Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Primerica, Inc. | ' | ' |
Entity Central Index Key | '0001475922 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 54,966,201 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,991,469,205 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments: | ' | ' |
Fixed-maturity securities available for sale, at fair value | $1,755,712 | $1,887,014 |
Equity securities available for sale, at fair value | 39,894 | 37,147 |
Trading securities | 12,991 | 7,762 |
Policy loans | 26,806 | 24,613 |
Investments | 1,835,403 | 1,956,536 |
Cash and cash equivalents | 149,189 | 112,216 |
Accrued investment income | 18,127 | 19,540 |
Reinsurance recoverables | 4,055,054 | 4,005,194 |
Deferred Policy Acquisition Costs | 1,208,466 | 1,066,422 |
Premiums and other receivables | 175,789 | 170,656 |
Intangible assets, net | 68,863 | 69,816 |
Deferred income taxes | 32,450 | 17,256 |
Other assets | 282,780 | 302,126 |
Separate account assets | 2,503,829 | 2,618,115 |
Assets | 10,329,950 | 10,337,877 |
Liabilities | ' | ' |
Future policy benefits | 5,063,103 | 4,850,488 |
Unearned premiums | 1,802 | 6,056 |
Policy claims and other benefits payable | 253,304 | 254,533 |
Other policyholders' funds | 337,977 | 345,721 |
Notes payable | 374,481 | 374,433 |
Accrued income taxes, current | 15,019 | 28,407 |
Deferred income taxes | 90,866 | 86,204 |
Other liabilities | 377,690 | 358,577 |
Payable under securities lending | 89,852 | 139,927 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Liabilities | 9,107,923 | 9,062,461 |
Equity | ' | ' |
Common stock | 548 | 564 |
Paid in capital | 472,633 | 602,269 |
Retained earnings | 640,840 | 503,173 |
Accumulated other comprehensive income (loss), net of tax | ' | ' |
Unrealized foreign currency translation gains (losses) | 41,974 | 55,487 |
Net unrealized gains (losses) on investments | ' | ' |
Net unrealized investment gains not other-than-temporarily impaired | 67,379 | 114,958 |
Net unrealized investment losses other-than-temporatily impaired | -1,347 | -1,035 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,222,027 | 1,275,416 |
Liabilities and equity | $10,329,950 | $10,337,877 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Investments: | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $1,663,022 | $1,711,582 |
Equity securities available for sale, cost | 32,592 | 29,955 |
Trading Securities, Cost | $13,025 | $7,740 |
Stockholders' equity: | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 54,834 | 56,374 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Direct Premiums Written | $2,302,069 | $2,267,975 | $2,229,467 |
Ceded Premiums Written | 1,644,158 | 1,663,753 | 1,703,075 |
Premiums Written, Net | 657,911 | 604,222 | 526,392 |
Revenues: | ' | ' | ' |
Fees and commissions | 471,808 | 429,044 | 414,471 |
Net investment income | 88,752 | 100,804 | 108,601 |
Realized investment (gains) losses, including other-than-temporary impairments | 6,246 | 11,382 | 6,440 |
Other income | 42,731 | 45,263 | 47,189 |
Revenues | 1,267,448 | 1,190,715 | 1,103,093 |
Benefits and expenses: | ' | ' | ' |
Policyholder Benefits and Claims Incurred, Net | 301,475 | 278,747 | 242,696 |
Deferred policy acquisition cost, amortization expense | 129,183 | 118,598 | 104,034 |
Sales commissions | 232,237 | 204,569 | 191,722 |
Other Underwriting Expense | 108,658 | 96,541 | 89,192 |
Insurance commissions | 22,471 | 27,555 | 38,618 |
Interest expense | 35,018 | 33,101 | 27,968 |
Other operating expenses | 187,208 | 164,716 | 164,954 |
Total benefits and expenses | 1,016,250 | 923,827 | 859,184 |
Income (loss) before income taxes | 251,198 | 266,888 | 243,909 |
Income tax expense (benefit) | 88,473 | 93,082 | 86,718 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 162,725 | 173,806 | 157,191 |
Earnings per share: | ' | ' | ' |
Earnings per share, basic | $2.87 | $2.77 | $2.11 |
Earnings per share, diluted | $2.83 | $2.71 | $2.08 |
Weighted-average shares used in computing earnings per share: | ' | ' | ' |
Weighted average number of shares outstanding, basic | 55,834 | 61,059 | 72,283 |
Weighted average number of shares outstanding, diluted | 56,625 | 62,401 | 73,107 |
Supplemental disclosure: | ' | ' | ' |
Total impairment losses | -1,095 | -1,204 | -2,198 |
Impairment losses recognized in other comprehensive income before income taxes | 479 | 563 | 183 |
Net impairment losses recognized in earnings | -616 | -641 | -2,015 |
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | $6,862 | $12,023 | $8,455 |
Dividends declared per share | $0.44 | $0.24 | $0.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comphrehensive Income (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 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $37,201 | $43,190 | $43,490 | $38,845 | $40,271 | $45,599 | $46,180 | $41,756 | $162,725 | $173,806 | $157,191 |
Other comprehensive (loss) income before income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized holding gains (losses) on investment securities | ' | ' | ' | ' | ' | ' | ' | ' | -68,769 | 39,945 | 3,839 |
Reclassification adjustment for realized investments (gains) losses included in net income | ' | ' | ' | ' | ' | ' | ' | ' | -4,909 | -11,475 | -5,926 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -13,695 | 4,221 | -3,645 |
Other Comprehensive Income (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -87,373 | 32,691 | -5,732 |
Other Comprehensive Income (Loss), Tax | ' | ' | ' | ' | ' | ' | ' | ' | -25,969 | 9,946 | -1,457 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -61,404 | 22,745 | -4,275 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | $101,321 | $196,551 | $152,916 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Other-than-Temporary Impairment [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | |
Paid-in capital: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | $39,195 | $33,236 | $29,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net issuance of common stock | -13 | -14 | -101 | ' | -13 | -14 | -101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | -29 | -99 | -180 | ' | -101,044 | -268,113 | -203,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of warrants | ' | ' | ' | ' | -68,399 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to paid-in capital, other | ' | ' | ' | ' | 625 | 1,928 | -817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 162,725 | 173,806 | 157,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -25,058 | -14,737 | -7,312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -312 | 630 | 610 | -47,579 | 17,876 | -1,240 | -13,513 | 4,239 | -3,645 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $548 | $564 | $649 | $728 | $472,633 | $602,269 | $835,232 | $1,010,635 | $640,840 | $503,173 | $344,104 | $194,225 | $108,006 | $169,410 | $146,665 | $150,940 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statements of Stockholders' Equity Parenthetical [Abstract] | ' | ' | ' |
Change in foreign currency translation adjustment, income tax expense (benefit) | ($182) | ($18) | $0 |
Change in net unrealized investment gains (losses) not other-than-temporarily impaired, income tax expense (benefit) | -25,619 | 9,624 | -1,785 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Tax, Including Portion Attributable to Noncontrolling Interest | $168 | ($340) | ($328) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $162,725 | $173,806 | $157,191 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Change in future policy benefits and other policy liabilities | 228,341 | 243,062 | 213,583 |
Deferral of policy acquisition costs | 267,523 | 268,154 | 263,603 |
Deferred policy acquisition cost, amortization expense | 129,183 | 118,598 | 104,034 |
Deferred tax provision | 18,333 | 13,332 | -3,424 |
Change in income taxes | -13,045 | -12,707 | -16,733 |
Realized investment (gains) losses, including other-than-temporary impairments | 6,246 | 11,382 | 6,440 |
Accretion and amortization of investments | 4,554 | 2,766 | 2,818 |
Depreciation and amortization | 10,803 | 10,095 | 10,731 |
Change in due from reinsurers | 73,070 | 141,918 | 132,411 |
Change in premiums and other receivables | 8,241 | 762 | -3,464 |
Trading securities sold, matured, or called (acquired), net | -5,265 | 35,738 | 3,597 |
Share-based compensation | 13,788 | 18,944 | 17,886 |
Change in other operating assets and liabilities, net | -2,670 | 51,553 | -2,158 |
Net cash provided by (used in) operating activities | 187,899 | 124,333 | 87,215 |
Available-for-sale investments sold, matured or called: | ' | ' | ' |
Fixed-maturity securities b sold | 98,277 | 304,838 | 214,807 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 266,738 | 263,351 | 375,124 |
Equity securities | 6,200 | 2,828 | 3,037 |
Available-for-sale investments acquired: | ' | ' | ' |
Fixed-maturity securities | 308,904 | 492,094 | 460,459 |
Equity securities | 3,009 | 5,680 | 144 |
Payments for (Proceeds from) Other Investing Activities | 23,818 | 10,949 | 3,666 |
Cash collateral (returned) received on loaned securities, net | 50,075 | 9,431 | 32,368 |
Sales (purchases) of short-term investments using securities lending collateral, net | 50,075 | 9,431 | 32,368 |
Net cash provided by (used in) investing activities | 35,484 | 62,294 | 128,699 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid | 25,058 | 14,737 | 7,312 |
Common stock repurchased | 101,073 | 268,212 | 204,109 |
Warrants repurchased | 68,399 | 0 | 0 |
Excess tax benefits on share-based compensation | 9,590 | 5,266 | 4,865 |
Proceeds from issuance of Senior Notes, net of discount | 0 | 374,411 | 0 |
Repayment of long-term debt | 0 | 300,000 | 0 |
Payments of deferred financing costs | 0 | 7,814 | 0 |
Net cash provided by (used in) financing activities | -184,940 | -211,086 | -206,556 |
Effect of foreign exchange rate changes on cash | -1,470 | 597 | 682 |
Change in cash and cash equivalents | 36,973 | -23,862 | 10,040 |
Cash and cash equivalents, beginning of period | 112,216 | 136,078 | 126,038 |
Cash and cash equivalents, end of period | 149,189 | 112,216 | 136,078 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Income taxes paid | 68,599 | 85,365 | 96,305 |
Interest Paid | 32,905 | 38,416 | 27,555 |
Impairment losses included in realized investment gains (losses), including other-than-temporary impairments | 616 | 641 | 2,015 |
Non-cash activities: | ' | ' | ' |
Share-based compensation | 39,195 | 33,236 | 29,444 |
Net contributions from (distributions to) Citi | $0 | $1,961 | $1,426 |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies [Text Block] | ' | |||||||||||||||||||||||
-1 | Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies | |||||||||||||||||||||||
Description of Business. Primerica, Inc. (the "Parent Company"), together with its subsidiaries (collectively, "we", "us" or the "Company"), is a leading distributor of financial products to middle income households in the United States and Canada. We assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. Our primary subsidiaries include the following entities: Primerica Financial Services, Inc. (“PFS”), a general agency and marketing company; Primerica Life Insurance Company ("Primerica Life"), our principal life insurance company; Primerica Financial Services (Canada) Ltd., a holding company for our Canadian operations, which includes Primerica Life Insurance Company of Canada ("Primerica Life Canada") and PFSL Investments Canada Ltd. ("PFSL Investments Canada"); and PFS Investments Inc. (“PFS Investments”), an investment products company and broker-dealer. Primerica Life, domiciled in Massachusetts, owns National Benefit Life Insurance Company ("NBLIC"), a New York life insurance company. | ||||||||||||||||||||||||
Prior to April 1, 2010, we were wholly owned by Citigroup Inc. (“Citigroup”). In April 2010, we completed a series of transactions (the “corporate reorganization”) that included an initial public offering of our common stock by Citigroup pursuant to the Securities Act of 1933, as amended (the “IPO”). | ||||||||||||||||||||||||
Basis of Presentation. We prepare our financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements. | ||||||||||||||||||||||||
Use of Estimates. The most significant items that involve a greater degree of accounting estimates and actuarial determinations subject to change in the future are the valuation of investments, deferred policy acquisition costs ("DAC"), and liabilities for future policy benefits and unpaid policy claims. Estimates for these and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Consolidation. The accompanying consolidated financial statements include the accounts of the Company and those entities required to be consolidated under applicable accounting standards. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated. | ||||||||||||||||||||||||
Reclassifications. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders' equity. | ||||||||||||||||||||||||
Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the consolidated financial statements at December 31, 2013. | ||||||||||||||||||||||||
Foreign Currency Translation. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using year-end exchange rates. Revenues and expenses are translated monthly at amounts that approximate weighted-average exchange rates. Translation adjustments are reported in other comprehensive income (loss). | ||||||||||||||||||||||||
Investments. Investments are reported on the following bases: | ||||||||||||||||||||||||
• | Available-for-sale fixed-maturity securities, including bonds and redeemable preferred stocks not classified as trading securities, are carried at fair value. When quoted market values are unavailable, we obtain estimates from independent pricing services or estimate fair value based upon a comparison to quoted issues of the same issuer or of other issuers with similar characteristics. | |||||||||||||||||||||||
• | Equity securities, including common and nonredeemable preferred stocks, are classified as available for sale and are carried at fair value. When quoted market values are unavailable, we obtain estimates from independent pricing services or estimates fair value based upon a comparison to quoted issues of the same issuer or of other issuers with similar characteristics. | |||||||||||||||||||||||
• | Trading securities, which primarily consist of bonds, are carried at fair value. Changes in fair value of trading securities are included in net investment income in the period in which the change occurred. | |||||||||||||||||||||||
• | Policy loans are carried at unpaid principal balances, which approximate fair value. | |||||||||||||||||||||||
Investment transactions are recorded on a trade-date basis. We use the specific-identification method to determine the realized gains or losses from securities transactions and report the realized gains or losses in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Unrealized gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income except for the credit loss components of other-than-temporary declines in fair value, which are recorded as realized losses in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Investments are reviewed on a quarterly basis for other-than-temporary impairments ("OTTI"). Credit risk, interest rate risk, the amount of time the security has been in an unrealized loss position, actions taken by ratings agencies, and other factors are considered in determining whether an unrealized loss is other-than-temporary. Our consolidated statements of income for the three years ended December 31, 2013 reflect the impairment on debt securities that we intend to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale ("AFS") debt securities that we have no intent to sell and believe that it is more likely than not we will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the remainder is recognized in accumulated other comprehensive income ("AOCI") in the accompanying consolidated financial statements. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security. Any subsequent changes in fair value of the security related to non-credit factors recognized in other comprehensive income are presented as an adjustment to the amount previously presented in the net unrealized investment gains (losses) other-than-temporarily impaired category of accumulated other comprehensive income. | ||||||||||||||||||||||||
Interest income on fixed-maturity securities is recorded when earned using the effective-yield method, which gives consideration to amortization of premiums and accretion of discounts. Dividend income on equity securities is recorded when declared. These amounts are included in net investment income in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Included within fixed-maturity securities are loan-backed and asset-backed securities. Amortization of the premium or accretion of the discount uses the retrospective method. The effective yield used to determine amortization/accretion is calculated based on actual and historical projected future cash flows, which are obtained from a widely accepted data provider and updated quarterly. | ||||||||||||||||||||||||
Embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains (losses), including OTTI losses. | ||||||||||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, money market instruments, and all other highly liquid investments purchased with an original or remaining maturity of three months or less at the date of acquisition. | ||||||||||||||||||||||||
Reinsurance. We use reinsurance extensively, utilizing yearly renewable term ("YRT") and coinsurance agreements. Under YRT agreements, we reinsure only the mortality risk, while under coinsurance, we reinsure a proportionate part of all risks arising under the reinsured policy. Under coinsurance, the reinsurer receives a proportionate part of the premiums, less commission allowances, and is liable for a corresponding part of all benefit payments. | ||||||||||||||||||||||||
All reinsurance contracts in effect for the three-year period ended December 31, 2013 transfer a reasonable possibility of substantial loss to the reinsurer or are accounted for under the deposit method of accounting. | ||||||||||||||||||||||||
Ceded premiums are treated as a reduction to direct premiums and are recognized when due to the assuming company. Ceded claims are treated as a reduction to direct benefits and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as a reduction to benefits expense and are recognized during the applicable financial reporting period. | ||||||||||||||||||||||||
Reinsurance premiums, commissions, expense reimbursements and benefits and reserves related to reinsured long-duration contracts are accounted for over the life of the underlying contracts using assumptions consistent with those used to account for the underlying policies. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liabilities and policy benefits associated with reinsured policies. Ceded policy reserves and claims liabilities relating to insurance ceded are shown as due from reinsurers on the accompanying consolidated balance sheets. | ||||||||||||||||||||||||
We analyze and monitor the credit-worthiness of each of our reinsurance partners to minimize collection issues. For reinsurance contracts with unauthorized reinsurers, we require collateral such as letters of credit. | ||||||||||||||||||||||||
To the extent we receive ceding allowances to cover policy and claims administration under reinsurance contracts, these allowances are treated as a reduction to insurance commissions and expenses and are recognized when due from the assuming company. To the extent we receive ceding allowances reimbursing commissions that would otherwise be deferred, the amount of commissions deferrable will be reduced. The corresponding DAC balances are reduced on a pro rata basis by the portion of the business reinsured with reinsurance agreements that meet risk transfer provisions. The reduced DAC will result in a corresponding reduction of amortization expense. | ||||||||||||||||||||||||
Deferred Policy Acquisition Costs. We only defer the costs of acquiring new business to the extent that they result directly from and are essential to the contract transaction(s) and would not have been incurred had the contract transaction(s) not occurred. These deferred policy acquisition costs mainly include commissions and policy issue expenses. DAC is subject to recoverability testing annually and when impairment indicators exist. We make certain assumptions regarding persistency, expenses, investment yields and claims. These assumptions may not be modified, or unlocked, unless recoverability testing deems them to be inadequate. We update assumptions for new business to reflect the most recent experience. DAC is amortized over the initial premium-paying period of the related policies in proportion to annual premium income. Due to the inherent uncertainties in making assumptions about future events, materially different experience from expected results in persistency could result in a material increase or decrease of DAC amortization in a particular period. All other acquisition-related costs, including unsuccessful acquisition and renewal efforts, are charged to expense as incurred. Administrative costs, rent, depreciation, occupancy, equipment, and all other general overhead costs are considered indirect costs and are charged to expense as incurred. | ||||||||||||||||||||||||
Deferrable acquisition costs for Canadian segregated funds are amortized over the life of the policies in relation to historical and future estimated gross profits before amortization. The gross profits and resulting DAC amortization will vary with actual fund returns, redemptions and expenses. Due to the inherent uncertainties in making assumptions about future events, materially different experience from expected results in persistency could result in a material increase or decrease of deferred acquisition cost amortization in a particular period. | ||||||||||||||||||||||||
Intangible Assets. Intangible assets are amortized over their estimated useful lives. Any intangible asset that was deemed to have an indefinite useful life is not amortized but is subject to an annual impairment test. An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. For the other intangible assets, which are subject to amortization, an impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset. | ||||||||||||||||||||||||
The components of intangible assets were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Indefinite-lived intangible asset | $ | 45,275 | n/a | $ | 45,275 | $ | 45,275 | n/a | $ | 45,275 | ||||||||||||||
Amortizing intangible assets | 88,719 | (65,131 | ) | 23,588 | 86,162 | (61,621 | ) | 24,541 | ||||||||||||||||
Total intangible assets | $ | 133,994 | $ | (65,131 | ) | $ | 68,863 | $ | 131,437 | $ | (61,621 | ) | $ | 69,816 | ||||||||||
We have an indefinite-lived intangible asset related to the 1989 purchase of the right to contract with our sales force. This asset represents the core distribution model of our business, which is our primary competitive advantage to profitably distribute term life insurance and investment and savings products on a significant scale, and as such, is considered to have an indefinite life. This indefinite-lived intangible asset is supported by a significant portion of the discounted cash flows of our future business. We assessed this asset for impairment as of October 1, 2013 and determined that no impairment had occurred. There have been no subsequent events requiring further analysis. | ||||||||||||||||||||||||
We have an amortizing intangible asset related to a 1995 sales agreement termination payment to Management Financial Services, Inc., which represents approximately $19.8 million of the net carrying amount of our amortizing intangible assets. This asset is supported by a non-compete agreement with the founder of our business model. We calculate the amortization of this contract buyout on a straight-line basis over 24 years, which represents the life of the non-compete agreement. Intangible asset amortization expense was approximately $3.4 million in 2013, 2012 and 2011. Amortization expense is expected to be approximately $3.4 million annually during the remainder of the amortization period. The remaining net carrying value of our amortizing intangible assets consists of capitalized software that is included in certain services used by our customers. Beginning in 2013, this capitalized software is amortized on a straight-line basis over its estimated useful life of three years. Amortization expense for this computer software was approximately $0.1 million in 2013 and is expected to be approximately $1.3 million in 2014 and 2015 and $1.1 million in 2016. No events have occurred during 2013, and no factors exist as of December 31, 2013 that would indicate that the net carrying value of our amortizing intangible assets may not be recoverable or will not be used throughout their estimated useful life. | ||||||||||||||||||||||||
Property and Equipment. Property and equipment, which are included in other assets, are stated at cost, less accumulated depreciation. Depreciation is recognized on a straight-line basis over the asset's estimated useful life, which is estimated as follows: | ||||||||||||||||||||||||
Estimated Useful Life | ||||||||||||||||||||||||
Data processing equipment and software | 3 to 5 years | |||||||||||||||||||||||
Leasehold improvements | Lesser of 15 years or remaining life of lease | |||||||||||||||||||||||
Furniture and other equipment | 5 to 15 years | |||||||||||||||||||||||
Depreciation expense is included in other operating expenses in the accompanying consolidated statements of income. Depreciation expense was $7.3 million, $6.1 million, and $7.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||
Property and equipment balances were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Data processing equipment and software | $ | 59,237 | $ | 56,872 | ||||||||||||||||||||
Leasehold improvements | 19,090 | 14,201 | ||||||||||||||||||||||
Other, principally furniture and equipment | 34,783 | 24,933 | ||||||||||||||||||||||
113,110 | 96,006 | |||||||||||||||||||||||
Accumulated depreciation | (88,060 | ) | (82,648 | ) | ||||||||||||||||||||
Net property and equipment | $ | 25,050 | $ | 13,358 | ||||||||||||||||||||
Separate Accounts. The separate accounts are primarily comprised of contracts issued by the Company through its subsidiary, Primerica Life Canada, pursuant to the Insurance Companies Act (Canada). The Insurance Companies Act authorizes Primerica Life Canada to establish the separate accounts. | ||||||||||||||||||||||||
The separate accounts are represented by individual variable insurance contracts. Purchasers of variable insurance contracts issued by Primerica Life Canada have a direct claim to the benefits of the contract that entitles the holder to units in one or more investment funds (the "Funds") maintained by Primerica Life Canada. The Funds invest in assets that are held for the benefit of the owners of the contracts. The benefits provided vary in amount depending on the market value of the Funds' assets. The Funds' assets are administered by Primerica Life Canada and are held separate and apart from the general assets of the Company. The liabilities reflect the variable insurance contract holders' interests in variable insurance assets based upon actual investment performance of the respective Funds. Separate account operating results relating to contract holders' interests are excluded from our consolidated statements of income. | ||||||||||||||||||||||||
Primerica Life Canada's contract offerings guarantee the maturity value at the date of maturity (or upon death, whichever occurs first) to be equal to 75% of the sum of all contributions made, net of withdrawals, on a first-in first-out basis. Otherwise, the maturity value or death benefit will be the accumulated value of units allocated to the contract at the specified valuation date. The amount of this value is not guaranteed, but will fluctuate with the fair value of the Funds. | ||||||||||||||||||||||||
Policyholder Liabilities. Future policy benefits are accrued over the current and expected renewal periods of the contracts. Liabilities for future policy benefits on traditional life insurance products have been computed using a net level method, including assumptions as to investment yields, mortality, persistency, and other assumptions based on our experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. The underlying mortality tables are the Society of Actuaries ("SOA") 65-70, SOA 75-80, SOA 85-90, and the 91 Bragg, modified to reflect various underwriting classifications and assumptions. Investment yield reserve assumptions at December 31, 2013 and 2012 ranged from approximately 3.5% to 7.0%. For policies issued in 2010 and after, we have been using an increasing interest rate assumption to reflect the historically low interest rate environment. The liability for policy claims and other benefits payable on traditional life and disability insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. | ||||||||||||||||||||||||
The future policy benefit reserves we establish are necessarily based on estimates, assumptions and our analysis of historical experience. Our results depend significantly upon the extent to which our actual claims experience is consistent with the assumptions we used in determining our future policy benefit reserves and pricing our products. Our future policy benefit reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. We cannot determine with precision the ultimate amounts that we will pay for actual claims or the timing of those payments. | ||||||||||||||||||||||||
Other Policyholders' Funds. Other policyholders' funds primarily represent claim payments left on deposit with us. | ||||||||||||||||||||||||
Litigation. The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. Legal contingencies are recognized when probable and can be reasonably estimated. Legal costs, such as attorney's fees and other litigation-related expenses, that are incurred in connection with resolving litigation are expensed as incurred. These disputes are subject to uncertainties, including indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. Due to the difficulty of estimating costs of litigation, actual costs may be substantially higher or lower than any amounts reserved. | ||||||||||||||||||||||||
Income Taxes. We are subject to the income tax laws of the United States, its states, municipalities, and certain unincorporated territories, and those of Canada. These tax laws can be complex and subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the applicability of these tax laws. We also must make estimates about the future impact certain items will have on taxable income in the various tax jurisdictions, both domestic and foreign. | ||||||||||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and (ii) operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized subject to management's judgment that realization is more likely than not applicable to the periods in which we expect the temporary difference will reverse. | ||||||||||||||||||||||||
Premium Revenues. Traditional life insurance products consist principally of those products with fixed and guaranteed premiums and benefits, and are primarily related to term products. Premiums are recognized as revenues when due. | ||||||||||||||||||||||||
Commissions and Fees. We receive commission revenues from the sale of various non-life insurance products on a monthly basis. Commissions are generally received on sales of mutual funds and annuities. We also receive trail commission revenues from mutual fund and annuity products on a monthly basis based on the daily net asset value of shares sold by us. We, in turn, pay certain commissions to our sales force. Additionally, we receive marketing and support fees from product originators. We also receive management fees based on the average daily net asset value of managed accounts and contracts related to separate account assets issued by Primerica Life Canada. | ||||||||||||||||||||||||
We earn recordkeeping fees for administrative functions that we perform on behalf of several of our mutual fund providers and custodial fees for services performed as a non-bank custodian of our clients' retirement plan accounts. These fees are recognized as income during the period in which they are earned. | ||||||||||||||||||||||||
We also receive recordkeeping fees monthly from mutual fund accounts on our servicing platform and, in turn, pay a third-party provider for its servicing of certain of these accounts. | ||||||||||||||||||||||||
Benefits and Expenses. Benefit and expense items are charged to income in the period in which they are incurred. Both the change in policyholder liabilities, which is included in benefits and claims, and the amortization of deferred policy acquisition costs will vary with policyholder persistency. | ||||||||||||||||||||||||
Share-Based Transactions. For employee and director share-based compensation, we determine a grant date fair value, based on the price of our publicly-traded common stock, and recognize the related compensation expense, adjusted for expected forfeitures, in the statement of income over the vesting period of the respective awards. For non-employee share-based compensation, we recognize the impact during the period of performance, and the fair value of the award is measured as of the vesting date. To the extent that a share-based award contains sale restrictions extending beyond the vesting date, we reduce the recognized fair value of the award to reflect the corresponding illiquidity discount. Most non-employee share-based compensation is an incremental direct cost of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred. We defer these expenses and amortize the impact over the life of the underlying life insurance policies acquired. | ||||||||||||||||||||||||
Earnings Per Share ("EPS"). The Company has outstanding common stock and equity awards that consist of restricted stock, restricted stock units ("RSUs"), and stock options. The restricted stock and outstanding RSUs maintain non-forfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. Unvested restricted stock and unvested RSUs are deemed participating securities for purposes of calculating EPS as they maintain dividend rights. | ||||||||||||||||||||||||
See Note 12 (Earnings Per Share) for details related to the calculations of our basic and diluted EPS using the two-class method. | ||||||||||||||||||||||||
New Accounting Principles | ||||||||||||||||||||||||
In July 2012, the FASB issued Accounting Standards Update ("ASU") No. 2012-02, Intangibles — Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which allows an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. The Company assesses its indefinite-lived intangible asset for impairment annually on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The amendments in the update were applied prospectively in our fiscal year beginning January 1, 2013 and had no impact on our financial statements. | ||||||||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) — Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The amendments of ASU 2013-02 require an entity to provide additional information about the amounts reclassified out of accumulated other comprehensive income. The amendments in ASU 2013-02 were applied prospectively for our fiscal year beginning January 1, 2013. The disclosures required by this update are included in this report and had no impact on our financial position, results of operations, or cash flows. |
