with loan valuation allowance | 4,482 | 6,997 | ' |
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | -2,515 | -3,413 | ' |
Mortgage loan commitments outstanding | 16,625 | ' | ' |
Committed to fund additional capital contributions to joint ventures | 26,815 | ' | ' |
Short term investments and fixed maturities | 543,344 | 580,953 | ' |
Percentage of securities received as collateral | 102.00% | ' | ' |
(Loss) gain on investments | 34,525 | 64,353 | 32,580 |
Other assets | 258,942 | 97,700 | ' |
Collateral held under securities lending | 95,215 | 94,729 | ' |
Liability to the borrower for collateral | 95,206 | 94,714 | ' |
Parent Company [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Other assets | 24,596 | 21,341 | ' |
Minimum [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Outstanding balance of commercial mortgage loans | 9 | 36 | ' |
Maximum [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Outstanding balance of commercial mortgage loans | 15,574 | 15,939 | ' |
Canadian Government/Provincials [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Percentage of investments in foreign governments fixed maturity securities | 70.00% | 67.00% | ' |
Governments Of Brazil [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Percentage of investments in foreign governments fixed maturity securities | 15.00% | 15.00% | ' |
Governments Of Germany [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Percentage of investments in foreign governments fixed maturity securities | 6.00% | 6.00% | ' |
Other Country [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Percentage of investments in foreign governments fixed maturity securities | 3.00% | 5.00% | ' |
Consumer Price Index Caps [Member] | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
(Loss) gain on investments | -3,395 | -2,635 | -1,304 |
Other assets | $2,491 | $5,886 | ' |
Investments_Amortized_Cost_Gro
Investments (Amortized Cost, Gross Unrealized Gains And Losses, Fair Value And OTTI) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | $10,520,310 | $10,728,714 | ||
Total Fixed Maturity Securities, Fair value | 11,291,875 | 12,171,638 | ||
Equity securitiies available for sale, cost or amortized cost | 417,535 | 422,703 | ||
Total equity securities, Fair Value | 458,358 | 475,806 | ||
Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Equity securitiies available for sale, cost or amortized cost | 417,535 | 422,703 | ||
Equity securitiies available for sale, gross unrealized gains | 50,232 | 58,219 | ||
Equity securitiies available for sale, gross unrealized losses | -9,409 | -5,116 | ||
Total equity securities, Fair Value | 458,358 | 475,806 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Parent Company [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 498,524 | 648,399 | ||
Total Fixed Maturity Securities, Fair value | 497,269 | 656,398 | ||
Equity securitiies available for sale, cost or amortized cost | 12,157 | 15,701 | ||
Total equity securities, Fair Value | 19,108 | 18,720 | ||
Fixed Maturity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 10,520,310 | 10,728,714 | ||
Fixed maturity securities available for sale, gross unrealized gains | 834,693 | 1,455,032 | ||
Fixed maturity securities available for sale, unrealized losses | -63,128 | -12,108 | ||
Total Fixed Maturity Securities, Fair value | 11,291,875 | 12,171,638 | ||
OTTI in AOCI | 40,657 | [1] | 36,709 | [1] |
Fixed Maturity Securities [Member] | U.S. Government And Government Agencies And Authorities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 408,378 | 633,329 | ||
Fixed maturity securities available for sale, gross unrealized gains | 4,166 | 8,722 | ||
Fixed maturity securities available for sale, unrealized losses | -1,888 | -127 | ||
Total Fixed Maturity Securities, Fair value | 410,656 | 641,924 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Fixed Maturity Securities [Member] | State, Municipalities And Political Subdivisions [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 774,233 | 800,592 | ||
Fixed maturity securities available for sale, gross unrealized gains | 63,543 | 106,560 | ||
Fixed maturity securities available for sale, unrealized losses | -2,624 | -96 | ||
Total Fixed Maturity Securities, Fair value | 835,152 | 907,056 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Fixed Maturity Securities [Member] | Foreign Governments [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 647,486 | 672,671 | ||
Fixed maturity securities available for sale, gross unrealized gains | 35,543 | 82,096 | ||
Fixed maturity securities available for sale, unrealized losses | -7,608 | -1,359 | ||
Total Fixed Maturity Securities, Fair value | 675,421 | 753,408 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Fixed Maturity Securities [Member] | Asset-Backed [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 4,320 | 27,182 | ||
Fixed maturity securities available for sale, gross unrealized gains | 1,910 | 1,437 | ||
Fixed maturity securities available for sale, unrealized losses | -56 | -422 | ||
Total Fixed Maturity Securities, Fair value | 6,174 | 28,197 | ||
OTTI in AOCI | 1,773 | [1] | 1,159 | [1] |
Fixed Maturity Securities [Member] | Corporate [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 7,709,083 | 7,815,968 | ||
Fixed maturity securities available for sale, gross unrealized gains | 684,776 | 1,193,695 | ||
Fixed maturity securities available for sale, unrealized losses | -37,653 | -9,550 | ||
Total Fixed Maturity Securities, Fair value | 8,356,206 | 9,000,113 | ||
OTTI in AOCI | 19,359 | [1] | 21,291 | [1] |
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 57,594 | 64,344 | ||
Fixed maturity securities available for sale, gross unrealized gains | 2,850 | 5,539 | ||
Fixed maturity securities available for sale, unrealized losses | -82 | 0 | ||
Total Fixed Maturity Securities, Fair value | 60,362 | 69,883 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Fixed Maturity Securities [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 919,216 | 714,628 | ||
Fixed maturity securities available for sale, gross unrealized gains | 41,905 | 56,983 | ||
Fixed maturity securities available for sale, unrealized losses | -13,217 | -554 | ||
Total Fixed Maturity Securities, Fair value | 947,904 | 771,057 | ||
OTTI in AOCI | 19,525 | [1] | 14,259 | [1] |
Non-Redeemable Preferred Stocks [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Equity securitiies available for sale, cost or amortized cost | 399,645 | 407,996 | ||
Equity securitiies available for sale, gross unrealized gains | 38,880 | 53,976 | ||
Equity securitiies available for sale, gross unrealized losses | -9,399 | -5,116 | ||
Total equity securities, Fair Value | 429,126 | 456,856 | ||
OTTI in AOCI | 0 | [1] | 0 | [1] |
Common Stock [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Equity securitiies available for sale, cost or amortized cost | 17,890 | 14,707 | ||
Equity securitiies available for sale, gross unrealized gains | 11,352 | 4,243 | ||
Equity securitiies available for sale, gross unrealized losses | -10 | 0 | ||
Total equity securities, Fair Value | 29,232 | 18,950 | ||
OTTI in AOCI | $0 | [1] | $0 | [1] |
[1] | December 31, 2013Cost or Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueOTTI in AOCI (a)Fixed maturity securities:United States Government and government agencies and authorities$ 408,378$ 4,166$ (1,888)$ 410,656$ 0States, municipalities and political subdivisions 774,233 63,543 (2,624) 835,152 0Foreign governments 647,486 35,543 (7,608) 675,421 0Asset-backed 4,320 1,910 (56) 6,174 1,773Commercial mortgage-backed 57,594 2,850 (82) 60,362 0Residential mortgage-backed 919,216 41,905 (13,217) 947,904 19,525Corporate 7,709,083 684,776 (37,653) 8,356,206 19,359Total fixed maturity securities$ 10,520,310$ 834,693$ (63,128)$ 11,291,875$ 40,657Equity securities:Common stocks$ 17,890$ 11,352$ (10)$ 29,232$ 0Non-redeemable preferred stocks 399,645 38,880 (9,399) 429,126 0Total equity securities$ 417,535$ 50,232$ (9,409)$ 458,358$ 0 December 31, 2012Cost or Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueOTTI in AOCI (a)Fixed maturity securities:United States Government and government agencies and authorities$ 633,329$ 8,722$ (127)$ 641,924$ 0States, municipalities and political subdivisions 800,592 106,560 (96) 907,056 0Foreign governments 672,671 82,096 (1,359) 753,408 0Asset-backed 27,182 1,437 (422) 28,197 1,159Commercial mortgage-backed 64,344 5,539 0 69,883 0Residential mortgage-backed 714,628 56,983 (554) 771,057 14,259Corporate 7,815,968 1,193,695 (9,550) 9,000,113 21,291Total fixed maturity securities$ 10,728,714$ 1,455,032$ (12,108)$ 12,171,638$ 36,709Equity securities:Common stocks$ 14,707$ 4,243$ 0$ 18,950$ 0Non-redeemable preferred stocks 407,996 53,976 (5,116) 456,856 0Total equity securities$ 422,703$ 58,219$ (5,116)$ 475,806$ 0Represents the amount of other-than-temporary impairments recognized in accumulated other comprehensive income. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Investments_Amortized_Cost_And
Investments (Amortized Cost And Fair Value Of Fixed Maturity Securities By Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Due in one year or less, Cost or Amortized Cost | $583,725 | ' |
Due after one year through five years, Cost or Amortized Cost | 2,136,037 | ' |
Due after five years through ten years, Cost or Amortized Cost | 2,800,831 | ' |
Due after ten years, Cost or Amortized Cost | 4,018,587 | ' |
Total Fixed Maturity Securities, Contractual Maturity, Cost or Amortized Cost | 9,539,180 | ' |
Total Fixed maturity securities, Cost or Amortized Cost | 10,520,310 | ' |
Due in one year or less, Fair Value | 589,192 | ' |
Due after one year through five years, Fair Value | 2,270,487 | ' |
Due after five years through ten years, Fair Value | 2,909,407 | ' |
Due after ten years, Fair Value | 4,508,349 | ' |
Total Fixed Maturity Securities, Contractual Maturity, Fair Value | 10,277,435 | ' |
Total Fixed Maturity Securities, Fair value | 11,291,875 | 12,171,638 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 919,216 | ' |
Fair Value | 947,904 | ' |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 57,594 | ' |
Fair Value | 60,362 | ' |
Parent Company [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total Fixed Maturity Securities, Fair value | 497,269 | 656,398 |
Asset-Backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 4,320 | ' |
Fair Value | $6,174 | ' |
Investments_Categories_Of_Net_
Investments (Categories Of Net Investment Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | $674,656 | $735,544 | $713,651 |
Investment expenses | -24,360 | -22,416 | -24,119 |
Net investment income | 650,296 | 713,128 | 689,532 |
Parent Company [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Net investment income | 7,684 | 8,428 | 4,496 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 530,144 | 553,668 | 565,486 |
Equity Securities [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 27,013 | 24,771 | 29,645 |
Commercial Mortgage Loans On Real Estate [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 76,665 | 79,108 | 80,903 |
Policy Loans [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 3,426 | 3,204 | 3,102 |
Short-Term Investments [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 2,156 | 4,889 | 5,351 |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | 14,679 | 15,323 | 7,838 |
Other Investments [Member] | ' | ' | ' |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Total investment income | $20,573 | $54,581 | $21,326 |
Investments_Proceeds_From_Sale
Investments (Proceeds From Sales Of Available-For-Sale Securities And The Gross Realized Gains And Gross Realized Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments [Abstract] | ' | ' | ' |
Proceeds from sales | $2,821,177 | $2,314,540 | $1,679,553 |
Gross realized gains | 81,921 | 68,697 | 57,120 |
Gross realized losses | $50,667 | $12,597 | $20,925 |
Investments_Net_Realized_Gains
Investments (Net Realized Gains (Losses), Including Other-Than-Temporary Impairments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total net realized gains related to sales and other | $38,912 | $66,196 | $40,416 |
Net realized losses related to other-than-temporary impairments | -4,387 | -1,843 | -7,836 |
Total net realized gains | 34,525 | 64,353 | 32,580 |
Other Investments [Member] | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total net realized gains related to sales and other | 2,029 | 6,775 | 2,166 |
Net realized losses related to other-than-temporary impairments | -1,092 | -330 | -35 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total net realized gains related to sales and other | 14,579 | 59,815 | 44,924 |
Net realized losses related to other-than-temporary impairments | -3,295 | -1,287 | -7,780 |
Equity Securities [Member] | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total net realized gains related to sales and other | 19,789 | -3,466 | -7,010 |
Net realized losses related to other-than-temporary impairments | 0 | -226 | -21 |
Commercial Mortgage Loans On Real Estate [Member] | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total net realized gains related to sales and other | $2,515 | $3,072 | $336 |
Investments_Credit_Loss_Impair
Investments (Credit Loss Impairments Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments [Abstract] | ' | ' | ' |
Beginning Balance | $95,589 | $103,090 | $105,245 |
Additions for credit loss impairments recognized in the current period on securities not previously impaired | 0 | 0 | 1,455 |
Additions for credit loss impairments recognized in the current period on securities previously impaired | 107 | 56 | 1,598 |
Reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security | -1,851 | -1,590 | -669 |
Reductions for credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period | -48,567 | -5,967 | -4,539 |
Ending Balance | $45,278 | $95,589 | $103,090 |
Investments_Duration_Of_Gross_
Investments (Duration Of Gross Unrealized Losses On Fixed Maturity Securites And Equity Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | $159,910 | ' |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 11,807 | ' |
Gross unrealized losses on securities, Fair Value, Total | 171,717 | ' |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -8,210 | ' |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -1,199 | ' |
Gross unrealized losses on securities, Unrealized Losses, Total | -9,409 | ' |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 2,125,923 | 791,947 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 55,856 | 88,240 |
Gross unrealized losses on securities, Fair Value, Total | 2,181,779 | 880,187 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -60,281 | -6,642 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -2,847 | -5,466 |
Gross unrealized losses on securities, Unrealized Losses, Total | -63,128 | -12,108 |
Fixed Maturity Securities [Member] | Corporate [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 1,412,611 | 459,797 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 19,291 | 62,778 |
Gross unrealized losses on securities, Fair Value, Total | 1,431,902 | 522,575 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -36,848 | -5,802 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -805 | -3,748 |
Gross unrealized losses on securities, Unrealized Losses, Total | -37,653 | -9,550 |
Fixed Maturity Securities [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 407,808 | 56,674 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 31,498 | 9,300 |
Gross unrealized losses on securities, Fair Value, Total | 439,306 | 65,974 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -11,667 | -509 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -1,550 | -45 |
Gross unrealized losses on securities, Unrealized Losses, Total | -13,217 | -554 |
Fixed Maturity Securities [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 5,036 | ' |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 0 | ' |
Gross unrealized losses on securities, Fair Value, Total | 5,036 | ' |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -82 | ' |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | 0 | ' |
Gross unrealized losses on securities, Unrealized Losses, Total | -82 | ' |
Non-Redeemable Preferred Stocks [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 159,723 | 52,508 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 11,807 | 48,626 |
Gross unrealized losses on securities, Fair Value, Total | 171,530 | 101,134 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -8,200 | -416 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -1,199 | -4,700 |
Gross unrealized losses on securities, Unrealized Losses, Total | -9,399 | -5,116 |
Common Stock [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 187 | ' |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 0 | ' |
Gross unrealized losses on securities, Fair Value, Total | 187 | ' |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -10 | ' |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | 0 | ' |
Gross unrealized losses on securities, Unrealized Losses, Total | -10 | ' |
U.S. Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 52,615 | 233,559 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 3,514 | 0 |
Gross unrealized losses on securities, Fair Value, Total | 56,129 | 233,559 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -1,464 | -127 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -424 | 0 |
Gross unrealized losses on securities, Unrealized Losses, Total | -1,888 | -127 |
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 30,145 | 0 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 0 | 4,575 |
Gross unrealized losses on securities, Fair Value, Total | 30,145 | 4,575 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -2,624 | 0 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | 0 | -96 |
Gross unrealized losses on securities, Unrealized Losses, Total | -2,624 | -96 |
Foreign Government Debt [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 217,708 | 41,917 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 111 | 8,925 |
Gross unrealized losses on securities, Fair Value, Total | 217,819 | 50,842 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | -7,596 | -204 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -12 | -1,155 |
Gross unrealized losses on securities, Unrealized Losses, Total | -7,608 | -1,359 |
Asset-Backed [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized losses on securities, Less than 12 months, Fair Value | 0 | 0 |
Gross unrealized losses on securities, 12 Months or More, Fair Value | 1,442 | 2,662 |
Gross unrealized losses on securities, Fair Value, Total | 1,442 | 2,662 |
Gross unrealized losses on securities, Less than 12 months, Unrealized Losses | 0 | 0 |
Gross unrealized losses on securities, 12 Months or More, Unrealized Losses | -56 | -422 |
Gross unrealized losses on securities, Unrealized Losses, Total | ($56) | ($422) |
Investments_Credit_Quality_Ind
Investments (Credit Quality Indicators For Commercial Mortgage Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross commercial mortgage loans | $1,291,514 | $1,318,679 |
% of Gross Mortgage Loans | 100.00% | 100.00% |
Debt-Service Coverage ratio | 1.89% | 1.85% |
Less valuation allowance | -4,482 | -6,997 |
Net commercial mortgage loans | 1,287,032 | 1,311,682 |
70% And Less [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross commercial mortgage loans | 1,143,200 | 1,141,564 |
% of Gross Mortgage Loans | 88.50% | 86.60% |
Debt-Service Coverage ratio | 1.97% | 1.95% |
71 - 80% [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross commercial mortgage loans | 73,603 | 103,152 |
% of Gross Mortgage Loans | 5.70% | 7.80% |
Debt-Service Coverage ratio | 1.44% | 1.30% |
81 - 95% [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross commercial mortgage loans | 58,752 | 57,413 |
% of Gross Mortgage Loans | 4.60% | 4.30% |
Debt-Service Coverage ratio | 1.19% | 1.04% |
Greater Than 95% [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Gross commercial mortgage loans | $15,959 | $16,550 |
% of Gross Mortgage Loans | 1.20% | 1.30% |
Debt-Service Coverage ratio | 0.87% | 1.02% |
Recovered_Sheet1
Investments (Amortized Cost and Fair Value of Fixed Maturity Securities In An Unrealized Loss Position By Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due in one year or less, Cost or Amortized Cost | $22,707 |
Due after one year through five years, Cost or Amortized Cost | 350,208 |
Due after five years through ten years, Cost or Amortized Cost | 1,048,031 |
Due after ten years, Cost or Amortized Cost | 364,822 |
Total Single Maturity Date, Cost or Amortized Cost | 1,785,768 |
Total, Cost or Amortized Cost | 2,244,907 |
Due in one year or less, Fair Value | 22,579 |
Due after one year through five years, Fair Value | 344,476 |
Due after five years through ten years, Fair Value | 1,017,945 |
Due after ten years, Fair Value | 350,995 |
Total Single Maturity Date, Fair Value | 1,735,995 |
Total, Fair Value | 2,181,779 |
Asset-Backed [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost or Amortized Cost | 1,498 |
Fair Value | 1,442 |
Residential Mortgage-Backed Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost or Amortized Cost | 452,523 |
Fair Value | 439,306 |
Commercial Mortgage-Backed Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost or Amortized Cost | 5,118 |
Fair Value | $5,036 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Significant transfers between Level 1 and Level 2 financial assets | $0 | $0 | $0 | ' |
Impairment charges | 26,458 | 3,323 | 26,458 | 0 |
Implied fair value of goodwill | ' | 0 | 0 | 0 |
Priced externally [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | 102,586 | 70,244 | 102,586 | ' |
Priced internally [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | $100,220 | $97,219 | $100,220 | ' |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value For Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | $15,667,066 | $15,336,696 | ||
Total financial liabilities | 1,994,980 | 1,726,234 | ||
Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 3,100,899 | 2,174,473 | ||
Total financial liabilities | 1,751,605 | 1,518,249 | ||
Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 12,392,372 | 12,949,736 | ||
Total financial liabilities | 223,045 | 205,425 | ||
Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 173,795 | 212,487 | ||
Total financial liabilities | 20,330 | 2,560 | ||
Short-Term Investments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 470,458 | 300,925 | ||
Short-Term Investments [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 273,518 | [1] | 201,803 | [1] |
Short-Term Investments [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 196,940 | [2] | 99,122 | [2] |
Short-Term Investments [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Assets Held In Separate Accounts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 1,887,988 | 1,674,406 | ||
Assets Held In Separate Accounts [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 1,696,811 | [3] | 1,469,050 | [3] |
Assets Held In Separate Accounts [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 191,177 | [2] | 205,356 | [2] |
Assets Held In Separate Accounts [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Cash Equivalents [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 1,233,701 | 381,777 | ||
Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 967,372 | [1] | 366,543 | [1] |
Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 266,329 | [2] | 15,234 | [2] |
Cash Equivalents [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Equity Securities [Member] | Common Stock [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 29,232 | 18,950 | ||
Equity Securities [Member] | Common Stock [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 28,548 | 18,267 | ||
Equity Securities [Member] | Common Stock [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 684 | 683 | ||
Equity Securities [Member] | Common Stock [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Equity Securities [Member] | Non-Redeemable Preferred Stocks [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 429,126 | 456,856 | ||
Equity Securities [Member] | Non-Redeemable Preferred Stocks [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Equity Securities [Member] | Non-Redeemable Preferred Stocks [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 421,616 | 456,842 | ||
Equity Securities [Member] | Non-Redeemable Preferred Stocks [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 7,510 | 14 | ||
United States Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 410,656 | 641,924 | ||
United States Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
United States Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 410,656 | 637,749 | ||
United States Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 4,175 | ||
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 835,152 | 907,056 | ||
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 812,495 | 907,056 | ||
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 22,657 | 0 | ||
Foreign Governments [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 675,421 | 753,408 | ||
Foreign Governments [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 789 | 672 | ||
Foreign Governments [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 657,775 | 729,639 | ||
Foreign Governments [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 16,857 | 23,097 | ||
Corporate [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 8,356,206 | 9,000,113 | ||
Corporate [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Corporate [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 8,240,862 | 8,842,110 | ||
Corporate [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 115,344 | 158,003 | ||
Asset-Backed [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 6,174 | 28,197 | ||
Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 6,174 | 28,197 | ||
Asset-Backed [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Commercial Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 60,362 | 69,883 | ||
Commercial Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Commercial Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 59,764 | 68,109 | ||
Commercial Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 598 | 1,774 | ||
Residential Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 947,904 | 771,057 | ||
Residential Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Residential Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 943,737 | 762,846 | ||
Residential Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 4,167 | 8,211 | ||
Other Aggregated Investments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 246,748 | 250,806 | ||
Other Aggregated Investments [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 66,659 | [3] | 49,199 | [3] |
Other Aggregated Investments [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 175,918 | [2] | 190,280 | [2] |
Other Aggregated Investments [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 4,171 | [4] | 11,327 | [4] |
Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 3,726 | 6,609 | ||
Other Assets [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Other Assets [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 1,235 | [5] | 723 | [5] |
Other Assets [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 2,491 | [6] | 5,886 | [6] |
Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 106,992 | 51,828 | ||
Other Liabilities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 54,794 | [3] | 49,199 | [3] |
Other Liabilities [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 31,868 | [7] | 69 | [5] |
Other Liabilities [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 20,330 | [5] | 2,560 | [5] |
Liabilities Related To Separate Accounts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 1,887,988 | 1,674,406 | ||
Liabilities Related To Separate Accounts [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 1,696,811 | [3] | 1,469,050 | [3] |
Liabilities Related To Separate Accounts [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 191,177 | [2] | 205,356 | [2] |
Liabilities Related To Separate Accounts [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial liabilities | 0 | 0 | ||
Collateral Held / Pledged Under Securities Agreements [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 74,212 | 74,729 | ||
Collateral Held / Pledged Under Securities Agreements [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 67,202 | [1] | 68,939 | [1] |
Collateral Held / Pledged Under Securities Agreements [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | 7,010 | [2] | 5,790 | [2] |
Collateral Held / Pledged Under Securities Agreements [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total financial assets | $0 | $0 | ||
[1] | Mainly includes money market funds. | |||
[2] | Mainly includes fixed maturity securities. | |||
[3] | Mainly includes mutual funds. | |||
[4] | Mainly includes fixed maturity securities and other derivatives. | |||
[5] | Mainly includes other derivatives. | |||
[6] | Mainly includes the Consumer Price Index Cap Derivatives (bCPI Capsb). | |||
[7] | Mainly includes contingent consideration liability related to a business combination. |
Fair_Value_Disclosures_Change_
Fair Value Disclosures (Change In Balance Sheet Carrying Value Associated With Level 3 Financial Assets Carried At Fair Value) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, net | $209,927 | $192,037 | ||
Total (losses) gains (realized/unrealized) included in earnings, liabilities | ' | -321 | [1] | |
Total (losses) gains (realized/unrealized) included in earnings, net | 2,441 | [1] | ' | |
Net unrealized gains (losses) included in other comprehensive income | -6,694 | [2] | 13,943 | [2] |
Purchases, net | 43,634 | 10,872 | ||
Sales, net | -51,476 | -32,343 | ||
Transfers into Level 3, net | 9,302 | [3] | 30,153 | [3] |
Transfers out of Level 3, net | -53,669 | [3] | -4,414 | [3] |
Balance, end of period, net | 153,465 | 209,927 | ||
United States Government And Government Agencies And Authorities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 4,175 | 4,400 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | 0 | [1] | -3 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -3 | [2] | -10 | [2] |
Purchases, assets | 0 | 0 | ||
Sales, assets | -4,172 | -212 | ||
Transfers into Level 3, assets | 0 | [3] | 0 | [3] |
Transfers out of Level 3, assets | 0 | [3] | 0 | [3] |
Balance, end of period, assets | 0 | 4,175 | ||
State, Municipalities And Political Subdivisions [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 0 | ' | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | -3 | [1] | ' | |
Net unrealized (losses) gains included in other comprehensive income, assets | 1,675 | [2] | ' | |
Purchases, assets | 20,985 | ' | ||
Sales, assets | 0 | ' | ||
Transfers into Level 3, assets | 0 | [3] | ' | |
Transfers out of Level 3, assets | 0 | [3] | ' | |
Balance, end of period, assets | 22,657 | ' | ||
Foreign Governments [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 23,097 | 22,713 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | -6 | [1] | 79 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -3,582 | [2] | 987 | [2] |
Purchases, assets | 0 | 0 | ||
Sales, assets | 0 | -682 | ||
Transfers into Level 3, assets | 0 | [3] | 0 | [3] |
Transfers out of Level 3, assets | -2,652 | [3] | 0 | [3] |
Balance, end of period, assets | 16,857 | 23,097 | ||
Asset-Backed [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | ' | 453 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | ' | 0 | [1] | |
Net unrealized (losses) gains included in other comprehensive income, assets | ' | 0 | [2] | |
Purchases, assets | ' | 0 | ||
Sales, assets | ' | 0 | ||
Transfers into Level 3, assets | ' | 0 | [3] | |
Transfers out of Level 3, assets | ' | -453 | [3] | |
Balance, end of period, assets | ' | 0 | ||
Corporate [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 158,003 | 137,629 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | 6,979 | [1] | 2,040 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -5,383 | [2] | 11,810 | [2] |
Purchases, assets | 5,325 | 8,942 | ||
Sales, assets | -33,974 | -19,667 | ||
Transfers into Level 3, assets | 4,997 | [3] | 18,701 | [3] |
Transfers out of Level 3, assets | -20,603 | [3] | -1,452 | [3] |
Balance, end of period, assets | 115,344 | 158,003 | ||
Non-Redeemable Preferred Stocks [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 14 | 13 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | 12 | [1] | 0 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -42 | [2] | 12 | [2] |
Purchases, assets | 5,275 | 0 | ||
Sales, assets | -2,041 | 0 | ||
Transfers into Level 3, assets | 4,305 | [3] | 4 | [3] |
Transfers out of Level 3, assets | -13 | [3] | -15 | [3] |
Balance, end of period, assets | 7,510 | 14 | ||
Commercial Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 1,774 | 904 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | 20 | [1] | 54 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -30 | [2] | -26 | [2] |
Purchases, assets | 0 | 0 | ||
Sales, assets | -1,166 | -2,053 | ||
Transfers into Level 3, assets | 0 | [3] | 2,895 | [3] |
Transfers out of Level 3, assets | 0 | [3] | 0 | [3] |
Balance, end of period, assets | 598 | 1,774 | ||
Residential Mortgage-Backed Securities [Member] | Fixed Maturity Securities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 8,211 | 1,867 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | -19 | [1] | -17 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | -1,156 | [2] | 331 | [2] |
Purchases, assets | 29,938 | 1,930 | ||
Sales, assets | -2,406 | -1,098 | ||
Transfers into Level 3, assets | 0 | [3] | 7,065 | [3] |
Transfers out of Level 3, assets | -30,401 | [3] | -1,867 | [3] |
Balance, end of period, assets | 4,167 | 8,211 | ||
Other Aggregated Investments [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 11,327 | 18,257 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | -1,274 | [1] | 1 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | 1,827 | [2] | 839 | [2] |
Purchases, assets | 8 | 0 | ||
Sales, assets | -7,717 | -8,631 | ||
Transfers into Level 3, assets | 0 | [3] | 1,488 | [3] |
Transfers out of Level 3, assets | 0 | [3] | -627 | [3] |
Balance, end of period, assets | 4,171 | 11,327 | ||
Other Assets [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, assets | 5,886 | 8,521 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | -3,395 | [1] | -2,635 | [1] |
Net unrealized (losses) gains included in other comprehensive income, assets | 0 | [2] | 0 | [2] |
Purchases, assets | 0 | 0 | ||
Sales, assets | 0 | 0 | ||
Transfers into Level 3, assets | 0 | [3] | 0 | [3] |
Transfers out of Level 3, assets | 0 | [3] | 0 | [3] |
Balance, end of period, assets | 2,491 | 5,886 | ||
Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ||
Balance, beginning of period, liabilities | -2,560 | -2,720 | ||
Total (losses) gains (realized/unrealized) included in earnings, assets | ' | 160 | [1] | |
Total (losses) gains (realized/unrealized) included in earnings, liabilities | 127 | [1] | ' | |
Net unrealized (losses) gains included in other comprehensive income, liabilities | 0 | [2] | 0 | [2] |
Purchases, liabilities | -17,897 | 0 | ||
Sales, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 0 | [3] | 0 | [3] |
Transfers out of Level 3, liabilities | 0 | [3] | 0 | [3] |
Balance, end of period, liabilities | ($20,330) | ($2,560) | ||
[1] | Included as part of net realized gains on investments in the consolidated statement of operations. | |||
[2] | Included as part of change in unrealized gains on securities in the consolidated statement of comprehensive income. | |||
[3] | Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs. |
Fair_Value_Disclosures_Carryin
Fair Value Disclosures (Carrying Value And Fair Value Of The Financial Instruments That Are Not Recognized Or Are Not Carried At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Funds withheld under reinsurance | $76,778 | $61,413 | ||
Nonrecurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commercial mortgage loans on real estate | 1,444,974 | 1,468,723 | ||
Policy loans | 51,678 | 52,938 | ||
Total financial assets | 1,496,652 | 1,521,661 | ||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 808,734 | [1] | 902,449 | [1] |
Funds withheld under reinsurance | 76,778 | 61,413 | ||
Debt | 1,656,588 | 1,050,920 | ||
Obligations under securities agreements | 95,206 | 94,714 | ||
Total financial liabilities | 2,637,306 | 2,109,496 | ||
Level 1 [Member] | Nonrecurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commercial mortgage loans on real estate | 0 | 0 | ||
Policy loans | 51,678 | 52,938 | ||
Total financial assets | 51,678 | 52,938 | ||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 0 | [1] | 0 | [1] |
Funds withheld under reinsurance | 76,778 | 61,413 | ||
Debt | 0 | 0 | ||
Obligations under securities agreements | 95,206 | 94,714 | ||
Total financial liabilities | 171,984 | 156,127 | ||
Level 2 [Member] | Nonrecurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commercial mortgage loans on real estate | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 0 | [1] | 0 | [1] |
Funds withheld under reinsurance | 0 | 0 | ||
Debt | 1,656,588 | 1,050,920 | ||
Obligations under securities agreements | 0 | 0 | ||
Total financial liabilities | 1,656,588 | 1,050,920 | ||
Level 3 [Member] | Nonrecurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commercial mortgage loans on real estate | 1,444,974 | 1,468,723 | ||
Policy loans | 0 | 0 | ||
Total financial assets | 1,444,974 | 1,468,723 | ||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 808,734 | [1] | 902,449 | [1] |
Funds withheld under reinsurance | 0 | 0 | ||
Debt | 0 | 0 | ||
Obligations under securities agreements | 0 | 0 | ||
Total financial liabilities | 808,734 | 902,449 | ||
Carrying Value [Member] | Nonrecurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Commercial mortgage loans on real estate | 1,287,032 | 1,311,682 | ||
Policy loans | 51,678 | 52,938 | ||
Total financial assets | 1,338,710 | 1,364,620 | ||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 809,628 | [1] | 862,398 | [1] |
Funds withheld under reinsurance | 76,778 | 61,413 | ||
Debt | 1,638,118 | 972,399 | ||
Obligations under securities agreements | 95,206 | 94,714 | ||
Total financial liabilities | $2,619,730 | $1,990,924 | ||
[1] | Only the fair value of the Companybs policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above. |
Premiums_And_Accounts_Receivab2
Premiums And Accounts Receivable (Schedule Of Allowance For Uncollectible Amounts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Premiums And Accounts Receivable [Abstract] | ' | ' |
Insurance premiums receivable | $941,460 | $718,148 |
Other receivables | 175,357 | 143,250 |
Allowance for uncollectible amounts | -36,646 | -31,371 |
Total | $1,080,171 | $830,027 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' |
Increase in valuation allowance related to deferred tax assets | ($3,383) | ($2,937) | $80,584 |
Total unrecognized tax benefit | 12,510 | 12,442 | 21,563 |
Recognized interest expense | 375 | 1,200 | 600 |
Penalties accrued | 0 | 0 | 0 |
Interest accrued | 4,500 | 4,300 | ' |
Net deferred income tax liability | 129,148 | 161,288 | ' |
Deferred tax liability, by jurisdiction | 155,858 | 197,898 | ' |
Deferred tax asset, by jurisdiction | 26,710 | 36,610 | ' |
Cumulative valuation allowance against deferred tax assets | 16,474 | 13,091 | ' |
Deferred tax asset | 1,041,985 | 1,144,979 | ' |
Cumulative amount of undistributed earnings | 143,522 | ' | ' |
Additional U.S. taxes incurrect net of anticipated foreign tax credits | 5,860 | ' | ' |
Operating Loss Carryforwards | 261,528 | ' | ' |
Capital Loss Carryforward [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Tax credit carryforward | $11,899 | ' | ' |
Income_Taxes_Information_About
Income Taxes (Information About Domestic And Foregin Pre-Tax Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Domestic | $716,172 | $686,571 | $637,708 |