Segment_Information_Notes
Segment Information (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
We have two primary operating segments — Term Life Insurance and Investment and Savings Products. The Term Life Insurance segment includes underwriting profits on our in-force book of term life insurance policies, net of reinsurance, which are underwritten by our life insurance company subsidiaries. The Investment and Savings Products segment includes mutual funds and variable annuities distributed through licensed broker-dealer subsidiaries and includes segregated funds, an individual annuity savings product that we underwrite in Canada through Primerica Life Canada. In the United States, we distribute mutual fund and annuity products of several third-party companies. We also earn fees for account servicing on a subset of the mutual funds we distribute. In Canada, we offer a Primerica-branded fund-of-funds mutual fund product, as well as mutual funds of well-known mutual fund companies. These two operating segments are managed separately because their products serve different needs — term life insurance protection versus wealth-building savings products. | ||||||||||||||
We also have a Corporate and Other Distributed Products segment, which consists primarily of revenues and expenses related to the distribution of non-core products, prepaid legal services and various financial products other than our core term life insurance products. With the exception of certain life and disability insurance products, which we underwrite, these products are distributed pursuant to arrangements with third parties. | ||||||||||||||
Total assets by segment were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Term life insurance segment | $ | 6,783,194 | $ | 6,400,126 | $ | 5,949,187 | ||||||||
Investment and savings products segment | 2,699,000 | 2,810,137 | 2,591,137 | |||||||||||
Corporate and other distributed products segment | 847,756 | 1,127,614 | 1,311,496 | |||||||||||
Total assets | $ | 10,329,950 | $ | 10,337,877 | $ | 9,851,820 | ||||||||
Assets specifically related to a segment are held in that segment. We allocate invested assets to the Term Life Insurance segment based on the book value of invested assets necessary to meet statutory reserve requirements and our targeted capital objectives. Remaining invested assets and all unrealized gains and losses are allocated to the Corporate and Other Distributed Products segment. In connection with our corporate reorganization in 2010, we signed a reinsurance agreement subject to deposit accounting (the "10% Coinsurance Agreement") with Prime Reinsurance Company, Inc. ("Prime Re"), an affiliate of Citigroup, and have recognized a deposit asset in the Corporate and Other Distributed Products segment. DAC is recognized in a particular segment based on the product to which it relates. Separate account assets supporting the segregated funds product in Canada are held in the Investment and Savings Products segment. Any remaining unallocated assets are reported in the Corporate and Other Distributed Products segment. | ||||||||||||||
Excluding separate accounts, the Investment and Savings Product segment assets were approximately $195.8 million, $192.8 million, and $183.6 million as of December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||
Results of operations by segment were as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Revenues: | ||||||||||||||
Term life insurance segment | $ | 694,975 | $ | 640,134 | $ | 552,975 | ||||||||
Investment and savings products segment | 457,138 | 413,965 | 396,703 | |||||||||||
Corporate and other distributed products segment | 115,335 | 136,616 | 153,415 | |||||||||||
Total revenues | $ | 1,267,448 | $ | 1,190,715 | $ | 1,103,093 | ||||||||
Income (loss) before income taxes: | ||||||||||||||
Term life insurance segment | $ | 197,201 | $ | 185,926 | $ | 160,431 | ||||||||
Investment and savings products segment | 105,149 | 121,116 | 117,076 | |||||||||||
Corporate and other distributed products segment | (51,152 | ) | (40,154 | ) | (33,598 | ) | ||||||||
Total income before income taxes | $ | 251,198 | $ | 266,888 | $ | 243,909 | ||||||||
The deposit asset recognized in connection with our 10% Coinsurance Agreement generates an effective yield, which is reported in the Corporate and Other Distributed Products segment and reflected in net investment income in our consolidated statements of income. We then allocate the remaining net investment income based on the book value of the invested assets allocated to the Term Life Insurance segment compared to the book value of total invested assets. | ||||||||||||||
Insurance expenses and operating expenses directly attributable to the Term Life Insurance and the Investment and Savings Products segments are recorded directly to the applicable segment. We allocate certain other operating expenses that are not directly attributable to a specific operating segment based on the relative sizes of our life-licensed and securities-licensed independent sales forces. These allocated costs include field technology, supervision, training and certain legal costs. We also allocate certain technology and occupancy costs to our operating segments based on usage. Any remaining unallocated revenue and expense items, as well as realized investment gains and losses, are reported in the Corporate and Other Distributed Products segment. We measure income and loss for the segments on an income before income taxes basis. | ||||||||||||||
In the second quarter of 2013, we changed our measurement of segment information to reclassify the deposit asset underlying the 10% Coinsurance agreement, as well as the related mark-to-market adjustments included in the calculation of its effective yield, to the Corporate and Other Distributed Products segment instead of the Term Life Insurance segment. The deposit asset reflects a unique corporate financing-related asset, changes in the market value of which are no longer viewed by management for purposes of making decisions about allocating resources to the Term Life Insurance segment and assessing its performance. All prior period information has been adjusted to consistently reflect this change in segment measurement. The change did not impact our consolidated financial statements. | ||||||||||||||
The change in measurement of segment information increased total assets in the Corporate and Other Distributed Products segment and decreased total assets in the Term Life Insurance segment by approximately $91.5 million and $60.0 million as of December 31, 2012 and 2011, respectively. The amount of segment revenues and segment income (loss) before income taxes reclassified from the Term Life Insurance segment to the Corporate and Other Distributed Products segment was approximately $2.9 million and $2.0 million for the year ended December 31, 2012 and 2011, respectively. | ||||||||||||||
See “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report for more information regarding our operating segments. | ||||||||||||||
Long-lived assets and results of operations by country were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Long-lived assets by country: | ||||||||||||||
United States | $ | 93,276 | $ | 82,724 | $ | 84,550 | ||||||||
Canada | 637 | 450 | 316 | |||||||||||
Total long-lived assets | $ | 93,913 | $ | 83,174 | $ | 84,866 | ||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Revenues by country: | ||||||||||||||
United States | $ | 1,035,064 | $ | 971,615 | $ | 895,067 | ||||||||
Canada | 232,384 | 219,100 | 208,026 | |||||||||||
Total revenues | $ | 1,267,448 | $ | 1,190,715 | $ | 1,103,093 | ||||||||
Income before income taxes by country: | ||||||||||||||
United States | $ | 183,504 | $ | 202,391 | $ | 181,151 | ||||||||
Canada | 67,694 | 64,497 | 62,758 | |||||||||||
Total income before income taxes | $ | 251,198 | $ | 266,888 | $ | 243,909 | ||||||||
Investments_Notes
Investments (Notes) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Investments [Text Block] | ' | |||||||||||||||||||||
The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of fixed-maturity and equity securities available for sale follow: | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Cost or | Gross | Gross | Fair value | |||||||||||||||||||
amortized | unrealized | unrealized | ||||||||||||||||||||
cost | gains | losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Securities available for sale, carried at fair value: | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 8,696 | $ | 485 | $ | (127 | ) | $ | 9,054 | |||||||||||||
Foreign government | 111,610 | 7,512 | (2,766 | ) | 116,356 | |||||||||||||||||
States and political subdivisions | 32,308 | 1,860 | (468 | ) | 33,700 | |||||||||||||||||
Corporates | 1,240,100 | 84,545 | (11,931 | ) | 1,312,714 | |||||||||||||||||
Mortgage- and asset-backed securities | 270,308 | 14,610 | (1,030 | ) | 283,888 | |||||||||||||||||
Total fixed-maturity securities(1) | 1,663,022 | 109,012 | (16,322 | ) | 1,755,712 | |||||||||||||||||
Equity securities | 32,592 | 7,935 | (633 | ) | 39,894 | |||||||||||||||||
Total fixed-maturity and equity securities | $ | 1,695,614 | $ | 116,947 | $ | (16,955 | ) | $ | 1,795,606 | |||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Includes $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Cost or | Gross | Gross | Fair value | |||||||||||||||||||
amortized | unrealized | unrealized | ||||||||||||||||||||
cost | gains | losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Securities available for sale, carried at fair value: | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 6,722 | $ | 812 | $ | — | $ | 7,534 | ||||||||||||||
Foreign government | 101,171 | 16,238 | (17 | ) | 117,392 | |||||||||||||||||
States and political subdivisions | 31,176 | 3,596 | (19 | ) | 34,753 | |||||||||||||||||
Corporates | 1,265,179 | 134,710 | (2,763 | ) | 1,397,126 | |||||||||||||||||
Mortgage- and asset-backed securities | 307,334 | 23,999 | (1,124 | ) | 330,209 | |||||||||||||||||
Total fixed-maturity securities(1) | 1,711,582 | 179,355 | (3,923 | ) | 1,887,014 | |||||||||||||||||
Equity securities | 29,955 | 7,529 | (337 | ) | 37,147 | |||||||||||||||||
Total fixed-maturity and equity securities | $ | 1,741,537 | $ | 186,884 | $ | (4,260 | ) | $ | 1,924,161 | |||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Includes $1.6 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. | |||||||||||||||||||||
The net effect on stockholders’ equity of unrealized gains and losses on available-for-sale securities was as follows: | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairments: | ||||||||||||||||||||||
Fixed-maturity and equity securities | $ | 99,992 | $ | 182,624 | ||||||||||||||||||
Currency swaps | 72 | 97 | ||||||||||||||||||||
Foreign currency translation adjustment | 1,523 | (7,456 | ) | |||||||||||||||||||
Other-than-temporary impairments | 2,072 | 1,592 | ||||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 103,659 | 176,857 | ||||||||||||||||||||
Deferred income taxes | (36,280 | ) | (61,899 | ) | ||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax | $ | 67,379 | $ | 114,958 | ||||||||||||||||||
We also maintain a portfolio of fixed-maturity securities that are classified as trading securities. The carrying value of the fixed-maturity securities classified as trading securities were approximately $13.0 million and $7.8 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
All of our available-for-sale mortgage- and asset-backed securities represent variable interests in variable interest entities ("VIEs"). We are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the entities’ economic performance. The maximum exposure to loss as a result of our involvement in these VIEs equals the carrying value of the securities. | ||||||||||||||||||||||
As required by law, we have investments on deposit with governmental authorities and banks for the protection of policyholders. The fair values of investments on deposit were $18.4 million and $20.5 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
We participate in securities lending transactions with broker-dealers and other financial institutions to increase investment income with minimal risk. We require minimum collateral on securities loaned equal to 102% of the fair value of the loaned securities. We accept collateral in the form of securities, which we are not able to sell or encumber, and, to the extent the collateral declines in value below 100%, we require additional collateral from the borrower. Any securities collateral received is not reflected on our balance sheet. We also accept collateral in the form of cash, all of which we reinvest. For loans involving unrestricted cash collateral, the collateral is reported as an asset with a corresponding liability representing our obligation to return the collateral. We continue to carry the lent securities as investment assets on our balance sheet during the terms of the loans, and we do not report them as sales. Cash collateral received and reinvested was approximately $89.9 million and $139.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
The scheduled maturity distribution of the available-for-sale fixed-maturity portfolio at December 31, 2013 follows. | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Amortized cost | Fair value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Due in one year or less | $ | 167,818 | $ | 170,905 | ||||||||||||||||||
Due after one year through five years | 482,656 | 522,966 | ||||||||||||||||||||
Due after five years through 10 years | 697,908 | 730,409 | ||||||||||||||||||||
Due after 10 years | 44,332 | 47,544 | ||||||||||||||||||||
1,392,714 | 1,471,824 | |||||||||||||||||||||
Mortgage- and asset-backed securities | 270,308 | 283,888 | ||||||||||||||||||||
Total fixed-maturity securities | $ | 1,663,022 | $ | 1,755,712 | ||||||||||||||||||
Actual maturities may differ from scheduled contractual maturities, because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||
Investment Income. The components of net investment income were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Fixed-maturity securities | $ | 89,860 | $ | 100,520 | $ | 109,907 | ||||||||||||||||
Equity securities | 1,186 | 1,051 | 717 | |||||||||||||||||||
Policy loans and other invested assets | 1,363 | 1,251 | 1,414 | |||||||||||||||||||
Cash and cash equivalents | 272 | 454 | 307 | |||||||||||||||||||
Market return on deposit asset underlying 10% Coinsurance agreement | 938 | 2,903 | 2,020 | |||||||||||||||||||
Gross investment income | 93,619 | 106,179 | 114,365 | |||||||||||||||||||
Investment expenses | (4,867 | ) | (5,375 | ) | (5,764 | ) | ||||||||||||||||
Net investment income | $ | 88,752 | $ | 100,804 | $ | 108,601 | ||||||||||||||||
The components of net realized investment gains (losses), as well as details on gross realized investment gains (losses) and proceeds from sales or other redemptions, were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Gross realized investment gains (losses): | ||||||||||||||||||||||
Gross gains from sales | $ | 6,734 | $ | 11,882 | $ | 8,382 | ||||||||||||||||
Gross losses from sales | (1,209 | ) | (83 | ) | (441 | ) | ||||||||||||||||
Gross gains from securities transferred from available-for-sale to trading | — | 323 | — | |||||||||||||||||||
Gross losses from securities transferred from available-for-sale to trading | — | (6 | ) | — | ||||||||||||||||||
Other-than-temporary impairment losses | (616 | ) | (641 | ) | (2,015 | ) | ||||||||||||||||
Gains (losses) from bifurcated options | 1,337 | (93 | ) | 514 | ||||||||||||||||||
Net realized investment gains (losses) | $ | 6,246 | $ | 11,382 | $ | 6,440 | ||||||||||||||||
Supplemental Information: | ||||||||||||||||||||||
Realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | $ | 4,909 | $ | 11,475 | $ | 5,926 | ||||||||||||||||
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | $ | 1,718 | $ | 4,016 | $ | 2,074 | ||||||||||||||||
Proceeds from sales or other redemptions | $ | 371,215 | $ | 571,017 | $ | 592,968 | ||||||||||||||||
Other-Than-Temporary Impairment. We conduct a review each quarter to identify and evaluate impaired investments that have indications of possible OTTI. An investment in a debt or equity security is impaired if its fair value falls below its cost. Factors considered in determining whether an unrealized loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects for the issue, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery, which may be maturity. | ||||||||||||||||||||||
Our review for other-than-temporary impairment generally entails: | ||||||||||||||||||||||
• | Analysis of individual investments that have fair values less than a pre-defined percentage of amortized cost, including consideration of the length of time the investment has been in an unrealized loss position; | |||||||||||||||||||||
• | Analysis of corporate fixed-maturity securities by reviewing the issuer’s most recent performance to date, including analyst reviews, analyst outlooks and rating agency information; | |||||||||||||||||||||
• | Analysis of commercial mortgage-backed securities based on an assessment of performance to date, credit enhancement, risk analytics and outlook, underlying collateral, loss projections, rating agency information and available third-party reviews and analytics; | |||||||||||||||||||||
• | Analysis of residential mortgage-backed securities based on loss projections provided by models compared to current credit enhancement levels; | |||||||||||||||||||||
• | Analysis of our other fixed-maturity and equity security investments, as required based on the type of investment; and | |||||||||||||||||||||
• | Analysis of downward credit migrations that occurred during the quarter. | |||||||||||||||||||||
Investments in fixed-maturity and equity securities with a cost basis in excess of their fair values were approximately $454.2 million and $111.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
The following tables summarize, for all securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position: | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||
Fair value | Unrealized | Number | Fair value | Unrealized | Number | |||||||||||||||||
losses | of | losses | of | |||||||||||||||||||
securities | securities | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 3,817 | $ | (36 | ) | 3 | $ | 859 | $ | (91 | ) | 2 | ||||||||||
Foreign government | 34,869 | (2,190 | ) | 47 | 5,999 | (576 | ) | 13 | ||||||||||||||
States and political subdivisions | 8,520 | (468 | ) | 11 | 152 | — | (1) | 1 | ||||||||||||||
Corporates | 296,192 | (9,510 | ) | 295 | 19,022 | (2,421 | ) | 31 | ||||||||||||||
Mortgage- and asset-backed securities | 54,215 | (536 | ) | 46 | 10,523 | (494 | ) | 9 | ||||||||||||||
Total fixed-maturity securities | 397,613 | (12,740 | ) | 36,555 | (3,582 | ) | ||||||||||||||||
Equity securities | 3,081 | (633 | ) | 7 | — | — | — | |||||||||||||||
Total fixed-maturity and equity securities | $ | 400,694 | $ | (13,373 | ) | $ | 36,555 | $ | (3,582 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Less than $1 thousand. | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||
Fair value | Unrealized | Number | Fair value | Unrealized | Number | |||||||||||||||||
losses | of | losses | of | |||||||||||||||||||
securities | securities | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
Foreign government | $ | 5,146 | $ | (17 | ) | 12 | $ | — | $ | — | — | |||||||||||
States and political subdivisions | 1,498 | (19 | ) | 3 | — | — | — | |||||||||||||||
Corporates | 70,176 | (1,189 | ) | 58 | 7,055 | (1,574 | ) | 11 | ||||||||||||||
Mortgage- and asset-backed securities | 15,367 | (22 | ) | 18 | 6,409 | (1,102 | ) | 10 | ||||||||||||||
Total fixed-maturity securities | 92,187 | (1,247 | ) | 13,464 | (2,676 | ) | ||||||||||||||||
Equity securities | 1,461 | (147 | ) | 6 | 522 | (190 | ) | 1 | ||||||||||||||
Total fixed-maturity and equity securities | $ | 93,648 | $ | (1,394 | ) | $ | 13,986 | $ | (2,866 | ) | ||||||||||||
The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows: | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Fixed-maturity securities in default | $ | 31 | $ | 267 | $ | 165 | $ | 712 | ||||||||||||||
Impairment charges recognized in earnings on available-for-sale securities were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Impairments on fixed-maturity securities not in default | $ | 609 | $ | 479 | $ | 1,831 | ||||||||||||||||
Impairments on fixed-maturity securities in default | — | — | 179 | |||||||||||||||||||
Impairments on equity securities | 7 | 162 | 5 | |||||||||||||||||||
Total impairment charges | $ | 616 | $ | 641 | $ | 2,015 | ||||||||||||||||
The securities noted above were considered to be other-than-temporarily impaired due to adverse credit events, such as: news of an impending filing for bankruptcy; analyses of the issuer’s most recent financial statements or other information in which liquidity deficiencies, significant losses and large declines in capitalization were evident; and analyses of rating agency information for issuances with severe ratings downgrades that indicated a significant increase in the possibility of default. | ||||||||||||||||||||||
As of December 31, 2013, the unrealized losses on our invested asset portfolio were largely caused by interest rate sensitivity and, to a lesser extent, changes in credit spreads. We believe that fluctuations caused by interest rate movement have little bearing on the recoverability of our investments. The overall increase in interest rates during the year ended December 31, 2013 contributed to the declines in fair value of our invested asset portfolio. Because we have the ability to hold these investments until a market price recovery or maturity and we have no present intention to dispose of them, we do not consider these investments to be other-than-temporarily impaired. | ||||||||||||||||||||||
Net impairment losses recognized in earnings were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Impairment losses related to securities which the Company does not intend to sell or is more-likely-than-not that it will not be required to sell: | ||||||||||||||||||||||
Total OTTI losses recognized | $ | 832 | $ | 991 | $ | 1,109 | ||||||||||||||||
Less portion of OTTI loss recognized in accumulated other comprehensive income (loss) | (479 | ) | (563 | ) | (183 | ) | ||||||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell or is more-likely-than-not that it will not be required to sell before recovery | 353 | 428 | 926 | |||||||||||||||||||
OTTI losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery | 263 | 213 | 1,089 | |||||||||||||||||||
Net impairment losses recognized in earnings | $ | 616 | $ | 641 | $ | 2,015 | ||||||||||||||||
The roll-forward of the credit-related losses recognized in income for all fixed-maturity securities still held follows. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, beginning of period | $ | 14,171 | $ | 17,403 | ||||||||||||||||||
Additions for OTTI securities where no credit losses were recognized prior to the beginning of the period | 606 | 10 | ||||||||||||||||||||
Additions for OTTI securities where credit losses have been recognized prior to the beginning of the period | 3 | 469 | ||||||||||||||||||||
Reductions due to sales, maturities or calls of credit impaired securities | (264 | ) | (3,711 | ) | ||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, end of period | $ | 14,516 | $ | 14,171 | ||||||||||||||||||
Derivatives. We use foreign currency swaps to reduce our foreign exchange risk due to direct investment in foreign currency-denominated debt securities. The aggregate notional balance and fair value of these currency swaps follow. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Aggregate notional balance of currency swaps | $ | 1,000 | $ | 5,878 | ||||||||||||||||||
Aggregate fair value of currency swaps | (88 | ) | (2,048 | ) | ||||||||||||||||||
The change in fair value of these currency swaps is reflected in other comprehensive income as they effectively hedge the variability in cash flows from these foreign currency-denominated debt securities. During 2013, we reclassified a loss from other comprehensive income into realized gains (losses) of approximately $2.0 million upon the settlement of a currency swap and its corresponding tax benefit of approximately $0.7 million was reclassified from other comprehensive income into income taxes. The terms of this currency swap were an identical hedge of the terms of a foreign currency-denominated debt security that we held in our available-for-sale securities portfolio. As such, the loss and tax benefit on the currency swap were equally offset by the foreign currency gain and tax expense reclassified from other comprehensive income into earnings upon the maturity of the foreign currency-denominated debt security. No gains or losses for these currency swaps were reclassified from other comprehensive income into earnings during 2012 and 2011. | ||||||||||||||||||||||
The embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains, including OTTI losses. As of December 31, 2013 and 2012, the fair value of these bifurcated options was approximately $4.6 million and $10.2 million, respectively. | ||||||||||||||||||||||
We have a deferred loss related to closed forward contracts that were used to mitigate our exposure to foreign currency exchange rates that resulted from the net investment in our Canadian operations. The amount of deferred loss included in accumulated other comprehensive income was approximately $26.4 million as of December 31, 2013 and 2012. While we have no current intention to do so, these deferred losses will not be recognized until such time as we sell or substantially liquidate our Canadian operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
(4) Fair Value of Financial Instruments | ||||||||||||||||
Fair value is the price that would be received upon the sale of an asset in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We classify and disclose all invested assets carried at fair value in one of the following three categories: | ||||||||||||||||
• | Level 1. Quoted prices for identical instruments in active markets. Level 1 primarily consists of financial instruments whose value is based on quoted market prices in active markets, such as exchange-traded common stocks and actively traded mutual fund investments; | |||||||||||||||
• | Level 2. Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. Various inputs are considered in deriving the fair value of the underlying financial instrument, including interest rate, credit spread, and foreign exchange rates. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate fixed-maturity and equity securities; government or agency securities; certain mortgage- and asset-backed securities and certain non-exchange-traded derivatives, such as currency swaps; and | |||||||||||||||
• | Level 3. Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 consists of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and models using significant inputs not based on, nor corroborated by, readily available market information. Valuations for this category primarily consist of non-binding broker quotes. Financial instruments in this category primarily include less liquid fixed-maturity corporate securities, mortgage- and asset-backed securities. | |||||||||||||||
As of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety based on the lowest level of input (Level 3 being the lowest) that is significant to the fair value measurement. Significant levels of estimation and judgment are required to determine the fair value of certain of our investments. The factors influencing these estimations and judgments are subject to change in subsequent reporting periods. | ||||||||||||||||
The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Available-for-sale fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 9,054 | $ | — | $ | 9,054 | ||||||||
Foreign government | — | 116,356 | — | 116,356 | ||||||||||||
States and political subdivisions | — | 33,700 | — | 33,700 | ||||||||||||
Corporates | 1,282 | 1,310,739 | 693 | 1,312,714 | ||||||||||||
Mortgage- and asset-backed securities | — | 282,341 | 1,547 | 283,888 | ||||||||||||
Total available-for-sale fixed-maturity securities | 1,282 | 1,752,190 | 2,240 | 1,755,712 | ||||||||||||
Available-for-sale equity securities | 34,868 | 4,978 | 48 | 39,894 | ||||||||||||
Trading securities | — | 12,991 | — | 12,991 | ||||||||||||
Separate accounts | — | 2,503,829 | — | 2,503,829 | ||||||||||||
Total fair value assets | $ | 36,150 | $ | 4,273,988 | $ | 2,288 | $ | 4,312,426 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 88 | $ | — | $ | 88 | ||||||||
Separate accounts | — | 2,503,829 | — | 2,503,829 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,503,917 | $ | — | $ | 2,503,917 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Available-for-sale fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 7,534 | $ | — | $ | 7,534 | ||||||||
Foreign government | — | 117,392 | — | 117,392 | ||||||||||||
States and political subdivisions | — | 34,753 | — | 34,753 | ||||||||||||
Corporates | 1,301 | 1,392,446 | 3,379 | 1,397,126 | ||||||||||||
Mortgage- and asset-backed securities | — | 328,415 | 1,794 | 330,209 | ||||||||||||
Total available-for-sale fixed-maturity securities | 1,301 | 1,880,540 | 5,173 | 1,887,014 | ||||||||||||
Available-for-sale equity securities | 26,608 | 10,491 | 48 | 37,147 | ||||||||||||
Trading securities | — | 7,762 | — | 7,762 | ||||||||||||
Separate accounts | — | 2,618,115 | — | 2,618,115 | ||||||||||||
Total fair value assets | $ | 27,909 | $ | 4,516,908 | $ | 5,221 | $ | 4,550,038 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 2,048 | $ | — | $ | 2,048 | ||||||||
Separate accounts | — | 2,618,115 | — | 2,618,115 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,620,163 | $ | — | $ | 2,620,163 | ||||||||
In assessing fair value of our investments, we use a third-party pricing service for approximately 95% of our securities. The remaining securities are primarily thinly traded securities valued using models based on observable inputs on public corporate spreads having similar tenors (e.g., sector, average life and quality rating) and liquidity and yield based on quality rating, average life and treasury yields. All observable data inputs are corroborated by independent third-party data. In the absence of sufficient observable inputs, we utilize non-binding broker quotes, which are reflected in our Level 3 classification as we are unable to evaluate the valuation technique(s) or significant inputs used to develop the quotes. Therefore, we do not internally develop the quantitative unobservable inputs used in measuring the fair value of Level 3 investments. However, we do corroborate pricing information provided by our third-party pricing servicing by performing a review of selected securities. Our review activities include obtaining detailed information about the assumptions, inputs and methodologies used in pricing the security; documenting this information; and corroborating it by comparison to independently obtained prices and or independently developed pricing methodologies. | ||||||||||||||||
Furthermore, we perform internal reasonableness assessments on fair value determinations within our portfolio throughout the quarter and at quarter-end, including pricing variance analyses and comparisons to alternative pricing sources and benchmark returns. If a fair value appears unusual relative to these assessments, we will re-examine the inputs and may challenge a fair value assessment made by the pricing service. If there is a known pricing error, we will request a reassessment by the pricing service. If the pricing service is unable to perform the reassessment on a timely basis, we will determine the appropriate price by requesting a reassessment from an alternative pricing service or other qualified source as necessary. We do not adjust quotes or prices except in a rare circumstance to resolve a known error. | ||||||||||||||||
Because many fixed-maturity securities do not trade on a daily basis, fair value is determined using industry-standard methodologies by applying available market information through processes such as U.S. Treasury curves, benchmarking of similar securities, sector groupings, quotes from market participants and matrix pricing. Observable information is compiled and integrates relevant credit information, perceived market movements and sector news. Additionally, security prices are periodically back-tested to validate and/or refine models as conditions warrant. Market indicators and industry and economic events are also monitored as triggers to obtain additional data. For certain structured securities with limited trading activity, industry-standard pricing methodologies use adjusted market information, such as index prices or discounting expected future cash flows, to estimate fair value. If these measures are not deemed observable for a particular security, the security will be classified as Level 3 in the fair value hierarchy. | ||||||||||||||||
Where specific market information is unavailable for certain securities, pricing models produce estimates of fair value primarily using Level 2 inputs along with certain Level 3 inputs. These models include matrix pricing. The pricing matrix uses current treasury rates and credit spreads received from third-party sources to estimate fair value. The credit spreads incorporate the issuer’s industry- or issuer-specific credit characteristics and the security’s time to maturity, if warranted. Remaining unpriced securities are valued using an estimate of fair value based on indicative market prices that include significant unobservable inputs not based on, nor corroborated by, market information, including the utilization of non-binding broker quotes. | ||||||||||||||||
The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Level 3 assets, beginning of period | $ | 5,221 | $ | 6,937 | ||||||||||||
Net unrealized gains (losses) through other comprehensive income | (116 | ) | (235 | ) | ||||||||||||
Net realized gains (losses) included in realized investment gains (losses), including OTTI losses | (278 | ) | (18 | ) | ||||||||||||
Purchases(1) | 2 | 1,484 | ||||||||||||||
Sales | — | (3,466 | ) | |||||||||||||
Settlements | (314 | ) | — | |||||||||||||
Transfers into level 3 | 25 | 521 | ||||||||||||||
Transfers out of level 3 | (2,252 | ) | (2 | ) | ||||||||||||
Level 3 assets, end of period | $ | 2,288 | $ | 5,221 | ||||||||||||
___________________ | ||||||||||||||||
(1) | Invested assets that are initially valued using level 3 inputs upon purchase and subsequently are able to be priced using level 2 inputs within the year of purchase are classified as level 2 assets and are excluded from the rollforward of level 3 assets presented. | |||||||||||||||
We obtain independent pricing quotes based on observable inputs as of the end of the reporting period for all securities in Level 2. Those inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, quoted prices for similar instruments in markets that are not active, and other relevant data. We monitor these inputs for market indicators, industry and economic events. We recognize transfers into new levels and out of previous levels as of the end of the reporting period, including interim reporting periods, as applicable. There were no transfers between Level 1 and Level 2 during 2013 and 2012. | ||||||||||||||||
Invested assets included in the transfer from Level 3 to Level 2 primarily were fixed-maturity investments for which we were able to obtain independent pricing quotes based on observable inputs. There were no significant transfers between Level 1 and Level 3 during 2013 and 2012. | ||||||||||||||||
The carrying values and estimated fair values of our financial instruments were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
value | fair value | value | fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities available for sale | $ | 1,755,712 | $ | 1,755,712 | $ | 1,887,014 | $ | 1,887,014 | ||||||||
Equity securities available for sale | 39,894 | 39,894 | 37,147 | 37,147 | ||||||||||||
Trading securities | 12,991 | 12,991 | 7,762 | 7,762 | ||||||||||||
Policy loans | 26,806 | 26,806 | 24,613 | 24,613 | ||||||||||||
Deposit asset underlying 10% Coinsurance Agreement | 124,413 | 124,413 | 91,524 | 91,524 | ||||||||||||
Separate accounts | 2,503,829 | 2,503,829 | 2,618,115 | 2,618,115 | ||||||||||||
Liabilities: | ||||||||||||||||
Notes payable | $ | 374,481 | $ | 385,161 | $ | 374,433 | $ | 418,777 | ||||||||
Currency swaps | 88 | 88 | 2,048 | 2,048 | ||||||||||||
Separate accounts | 2,503,829 | 2,503,829 | 2,618,115 | 2,618,115 | ||||||||||||
The fair values of financial instruments presented above are estimates of the fair values at a specific point in time using various sources and methods, including market quotations and a complex matrix system that takes into account issuer sector, quality, and spreads in the current marketplace. | ||||||||||||||||
Recurring fair value measurement. Estimated fair values of investments in available-for-sale fixed-maturity securities are principally a function of current spreads and interest rates that are corroborated by independent third-party data. Therefore, the fair values presented are indicative of amounts we could realize or settle at the respective balance sheet date. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. Trading securities, which primarily consist of fixed-maturity securities, are carried at fair value. Equity securities, including common and non-redeemable preferred stocks, are carried at fair value. Currency swaps are stated at fair value. Segregated funds in separate accounts are carried at the underlying value of the variable insurance contracts, which is fair value. | ||||||||||||||||
Nonrecurring fair value measurements. Policy loans, which are categorized as Level 3 fair value measurements, are carried at the unpaid principal balances. The fair value of policy loans approximate the unpaid principal balances as the timing of repayment is uncertain and the loans are collateralized by the amount of the policy. The deposit asset underlying the 10% Coinsurance Agreement represents the value of the assets necessary to back the economic reserves held in support of the reinsurance agreement. The carrying value of this deposit asset approximates fair value, which is categorized as Level 3 in the fair value hierarchy. Notes payable represent our publicly-traded senior notes and are valued as a Level 2 fair value measurement using the quoted market price for our notes. | ||||||||||||||||
The carrying amounts for cash and cash equivalents, receivables, accrued investment income, accounts payable, cash collateral and payables for security transactions approximate their fair values due to the short-term nature of these instruments. Consequently, such instruments are not included in the above table. |
Reinsurance_Notes
Reinsurance (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Reinsurance [Text Block] | ' | |||||||||||
(5) Reinsurance | ||||||||||||
Reinsurance arrangements do not relieve us of our primary obligation to the policyholder. Our reinsurance contracts typically do not have a fixed term. In general, the reinsurers' ability to terminate coverage for existing cessions is limited to such circumstances as material breach of contract or nonpayment of premiums by the ceding company. Our reinsurance contracts generally contain provisions intended to provide the ceding company with the ability to cede future business on a basis consistent with historical terms. However, either party may terminate any of the contracts with respect to the future business upon appropriate notice to the other party. Generally, the reinsurance contracts do not limit the overall amount of the loss that can be incurred by the reinsurer. | ||||||||||||
Our policy is to limit the amount of life insurance retained on the life of any one person to $1 million. To limit our exposure with any one reinsurer, we monitor the concentration of credit risk we have with our reinsurance counterparties, as well as their financial condition. No credit losses related to our reinsurance counterparties have been experienced by the Company during the three-year period ended December 31, 2013. | ||||||||||||
Due from reinsurers represents ceded policy reserve balances and ceded claim liabilities. The amounts of ceded claim liabilities included in due from reinsurers that we paid and which are recoverable from those reinsurers were $32.9 million and $61.5 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
In connection with our corporate reorganization, Primerica Life, Primerica Life Canada and NBLIC entered into significant coinsurance transactions (the "coinsurance agreements") on March 30, 2010 with Prime Re and two other affiliates of Citigroup (collectively, the "Citigroup reinsurers"). Under the coinsurance agreements, we ceded between 80% and 90% of the risks and rewards of our term life insurance policies in force at year-end 2009. Because these agreements were part of a business reorganization among entities under common control, they did not generate any deferred gain or loss upon their execution. Concurrent with signing these agreements, we transferred the corresponding account balances in respect of the coinsured policies along with the assets to support the statutory liabilities assumed by the Citigroup reinsurers. Each of the account balances transferred were at book value with no gain or loss recorded in net income. | ||||||||||||
Three of the Citigroup coinsurance agreements satisfy U.S. GAAP risk transfer rules. Under these agreements, we ceded between 80% and 90% of our term life future policy benefit reserves, and we transferred a corresponding amount of assets to the Citigroup reinsurers. These transactions did not impact our future policy benefit reserves. As such, we have recorded an asset for the same amount of risk transferred in due from reinsurers. We also reduced DAC by a corresponding amount, which reduces future amortization expenses. In addition, we are transferring between 80% and 90% of all future premiums and benefits and claims associated with these policies to the corresponding reinsurance entities. We receive ongoing ceding allowances, which are reflected as a reduction to insurance expenses, to cover policy and claims administration expenses as well as certain corporate overhead charges under each of these reinsurance contracts. | ||||||||||||
A fourth agreement, the 10% Coinsurance Agreement, relates to a reinsurance transaction with Prime Re that includes an experience refund provision. This agreement does not satisfy U.S. GAAP risk transfer rules. As a result, we have accounted for this contract using deposit method accounting and have recognized a deposit asset in other assets on our balance sheet for assets backing the economic reserves. The deposit assets held in support of this agreement were $124.4 million at December 31, 2013, with no associated liability. We make contributions to the deposit asset during the life of the agreement to fulfill our responsibility of funding the economic reserve. The market return on these deposit assets is reflected in net investment income during the life of the agreement. Prime Re is responsible for ensuring that there are sufficient assets to meet all statutory requirements. We pay Prime Re a 3% finance charge for any statutory reserves required above the economic reserves. This finance charge is reflected in interest expense in our statements of income. | ||||||||||||
The following table represents the Company's net in-force life insurance at December 31, 2013 and 2012: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Direct life insurance in force | $ | 679,337,825 | $ | 675,164,992 | ||||||||
Amounts ceded to other companies | (601,309,340 | ) | (599,133,626 | ) | ||||||||
Net life insurance in force | $ | 78,028,485 | $ | 76,031,366 | ||||||||
Percentage of reinsured life insurance in force | 89 | % | 89 | % | ||||||||
Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
receivable | rating | receivable | rating | |||||||||
(In thousands) | ||||||||||||
Prime Re (1) | $ | 2,572,800 | NR | $ | 2,505,157 | NR | ||||||
SCOR Global Life Reinsurance (3) | 372,479 | A | 387,397 | A | ||||||||
Financial Reassurance Company 2010, Ltd. (1) | 343,144 | NR | 352,073 | NR | ||||||||
Swiss Re Life & Health America Inc. (2) | 260,775 | A+ | 266,841 | A+ | ||||||||
American Health and Life Insurance Company (1) | 174,722 | A- | 174,905 | A- | ||||||||
Munich American Reassurance Company | 100,856 | A+ | 101,349 | A+ | ||||||||
Korean Reinsurance Company | 89,405 | A | 86,287 | A | ||||||||
RGA Reinsurance Company | 75,629 | A+ | 72,230 | A+ | ||||||||
Toa Reinsurance Company | 18,824 | A+ | 15,612 | A+ | ||||||||
Hannover Life Reassurance Company | 16,862 | A+ | 15,078 | A+ | ||||||||
All other reinsurers | 29,558 | — | 28,265 | — | ||||||||
Due from reinsurers | $ | 4,055,054 | $ | 4,005,194 | ||||||||
____________________ | ||||||||||||
NR – not rated | ||||||||||||
(1) | Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers. | |||||||||||
(2) | Includes amounts ceded to Lincoln National Life Insurance Company and 100% retroceded to Swiss Re Life & Health America Inc. | |||||||||||
(3) | Includes amounts ceded to Generali USA Life Reassurance Company due to its purchase by the parent company of SCOR Global Life Reinsurance Companies in October 2013 and amounts retroceded from Transamerica Reinsurance Companies. Generali USA Life Reassurance Company held a strength rating of A- as of December 31, 2012. | |||||||||||
Certain reinsurers with which we do business receive group ratings. Individually, those reinsurers are SCOR Global Life Re Insurance Company of Texas, SCOR Global Life U.S. Re Insurance Company, Transamerica Financial Life Insurance Company, and Transamerica Life Insurance Company. | ||||||||||||
As Prime Re and Financial Reassurance Company 2010, Ltd. ("FRAC") do not have financial strength ratings, we required various safeguards prior to executing the coinsurance agreements with these entities. Both coinsurance agreements include provisions to ensure that Primerica Life and Primerica Life Canada receive full regulatory credit for the reinsurance treaties. Under these agreements, Primerica Life and Primerica Life Canada will be able to recapture the ceded business with no fee in the event Prime Re or FRAC do not comply with the various safeguard provisions in their respective coinsurance agreements. Prime Re also has entered into a capital maintenance agreement requiring Citigroup to provide additional funding, if needed, at any point during the term of the agreement up to the maximum as described in the capital maintenance agreement. | ||||||||||||
In October 2010, a routine reinsurance audit identified payments to reinsurers that may have exceeded our obligations under our reinsurance agreements. We were uncertain of our ability to recover past ceded premiums, but in the fourth quarter of 2010, we approached our reinsurers and reached agreements to recover certain of these past ceded premiums for post-issue underwriting class upgrades. The most common reason for such an upgrade occurs when a policyholder who was originally issued a term life policy as a tobacco user subsequently quits using tobacco. Historically, we have reduced policyholder premiums for such upgrades, but have not reduced ceded premiums to reflect the new underwriting class. In the first quarter of 2011, we reduced ceded premiums by approximately $8.7 million related to agreements obtained with certain reinsurers to recover ceded premiums. The recoveries recognized in 2011 reflect the agreements signed in 2011. The net impact of ceded premium recoveries during 2013 and 2012, which were substantially offset by corresponding increases to benefits and claims, was immaterial. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | ' | |||||||||||
Deferred Policy Acquisition Costs [Text Block] | ' | |||||||||||
(6) Deferred Policy Acquisition Costs | ||||||||||||
The balances of and activity in DAC were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
DAC balance, beginning of period | $ | 1,066,422 | $ | 904,485 | $ | 738,946 | ||||||
Capitalization | 283,341 | 276,840 | 270,661 | |||||||||
Amortization | (129,183 | ) | (118,598 | ) | (104,034 | ) | ||||||
Foreign exchange and other | (12,114 | ) | 3,695 | (1,088 | ) | |||||||
DAC balance, end of period | $ | 1,208,466 | $ | 1,066,422 | $ | 904,485 | ||||||
Capitalization of DAC represents incremental direct costs of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred. | ||||||||||||
In determining amortization expense, we use investment yields available at the time a policy is issued. For policies issued in 2010 and after, we have been using an increasing investment yield assumption based on the historically low interest rate environment. Investment yield assumptions for new policies acquired during the years ended December 31, 2013, 2012 and 2011 ranged from 3.5% to 7.0%. | ||||||||||||
DAC is subject to recoverability testing annually and when impairment indicators exist. The recoverability of DAC is dependent on the future profitability of the related policies, which, in turn, is dependent principally upon mortality, persistency, investment returns, and the expense of administering the business, as well as upon certain economic variables, such as inflation. | ||||||||||||
See Note 1 (Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies) for details regarding the accounting for DAC. |
Separate_Accounts_Notes
Separate Accounts (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Separate Accounts Disclosure [Abstract] | ' |
Separate Accounts [Text Block] | ' |
(7) Separate Accounts | |
The Funds consist of a series of five banded investment funds known as the Asset Builder Funds and a money market fund known as the Cash Management Fund. The principal investment objective of each of the Asset Builder Funds is to achieve long-term growth while preserving capital through a diversified portfolio of publicly traded Canadian stocks, investment-grade corporate bonds, Government of Canada bonds, and foreign equity investments. The Cash Management Fund invests in government guaranteed short-term bonds and short-term commercial and bank papers, with the principal investment objective being the provision of interest income while maintaining liquidity and preserving capital. | |
Under these contract offerings, payments to policyholders or their designated beneficiaries are only due upon death of the annuitant or upon reaching a specific maturity date. Payments are based on the value of the policyholder's units in the portfolio at the payment date, but are guaranteed to be no less than 75% of the policyholder's contribution, adjusted for withdrawals. Account values are not guaranteed for withdrawn units if policyholders make withdrawals prior to the maturity dates. Maturity dates vary policy-by-policy and range from 10 to 50 years from the policy issuance date. | |
Both the asset and the liability for the separate accounts reflect the net value of the underlying assets in the portfolio as of the reporting date. Primerica Life Canada's exposure to losses under the guarantee at the time of account maturity is limited to policyholder accounts that have declined in value more than 25%, adjusted for withdrawals, since the contribution date prior to maturity. Because maturity dates range from 10 to 50 years, the likelihood of accounts meeting both of these criteria at any given point is very small. Additionally, the portfolio consists of a very large number of individual contracts, further spreading the risk related to the guarantee being exercised upon death. The length of the contract terms provides significant opportunity for the underlying portfolios to recover any short-term losses prior to maturities or deaths of the policyholders. Furthermore, the investment funds invest in Government Strip Bonds and floating rate notes, and the maturity risks are reviewed quarterly. | |
We periodically assess the exposure related to these contracts to determine whether any additional liability should be recorded. As of December 31, 2013 and 2012, an additional liability for these contracts was deemed to be unnecessary. |
Insurance_Reserves_Notes
Insurance Reserves (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
insurance Reserves Disclosures [Abstract] | ' | |||||||||||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | ' | |||||||||||
(8) Insurance Reserves | ||||||||||||
Changes in policy claims and other benefits payable were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Policy claims and other benefits payable, beginning of period | $ | 254,533 | $ | 241,754 | $ | 229,895 | ||||||
Less reinsured policy claims and other benefits payable | 269,279 | 236,930 | 233,346 | |||||||||
Net balance, beginning of period | (14,746 | ) | 4,824 | (3,451 | ) | |||||||
Incurred related to current year | 147,639 | 150,352 | 142,685 | |||||||||
Incurred related to prior year | (4,956 | ) | (3,208 | ) | 391 | |||||||
Total incurred | 142,683 | 147,144 | 143,076 | |||||||||
Claims paid related to current year, net of reinsured policy claims received | (150,922 | ) | (183,208 | ) | (153,540 | ) | ||||||
Reinsured policy claims received related to prior year, net of claims paid | 28,601 | 16,307 | 18,945 | |||||||||
Total paid | (122,321 | ) | (166,901 | ) | (134,595 | ) | ||||||
Foreign currency | (497 | ) | 187 | (206 | ) | |||||||
Net balance, end of period | 5,119 | (14,746 | ) | 4,824 | ||||||||
Add reinsured policy claims and other benefits payable | 248,185 | 269,279 | 236,930 | |||||||||
Balance, end of period | $ | 253,304 | $ | 254,533 | $ | 241,754 | ||||||
See Note 1 (Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies) for details regarding the accounting for policyholder liabilities. |
Notes_Payable_Notes
Notes Payable (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||
(9) Notes Payable | ||||||||||||||
Notes payable consisted of the following: | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(Dollars in thousands) | ||||||||||||||
4.75% Senior notes payable, due July 15, 2022 | $ | 375,000 | 4.75 | % | $ | 375,000 | 4.75 | % | ||||||
Unamortized issuance discount on notes payable | (519 | ) | (567 | ) | ||||||||||
Total notes payable | $ | 374,481 | $ | 374,433 | ||||||||||
On July 16, 2012, we issued $375.0 million in principal amount of senior unsecured notes in a public offering (the "Senior Notes"), and we used a portion of the net cash proceeds to repay a $300.0 million note issued to Citigroup in connection with the corporate reorganization in whole at a redemption price equal to 100% of the outstanding principal amount. We issued the Senior Notes at a price of 99.843% of the principal amount with an annual interest rate of 4.75%, payable semi-annually in arrears on January 15 and July 15. The Senior Notes mature on July 15, 2022. We were in compliance with the covenants of the Senior Notes at December 31, 2013. No events of default occurred on the Senior Notes during the year ended December 31, 2013. | ||||||||||||||
As unsecured senior obligations, the Senior Notes rank equally in right of payment with all existing and future unsubordinated indebtedness and senior to all existing and future subordinated indebtedness of the Parent Company. The Senior Notes are structurally subordinated in right of payment to all existing and future liabilities of our subsidiaries. In addition, the Senior Notes contain covenants that restrict our ability to, among other things, create or incur any indebtedness that is secured by a lien on the capital stock of certain of our subsidiaries, and merge, consolidate or sell all or substantially all of our properties and assets. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||||||||||
(10) Income Taxes | |||||||||||||||||||||
Income tax expense (benefit) consists of the following: | |||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Federal | $ | 35,966 | $ | 32,919 | $ | 68,885 | |||||||||||||||
Foreign | 32,797 | (14,410 | ) | 18,387 | |||||||||||||||||
State and local | 1,377 | (176 | ) | 1,201 | |||||||||||||||||
Total tax expense (benefit) | $ | 70,140 | $ | 18,333 | $ | 88,473 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Federal | $ | 51,301 | $ | 24,517 | $ | 75,818 | |||||||||||||||
Foreign | 26,836 | (11,130 | ) | 15,706 | |||||||||||||||||
State and local | 1,613 | (55 | ) | 1,558 | |||||||||||||||||
Total tax expense (benefit) | $ | 79,750 | $ | 13,332 | $ | 93,082 | |||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Federal | $ | 58,542 | $ | 9,020 | $ | 67,562 | |||||||||||||||
Foreign | 30,807 | (12,280 | ) | 18,527 | |||||||||||||||||
State and local | 793 | (164 | ) | 629 | |||||||||||||||||
Total tax expense (benefit) | $ | 90,142 | $ | (3,424 | ) | $ | 86,718 | ||||||||||||||
Total income tax expense is different from the amount determined by multiplying earnings before income taxes by the statutory federal tax rate of 35%. The reconciliation for such difference follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Computed tax expense | $ | 87,918 | 35 | % | $ | 93,411 | 35 | % | $ | 85,368 | 35 | % | |||||||||
Other | 555 | 0.2 | % | (329 | ) | (0.1 | )% | 1,350 | 0.6 | % | |||||||||||
Total tax expense/effective rate | $ | 88,473 | 35.2 | % | $ | 93,082 | 34.9 | % | $ | 86,718 | 35.6 | % | |||||||||
Deferred income taxes are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. The main components of deferred income tax assets and liabilities were as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Future policy benefit reserves and unpaid policy claims | $ | 207,662 | $ | 187,166 | |||||||||||||||||
Intangibles and tax goodwill | 48,694 | 46,819 | |||||||||||||||||||
Future deductible liabilities | 27,606 | 17,457 | |||||||||||||||||||
Other | 14,656 | 21,041 | |||||||||||||||||||
Total deferred tax assets | 298,618 | 272,483 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Deferred policy acquisition costs | (269,534 | ) | (248,208 | ) | |||||||||||||||||
Investments | (26,010 | ) | (42,739 | ) | |||||||||||||||||
Distributable unremitted earnings of foreign subsidiaries | (2,848 | ) | (2,924 | ) | |||||||||||||||||
Reinsurance deposit asset | (43,544 | ) | (32,033 | ) | |||||||||||||||||
Other | (15,098 | ) | (15,527 | ) | |||||||||||||||||
Total deferred tax liabilities | (357,034 | ) | (341,431 | ) | |||||||||||||||||
Net deferred tax liabilities | $ | (58,416 | ) | $ | (68,948 | ) | |||||||||||||||
The majority of total deferred tax assets is attributable to future policy benefit reserves and unpaid policy claims, which represents the difference between the financial statement carrying value and tax basis for liabilities for future policy benefits. The tax basis for future policy benefit reserves and unpaid policy claims is actuarially determined in accordance with guidelines set forth in the Internal Revenue Code. The deferred tax liability for DAC represents the difference between the policy acquisition costs capitalized for U.S. GAAP purposes and those capitalized for tax purposes, as well as the difference in the resulting amortization methods. | |||||||||||||||||||||
The Company has state net operating losses resulting in a deferred tax asset of approximately $5.8 million, which are available for use through 2033. The Company has no other material net operating loss or credit carryforwards. | |||||||||||||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carryback and carryforward periods, and tax planning strategies in making this assessment. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. There was no deferred tax asset valuation allowance at December 31, 2013 and 2012. | |||||||||||||||||||||
The Company has direct and indirect ownership of a group of controlled foreign corporations in Canada. We have asserted a position of permanent reinvestment for the difference in share basis and certain operational earnings. Such operational earnings if not permanently reinvested would have generated a deferred tax liability of approximately $8.6 million as of December 31, 2013. For those operational earnings for which we have not made a permanent reinvestment assertion, we have established a deferred tax liability to account for the U.S. tax liability that will occur upon repatriation of such earnings. As of December 31, 2013, we had approximately $29.8 million in Canadian operational earnings available to be repatriated to the U.S. for which we have not made a permanent reinvestment assertion. | |||||||||||||||||||||
The total amount of unrecognized benefits on uncertain tax positions that, if recognized, would affect our effective tax rate was approximately $8.3 million and $7.4 million as of December 31, 2013 and 2012, respectively. We recognize interest expense related to unrecognized tax benefits in tax expense net of federal income tax. As of December 31, 2013 and 2012, the total amount of accrued interest and penalties in the consolidated balance sheets were approximately $2.9 million and $3.8 million, respectively. Additionally, we recognized interest related to unrecognized tax benefits in the consolidated statements of income of less than $0.1 million of expense for the year ended December 31, 2013 and approximately $0.1 million and $0.2 million of benefit for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||||
A reconciliation of the change in the unrecognized income tax benefit for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unrecognized tax benefits, beginning of period | $ | 20,996 | $ | 21,356 | |||||||||||||||||
Change in prior period unrecognized tax benefits | 32 | 182 | |||||||||||||||||||
Change in current period unrecognized tax benefits | 2,108 | 2,178 | |||||||||||||||||||
Reductions as a result of a lapse in statute of limitations | (6,529 | ) | (2,720 | ) | |||||||||||||||||
Unrecognized tax benefits, end of period | $ | 16,607 | $ | 20,996 | |||||||||||||||||
We have no penalties included in calculating our provision for income taxes. There is no significant change that is reasonably possible to occur within twelve months of the reporting date. | |||||||||||||||||||||
In connection with our corporate reorganization, we entered into a tax separation agreement with Citigroup, whereby Citigroup agreed to indemnify the Company against any consolidated, combined, affiliated, unitary or similar federal, state or local income tax liability related to any taxable period ending on or before April 2010. As of December 31, 2013, the Company had a Citigroup tax indemnification asset of $6.8 million. | |||||||||||||||||||||
As a result of the separation from Citigroup, the Company is required to file two U.S. consolidated income tax returns at least through December 31, 2014. Our life insurance companies comprise one of the U.S. consolidated tax groups, while the Parent Company and the remaining U.S. subsidiaries comprise the second U.S. consolidated tax group. The method of allocation between companies is pursuant to a written agreement. Allocations generally are based upon separate return calculations with credit for net losses as utilized, and are calculated and settled quarterly. | |||||||||||||||||||||
The major tax jurisdictions in which we operate are the United States and Canada. We are currently open to tax audit by the Internal Revenue Service for the years ended December 31, 2009 and thereafter for federal tax purposes. We are currently open to audit in Canada for tax years ended December 31, 2007 and thereafter for federal and provincial tax purposes. For those periods prior to the IPO, we are fully indemnified by Citigroup. |
Stockholders_Equity_Notes
Stockholders' Equity (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
(11) Stockholders’ Equity | |||||||||
A reconciliation of the number of shares of our common stock follows. | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In thousands) | |||||||||
Balance, beginning of period | 56,374 | 64,883 | 72,843 | ||||||
Shares of restricted common stock issued, net | 280 | 438 | 348 | ||||||
Shares of common stock issued upon lapse of RSUs | 1,122 | 998 | 784 | ||||||
Common stock retired | (2,942 | ) | (9,945 | ) | (9,092 | ) | |||
Common stock, end of period | 54,834 | 56,374 | 64,883 | ||||||
The above reconciliation excludes RSUs issued to our sales force, employees of our Canadian subsidiaries, and our non-employee directors, which do not have voting rights. As the restrictions on the RSUs lapse, we issue common shares with voting rights. As of December 31, 2013, we had a total of approximately 1.1 million RSUs outstanding. | |||||||||
We repurchased approximately 8.9 million shares from Citigroup in November 2011 at a price based on the price per share of our common stock during the seven-day period prior to execution of the repurchase agreement. These shares and shares sold by Citigroup in other public offerings during 2011 represented all of its remaining shares of our common stock. | |||||||||
In 2012, we purchased approximately 7.8 million shares of our common stock owned by certain private equity funds managed by Warburg Pincus LLC ("Warburg Pincus"), which obtained shares of our common stock and warrants to purchase 4,103,110 additional shares of our common stock (the "warrants") at a purchase price of $18.00 per underlying share in a private sale by Citigroup in connection with our IPO. The prices of the shares repurchased were based on the per share market value of our common stock at the time of the purchases. In addition, we repurchased approximately 1.7 million shares of our common stock in open market transactions during 2012. | |||||||||
On June 3, 2013, we repurchased the remaining equity interest in our Company held by Warburg Pincus, which included approximately 2.5 million shares of our common stock and all outstanding warrants. The per-share purchase price was determined based on the closing price of our common stock on May 28, 2013, which was the execution date of the agreement to repurchase the shares, and the purchase price per warrant was equal to the per-share purchase price less the warrant exercise price per underlying share as noted above. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
(12) Earnings Per Share | ||||||||||||
The Company has outstanding common stock and equity awards that consist of restricted stock, RSUs and stock options. In addition, the warrants held by Warburg Pincus were outstanding until we repurchased and retired these warrants on June 3, 2013. The restricted stock and outstanding RSUs maintain non-forfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. Unvested restricted stock and unvested RSUs are deemed participating securities for purposes of calculating EPS as they maintain dividend rights. | ||||||||||||
As a result of issuing restricted stock and outstanding RSUs that are deemed participating securities, we calculate EPS using the two-class method. Under the two-class method, we allocate earnings to common shares (excluding unvested restricted stock) and vested RSUs outstanding for the period. Earnings attributable to unvested participating securities, along with the corresponding share counts, are excluded from EPS as reflected in our consolidated statements of income. | ||||||||||||
In calculating basic EPS, we deduct any dividends and undistributed earnings allocated to unvested restricted stock and unvested RSUs from net income and then divide the result by the weighted-average number of common shares, fully vested restricted stock, and fully vested RSUs outstanding for the period. | ||||||||||||
We determine the potential dilutive effect of warrants and stock options outstanding on EPS using the treasury-stock method. Under this method, we determine the proceeds that would be received from the exercise of the warrants and stock options outstanding, which includes cash received for the exercise price, the remaining unrecognized stock option compensation expense and the resulting effect on the income tax deduction from the exercise of stock options. We then use the average market price of our common shares during the period the warrants and stock options were outstanding to determine how many shares we could repurchase with the proceeds raised from the exercise of the warrants and stock options outstanding. The net incremental share count issued represents the potential dilutive securities. We then reallocate earnings to common shares, fully vested restricted stock, and fully vested RSUs outstanding by incorporating the increased fully diluted share count to determine diluted EPS. | ||||||||||||
The calculation of basic and diluted EPS follows. | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per-share amounts) | ||||||||||||
Basic EPS: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Income attributable to unvested participating securities | (2,671 | ) | (4,650 | ) | (4,906 | ) | ||||||
Net income used in calculating basic EPS | $ | 160,054 | $ | 169,156 | $ | 152,285 | ||||||
Denominator: | ||||||||||||
Weighted-average vested shares | 55,834 | 61,059 | 72,283 | |||||||||
Basic EPS | $ | 2.87 | $ | 2.77 | $ | 2.11 | ||||||
Diluted EPS: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Income attributable to unvested participating securities | (2,640 | ) | (4,561 | ) | (4,855 | ) | ||||||
Net income used in calculating diluted EPS | $ | 160,085 | $ | 169,245 | $ | 152,336 | ||||||
Denominator: | ||||||||||||
Weighted-average vested shares | 55,834 | 61,059 | 72,283 | |||||||||
Dilutive effect of incremental shares if issued for warrants outstanding | 787 | 1,342 | 824 | |||||||||
Dilutive effect of incremental shares to be issued for stock options | 4 | — | — | |||||||||
Weighted-average shares used in calculating diluted EPS | 56,625 | 62,401 | 73,107 | |||||||||
Diluted EPS | $ | 2.83 | $ | 2.71 | $ | 2.08 | ||||||
ShareBased_Transactions_Notes
Share-Based Transactions (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||
(13) Share-Based Compensation | ||||||||||||
The Company has outstanding equity awards under its Omnibus Incentive Plan ("OIP"). The OIP provides for the issuance of equity awards, including stock options, stock appreciation rights, restricted stock, deferred stock, RSUs, unrestricted stock, as well as cash-based awards. In addition to time-based vesting requirements, awards granted under the OIP also may be subject to specified performance criteria. Since 2010, the Company has issued equity awards to our management (officers and other key employees), non-employee directors, and sales force leaders under the OIP. As of December 31, 2013, we had approximately 2.8 million shares available for future grants under this plan. | ||||||||||||
Employee and Director Share-Based Compensation | ||||||||||||
The following table summarizes employee and director restricted stock and RSU activity during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Weighted-average measurement-date fair value per share | ||||||||||||