Foreign | 73,527 | 71,180 | 68,419 |
Income before provision for income taxes | $789,699 | $757,751 | $706,127 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Federal & state | $129,204 | $169,394 | $233,576 |
Foreign | 35,188 | 33,520 | 8,970 |
Total current expense | 164,392 | 202,914 | 242,546 |
Federal & state | 131,336 | 71,372 | -89,732 |
Foreign | 5,064 | -240 | 14,357 |
Total deferred expense (benefit) | 136,400 | 71,132 | -75,375 |
Total income tax expense | $300,792 | $274,046 | $167,171 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Federal Income Tax Rate) (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Income Taxes [Abstract] | ' | ' | ' | |||
Federal income tax rate: | 35.00% | 35.00% | 35.00% | |||
Tax exempt interest | -1.00% | -1.30% | -1.30% | |||
Dividends received deduction | -0.70% | -0.60% | -0.60% | |||
Foreign earnings | 1.10% | [1] | 0.50% | [1] | 0.70% | [1] |
Change in valuation allowance | 0.00% | 0.00% | -11.50% | |||
Non deductible compensation | 3.40% | 1.10% | 0.00% | |||
IRS audit settlement | 0.00% | 1.00% | 0.00% | |||
Other | 0.30% | 0.50% | 1.40% | |||
Effective income tax rate: | 38.10% | 36.20% | 23.70% | |||
[1] | Results for all years primarily include tax expense/(benefit) associated with the earnings of certain non-U.S. subsidiaries that are deemed reinvested indefinitely and realization of foreign tax credits for certain other subsidiaries. |
Income_Taxes_Summary_Of_Unreco
Income Taxes (Summary Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at beginning of year | ($11,515) | ($17,524) | ($13,844) |
Additions based on tax positions related to the current year | -309 | -499 | -758 |
Reductions based on tax positions related to the current year | 995 | 3,124 | 997 |
Additions for tax positions of prior years | -1,090 | -20,830 | -5,512 |
Reductions for tax positions of prior years | 959 | 8,365 | 483 |
Lapses | 0 | 374 | 700 |
Settlements | 638 | 15,475 | 410 |
Balance at end of year | ($10,322) | ($11,515) | ($17,524) |
Income_Taxes_Summary_Of_Deferr
Income Taxes (Summary Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Policyholder and separate account reserves | $611,774 | $548,512 |
Accrued liabilities | 17,791 | 5,295 |
Investments, net | 119,410 | 206,517 |
Net operating loss carryforwards | 65,507 | 75,828 |
Capital loss carryforwards | 4,297 | 0 |
Deferred gain on disposal of businesses | 34,833 | 40,554 |
Compensation related | 21,713 | 46,456 |
Employee and post-retirement benefits | 81,725 | 122,599 |
Other | 101,409 | 112,309 |
Total deferred tax asset | 1,058,459 | 1,158,070 |
Less valuation allowance | -16,474 | -13,091 |
Deferred tax assets, net of valuation allowance | 1,041,985 | 1,144,979 |
Deferred acquisition costs | -894,921 | -799,966 |
Net unrealized appreciation on securities | -276,212 | -506,301 |
Total deferred tax liability | -1,171,133 | -1,306,267 |
Net deferred income tax liability | ($129,148) | ($161,288) |
Income_Taxes_Summary_Of_Net_Op
Income Taxes (Summary Of Net Operating Loss Carryforwards) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | $261,528 |
2014-2018 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | 22,989 |
2019-2023 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | 9,665 |
2024-2028 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | 6,981 |
2029-2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | 52,670 |
Unlimited [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net operating loss carryforwards | $169,223 |
Deferred_Acquisition_Costs_Sch
Deferred Acquisition Costs (Schedule Of Deferred Acquisition Costs) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Deferred Acquisition Costs [Abstract] | ' | ' | ' | |||
Beginning balance | $2,861,163 | $2,492,857 | $2,366,183 | |||
Costs deferred and other | 1,729,613 | [1] | 1,762,560 | [1] | 1,443,309 | [1] |
Amortization | -1,461,845 | -1,394,254 | -1,316,635 | |||
Ending balance | $3,128,931 | $2,861,163 | $2,492,857 | |||
[1] | Includes foreign currency translation |
Property_And_Equipment_Compone
Property And Equipment (Components Of Property And Equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property And Equipment [Abstract] | ' | ' | ' |
Land | $14,359 | $14,359 | ' |
Buildings and improvements | 249,034 | 236,444 | ' |
Furniture, fixtures and equipment | 477,617 | 481,382 | ' |
Total | 741,010 | 732,185 | ' |
Less accumulated depreciation | -487,380 | -481,389 | ' |
Total | 253,630 | 250,796 | ' |
Depreciation expenses | $50,652 | $49,595 | $55,193 |
Goodwill_Schedule_Of_Goodwill_
Goodwill (Schedule Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Abstract] | ' | ' | ' |
Goodwill, Gross, Beginning balance | $2,291,034 | $2,289,417 | $2,270,099 |
Accumulated impairment losses, Beginning balance | -1,650,320 | -1,650,320 | -1,650,320 |
Goodwill, Beginning Balance | 640,714 | 639,097 | 619,779 |
Additions | 142,554 | 0 | 19,608 |
Foreign currency translation and other | 1,293 | 1,617 | -290 |
Goodwill impairment | 0 | 0 | 0 |
Goodwill, Gross, Ending balance | 2,434,881 | 2,291,034 | 2,289,417 |
Accumulated impairment losses, Ending balance | -1,650,320 | -1,650,320 | -1,650,320 |
Goodwill, Ending Balance | $784,561 | $640,714 | $639,097 |
Goodwill_Goodwill_By_Segment_F
Goodwill (Goodwill By Segment For Impairment Test) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Goodwill, Gross, Beginning balance | $2,291,034 | $2,289,417 | $2,270,099 | ||
Accumulated impairment losses, Beginning balance | -1,650,320 | -1,650,320 | -1,650,320 | ||
Goodwill, Beginning Balance | 640,714 | 639,097 | 619,779 | ||
Additions/Acquisitions | 142,554 | 0 | 19,608 | ||
Foreign currency translation and other | 1,293 | 1,617 | -290 | ||
Impairment | 0 | 0 | 0 | ||
Goodwill, Gross, Ending balance | 2,434,881 | 2,291,034 | 2,289,417 | ||
Accumulated impairment losses, Ending balance | -1,650,320 | -1,650,320 | -1,650,320 | ||
Goodwill, Ending Balance | 784,561 | 640,714 | 639,097 | ||
Solutions [Member] | ' | ' | ' | ||
Goodwill, Gross, Beginning balance | 1,642,201 | [1] | 1,640,584 | [1] | ' |
Accumulated impairment losses, Beginning balance | -1,260,939 | [1] | -1,260,939 | [1] | ' |
Goodwill, Beginning Balance | 381,262 | [1] | 379,645 | [1] | ' |
Additions/Acquisitions | 113,646 | [1] | ' | ' | |
Foreign currency translation and other | 1,293 | [1] | 1,617 | [1] | ' |
Goodwill, Gross, Ending balance | 1,757,140 | [1] | 1,642,201 | [1] | ' |
Accumulated impairment losses, Ending balance | -1,260,939 | [1] | -1,260,939 | [1] | ' |
Goodwill, Ending Balance | 496,201 | [1] | 381,262 | [1] | ' |
Specialty Property [Member] | ' | ' | ' | ||
Goodwill, Gross, Beginning balance | 259,452 | 259,452 | ' | ||
Accumulated impairment losses, Beginning balance | 0 | 0 | ' | ||
Goodwill, Beginning Balance | 259,452 | 259,452 | ' | ||
Additions/Acquisitions | 28,908 | ' | ' | ||
Foreign currency translation and other | 0 | 0 | ' | ||
Goodwill, Gross, Ending balance | 288,360 | 259,452 | ' | ||
Accumulated impairment losses, Ending balance | 0 | 0 | ' | ||
Goodwill, Ending Balance | 288,360 | 259,452 | ' | ||
Health [Member] | ' | ' | ' | ||
Goodwill, Gross, Beginning balance | 204,303 | 204,303 | ' | ||
Accumulated impairment losses, Beginning balance | -204,303 | -204,303 | ' | ||
Goodwill, Beginning Balance | 0 | 0 | ' | ||
Additions/Acquisitions | 0 | ' | ' | ||
Foreign currency translation and other | 0 | 0 | ' | ||
Goodwill, Gross, Ending balance | 204,303 | 204,303 | ' | ||
Accumulated impairment losses, Ending balance | -204,303 | -204,303 | ' | ||
Goodwill, Ending Balance | 0 | 0 | ' | ||
Employee Benefits [Member] | ' | ' | ' | ||
Goodwill, Gross, Beginning balance | 185,078 | 185,078 | ' | ||
Accumulated impairment losses, Beginning balance | -185,078 | -185,078 | ' | ||
Goodwill, Beginning Balance | 0 | 0 | ' | ||
Additions/Acquisitions | 0 | ' | ' | ||
Foreign currency translation and other | 0 | 0 | ' | ||
Goodwill, Gross, Ending balance | 185,078 | 185,078 | ' | ||
Accumulated impairment losses, Ending balance | -185,078 | -185,078 | ' | ||
Goodwill, Ending Balance | $0 | $0 | ' | ||
[1] | The accumulated impairment loss relates to an acquisition made in 1999. The entity acquired had businesses that currently are primarily represented by the Assurant Solutions and Assurant Specialty Property segments. Prior to 2006, the Assurant Solutions and Assurant Specialty Property segments were combined and together called Assurant Solutions. Thus, the entire goodwill impairment recognized in 2002 due to the adoption of FAS 142 is included in the tables under the Assurant Solutions segment. |
VOBA_And_Other_Intangible_Asse2
VOBA And Other Intangible Assets (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | ' |
Valuation of Business Acquired and Other Intangible Assets [Line Items] | ' |
VOBA interest rate | 7.50% |
Minimum [Member] | ' |
Valuation of Business Acquired and Other Intangible Assets [Line Items] | ' |
VOBA interest rate | 5.40% |
VOBA_And_Other_Intangible_Asse3
VOBA And Other Intangible Assets (Information About VOBA) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
VOBA And Other Intangible Assets [Abstract] | ' | ' | ' |
Beginning balance | $62,109 | $71,014 | $82,208 |
Amortization, net of interest accrued | -8,442 | -8,961 | -11,153 |
Foreign currency translation and other | -118 | 56 | -41 |
Ending balance | $53,549 | $62,109 | $71,014 |
VOBA_And_Other_Intangible_Asse4
VOBA And Other Intangible Assets (Information About Other Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Carrying Value | $581,379 | [1] | $606,273 | [1] |
Accumulated Amortization | -226,743 | [1] | -343,279 | [1] |
Total other intangible assets | 354,636 | [1] | 262,994 | [1] |
Finite-lived intangible asset impairment charge | ' | 26,458 | ||
Amount removed from amortizable intangible assets that have no future value | 137,071 | ' | ||
Parent Company [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total other intangible assets | 9,889 | 10,496 | ||
Contract Based Intangibles [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Carrying Value | 61,179 | 68,083 | ||
Accumulated Amortization | -33,113 | -36,958 | ||
Total other intangible assets | 28,066 | 31,125 | ||
Customer Related Intangibles [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Carrying Value | 469,788 | [2] | 491,434 | [2] |
Accumulated Amortization | -170,690 | [2] | -272,783 | [2] |
Total other intangible assets | 299,098 | [2] | 218,651 | [2] |
Marketing Related Intangible [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Carrying Value | 36,652 | 46,396 | ||
Accumulated Amortization | -22,090 | -33,430 | ||
Total other intangible assets | 14,562 | 12,966 | ||
Technology Based Intangibles [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Carrying Value | 13,760 | 360 | ||
Accumulated Amortization | -850 | -108 | ||
Total other intangible assets | $12,910 | $252 | ||
[1] | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. | |||
[2] | Excluded from the 2012 customer related carrying value and accumulated amortization amounts is an impairment charge of $26,458. This impairment charge relates to the Assurant Solutions segment and is primarily related to the 2007 acquisitions of two U.K. mortgage insurance brokers. In 2012, persistency rates of the acquired business declined significantly following actions by an independent underwriter of the business, resulting in the impairment. |
VOBA_And_Other_Intangible_Asse5
VOBA And Other Intangible Assets (Future Amortization Expenses) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total other intangible assets | $354,636 | [1] | $262,994 | [1] |
Parent Company [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total other intangible assets | 9,889 | 10,496 | ||
VOBA [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
2014 | 7,983 | ' | ||
2015 | 7,589 | ' | ||
2016 | 7,219 | ' | ||
2017 | 6,891 | ' | ||
2018 | 6,644 | ' | ||
Thereafter | 17,223 | ' | ||
Finite-Lived Intangible Assets, Net, Total | 53,549 | ' | ||
Other Intangible Assets [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
2014 | 57,724 | ' | ||
2015 | 55,337 | ' | ||
2016 | 53,528 | ' | ||
2017 | 50,492 | ' | ||
2018 | 41,783 | ' | ||
Thereafter | 93,047 | ' | ||
Finite-Lived Intangible Assets, Net, Total | 351,911 | ' | ||
Total other intangible assets with indefinite lives | 2,725 | ' | ||
Total other intangible assets | $354,636 | ' | ||
[1] | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. |
Reserves_Narrative_Details
Reserves (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Policyholder benefits assumed | $1,271,851 | $1,309,087 | ' |
Amount of discounts deducted from outstanding reserves | 386,582 | 412,973 | ' |
Unfavorable development | $6,500 | ' | $11,400 |
Interest and discount rates range, minimum | 3.50% | 3.50% | ' |
Interest and discount rates range, maximum | 7.30% | 7.30% | ' |
Inflation percentage assumption | 3.00% | 3.00% | ' |
Percentage of inflation assumption for 2005 to 2007 | 2.30% | ' | ' |
Deferred annuity percentage | 1.00% | 5.50% | ' |
Interest rates credited on annuities | 3.50% | 4.00% | ' |
Guaranteed credited rate on annuities | 3.50% | 4.00% | ' |
Long Duration Contracts [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Percentage of discounted case reserves and IBNR claims 2010 and earlier | 5.25% | ' | ' |
Percentage of discounted case reserves and IBNR claims 2011 and 2012 | 4.75% | ' | ' |
Percentage of discounted case reserves and IBNR claims in 2013 | 4.25% | ' | ' |
Minimum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Description of interest and discount rates for traditional life insurance | 7.50% | ' | ' |
Percentage of future assumption policy benefit | 1.00% | ' | ' |
Percentage of discount rate | 1.50% | ' | ' |
Maximum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Description of interest and discount rates for traditional life insurance | ' | 5.30% | ' |
Percentage of future assumption policy benefit | ' | 7.00% | ' |
Percentage of discount rate | ' | 5.00% | ' |
Traditional life insurance, excluding block of pre-1980 business [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Description of interest and discount rates for traditional life insurance | 8.80% | 8.80% | ' |
Independent Division [Member] | Minimum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Withdrawal Charge | 0.00% | ' | ' |
Independent Division [Member] | Maximum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Withdrawal Charge | 7.00% | ' | ' |
AMLIC Division [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
First-year gauranteed benefit percentage increases | 0.00% | 0.00% | ' |
Renewal guaranteed benefit increases | 0.00% | 3.00% | ' |
Surrender Charge | 35.00% | ' | ' |
Guaranteed interest rate on nearly all of the preneed deferred annuity contracts | 3.00% | ' | ' |
AMLIC Division [Member] | Minimum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Withdrawal Charge | 8.00% | ' | ' |
Percentage of discount rate | 0.00% | ' | ' |
Interest rates based on deferred annuities | 1.00% | 1.00% | ' |
AMLIC Division [Member] | Maximum [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Withdrawal Charge | 0.00% | ' | ' |
Percentage of discount rate | ' | 7.50% | ' |
Renewal guaranteed benefit increases | 3.00% | 3.00% | ' |
Interest rates based on deferred annuities | 6.50% | 6.50% | ' |
Limited number of policies [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Credited interest rates on universal life funds | 4.50% | ' | ' |
Guaranteed crediting rates on universal life fund | 4.50% | ' | ' |
Majority of policies [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Credited interest rates on universal life funds | 4.00% | 4.10% | ' |
Guaranteed crediting rates on universal life fund | 4.00% | ' | ' |
Reserves_Summary_Of_Reserve_In
Reserves (Summary Of Reserve Information Of Major Product Lines) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | $8,646,572 | $8,513,505 |
Unearned Premiums | 6,662,672 | 6,192,260 |
Case Reserves | 2,425,174 | 2,733,292 |
Incurred But Not Reported Reserves | 964,197 | 1,227,298 |
Long Duration Contracts [Member] | Preneed Funeral Life Insurance Policies And Investment-Type Annuity Contracts [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 4,453,154 | 4,306,947 |
Unearned Premiums | 185,863 | 154,998 |
Case Reserves | 14,236 | 13,139 |
Incurred But Not Reported Reserves | 5,901 | 7,297 |
Long Duration Contracts [Member] | Life Insurance No Longer Offered [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 432,075 | 445,347 |
Unearned Premiums | 565 | 574 |
Case Reserves | 2,200 | 3,110 |
Incurred But Not Reported Reserves | 2,690 | 4,437 |
Long Duration Contracts [Member] | Universal Life And Other Products No Longer Offered [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 189,319 | 210,037 |
Unearned Premiums | 125 | 127 |
Case Reserves | 735 | 825 |
Incurred But Not Reported Reserves | 3,110 | 5,133 |
Long Duration Contracts [Member] | FFG, LTC And Other Disposed Businesses [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 3,440,947 | 3,424,511 |
Unearned Premiums | 34,158 | 35,862 |
Case Reserves | 740,704 | 713,258 |
Incurred But Not Reported Reserves | 75,195 | 55,661 |
Long Duration Contracts [Member] | Medical [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 94,436 | 89,540 |
Unearned Premiums | 10,454 | 10,293 |
Case Reserves | 3,840 | 6,831 |
Incurred But Not Reported Reserves | 9,799 | 10,016 |
Long Duration Contracts [Member] | All Other [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 36,641 | 37,123 |
Unearned Premiums | 475 | 455 |
Case Reserves | 14,943 | 15,786 |
Incurred But Not Reported Reserves | 8,422 | 8,904 |
Short Duration Contracts [Member] | Medical [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 125,817 | 111,351 |
Case Reserves | 68,869 | 99,549 |
Incurred But Not Reported Reserves | 153,313 | 148,209 |
Short Duration Contracts [Member] | All Other [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 132,691 | 107,594 |
Case Reserves | 3,203 | 2,246 |
Incurred But Not Reported Reserves | 16,575 | 17,499 |
Short Duration Contracts [Member] | Group Term Life [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 4,135 | 3,681 |
Case Reserves | 169,972 | 172,804 |
Incurred But Not Reported Reserves | 29,799 | 30,953 |
Short Duration Contracts [Member] | Group Disability [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 2,537 | 2,143 |
Case Reserves | 1,156,693 | 1,189,656 |
Incurred But Not Reported Reserves | 115,158 | 119,431 |
Short Duration Contracts [Member] | Dental [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 5,140 | 4,648 |
Case Reserves | 2,402 | 2,442 |
Incurred But Not Reported Reserves | 17,461 | 15,896 |
Short Duration Contracts [Member] | Property And Warranty [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 2,514,356 | 2,368,372 |
Case Reserves | 201,336 | 459,586 |
Incurred But Not Reported Reserves | 437,888 | 707,472 |
Short Duration Contracts [Member] | Credit Life And Disability [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 314,420 | 323,510 |
Case Reserves | 39,419 | 46,406 |
Incurred But Not Reported Reserves | 52,096 | 57,794 |
Short Duration Contracts [Member] | Extended Service Contracts [Member] | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' |
Future Policy Benefits and Expenses | 0 | 0 |
Unearned Premiums | 3,331,936 | 3,068,652 |
Case Reserves | 6,622 | 7,654 |
Incurred But Not Reported Reserves | $36,790 | $38,596 |
Reserves_Schedule_Of_Most_Sign
Reserves (Schedule Of Most Significant Claims And Benefits Payable) (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Net retained credit life and disability claims and benefits payable | $54,483 | $64,031 | $69,264 | ' | ||||
Group Term Life [Member] | ' | ' | ' | ' | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Gross of reinsurance, beginning balance | 203,757 | 219,770 | 219,284 | [1] | ' | |||
Less: Reinsurance ceded and other | -2,463 | [2] | -2,817 | [2] | -3,542 | [2] | -3,021 | [2] |