Shares | ||||||||||||
(Shares in thousands) | ||||||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2010 | 2,566 | $ | 15.02 | |||||||||
Granted | 368 | 25.65 | ||||||||||
Forfeited | (12 | ) | 18.25 | |||||||||
Vested | (858 | ) | 15.04 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2011 | 2,064 | 16.88 | ||||||||||
Granted | 458 | 25.4 | ||||||||||
Forfeited | (13 | ) | 22.7 | |||||||||
Vested | (1,002 | ) | 16.43 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2012 | 1,507 | 19.72 | ||||||||||
Granted | 322 | 32.76 | ||||||||||
Forfeited | (9 | ) | 28.72 | |||||||||
Vested | (1,098 | ) | 17.59 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2013 | 722 | 28.67 | ||||||||||
Restricted Stock and RSUs. The Company has granted shares of restricted stock to management of its U.S. based subsidiaries and RSUs to management of its Canadian subsidiaries (collectively, "management restricted stock and RSU awards"). Members of the Board of Directors were granted shares of restricted stock prior to 2013 and were granted RSUs on May 22, 2013 (collectively, "director restricted stock and RSU awards"). In addition, certain directors elected to defer their cash retainers into deferred RSUs, which vest immediately. All of our outstanding management and director restricted stock and RSU awards granted prior to 2013 have time-based vesting requirements, with equal and annual graded vesting over three years. RSUs granted to members of the Board of Directors in 2013, other than deferred RSUs granted in lieu of a cash retainer, have time-based vesting requirements that lapse approximately one year from the grant date and all RSUs contain post-vesting sale restrictions until the director no longer serves on our Board. All of our outstanding management and director restricted stock and RSU awards are eligible for dividends or dividend equivalents regardless of vesting status. | ||||||||||||
In connection with our granting of management and director restricted stock and RSU awards, we recognized expense and tax benefit offsets as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Expense for management and director restricted stock and RSU awards granted in 2010 | $ | 3,200 | $ | 12,485 | $ | 13,389 | ||||||
Expense for management and director restricted stock and RSU awards granted in 2011 | 3,133 | 3,050 | 2,750 | |||||||||
Expense for management and director restricted stock and RSU awards granted in 2012 | 3,738 | 3,409 | — | |||||||||
Expense for management and director restricted stock and RSU awards granted in 2013 | 3,030 | — | — | |||||||||
Total management and director restricted stock and RSU awards expense | $ | 13,101 | $ | 18,944 | $ | 16,139 | ||||||
Tax benefit associated with total management and director restricted stock and RSU award expense | $ | 3,936 | $ | 4,533 | $ | 5,530 | ||||||
As of December 31, 2013, total compensation cost not yet recognized in our financial statements related to management and director restricted stock and RSU awards with time-based vesting conditions yet to be reached was approximately $11.9 million, and the weighted-average period over which cost will be recognized was 1.7 years. | ||||||||||||
Stock Options. On February 20, 2013, the Company granted stock options under the OIP to certain of its executive officers approximating one-third of the executive officer's total annual equity compensation. The remaining annual equity compensation for these executive officers were granted in the form of management restricted stock awards discussed above. A total of 134,222 stock options were granted with an exercise price of $32.63, which was equal to the fair market value of our common stock on that date, and they expire 10 years from the date of grant. These options have time-based restrictions with equal and annual graded vesting over a three-year period. The fair market value of the options on the grant date and the compensation expense that will be recognized over the vesting period was approximately $1.1 million. | ||||||||||||
Compensation expense and related tax benefits recognized for stock options awards were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Expense recognized for stock option awards | $ | 323 | $ | — | $ | — | ||||||
Tax benefit recognized for stock option awards | $ | 113 | $ | — | $ | — | ||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes model. We derived expected volatility after considering our own historical volatility, as well as other public peer companies’ historical and implied volatilities. The Company's per share dividend yield as of the grant date was used as the input for the expected dividend payout on the underlying shares. The risk-free interest rate was based on the U.S. Treasury yield for a term approximating the expected life of the options at the time of grant. The Company used the simplified method to determine the expected life of options, as there is no historical exercise activity for the Company's stock option awards. All inputs into the Black-Scholes model were estimates made at the time of grant. The actual realized value of each option grant could materially differ from these estimates, which would have no impact to future reported compensation expense. | ||||||||||||
The following assumptions were used to estimate the fair value of stock options granted in 2013: | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Expected volatility | 30 | % | ||||||||||
Expected per share dividend yield | 1.35 | % | ||||||||||
Risk-free interest rate | 1.06 | % | ||||||||||
Expected term of options using simplified method | 6 years | |||||||||||
Fair value per option | $ | 8.44 | ||||||||||
No options were exercised during the year ended December 31, 2013, and no options are expected to be exercised earlier than the first scheduled vesting date of March 1, 2014. | ||||||||||||
Non-Employee Share-Based Compensation | ||||||||||||
The following table summarizes non-employee RSU activity during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Weighted-average measurement-date fair value per share | ||||||||||||
Shares | ||||||||||||
(Shares in thousands) | ||||||||||||
Unvested non-employee RSUs, December 31, 2010 | 188 | $ | 19.37 | |||||||||
Granted | 517 | 17.17 | ||||||||||
Vested | (588 | ) | 17.7 | |||||||||
Unvested non-employee RSUs, December 31, 2011 | 117 | 17.55 | ||||||||||
Granted | 379 | 22.94 | ||||||||||
Vested | (364 | ) | 20.38 | |||||||||
Unvested non-employee RSUs, December 31, 2012 | 132 | 25.42 | ||||||||||
Granted | 504 | 32.14 | ||||||||||
Vested | (532 | ) | 29.64 | |||||||||
Unvested non-employee RSUs, December 31, 2013 | 104 | 36.44 | ||||||||||
Non-employee share-based transactions relate to the granting of RSUs to members of our sales force ("agent equity awards"). Agent equity awards are generally granted as a part of quarterly contests for successful life insurance policy acquisitions or renewals for which the grant and the service period occur within the same calendar quarter. These awards vest and are measured using the fair market value at the conclusion of the quarterly contest; which is the time that performance is complete. However, agent equity awards are subject to long-term sales restrictions expiring over three years. Because the sale restrictions extend up to three years beyond the vesting period, the fair market value of the awards incorporates an illiquidity discount reflecting the risk associated with the post-vesting restrictions. To quantify this discount for each award, we use a series of Black-Scholes models with one-, two- and three-year tenors to estimate put option costs less a nominal transaction cost as a methodology for quantifying the cost of eliminating the downside risk associated with the sale restrictions. | ||||||||||||
The most significant assumptions in the Black-Scholes models are the volatility assumptions. Because our stock and the options on our stock have had a limited active trading history, we derive volatility assumptions by also considering other public peer companies’ historical and implied volatilities over terms comparable to the sale restriction terms. | ||||||||||||
The following table presents the assumptions used in valuing quarterly RSU grants: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected volatility | 20% to 35% | 20% to 50% | 29% to 67% | |||||||||
Quarterly dividends expected | $0.11 | $0.03 to $0.09 | $0.01 to $0.03 | |||||||||
Risk-free interest rates | Less than 2% | Less than 1% | Less than 1% | |||||||||
To the extent that these awards are an incremental direct cost of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred, we defer and amortize the fair value of the awards in the same manner as other deferred policy acquisition costs. | ||||||||||||
Details on the granting and valuation of these awards follow: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands, except per-share amounts) | ||||||||||||
Total quarterly non-employee RSUs granted | 503,737 | 378,505 | 517,374 | |||||||||
Measurement date per-share fair value of awards | $26.39 to $36.44 | $20.36 to $25.42 | $14.08 to $21.06 | |||||||||
Illiquidity discounts | 13% to 18% | 17% to 32% | 17% to 32% | |||||||||
Quarterly incentive awards expense recognized | $ | 364 | $ | — | $ | 1,747 | ||||||
Quarterly incentive awards expense deferred | $ | 15,818 | $ | 8,686 | $ | 7,058 | ||||||
Concurrent tax benefit of deferred expense | $ | 5,001 | $ | 2,640 | $ | 2,273 | ||||||
As of December 31, 2013, all agent equity awards were fully vested with the exception of approximately 104,000 shares that vested on January 1, 2014. As such, any related compensation cost not recognized as either expense or deferred acquisition costs in our financial statements through December 31, 2013 is immaterial. |
Statutory_Accounting_and_Divid
Statutory Accounting and Dividends Restrictions (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Insurance [Abstract] | ' | |||||||
Statutory Accounting And Dividend Restrictions [Text Block] | ' | |||||||
(14) Statutory Accounting and Dividend Restrictions | ||||||||
U.S. Insurance Subsidiaries | ||||||||
Our U.S. insurance subsidiaries include Primerica Life, NBLIC, and Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company domiciled in Vermont. Primerica Life, which wholly owns Peach Re, ceded to Peach Re certain level premium term life insurance policies issued in 2010 and earlier pursuant to a coinsurance agreement (the "Peach Re Coinsurance Agreement"). | ||||||||
Our U.S. insurance subsidiaries are required to report their results of operations and financial position to state authorities on the basis of statutory accounting practices prescribed or permitted by such authorities and the National Association of Insurance Commissioners ("NAIC"), which is a comprehensive basis of accounting other than U.S. GAAP. Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. The Company's principal life insurance company, Primerica Life, prepares its statutory financial statements on the basis of accounting practices prescribed or permitted by the NAIC and the Massachusetts Division of Insurance ("Massachusetts DOI") and includes the statutory financial statements of its wholly owned insurance subsidiaries, NBLIC and Peach Re. NBLIC’s statutory financial statements are prepared on the basis of accounting practices prescribed or permitted by the NAIC and the New York State Department of Financial Services, while Peach Re's statutory financial statements are prepared on the basis of accounting practices prescribed or permitted by the NAIC and the Vermont Department of Financial Regulation ("Vermont DOI"). Our U.S. insurance subsidiaries' ability to pay dividends to their parent is subject to and limited by the various laws and regulations of their respective states. There are no regulatory restrictions on the ability of the Parent Company to pay dividends. | ||||||||
Primerica Life's statutory ordinary dividend capacity is based on the greater of: (1) the previous year’s statutory net gain from operations (excluding pro rata distributions of any class of the insurer’s own securities) or (2) 10% of the previous year-end statutory surplus (net of capital stock), which may only be paid out of statutory unassigned surplus. Dividends that, together with the amount of other distributions or dividends made within the preceding 12 months, exceed this statutory limitation are referred to as extraordinary dividends. Extraordinary dividends require advance notice to the Massachusetts DOI, Primerica Life’s primary state insurance regulator, and are subject to potential disapproval. For dividends exceeding these thresholds, Primerica Life must provide notice to the Massachusetts DOI and receive notice that the Massachusetts DOI does not object to the payment of such dividends. | ||||||||
Primerica Life’s statutory capital and surplus and statutory unassigned surplus at December 31, 2013 and 2012 was as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
(in thousands) | ||||||||
Statutory capital and surplus | $ | 563,260 | $ | 670,434 | ||||
Statutory unassigned surplus | 99,707 | 231,316 | ||||||
Primerica Life's statutory net gain from operations was approximately $306.7 million and $254.9 million in 2013 and 2012, respectively. Primerica Life made no pro rata distributions of any class of its own securities during 2013 or 2012. In May 2013, Primerica Life paid an ordinary dividend of $150.0 million to the Parent Company. As such, Primerica Life had no ordinary dividend capacity as of January 1, 2014 but expects to have ordinary dividend capacity in the amount of its statutory unassigned surplus in May 2014, which marks the 12-month anniversary of its previous ordinary dividend. | ||||||||
Primerica Life's investment basis in NBLIC and Peach Re reflect their statutory capital and surplus amounts recorded in accordance with statutory accounting practices prescribed or permitted by the NAIC and each subsidiary's state of domicile; New York and Vermont, respectively. Peach Re was formed as a special purpose financial captive insurance company and, with the explicit permission of the Vermont DOI, has included the value of a letter of credit serving as collateral for its policy reserves as an admitted asset in its statutory capital and surplus. This permitted accounting practice was critical to the organization and operational plans of Peach Re and explicitly included in the licensing order issued by the Vermont DOI. The impact of this permitted practice as of December 31, 2013 was approximately $492.8 million on Peach Re's statutory capital and surplus. As of December 31, 2013, if Peach Re had not been permitted to include the letter of credit as an admitted asset, Primerica Life would have been below the minimum statutory capital and surplus of approximately $72.8 million that triggers a regulatory action event. However, Primerica Life would not have paid the $150.0 million of ordinary dividends to the Parent Company in May 2013 if Peach Re was not permitted to include the letter of credit as an admitted asset in its statutory capital and surplus. | ||||||||
Canadian Insurance Subsidiary | ||||||||
Primerica Life Canada is incorporated under the provisions of the Canada Business Corporations Act and is a domiciled Canadian Company subject to regulation under the Insurance Companies Act (Canada) by the Office of the Superintendent of Financial Institutions in Canada ("OSFI") and by Provincial Superintendents of Financial Institutions/Insurance in those provinces in which Primerica Life Canada is licensed. The financial statements of Primerica Life Canada are prepared in accordance with International Financial Reporting Standards ("IFRS"). | ||||||||
Primerica Life Canada's capacity to pay ordinary dividends to its parent is limited by OSFI regulations to the extent that its capital exceeds projected capital requirements. OSFI requires companies to set internal target levels of capital sufficient to provide for all the risks of the insurer, including risks specified in OSFI's capital guidelines. As of December 31, 2013 and 2012, Primerica Life Canada's statutory capital and surplus satisfied regulatory requirements and was approximately $279.9 million and $234.7 million, respectively. | ||||||||
In Canada, dividends can be paid subject to the paying insurance company continuing to have adequate capital and forms of liquidity as defined by OSFI following the dividend payment and upon 15 days minimum notice to OSFI. Primerica Life Canada's dividend capacity at January 1, 2014 is estimated to be approximately $106.4 million, which is calculated based on its projection of maintaining internal target capital requirements under certain adverse capital scenarios during each year over the next five years. The actual amount of future dividends that Primerica Life Canada will declare and pay is also subject to the Company's asserted position of permanent reinvestment of certain unremitted earnings discussed in Note 10 (Income Taxes). |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities (Notes) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Legal Matters and Contingencies [Text Block] | ' | |||
Contingent Liabilities | ||||
The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters unless otherwise indicated. | ||||
Beginning in late 2011, numerous FINRA ("Financial Industry Regulatory Association") arbitration claims were filed, along with lawsuits in Florida state courts, against our subsidiary, PFS Investments, and certain of its registered representatives seeking damages arising from the allegation that the representatives improperly recommended that the claimants transfer their retirement benefits from the Florida Retirement System's defined benefit plan to its defined contribution plan. The claims have been brought by a law firm in Miami, Florida that engaged in efforts to solicit public employees to bring these claims against us. The Company has defended this matter vigorously. Courts have dismissed a substantial number of the lawsuits on statute of limitations grounds, and the FINRA arbitration panels have either dismissed the claims in their entirety or awarded less than the damages sought. None of the individual awards have been material to the Company. The time and expense necessary to defend the cases have been substantial, however, and the Company and counsel for the public employees entered into settlement discussions beginning in December 2013. | ||||
On January 16, 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. In connection with the potential settlement for up to 238 claimants with filed and unfiled claims, the Company has established a contingent liability of $9.3 million for the fair value of estimated benefits to be paid to the settling claimants through deferred payments that would begin in 2024. The Company has recorded an additional contingent liability of $6.4 million for related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. These contingent liabilities have been recorded in Other liabilities within the accompanying consolidated balance sheets as of the year ended December 31, 2013. Claimants who lost their cases against PFS Investments in final arbitration hearings will not receive any monies. The potential settlement is contingent on acceptance by a minimum number of the claimants and there can be no assurance that such acceptance will be obtained or that the settlement will be completed. The parties have agreed to stay pending arbitrations and other proceedings through April 2014 as the parties attempt to finalize the potential settlement. | ||||
The Company is currently undergoing targeted multi-state treasurer audits by 31 jurisdictions with respect to unclaimed property laws, and Primerica Life and NBLIC are engaged in targeted multi-state market conduct examinations by six jurisdictions with respect to their claims-paying practices. The Treasurer of the State of West Virginia brought a suit against Primerica Life and other insurance companies alleging violations of the West Virginia unclaimed property act. The suit was dismissed, and the Treasurer has appealed. Other jurisdictions may pursue similar audits, examinations and litigation. The audits, examinations and litigation are expected to take significant time to complete, and it is unclear whether the Company will be required to compare the Death Master File to its records for periods prior to 2011, including with respect to policies which have lapsed, to determine whether benefits are owed in instances where an insured appears to have died but no claim for death benefits has been made. The potential outcome of such actions is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. At this time, the Company cannot reasonably estimate the likelihood or the impact of additional costs or liabilities that could result from the resolution of these matters. These actions may also result in changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability. | ||||
Commitments Disclosure [Text Block] | ' | |||
Letter of Credit | ||||
Effective March 31, 2012, Peach Re entered into a Credit Facility Agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the reserves (commonly referred to as Regulation XXX reserves) related to level premium term life insurance policies ceded to Peach Re from Primerica Life under the Peach Re Coinsurance Agreement. | ||||
Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit in the initial amount of $450.0 million with a term of approximately fourteen years (the "LOC") for the benefit of Primerica Life, the direct parent of Peach Re. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum amount of $510.0 million in 2014. Pursuant to the terms of the Credit Facility Agreement, in the event amounts are drawn under the LOC by Primerica Life, Peach Re will be obligated, subject to certain limited conditions, to reimburse Deutsche Bank for the amount of any draws and interest thereon. Peach Re has collateralized its obligations to Deutsche Bank by granting it a security interest in all of its assets with the exception of amounts held in a special account established to meet minimum asset thresholds required by state regulatory authorities. As of December 31, 2013, the Company was in compliance with all financial covenants under the Credit Facility Agreement. | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||
(15) Commitments and Contingent Liabilities | ||||
Commitments | ||||
We lease office equipment and office and warehouse space under various noncancellable operating lease agreements that expire through June 2028. Total minimum rent expense was $8.3 million, $6.9 million, and $6.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. We had no contingent rent expense during 2013, 2012, and 2011. In March 2013, our agreement to lease our new corporate headquarters in Duluth, Georgia commenced, which replaced and consolidated substantially all of our prior executive and home office operations. The initial lease term is 15 years with estimated minimum annual rental payments ranging from approximately $4.5 million at inception to approximately $5.6 million in year 15. The leases covering our prior executive and home office operations facilities terminated in the second quarter of 2013. | ||||
As of December 31, 2013, the minimum aggregate rental commitments for operating leases were as follows: | ||||
December 31, 2013 | ||||
(In thousands) | ||||
2014 | $ | 6,933 | ||
2015 | 6,304 | |||
2016 | 6,270 | |||
2017 | 6,297 | |||
2018 | 5,549 | |||
Thereafter | 50,738 | |||
Total minimum rental commitments for operating leases | $ | 82,091 | ||
Letter of Credit | ||||
Effective March 31, 2012, Peach Re entered into a Credit Facility Agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the reserves (commonly referred to as Regulation XXX reserves) related to level premium term life insurance policies ceded to Peach Re from Primerica Life under the Peach Re Coinsurance Agreement. | ||||
Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit in the initial amount of $450.0 million with a term of approximately fourteen years (the "LOC") for the benefit of Primerica Life, the direct parent of Peach Re. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum amount of $510.0 million in 2014. Pursuant to the terms of the Credit Facility Agreement, in the event amounts are drawn under the LOC by Primerica Life, Peach Re will be obligated, subject to certain limited conditions, to reimburse Deutsche Bank for the amount of any draws and interest thereon. Peach Re has collateralized its obligations to Deutsche Bank by granting it a security interest in all of its assets with the exception of amounts held in a special account established to meet minimum asset thresholds required by state regulatory authorities. As of December 31, 2013, the Company was in compliance with all financial covenants under the Credit Facility Agreement. | ||||
Contingent Liabilities | ||||
The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters unless otherwise indicated. | ||||
Beginning in late 2011, numerous FINRA ("Financial Industry Regulatory Association") arbitration claims were filed, along with lawsuits in Florida state courts, against our subsidiary, PFS Investments, and certain of its registered representatives seeking damages arising from the allegation that the representatives improperly recommended that the claimants transfer their retirement benefits from the Florida Retirement System's defined benefit plan to its defined contribution plan. The claims have been brought by a law firm in Miami, Florida that engaged in efforts to solicit public employees to bring these claims against us. The Company has defended this matter vigorously. Courts have dismissed a substantial number of the lawsuits on statute of limitations grounds, and the FINRA arbitration panels have either dismissed the claims in their entirety or awarded less than the damages sought. None of the individual awards have been material to the Company. The time and expense necessary to defend the cases have been substantial, however, and the Company and counsel for the public employees entered into settlement discussions beginning in December 2013. | ||||
On January 16, 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. In connection with the potential settlement for up to 238 claimants with filed and unfiled claims, the Company has established a contingent liability of $9.3 million for the fair value of estimated benefits to be paid to the settling claimants through deferred payments that would begin in 2024. The Company has recorded an additional contingent liability of $6.4 million for related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. These contingent liabilities have been recorded in Other liabilities within the accompanying consolidated balance sheets as of the year ended December 31, 2013. Claimants who lost their cases against PFS Investments in final arbitration hearings will not receive any monies. The potential settlement is contingent on acceptance by a minimum number of the claimants and there can be no assurance that such acceptance will be obtained or that the settlement will be completed. The parties have agreed to stay pending arbitrations and other proceedings through April 2014 as the parties attempt to finalize the potential settlement. | ||||
The Company is currently undergoing targeted multi-state treasurer audits by 31 jurisdictions with respect to unclaimed property laws, and Primerica Life and NBLIC are engaged in targeted multi-state market conduct examinations by six jurisdictions with respect to their claims-paying practices. The Treasurer of the State of West Virginia brought a suit against Primerica Life and other insurance companies alleging violations of the West Virginia unclaimed property act. The suit was dismissed, and the Treasurer has appealed. Other jurisdictions may pursue similar audits, examinations and litigation. The audits, examinations and litigation are expected to take significant time to complete, and it is unclear whether the Company will be required to compare the Death Master File to its records for periods prior to 2011, including with respect to policies which have lapsed, to determine whether benefits are owed in instances where an insured appears to have died but no claim for death benefits has been made. The potential outcome of such actions is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. At this time, the Company cannot reasonably estimate the likelihood or the impact of additional costs or liabilities that could result from the resolution of these matters. These actions may also result in changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability. | ||||
Leases of Lessee Disclosure [Text Block] | ' | |||
Commitments | ||||
We lease office equipment and office and warehouse space under various noncancellable operating lease agreements that expire through June 2028. Total minimum rent expense was $8.3 million, $6.9 million, and $6.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. We had no contingent rent expense during 2013, 2012, and 2011. In March 2013, our agreement to lease our new corporate headquarters in Duluth, Georgia commenced, which replaced and consolidated substantially all of our prior executive and home office operations. The initial lease term is 15 years with estimated minimum annual rental payments ranging from approximately $4.5 million at inception to approximately $5.6 million in year 15. The leases covering our prior executive and home office operations facilities terminated in the second quarter of 2013. | ||||
As of December 31, 2013, the minimum aggregate rental commitments for operating leases were as follows: | ||||
December 31, 2013 | ||||
(In thousands) | ||||
2014 | $ | 6,933 | ||
2015 | 6,304 | |||
2016 | 6,270 | |||
2017 | 6,297 | |||
2018 | 5,549 | |||
Thereafter | 50,738 | |||
Total minimum rental commitments for operating leases | $ | 82,091 | ||
Benefit_Plans_Notes
Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
(16) Benefit Plans | |
We established a defined contribution plan for the benefit of our employees in 2010. The expense associated with this plan was approximately $6.6 million, $6.5 million, and $6.1 million in 2013, 2012, and 2011, respectively. |
17_Subsequent_Event_Subsequent
(17) Subsequent Event Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(17) Subsequent Event | |
In January 2014, NBLIC sold the assets and liabilities of its short-term disability benefit insurance business ("DBL") to AmTrust North America, Inc ("AmTrust North America"). As part of the sale agreement, an affiliate of AmTrust North America (the "buyer") assumed all incurred but unpaid claims for DBL insurance policies in force as of January 1, 2014. In addition, NBLIC transferred the invested assets held in support of DBL's claims reserves and all other premium-related assets and liabilities to the buyer as of January 1, 2014. The results of DBL's operations from January 1, 2014 forward were also transferred to the buyer. | |
NBLIC received cash proceeds from the sale of $3.0 million and expects to recognize a gain on the sale of approximately $2.7 million in 2014. We do not expect the sale of DBL to materially change the Company's consolidated financial condition and results of operations. During 2013, DBL contributed revenues of approximately $36.9 million and income before income taxes of approximately $6.2 million to our consolidated income statements. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
Unaudited Quarterly Financial Data | ||||||||||||||||
In management's opinion, the following quarterly consolidated financial information fairly presents the results of operations for such periods and is prepared on a basis consistent with our annual audited consolidated financial statements. Financial information for the quarters presented was prepared on a consolidated basis. | ||||||||||||||||
Quarter ended March 31, | Quarter ended June 30, | Quarter ended September 30, | Quarter ended December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(In thousands, except per-share amounts) | ||||||||||||||||
Direct premiums | $ | 570,899 | $ | 577,208 | 576,095 | $ | 577,866 | |||||||||
Ceded premiums | (410,604 | ) | (417,450 | ) | (407,488 | ) | (408,615 | ) | ||||||||
Net premiums | 160,295 | 159,758 | 168,607 | 169,251 | ||||||||||||
Commissions and fees | 112,273 | 117,183 | 118,443 | 123,910 | ||||||||||||
Net investment income | 23,216 | 21,027 | 22,103 | 22,407 | ||||||||||||
Realized investment gains (losses), including OTTI | 2,286 | 3,468 | (407 | ) | 899 | |||||||||||
Other, net | 10,375 | 10,871 | 10,711 | 10,773 | ||||||||||||
Total revenues | 308,445 | 312,307 | 319,457 | 327,240 | ||||||||||||
Total benefits and expenses | 248,213 | 244,861 | 252,903 | 270,274 | ||||||||||||
Income before income taxes | 60,232 | 67,446 | 66,554 | 56,966 | ||||||||||||
Income taxes | 21,387 | 23,956 | 23,364 | 19,765 | ||||||||||||
Net income | $ | 38,845 | $ | 43,490 | $ | 43,190 | $ | 37,201 | ||||||||
Earnings per share — basic | $ | 0.67 | $ | 0.76 | $ | 0.78 | $ | 0.67 | ||||||||
Earnings per share — diluted | $ | 0.65 | $ | 0.74 | $ | 0.78 | $ | 0.67 | ||||||||
Quarter ended March 31, | Quarter ended June 30, | Quarter ended September 30, | Quarter ended December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(In thousands, except per-share amounts) | ||||||||||||||||
Direct premiums | $ | 561,037 | $ | 570,073 | $ | 567,273 | $ | 569,592 | ||||||||
Ceded premiums | (418,163 | ) | (415,815 | ) | (414,991 | ) | (414,784 | ) | ||||||||
Net premiums | 142,874 | 154,258 | 152,282 | 154,808 | ||||||||||||
Commissions and fees | 104,261 | 107,107 | 104,607 | 113,069 | ||||||||||||
Net investment income | 26,097 | 23,605 | 26,881 | 24,221 | ||||||||||||
Realized investment gains (losses), including OTTI | 2,131 | 4,321 | 3,872 | 1,058 | ||||||||||||
Other, net | 11,238 | 11,234 | 11,446 | 11,345 | ||||||||||||
Total revenues | 286,601 | 300,525 | 299,088 | 304,501 | ||||||||||||
Total benefits and expenses | 223,136 | 228,604 | 228,532 | 243,555 | ||||||||||||
Income before income taxes | 63,465 | 71,921 | 70,556 | 60,946 | ||||||||||||
Income taxes | 21,709 | 25,741 | 24,957 | 20,675 | ||||||||||||
Net income | $ | 41,756 | $ | 46,180 | $ | 45,599 | $ | 40,271 | ||||||||
Earnings per share — basic | $ | 0.62 | $ | 0.73 | $ | 0.74 | $ | 0.68 | ||||||||
Earnings per share — diluted | $ | 0.61 | $ | 0.72 | $ | 0.72 | $ | 0.67 | ||||||||
____________________ | ||||||||||||||||
Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Schedule_I_Summary_of_Investme
Schedule I Summary of Investments - Other Than Investments in Related Party | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Marketable Securities, Fixed Maturities [Abstract] | ' | ||||||||||||
Summary of Investments, Other than Investments in Related Parties [Text Block] | ' | ||||||||||||
Schedule I | |||||||||||||
Consolidated Summary of Investments — Other Than Investments in Related Parties | |||||||||||||
PRIMERICA, INC. | |||||||||||||
As of December 31, 2013 | |||||||||||||
Type of Investment | Amortized Cost or Cost | Fair Value | Amount at which shown in the balance sheet | ||||||||||
(In thousands) | |||||||||||||
Fixed maturities: | |||||||||||||
Bonds: | |||||||||||||
United States Government and government agencies and authorities | $ | 8,696 | $ | 9,054 | $ | 9,054 | |||||||
States, municipalities and political subdivisions | 32,544 | 33,917 | 33,917 | ||||||||||
Foreign governments | 118,859 | 123,876 | 123,876 | ||||||||||
Public utilities | — | — | — | ||||||||||
Convertibles and bonds with warrants attached | 6,658 | 7,223 | 7,223 | ||||||||||