Net of reinsurance, beginning balance | 197,308 | [1] | 200,940 | [1] | 216,228 | [1] | 216,263 | |
Incurred losses, current year | 121,708 | 126,712 | 143,240 | ' | ||||
Incurred losses, prior year's interest | 7,773 | 7,993 | 8,164 | ' | ||||
Incurred losses, prior year(s) | -14,300 | -27,918 | -26,575 | ' | ||||
Total incurred losses | 115,181 | 106,787 | 124,829 | ' | ||||
Paid losses, current year | 75,119 | 79,071 | 85,374 | ' | ||||
Paid losses, prior year(s) | 43,694 | 43,004 | 39,490 | ' | ||||
Total paid losses | 118,813 | 122,075 | 124,864 | ' | ||||
Net of reinsurance, ending balance | 197,308 | [1] | 200,940 | [1] | 216,228 | [1] | 216,263 | |
Plus: Reinsurance ceded and other | 2,463 | [2] | 2,817 | [2] | 3,542 | [2] | 3,021 | [2] |
Gross of reinsurance, ending balance | 199,771 | [1] | 203,757 | 219,770 | ' | |||
Group Disability [Member] | ' | ' | ' | ' | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Gross of reinsurance, beginning balance | 1,309,087 | 1,377,416 | 1,404,274 | [1] | ' | |||
Less: Reinsurance ceded and other | -38,990 | [2] | -38,166 | [2] | -37,370 | [2] | -37,182 | [2] |
Net of reinsurance, beginning balance | 1,232,861 | [1] | 1,270,921 | [1] | 1,340,046 | [1] | 1,367,092 | |
Incurred losses, current year | 284,005 | 287,459 | 326,036 | ' | ||||
Incurred losses, prior year's interest | 56,705 | 58,502 | 60,908 | ' | ||||
Incurred losses, prior year(s) | -29,975 | -58,562 | -63,834 | ' | ||||
Total incurred losses | 310,735 | 287,399 | 323,110 | ' | ||||
Paid losses, current year | 70,236 | 68,269 | 65,287 | ' | ||||
Paid losses, prior year(s) | 278,559 | 288,255 | 284,869 | ' | ||||
Total paid losses | 348,795 | 356,524 | 350,156 | ' | ||||
Net of reinsurance, ending balance | 1,232,861 | [1] | 1,270,921 | [1] | 1,340,046 | [1] | 1,367,092 | |
Plus: Reinsurance ceded and other | 38,990 | [2] | 38,166 | [2] | 37,370 | [2] | 37,182 | [2] |
Gross of reinsurance, ending balance | 1,271,851 | [1] | 1,309,087 | 1,377,416 | ' | |||
Short Duration Medical [Member] | ' | ' | ' | ' | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Gross of reinsurance, beginning balance | 247,758 | [3] | 268,934 | [3] | 290,390 | [1],[3] | ' | |
Less: Reinsurance ceded and other | -14,978 | [2],[3] | -16,447 | [2],[3] | -17,904 | [2],[3] | -15,562 | [2],[3] |
Net of reinsurance, beginning balance | 207,204 | [1],[3] | 231,311 | [1],[3] | 251,030 | [1],[3] | 274,828 | [3] |
Incurred losses, current year | 1,097,313 | [3] | 1,130,525 | [3] | 1,238,393 | [3] | ' | |
Incurred losses, prior year's interest | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Incurred losses, prior year(s) | -42,063 | [3] | -52,515 | [3] | -60,247 | [3] | ' | |
Total incurred losses | 1,055,250 | [3] | 1,078,010 | [3] | 1,178,146 | [3] | ' | |
Paid losses, current year | 894,533 | [3] | 903,984 | [3] | 993,687 | [3] | ' | |
Paid losses, prior year(s) | 184,824 | [3] | 193,745 | [3] | 208,257 | [3] | ' | |
Total paid losses | 1,079,357 | [3] | 1,097,729 | [3] | 1,201,944 | [3] | ' | |
Net of reinsurance, ending balance | 207,204 | [1],[3] | 231,311 | [1],[3] | 251,030 | [1],[3] | 274,828 | [3] |
Plus: Reinsurance ceded and other | 14,978 | [2],[3] | 16,447 | [2],[3] | 17,904 | [2],[3] | 15,562 | [2],[3] |
Gross of reinsurance, ending balance | 222,182 | [1],[3] | 247,758 | [3] | 268,934 | [3] | ' | |
Long Duration Medical [Member] | ' | ' | ' | ' | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Gross of reinsurance, beginning balance | 16,847 | [3] | 18,555 | [3] | 18,559 | [1],[3] | ' | |
Less: Reinsurance ceded and other | -618 | [2],[3] | -736 | [2],[3] | -2,964 | [2],[3] | -703 | [2],[3] |
Net of reinsurance, beginning balance | 13,021 | [1],[3] | 16,111 | [1],[3] | 15,591 | [1],[3] | 17,856 | [3] |
Incurred losses, current year | 110,933 | [3] | 99,887 | [3] | 92,009 | [3] | ' | |
Incurred losses, prior year's interest | 0 | [3] | 0 | [3] | 0 | [3] | ' | |
Incurred losses, prior year(s) | -3,971 | [3] | -3,831 | [3] | -3,579 | [3] | ' | |
Total incurred losses | 106,962 | [3] | 96,056 | [3] | 88,430 | [3] | ' | |
Paid losses, current year | 98,183 | [3] | 84,071 | [3] | 76,792 | [3] | ' | |
Paid losses, prior year(s) | 11,869 | [3] | 11,465 | [3] | 13,903 | [3] | ' | |
Total paid losses | 110,052 | [3] | 95,536 | [3] | 90,695 | [3] | ' | |
Net of reinsurance, ending balance | 13,021 | [1],[3] | 16,111 | [1],[3] | 15,591 | [1],[3] | 17,856 | [3] |
Plus: Reinsurance ceded and other | 618 | [2],[3] | 736 | [2],[3] | 2,964 | [2],[3] | 703 | [2],[3] |
Gross of reinsurance, ending balance | 13,639 | [1],[3] | 16,847 | [3] | 18,555 | [3] | ' | |
Property And Warranty [Member] | ' | ' | ' | ' | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ||||
Gross of reinsurance, beginning balance | 1,167,058 | 570,692 | 518,431 | [1] | ' | |||
Less: Reinsurance ceded and other | -183,315 | [2] | -715,058 | [2] | -189,977 | [2] | -149,032 | [2] |
Net of reinsurance, beginning balance | 455,909 | [1] | 452,000 | [1] | 380,715 | [1] | 369,399 | |
Incurred losses, current year | 1,140,500 | 1,142,285 | 997,563 | ' | ||||
Incurred losses, prior year's interest | 0 | 0 | 0 | ' | ||||
Incurred losses, prior year(s) | -23,801 | -46,006 | -26,849 | ' | ||||
Total incurred losses | 1,116,699 | 1,096,279 | 970,714 | ' | ||||
Paid losses, current year | 802,130 | 797,492 | 740,451 | ' | ||||
Paid losses, prior year(s) | 310,660 | 227,502 | 218,947 | ' | ||||
Total paid losses | 1,112,790 | 1,024,994 | 959,398 | ' | ||||
Net of reinsurance, ending balance | 455,909 | [1] | 452,000 | [1] | 380,715 | [1] | 369,399 | |
Plus: Reinsurance ceded and other | 183,315 | [2] | 715,058 | [2] | 189,977 | [2] | 149,032 | [2] |
Gross of reinsurance, ending balance | $639,224 | [1] | $1,167,058 | $570,692 | ' | |||
[1] | The Companybs net retained credit life and disability claims and benefits payable were $54,483, $64,031 and $69,264 at December 31, 2013, 2012 and 2011. | |||||||
[2] | Reinsurance ceded and other includes claims and benefits payable balances that have either been (a)B reinsured to third parties, (b)B established for claims related expenses whose subsequent payment is not recorded as a paid claim, or (c)B reserves established for obligations that would persist even if contracts were cancelled (such as extension of benefits), which cannot be analyzed appropriately under a roll-forward approach. | |||||||
[3] | Short duration and long duration medical methodologies used for settling claims and benefits payable are similar. |
Reinsurance_Narrative_Details
Reinsurance (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 30, 2012 | Jun. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Largest Reinsurance Recoverable Balances [Member] | January 30, 2012 Ibis Re II Ltd. Agreement [Member] | January 30, 2012 Ibis Re II Ltd. Agreement [Member] | June 26, 2013 Ibis Re II Ltd. Agreement [Member] | Ibis Re Ltd. Agreements [Member] | Hartford [Member] | Hartford [Member] | John Hancock [Member] | John Hancock [Member] | ||||
Reinsurance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance recoverables | $5,752,134 | $6,141,737 | ' | $3,680,176 | ' | ' | ' | ' | $1,101,847 | $1,125,472 | $2,578,329 | $2,494,275 |
Allowance for doubtful accounts | 10,820 | 10,633 | 10,633 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Invested assets held in trusts | 1,035,617 | 1,069,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance coverage | ' | ' | ' | ' | ' | 130,000 | 185,000 | 315,000 | ' | ' | ' | ' |
Reinsurance coverage period (in years) | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | ' |
First event coverage, percentage | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ceded Losses | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance_Reinsurance_Recove
Reinsurance (Reinsurance Recoverable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Ceded Credit Risk [Line Items] | ' | ' |
Reinsurance recoverables | $5,752,134 | $6,141,737 |
Ceded Future Policyholder Benefits And Expense [Member] | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' |
Reinsurance recoverables | 3,355,706 | 3,338,783 |
Ceded Unearned Premiums [Member] | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' |
Reinsurance recoverables | 1,283,674 | 1,214,028 |
Ceded Claims And Benefits Payable [Member] | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' |
Reinsurance recoverables | 1,053,640 | 1,540,073 |
Ceded Paid Losses [Member] | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' |
Reinsurance recoverables | $59,114 | $48,853 |
Reinsurance_Schedule_Of_Rating
Reinsurance (Schedule Of Rating For Existing Reinsurance) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | $5,762,954 | ' | ' |
Less: Allowance | -10,820 | -10,633 | -10,633 |
Net reinsurance recoverable | 5,752,134 | 6,141,737 | ' |
AM Best A++ or A+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 2,627,440 | ' | ' |
AM Best A or A- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,675,351 | ' | ' |
AM Best B++ Rating or B+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 62,609 | ' | ' |
AM Best B or B- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 838 | ' | ' |
Not Rated [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,396,716 | ' | ' |
Ceded Future Policyholder Benefits And Expense [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 3,355,706 | ' | ' |
Less: Allowance | 0 | ' | ' |
Net reinsurance recoverable | 3,355,706 | 3,338,783 | ' |
Ceded Future Policyholder Benefits And Expense [Member] | AM Best A++ or A+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,846,063 | ' | ' |
Ceded Future Policyholder Benefits And Expense [Member] | AM Best A or A- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,469,989 | ' | ' |
Ceded Future Policyholder Benefits And Expense [Member] | AM Best B++ Rating or B+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 38,038 | ' | ' |
Ceded Future Policyholder Benefits And Expense [Member] | AM Best B or B- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 0 | ' | ' |
Ceded Future Policyholder Benefits And Expense [Member] | Not Rated [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,616 | ' | ' |
Ceded Unearned Premiums [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,283,674 | ' | ' |
Less: Allowance | 0 | ' | ' |
Net reinsurance recoverable | 1,283,674 | 1,214,028 | ' |
Ceded Unearned Premiums [Member] | AM Best A++ or A+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 37,671 | ' | ' |
Ceded Unearned Premiums [Member] | AM Best A or A- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 45,199 | ' | ' |
Ceded Unearned Premiums [Member] | AM Best B++ Rating or B+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 21,139 | ' | ' |
Ceded Unearned Premiums [Member] | AM Best B or B- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 561 | ' | ' |
Ceded Unearned Premiums [Member] | Not Rated [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,179,104 | ' | ' |
Ceded Claims And Benefits Payable [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 1,053,640 | ' | ' |
Less: Allowance | 0 | ' | ' |
Net reinsurance recoverable | 1,053,640 | 1,540,073 | ' |
Ceded Claims And Benefits Payable [Member] | AM Best A++ or A+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 741,151 | ' | ' |
Ceded Claims And Benefits Payable [Member] | AM Best A or A- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 146,204 | ' | ' |
Ceded Claims And Benefits Payable [Member] | AM Best B++ Rating or B+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 3,427 | ' | ' |
Ceded Claims And Benefits Payable [Member] | AM Best B or B- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 207 | ' | ' |
Ceded Claims And Benefits Payable [Member] | Not Rated [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 162,651 | ' | ' |
Ceded Paid Losses [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 69,934 | ' | ' |
Less: Allowance | -10,820 | ' | ' |
Net reinsurance recoverable | 59,114 | 48,853 | ' |
Ceded Paid Losses [Member] | AM Best A++ or A+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 2,555 | ' | ' |
Ceded Paid Losses [Member] | AM Best A or A- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 13,959 | ' | ' |
Ceded Paid Losses [Member] | AM Best B++ Rating or B+ [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 5 | ' | ' |
Ceded Paid Losses [Member] | AM Best B or B- [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | 70 | ' | ' |
Ceded Paid Losses [Member] | Not Rated [Member] | ' | ' | ' |
Ceded Credit Risk [Line Items] | ' | ' | ' |
Best Ratings of Reinsurer | $53,345 | ' | ' |
Reinsurance_Valuation_Allowanc
Reinsurance (Valuation Allowance For Reinsurance Recoverable) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance [Abstract] | ' | ' |
Balance as of beginning-of-year | $10,633 | $10,633 |
Provision | 187 | 0 |
Other additions | 0 | 0 |
Direct write-downs charged against the allowance | 0 | 0 |
Balance as of the end-of-year | $10,820 | $10,633 |
Reinsurance_Effect_Of_Reinsura
Reinsurance (Effect Of Reinsurance On Premiums Earned And Benefits Incurred) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance [Line Items] | ' | ' | ' |
Direct earned premiums and other considerations | $9,848,656 | $9,279,927 | $9,138,227 |
Premiums assumed | 315,097 | 290,696 | 319,968 |
Premiums ceded | -2,403,957 | -2,333,639 | -2,332,827 |
Net amount | 7,759,796 | 7,236,984 | 7,125,368 |
Direct policyholder benefits | 4,639,958 | 5,061,922 | 4,728,128 |
Policyholder benefits assumed | 234,290 | 201,262 | 257,987 |
Policyholder benefits ceded | -1,198,716 | -1,607,780 | -1,236,381 |
Net policyholder benefits | 3,675,532 | 3,655,404 | 3,749,734 |
Long Duration [Member] | ' | ' | ' |
Reinsurance [Line Items] | ' | ' | ' |
Direct earned premiums and other considerations | 555,368 | 568,308 | 584,532 |
Premiums assumed | 10,117 | 12,536 | 13,048 |
Premiums ceded | -304,064 | -322,428 | -330,523 |
Net amount | 261,421 | 258,416 | 267,057 |
Direct policyholder benefits | 933,110 | 909,670 | 1,074,435 |
Policyholder benefits assumed | 22,844 | 27,681 | 29,619 |
Policyholder benefits ceded | -590,281 | -581,890 | -734,970 |
Net policyholder benefits | 365,673 | 355,461 | 369,084 |
Short Duration [Member] | ' | ' | ' |
Reinsurance [Line Items] | ' | ' | ' |
Direct earned premiums and other considerations | 9,293,288 | 8,711,619 | 8,553,695 |
Premiums assumed | 304,980 | 278,160 | 306,920 |
Premiums ceded | -2,099,893 | -2,011,211 | -2,002,304 |
Net amount | 7,498,375 | 6,978,568 | 6,858,311 |
Direct policyholder benefits | 3,706,848 | 4,152,252 | 3,653,693 |
Policyholder benefits assumed | 211,446 | 173,581 | 228,368 |
Policyholder benefits ceded | -608,435 | -1,025,890 | -501,411 |
Net policyholder benefits | $3,309,859 | $3,299,943 | $3,380,650 |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2004 | Sep. 15, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Aug. 15, 2013 | Feb. 15, 2013 | Aug. 15, 2012 | Feb. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2004 | Dec. 31, 2013 | Feb. 29, 2004 | Feb. 28, 2004 | Dec. 31, 2013 | Feb. 29, 2004 | |
Senior Notes 2004, Second Series [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
Senior Notes 2013 [Member] | Senior Notes 2013 [Member] | Senior Notes 2013 [Member] | Senior Notes 2013, First Series [Member] | Senior Notes 2013, First Series [Member] | Senior Notes 2013, Second Series [Member] | Senior Notes 2013, Second Series [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004 [Member] | Senior Notes 2004, First Series [Member] | Senior Notes 2004, First Series [Member] | Senior Notes 2004, First Series [Member] | Senior Notes 2004, Second Series [Member] | Senior Notes 2004, Second Series [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes with an aggregate principal amount | ' | ' | ' | ' | ' | ' | $700,000,000 | ' | $350,000,000 | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | $975,000,000 | ' | ' | $500,000,000 | ' | $475,000,000 |
Proceeds from Issuance of Long-term Debt | 698,093,000 | 0 | 0 | ' | ' | 698,093,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 971,537,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes unamortized discount | ' | ' | ' | ' | ' | 1,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,463,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | 6.75% | ' | ' | ' | ' | 2.50% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.63% | ' | ' | ' |
Senior notes maturity date | ' | ' | ' | ' | ' | ' | ' | 15-Mar-18 | ' | 15-Mar-23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Feb-14 | ' | ' | 15-Feb-34 | ' |
Senior notes discount rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | 0.37% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.11% | ' | ' | 0.61% |
Repurchase of debt | 33,634,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,670,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinuishment of debt | -964,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 964,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest expense | 77,735,000 | 60,306,000 | 60,360,000 | ' | ' | 17,357,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,414,000 | 60,306,000 | 60,360,000 | ' | ' | ' | ' | ' | ' |
Senior notes accrued interest | ' | ' | ' | ' | ' | 6,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,876,000 | 22,570,000 | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest payment | ' | ' | ' | ' | $10,553,000 | ' | ' | ' | ' | ' | ' | $30,094,000 | $30,094,000 | $30,094,000 | $30,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Credit_Facility_Details
Debt (Credit Facility) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
JP Morgan Chase Bank, N.A. and Bank of America, N.A [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Commercial Paper [Member] | Commercial Paper [Member] | |
Credit Facility 2011 [Member] | JP Morgan Chase Bank, N.A. and Bank of America, N.A [Member] | JP Morgan Chase Bank, N.A. and Bank of America, N.A [Member] | JP Morgan Chase Bank, N.A. and Bank of America, N.A [Member] | Credit Facility 2011 [Member] | Credit Facility 2011 [Member] | |||
Credit Facility 2011 [Member] | Credit Facility 2011 [Member] | Credit Facility 2011 [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior revolving credit facility borrowing capacity | ' | ' | ' | $350,000 | ' | $350,000 | ' | ' |
Term of debt instrument | ' | ' | ' | ' | '4 years | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | 21-Sep-11 | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | 1-Sep-15 | ' | ' | ' |
Sublimit for letters of credit issued | ' | ' | 50,000 | ' | ' | ' | ' | ' |
Senior revolving credit facility available capacity | ' | ' | ' | 345,740 | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | 525,000 | ' | ' | ' |
Amount outstanding | 0 | 4,260 | ' | ' | ' | ' | 0 | 0 |
Borrowings | $0 | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Details
Common Stock (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares outstanding, beginning | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,664,029 | 78,664,029 | 88,524,374 | 102,000,371 | |||
Issuance related to ESPP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,573 | 213,942 | 217,787 | |||
Number of shares repurchased | -477,500 | -270,000 | -786,676 | -735,525 | -814,900 | -376,300 | -459,412 | -1,383,080 | -1,803,621 | -600,000 | 0 | 0 | -7,707,014 | -10,899,460 | -14,088,540 | |||
Shares outstanding, ending | 71,828,208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,828,208 | 78,664,029 | 88,524,374 | |||
Shares authorized | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 800,000,000 | ' | |||
Restricted Stock and Restricted Stock Units, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Vested restricted stock and restricted stock units, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340,525 | [1] | 370,244 | [1] | 336,919 | [1] |
Performance Share Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Vested restricted stock and restricted stock units, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 424,537 | ' | ' | |||
Issuance of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,025 | 403,519 | 0 | |||
SARS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,070 | 51,410 | 57,837 | |||
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares authorized | 150,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,001 | ' | ' | |||
Common Class C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares authorized | 400,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,001 | ' | ' | |||
[1] | Vested restricted stock and restricted stock units shown net of shares retired to cover participant tax liability |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-10 | 31-May-08 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2014 | Jul. 31, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units [Member] | Performance Share Units [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Equity Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Directors Compensation Plan [Member] | Directors Compensation Plan [Member] | ||||
Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Performance Share Units [Member] | Performance Share Units [Member] | Performance Share Units [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture rate | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's common stock authorized to employees | ' | ' | ' | ' | ' | 5,300,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
RSU vesting terms for employees and directors | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout level minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout level maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout level target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues benchmark for performance payout | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | ' | ' | $26,734,000 | $22,158,000 | $20,100,000 | $22,257,000 | $14,045,000 | $14,355,000 | ' | ' | ' | ' | ' | $1,098,000 | $1,396,000 | $1,306,000 | $0 | $0 |
Compensation expenses income tax benefit | ' | ' | ' | ' | ' | ' | ' | 9,343,000 | 7,746,000 | 7,012,000 | 7,774,000 | 4,911,000 | 5,005,000 | ' | ' | ' | ' | ' | 208,000 | 157,000 | 180,000 | ' | ' |
Weighted average grant date fair value | ' | ' | ' | $45.27 | $44.22 | ' | ' | ' | $40.72 | $38.05 | ' | $41.68 | $37.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | 14,390,000 | ' | ' | 15,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | ' | ' | ' | ' | ' | ' | ' | '1 year 15 days | ' | ' | '8 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares vested and issued during the period | ' | ' | ' | ' | ' | ' | ' | 24,812,000 | 23,177,000 | 18,060,000 | 19,392,000 | 24,403,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares granted | ' | ' | ' | 525,124 | 408,808 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock price purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' |
Participants' maximum contribution per offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | ' | ' | ' | ' |
Participants' maximum contribution per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000 | ' | ' | ' | ' |
Number of hours worked | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 hours | ' | ' | ' | ' |
Permanent employee work eligibility (months worked per year) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 months | ' | ' | ' | ' |
Number of continuous months worked | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' |
Non temporary employee requirement (months employed) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' |
Maximum number of days for leave of absence | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' |
Maximum number of shares can be purchased each offering period per employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' |
Common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,746 | 110,038 | 107,535 | 110,699 | ' | ' | ' | ' | ' |
Discounted price of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46.36 | $31.93 | $31.23 | $31.36 | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary Of Company's Outstanding Restricted Stock Units) (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares outstanding, Number of Shares, Beginning Balance | 1,206,015 |
Shares outstanding, Weighted-Average Grant-Date Fair Value, Beginning Balance | $38.22 |
Grants, Number of Shares | 525,124 |
Grants, Weighted-Average Grant-Date Fair Value | $45.27 |
Vests, Number of Shares | -548,494 |
Vests, Weighted-Average Grant-Date Fair Value | $37.38 |
Forfeitures, Number of Shares | -22,555 |
Forfeitures, Weighted-Average Grant-Date Fair Value | $40.96 |
Shares outstanding, Number of Shares, Ending Balance | 1,160,090 |
Shares outstanding, Weighted-Average Grant-Date Fair Value, Ending Balance | $41.77 |
Stock_Based_Compensation_Sched
Stock Based Compensation (Schedule Of Company's Outstanding Performance Share Units) (Details) (Performance Share Units [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Performance Share Units [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Shares outstanding, Number of Shares, Beginning Balance | 1,204,383 | |
Shares outstanding, Weighted-Average Grant-Date Fair Value, Beginning Balance | $37.51 | |
Grants, Number of Shares | 408,808 | |
Grants, Weighted-Average Grant-Date Fair Value | $44.22 | |
Vests, Number of Shares | -424,537 | |
Performance adjustment, Number of Shares | 16,285 | [1] |
Vests, Weighted-Average Grant-Date Fair Value | $33.12 | [1] |
Forfeitures, Number of Shares | -18,110 | |
Forfeitures and adjustments, Weighted-Average Grant-Date Fair Value | $41.73 | |
Shares outstanding, Number of Shares, Ending Balance | 1,186,829 | |
Shares outstanding, Weighted-Average Grant-Date Fair Value, Ending Balance | $41.28 | |
[1] | Represents the change in shares issued based upon the attainment of performance goals established by the Company. |
Stock_Based_Compensation_Sched1
Stock Based Compensation (Schedule Of Estimation Of Fair Value Of Awards) (Details) (Performance Share Units [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 26.76% | 30.18% | 59.39% |
Expected term (years) | '2 years 9 months 18 days | '2 years 9 months 22 days | '2 years 9 months 22 days |
Risk free interest rates | 0.39% | 0.42% | 1.18% |
Stock_Based_Compensation_Sched2
Stock Based Compensation (Schedule of Company's Share-Based Payment Award, ESPP, Valuation Assumptions) (Details) (Employee Stock Purchase Plan [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Expected volatility, minimum | 18.30% | 25.26% | 27.13% |
Expected volatility, maximum | 25.40% | 36.77% | -32.41% |
Risk free interest rates, minimum | 0.08% | 0.06% | 0.19% |
Risk free interest rates, maximum | 0.15% | 0.10% | 0.22% |
Expected term (years) | '6 months | '6 months | '6 months |
Minimum [Member] | ' | ' | ' |
Dividend yield | 2.34% | 1.72% | 1.64% |
Expected term (years) | '6 months | ' | ' |
Maximum [Member] | ' | ' | ' |
Dividend yield | 2.38% | 1.95% | 1.85% |
Stock_Repurchase_Narrative_Det
Stock Repurchase (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 18, 2013 | 14-May-12 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Repurchase [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common stock repurchase authorized, value | $600,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value remaining under total repurchase authorization | 752,436 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 704,874 | ' | ' |
Number of shares repurchased | ' | ' | 477,500 | 270,000 | 786,676 | 735,525 | 814,900 | 376,300 | 459,412 | 1,383,080 | 1,803,621 | 600,000 | 0 | 0 | 7,707,014 | 10,899,460 | 14,088,540 |
Shares repurchased, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $398,026 | ' | ' |
Stock_Repurchase_Shares_Repurc
Stock Repurchase (Shares Repurchased) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Repurchase [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Purchased | 477,500 | 270,000 | 786,676 | 735,525 | 814,900 | 376,300 | 459,412 | 1,383,080 | 1,803,621 | 600,000 | 0 | 0 | 7,707,014 | 10,899,460 | 14,088,540 |
Average Price Paid Per Share | $65.27 | $60.79 | $57.13 | $54.77 | $55.01 | $52.68 | $50.08 | $48.92 | $46.29 | $44.28 | $0 | $0 | $51.66 | ' | ' |
Total Number of Shares Purchased as Part of Publicly Announced Programs | 477,500 | 270,000 | 786,676 | 735,525 | 814,900 | 376,300 | 459,412 | 1,383,080 | 1,803,621 | 600,000 | 0 | 0 | 7,707,014 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income, Net of Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | $830,403 | $557,576 | $286,935 |
Other comprehensive (loss) income before reclassifications | -448,801 | 230,246 | 245,394 |
Amounts reclassified from accumulated other comprehensive income | 45,228 | 42,581 | 25,247 |
Total other comprehensive (loss) income | -403,573 | 272,827 | 270,641 |
Accumulated other comprehensive income, Ending balance | 426,830 | 830,403 | 557,576 |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | 6,882 | 10,918 | 33,508 |
Other comprehensive (loss) income before reclassifications | -45,649 | -4,036 | -22,590 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Total other comprehensive (loss) income | -45,649 | -4,036 | -22,590 |
Accumulated other comprehensive income, Ending balance | -38,767 | 6,882 | 10,918 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | 981,879 | 713,773 | 413,255 |
Other comprehensive (loss) income before reclassifications | -478,853 | 240,603 | 284,611 |
Amounts reclassified from accumulated other comprehensive income | 23,045 | 27,503 | 15,907 |
Total other comprehensive (loss) income | -455,808 | 268,106 | 300,518 |
Accumulated other comprehensive income, Ending balance | 526,071 | 981,879 | 713,773 |
Accumulated Other-than-Temporary Impairment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | 23,861 | 15,387 | 12,568 |
Other comprehensive (loss) income before reclassifications | -2,237 | 8,551 | 3,813 |
Amounts reclassified from accumulated other comprehensive income | 4,803 | -77 | -994 |
Total other comprehensive (loss) income | 2,566 | 8,474 | 2,819 |
Accumulated other comprehensive income, Ending balance | 26,427 | 23,861 | 15,387 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, Beginning balance | -182,219 | -182,502 | -172,396 |
Other comprehensive (loss) income before reclassifications | 77,938 | -14,872 | -20,440 |
Amounts reclassified from accumulated other comprehensive income | 17,380 | 15,155 | 10,334 |
Total other comprehensive (loss) income | 95,318 | 283 | -10,106 |
Accumulated other comprehensive income, Ending balance | ($86,901) | ($182,219) | ($182,502) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net realized gains on investments, excluding other-than-temporary impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | $38,912 | $66,196 | $40,416 | |||
Portion of net loss (gain) recognized in other comprehensive income, before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 129 | 96 | 347 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -300,792 | -274,046 | -167,171 | |||
Net income | 108,816 | 128,788 | 133,523 | 117,780 | 24,987 | 126,288 | 169,170 | 163,260 | 488,907 | 483,705 | 538,956 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 789,699 | 757,751 | 706,127 | |||
Reclassification out of Accumulated other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 45,228 | 42,581 | 25,247 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net realized gains on investments, excluding other-than-temporary impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | 35,454 | 42,312 | 24,472 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -12,409 | -14,809 | -8,565 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 23,045 | 27,503 | 15,907 | |||
Accumulated Other-than-Temporary Impairment [Member] | Reclassification out of Accumulated other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Portion of net loss (gain) recognized in other comprehensive income, before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,389 | -118 | -1,529 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,586 | 41 | 535 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,803 | -77 | -994 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -9,359 | -8,160 | -5,565 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17,380 | 15,155 | 10,334 | |||
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -77 | [1] | -152 | [1] | 1,070 | [1] |
Amortization of net loss | ' | ' | ' | ' | ' | ' | ' | ' | 26,816 | [1] | 23,467 | [1] | 14,829 | [1] |
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $26,739 | $23,315 | $15,899 | |||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 20 - Retirement and Other Employee Benefits for additional information |
Statutory_Information_Narrativ
Statutory Information (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Statutory Accounting Practices [Line Items] | ' |
Statutory surplus, percentage | 10.00% |
Maximum dividend paid | $484,000 |
Life Companies [Member] | ' |
Statutory Accounting Practices [Line Items] | ' |
Total adjusted capital | 999,804 |
Authorized control level | 166,551 |
P&C Companies [Member] | ' |
Statutory Accounting Practices [Line Items] | ' |
Total adjusted capital | 1,440,394 |
Authorized control level | $205,819 |
Minimum [Member] | ' |
Statutory Accounting Practices [Line Items] | ' |
Risk Based Capital Ratio Requirement, Company Action Level | 100.00% |
Maximum [Member] | ' |
Statutory Accounting Practices [Line Items] | ' |
Risk Based Capital Ratio Requirement, Authorized Control Level | 100.00% |
Risk Based Capital Ratio Requirement, Company Action Level | 200.00% |
Statutory_Information_Summary_
Statutory Information (Summary Of Statutory Net Income And Capital And Surplus) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Total statutory net income | $605,919 | $595,039 | $515,869 |
Total statutory capital and surplus | 2,364,054 | 2,356,191 | ' |
P&C Companies [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Total statutory net income | 457,068 | 371,520 | 367,315 |
Total statutory capital and surplus | 1,440,394 | 1,382,745 | ' |
Life Companies [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Total statutory net income | 148,851 | 223,519 | 148,554 |
Total statutory capital and surplus | $923,660 | $973,446 | ' |
Retirement_And_Other_Employee_2
Retirement And Other Employee Benefits (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Percentage of Assurant Pension Plan deficit added to amount of service cost | 15.00% | ' | ' | |
Pension Contributions | $50,000 | ' | ' | |
Future Pension Contributions | 30,000 | ' | ' | |
Funded status percentage | 127.72% | ' | ' | |
Length of averaging method | '5 years | ' | ' | |
Number of bonds in yield curve that is utilized in the cash flow analysis for the pension plan | 208 | ' | ' | |
Percentage of actual return on plan assets | 9.00% | 13.60% | ' | |
Amounts expensed by contribution plan | 39,263 | 37,237 | 33,337 | |
Pension Benefits [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Future Pension Contributions | 30,000 | ' | ' | |
Net loss amortized from AOCI into net periodic benefit cost over the next fiscal year | 10,563 | ' | ' | |
Prior service cost amortized from AOCI into net periodic benefit cost over the next fiscal year | 847 | ' | ' | |
Retirement Health Benefits [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Future Pension Contributions | 0 | ' | ' | |
Net loss amortized from AOCI into net periodic benefit cost over the next fiscal year | 516 | ' | ' | |
Prior service cost amortized from AOCI into net periodic benefit cost over the next fiscal year | $933 | ' | ' | |
Equity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Percentage of plan assets invested | 30.00% | ' | ' | |
Weighted average plan asset allocation | 43.60% | ' | ' | |
Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Percentage of plan assets invested | 27.00% | [1],[2] | ' | ' |
Weighted average plan asset allocation | 64.20% | ' | ' | |
Investment Funds [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Percentage of plan assets invested | 20.00% | ' | ' | |
MIMSF [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Actual plan asset allocations | 8.00% | ' | ' | |
Fixed Maturity Securities [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Percentage of plan assets invested | 50.00% | ' | ' | |
Weighted average plan asset allocation | 44.40% | ' | ' | |
Fixed Maturity Communications [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Maximum exposure to creditor | 6.40% | ' | ' | |
Fixed Maturity Communications [Member] | Plan Assets [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Industry concentration risk percentage | 10.80% | ' | ' | |
Fixed Maturity Financial [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Maximum exposure to creditor | 5.60% | ' | ' | |
Fixed Maturity Financial [Member] | Plan Assets [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Industry concentration risk percentage | 14.70% | ' | ' | |
Fixed Maturity Consumer Non Cyclical Industry [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Maximum exposure to creditor | 7.70% | ' | ' | |
Fixed Maturity Consumer Non Cyclical Industry [Member] | Plan Assets [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Industry concentration risk percentage | 8.30% | ' | ' | |
Minimum [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Number of years to maturity for bonds in yield curve that is utilized in the cash flow analysis for the pension plan | '0 years | ' | ' | |
Maximum [Member] | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Number of years to maturity for bonds in yield curve that is utilized in the cash flow analysis for the pension plan | '30 years | ' | ' | |
[1] | The Plansb long-term asset allocation targets are 30% equity, 50% fixed income and 20% investment funds. Current target asset allocations for equity securities include allocations for investment funds. The Company invests certain plan assets in investment funds, examples of which include real estate investment funds and private equity funds, during 2013. Amounts allocated for these investments are included in the equity securities caption of the fair value hierarchy at DecemberB 31, 2013, provided in the section above. | |||
[2] | It is understood that these guidelines are targets and that deviations may occur periodically as a result of cash flows, market impact or short-term decisions implemented by either the Investment Committee or their investment managers. |
Retirement_And_Other_Employee_3
Retirement And Other Employee Benefits (Summary Of Pension Benefits And Retirement Health Benefits Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at end of year | ($905,943) | ($956,172) | ($855,638) |
Fair value of plan assets at end of year | 786,750 | 704,976 | 601,662 |
Funded status at end of year | -119,193 | -251,196 | -253,976 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at beginning of year | -956,172 | -855,638 | -749,284 |
Service cost | -38,580 | -35,609 | -31,832 |
Interest cost | -38,243 | -38,348 | -38,919 |
Amendments | 0 | 0 | -1,865 |
Actuarial gain (loss), including curtailments and settlements | 89,029 | -60,106 | -73,449 |
Benefits paid | 38,023 | 33,529 | 39,711 |
Projected benefit obligation at end of year | -905,943 | -956,172 | -855,638 |
Fair value of plan assets at beginning of year | 704,976 | 601,662 | 533,867 |
Actual return on plan assets | 64,641 | 81,896 | 56,965 |
Employer contributions | 56,217 | 56,096 | 51,740 |
Benefits paid (including administrative expenses) | -39,084 | -34,678 | -40,910 |
Fair value of plan assets at end of year | 786,750 | 704,976 | 601,662 |
Funded status at end of year | -119,193 | -251,196 | -253,976 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation at beginning of year | -86,237 | -75,702 | -97,436 |
Service cost | -2,863 | -2,762 | -3,233 |
Interest cost | -3,473 | -3,483 | -3,915 |
Amendments | 0 | 0 | 13,541 |
Actuarial gain (loss), including curtailments and settlements | 11,213 | -6,288 | 13,249 |
Benefits paid | 2,314 | 1,998 | 2,092 |
Projected benefit obligation at end of year | -79,046 | -86,237 | -75,702 |
Fair value of plan assets at beginning of year | 45,651 | 42,073 | 39,663 |
Actual return on plan assets | 3,234 | 5,576 | 4,502 |