All other corporate bonds | 1,507,324 | 1,593,020 | 1,593,020 | ||||||||||
Certificates of deposit | — | — | — | ||||||||||
Redeemable preferred stocks | 1,966 | 1,613 | 1,613 | ||||||||||
Total fixed maturities | 1,676,047 | 1,768,703 | 1,768,703 | ||||||||||
Equity securities: | |||||||||||||
Common stocks: | |||||||||||||
Public utilities | 9,427 | 11,787 | 11,787 | ||||||||||
Banks, trusts and insurance companies | 6,795 | 10,252 | 10,252 | ||||||||||
Industrial, miscellaneous and all other | 8,285 | 9,787 | 9,787 | ||||||||||
Nonredeemable preferred stocks | 8,085 | 8,068 | 8,068 | ||||||||||
Total equity securities | 32,592 | 39,894 | 39,894 | ||||||||||
Mortgage loans on real estate | — | — | — | ||||||||||
Real estate | — | — | — | ||||||||||
Policy loans | 26,806 | 26,806 | 26,806 | ||||||||||
Other long-term investments | — | — | — | ||||||||||
Short-term investments | — | — | — | ||||||||||
Total investments | $ | 1,735,445 | $ | 1,835,403 | $ | 1,835,403 | |||||||
See the accompanying report of independent registered public accounting firm. |
Schedule_II_Condensed_Financia
Schedule II - Condensed Financial Information Of Registrant | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||
Schedule II | ||||||||||||
Condensed Financial Information of Registrant | ||||||||||||
PRIMERICA, INC. (Parent Only) | ||||||||||||
Condensed Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Assets | ||||||||||||
Investments: | ||||||||||||
Fixed-maturity securities available for sale, at fair value (amortized cost: $62,216 in 2013 and $52,094 in 2012) | $ | 62,420 | $ | 52,668 | ||||||||
Total investments | 62,420 | 52,668 | ||||||||||
Cash and cash equivalents | 11,361 | 10,296 | ||||||||||
Due from affiliates* | 76 | 176 | ||||||||||
Other receivables | 364 | 376 | ||||||||||
Deferred income taxes | 5,762 | 4,235 | ||||||||||
Investment in subsidiaries* | 1,528,360 | 1,597,896 | ||||||||||
Other assets | 2,801 | 3,153 | ||||||||||
Total assets | $ | 1,611,144 | $ | 1,668,800 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Liabilities: | ||||||||||||
Notes payable | $ | 374,481 | $ | 374,433 | ||||||||
Current income tax payable | 2,185 | 7,069 | ||||||||||
Deferred income taxes | 3,797 | 2,836 | ||||||||||
Due to affiliates* | 168 | 604 | ||||||||||
Interest payable | 8,214 | 8,164 | ||||||||||
Other liabilities | 272 | 278 | ||||||||||
Commitments and contingent liabilities (see Note F) | ||||||||||||
Total liabilities | 389,117 | 393,384 | ||||||||||
Stockholders’ equity: | ||||||||||||
Common stock ($.01 par value, authorized 500,000 in 2013 and 2012 and issued 54,834 shares in 2013 and 56,374 shares in 2012) | 548 | 564 | ||||||||||
Paid-in capital | 472,633 | 602,269 | ||||||||||
Retained earnings | 640,840 | 503,173 | ||||||||||
Accumulated other comprehensive income, net of income tax | 108,006 | 169,410 | ||||||||||
Total stockholders’ equity | 1,222,027 | 1,275,416 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,611,144 | $ | 1,668,800 | ||||||||
____________________ | ||||||||||||
* | Eliminated in consolidation. | |||||||||||
See the accompanying notes to condensed financial statements. | ||||||||||||
See the accompanying report of independent registered public accounting firm. | ||||||||||||
Schedule II | ||||||||||||
Condensed Financial Information of Registrant | ||||||||||||
PRIMERICA, INC. (Parent Only) | ||||||||||||
Condensed Statements of Income | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Revenues: | ||||||||||||
Dividends from subsidiaries* | $ | 228,319 | $ | 238,747 | $ | 275,250 | ||||||
Net investment income | 762 | 1,074 | 61 | |||||||||
Realized investment gains (losses), including other-than-temporary impairment losses | 11 | 545 | (5 | ) | ||||||||
Total revenues | 229,092 | 240,366 | 275,306 | |||||||||
Expenses: | ||||||||||||
Interest expense | 18,172 | 17,266 | 16,500 | |||||||||
Other operating expenses | 7,882 | 8,222 | 8,554 | |||||||||
Total expenses | 26,054 | 25,488 | 25,054 | |||||||||
Income (loss) before income taxes | 203,038 | 214,878 | 250,252 | |||||||||
Income taxes | (7,043 | ) | (5,998 | ) | (7,131 | ) | ||||||
Income (loss) before equity in undistributed earnings of subsidiaries | 210,081 | 220,876 | 257,383 | |||||||||
Equity in undistributed earnings of subsidiaries* | (47,356 | ) | (47,070 | ) | (100,192 | ) | ||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
____________________ | ||||||||||||
* | Eliminated in consolidation. | |||||||||||
See the accompanying notes to condensed financial statements. | ||||||||||||
See the accompanying report of independent registered public accounting firm. | ||||||||||||
Schedule II | ||||||||||||
Condensed Financial Information of Registrant | ||||||||||||
PRIMERICA, INC. (Parent Only) | ||||||||||||
Condensed Statements of Comprehensive Income | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Other comprehensive income (loss) before income taxes: | ||||||||||||
Unrealized investment gains (losses): | ||||||||||||
Equity in unrealized holding gains (losses) on investment securities held by subsidiaries | (47,651 | ) | 18,127 | (625 | ) | |||||||
Change in unrealized holding gains (losses) on investment securities | (358 | ) | 1,127 | (13 | ) | |||||||
Reclassification adjustment for realized investment (gains) losses included in net income | (11 | ) | (545 | ) | 5 | |||||||
Foreign currency translation adjustments: | ||||||||||||
Equity in unrealized foreign currency translation gains of subsidiaries | (13,695 | ) | 4,221 | (3,645 | ) | |||||||
Total other comprehensive income (loss) before income taxes | (61,715 | ) | 22,930 | (4,278 | ) | |||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (311 | ) | 185 | (3 | ) | |||||||
Other comprehensive income (loss), net of income taxes | (61,404 | ) | 22,745 | (4,275 | ) | |||||||
Total comprehensive income | $ | 101,321 | $ | 196,551 | $ | 152,916 | ||||||
____________________ | ||||||||||||
See the accompanying notes to condensed financial statements. | ||||||||||||
See the accompanying report of independent registered public accounting firm. | ||||||||||||
Schedule II | ||||||||||||
Condensed Financial Information of Registrant | ||||||||||||
PRIMERICA, INC. (Parent Only) | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries* | 47,356 | 47,070 | 100,192 | |||||||||
Non-cash securities dividends received from subsidiaries* | — | — | (21,742 | ) | ||||||||
Deferred tax provision | (227 | ) | (1,139 | ) | 2,533 | |||||||
Change in income taxes | (4,912 | ) | 2,451 | 3,283 | ||||||||
Realized investment (gains) losses, including other-than-temporary impairments | (11 | ) | (545 | ) | 5 | |||||||
Accretion and amortization of investments | 60 | 400 | 40 | |||||||||
Depreciation and amortization | 23 | 183 | — | |||||||||
Share-based compensation | 718 | 215 | 196 | |||||||||
Change in due to/from affiliates* | (336 | ) | 438 | (907 | ) | |||||||
Change in other operating assets and liabilities, net | 290 | (109 | ) | (161 | ) | |||||||
Net cash provided by (used in) operating activities | 205,686 | 222,770 | 240,630 | |||||||||
Cash flows from investing activities: | ||||||||||||
Available-for-sale investments sold, matured or called: | ||||||||||||
Fixed-maturity securities — sold | 2,679 | 67,267 | — | |||||||||
Fixed-maturity securities — matured or called | 20,269 | 24,503 | 5,210 | |||||||||
Available-for-sale investments acquired: | ||||||||||||
Fixed-maturity securities | (33,118 | ) | (120,642 | ) | (1) | (6,590 | ) | |||||
Other, net | — | (70 | ) | — | ||||||||
Net cash provided by (used in) investing activities | (10,170 | ) | (28,942 | ) | (1,380 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Dividends | (25,058 | ) | (14,737 | ) | (7,312 | ) | ||||||
Common stock repurchased | (101,073 | ) | (268,212 | ) | (204,109 | ) | ||||||
Warrants repurchased | (68,399 | ) | — | — | ||||||||
Excess tax benefit on share-based compensation | 79 | 22 | 14 | |||||||||
Proceeds from issuance of Senior Notes, net of discount | — | 374,411 | — | |||||||||
Payment of note issued to Citigroup | — | (300,000 | ) | — | ||||||||
Payments of deferred financing costs | — | (3,109 | ) | — | ||||||||
Net cash provided by (used in) financing activities | (194,451 | ) | (211,625 | ) | (211,407 | ) | ||||||
Change in cash and cash equivalents | 1,065 | (17,797 | ) | 27,843 | ||||||||
Cash and cash equivalents, beginning of period | 10,296 | 28,093 | 250 | |||||||||
Cash and cash equivalents, end of period | $ | 11,361 | $ | 10,296 | $ | 28,093 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 17,070 | $ | 15,858 | $ | 16,500 | ||||||
Non-cash activities: | ||||||||||||
Share-based compensation | $ | 39,195 | $ | 33,236 | $ | 29,444 | ||||||
Net contributions from Citigroup | — | 1,961 | 1,426 | |||||||||
____________________ | ||||||||||||
* | Eliminated in consolidation. | |||||||||||
(1) | Includes $38,535 eliminated in consolidation for the year ended December 31, 2012. | |||||||||||
See the accompanying notes to condensed financial statements. | ||||||||||||
See the accompanying report of independent registered public accounting firm. | ||||||||||||
Schedule II | ||||||||||||
Condensed Financial Information of Registrant | ||||||||||||
PRIMERICA, INC. (Parent Only) | ||||||||||||
Notes to Condensed Financial Statements | ||||||||||||
(A) Corporate Reorganization | ||||||||||||
Primerica, Inc. ("we", "us" or the "Company") is a holding company with our primary asset being the capital stock of our operating subsidiaries, and our primary liability being $375.0 million in principal amount of senior unsecured notes issued in a public offering in 2012 (the "Senior Notes"). We were incorporated in Delaware on October 29, 2009 by Citigroup, Inc. ("Citigroup"), to serve as a holding company for the life insurance and financial product distribution businesses that we have operated for more than 30 years. In April 2010, these indirect subsidiaries of Citigroup were transferred to us through multiple transactions (the "corporate reorganization"), which culminated in the sale of a portion of our common stock owned by Citigroup in an initial public offering (the "IPO"). Prior to our corporate reorganization, we had no material assets or liabilities. | ||||||||||||
(B) Basis of Presentation | ||||||||||||
These condensed financial statements reflect the results of operations, financial position and cash flows for the Company. We prepare our financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements. | ||||||||||||
The most significant item that involves a greater degree of accounting estimates subject to change in the future is determination of our investments in subsidiaries. Estimates for this and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates. | ||||||||||||
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Primerica, Inc. and subsidiaries included in Part II, Item 8 of this report. | ||||||||||||
(C) Note Payable | ||||||||||||
In April 2010, we issued a $300.0 million note payable to Citigroup (the "Citigroup Note") as part of our corporate reorganization. On July 16, 2012, we issued the Senior Notes in a public offering, and we used a portion of the net cash proceeds to repay the Citigroup Note in whole at a redemption price equal to 100% of the outstanding principal amount. We issued the Senior Notes at a price of 99.843% of the principal amount with an annual interest rate of 4.75%, payable semi-annually in arrears on January 15 and July 15. The Senior Notes mature on July 15, 2022. | ||||||||||||
As unsecured senior obligations, the Senior Notes rank equally in right of payment with all existing and future unsubordinated indebtedness and senior to all existing and future subordinated indebtedness of the Company. The Senior Notes are structurally subordinated in right of payment to all existing and future liabilities of our subsidiaries. In addition, the Senior Notes contain covenants that restrict our ability to, among other things, create or incur any indebtedness that is secured by a lien on the capital stock of certain of our subsidiaries, and merge, consolidate or sell all or substantially all of our properties and assets. | ||||||||||||
We were in compliance with the covenants of the Senior Notes at December 31, 2013. No events of default(s) occurred on the Senior Notes during the year ended December 31, 2013. | ||||||||||||
(D) Dividends | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company received dividends from our non-life insurance subsidiaries of approximately $63.9 million, $73.6 million, and $75.3 million, respectively. For the years ended December 31, 2013, 2012, and 2011, the Company received dividends from our life insurance subsidiaries of approximately $164.4 million, $165.1 million, and $200.0 million, respectively. | ||||||||||||
(E) Commitments and Contingent Liabilities | ||||||||||||
We have a capital maintenance agreement with Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company and indirect wholly owned subsidiary of the Company. The capital maintenance agreement requires us at times to make capital contributions to Peach Re to insure that its regulatory account as defined in its coinsurance agreement with Primerica Life Insurance Company ("Primerica Life"), a life insurance company and wholly owned subsidiary of the Company, will not be less than $20.0 million. The regulatory account will only be used to satisfy obligations under this coinsurance agreement after all other available assets have been used, including a letter of credit ("LOC") issued by Deutsche Bank for the benefit of Primerica Life. The LOC was issued in 2012 in the initial amount of $450.0 million with a term of approximately fourteen years. Subject to certain conditions, the amount of the LOC will be periodically increased up to a maximum amount of $510.0 million in 2014. | ||||||||||||
The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters. |
Schedule_III_Supplementary_Ins
Schedule III - Supplementary Insurance Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | ' | |||||||||||||||||||||||
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | ' | |||||||||||||||||||||||
Schedule III | ||||||||||||||||||||||||
Supplementary Insurance Information | ||||||||||||||||||||||||
PRIMERICA, INC. | ||||||||||||||||||||||||
Deferred policy acquisition costs | Future policy benefits | Unearned premiums | Other policy benefits and claims payable | Separate account liabilities | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||
Term Life Insurance | $ | 1,115,286 | $ | 4,889,335 | $ | — | $ | 237,197 | $ | — | ||||||||||||||
Investment and Savings Products | 63,607 | — | — | — | 2,503,197 | |||||||||||||||||||
Corporate and Other Distributed Products | 29,573 | 173,768 | 1,802 | 16,107 | 632 | |||||||||||||||||||
Total | $ | 1,208,466 | $ | 5,063,103 | $ | 1,802 | $ | 253,304 | $ | 2,503,829 | ||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||
Term Life Insurance | $ | 967,454 | $ | 4,681,437 | $ | — | $ | 235,763 | $ | — | ||||||||||||||
Investment and Savings Products | 68,812 | — | — | — | 2,617,299 | |||||||||||||||||||
Corporate and Other Distributed Products | 30,156 | 169,051 | 6,056 | 18,770 | 816 | |||||||||||||||||||
Total | $ | 1,066,422 | $ | 4,850,488 | $ | 6,056 | $ | 254,533 | $ | 2,618,115 | ||||||||||||||
Premium revenues | Net investment income | Benefits and claims | Amortization of deferred policy acquisition costs | Other operating expenses | Premiums written | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||||||||||
Term Life Insurance | $ | 597,162 | $ | 68,796 | $ | 262,357 | $ | 115,891 | $ | 119,526 | $ | — | ||||||||||||
Investment and Savings Products | — | — | — | 11,195 | 340,794 | — | ||||||||||||||||||
Corporate and Other Distributed Products | 60,749 | 19,956 | 39,118 | 2,097 | 125,272 | 35,897 | ||||||||||||||||||
Total | $ | 657,911 | $ | 88,752 | $ | 301,475 | $ | 129,183 | $ | 585,592 | $ | 35,897 | ||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||||||||
Term Life Insurance | $ | 543,658 | $ | 66,119 | $ | 239,346 | $ | 104,272 | $ | 110,590 | $ | — | ||||||||||||
Investment and Savings Products | — | — | — | 10,956 | 281,893 | — | ||||||||||||||||||
Corporate and Other Distributed Products | 60,564 | 34,685 | 39,401 | 3,370 | 133,999 | 39,102 | ||||||||||||||||||
Total | $ | 604,222 | $ | 100,804 | $ | 278,747 | $ | 118,598 | $ | 526,482 | $ | 39,102 | ||||||||||||
Year ended December 31, 2011: | ||||||||||||||||||||||||
Term Life Insurance | $ | 460,641 | $ | 60,667 | $ | 197,159 | $ | 89,474 | $ | 105,912 | $ | — | ||||||||||||
Investment and Savings Products | — | — | — | 12,482 | 267,145 | — | ||||||||||||||||||
Corporate and Other Distributed Products | 65,751 | 47,934 | 45,537 | 2,078 | 139,397 | 41,891 | ||||||||||||||||||
Total | $ | 526,392 | $ | 108,601 | $ | 242,696 | $ | 104,034 | $ | 512,454 | $ | 41,891 | ||||||||||||
See the accompanying report of independent registered public accounting firm. |
Schedule_IV_Reinsurance
Schedule IV - Reinsurance | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Schedule IV - Reinsurance [Abstract] | ' | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | ' | ||||||||||||||||||
Schedule IV | |||||||||||||||||||
Reinsurance | |||||||||||||||||||
PRIMERICA, INC. | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Gross amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount assumed to net | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Life insurance in force | $ | 679,337,825 | $ | 601,309,340 | $ | — | $ | 78,028,485 | — | % | |||||||||
Premiums: | |||||||||||||||||||
Life insurance | $ | 2,262,721 | $ | 1,642,775 | $ | — | $ | 619,946 | — | % | |||||||||
Accident and health insurance | 39,348 | 1,383 | — | 37,965 | — | % | |||||||||||||
Total premiums | $ | 2,302,069 | $ | 1,644,158 | $ | — | $ | 657,911 | — | % | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Gross amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount assumed to net | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Life insurance in force | $ | 675,164,992 | $ | 599,133,626 | $ | — | $ | 76,031,366 | — | % | |||||||||
Premiums: | |||||||||||||||||||
Life insurance | $ | 2,227,821 | $ | 1,661,822 | $ | — | $ | 565,999 | — | % | |||||||||
Accident and health insurance | 40,154 | 1,931 | — | 38,223 | — | % | |||||||||||||
Total premiums | $ | 2,267,975 | $ | 1,663,753 | $ | — | $ | 604,222 | — | % | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Gross amount | Ceded to other companies | Assumed from other companies | Net amount | Percentage of amount assumed to net | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Life insurance in force | $ | 669,938,841 | $ | 596,975,143 | $ | — | $ | 72,963,698 | — | % | |||||||||
Premiums: | |||||||||||||||||||
Life insurance | $ | 2,185,791 | $ | 1,701,269 | $ | — | $ | 484,522 | — | % | |||||||||
Accident and health insurance | 43,676 | 1,806 | — | 41,870 | — | % | |||||||||||||
Total premiums | $ | 2,229,467 | $ | 1,703,075 | $ | — | $ | 526,392 | — | % | |||||||||
See the accompanying report of independent registered public accounting firm. |
Organization_Consolidation_and1
Organization, Consolidation and Presentation of Financial Statements (Policies) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Basis of Accounting, Policy | ' | |||||||||||||||||||||||
Basis of Presentation. We prepare our financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements. | ||||||||||||||||||||||||
Use of Estimates, Policy | ' | |||||||||||||||||||||||
Use of Estimates. The most significant items that involve a greater degree of accounting estimates and actuarial determinations subject to change in the future are the valuation of investments, deferred policy acquisition costs ("DAC"), and liabilities for future policy benefits and unpaid policy claims. Estimates for these and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Consolidation, Policy | ' | |||||||||||||||||||||||
Consolidation. The accompanying consolidated financial statements include the accounts of the Company and those entities required to be consolidated under applicable accounting standards. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated. | ||||||||||||||||||||||||
Reclassification, Policy | ' | |||||||||||||||||||||||
Reclassifications. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders' equity. | ||||||||||||||||||||||||
Subsequent Events, Policy | ' | |||||||||||||||||||||||
Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the consolidated financial statements at December 31, 2013. | ||||||||||||||||||||||||
Foreign Currency Translation, Policy | ' | |||||||||||||||||||||||
Foreign Currency Translation. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars using year-end exchange rates. Revenues and expenses are translated monthly at amounts that approximate weighted-average exchange rates. Translation adjustments are reported in other comprehensive income (loss). | ||||||||||||||||||||||||
Investments, Policy | ' | |||||||||||||||||||||||
Investments. Investments are reported on the following bases: | ||||||||||||||||||||||||
• | Available-for-sale fixed-maturity securities, including bonds and redeemable preferred stocks not classified as trading securities, are carried at fair value. When quoted market values are unavailable, we obtain estimates from independent pricing services or estimate fair value based upon a comparison to quoted issues of the same issuer or of other issuers with similar characteristics. | |||||||||||||||||||||||
• | Equity securities, including common and nonredeemable preferred stocks, are classified as available for sale and are carried at fair value. When quoted market values are unavailable, we obtain estimates from independent pricing services or estimates fair value based upon a comparison to quoted issues of the same issuer or of other issuers with similar characteristics. | |||||||||||||||||||||||
• | Trading securities, which primarily consist of bonds, are carried at fair value. Changes in fair value of trading securities are included in net investment income in the period in which the change occurred. | |||||||||||||||||||||||
• | Policy loans are carried at unpaid principal balances, which approximate fair value. | |||||||||||||||||||||||
Investment transactions are recorded on a trade-date basis. We use the specific-identification method to determine the realized gains or losses from securities transactions and report the realized gains or losses in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Unrealized gains and losses on available-for-sale securities are included as a separate component of accumulated other comprehensive income except for the credit loss components of other-than-temporary declines in fair value, which are recorded as realized losses in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Investments are reviewed on a quarterly basis for other-than-temporary impairments ("OTTI"). Credit risk, interest rate risk, the amount of time the security has been in an unrealized loss position, actions taken by ratings agencies, and other factors are considered in determining whether an unrealized loss is other-than-temporary. Our consolidated statements of income for the three years ended December 31, 2013 reflect the impairment on debt securities that we intend to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale ("AFS") debt securities that we have no intent to sell and believe that it is more likely than not we will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the remainder is recognized in accumulated other comprehensive income ("AOCI") in the accompanying consolidated financial statements. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security. Any subsequent changes in fair value of the security related to non-credit factors recognized in other comprehensive income are presented as an adjustment to the amount previously presented in the net unrealized investment gains (losses) other-than-temporarily impaired category of accumulated other comprehensive income. | ||||||||||||||||||||||||
Interest income on fixed-maturity securities is recorded when earned using the effective-yield method, which gives consideration to amortization of premiums and accretion of discounts. Dividend income on equity securities is recorded when declared. These amounts are included in net investment income in the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Included within fixed-maturity securities are loan-backed and asset-backed securities. Amortization of the premium or accretion of the discount uses the retrospective method. The effective yield used to determine amortization/accretion is calculated based on actual and historical projected future cash flows, which are obtained from a widely accepted data provider and updated quarterly. | ||||||||||||||||||||||||
Embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains (losses), including OTTI losses. | ||||||||||||||||||||||||
Cash and Cash Equivalents, Policy | ' | |||||||||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, money market instruments, and all other highly liquid investments purchased with an original or remaining maturity of three months or less at the date of acquisition. | ||||||||||||||||||||||||
Reinsurance, Policy | ' | |||||||||||||||||||||||
Reinsurance. We use reinsurance extensively, utilizing yearly renewable term ("YRT") and coinsurance agreements. Under YRT agreements, we reinsure only the mortality risk, while under coinsurance, we reinsure a proportionate part of all risks arising under the reinsured policy. Under coinsurance, the reinsurer receives a proportionate part of the premiums, less commission allowances, and is liable for a corresponding part of all benefit payments. | ||||||||||||||||||||||||
All reinsurance contracts in effect for the three-year period ended December 31, 2013 transfer a reasonable possibility of substantial loss to the reinsurer or are accounted for under the deposit method of accounting. | ||||||||||||||||||||||||
Ceded premiums are treated as a reduction to direct premiums and are recognized when due to the assuming company. Ceded claims are treated as a reduction to direct benefits and are recognized when the claim is incurred on a direct basis. Ceded policy reserve changes are also treated as a reduction to benefits expense and are recognized during the applicable financial reporting period. | ||||||||||||||||||||||||
Reinsurance premiums, commissions, expense reimbursements and benefits and reserves related to reinsured long-duration contracts are accounted for over the life of the underlying contracts using assumptions consistent with those used to account for the underlying policies. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liabilities and policy benefits associated with reinsured policies. Ceded policy reserves and claims liabilities relating to insurance ceded are shown as due from reinsurers on the accompanying consolidated balance sheets. | ||||||||||||||||||||||||
We analyze and monitor the credit-worthiness of each of our reinsurance partners to minimize collection issues. For reinsurance contracts with unauthorized reinsurers, we require collateral such as letters of credit. | ||||||||||||||||||||||||
To the extent we receive ceding allowances to cover policy and claims administration under reinsurance contracts, these allowances are treated as a reduction to insurance commissions and expenses and are recognized when due from the assuming company. To the extent we receive ceding allowances reimbursing commissions that would otherwise be deferred, the amount of commissions deferrable will be reduced. The corresponding DAC balances are reduced on a pro rata basis by the portion of the business reinsured with reinsurance agreements that meet risk transfer provisions. The reduced DAC will result in a corresponding reduction of amortization expense. | ||||||||||||||||||||||||
Deferred Policy Acquisition Costs, Policy | ' | |||||||||||||||||||||||
Deferred Policy Acquisition Costs. We only defer the costs of acquiring new business to the extent that they result directly from and are essential to the contract transaction(s) and would not have been incurred had the contract transaction(s) not occurred. These deferred policy acquisition costs mainly include commissions and policy issue expenses. DAC is subject to recoverability testing annually and when impairment indicators exist. We make certain assumptions regarding persistency, expenses, investment yields and claims. These assumptions may not be modified, or unlocked, unless recoverability testing deems them to be inadequate. We update assumptions for new business to reflect the most recent experience. DAC is amortized over the initial premium-paying period of the related policies in proportion to annual premium income. Due to the inherent uncertainties in making assumptions about future events, materially different experience from expected results in persistency could result in a material increase or decrease of DAC amortization in a particular period. All other acquisition-related costs, including unsuccessful acquisition and renewal efforts, are charged to expense as incurred. Administrative costs, rent, depreciation, occupancy, equipment, and all other general overhead costs are considered indirect costs and are charged to expense as incurred. | ||||||||||||||||||||||||
Deferrable acquisition costs for Canadian segregated funds are amortized over the life of the policies in relation to historical and future estimated gross profits before amortization. The gross profits and resulting DAC amortization will vary with actual fund returns, redemptions and expenses. Due to the inherent uncertainties in making assumptions about future events, materially different experience from expected results in persistency could result in a material increase or decrease of deferred acquisition cost amortization in a particular period. | ||||||||||||||||||||||||
Intangible Assets, Policy | ' | |||||||||||||||||||||||
Intangible Assets. Intangible assets are amortized over their estimated useful lives. Any intangible asset that was deemed to have an indefinite useful life is not amortized but is subject to an annual impairment test. An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. For the other intangible assets, which are subject to amortization, an impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset. | ||||||||||||||||||||||||
The components of intangible assets were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Indefinite-lived intangible asset | $ | 45,275 | n/a | $ | 45,275 | $ | 45,275 | n/a | $ | 45,275 | ||||||||||||||
Amortizing intangible assets | 88,719 | (65,131 | ) | 23,588 | 86,162 | (61,621 | ) | 24,541 | ||||||||||||||||
Total intangible assets | $ | 133,994 | $ | (65,131 | ) | $ | 68,863 | $ | 131,437 | $ | (61,621 | ) | $ | 69,816 | ||||||||||
We have an indefinite-lived intangible asset related to the 1989 purchase of the right to contract with our sales force. This asset represents the core distribution model of our business, which is our primary competitive advantage to profitably distribute term life insurance and investment and savings products on a significant scale, and as such, is considered to have an indefinite life. This indefinite-lived intangible asset is supported by a significant portion of the discounted cash flows of our future business. We assessed this asset for impairment as of October 1, 2013 and determined that no impairment had occurred. There have been no subsequent events requiring further analysis. | ||||||||||||||||||||||||
We have an amortizing intangible asset related to a 1995 sales agreement termination payment to Management Financial Services, Inc., which represents approximately $19.8 million of the net carrying amount of our amortizing intangible assets. This asset is supported by a non-compete agreement with the founder of our business model. We calculate the amortization of this contract buyout on a straight-line basis over 24 years, which represents the life of the non-compete agreement. Intangible asset amortization expense was approximately $3.4 million in 2013, 2012 and 2011. Amortization expense is expected to be approximately $3.4 million annually during the remainder of the amortization period. The remaining net carrying value of our amortizing intangible assets consists of capitalized software that is included in certain services used by our customers. Beginning in 2013, this capitalized software is amortized on a straight-line basis over its estimated useful life of three years. Amortization expense for this computer software was approximately $0.1 million in 2013 and is expected to be approximately $1.3 million in 2014 and 2015 and $1.1 million in 2016. No events have occurred during 2013, and no factors exist as of December 31, 2013 that would indicate that the net carrying value of our amortizing intangible assets may not be recoverable or will not be used throughout their estimated useful life. | ||||||||||||||||||||||||
Property, Plant and Equipment, Policy | ' | |||||||||||||||||||||||
Property and Equipment. Property and equipment, which are included in other assets, are stated at cost, less accumulated depreciation. Depreciation is recognized on a straight-line basis over the asset's estimated useful life, which is estimated as follows: | ||||||||||||||||||||||||
Estimated Useful Life | ||||||||||||||||||||||||
Data processing equipment and software | 3 to 5 years | |||||||||||||||||||||||
Leasehold improvements | Lesser of 15 years or remaining life of lease | |||||||||||||||||||||||
Furniture and other equipment | 5 to 15 years | |||||||||||||||||||||||
Depreciation expense is included in other operating expenses in the accompanying consolidated statements of income. Depreciation expense was $7.3 million, $6.1 million, and $7.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||
Property and equipment balances were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Data processing equipment and software | $ | 59,237 | $ | 56,872 | ||||||||||||||||||||
Leasehold improvements | 19,090 | 14,201 | ||||||||||||||||||||||
Other, principally furniture and equipment | 34,783 | 24,933 | ||||||||||||||||||||||
113,110 | 96,006 | |||||||||||||||||||||||
Accumulated depreciation | (88,060 | ) | (82,648 | ) | ||||||||||||||||||||
Net property and equipment | $ | 25,050 | $ | 13,358 | ||||||||||||||||||||
Policyholder Accounts, Policy | ' | |||||||||||||||||||||||
Separate Accounts. The separate accounts are primarily comprised of contracts issued by the Company through its subsidiary, Primerica Life Canada, pursuant to the Insurance Companies Act (Canada). The Insurance Companies Act authorizes Primerica Life Canada to establish the separate accounts. | ||||||||||||||||||||||||
The separate accounts are represented by individual variable insurance contracts. Purchasers of variable insurance contracts issued by Primerica Life Canada have a direct claim to the benefits of the contract that entitles the holder to units in one or more investment funds (the "Funds") maintained by Primerica Life Canada. The Funds invest in assets that are held for the benefit of the owners of the contracts. The benefits provided vary in amount depending on the market value of the Funds' assets. The Funds' assets are administered by Primerica Life Canada and are held separate and apart from the general assets of the Company. The liabilities reflect the variable insurance contract holders' interests in variable insurance assets based upon actual investment performance of the respective Funds. Separate account operating results relating to contract holders' interests are excluded from our consolidated statements of income. | ||||||||||||||||||||||||