Employer contributions | 400 | 0 | 0 |
Benefits paid (including administrative expenses) | -2,314 | -1,998 | -2,092 |
Fair value of plan assets at end of year | 46,971 | 45,651 | 42,073 |
Funded status at end of year | ($32,075) | ($40,586) | ($33,629) |
Retirement_And_Other_Employee_4
Retirement And Other Employee Benefits (Summary Of Projected Benefit Obligations And The Accumulated Benefit Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $786,750 | $704,976 | $601,662 |
Projected benefit obligation | -905,943 | -956,172 | -855,638 |
Funded status at end of year | -119,193 | -251,196 | -253,976 |
Accumulated benefit obligation | 760,717 | 796,000 | 715,198 |
Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 786,750 | 704,976 | 601,662 |
Projected benefit obligation | -768,672 | -812,642 | -727,179 |
Funded status at end of year | 18,078 | -107,666 | -125,517 |
Accumulated benefit obligation | 645,431 | 673,427 | 604,763 |
Non-Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Projected benefit obligation | -137,271 | -143,530 | -128,459 |
Funded status at end of year | -137,271 | -143,530 | -128,459 |
Accumulated benefit obligation | $115,286 | $122,573 | $110,435 |
Retirement_And_Other_Employee_5
Retirement And Other Employee Benefits (Amount Recognized In Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Assets | $18,078 | $0 | $0 |
Liabilities | -137,271 | -251,196 | -253,976 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Assets | 0 | 0 | 0 |
Liabilities | ($32,075) | ($40,586) | ($33,629) |
Retirement_And_Other_Employee_6
Retirement And Other Employee Benefits (Amounts Recognized In Accumulated Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net gain (loss) | ($147,288) | ($282,491) | ($286,535) |
Prior service cost | -4,119 | -4,975 | -5,756 |
Accumulated other comprehensive income (loss) | -151,407 | -287,466 | -292,291 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net gain (loss) | 11,710 | 261 | 3,741 |
Prior service cost | 6,102 | 7,035 | 7,968 |
Accumulated other comprehensive income (loss) | $17,812 | $7,296 | $11,709 |
Retirement_And_Other_Employee_7
Retirement And Other Employee Benefits (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $38,580 | $35,609 | $31,832 |
Interest cost | 38,243 | 38,348 | 38,919 |
Expected return on plan assets | -44,222 | -40,064 | -40,698 |
Amortization of prior service cost | 856 | 781 | 795 |
Amortization of net loss (gain) | 26,816 | 23,467 | 15,119 |
Settlement loss | 0 | 0 | 521 |
Net periodic benefit cost | 60,273 | 58,141 | 46,488 |
Net gain (loss) | -108,387 | 19,423 | 58,752 |
Amortization of prior service cost, and effects of curtailments/settlements | -856 | -781 | -1,687 |
Amortization of net gain (loss) | -26,816 | -23,467 | -15,119 |
Prior service credit | 0 | 0 | 1,865 |
Total recognized in accumulated other comprehensive (income) loss | -136,059 | -4,825 | 43,811 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | -75,786 | 53,316 | 90,299 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 2,863 | 2,762 | 3,233 |
Interest cost | 3,473 | 3,483 | 3,915 |
Expected return on plan assets | -2,998 | -2,768 | -2,957 |
Amortization of prior service cost | -933 | -933 | 275 |
Amortization of net loss (gain) | 0 | 0 | -290 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | 2,405 | 2,544 | 4,176 |
Net gain (loss) | -11,449 | 3,480 | -14,794 |
Amortization of prior service cost, and effects of curtailments/settlements | 933 | 933 | -275 |
Amortization of net gain (loss) | 0 | 0 | 290 |
Prior service credit | 0 | 0 | -13,541 |
Total recognized in accumulated other comprehensive (income) loss | -10,516 | 4,413 | -28,320 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | ($8,111) | $6,957 | ($24,144) |
Retirement_And_Other_Employee_8
Retirement And Other Employee Benefits (Weighted Average Assumptions Used To Determine Projected Benefit Obligation) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.98% | 4.12% | 4.59% |
Non-Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.64% | 3.71% | 4.40% |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.99% | 4.12% | 4.64% |
Retirement_And_Other_Employee_9
Retirement And Other Employee Benefits (Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.12% | 4.59% | 5.44% |
Expected long- term return on plan assets | 6.75% | 6.75% | 7.50% |
Non-Qualified Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 3.71% | 4.40% | 5.11% |
Expected long- term return on plan assets | 0.00% | 0.00% | 0.00% |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.12% | 4.64% | 5.55% |
Expected long- term return on plan assets | 6.75% | 6.75% | 7.50% |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate of compensation increased | 3.25% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate of compensation increased | 9.30% | ' | ' |
Recovered_Sheet2
Retirement And Other Employee Benefits (Summary Of Health Care Cost Trend Rates) (Details) (Retirement Health Benefits [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% |
Pre-65 Non-Reimbursement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 8.70% | 9.20% | 9.80% |
Year that the rate reaches the ultimate trend rate | '2028 | '2028 | '2028 |
Post-65 Non Reimbursement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 8.50% | 9.00% | 9.50% |
Year that the rate reaches the ultimate trend rate | '2028 | '2028 | '2028 |
Pre-65 Reimbursement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 8.70% | 9.20% | 9.80% |
Year that the rate reaches the ultimate trend rate | '2028 | '2028 | '2028 |
Post-65 Reimbursement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 8.70% | 9.20% | 9.80% |
Year that the rate reaches the ultimate trend rate | '2028 | '2028 | '2028 |
Recovered_Sheet3
Retirement And Other Employee Benefits (Effect Of One Percent Change In Assumed Health Care Cost) (Details) (Retirement Health Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Effect on total of service and interest cost components | $43 | $44 | $62 |
Effect on postretirement benefit obligation | 601 | 727 | 863 |
Effect on total of service and interest cost components | -66 | -66 | -91 |
Effect on postretirement benefit obligation | ($884) | ($1,031) | ($1,196) |
Recovered_Sheet4
Retirement And Other Employee Benefits (Allocation Of Plan Assets, Based On The Fair Value Of Assets Held And Target Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity Securities [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Target | 30.00% | |
Common Stock- U.S. Listed Small Cap [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 5.00% | [1] |
Percentage Allocation of Plan Assets, Target | 7.50% | [1],[2] |
Percentage Allocation of Plan Assets, High | 10.00% | [1] |
Mutual Fund- U.S. Listed Large Cap [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 22.00% | [1] |
Percentage Allocation of Plan Assets, Target | 27.00% | [1],[2] |
Percentage Allocation of Plan Assets, High | 32.00% | [1] |
Common/Collective Trust- Foreign Listed [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 5.00% | [1] |
Percentage Allocation of Plan Assets, Target | 7.50% | [1],[2] |
Percentage Allocation of Plan Assets, High | 10.00% | [1] |
Fixed Maturity Securities [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Target | 50.00% | |
U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 8.00% | |
Percentage Allocation of Plan Assets, Target | 10.50% | [2] |
Percentage Allocation of Plan Assets, High | 13.00% | |
Corporate- U.S & Foreign Investment Grade [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 29.50% | |
Percentage Allocation of Plan Assets, Target | 32.00% | [2] |
Percentage Allocation of Plan Assets, High | 34.50% | |
Corporate- U.S And Foreign High Yield [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 5.00% | |
Percentage Allocation of Plan Assets, Target | 7.50% | [2] |
Percentage Allocation of Plan Assets, High | 10.00% | |
Investment Funds [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Target | 20.00% | |
Multi-Strategy Hedge Fund [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage Allocation of Plan Assets, Low | 5.50% | |
Percentage Allocation of Plan Assets, Target | 8.00% | [2] |
Percentage Allocation of Plan Assets, High | 10.50% | |
[1] | The Plansb long-term asset allocation targets are 30% equity, 50% fixed income and 20% investment funds. Current target asset allocations for equity securities include allocations for investment funds. The Company invests certain plan assets in investment funds, examples of which include real estate investment funds and private equity funds, during 2013. Amounts allocated for these investments are included in the equity securities caption of the fair value hierarchy at DecemberB 31, 2013, provided in the section above. | |
[2] | It is understood that these guidelines are targets and that deviations may occur periodically as a result of cash flows, market impact or short-term decisions implemented by either the Investment Committee or their investment managers. |
Recovered_Sheet5
Retirement And Other Employee Benefits (Summary Of Fair Value Hierarchy For Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Qualified Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | $790,715 | [1] | $716,035 | [1] |
Qualified Pension Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 33,750 | 18,288 | ||
Qualified Pension Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 60,770 | 53,327 | ||
Qualified Pension Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,674 | ' | ||
Qualified Pension Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 220,185 | 168,933 | ||
Qualified Pension Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 59,242 | 67,065 | ||
Qualified Pension Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 95,813 | 96,622 | ||
Qualified Pension Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 203,542 | 202,434 | ||
Qualified Pension Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 50,131 | 40,346 | ||
Qualified Pension Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 59,977 | 54,333 | ||
Qualified Pension Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 1,525 | 65 | ||
Qualified Pension Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,106 | 14,622 | ||
Retirement Health Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 47,208 | [1] | 46,368 | [1] |
Retirement Health Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,015 | 1,185 | ||
Retirement Health Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,628 | 3,453 | ||
Retirement Health Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 160 | ' | ||
Retirement Health Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 13,146 | 10,939 | ||
Retirement Health Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,537 | 4,343 | ||
Retirement Health Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 5,720 | 6,257 | ||
Retirement Health Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 12,152 | 13,109 | ||
Retirement Health Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,993 | 2,613 | ||
Retirement Health Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,581 | 3,518 | ||
Retirement Health Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 91 | 4 | ||
Retirement Health Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 185 | 947 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 283,629 | 222,260 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 60,770 | 53,327 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,674 | ' | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 220,185 | 168,933 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Qualified Pension Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 16,934 | 14,392 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,628 | 3,453 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 160 | ' | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 13,146 | 10,939 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 1 [Member] | Retirement Health Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 445,584 | 439,377 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 33,750 | 18,288 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | ' | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 59,242 | 67,065 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 95,813 | 96,622 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 203,542 | 202,434 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 50,131 | 40,346 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Qualified Pension Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,106 | 14,622 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 26,602 | 28,454 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,015 | 1,185 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | ' | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,537 | 4,343 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 5,720 | 6,257 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 12,152 | 13,109 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 2,993 | 2,613 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 2 [Member] | Retirement Health Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 185 | 947 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 61,502 | 54,398 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | ' | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 59,977 | 54,333 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 1,525 | 65 | ||
Level 3 [Member] | Qualified Pension Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,672 | 3,522 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Short-Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Common Stock- U.S. Listed Small Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Preferred Stock [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | ' | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Mutual Fund- U.S. Listed Large Cap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Common/Collective Trust- Foreign Listed [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | U.S & Foreign Government And Government Agencies And Authorities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Corporate- U.S & Foreign Investment Grade [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Corporate- U.S And Foreign High Yield [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 0 | 0 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Multi-Strategy Hedge Fund [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 3,581 | 3,518 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | 91 | 4 | ||
Level 3 [Member] | Retirement Health Benefits [Member] | Interest Rate Swap [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Total financial assets | $0 | $0 | ||
[1] | The difference between the fair value of plan assets above and the amount used in determining the funded status is due to interest receivable which is not required to be included in the fair value hierarchy. |
Recovered_Sheet6
Retirement And Other Employee Benefits (Summary Of Change In Fair Value Financial Asset) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at end of year | $786,750 | $704,976 | $601,662 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 704,976 | 601,662 | 533,867 |
Actual return on plan assets and plan expenses | 64,641 | 81,896 | 56,965 |
Fair value of plan assets at end of year | 786,750 | 704,976 | 601,662 |
Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 45,651 | 42,073 | 39,663 |
Actual return on plan assets and plan expenses | 3,234 | 5,576 | 4,502 |
Fair value of plan assets at end of year | 46,971 | 45,651 | 42,073 |
Level 3 [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 54,398 | ' | ' |
Purchases | 1,578 | ' | ' |
Actual return on plan assets and plan expenses | 5,526 | ' | ' |
Fair value of plan assets at end of year | 61,502 | ' | ' |
Level 3 [Member] | Retirement Health Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at beginning of year | 3,522 | ' | ' |
Purchases | 95 | ' | ' |
Actual return on plan assets and plan expenses | 55 | ' | ' |
Fair value of plan assets at end of year | $3,672 | ' | ' |
Recovered_Sheet7
Retirement And Other Employee Benefits (Estimated Future Benefit Payments From The Plans) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $44,138 |
2015 | 61,556 |
2016 | 50,892 |
2017 | 54,103 |
2018 | 59,505 |
2019-2022 | 346,309 |
Total | 616,503 |
Retirement Health Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 2,842 |
2015 | 3,192 |
2016 | 3,560 |
2017 | 3,945 |
2018 | 4,347 |
2019-2022 | 28,180 |
Total | $46,066 |
Segment_Information_Financial_
Segment Information (Financial Information By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
segment | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | $7,759,796 | $7,236,984 | $7,125,368 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 650,296 | 713,128 | 689,532 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 34,525 | 64,353 | 32,580 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 16,310 | 18,413 | 20,461 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 586,730 | 475,392 | 404,863 | ' | |||||
Total revenues | 2,400,618 | 2,258,650 | 2,237,766 | 2,150,623 | 2,160,976 | 2,145,080 | 2,129,290 | 2,072,924 | 9,047,657 | 8,508,270 | 8,272,804 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 3,675,532 | 3,655,404 | 3,749,734 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 1,470,287 | 1,403,215 | 1,327,788 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,034,404 | 2,631,594 | 2,428,795 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 77,735 | 60,306 | 60,360 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,257,958 | 7,750,519 | 7,566,677 | ' | |||||
Income before provision for income taxes | 178,537 | 193,971 | 210,767 | 206,424 | 34,823 | 208,619 | 264,661 | 249,648 | 789,699 | 757,751 | 706,127 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 300,792 | 274,046 | 167,171 | ' | |||||
Net income | 108,816 | 128,788 | 133,523 | 117,780 | 24,987 | 126,288 | 169,170 | 163,260 | 488,907 | 483,705 | 538,956 | ' | |||||
Segment assets, excluding goodwill | 28,930,128 | ' | ' | ' | 28,305,893 | ' | ' | ' | 28,930,128 | 28,305,893 | 26,380,765 | ' | |||||
Goodwill | 784,561 | ' | ' | ' | 640,714 | ' | ' | ' | 784,561 | 640,714 | 639,097 | 619,779 | |||||
Total assets | 29,714,689 | ' | ' | ' | 28,946,607 | ' | ' | ' | 29,714,689 | 28,946,607 | 27,019,862 | ' | |||||
Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | 2,783,758 | 2,579,220 | 2,438,407 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 376,245 | 396,681 | 393,575 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 400,370 | 314,072 | 265,204 | ' | |||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,560,373 | 3,289,973 | 3,097,186 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 895,504 | 840,133 | 847,254 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 1,132,298 | 1,050,585 | 1,002,995 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,341,961 | 1,217,401 | 1,034,685 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,369,763 | 3,108,119 | 2,884,934 | ' | |||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 190,610 | 181,854 | 212,252 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 65,458 | 58,101 | 76,202 | ' | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 125,152 | 123,753 | 136,050 | ' | |||||
Segment assets, excluding goodwill | 13,321,648 | ' | ' | ' | 12,342,077 | ' | ' | ' | 13,321,648 | 12,342,077 | 11,333,833 | ' | |||||
Goodwill | 496,201 | [1] | ' | ' | ' | 381,262 | [1] | ' | ' | ' | 496,201 | [1] | 381,262 | [1] | 379,645 | [1] | ' |
Specialty Property [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | 2,380,044 | 2,054,041 | 1,904,638 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 98,935 | 103,327 | 103,259 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 133,135 | 98,621 | 79,337 | ' | |||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,612,114 | 2,255,989 | 2,087,234 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 890,409 | 949,157 | 857,223 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 309,332 | 326,466 | 299,657 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 758,941 | 517,822 | 470,169 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,958,682 | 1,793,445 | 1,627,049 | ' | |||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 653,432 | 462,544 | 460,185 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 229,846 | 157,593 | 156,462 | ' | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 423,586 | 304,951 | 303,723 | ' | |||||
Segment assets, excluding goodwill | 3,858,314 | ' | ' | ' | 4,207,746 | ' | ' | ' | 3,858,314 | 4,207,746 | 3,387,027 | ' | |||||
Goodwill | 288,360 | ' | ' | ' | 259,452 | ' | ' | ' | 288,360 | 259,452 | 259,452 | ' | |||||
Health [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,581,407 | 1,589,459 | 1,718,300 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 36,664 | 64,308 | 45,911 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 29,132 | 30,518 | 34,635 | ' | |||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,647,203 | 1,684,285 | 1,798,846 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 1,169,075 | 1,174,108 | 1,271,060 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 801 | 441 | 605 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 434,749 | 420,629 | 460,041 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,604,625 | 1,595,178 | 1,731,706 | ' | |||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 42,578 | 89,107 | 67,140 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 36,721 | 37,107 | 26,254 | ' | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,857 | 52,000 | 40,886 | ' | |||||
Segment assets, excluding goodwill | 884,077 | ' | ' | ' | 882,731 | ' | ' | ' | 884,077 | 882,731 | 1,067,423 | ' | |||||
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Employee Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,014,587 | 1,014,264 | 1,064,023 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 117,853 | 128,485 | 129,640 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 23,434 | 28,468 | 25,382 | ' | |||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,155,874 | 1,171,217 | 1,219,045 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 715,656 | 693,067 | 767,723 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 27,856 | 25,721 | 24,531 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 360,303 | 364,321 | 361,541 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,103,815 | 1,083,109 | 1,153,795 | ' | |||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 52,059 | 88,108 | 65,250 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 17,506 | 30,049 | 22,175 | ' | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34,553 | 58,059 | 43,075 | ' | |||||
Segment assets, excluding goodwill | 2,298,698 | ' | ' | ' | 2,366,097 | ' | ' | ' | 2,298,698 | 2,366,097 | 2,477,192 | ' | |||||
Goodwill | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Corporate & Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net earned premiums | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 20,599 | 20,327 | 17,147 | ' | |||||
Net realized (losses) gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 34,525 | 64,353 | 32,580 | ' | |||||
Amortization of deferred gain on disposal of businesses | ' | ' | ' | ' | ' | ' | ' | ' | 16,310 | 18,413 | 20,461 | ' | |||||
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 659 | 3,713 | 305 | ' | |||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 72,093 | 106,806 | 70,493 | ' | |||||
Policyholder benefits | ' | ' | ' | ' | ' | ' | ' | ' | 4,888 | -1,061 | 6,474 | ' | |||||
Amortization of deferred acquisition costs and value of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 0 | ' | |||||
Underwriting, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 138,450 | 111,421 | 102,359 | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 77,735 | 60,306 | 60,360 | ' | |||||
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 221,073 | 170,668 | 169,193 | ' | |||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -148,980 | -63,862 | -98,700 | ' | |||||
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -48,739 | -8,804 | -113,922 | ' | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -100,241 | -55,058 | 15,222 | ' | |||||
Segment assets, excluding goodwill | $8,567,391 | ' | ' | ' | $8,507,242 | ' | ' | ' | $8,567,391 | $8,507,242 | $8,115,290 | ' | |||||
[1] | The accumulated impairment loss relates to an acquisition made in 1999. The entity acquired had businesses that currently are primarily represented by the Assurant Solutions and Assurant Specialty Property segments. Prior to 2006, the Assurant Solutions and Assurant Specialty Property segments were combined and together called Assurant Solutions. Thus, the entire goodwill impairment recognized in 2002 due to the adoption of FAS 142 is included in the tables under the Assurant Solutions segment. |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Information By Geographic Location) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $2,400,618 | $2,258,650 | $2,237,766 | $2,150,623 | $2,160,976 | $2,145,080 | $2,129,290 | $2,072,924 | $9,047,657 | $8,508,270 | $8,272,804 |
Long-lived assets | 253,630 | ' | ' | ' | 250,796 | ' | ' | ' | 253,630 | 250,796 | 242,908 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,792,728 | 7,382,252 | 7,230,763 |
Long-lived assets | 248,331 | ' | ' | ' | 243,253 | ' | ' | ' | 248,331 | 243,253 | 235,031 |
Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,254,929 | 1,126,018 | 1,042,041 |
Long-lived assets | $5,299 | ' | ' | ' | $7,543 | ' | ' | ' | $5,299 | $7,543 | $7,877 |
Segment_Information_Summary_Of1
Segment Information (Summary Of Net Earned Premiums By Segment And Product) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | $7,759,796 | $7,236,984 | $7,125,368 |
Solutions [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 2,783,758 | 2,579,220 | 2,438,407 |
Solutions [Member] | Credit [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 547,100 | 590,843 | 564,411 |
Solutions [Member] | Service Contracts [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 2,057,353 | 1,816,785 | 1,694,363 |
Solutions [Member] | Preneed [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 66,523 | 80,978 | 101,722 |
Solutions [Member] | Other [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 112,782 | 90,614 | 77,911 |
Specialty Property [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 2,380,044 | 2,054,041 | 1,904,638 |
Specialty Property [Member] | Other [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 475,814 | 428,305 | 413,540 |
Specialty Property [Member] | Homeowners (Lender Placed And Voluntary) [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 1,678,172 | 1,418,061 | 1,274,485 |
Specialty Property [Member] | Manufactured Housing (Lender Placed And Voluntary) [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 226,058 | 207,675 | 216,613 |
Health [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 1,581,407 | 1,589,459 | 1,718,300 |
Health [Member] | Individual [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 1,174,141 | 1,178,878 | 1,251,447 |
Health [Member] | Small Employer Group [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 407,266 | 410,581 | 466,853 |
Employee Benefits [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 1,014,587 | 1,014,264 | 1,064,023 |
Employee Benefits [Member] | Group Dental [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 383,223 | 394,413 | 412,339 |
Employee Benefits [Member] | Group Disability [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 403,286 | 409,757 | 449,293 |
Employee Benefits [Member] | Group Life [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | 192,392 | 188,246 | 193,914 |
Employee Benefits [Member] | Group Suppllemental And Vision Products [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Net earned premiums | $35,686 | $21,848 | $8,477 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Share Units [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Outstanding Anti-dilutive Shares excluded from Diluted EPS Calculation | 0 | 156 | 0 |
SARS [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Outstanding Anti-dilutive Shares excluded from Diluted EPS Calculation | 0 | 0 | 2,094,251 |
Earnings_Per_Common_Share_Net_
Earnings Per Common Share (Net Income, Weighted Average Common Shares Used In Calculating Basic Earnings Per Common Share And Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $108,816 | $128,788 | $133,523 | $117,780 | $24,987 | $126,288 | $169,170 | $163,260 | $488,907 | $483,705 | $538,956 |
Deduct dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -74,128 | -69,393 | -67,385 |
Undistributed earnings | ' | ' | ' | ' | ' | ' | ' | ' | $414,779 | $414,312 | $471,571 |
Weighted average shares outstanding used in basic earnings per share calculations | ' | ' | ' | ' | ' | ' | ' | ' | 76,648,688 | 84,276,427 | 96,626,306 |
Weighted average shares used in diluted earnings per share calculations | ' | ' | ' | ' | ' | ' | ' | ' | 77,654,764 | 85,307,065 | 97,795,309 |
Distributed earnings - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.96 | $0.81 | $0.70 |
Undistributed earnings - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $5.42 | $4.93 | $4.88 |
Net income - Basic | $1.48 | $1.70 | $1.72 | $1.47 | $0.31 | $1.54 | $1.96 | $1.84 | $6.38 | $5.74 | $5.58 |
Distributed earnings - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.95 | $0.81 | $0.69 |
Undistributed earnings - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $5.35 | $4.86 | $4.82 |
Net income - Diluted | $1.46 | $1.68 | $1.70 | $1.46 | $0.31 | $1.52 | $1.94 | $1.81 | $6.30 | $5.67 | $5.51 |
PSUs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares | ' | ' | ' | ' | ' | ' | ' | ' | 864,572 | 786,088 | 870,961 |
SARs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares | ' | ' | ' | ' | ' | ' | ' | ' | 65,712 | 133,405 | 192,756 |
ESPP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental common shares | ' | ' | ' | ' | ' | ' | ' | ' | 75,792 | 111,145 | 105,286 |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Narrative) (Details) (Specialty Property [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Specialty Property [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Reportable catastrophe losses (after-tax) recorded | $134,950 |
Impairment of intangible assets excluding goodwill net of tax | $20,419 |
Quarterly_Results_Of_Operation3
Quarterly Results Of Operations (Summary Of Quarterly Results Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $2,400,618 | $2,258,650 | $2,237,766 | $2,150,623 | $2,160,976 | $2,145,080 | $2,129,290 | $2,072,924 | $9,047,657 | $8,508,270 | $8,272,804 |
Income before provision for income taxes | 178,537 | 193,971 | 210,767 | 206,424 | 34,823 | 208,619 | 264,661 | 249,648 | 789,699 | 757,751 | 706,127 |
Net income | $108,816 | $128,788 | $133,523 | $117,780 | $24,987 | $126,288 | $169,170 | $163,260 | $488,907 | $483,705 | $538,956 |
Income before provision for income taxes, Basic per share | $2.42 | $2.57 | $2.72 | $2.58 | $0.44 | $2.54 | $3.07 | $2.81 | ' | ' | ' |
Net income, Basic per share | $1.48 | $1.70 | $1.72 | $1.47 | $0.31 | $1.54 | $1.96 | $1.84 | $6.38 | $5.74 | $5.58 |
Income before provision for income taxes, Diluted per share | $2.39 | $2.54 | $2.69 | $2.55 | $0.43 | $2.51 | $3.04 | $2.77 | ' | ' | ' |
Net income, Diluted per share | $1.46 | $1.68 | $1.70 | $1.46 | $0.31 | $1.52 | $1.94 | $1.81 | $6.30 | $5.67 | $5.51 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies [Abstract] | ' | ' | ' |
Rent expense | $27,271 | $29,644 | $29,440 |
Letters of credit outstanding | 17,343 | 19,760 | ' |
Settlement payment amount | $14,000 | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments For Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2014 | $27,770 |
2015 | 24,870 |
2016 | 18,259 |
2017 | 13,778 |
2018 | 11,216 |
Thereafter | 16,394 |
Total minimum future lease payments | $112,287 |
Schedule_ISummary_Of_Investmen1
Schedule I-Summary Of Investments Other -Than-Investments In Related Parties (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | $13,431,619 |
Fair Value | 14,401,957 |
Amount at which shown in balance sheet | 14,244,015 |
Fixed Maturity Securities [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 10,520,310 |
Fair Value | 11,291,875 |
Amount at which shown in balance sheet | 11,291,875 |
U.S. Government And Government Agencies And Authorities [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 408,378 |
Fair Value | 410,656 |
Amount at which shown in balance sheet | 410,656 |
State, Municipalities And Political Subdivisions [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 774,233 |
Fair Value | 835,152 |
Amount at which shown in balance sheet | 835,152 |
Foreign Government Debt [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 647,486 |
Fair Value | 675,421 |
Amount at which shown in balance sheet | 675,421 |
Asset-Backed [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 4,320 |
Fair Value | 6,174 |
Amount at which shown in balance sheet | 6,174 |
Commercial Mortgage-Backed Securities [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 57,594 |
Fair Value | 60,362 |
Amount at which shown in balance sheet | 60,362 |
Residential Mortgage-Backed Securities [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 919,216 |
Fair Value | 947,904 |
Amount at which shown in balance sheet | 947,904 |
Corporate [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 7,709,083 |
Fair Value | 8,356,206 |
Amount at which shown in balance sheet | 8,356,206 |
Equity Securities Investment [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 417,535 |
Fair Value | 458,358 |
Amount at which shown in balance sheet | 458,358 |
Common Stock [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 17,890 |
Fair Value | 29,232 |
Amount at which shown in balance sheet | 29,232 |
Non-Redeemable Preferred Stocks [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 399,645 |
Fair Value | 429,126 |
Amount at which shown in balance sheet | 429,126 |
Commercial Mortgage Loans On Real Estate [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 1,287,032 |
Fair Value | 1,444,974 |
Amount at which shown in balance sheet | 1,287,032 |
Policy Loans [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 51,678 |
Fair Value | 51,678 |
Amount at which shown in balance sheet | 51,678 |
Short-Term Investments [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 470,458 |
Fair Value | 470,458 |
Amount at which shown in balance sheet | 470,458 |
Collateral Held / Pledged Under Securities Agreements [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 95,207 |
Fair Value | 95,215 |
Amount at which shown in balance sheet | 95,215 |
Other Investments [Member] | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' |
Cost or Amortized Cost | 589,399 |
Fair Value | 589,399 |
Amount at which shown in balance sheet | $589,399 |
Schedule_IICondensed_Financial1
Schedule II-Condensed Financial Information (Condensed Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, except Share data, unless otherwise specified | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Fixed maturity securities available for sale, at fair value (amortized cost-$498,524 in 2013 and $648,399 in 2012) | $11,291,875 | $12,171,638 | ' | ' | ||
Equity securities available for sale, at fair value (amortized cost-$12,157 in 2013 and $15,701 in 2012) | 458,358 | 475,806 | ' | ' | ||
Short-term investments | 470,458 | 300,925 | ' | ' | ||
Other investments | 589,399 | 568,600 | ' | ' | ||
Total investments | 14,244,015 | 14,976,318 | ' | ' | ||
Cash and cash equivalents | 1,717,184 | 909,404 | 1,166,713 | 1,150,516 | ||
Tax receivable | 0 | 32,740 | ' | ' | ||
Accrued investment income | 145,189 | 149,032 | ' | ' | ||
Property and equipment, at cost less accumulated depreciation | 253,630 | 250,796 | ' | ' | ||
Deferred income taxes, net | -129,148 | -161,288 | ' | ' | ||
Other intangible assets, net | 354,636 | [1] | 262,994 | [1] | ' | ' |
Other assets | 258,942 | 97,700 | ' | ' | ||
Total assets | 29,714,689 | 28,946,607 | 27,019,862 | ' | ||
Accounts payable and other liabilities | 1,662,348 | 1,514,091 | ' | ' | ||
Debt | 1,638,118 | 972,399 | ' | ' | ||
Total liabilities | 24,881,210 | 23,761,241 | ' | ' | ||
Commitments and Contingencies | ' | ' | ' | ' | ||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 71,828,208 and 78,664,029 shares outstanding at December 31, 2013 and 2012, respectively | 1,482 | 1,474 | ' | ' | ||
Additional paid-in capital | 3,087,533 | 3,052,454 | ' | ' | ||
Retained earnings | 4,415,875 | 4,001,096 | ' | ' | ||
Accumulated other comprehensive income | 426,830 | 830,403 | 557,576 | 286,935 | ||
Treasury stock, at cost; 76,039,652 and 68,332,638 shares at December 31, 2013 and December 31, 2012, respectively | -3,098,241 | -2,700,061 | ' | ' | ||
Total stockholders' equity | 4,833,479 | 5,185,366 | 4,873,950 | 4,633,136 | ||
Total liabilities and stockholders' equity | 29,714,689 | 28,946,607 | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 10,520,310 | 10,728,714 | ' | ' | ||
Equity securities available for sale, cost | 417,535 | 422,703 | ' | ' | ||
Common stock, par value | $0.01 | $0.01 | ' | ' | ||
Common stock, shares authorized | 800,000,000 | 800,000,000 | ' | ' | ||
Common stock, shares outstanding | 71,828,208 | 78,664,029 | 88,524,374 | 102,000,371 | ||
Treasury stock, shares, at cost | 76,039,652 | 68,332,638 | ' | ' | ||
Parent Company [Member] | ' | ' | ' | ' | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Equity investment in subsidiaries | 5,121,261 | 5,288,605 | ' | ' | ||
Fixed maturity securities available for sale, at fair value (amortized cost-$498,524 in 2013 and $648,399 in 2012) | 497,269 | 656,398 | ' | ' | ||
Equity securities available for sale, at fair value (amortized cost-$12,157 in 2013 and $15,701 in 2012) | 19,108 | 18,720 | ' | ' | ||
Short-term investments | 123,205 | 5,082 | ' | ' | ||
Other investments | 84,685 | 72,688 | ' | ' | ||
Total investments | 5,845,528 | 6,041,493 | ' | ' | ||
Cash and cash equivalents | 690,549 | 197,938 | 497,489 | 656,382 | ||
Receivable from subsidiaries, net | 35,117 | 31,103 | ' | ' | ||
Tax receivable | 16,571 | 1,400 | ' | ' | ||
Accrued investment income | 2,815 | 2,220 | ' | ' | ||
Property and equipment, at cost less accumulated depreciation | 127,165 | 128,155 | ' | ' | ||
Deferred income taxes, net | 77,389 | 157,599 | ' | ' | ||
Other intangible assets, net | 9,889 | 10,496 | ' | ' | ||
Other assets | 24,596 | 21,341 | ' | ' | ||
Total assets | 6,829,619 | 6,591,745 | ' | ' | ||
Accounts payable and other liabilities | 358,022 | 433,980 | ' | ' | ||
Debt | 1,638,118 | 972,399 | ' | ' | ||
Total liabilities | 1,996,140 | 1,406,379 | ' | ' | ||
Commitments and Contingencies | ' | ' | ' | ' | ||
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 71,828,208 and 78,664,029 shares outstanding at December 31, 2013 and 2012, respectively | 1,482 | 1,474 | ' | ' | ||
Additional paid-in capital | 3,087,533 | 3,052,454 | ' | ' | ||
Retained earnings | 4,415,875 | 4,001,096 | ' | ' | ||
Accumulated other comprehensive income | 426,830 | 830,403 | ' | ' | ||
Treasury stock, at cost; 76,039,652 and 68,332,638 shares at December 31, 2013 and December 31, 2012, respectively | -3,098,241 | -2,700,061 | ' | ' | ||
Total stockholders' equity | 4,833,479 | 5,185,366 | ' | ' | ||
Total liabilities and stockholders' equity | 6,829,619 | 6,591,745 | ' | ' | ||
Fixed maturity securities available for sale, amortized cost | 498,524 | 648,399 | ' | ' | ||
Equity securities available for sale, cost | $12,157 | $15,701 | ' | ' | ||
Common stock, par value | $0.01 | $0.01 | ' | ' | ||
Common stock, shares authorized | 800,000,000 | 800,000,000 | ' | ' | ||
Common stock, shares outstanding | 71,828,208 | 78,664,029 | ' | ' | ||
Treasury stock, shares, at cost | 76,039,652 | 68,332,638 | ' | ' | ||