Primerica Life Canada's contract offerings guarantee the maturity value at the date of maturity (or upon death, whichever occurs first) to be equal to 75% of the sum of all contributions made, net of withdrawals, on a first-in first-out basis. Otherwise, the maturity value or death benefit will be the accumulated value of units allocated to the contract at the specified valuation date. The amount of this value is not guaranteed, but will fluctuate with the fair value of the Funds. | ||||||||||||||||||||||||
Legal Costs, Policy | ' | |||||||||||||||||||||||
Litigation. The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. Legal contingencies are recognized when probable and can be reasonably estimated. Legal costs, such as attorney's fees and other litigation-related expenses, that are incurred in connection with resolving litigation are expensed as incurred. These disputes are subject to uncertainties, including indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. Due to the difficulty of estimating costs of litigation, actual costs may be substantially higher or lower than any amounts reserved. | ||||||||||||||||||||||||
Income Tax, Policy | ' | |||||||||||||||||||||||
Income Taxes. We are subject to the income tax laws of the United States, its states, municipalities, and certain unincorporated territories, and those of Canada. These tax laws can be complex and subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the applicability of these tax laws. We also must make estimates about the future impact certain items will have on taxable income in the various tax jurisdictions, both domestic and foreign. | ||||||||||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and (ii) operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized subject to management's judgment that realization is more likely than not applicable to the periods in which we expect the temporary difference will reverse. | ||||||||||||||||||||||||
Premium Revenues, Policy | ' | |||||||||||||||||||||||
Premium Revenues. Traditional life insurance products consist principally of those products with fixed and guaranteed premiums and benefits, and are primarily related to term products. Premiums are recognized as revenues when due. | ||||||||||||||||||||||||
Commissions and Fees, Policy | ' | |||||||||||||||||||||||
Commissions and Fees. We receive commission revenues from the sale of various non-life insurance products on a monthly basis. Commissions are generally received on sales of mutual funds and annuities. We also receive trail commission revenues from mutual fund and annuity products on a monthly basis based on the daily net asset value of shares sold by us. We, in turn, pay certain commissions to our sales force. Additionally, we receive marketing and support fees from product originators. We also receive management fees based on the average daily net asset value of managed accounts and contracts related to separate account assets issued by Primerica Life Canada. | ||||||||||||||||||||||||
We earn recordkeeping fees for administrative functions that we perform on behalf of several of our mutual fund providers and custodial fees for services performed as a non-bank custodian of our clients' retirement plan accounts. These fees are recognized as income during the period in which they are earned. | ||||||||||||||||||||||||
We also receive recordkeeping fees monthly from mutual fund accounts on our servicing platform and, in turn, pay a third-party provider for its servicing of certain of these accounts. | ||||||||||||||||||||||||
Benefits and Expenses, Policy | ' | |||||||||||||||||||||||
Benefits and Expenses. Benefit and expense items are charged to income in the period in which they are incurred. Both the change in policyholder liabilities, which is included in benefits and claims, and the amortization of deferred policy acquisition costs will vary with policyholder persistency. | ||||||||||||||||||||||||
Share-based Transactions, Policy | ' | |||||||||||||||||||||||
Share-Based Transactions. For employee and director share-based compensation, we determine a grant date fair value, based on the price of our publicly-traded common stock, and recognize the related compensation expense, adjusted for expected forfeitures, in the statement of income over the vesting period of the respective awards. For non-employee share-based compensation, we recognize the impact during the period of performance, and the fair value of the award is measured as of the vesting date. To the extent that a share-based award contains sale restrictions extending beyond the vesting date, we reduce the recognized fair value of the award to reflect the corresponding illiquidity discount. Most non-employee share-based compensation is an incremental direct cost of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred. We defer these expenses and amortize the impact over the life of the underlying life insurance policies acquired. | ||||||||||||||||||||||||
Earnings Per Share, Policy | ' | |||||||||||||||||||||||
Earnings Per Share ("EPS"). The Company has outstanding common stock and equity awards that consist of restricted stock, restricted stock units ("RSUs"), and stock options. The restricted stock and outstanding RSUs maintain non-forfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. Unvested restricted stock and unvested RSUs are deemed participating securities for purposes of calculating EPS as they maintain dividend rights. | ||||||||||||||||||||||||
See Note 12 (Earnings Per Share) for details related to the calculations of our basic and diluted EPS using the two-class method. | ||||||||||||||||||||||||
New Accounting Pronouncements, Policy | ' | |||||||||||||||||||||||
New Accounting Principles | ||||||||||||||||||||||||
In July 2012, the FASB issued Accounting Standards Update ("ASU") No. 2012-02, Intangibles — Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which allows an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. The Company assesses its indefinite-lived intangible asset for impairment annually on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The amendments in the update were applied prospectively in our fiscal year beginning January 1, 2013 and had no impact on our financial statements. | ||||||||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) — Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The amendments of ASU 2013-02 require an entity to provide additional information about the amounts reclassified out of accumulated other comprehensive income. The amendments in ASU 2013-02 were applied prospectively for our fiscal year beginning January 1, 2013. The disclosures required by this update are included in this report and had no impact on our financial position, results of operations, or cash flows. | ||||||||||||||||||||||||
Future Policy Benefits Liability, Policy [Policy Text Block] | ' | |||||||||||||||||||||||
Policyholder Liabilities. Future policy benefits are accrued over the current and expected renewal periods of the contracts. Liabilities for future policy benefits on traditional life insurance products have been computed using a net level method, including assumptions as to investment yields, mortality, persistency, and other assumptions based on our experience, modified as necessary to reflect anticipated trends and to include provisions for possible adverse deviation. The underlying mortality tables are the Society of Actuaries ("SOA") 65-70, SOA 75-80, SOA 85-90, and the 91 Bragg, modified to reflect various underwriting classifications and assumptions. Investment yield reserve assumptions at December 31, 2013 and 2012 ranged from approximately 3.5% to 7.0%. For policies issued in 2010 and after, we have been using an increasing interest rate assumption to reflect the historically low interest rate environment. The liability for policy claims and other benefits payable on traditional life and disability insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. | ||||||||||||||||||||||||
The future policy benefit reserves we establish are necessarily based on estimates, assumptions and our analysis of historical experience. Our results depend significantly upon the extent to which our actual claims experience is consistent with the assumptions we used in determining our future policy benefit reserves and pricing our products. Our future policy benefit reserve assumptions and estimates require significant judgment and, therefore, are inherently uncertain. We cannot determine with precision the ultimate amounts that we will pay for actual claims or the timing of those payments. | ||||||||||||||||||||||||
Other Policyholders' Funds. Other policyholders' funds primarily represent claim payments left on deposit with us. |
Organization_Consolidation_and2
Organization, Consolidation and Presentation of Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Schedule of Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||
The components of intangible assets were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Indefinite-lived intangible asset | $ | 45,275 | n/a | $ | 45,275 | $ | 45,275 | n/a | $ | 45,275 | ||||||||||||||
Amortizing intangible assets | 88,719 | (65,131 | ) | 23,588 | 86,162 | (61,621 | ) | 24,541 | ||||||||||||||||
Total intangible assets | $ | 133,994 | $ | (65,131 | ) | $ | 68,863 | $ | 131,437 | $ | (61,621 | ) | $ | 69,816 | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||||||||||||
Property and equipment balances were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Data processing equipment and software | $ | 59,237 | $ | 56,872 | ||||||||||||||||||||
Leasehold improvements | 19,090 | 14,201 | ||||||||||||||||||||||
Other, principally furniture and equipment | 34,783 | 24,933 | ||||||||||||||||||||||
113,110 | 96,006 | |||||||||||||||||||||||
Accumulated depreciation | (88,060 | ) | (82,648 | ) | ||||||||||||||||||||
Net property and equipment | $ | 25,050 | $ | 13,358 | ||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Assets, by Segment (Table Text Block) | ' | |||||||||||||
Total assets by segment were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Term life insurance segment | $ | 6,783,194 | $ | 6,400,126 | $ | 5,949,187 | ||||||||
Investment and savings products segment | 2,699,000 | 2,810,137 | 2,591,137 | |||||||||||
Corporate and other distributed products segment | 847,756 | 1,127,614 | 1,311,496 | |||||||||||
Total assets | $ | 10,329,950 | $ | 10,337,877 | $ | 9,851,820 | ||||||||
Schedule of Results of Operations, by Segment (Table Text Block) | ' | |||||||||||||
Results of operations by segment were as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Revenues: | ||||||||||||||
Term life insurance segment | $ | 694,975 | $ | 640,134 | $ | 552,975 | ||||||||
Investment and savings products segment | 457,138 | 413,965 | 396,703 | |||||||||||
Corporate and other distributed products segment | 115,335 | 136,616 | 153,415 | |||||||||||
Total revenues | $ | 1,267,448 | $ | 1,190,715 | $ | 1,103,093 | ||||||||
Income (loss) before income taxes: | ||||||||||||||
Term life insurance segment | $ | 197,201 | $ | 185,926 | $ | 160,431 | ||||||||
Investment and savings products segment | 105,149 | 121,116 | 117,076 | |||||||||||
Corporate and other distributed products segment | (51,152 | ) | (40,154 | ) | (33,598 | ) | ||||||||
Total income before income taxes | $ | 251,198 | $ | 266,888 | $ | 243,909 | ||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||
Long-lived assets and results of operations by country were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Long-lived assets by country: | ||||||||||||||
United States | $ | 93,276 | $ | 82,724 | $ | 84,550 | ||||||||
Canada | 637 | 450 | 316 | |||||||||||
Total long-lived assets | $ | 93,913 | $ | 83,174 | $ | 84,866 | ||||||||
Year ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Revenues by country: | ||||||||||||||
United States | $ | 1,035,064 | $ | 971,615 | $ | 895,067 | ||||||||
Canada | 232,384 | 219,100 | 208,026 | |||||||||||
Total revenues | $ | 1,267,448 | $ | 1,190,715 | $ | 1,103,093 | ||||||||
Income before income taxes by country: | ||||||||||||||
United States | $ | 183,504 | $ | 202,391 | $ | 181,151 | ||||||||
Canada | 67,694 | 64,497 | 62,758 | |||||||||||
Total income before income taxes | $ | 251,198 | $ | 266,888 | $ | 243,909 | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | |||||||||||||||||||||
The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of fixed-maturity and equity securities available for sale follow: | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Cost or | Gross | Gross | Fair value | |||||||||||||||||||
amortized | unrealized | unrealized | ||||||||||||||||||||
cost | gains | losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Securities available for sale, carried at fair value: | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 8,696 | $ | 485 | $ | (127 | ) | $ | 9,054 | |||||||||||||
Foreign government | 111,610 | 7,512 | (2,766 | ) | 116,356 | |||||||||||||||||
States and political subdivisions | 32,308 | 1,860 | (468 | ) | 33,700 | |||||||||||||||||
Corporates | 1,240,100 | 84,545 | (11,931 | ) | 1,312,714 | |||||||||||||||||
Mortgage- and asset-backed securities | 270,308 | 14,610 | (1,030 | ) | 283,888 | |||||||||||||||||
Total fixed-maturity securities(1) | 1,663,022 | 109,012 | (16,322 | ) | 1,755,712 | |||||||||||||||||
Equity securities | 32,592 | 7,935 | (633 | ) | 39,894 | |||||||||||||||||
Total fixed-maturity and equity securities | $ | 1,695,614 | $ | 116,947 | $ | (16,955 | ) | $ | 1,795,606 | |||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Includes $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Cost or | Gross | Gross | Fair value | |||||||||||||||||||
amortized | unrealized | unrealized | ||||||||||||||||||||
cost | gains | losses | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Securities available for sale, carried at fair value: | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 6,722 | $ | 812 | $ | — | $ | 7,534 | ||||||||||||||
Foreign government | 101,171 | 16,238 | (17 | ) | 117,392 | |||||||||||||||||
States and political subdivisions | 31,176 | 3,596 | (19 | ) | 34,753 | |||||||||||||||||
Corporates | 1,265,179 | 134,710 | (2,763 | ) | 1,397,126 | |||||||||||||||||
Mortgage- and asset-backed securities | 307,334 | 23,999 | (1,124 | ) | 330,209 | |||||||||||||||||
Total fixed-maturity securities(1) | 1,711,582 | 179,355 | (3,923 | ) | 1,887,014 | |||||||||||||||||
Equity securities | 29,955 | 7,529 | (337 | ) | 37,147 | |||||||||||||||||
Total fixed-maturity and equity securities | $ | 1,741,537 | $ | 186,884 | $ | (4,260 | ) | $ | 1,924,161 | |||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Includes $1.6 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. | |||||||||||||||||||||
Net Effect on Stockholders' Equity of Unrealized Gains and Losses on Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||
The net effect on stockholders’ equity of unrealized gains and losses on available-for-sale securities was as follows: | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairments: | ||||||||||||||||||||||
Fixed-maturity and equity securities | $ | 99,992 | $ | 182,624 | ||||||||||||||||||
Currency swaps | 72 | 97 | ||||||||||||||||||||
Foreign currency translation adjustment | 1,523 | (7,456 | ) | |||||||||||||||||||
Other-than-temporary impairments | 2,072 | 1,592 | ||||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 103,659 | 176,857 | ||||||||||||||||||||
Deferred income taxes | (36,280 | ) | (61,899 | ) | ||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax | $ | 67,379 | $ | 114,958 | ||||||||||||||||||
Fixed-maturity Securities Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||||
The scheduled maturity distribution of the available-for-sale fixed-maturity portfolio at December 31, 2013 follows. | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Amortized cost | Fair value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Due in one year or less | $ | 167,818 | $ | 170,905 | ||||||||||||||||||
Due after one year through five years | 482,656 | 522,966 | ||||||||||||||||||||
Due after five years through 10 years | 697,908 | 730,409 | ||||||||||||||||||||
Due after 10 years | 44,332 | 47,544 | ||||||||||||||||||||
1,392,714 | 1,471,824 | |||||||||||||||||||||
Mortgage- and asset-backed securities | 270,308 | 283,888 | ||||||||||||||||||||
Total fixed-maturity securities | $ | 1,663,022 | $ | 1,755,712 | ||||||||||||||||||
Net Investment Income [Table Text Block] | ' | |||||||||||||||||||||
The components of net investment income were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Fixed-maturity securities | $ | 89,860 | $ | 100,520 | $ | 109,907 | ||||||||||||||||
Equity securities | 1,186 | 1,051 | 717 | |||||||||||||||||||
Policy loans and other invested assets | 1,363 | 1,251 | 1,414 | |||||||||||||||||||
Cash and cash equivalents | 272 | 454 | 307 | |||||||||||||||||||
Market return on deposit asset underlying 10% Coinsurance agreement | 938 | 2,903 | 2,020 | |||||||||||||||||||
Gross investment income | 93,619 | 106,179 | 114,365 | |||||||||||||||||||
Investment expenses | (4,867 | ) | (5,375 | ) | (5,764 | ) | ||||||||||||||||
Net investment income | $ | 88,752 | $ | 100,804 | $ | 108,601 | ||||||||||||||||
Schedule of Net Realized Investment Gains and Losses [Table Text Block] | ' | |||||||||||||||||||||
The components of net realized investment gains (losses), as well as details on gross realized investment gains (losses) and proceeds from sales or other redemptions, were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Gross realized investment gains (losses): | ||||||||||||||||||||||
Gross gains from sales | $ | 6,734 | $ | 11,882 | $ | 8,382 | ||||||||||||||||
Gross losses from sales | (1,209 | ) | (83 | ) | (441 | ) | ||||||||||||||||
Gross gains from securities transferred from available-for-sale to trading | — | 323 | — | |||||||||||||||||||
Gross losses from securities transferred from available-for-sale to trading | — | (6 | ) | — | ||||||||||||||||||
Other-than-temporary impairment losses | (616 | ) | (641 | ) | (2,015 | ) | ||||||||||||||||
Gains (losses) from bifurcated options | 1,337 | (93 | ) | 514 | ||||||||||||||||||
Net realized investment gains (losses) | $ | 6,246 | $ | 11,382 | $ | 6,440 | ||||||||||||||||
Supplemental Information: | ||||||||||||||||||||||
Realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | $ | 4,909 | $ | 11,475 | $ | 5,926 | ||||||||||||||||
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | $ | 1,718 | $ | 4,016 | $ | 2,074 | ||||||||||||||||
Proceeds from sales or other redemptions | $ | 371,215 | $ | 571,017 | $ | 592,968 | ||||||||||||||||
Schedule of Securities in an Unrealized Loss Position [Table Text Block] | ' | |||||||||||||||||||||
The following tables summarize, for all securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position: | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||
Fair value | Unrealized | Number | Fair value | Unrealized | Number | |||||||||||||||||
losses | of | losses | of | |||||||||||||||||||
securities | securities | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
U.S. government and agencies | $ | 3,817 | $ | (36 | ) | 3 | $ | 859 | $ | (91 | ) | 2 | ||||||||||
Foreign government | 34,869 | (2,190 | ) | 47 | 5,999 | (576 | ) | 13 | ||||||||||||||
States and political subdivisions | 8,520 | (468 | ) | 11 | 152 | — | (1) | 1 | ||||||||||||||
Corporates | 296,192 | (9,510 | ) | 295 | 19,022 | (2,421 | ) | 31 | ||||||||||||||
Mortgage- and asset-backed securities | 54,215 | (536 | ) | 46 | 10,523 | (494 | ) | 9 | ||||||||||||||
Total fixed-maturity securities | 397,613 | (12,740 | ) | 36,555 | (3,582 | ) | ||||||||||||||||
Equity securities | 3,081 | (633 | ) | 7 | — | — | — | |||||||||||||||
Total fixed-maturity and equity securities | $ | 400,694 | $ | (13,373 | ) | $ | 36,555 | $ | (3,582 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||
(1) | Less than $1 thousand. | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||
Fair value | Unrealized | Number | Fair value | Unrealized | Number | |||||||||||||||||
losses | of | losses | of | |||||||||||||||||||
securities | securities | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||||||||
Foreign government | $ | 5,146 | $ | (17 | ) | 12 | $ | — | $ | — | — | |||||||||||
States and political subdivisions | 1,498 | (19 | ) | 3 | — | — | — | |||||||||||||||
Corporates | 70,176 | (1,189 | ) | 58 | 7,055 | (1,574 | ) | 11 | ||||||||||||||
Mortgage- and asset-backed securities | 15,367 | (22 | ) | 18 | 6,409 | (1,102 | ) | 10 | ||||||||||||||
Total fixed-maturity securities | 92,187 | (1,247 | ) | 13,464 | (2,676 | ) | ||||||||||||||||
Equity securities | 1,461 | (147 | ) | 6 | 522 | (190 | ) | 1 | ||||||||||||||
Total fixed-maturity and equity securities | $ | 93,648 | $ | (1,394 | ) | $ | 13,986 | $ | (2,866 | ) | ||||||||||||
Fixed-maturity Securities in Default [Table Text Block] | ' | |||||||||||||||||||||
The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows: | ||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Fixed-maturity securities in default | $ | 31 | $ | 267 | $ | 165 | $ | 712 | ||||||||||||||
Impairment Charges on Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||||
Impairment charges recognized in earnings on available-for-sale securities were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Impairments on fixed-maturity securities not in default | $ | 609 | $ | 479 | $ | 1,831 | ||||||||||||||||
Impairments on fixed-maturity securities in default | — | — | 179 | |||||||||||||||||||
Impairments on equity securities | 7 | 162 | 5 | |||||||||||||||||||
Total impairment charges | $ | 616 | $ | 641 | $ | 2,015 | ||||||||||||||||
Schedule of Other than Temporary Impairment Losses [Table Text Block] | ' | |||||||||||||||||||||
Net impairment losses recognized in earnings were as follows: | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Impairment losses related to securities which the Company does not intend to sell or is more-likely-than-not that it will not be required to sell: | ||||||||||||||||||||||
Total OTTI losses recognized | $ | 832 | $ | 991 | $ | 1,109 | ||||||||||||||||
Less portion of OTTI loss recognized in accumulated other comprehensive income (loss) | (479 | ) | (563 | ) | (183 | ) | ||||||||||||||||
Net impairment losses recognized in earnings for securities that the Company does not intend to sell or is more-likely-than-not that it will not be required to sell before recovery | 353 | 428 | 926 | |||||||||||||||||||
OTTI losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery | 263 | 213 | 1,089 | |||||||||||||||||||
Net impairment losses recognized in earnings | $ | 616 | $ | 641 | $ | 2,015 | ||||||||||||||||
Rollforward of Other-than-temporary Impairment Credit-related Losses Recognized in Earnings, Fixed-maturity Securities Still Held [Table Text Block] | ' | |||||||||||||||||||||
The roll-forward of the credit-related losses recognized in income for all fixed-maturity securities still held follows. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, beginning of period | $ | 14,171 | $ | 17,403 | ||||||||||||||||||
Additions for OTTI securities where no credit losses were recognized prior to the beginning of the period | 606 | 10 | ||||||||||||||||||||
Additions for OTTI securities where credit losses have been recognized prior to the beginning of the period | 3 | 469 | ||||||||||||||||||||
Reductions due to sales, maturities or calls of credit impaired securities | (264 | ) | (3,711 | ) | ||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, end of period | $ | 14,516 | $ | 14,171 | ||||||||||||||||||
Schedule Of Derivative Instruments, Currency Swaps [Table Text Block] | ' | |||||||||||||||||||||
Derivatives. We use foreign currency swaps to reduce our foreign exchange risk due to direct investment in foreign currency-denominated debt securities. The aggregate notional balance and fair value of these currency swaps follow. | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Aggregate notional balance of currency swaps | $ | 1,000 | $ | 5,878 | ||||||||||||||||||
Aggregate fair value of currency swaps | (88 | ) | (2,048 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Available-for-sale fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 9,054 | $ | — | $ | 9,054 | ||||||||
Foreign government | — | 116,356 | — | 116,356 | ||||||||||||
States and political subdivisions | — | 33,700 | — | 33,700 | ||||||||||||
Corporates | 1,282 | 1,310,739 | 693 | 1,312,714 | ||||||||||||
Mortgage- and asset-backed securities | — | 282,341 | 1,547 | 283,888 | ||||||||||||
Total available-for-sale fixed-maturity securities | 1,282 | 1,752,190 | 2,240 | 1,755,712 | ||||||||||||
Available-for-sale equity securities | 34,868 | 4,978 | 48 | 39,894 | ||||||||||||
Trading securities | — | 12,991 | — | 12,991 | ||||||||||||
Separate accounts | — | 2,503,829 | — | 2,503,829 | ||||||||||||
Total fair value assets | $ | 36,150 | $ | 4,273,988 | $ | 2,288 | $ | 4,312,426 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 88 | $ | — | $ | 88 | ||||||||
Separate accounts | — | 2,503,829 | — | 2,503,829 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,503,917 | $ | — | $ | 2,503,917 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Available-for-sale fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 7,534 | $ | — | $ | 7,534 | ||||||||
Foreign government | — | 117,392 | — | 117,392 | ||||||||||||
States and political subdivisions | — | 34,753 | — | 34,753 | ||||||||||||
Corporates | 1,301 | 1,392,446 | 3,379 | 1,397,126 | ||||||||||||
Mortgage- and asset-backed securities | — | 328,415 | 1,794 | 330,209 | ||||||||||||
Total available-for-sale fixed-maturity securities | 1,301 | 1,880,540 | 5,173 | 1,887,014 | ||||||||||||
Available-for-sale equity securities | 26,608 | 10,491 | 48 | 37,147 | ||||||||||||
Trading securities | — | 7,762 | — | 7,762 | ||||||||||||
Separate accounts | — | 2,618,115 | — | 2,618,115 | ||||||||||||
Total fair value assets | $ | 27,909 | $ | 4,516,908 | $ | 5,221 | $ | 4,550,038 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 2,048 | $ | — | $ | 2,048 | ||||||||
Separate accounts | — | 2,618,115 | — | 2,618,115 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,620,163 | $ | — | $ | 2,620,163 | ||||||||
Rollforward of Level 3 Assets Measured on a Recurring Basis [Table Text Block] | ' | |||||||||||||||
The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Level 3 assets, beginning of period | $ | 5,221 | $ | 6,937 | ||||||||||||
Net unrealized gains (losses) through other comprehensive income | (116 | ) | (235 | ) | ||||||||||||
Net realized gains (losses) included in realized investment gains (losses), including OTTI losses | (278 | ) | (18 | ) | ||||||||||||
Purchases(1) | 2 | 1,484 | ||||||||||||||
Sales | — | (3,466 | ) | |||||||||||||
Settlements | (314 | ) | — | |||||||||||||
Transfers into level 3 | 25 | 521 | ||||||||||||||
Transfers out of level 3 | (2,252 | ) | (2 | ) | ||||||||||||
Level 3 assets, end of period | $ | 2,288 | $ | 5,221 | ||||||||||||
Fair Value of Financial Instruments [Table Text Block] | ' | |||||||||||||||
The carrying values and estimated fair values of our financial instruments were as follows: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
value | fair value | value | fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities available for sale | $ | 1,755,712 | $ | 1,755,712 | $ | 1,887,014 | $ | 1,887,014 | ||||||||
Equity securities available for sale | 39,894 | 39,894 | 37,147 | 37,147 | ||||||||||||
Trading securities | 12,991 | 12,991 | 7,762 | 7,762 | ||||||||||||
Policy loans | 26,806 | 26,806 | 24,613 | 24,613 | ||||||||||||
Deposit asset underlying 10% Coinsurance Agreement | 124,413 | 124,413 | 91,524 | 91,524 | ||||||||||||
Separate accounts | 2,503,829 | 2,503,829 | 2,618,115 | 2,618,115 | ||||||||||||
Liabilities: | ||||||||||||||||
Notes payable | $ | 374,481 | $ | 385,161 | $ | 374,433 | $ | 418,777 | ||||||||
Currency swaps | 88 | 88 | 2,048 | 2,048 | ||||||||||||
Separate accounts | 2,503,829 | 2,503,829 | 2,618,115 | 2,618,115 | ||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Schedule of Reinsured Life Insurance In Force [Table Text Block] | ' | |||||||||||
The following table represents the Company's net in-force life insurance at December 31, 2013 and 2012: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||
Direct life insurance in force | $ | 679,337,825 | $ | 675,164,992 | ||||||||
Amounts ceded to other companies | (601,309,340 | ) | (599,133,626 | ) | ||||||||
Net life insurance in force | $ | 78,028,485 | $ | 76,031,366 | ||||||||
Percentage of reinsured life insurance in force | 89 | % | 89 | % | ||||||||
Schedule of Ceded Credit Risk by Reinsurer [Table Text Block] | ' | |||||||||||
Reinsurance receivable and financial strength ratings by reinsurer were as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
receivable | rating | receivable | rating | |||||||||
(In thousands) | ||||||||||||
Prime Re (1) | $ | 2,572,800 | NR | $ | 2,505,157 | NR | ||||||
SCOR Global Life Reinsurance (3) | 372,479 | A | 387,397 | A | ||||||||
Financial Reassurance Company 2010, Ltd. (1) | 343,144 | NR | 352,073 | NR | ||||||||
Swiss Re Life & Health America Inc. (2) | 260,775 | A+ | 266,841 | A+ | ||||||||
American Health and Life Insurance Company (1) | 174,722 | A- | 174,905 | A- | ||||||||
Munich American Reassurance Company | 100,856 | A+ | 101,349 | A+ | ||||||||
Korean Reinsurance Company | 89,405 | A | 86,287 | A | ||||||||
RGA Reinsurance Company | 75,629 | A+ | 72,230 | A+ | ||||||||
Toa Reinsurance Company | 18,824 | A+ | 15,612 | A+ | ||||||||
Hannover Life Reassurance Company | 16,862 | A+ | 15,078 | A+ | ||||||||
All other reinsurers | 29,558 | — | 28,265 | — | ||||||||
Due from reinsurers | $ | 4,055,054 | $ | 4,005,194 | ||||||||
____________________ | ||||||||||||
NR – not rated | ||||||||||||
(1) | Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers. | |||||||||||
(2) | Includes amounts ceded to Lincoln National Life Insurance Company and 100% retroceded to Swiss Re Life & Health America Inc. | |||||||||||
(3) | Includes amounts ceded to Generali USA Life Reassurance Company due to its purchase by the parent company of SCOR Global Life Reinsurance Companies in October 2013 and amounts retroceded from Transamerica Reinsurance Companies. Generali USA Life Reassurance Company held a strength rating of A- as of December 31, 2012. |
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deferred Policy Acquisition Costs Disclosures [Abstract] | ' | |||||||||||
Deferred Policy Acquisition Costs Balance RollForward [Table Text Block] | ' | |||||||||||
The balances of and activity in DAC were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
DAC balance, beginning of period | $ | 1,066,422 | $ | 904,485 | $ | 738,946 | ||||||
Capitalization | 283,341 | 276,840 | 270,661 | |||||||||
Amortization | (129,183 | ) | (118,598 | ) | (104,034 | ) | ||||||
Foreign exchange and other | (12,114 | ) | 3,695 | (1,088 | ) | |||||||
DAC balance, end of period | $ | 1,208,466 | $ | 1,066,422 | $ | 904,485 | ||||||
Insurance_Reserves_Tables
Insurance Reserves (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
insurance Reserves Disclosures [Abstract] | ' | |||||||||||
Schedule of Liability For Future Policy Benefits and Unpaid Claims [Table Text Block] | ' | |||||||||||
Changes in policy claims and other benefits payable were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Policy claims and other benefits payable, beginning of period | $ | 254,533 | $ | 241,754 | $ | 229,895 | ||||||
Less reinsured policy claims and other benefits payable | 269,279 | 236,930 | 233,346 | |||||||||
Net balance, beginning of period | (14,746 | ) | 4,824 | (3,451 | ) | |||||||
Incurred related to current year | 147,639 | 150,352 | 142,685 | |||||||||
Incurred related to prior year | (4,956 | ) | (3,208 | ) | 391 | |||||||
Total incurred | 142,683 | 147,144 | 143,076 | |||||||||
Claims paid related to current year, net of reinsured policy claims received | (150,922 | ) | (183,208 | ) | (153,540 | ) | ||||||
Reinsured policy claims received related to prior year, net of claims paid | 28,601 | 16,307 | 18,945 | |||||||||
Total paid | (122,321 | ) | (166,901 | ) | (134,595 | ) | ||||||
Foreign currency | (497 | ) | 187 | (206 | ) | |||||||
Net balance, end of period | 5,119 | (14,746 | ) | 4,824 | ||||||||
Add reinsured policy claims and other benefits payable | 248,185 | 269,279 | 236,930 | |||||||||
Balance, end of period | $ | 253,304 | $ | 254,533 | $ | 241,754 | ||||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||
Notes payable consisted of the following: | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
(Dollars in thousands) | ||||||||||||||
4.75% Senior notes payable, due July 15, 2022 | $ | 375,000 | 4.75 | % | $ | 375,000 | 4.75 | % | ||||||
Unamortized issuance discount on notes payable | (519 | ) | (567 | ) | ||||||||||
Total notes payable | $ | 374,481 | $ | 374,433 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Provision for Income Taxes [Table Text Block] | ' | ||||||||||||||||||||
Income tax expense (benefit) consists of the following: | |||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Federal | $ | 35,966 | $ | 32,919 | $ | 68,885 | |||||||||||||||
Foreign | 32,797 | (14,410 | ) | 18,387 | |||||||||||||||||
State and local | 1,377 | (176 | ) | 1,201 | |||||||||||||||||
Total tax expense (benefit) | $ | 70,140 | $ | 18,333 | $ | 88,473 | |||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Federal | $ | 51,301 | $ | 24,517 | $ | 75,818 | |||||||||||||||
Foreign | 26,836 | (11,130 | ) | 15,706 | |||||||||||||||||
State and local | 1,613 | (55 | ) | 1,558 | |||||||||||||||||
Total tax expense (benefit) | $ | 79,750 | $ | 13,332 | $ | 93,082 | |||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Federal | $ | 58,542 | $ | 9,020 | $ | 67,562 | |||||||||||||||
Foreign | 30,807 | (12,280 | ) | 18,527 | |||||||||||||||||
State and local | 793 | (164 | ) | 629 | |||||||||||||||||
Total tax expense (benefit) | $ | 90,142 | $ | (3,424 | ) | $ | 86,718 | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
The reconciliation for such difference follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Computed tax expense | $ | 87,918 | 35 | % | $ | 93,411 | 35 | % | $ | 85,368 | 35 | % | |||||||||
Other | 555 | 0.2 | % | (329 | ) | (0.1 | )% | 1,350 | 0.6 | % | |||||||||||
Total tax expense/effective rate | $ | 88,473 | 35.2 | % | $ | 93,082 | 34.9 | % | $ | 86,718 | 35.6 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||
The main components of deferred income tax assets and liabilities were as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Future policy benefit reserves and unpaid policy claims | $ | 207,662 | $ | 187,166 | |||||||||||||||||
Intangibles and tax goodwill | 48,694 | 46,819 | |||||||||||||||||||
Future deductible liabilities | 27,606 | 17,457 | |||||||||||||||||||
Other | 14,656 | 21,041 | |||||||||||||||||||
Total deferred tax assets | 298,618 | 272,483 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Deferred policy acquisition costs | (269,534 | ) | (248,208 | ) | |||||||||||||||||
Investments | (26,010 | ) | (42,739 | ) | |||||||||||||||||
Distributable unremitted earnings of foreign subsidiaries | (2,848 | ) | (2,924 | ) | |||||||||||||||||
Reinsurance deposit asset | (43,544 | ) | (32,033 | ) | |||||||||||||||||
Other | (15,098 | ) | (15,527 | ) | |||||||||||||||||
Total deferred tax liabilities | (357,034 | ) | (341,431 | ) | |||||||||||||||||
Net deferred tax liabilities | $ | (58,416 | ) | $ | (68,948 | ) | |||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||||||||||
A reconciliation of the change in the unrecognized income tax benefit for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unrecognized tax benefits, beginning of period | $ | 20,996 | $ | 21,356 | |||||||||||||||||
Change in prior period unrecognized tax benefits | 32 | 182 | |||||||||||||||||||
Change in current period unrecognized tax benefits | 2,108 | 2,178 | |||||||||||||||||||
Reductions as a result of a lapse in statute of limitations | (6,529 | ) | (2,720 | ) | |||||||||||||||||
Unrecognized tax benefits, end of period | $ | 16,607 | $ | 20,996 | |||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Rollforward of Common Stock (Table Text Block) | ' | ||||||||
A reconciliation of the number of shares of our common stock follows. | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In thousands) | |||||||||
Balance, beginning of period | 56,374 | 64,883 | 72,843 | ||||||
Shares of restricted common stock issued, net | 280 | 438 | 348 | ||||||
Shares of common stock issued upon lapse of RSUs | 1,122 | 998 | 784 | ||||||
Common stock retired | (2,942 | ) | (9,945 | ) | (9,092 | ) | |||
Common stock, end of period | 54,834 | 56,374 | 64,883 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The calculation of basic and diluted EPS follows. | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per-share amounts) | ||||||||||||
Basic EPS: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Income attributable to unvested participating securities | (2,671 | ) | (4,650 | ) | (4,906 | ) | ||||||
Net income used in calculating basic EPS | $ | 160,054 | $ | 169,156 | $ | 152,285 | ||||||
Denominator: | ||||||||||||
Weighted-average vested shares | 55,834 | 61,059 | 72,283 | |||||||||
Basic EPS | $ | 2.87 | $ | 2.77 | $ | 2.11 | ||||||
Diluted EPS: | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 162,725 | $ | 173,806 | $ | 157,191 | ||||||
Income attributable to unvested participating securities | (2,640 | ) | (4,561 | ) | (4,855 | ) | ||||||
Net income used in calculating diluted EPS | $ | 160,085 | $ | 169,245 | $ | 152,336 | ||||||
Denominator: | ||||||||||||
Weighted-average vested shares | 55,834 | 61,059 | 72,283 | |||||||||
Dilutive effect of incremental shares if issued for warrants outstanding | 787 | 1,342 | 824 | |||||||||
Dilutive effect of incremental shares to be issued for stock options | 4 | — | — | |||||||||
Weighted-average shares used in calculating diluted EPS | 56,625 | 62,401 | 73,107 | |||||||||
Diluted EPS | $ | 2.83 | $ | 2.71 | $ | 2.08 | ||||||
ShareBased_Transactions_Tables
Share-Based Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||
The following table summarizes employee and director restricted stock and RSU activity during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Weighted-average measurement-date fair value per share | ||||||||||||
Shares | ||||||||||||
(Shares in thousands) | ||||||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2010 | 2,566 | $ | 15.02 | |||||||||
Granted | 368 | 25.65 | ||||||||||
Forfeited | (12 | ) | 18.25 | |||||||||
Vested | (858 | ) | 15.04 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2011 | 2,064 | 16.88 | ||||||||||
Granted | 458 | 25.4 | ||||||||||
Forfeited | (13 | ) | 22.7 | |||||||||
Vested | (1,002 | ) | 16.43 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2012 | 1,507 | 19.72 | ||||||||||
Granted | 322 | 32.76 | ||||||||||
Forfeited | (9 | ) | 28.72 | |||||||||
Vested | (1,098 | ) | 17.59 | |||||||||
Unvested employee and director restricted stock and RSUs, December 31, 2013 | 722 | 28.67 | ||||||||||
Schedule of Compensation Cost and Tax Benefits for Share-based Payment Arrangements, Management and Director Equity Awards [Table Text Block] | ' | |||||||||||
In connection with our granting of management and director restricted stock and RSU awards, we recognized expense and tax benefit offsets as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Expense for management and director restricted stock and RSU awards granted in 2010 | $ | 3,200 | $ | 12,485 | $ | 13,389 | ||||||
Expense for management and director restricted stock and RSU awards granted in 2011 | 3,133 | 3,050 | 2,750 | |||||||||
Expense for management and director restricted stock and RSU awards granted in 2012 | 3,738 | 3,409 | — | |||||||||
Expense for management and director restricted stock and RSU awards granted in 2013 | 3,030 | — | — | |||||||||
Total management and director restricted stock and RSU awards expense | $ | 13,101 | $ | 18,944 | $ | 16,139 | ||||||
Tax benefit associated with total management and director restricted stock and RSU award expense | $ | 3,936 | $ | 4,533 | $ | 5,530 | ||||||
Schedule of Share-based Compensation, Stock Options, Cost and Benefit [Table Text Block] | ' | |||||||||||
Compensation expense and related tax benefits recognized for stock options awards were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Expense recognized for stock option awards | $ | 323 | $ | — | $ | — | ||||||
Tax benefit recognized for stock option awards | $ | 113 | $ | — | $ | — | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||
The following assumptions were used to estimate the fair value of stock options granted in 2013: | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
Expected volatility | 30 | % | ||||||||||
Expected per share dividend yield | 1.35 | % | ||||||||||
Risk-free interest rate | 1.06 | % | ||||||||||
Expected term of options using simplified method | 6 years | |||||||||||
Fair value per option | $ | 8.44 | ||||||||||
Schedule of Share-based Goods and Nonemployee Services Transaction by Supplier [Table Text Block] | ' | |||||||||||
The following table summarizes non-employee RSU activity during the years ended December 31, 2013, 2012, and 2011. | ||||||||||||
Weighted-average measurement-date fair value per share | ||||||||||||
Shares | ||||||||||||
(Shares in thousands) | ||||||||||||
Unvested non-employee RSUs, December 31, 2010 | 188 | $ | 19.37 | |||||||||
Granted | 517 | 17.17 | ||||||||||
Vested | (588 | ) | 17.7 | |||||||||
Unvested non-employee RSUs, December 31, 2011 | 117 | 17.55 | ||||||||||
Granted | 379 | 22.94 | ||||||||||
Vested | (364 | ) | 20.38 | |||||||||
Unvested non-employee RSUs, December 31, 2012 | 132 | 25.42 | ||||||||||
Granted | 504 | 32.14 | ||||||||||
Vested | (532 | ) | 29.64 | |||||||||
Unvested non-employee RSUs, December 31, 2013 | 104 | 36.44 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||
The following table presents the assumptions used in valuing quarterly RSU grants: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected volatility | 20% to 35% | 20% to 50% | 29% to 67% | |||||||||
Quarterly dividends expected | $0.11 | $0.03 to $0.09 | $0.01 to $0.03 | |||||||||
Risk-free interest rates | Less than 2% | Less than 1% | Less than 1% | |||||||||
Schedule of Compensation Cost and Tax Benefits for Share-based Payment Arrangements, Nonemployee Equity Awards [Table Text Block] | ' | |||||||||||
Details on the granting and valuation of these awards follow: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in thousands, except per-share amounts) | ||||||||||||
Total quarterly non-employee RSUs granted | 503,737 | 378,505 | 517,374 | |||||||||
Measurement date per-share fair value of awards | $26.39 to $36.44 | $20.36 to $25.42 | $14.08 to $21.06 | |||||||||
Illiquidity discounts | 13% to 18% | 17% to 32% | 17% to 32% | |||||||||
Quarterly incentive awards expense recognized | $ | 364 | $ | — | $ | 1,747 | ||||||
Quarterly incentive awards expense deferred | $ | 15,818 | $ | 8,686 | $ | 7,058 | ||||||
Concurrent tax benefit of deferred expense | $ | 5,001 | $ | 2,640 | $ | 2,273 | ||||||
Statutory_Accounting_Practices
Statutory Accounting Practices (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Insurance [Abstract] | ' | |||||||
Statutory Accounting Practices Disclosure [Table Text Block] | ' | |||||||
Primerica Life’s statutory capital and surplus and statutory unassigned surplus at December 31, 2013 and 2012 was as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
(in thousands) | ||||||||
Statutory capital and surplus | $ | 563,260 | $ | 670,434 | ||||
Statutory unassigned surplus | 99,707 | 231,316 | ||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
As of December 31, 2013, the minimum aggregate rental commitments for operating leases were as follows: | ||||
December 31, 2013 | ||||
(In thousands) | ||||
2014 | $ | 6,933 | ||
2015 | 6,304 | |||
2016 | 6,270 | |||
2017 | 6,297 | |||
2018 | 5,549 | |||
Thereafter | 50,738 | |||
Total minimum rental commitments for operating leases | $ | 82,091 | ||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
Quarter ended March 31, | Quarter ended June 30, | Quarter ended September 30, | Quarter ended December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(In thousands, except per-share amounts) | ||||||||||||||||
Direct premiums | $ | 570,899 | $ | 577,208 | 576,095 | $ | 577,866 | |||||||||
Ceded premiums | (410,604 | ) | (417,450 | ) | (407,488 | ) | (408,615 | ) | ||||||||
Net premiums | 160,295 | 159,758 | 168,607 | 169,251 | ||||||||||||
Commissions and fees | 112,273 | 117,183 | 118,443 | 123,910 | ||||||||||||
Net investment income | 23,216 | 21,027 | 22,103 | 22,407 | ||||||||||||
Realized investment gains (losses), including OTTI | 2,286 | 3,468 | (407 | ) | 899 | |||||||||||
Other, net | 10,375 | 10,871 | 10,711 | 10,773 | ||||||||||||
Total revenues | 308,445 | 312,307 | 319,457 | 327,240 | ||||||||||||
Total benefits and expenses | 248,213 | 244,861 | 252,903 | 270,274 | ||||||||||||
Income before income taxes | 60,232 | 67,446 | 66,554 | 56,966 | ||||||||||||
Income taxes | 21,387 | 23,956 | 23,364 | 19,765 | ||||||||||||
Net income | $ | 38,845 | $ | 43,490 | $ | 43,190 | $ | 37,201 | ||||||||
Earnings per share — basic | $ | 0.67 | $ | 0.76 | $ | 0.78 | $ | 0.67 | ||||||||
Earnings per share — diluted | $ | 0.65 | $ | 0.74 | $ | 0.78 | $ | 0.67 | ||||||||
Quarter ended March 31, | Quarter ended June 30, | Quarter ended September 30, | Quarter ended December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(In thousands, except per-share amounts) | ||||||||||||||||
Direct premiums | $ | 561,037 | $ | 570,073 | $ | 567,273 | $ | 569,592 | ||||||||
Ceded premiums | (418,163 | ) | (415,815 | ) | (414,991 | ) | (414,784 | ) | ||||||||
Net premiums | 142,874 | 154,258 | 152,282 | 154,808 | ||||||||||||
Commissions and fees | 104,261 | 107,107 | 104,607 | 113,069 | ||||||||||||
Net investment income | 26,097 | 23,605 | 26,881 | 24,221 | ||||||||||||
Realized investment gains (losses), including OTTI | 2,131 | 4,321 | 3,872 | 1,058 | ||||||||||||
Other, net | 11,238 | 11,234 | 11,446 | 11,345 | ||||||||||||
Total revenues | 286,601 | 300,525 | 299,088 | 304,501 | ||||||||||||
Total benefits and expenses | 223,136 | 228,604 | 228,532 | 243,555 | ||||||||||||
Income before income taxes | 63,465 | 71,921 | 70,556 | 60,946 | ||||||||||||
Income taxes | 21,709 | 25,741 | 24,957 | 20,675 | ||||||||||||
Net income | $ | 41,756 | $ | 46,180 | $ | 45,599 | $ | 40,271 | ||||||||
Earnings per share — basic | $ | 0.62 | $ | 0.73 | $ | 0.74 | $ | 0.68 | ||||||||
Earnings per share — diluted | $ | 0.61 | $ | 0.72 | $ | 0.72 | $ | 0.67 | ||||||||
____________________ | ||||||||||||||||
Quarterly amounts may not agree in total to the corresponding annual amounts due to rounding. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $88,719,000 | $86,162,000 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -65,131,000 | -61,621,000 | ' |
Finite-Lived Intangible Assets, Net | 23,588,000 | 24,541,000 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 45,275,000 | 45,275,000 | ' |
Intangible Assets, Net (Excluding Goodwill) | 68,863,000 | 69,816,000 | ' |
Total intangible assets, gross | 133,994,000 | 131,437,000 | ' |
Noncompete Agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,400,000 | ' | ' |
Amortization of Intangible Assets | 3,400,000 | 3,400,000 | 3,400,000 |
Finite-Lived Intangible Assets, Net | 19,800,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,400,000 | ' | ' |
Computer Software, Intangible Asset [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of Intangible Assets | 100,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,300,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $1,300,000 | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized Computer Software, Gross | $59,237 | $56,872 |
Leasehold Improvements, Gross | 19,090 | 14,201 |
Property, Plant and Equipment, Other, Gross | 34,783 | 24,933 |
Total Property, Plant and Equipment, Gross | 113,110 | 96,006 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 88,060 | 82,648 |
Property, Plant and Equipment, Net | $25,050 | $13,358 |
Organization_Consolidation_and3
Organization, Consolidation and Presentation of Financial Statements Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | ' | ' |
Finite-Lived Intangible Assets, Net | 23,588,000 | 24,541,000 | ' |
Property Plant and Equipment Income Statement Disclosures [Abstract] | ' | ' | ' |
Depreciation expense | 7,300,000 | 6,100,000 | 7,300,000 |
Minimum [Member] | ' | ' | ' |
Policyholders' liabilities [Line Items] | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Investment Yield, Low End | 3.50% | 3.50% | 3.50% |
Maximum [Member] | ' | ' | ' |
Policyholders' liabilities [Line Items] | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Investment Yield, High End | 7.00% | 7.00% | 7.00% |
Noncompete Agreements [Member] | ' | ' | ' |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Net | 19,800,000 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '24 years | ' | ' |
Amortization of Intangible Assets | 3,400,000 | 3,400,000 | 3,400,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,400,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,400,000 | ' | ' |
Computer Software, Intangible Asset [Member] | ' | ' | ' |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Amortization of Intangible Assets | 100,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,300,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,300,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $1,100,000 | ' | ' |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting 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 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $10,329,950 | ' | ' | ' | $10,337,877 | ' | ' | ' | $10,329,950 | $10,337,877 | $9,851,820 |
Revenues | 327,240 | 319,457 | 312,307 | 308,445 | 304,501 | 299,088 | 300,525 | 286,601 | 1,267,448 | 1,190,715 | 1,103,093 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 251,198 | 266,888 | 243,909 |
Term Life Insurance Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 6,783,194 | ' | ' | ' | 6,400,126 | ' | ' | ' | 6,783,194 | 6,400,126 | 5,949,187 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 694,975 | 640,134 | 552,975 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 197,201 | 185,926 | 160,431 |
Investment and Savings Products Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 2,699,000 | ' | ' | ' | 2,810,137 | ' | ' | ' | 2,699,000 | 2,810,137 | 2,591,137 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 457,138 | 413,965 | 396,703 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 105,149 | 121,116 | 117,076 |
Corporate and Other Distributed Products Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 847,756 | ' | ' | ' | 1,127,614 | ' | ' | ' | 847,756 | 1,127,614 | 1,311,496 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 115,335 | 136,616 | 153,415 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ($51,152) | ($40,154) | ($33,598) |
Results_of_Operations_and_Long
Results of Operations and Long-Lived Assets by Geography (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 |
Results of Operations and Long-Lived Assets by Country [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets | $93,913 | ' | ' | ' | $83,174 | ' | ' | ' | $93,913 | $83,174 | $84,866 |
Revenues | 327,240 | 319,457 | 312,307 | 308,445 | 304,501 | 299,088 | 300,525 | 286,601 | 1,267,448 | 1,190,715 | 1,103,093 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 251,198 | 266,888 | 243,909 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results of Operations and Long-Lived Assets by Country [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets | 93,276 | ' | ' | ' | 82,724 | ' | ' | ' | 93,276 | 82,724 | 84,550 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,035,064 | 971,615 | 895,067 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 183,504 | 202,391 | 181,151 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Results of Operations and Long-Lived Assets by Country [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets | 637 | ' | ' | ' | 450 | ' | ' | ' | 637 | 450 | 316 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 232,384 | 219,100 | 208,026 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $67,694 | $64,497 | $62,758 |
Segment_Information_Narrative_
Segment Information Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Investment and Savings Products Segment [Member] | Investment and Savings Products Segment [Member] | Investment and Savings Products Segment [Member] | Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] | Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] | Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] | Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] |
Corporate and Other Distributed Products Segment [Member] | Corporate and Other Distributed Products Segment [Member] | Corporate and Other Distributed Products Segment [Member] | Corporate and Other Distributed Products Segment [Member] | ||||
Segment narrative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Assets, Excluding Separate Account Assets | $195.80 | $192.80 | $183.60 | ' | ' | ' | ' |
Segment Reporting, Change in Measurement Methods | ' | ' | ' | '91.5 | '60.0 | '2.903 | '2.020 |
Schedule_of_Availableforsale_S
Schedule of Available-for-sale Securities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Equity Securities, Gross Unrealized Gain | $7,935,000 | $7,529,000 | ||
Available-for-sale Equity Securities, Gross Unrealized Loss | 633,000 | 337,000 | ||
Equity securities available for sale, at fair value | 39,894,000 | 37,147,000 | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,663,022,000 | 1,711,582,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 109,012,000 | 179,355,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 16,322,000 | [1] | 3,923,000 | [2] |
Fixed-maturity securities available for sale, at fair value | 1,755,712,000 | 1,887,014,000 | ||
Equity securities available for sale, cost | 32,592,000 | 29,955,000 | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest | 2,100,000 | 1,600,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 1,695,614,000 | 1,741,537,000 | ||
Available-for-sale Securities, Gross Unrealized Gain | 116,947,000 | 186,884,000 | ||
Available-for-sale Securities, Gross Unrealized Loss | 16,955,000 | 4,260,000 | ||
Available-for-sale securities, fair value disclosure | 1,795,606,000 | 1,924,161,000 | ||
Mortgage and Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 270,308,000 | 307,334,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 14,610,000 | 23,999,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 1,030,000 | 1,124,000 | ||
Fixed-maturity securities available for sale, at fair value | 283,888,000 | 330,209,000 | ||
Corporate Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,240,100,000 | 1,265,179,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 84,545,000 | 134,710,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 11,931,000 | 2,763,000 | ||
Fixed-maturity securities available for sale, at fair value | 1,312,714,000 | 1,397,126,000 | ||
US States and Political Subdivisions Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 32,308,000 | 31,176,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 1,860,000 | 3,596,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 468,000 | 19,000 | ||
Fixed-maturity securities available for sale, at fair value | 33,700,000 | 34,753,000 | ||
Foreign Government Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 111,610,000 | 101,171,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 7,512,000 | 16,238,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 2,766,000 | 17,000 | ||
Fixed-maturity securities available for sale, at fair value | 116,356,000 | 117,392,000 | ||
US Government and Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 8,696,000 | 6,722,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 485,000 | 812,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 127,000 | 0 | ||
Fixed-maturity securities available for sale, at fair value | $9,054,000 | $7,534,000 | ||
[1] | Includes $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. | |||
[2] | Includes $1.6 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income. |
Net_Effect_on_Stockholders_Equ
Net Effect on Stockholders' Equity of Unrealized Gains and Losses on Available-for-sale Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ' | ' |
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairment, fixed maturity and equity securities | $99,992 | $182,624 |
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairments, currency swaps | 72 | 97 |
Foreign currency translation adjustment | 1,523 | -7,456 |
Other-than-temporary impairments | 2,072 | 1,592 |
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 103,659 | 176,857 |
Deferred income taxes | -36,280 | -61,899 |
Net unrealized investment gains not other-than-temporarily impaired | $67,379 | $114,958 |
Fixedmaturity_Securities_Class
Fixed-maturity Securities Classified as Trading Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | $12,991 | $7,762 |
Fixed-maturity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | $13,000 | $7,800 |
Fair_Value_of_Investments_on_D
Fair Value of Investments on Deposit with Governmental Authorities Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Assets Held by Insurance Regulators | $18.40 | $20.50 |
Securities_Lending_Collateral_
Securities Lending Collateral Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Collateral Received that Can be Resold or Repledged [Abstract] | ' | ' |
Securities Loaned, Minimum Collateral to Loan Ratio | 102.00% | ' |
Securities Loaned, Additional Collateral Requirement, Decline in Collateral Value Threshold Percentage | 100.00% | ' |
Securities lending collateral | $89.90 | $139.90 |
Fixedmaturity_Securities_Class1
Fixed-maturity Securities Classified by Contractual Maturity Date (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Due in one year or less, amortized cost | $167,818 | ' |
Due after one year through five years, amortized cost | 482,656 | ' |
Due after five years through 10 years, amortized cost | 697,908 | ' |
Due after 10 years, amortized cost | 44,332 | ' |
Total fixed-maturity securities with single maturity dates, amortized cost | 1,392,714 | ' |
Mortgage and asset-backed securities, amortized cost | 270,308 | ' |
Total fixed-maturity securities, amortized cost | 1,663,022 | 1,711,582 |
Due in one year or less, fair value | 170,905 | ' |
Due after one year through five years, fair value | 522,966 | ' |
Due after five years through 10 years, fair value | 730,409 | ' |
Due after 10 years, fair value | 47,544 | ' |
Total fixed-maturity securities with single maturity dates, fair value | 1,471,824 | ' |
Mortgage and asset-backed securities, fair value | 283,888 | ' |
Total fixed-maturity securities, fair value | $1,755,712 | $1,887,014 |
Net_Investment_Income_Details
Net Investment 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 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | $93,619 | $106,179 | $114,365 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,867 | 5,375 | 5,764 |
Net investment income | 22,407 | 22,103 | 21,027 | 23,216 | 24,221 | 26,881 | 23,605 | 26,097 | 88,752 | 100,804 | 108,601 |
Fixed-maturity Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 89,860 | 100,520 | 109,907 |
Equity Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,186 | 1,051 | 717 |
Policy Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,363 | 1,251 | 1,414 |
Cash and Cash Equivalents [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 272 | 454 | 307 |
Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Investment Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | $938 | $2,903 | $2,020 |
Schedule_of_Net_Realized_Inves
Schedule of Net Realized Investment Gains and Losses (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 |
Realized Investment Gains (Losses) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross gains from sales | ' | ' | ' | ' | ' | ' | ' | ' | $6,734 | $11,882 | $8,382 |
Gross losses from sales | ' | ' | ' | ' | ' | ' | ' | ' | -1,209 | -83 | -441 |
Gross gains from securities transferred from available-for-sale to trading | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 323 | 0 |
Gross losses from securities transferred from available-for-sale to trading | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6 | 0 |
Other-than-temporary impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | -641 | -2,015 |
Gains (losses) from bifurcated options | ' | ' | ' | ' | ' | ' | ' | ' | 1,337 | -93 | 514 |
Realized investment (gains) losses, including other-than-temporary impairments | 899 | -407 | 3,468 | 2,286 | 1,058 | 3,872 | 4,321 | 2,131 | 6,246 | 11,382 | 6,440 |
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 4,909 | 11,475 | 5,926 |
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,718 | 4,016 | 2,074 |
Proceeds from sales or other redemptions | ' | ' | ' | ' | ' | ' | ' | ' | $371,215 | $571,017 | $592,968 |
Securities_with_Cost_Basis_in_
Securities with Cost Basis in Excess of Fair Value Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Fixed-maturity and equity securities with cost basis in excess of fair value, cost basis | $454.20 | $111.90 |
Schedule_of_Securities_in_an_U
Schedule of Securities in an Unrealized Loss Position (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | $400,694 | $93,648 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -13,373 | -1,394 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -36,555 | -13,986 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -3,582 | -2,866 |
Fixed Maturities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 397,613 | 92,187 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -12,740 | -1,247 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -36,555 | -13,464 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -3,582 | -2,676 |
US Government and Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 3,817 | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -36 | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 3 | ' |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -859 | ' |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -91 | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | ' |
Foreign Government Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 34,869 | 5,146 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -2,190 | -17 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 47 | 12 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -5,999 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -576 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 13 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 8,520 | 1,498 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -468 | -19 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 11 | 3 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -152 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | 0 | 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | 0 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 296,192 | 70,176 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -9,510 | -1,189 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 295 | 58 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -19,022 | -7,055 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -2,421 | -1,574 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 31 | 11 |
Mortgage and Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 54,215 | 15,367 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -536 | -22 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 46 | 18 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | -10,523 | -6,409 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -494 | -1,102 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 9 | 10 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 3,081 | 1,461 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -633 | -147 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 7 | 6 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 0 | -522 |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | $0 | ($190) |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 1 |
Fixedmaturity_Securities_in_De
Fixed-maturity Securities in Default (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Available-for-sale fixed-maturity securities in default, amortized cost | $31 | $165 |
Available-for-sale fixed-maturity securities in default, fair value | $267 | $712 |
Impairment_Charges_on_Availabl
Impairment Charges on Available-for-sale Securities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impairment Charges on Available-for-Sale Securities [Line Items] | ' | ' | ' |
Impairment charges recognized in earnings | $616 | $641 | $2,015 |
Equity Securities [Member] | ' | ' | ' |
Impairment Charges on Available-for-Sale Securities [Line Items] | ' | ' | ' |
Impairment charges recognized in earnings | 7 | 162 | 5 |
Investments In Default [Member] | Fixed Maturities [Member] | ' | ' | ' |
Impairment Charges on Available-for-Sale Securities [Line Items] | ' | ' | ' |
Impairment charges recognized in earnings | 0 | 0 | 179 |
Investments Not In Default [Member] | Fixed Maturities [Member] | ' | ' | ' |
Impairment Charges on Available-for-Sale Securities [Line Items] | ' | ' | ' |
Impairment charges recognized in earnings | $609 | $479 | $1,831 |
Schedule_of_Net_Impairment_Los
Schedule of Net Impairment Losses Recognized in Earnings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other-than-temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Total other-than-temporary impairment losses | $1,095 | $1,204 | $2,198 |
Impairment losses included in realized investment gains (losses), including other-than-temporary impairments | 616 | 641 | 2,015 |
Does Not Intend to Sell or More-likely-than-not Will Not be Required to Sell before Recovery [Member] | ' | ' | ' |
Other-than-temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Total other-than-temporary impairment losses | 832 | 991 | 1,109 |
Other-than-temporary impairment losses, portion in accumulated other comprehensive income (loss) | -479 | -563 | -183 |
Impairment losses included in realized investment gains (losses), including other-than-temporary impairments | 353 | 428 | 926 |
Intends to Sell or More-likely-than-not Will be Required to Sell before Recovery [Member] | ' | ' | ' |
Other-than-temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Impairment losses included in realized investment gains (losses), including other-than-temporary impairments | $263 | $213 | $1,089 |
Rollforward_of_Otherthantempor
Rollforward of Other-than-temporary Impairment Credit-related Losses Recognized in Earnings, Fixed-maturity Securities Still Held (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impairments [Abstract] | ' | ' |
Cumulative other-than-temporary impairment, credit losses for securities still held | $14,171 | $17,403 |
Additions for other-than-temporary impaired securities where no credit losses were recognized prior to the beginning of the period | 606 | 10 |
Additions for other-than-temporary impaired securities where credit losses have been recognized prior to the beginning of the period | 3 | 469 |
Reductions due to sales, maturities or calls of credit impaired securities | -264 | -3,711 |
Cumulative other-than-temporary impairment, credit losses for securities still held | $14,516 | $14,171 |
Schedule_of_Derivative_Instrum
Schedule of Derivative Instruments, Currency Swaps (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives [Abstract] | ' | ' | ' |
Derivative, Notional Amount | $1,000,000 | $5,878,000 | ' |
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | 88,000 | 2,048,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2,000,000 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 700,000 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Deferred Gain (Loss) from Closed Contracts in Net Investment Hedge, Net of Tax | $26,400,000 | $26,400,000 | ' |
Schedule_of_Derivative_Instrum1
Schedule of Derivative Instruments, Embedded Conversion Options Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives [Abstract] | ' | ' |
Aggregate fair value of embedded conversion options | $4.60 | $10.20 |
Loss_from_Closed_Currency_Forw
Loss from Closed Currency Forward Contracts Recorded in Accumulated Other Comprehensive Income (Loss) Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives [Abstract] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Deferred Gain (Loss) from Closed Contracts in Net Investment Hedge, Net of Tax | $26.40 | $26.40 |
Schedule_of_Fair_Value_Assets_
Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $1,795,606 | $1,924,161 |
Trading securities | 12,991 | 7,762 |
Separate account assets | 2,503,829 | 2,618,115 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Assets, Fair Value Disclosure, Recurring | 4,312,426 | 4,550,038 |
Currency swaps | 88 | 2,048 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Liabilities, Fair Value Disclosure, Recurring | 2,503,917 | 2,620,163 |
Fair Value, Measurements, Recurring [Member] | US Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 9,054 | 7,534 |
Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 116,356 | 117,392 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 33,700 | 34,753 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,312,714 | 1,397,126 |
Fair Value, Measurements, Recurring [Member] | Mortgage and Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 283,888 | 330,209 |
Fair Value, Measurements, Recurring [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,755,712 | 1,887,014 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 39,894 | 37,147 |
Fair Value, Measurements, Recurring [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate account assets | 2,503,829 | 2,618,115 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 36,150 | 27,909 |
Currency swaps | 0 | 0 |
Separate accounts liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,282 | 1,301 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,282 | 1,301 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 34,868 | 26,608 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate accounts assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Assets, Fair Value Disclosure, Recurring | 4,273,988 | 4,516,908 |
Currency swaps | 88 | 2,048 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Liabilities, Fair Value Disclosure, Recurring | 2,503,917 | 2,620,163 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 9,054 | 7,534 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 116,356 | 117,392 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 33,700 | 34,753 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,310,739 | 1,392,446 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 282,341 | 328,415 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,752,190 | 1,880,540 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 4,978 | 10,491 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate account assets | 2,503,829 | 2,618,115 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 2,288 | 5,221 |