[1] | In 2013, the Company removed $137,071 of fully amortized intangible assets that were determined to have no future value. |
Schedule_IICondensed_Financial2
Schedule II-Condensed Financial Information (Condensed Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | $650,296 | $713,128 | $689,532 |
Net realized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | 34,525 | 64,353 | 32,580 |
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 586,730 | 475,392 | 404,863 |
Total revenues | 2,400,618 | 2,258,650 | 2,237,766 | 2,150,623 | 2,160,976 | 2,145,080 | 2,129,290 | 2,072,924 | 9,047,657 | 8,508,270 | 8,272,804 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 77,735 | 60,306 | 60,360 |
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,257,958 | 7,750,519 | 7,566,677 |
Income before benefit for income taxes | 178,537 | 193,971 | 210,767 | 206,424 | 34,823 | 208,619 | 264,661 | 249,648 | 789,699 | 757,751 | 706,127 |
Benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -300,792 | -274,046 | -167,171 |
Net income | 108,816 | 128,788 | 133,523 | 117,780 | 24,987 | 126,288 | 169,170 | 163,260 | 488,907 | 483,705 | 538,956 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 7,684 | 8,428 | 4,496 |
Net realized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,713 | 7,464 | -6,119 |
Fees and other income | ' | ' | ' | ' | ' | ' | ' | ' | 89,889 | 92,320 | 88,183 |
Equity in undistributed and distributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 628,894 | 601,356 | 576,500 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 728,180 | 709,568 | 663,060 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 216,623 | 188,457 | 176,872 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 77,735 | 60,308 | 60,357 |
Total benefits, losses and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 294,358 | 248,765 | 237,229 |
Income before benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 433,822 | 460,803 | 425,831 |
Benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 55,085 | 22,902 | 113,125 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $488,907 | $483,705 | $538,956 |
Schedule_IICondensed_Financial3
Schedule II-Condensed Financial Information (Condensed Cash Flows) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $108,816 | $128,788 | $133,523 | $117,780 | $24,987 | $126,288 | $169,170 | $163,260 | $488,907 | $483,705 | $538,956 | |||
Change in accounts payable and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 181,374 | 33,775 | 124,658 | |||
Change in securities classified as trading | ' | ' | ' | ' | ' | ' | ' | ' | -10,606 | -2,874 | 32,777 | |||
Change in income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 171,311 | -5,800 | 24,914 | |||
Change in tax valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 3,383 | 2,937 | -80,584 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 124,851 | 124,387 | 129,391 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 964 | 0 | 0 | |||
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 50,004 | 37,589 | 36,888 | |||
Change in tax benefit from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 1,112 | -1,728 | 3,267 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -69,764 | 7,929 | 68,089 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,027,561 | 679,698 | 855,304 | |||
Equity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 236,730 | 120,729 | 120,445 | |||
Other invested assets | ' | ' | ' | ' | ' | ' | ' | ' | 49,456 | 103,834 | 50,600 | |||
Property and equipment and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,422 | 2,375 | 3,823 | |||
Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 1,364 | [1] | 0 | [1] |
Fixed maturity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -3,396,588 | -3,729,316 | -2,643,277 | |||
Equity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -215,881 | -186,962 | -34,556 | |||
Other invested assets | ' | ' | ' | ' | ' | ' | ' | ' | -57,001 | -41,640 | -66,499 | |||
Property and equipment and other | ' | ' | ' | ' | ' | ' | ' | ' | -52,326 | -56,457 | -35,747 | |||
Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -181,865 | [1] | -3,500 | [1] | -45,080 | [1] |
Change in short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | -173,603 | 140,309 | -90,368 | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -392,738 | -449,883 | -196,588 | |||
Issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 698,093 | 0 | 0 | |||
Repurchase of debt | ' | ' | ' | ' | ' | ' | ' | ' | -33,634 | 0 | 0 | |||
Repayment of mandatorily redeemable preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5,000 | |||
Change in tax benefit from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | -1,112 | 1,728 | -3,267 | |||
Acquisition of common stock | ' | ' | ' | ' | ' | ' | ' | ' | -393,012 | -412,196 | -533,848 | |||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -74,128 | -69,393 | -67,385 | |||
Change in obligations to return borrowed securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -14,281 | |||
Change in receivables under securities loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 14,370 | |||
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 196,699 | -480,641 | -636,848 | |||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -23,742 | -6,483 | -5,671 | |||
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 807,780 | -257,309 | 16,197 | |||
Cash and cash equivalents at beginning of period | ' | ' | ' | 909,404 | ' | ' | ' | 1,166,713 | 909,404 | 1,166,713 | 1,150,516 | |||
Cash and cash equivalents at end of period | 1,717,184 | ' | ' | ' | 909,404 | ' | ' | ' | 1,717,184 | 909,404 | 1,166,713 | |||
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 488,907 | 483,705 | 538,956 | |||
Equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -628,894 | -601,356 | -576,500 | |||
Dividends received from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 446,592 | 524,508 | 432,258 | |||
Change in receivables | ' | ' | ' | ' | ' | ' | ' | ' | -4,609 | -1,035 | -674 | |||
Change in accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | 5,941 | 0 | 0 | |||
Change in accounts payable and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 57,229 | 19,330 | -18,437 | |||
Change in securities classified as trading | ' | ' | ' | ' | ' | ' | ' | ' | -9,600 | -6,862 | 13,305 | |||
Change in income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 18,159 | 10,903 | 4,186 | |||
Change in tax valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -682 | -67,448 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 34,047 | 34,471 | 39,523 | |||
Net realized (gains) losses on investments | ' | ' | ' | ' | ' | ' | ' | ' | -1,763 | -7,464 | 6,119 | |||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 964 | 0 | 0 | |||
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 50,004 | 37,589 | 36,888 | |||
Change in tax benefit from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 1,112 | -1,728 | 3,267 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -17,491 | -11,034 | -6,429 | |||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 440,598 | 480,345 | 405,014 | |||
Equity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 19,315 | 11,756 | 0 | |||
Other invested assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 11,408 | |||
Property and equipment and other | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 552 | 3,746 | |||
Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,231 | 0 | |||
Fixed maturity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | 464,153 | 482,699 | 307,025 | |||
Fixed maturity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -314,864 | -793,938 | -324,346 | |||
Equity securities available for sale | ' | ' | ' | ' | ' | ' | ' | ' | -15,557 | -17,329 | -5,291 | |||
Other invested assets | ' | ' | ' | ' | ' | ' | ' | ' | -152 | -1 | -15,810 | |||
Property and equipment and other | ' | ' | ' | ' | ' | ' | ' | ' | -29,635 | -40,750 | -21,055 | |||
Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,500 | 0 | |||
Capital contributed to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -323,600 | -9,000 | -7,000 | |||
Return of capital contributions from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 174,277 | 67,500 | 92,000 | |||
Change in short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | -118,123 | -255 | 3,329 | |||
Net cash (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -144,145 | -300,035 | 44,006 | |||
Issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 698,093 | 0 | 0 | |||
Repurchase of debt | ' | ' | ' | ' | ' | ' | ' | ' | -33,634 | 0 | 0 | |||
Repayment of mandatorily redeemable preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -5,000 | |||
Change in tax benefit from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | -1,112 | 1,728 | -3,267 | |||
Acquisition of common stock | ' | ' | ' | ' | ' | ' | ' | ' | -393,012 | -412,196 | -532,011 | |||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -74,128 | -69,393 | -67,385 | |||
Change in obligations to return borrowed securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -14,281 | |||
Change in receivables under securities loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 14,370 | |||
Net cash used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 196,207 | -479,861 | -607,574 | |||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -49 | 0 | -339 | |||
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 492,611 | -299,551 | -158,893 | |||
Cash and cash equivalents at beginning of period | ' | ' | ' | 197,938 | ' | ' | ' | 497,489 | 197,938 | 497,489 | 656,382 | |||
Cash and cash equivalents at end of period | $690,549 | ' | ' | ' | $197,938 | ' | ' | ' | $690,549 | $197,938 | $497,489 | |||
[1] | 2013 includes the acquisition of Field Asset Services Group Limited and Lifestyle Services Group Limited. 2012 includes the sale of one immaterial subsidiary. 2011 includes the acquisition of SureDeposit.Relates to the purchase of equity interest in IkC) Asistencia. A contingent liability of $31,250 was established due to the terms of the agreements. |
Schedule_IIISupplementary_Insu1
Schedule III-Supplementary Insurance Information (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | $3,128,931 | $2,861,163 | $2,492,857 | |||
Future policy benefits and expenses | 8,646,572 | 8,513,505 | 8,359,206 | |||
Unearned premiums | 6,662,672 | 6,192,260 | 5,482,017 | |||
Claims and benefits payable | 3,389,371 | 3,960,590 | 3,437,119 | |||
Premium revenue and other considerations | 7,759,796 | 7,236,984 | 7,125,368 | |||
Net investment income | 650,296 | 713,128 | 689,532 | |||
Benefits claims, losses and settlement expenses | 3,675,532 | 3,655,404 | 3,749,734 | |||
Amortization of deferred policy acquisition costs | 1,461,845 | 1,394,254 | 1,316,635 | |||
Other operating expenses | 3,042,846 | [1] | 2,640,555 | [1] | 2,439,948 | [1] |
Property and Casualty Premiums Written | 3,203,239 | 2,761,525 | 2,479,261 | |||
Solutions [Member] | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | 2,902,868 | 2,656,113 | 2,284,078 | |||
Future policy benefits and expenses | 5,076,507 | 4,964,453 | 4,774,199 | |||
Unearned premiums | 4,801,495 | 4,412,075 | 3,804,514 | |||
Claims and benefits payable | 295,970 | 296,569 | 305,086 | |||
Premium revenue and other considerations | 2,783,758 | 2,579,220 | 2,438,407 | |||
Net investment income | 376,245 | 396,681 | 393,575 | |||
Benefits claims, losses and settlement expenses | 895,504 | 840,133 | 847,254 | |||
Amortization of deferred policy acquisition costs | 1,123,856 | 1,041,627 | 991,842 | |||
Other operating expenses | 1,350,403 | [1] | 1,226,360 | [1] | 1,045,839 | [1] |
Property and Casualty Premiums Written | 621,543 | 580,987 | 493,753 | |||
Specialty Property [Member] | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | 190,331 | 183,733 | 192,328 | |||
Future policy benefits and expenses | 2,657 | 2,843 | 3,400 | |||
Unearned premiums | 1,682,960 | 1,616,467 | 1,485,538 | |||
Claims and benefits payable | 490,422 | 1,035,713 | 435,589 | |||
Premium revenue and other considerations | 2,380,044 | 2,054,041 | 1,904,638 | |||
Net investment income | 98,935 | 103,327 | 103,259 | |||
Benefits claims, losses and settlement expenses | 890,409 | 949,157 | 857,223 | |||
Amortization of deferred policy acquisition costs | 309,332 | 326,466 | 299,656 | |||
Other operating expenses | 758,941 | [1] | 517,822 | [1] | 470,169 | [1] |
Property and Casualty Premiums Written | 2,581,696 | 2,180,538 | 1,985,508 | |||
Employee Benefits [Member] | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | 23,247 | 18,762 | 15,552 | |||
Future policy benefits and expenses | 32,025 | 32,158 | 3,157 | |||
Unearned premiums | 12,296 | 10,853 | 11,388 | |||
Claims and benefits payable | 1,513,013 | 1,554,203 | 1,666,985 | |||
Premium revenue and other considerations | 1,014,587 | 1,014,264 | 1,064,023 | |||
Net investment income | 117,853 | 128,485 | 129,640 | |||
Benefits claims, losses and settlement expenses | 715,656 | 693,067 | 767,723 | |||
Amortization of deferred policy acquisition costs | 27,856 | 25,721 | 24,531 | |||
Other operating expenses | 360,303 | [1] | 364,322 | [1] | 361,541 | [1] |
Property and Casualty Premiums Written | 0 | 0 | 0 | |||
Health [Member] | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | 12,485 | 2,555 | 899 | |||
Future policy benefits and expenses | 95,380 | 90,568 | 87,654 | |||
Unearned premiums | 136,376 | 121,768 | 146,812 | |||
Claims and benefits payable | 239,733 | 268,992 | 292,243 | |||
Premium revenue and other considerations | 1,581,407 | 1,589,459 | 1,718,300 | |||
Net investment income | 36,664 | 64,308 | 45,911 | |||
Benefits claims, losses and settlement expenses | 1,169,075 | 1,174,108 | 1,271,060 | |||
Amortization of deferred policy acquisition costs | 801 | 440 | 606 | |||
Other operating expenses | 434,749 | [1] | 420,629 | [1] | 460,041 | [1] |
Property and Casualty Premiums Written | 0 | 0 | 0 | |||
Corporate & Other [Member] | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Cost | 0 | 0 | 0 | |||
Future policy benefits and expenses | 3,440,003 | 3,423,483 | 3,490,796 | |||
Unearned premiums | 29,545 | 31,097 | 33,765 | |||
Claims and benefits payable | 850,233 | 805,113 | 737,216 | |||
Premium revenue and other considerations | 0 | 0 | 0 | |||
Net investment income | 20,599 | 20,327 | 17,147 | |||
Benefits claims, losses and settlement expenses | 4,888 | -1,061 | 6,474 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | |||
Other operating expenses | 138,450 | [1] | 111,422 | [1] | 102,358 | [1] |
Property and Casualty Premiums Written | $0 | $0 | $0 | |||
[1] | Includes amortization of value of business acquired, underwriting, general and administration expenses. |
Schedule_IVReinsurance_Details
Schedule IV-Reinsurance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Life Insurance in Force, Direct amount | $98,596,728 | $98,994,909 | $101,324,797 |
Life Insurance in Force, Ceded to other Companies | 34,445,475 | 29,266,410 | 29,186,645 |
Life Insurance in Force, Assumed from other Companies | 8,162,720 | 8,009,353 | 12,534,422 |
Life Insurance in Force, Net amount | 72,313,973 | 77,737,852 | 84,672,574 |
Life Insurance in Force, Percentage of amount assumed to net | 11.30% | 10.30% | 14.80% |
Premiums, Direct amount | 9,848,656 | 9,279,927 | 9,138,227 |
Premiums, Ceded to other Companies | 2,403,957 | 2,333,639 | 2,332,827 |
Premiums, Assumed from other Companies | 315,097 | 290,696 | 319,968 |
Net amount | 7,759,796 | 7,236,984 | 7,125,368 |
Premiums, Percentage of amount assumed to net | 4.10% | 4.00% | 4.50% |
Benefits, Direct amount | 4,639,958 | 5,061,922 | 4,728,128 |
Benefits, Ceded to other Companies | 1,198,716 | 1,607,780 | 1,236,381 |
Benefits, Assumed from other Companies | 234,290 | 201,262 | 257,987 |
Benefits, Net amount | 3,675,532 | 3,655,404 | 3,749,734 |
Benefits, Percentage of amount assumed to net | 6.40% | 5.50% | 6.90% |
Life Insurance [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Premiums, Direct amount | 729,519 | 761,358 | 825,245 |
Premiums, Ceded to other Companies | 373,641 | 383,099 | 409,687 |
Premiums, Assumed from other Companies | 39,218 | 37,730 | 27,439 |
Net amount | 395,096 | 415,989 | 442,997 |
Premiums, Percentage of amount assumed to net | 9.90% | 9.10% | 6.20% |
Benefits, Direct amount | 736,349 | 737,543 | 803,245 |
Benefits, Ceded to other Companies | 361,592 | 371,629 | 410,431 |
Benefits, Assumed from other Companies | 27,262 | 29,007 | 40,545 |
Benefits, Net amount | 402,019 | 394,921 | 433,359 |
Benefits, Percentage of amount assumed to net | 6.80% | 7.30% | 9.40% |
Accident And Health Insurance [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Premiums, Direct amount | 3,089,192 | 3,139,487 | 3,319,177 |
Premiums, Ceded to other Companies | 674,640 | 684,302 | 713,891 |
Premiums, Assumed from other Companies | 170,848 | 177,755 | 214,201 |
Net amount | 2,585,400 | 2,632,940 | 2,819,487 |
Premiums, Percentage of amount assumed to net | 6.60% | 6.80% | 7.60% |
Benefits, Direct amount | 1,995,860 | 1,962,716 | 2,226,139 |
Benefits, Ceded to other Companies | 345,806 | 319,062 | 455,413 |
Benefits, Assumed from other Companies | 147,460 | 142,441 | 180,119 |
Benefits, Net amount | 1,797,514 | 1,786,095 | 1,950,845 |
Benefits, Percentage of amount assumed to net | 8.20% | 8.00% | 9.20% |
Property And Liability [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Premiums, Direct amount | 6,029,945 | 5,379,082 | 4,993,805 |
Premiums, Ceded to other Companies | 1,355,676 | 1,266,238 | 1,209,249 |
Premiums, Assumed from other Companies | 105,031 | 75,211 | 78,328 |
Net amount | 4,779,300 | 4,188,055 | 3,862,884 |
Premiums, Percentage of amount assumed to net | 2.20% | 1.80% | 2.00% |
Benefits, Direct amount | 1,907,749 | 2,361,663 | 1,698,744 |
Benefits, Ceded to other Companies | 491,318 | 917,089 | 370,537 |
Benefits, Assumed from other Companies | 59,568 | 29,814 | 37,323 |
Benefits, Net amount | $1,475,999 | $1,474,388 | $1,365,530 |
Benefits, Percentage of amount assumed to net | 4.00% | 2.00% | 2.70% |
Schedule_VValuation_And_Qualif1
Schedule V-Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $62,092 | $58,904 | $172,339 |
Charged to Costs and Expenses | 7,690 | 4,775 | -80,671 |
Charged to Other Accounts | 910 | -195 | 217 |
Deductions | 2,270 | 1,392 | 32,981 |
Balance at End of Year | 68,422 | 62,092 | 58,904 |
Valuation Allowance For Foreign NOL Deferred Tax Carryforward [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 13,091 | 9,471 | 9,969 |
Charged to Costs and Expenses | 3,383 | 3,620 | -498 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 16,474 | 13,091 | 9,471 |
Valuation Allowance For Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 0 | 683 | 80,769 |
Charged to Costs and Expenses | 0 | -683 | -80,086 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 0 | 0 | 683 |
Valuation Allowance For Mortgage Loans On Real Estate [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 6,997 | 10,410 | 32,838 |
Charged to Costs and Expenses | -2,515 | -3,328 | -336 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 0 | 85 | 22,092 |
Balance at End of Year | 4,482 | 6,997 | 10,410 |
Valuation Allowance For Uncollectible Agents Balances [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 14,753 | 13,352 | 13,171 |
Charged to Costs and Expenses | 5,870 | 2,165 | 722 |
Charged to Other Accounts | 238 | 109 | 163 |
Deductions | 1,039 | 873 | 704 |
Balance at End of Year | 19,822 | 14,753 | 13,352 |
Valuation Allowance For Uncollectible Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 16,618 | 14,355 | 19,957 |
Charged to Costs and Expenses | 765 | 3,001 | -829 |
Charged to Other Accounts | 672 | -304 | -3 |
Deductions | 1,231 | 434 | 4,770 |
Balance at End of Year | 16,824 | 16,618 | 14,355 |
Valuation Allowance For Reinsurance Recoverable [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 10,633 | 10,633 | 15,635 |
Charged to Costs and Expenses | 187 | 0 | 356 |
Charged to Other Accounts | 0 | 0 | 57 |
Deductions | 0 | 0 | 5,415 |
Balance at End of Year | $10,820 | $10,633 | $10,633 |