Currency swaps | 0 | 0 |
Separate accounts liabilities | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 693 | 3,379 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,547 | 1,794 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 2,240 | 5,173 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 48 | 48 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate account assets | $0 | $0 |
Rollforward_of_Level_3_Assets_
Rollforward of Level 3 Assets Measured on a Recurring Basis (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets Measured on a Recurring Basis, Unobservable input Reconciliation [Line Items] | ' | ' | ||
Level 3 Assets, beginning of period | $5,221 | $6,937 | ||
Net unrealized gains (losses) included in other comprehensive income | -116 | -235 | ||
Net realized gains (losses) included in realized investment gains, including other-than-temporary impairment losses | -278 | -18 | ||
Purchases | 2 | [1] | 1,484 | [1] |
Sales | 0 | -3,466 | ||
Settlements | -314 | 0 | ||
Transfers Into level 3 | 25 | 521 | ||
Transfers out of level 3 | -2,252 | -2 | ||
Level 3 Assets, end of period | $2,288 | $5,221 | ||
[1] | (1)B Invested assets that are initially valued using level 3 inputs upon purchase and subsequently are able to be priced using level 2 inputs within the year of purchase are classified as level 2 assets and are excluded from the rollforward of level 3 assets presented. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (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] | ' | ' |
Available-for-sale securities, fair value disclosure | $1,795,606 | $1,924,161 |
Trading securities | 12,991 | 7,762 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Currency swaps | 88 | 2,048 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Currency swaps | 0 | 0 |
Separate accounts liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Currency swaps | 88 | 2,048 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Estimated Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Policy loans | 26,806 | 24,613 |
Estimated Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 385,161 | 418,777 |
Estimated Fair Value [Member] | Fixed-maturity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,755,712 | 1,887,014 |
Estimated Fair Value [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 39,894 | 37,147 |
Estimated Fair Value [Member] | Deposit Asset Underlying 10% Reinsurance Agreement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deposit asset underlying 10% Coinsurance Agreement | 124,413 | 91,524 |
Estimated Fair Value [Member] | Currency Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency swaps | 88 | 2,048 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 12,991 | 7,762 |
Separate accounts liabilities | 2,503,829 | 2,618,115 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Policy loans | 26,806 | 24,613 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 374,481 | 374,433 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fixed-maturity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,755,712 | 1,887,014 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 39,894 | 37,147 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Deposit Asset Underlying 10% Reinsurance Agreement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deposit asset underlying 10% Coinsurance Agreement | 124,413 | 91,524 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Currency Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency swaps | 88 | 2,048 |
Separate Accounts Assets, Fair Value Disclosure [Member] | Estimated Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 2,503,829 | 2,618,115 |
Separate Accounts Assets, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | $2,503,829 | $2,618,115 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Narrative (Details) | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' |
Fair value assumptions, percentage of securities assessed by third-party pricing service | 95.00% |
Reinsurance_Disclosure_Narrati
Reinsurance Disclosure Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Disclosures [Abstract] | ' | ' | ' | ' |
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | ' | $0 | $0 | $0 |
Reinsurance Recoverables on Paid Losses | ' | 32.9 | 61.5 | ' |
Deposit asset underlying 10% Coinsurance Agreement | ' | 124.4 | ' | ' |
ReinsuranceRecoveriesofCededPremiums | $8.70 | ' | ' | ' |
Schedule_of_Reinsured_Life_Ins
Schedule of Reinsured Life Insurance In Force (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premiums, Net, Life Insurance in Force [Abstract] | ' | ' | ' |
Direct Premiums, Life Insurance in Force | $679,337,825 | $675,164,992 | $669,938,841 |
Ceded Premiums, Life Insurance in Force | 601,309,340 | 599,133,626 | 596,975,143 |
Premiums, Net, Life Insurance in Force | $78,028,485 | $76,031,366 | $72,963,698 |
Percentage of Reinsured Life Insurance In Force | 89.00% | 89.00% | ' |
Schedule_of_Reinsured_Receivab
Schedule of Reinsured Receivables by Reinsurer (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | $4,055,054 | $4,005,194 | ||
Prime Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 2,572,800 | [1] | 2,505,157 | [1] |
SCOR Global Life Reinsurance Companies [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 372,479 | [2] | 387,397 | [2] |
Financial Reassurance Company 2010, Ltd. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 343,144 | [1] | 352,073 | [1] |
Swiss Re Life & Health America Inc. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 260,775 | [3] | 266,841 | [3] |
Reinsurance Receivable Retroceded, Percentage | 100.00% | 100.00% | ||
American Health and Life Insurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 174,722 | [1] | 174,905 | [1] |
Munich American Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 100,856 | 101,349 | ||
Korean Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 89,405 | 86,287 | ||
RGA Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 75,629 | 72,230 | ||
Toa Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 18,824 | 15,612 | ||
Hannover Life Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 16,862 | 15,078 | ||
All Other Reinsurers [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | $29,558 | $28,265 | ||
Reinsurance Receivable Credit Rating from Agencies | '0 | '0 | ||
AM Best, A- Rating [Member] | American Health and Life Insurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A- | 'A- | ||
AM Best, A+ Rating [Member] | Swiss Re Life & Health America Inc. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A+ | 'A+ | ||
AM Best, A+ Rating [Member] | Munich American Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A+ | 'A+ | ||
AM Best, A+ Rating [Member] | RGA Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A+ | 'A+ | ||
AM Best, A+ Rating [Member] | Toa Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A+ | 'A+ | ||
AM Best, A+ Rating [Member] | Hannover Life Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A+ | 'A+ | ||
AM Best, A Rating [Member] | SCOR Global Life Reinsurance Companies [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A | 'A | ||
AM Best, A Rating [Member] | Korean Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'A | 'A | ||
External Credit Rating, Not Rated [Member] | Prime Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'NR | 'NR | ||
External Credit Rating, Not Rated [Member] | Financial Reassurance Company 2010, Ltd. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance Receivable Credit Rating from Agencies | 'NR | 'NR | ||
[1] | Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers. | |||
[2] | Includes amounts ceded to Generali USA Life Reassurance Company due to its purchase by the parent company of SCOR Global Life Reinsurance Companies in October 2013 and amounts retroceded from Transamerica Reinsurance Companies. Generali USA Life Reassurance Company held a strength rating of A- as of December 31, 2012. | |||
[3] | Includes amounts ceded to Lincoln National Life Insurance Company and 100% retroceded to Swiss Re Life & Health America Inc. |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs Balance RollForward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Policy Acquisition Costs Balance RollForward [Line Items] | ' | ' | ' |
Beginnning balance | $1,066,422 | $904,485 | $738,946 |
Capitalization | 283,341 | 276,840 | 270,661 |
Amortization | -129,183 | -118,598 | -104,034 |
Foreign Exchange and Other | 12,114 | 3,695 | 1,088 |
Ending balance | $1,208,466 | $1,066,422 | $904,485 |
Deferred_Policy_Acquisition_Co3
Deferred Policy Acquisition Costs Narrative (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate | Rate | Rate | |
Minimum [Member] | ' | ' | ' |
Deferred policy acquisition costs [Line Items] | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Investment Yield, Low End | 3.50% | 3.50% | 3.50% |
Maximum [Member] | ' | ' | ' |
Deferred policy acquisition costs [Line Items] | ' | ' | ' |
Long-Duration Contracts, Assumptions by Product and Guarantee, Estimated Investment Yield, High End | 7.00% | 7.00% | 7.00% |
Separate_Accounts_Narrative_De
Separate Accounts Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Rate | |
Separate Accounts Narrative [Abstract] | ' |
Separate accounts contract's minimum guaranteed payments, percentage of policyholder's contribution | 75.00% |
Separate accounts contract minimum maturity, years | 10 |
Separate accounts contract maximum maturity, years | 50 |
Insurance_Reserves_Details
Insurance Reserves (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] | ' | ' | ' | ' |
Policy claims and other benefits payable, beginning balance | $254,533 | $241,754 | $229,895 | ' |
Reinsurance Recoverables, Case Basis | 248,185 | 269,279 | 236,930 | 233,346 |
Net balance, beginning | -14,746 | 4,824 | -3,451 | ' |
Incurred related to current year | 147,639 | 150,352 | 142,685 | ' |
Incurred related to prior year | 4,956 | 3,208 | 391 | ' |
Total incurred | 142,683 | 147,144 | 143,076 | ' |
Paid related to current year | -150,922 | -183,208 | -153,540 | ' |
Paid related to prior year | 28,601 | 16,307 | 18,945 | ' |
Total paid | -122,321 | -166,901 | -134,595 | ' |
Foreign currency exchange on policy claims and other benefits payable, translation | -497 | -187 | -206 | ' |
Net balance, ending | 5,119 | -14,746 | 4,824 | ' |
Policy claims and other benefits payable, end of period | $253,304 | $254,533 | $241,754 | ' |
Schedule_of_Notes_Payable_Deta
Schedule of Notes Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2012 |
In Thousands, unless otherwise specified | Rate | Rate | Rate |
Notes Payable [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | $375,000 | $375,000 | $375,000 |
Debt Instrument, Unamortized Discount | -519 | -567 | ' |
Total Notes Payable | $374,481 | $374,433 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% |
Notes_Payable_Narrative_Detail
Notes Payable Narrative (Details) (USD $) | 3 Months Ended | ||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2012 | Mar. 31, 2010 | |
Rate | Rate | Rate | Rate | ||
Notes Payable [Abstract] | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $375,000,000 | $375,000,000 | $375,000,000 | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | $300,000,000 |
Debt Instrument, Issuer Option Redemption Price, Percentage of Principal Amount | 100.00% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 4.75% | 4.75% | 4.75% | ' |
Issue price of Senior Notes | ' | ' | ' | 99.84% | ' |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (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 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current federal tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $35,966 | $51,301 | $58,542 |
Current foreign tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 32,797 | 26,836 | 30,807 |
Current state and local tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1,377 | 1,613 | 793 |
Current income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 70,140 | 79,750 | 90,142 |
Deferred federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 32,919 | 24,517 | 9,020 |
Deferred foreign income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -14,410 | -11,130 | -12,280 |
Deferred state and local income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -176 | -55 | -164 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 18,333 | 13,332 | -3,424 |
Federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 68,885 | 75,818 | 67,562 |
Foreign income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 18,387 | 15,706 | 18,527 |
State and local income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1,201 | 1,558 | 629 |
Income tax expense (benefit) | $19,765 | $23,364 | $23,956 | $21,387 | $20,675 | $24,957 | $25,741 | $21,709 | $88,473 | $93,082 | $86,718 |
Schedule_of_Effective_Income_T
Schedule of Effective Income Tax Rate Reconciliation (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 |
Rate | Rate | Rate | |||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax reconciliation, income tax expense (benefit), at federal statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $87,918 | $93,411 | $85,368 |
Effective income tax rate reconciliation, at federal statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Income tax reconciliation, other reconciling items | ' | ' | ' | ' | ' | ' | ' | ' | 555 | -329 | 1,350 |
Effective income tax rate reconciliation, other adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | -0.10% | 0.60% |
Income tax expense (benefit) | $19,765 | $23,364 | $23,956 | $21,387 | $20,675 | $24,957 | $25,741 | $21,709 | $88,473 | $93,082 | $86,718 |
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.20% | 34.90% | 35.60% |
Schedule_of_Deferred_Income_Ta
Schedule of Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred tax assets, tax deferred expense, reserves and accruals, reserves | $207,662 | $187,166 |
Deferred tax assets, goodwill and intangible assets | 48,694 | 46,819 |
Deferred tax assets, tax deferred expense, reserves and accruals, accrued liabilities | 27,606 | 17,457 |
Deferred tax assets, other | 14,656 | 21,041 |
Deferred tax assets, gross | 298,618 | 272,483 |
Deferred tax liabilities: | ' | ' |
Deferred tax liabilities, deferred expense, deferred policy acquisition costs | -269,534 | -248,208 |
Deferred tax liabilities, investments | -26,010 | -42,739 |
Deferred tax liabilities, undistributed foreign earnings | -2,848 | -2,924 |
Deferred tax liabilities, reinsurance deposit asset | -43,544 | -32,033 |
Deferred tax liabilities, other | -15,098 | -15,527 |
Deferred tax liabilities, gross | -357,034 | -341,431 |
Deferred tax liabilities, net for all jurisdictions | $58,416 | $68,948 |
Summary_of_Income_Tax_Continge
Summary of Income Tax Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, beginning of period | $20,996,000 | $21,356,000 | ' |
Unrecognized tax benefits, increases resulting from prior period tax positions | 32,000 | 182,000 | ' |
Unrecognized tax benefits, increases resulting from current period tax positions | 2,108,000 | 2,178,000 | ' |
Unrecognized tax benefits, reductions resulting from lapse of applicable statute of limitations | -6,529,000 | -2,720,000 | ' |
Unrecognized tax benefits, end of period | 16,607,000 | 20,996,000 | 21,356,000 |
Unrecognized tax benefits that would impact effective tax rate | 8,300,000 | 7,400,000 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | 2,900,000 | 3,800,000 | ' |
Unrecognized tax benefits, interest benefit | ($100,000) | $100,000 | $200,000 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets, operating loss carryforwards, state and local | $5,800,000 | ' |
Deferred tax assets, valuation allowance | 0 | 0 |
Deferred tax liability not recognized, undistributed foreign earnings | 8,600,000 | ' |
Unremitted foreign earnings available for repatriation | 29,800,000 | ' |
Tax indemnification asset from Citigroup | $6,800,000 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Common stock, shares, outstanding, beginning of period | 56,374 | 64,883 | 72,843 |
Shares of restricted common stock issued, net | 280 | 438 | 348 |
Shares of common stock issued upon lapse of RSUs | 1,122 | 998 | 784 |
Common stock repurchased and retired during period, shares | 2,942 | 9,945 | 9,092 |
Common stock, shares, outstanding, end of period | 54,834 | 56,374 | 64,883 |
Stockholders_Equity_Narrative_
Stockholders Equity Narrative (Details) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) [Member] | Citigroup [Member] | Open market [Member] | Warburg Pincus [Member] | Warburg Pincus [Member] | ||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding number | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Common stock repurchased and retired during period, shares | 2,942,000 | 9,945,000 | 9,092,000 | ' | 8,900,000 | 1,700,000 | 2,500,000 | 7,800,000 |
Class of warrant or right, repurchased | ' | ' | ' | ' | ' | ' | 4,103,110 | ' |
Class of warrant or right, exercise price of warrants or rights | ' | ' | ' | ' | ' | ' | 18 | ' |
Earnings_Per_Share_Details
Earnings Per Share (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 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $37,201 | $43,190 | $43,490 | $38,845 | $40,271 | $45,599 | $46,180 | $41,756 | $162,725 | $173,806 | $157,191 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income used in calculating basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 160,054 | 169,156 | 152,285 |
Weighted average number of shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 55,834 | 61,059 | 72,283 |
Earnings per share, basic | $0.67 | $0.78 | $0.76 | $0.67 | $0.68 | $0.74 | $0.73 | $0.62 | $2.87 | $2.77 | $2.11 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income used in calculating diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 160,085 | 169,245 | 152,336 |
Weighted average number of shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 55,834 | 61,059 | 72,283 |
Incremental common shares attributable to call options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 787 | 1,342 | 824 |
Incremental common shares attributable to share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | 0 |
Weighed-average shares used in calculating diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 56,625 | 62,401 | 73,107 |
Earnings per share, diluted | $0.67 | $0.78 | $0.74 | $0.65 | $0.67 | $0.72 | $0.72 | $0.61 | $2.83 | $2.71 | $2.08 |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Securities, Distributed and Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | -2,671 | -4,650 | -4,906 |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participating Securities, Distributed and Undistributed Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ($2,640) | ($4,561) | ($4,855) |
Employee_ShareBased_Transactio
Employee Share-Based Transactions, Restricted Stock and RSU Activity (Details) (Management and Director Awards [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Management and Director Awards [Member] | ' | ' | ' |
Share Based Compensation Arrangement [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,507,000 | 2,064,000 | 2,566,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 322,000 | 458,000 | 368,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 9,000 | 13,000 | 12,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,098,000 | 1,002,000 | 858,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 722,000 | 1,507,000 | 2,064,000 |
Weighted-Average Exercise Price Per Share [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $19.72 | $16.88 | $15.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $32.76 | $25.40 | $25.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $28.72 | $22.70 | $18.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $17.59 | $16.43 | $15.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $28.67 | $19.72 | $16.88 |
Employee_ShareBased_Transactio1
Employee Share-Based Transactions, Cost and Tax Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Management Equity Award Expense for Awards Granted in Connection with the Corporate Reorganization in 2010 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $3,200 | $12,485 | $13,389 |
Management Equity Award Expense for Awards Granted in 2011 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,133 | 3,050 | 2,750 |
Management Equity Award Expense for Awards Granted in 2012 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,738 | 3,409 | 0 |
Management Equity Award Expense for Awards Granted in 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,030 | 0 | 0 |
Management and Director Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 13,101 | 18,944 | 16,139 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $3,936 | $4,533 | $5,530 |
Recovered_Sheet1
Employee Share-based Transactions, Stock Options Cost and Tax Benefit (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Stock Option [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $323 | $0 | $0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $113 | $0 | $0 |
Employee_ShareBased_Transactio2
Employee Share-Based Transactions, Valuation Assumptions (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Rate | |
Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 30.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.35% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.06% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Simplified Method | '6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.44 |
Nonemployee_ShareBased_Transac
Nonemployee Share-Based Transactions, RSU Activity (Details) (Nonemployee Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nonemployee Shares [Member] | ' | ' | ' |
Share Based Compensation Arrangement [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 132,000 | 117,000 | 188,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 504,000 | 379,000 | 517,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -532,000 | -364,000 | -588,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 104,000 | 132,000 | 117,000 |
Weighted-Average Exercise Price Per Share [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $25.42 | $17.55 | $19.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $32.14 | $22.94 | $17.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $29.64 | $20.38 | $17.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $36.44 | $25.42 | $17.55 |
Nonemployee_ShareBased_Transac1
Nonemployee Share-Based Transactions, Valuation Assumptions (Details) (Nonemployee Shares [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Rate | Rate | Rate | |
Nonemployee Shares [Member] | ' | ' | ' |
Valuation Assumptions for Restricted Stock Units [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | 1.00% | 1.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Range | '$0.11 | '$0.03 to $0.09 | '$0.01 to $0.03 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | '20% to 35% | '20% to 50% | '29% to 67% |
Nonemployee_ShareBased_Transac2
Nonemployee Share-Based Transactions, Cost and Tax Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | 503,737 | 378,505 | 517,374 |
Measurement Date Fair Value, RSUs | '$26.39 to $36.44 | '$20.36 to $25.42 | '$14.08 to $21.06 |
Illiquidity Discount on Share-Based Compensation Awards, Fair Value Assumption | '13% to 18% | '17% to 32% | '17% to 32% |
Expense Recognized [Member] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction | 364 | 0 | 1,747 |
Expense Deferred [Member] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction | 15,818 | 8,686 | 7,058 |
Tax Benefit of Expense Deferred [Member] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction | 5,001 | 2,640 | 2,273 |
ShareBased_Transactions_Narrat
Share-Based Transactions Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 20, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Sale Restrictions Expiration Period Subsequent to Vesting | '3 years 0 months 0 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '10 years 0 months 0 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,800,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $11.90 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months 13 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 134,222 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $32.63 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | ' | $1.10 |
Management Equity Award Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years 0 months 0 days | ' |
Statutory_Accounting_Practices1
Statutory Accounting Practices Disclosure (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Primerica Life [Member] | MASSACHUSETTS | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Statutory accounting practices, statutory capital and surplus, balance | $563,260,000 | $670,434,000 |
Statutory accounting practices, statutory unassigned surplus | 99,707,000 | 231,316,000 |
Statutory accounting practices, statutory net income amount | 306,700,000 | 254,900,000 |
Payments of dividends | 150,000,000 | ' |
Statutory accounting practices, statutory amount available for dividend payments | 0 | ' |
Statutory accounting practices, statutory capital and surplus required | 72,800,000 | ' |
Peach Re [Member] | VERMONT | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
State insurance department, statutory to NAIC, amount of reconciling item | 492,800,000 | ' |
Primerica Life Canada [Member] | CANADA | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Statutory accounting practices, statutory capital and surplus, balance | 279,900,000 | 234,700,000 |
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval | $106,400,000 | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Future Minimum Lease Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | ' |
2014 | $6,933 |
2015 | 6,304 |
2016 | 6,270 |
2017 | 6,297 |
2018 | 5,549 |
Thereafter | 50,738 |
Total Future Minimum Lease Payments Due | $82,091 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liability Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Y | |||
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Total mininum rent expense | $8,300,000 | $6,900,000 | $6,700,000 |
Contingent rent expense | 0 | ' | ' |
Future operating lease, term | 15 | ' | ' |
Loss contingency, number of defendants | 238 | ' | ' |
Minimum [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Future operating lease, amount | 4,500,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Future operating lease, amount | 5,600,000 | ' | ' |
Future operating lease, period | 15 | ' | ' |
Letter of Credit, Initial Amount [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Letter of credit facility, current borrowing capacity | 450,000,000 | ' | ' |
Letter of Credit, Initial Amount [Member] | Letter of Credit [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Letter of credit facility, current borrowing capacity | 450,000,000 | ' | ' |
Letter Of Credit, Maximum Amount [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Letter of credit facility, current borrowing capacity | 510,000,000 | ' | ' |
Letter Of Credit, Maximum Amount [Member] | Letter of Credit [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Letter of credit facility, current borrowing capacity | 510,000,000 | ' | ' |
Litigation settlement costs [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Loss contingency, accrual, provision | 9,300,000 | ' | ' |
Related litigation costs [Member] | ' | ' | ' |
Commitments and Contingent Liabilities Narrative [Line Items] | ' | ' | ' |
Loss contingency, accrual, provision | $6,400,000 | ' | ' |
Benefit_Plans_Narrative_Detail
Benefit Plans Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $6.60 | $6.50 | $6.10 |
17_Subsequent_Event_Subsequent1
(17) Subsequent Event Subsequent Event (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Events [Abstract] | ' | ' | ' |
Proceeds from Divestiture of Businesses | $3 | ' | ' |
Gain (Loss) on Disposition of Business | ' | 2.7 | ' |
Discontinued Operation, Revenue from Discontinued Operation | ' | ' | 36.9 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | $6.20 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (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 |
Schedule of Unaudited Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct Premiums Written | $577,866 | $576,095 | $577,208 | $570,899 | $569,592 | $567,273 | $570,073 | $561,037 | $2,302,069 | $2,267,975 | $2,229,467 |
Ceded Premiums Written | -408,615 | -407,488 | -417,450 | -410,604 | -414,784 | -414,991 | -415,815 | -418,163 | -1,644,158 | -1,663,753 | -1,703,075 |
Premiums Written, Net | 169,251 | 168,607 | 159,758 | 160,295 | 154,808 | 152,282 | 154,258 | 142,874 | 657,911 | 604,222 | 526,392 |
Fees and commissions | 123,910 | 118,443 | 117,183 | 112,273 | 113,069 | 104,607 | 107,107 | 104,261 | 471,808 | 429,044 | 414,471 |
Net investment income | 22,407 | 22,103 | 21,027 | 23,216 | 24,221 | 26,881 | 23,605 | 26,097 | 88,752 | 100,804 | 108,601 |
Realized investment (gains) losses, including other-than-temporary impairments | 899 | -407 | 3,468 | 2,286 | 1,058 | 3,872 | 4,321 | 2,131 | 6,246 | 11,382 | 6,440 |
Other income | 10,773 | 10,711 | 10,871 | 10,375 | 11,345 | 11,446 | 11,234 | 11,238 | 42,731 | 45,263 | 47,189 |
Revenues | 327,240 | 319,457 | 312,307 | 308,445 | 304,501 | 299,088 | 300,525 | 286,601 | 1,267,448 | 1,190,715 | 1,103,093 |
Benefits, Losses and Expenses | 270,274 | 252,903 | 244,861 | 248,213 | 243,555 | 228,532 | 228,604 | 223,136 | 1,016,250 | 923,827 | 859,184 |
Income (loss) before income taxes | 56,966 | 66,554 | 67,446 | 60,232 | 60,946 | 70,556 | 71,921 | 63,465 | 251,198 | 266,888 | 243,909 |
Income tax expense (benefit) | 19,765 | 23,364 | 23,956 | 21,387 | 20,675 | 24,957 | 25,741 | 21,709 | 88,473 | 93,082 | 86,718 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $37,201 | $43,190 | $43,490 | $38,845 | $40,271 | $45,599 | $46,180 | $41,756 | $162,725 | $173,806 | $157,191 |
Earnings per share, basic | $0.67 | $0.78 | $0.76 | $0.67 | $0.68 | $0.74 | $0.73 | $0.62 | $2.87 | $2.77 | $2.11 |
Earnings per share, diluted | $0.67 | $0.78 | $0.74 | $0.65 | $0.67 | $0.72 | $0.72 | $0.61 | $2.83 | $2.71 | $2.08 |
Schedule_I_Summary_of_Investme1
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 | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | $1,735,445 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,835,403 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,835,403 |
US Government and Government Agencies and Authorities [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 8,696 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 9,054 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 9,054 |
US States and Political Subdivisions Debt Securities [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 32,544 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 33,917 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 33,917 |
Foreign Government Debt [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 118,859 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 123,876 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 123,876 |
Public Utility, Bonds [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Convertibles and Bonds with Warrants Attached [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 6,658 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 7,223 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 7,223 |
All Other Corporate Bonds [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,507,324 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,593,020 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,593,020 |
Certificates of Deposit [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Mandatorily Redeemable Preferred Stock [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,966 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,613 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,613 |
Fixed Maturities [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 1,676,047 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 1,768,703 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 1,768,703 |
Public Utility, Equities [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 9,427 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 11,787 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 11,787 |
Banks, Trust and Insurance, Equities [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 6,795 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 10,252 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 10,252 |
Industrial, Miscellaneous, and All Others [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 8,285 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 9,787 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 9,787 |
Nonredeemable Preferred Stock [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 8,085 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 8,068 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 8,068 |
Equity Securities, Investment Summary [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 32,592 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 39,894 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 39,894 |
Mortgage Loans on Real Estate [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Real Estate Investment [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Policy Loans [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 26,806 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 26,806 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 26,806 |
Other Long-term Investments [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 0 |
Short-term Investments [Member] | ' |
Summary of Investments Other Than Investments In Related Parties | ' |
Summary of Investments, Other than Investments in Related Parties, Cost | 0 |
Summary of Investments, Other than Investments in Related Parties, Fair Value | 0 |
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $0 |
Schedule_II_Primerica_Inc_Pare
Schedule II - Primerica, Inc. (Parent Only) - Condensed Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Available-for-sale securities, fair value disclosure | $1,795,606 | $1,924,161 | ' | ' |
Investments | 1,835,403 | 1,956,536 | ' | ' |
Cash and cash equivalents | 149,189 | 112,216 | 136,078 | 126,038 |
Premiums and other receivables | 175,789 | 170,656 | ' | ' |
Deferred income taxes | 32,450 | 17,256 | ' | ' |
Other assets | 282,780 | 302,126 | ' | ' |
Assets | 10,329,950 | 10,337,877 | 9,851,820 | ' |
Liabilities: | ' | ' | ' | ' |
Notes payable | 374,481 | 374,433 | ' | ' |
Accrued income taxes, current | 15,019 | 28,407 | ' | ' |
Deferred income taxes | 90,866 | 86,204 | ' | ' |
Other liabilities | 377,690 | 358,577 | ' | ' |
Liabilities | 9,107,923 | 9,062,461 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 548 | 564 | ' | ' |
Paid in capital | 472,633 | 602,269 | ' | ' |
Retained earnings | 640,840 | 503,173 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,222,027 | 1,275,416 | 1,326,650 | ' |
Liabilities and Equity | 10,329,950 | 10,337,877 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Available-for-sale securities, fair value disclosure | 62,420 | 52,668 | ' | ' |
Investments | 62,420 | 52,668 | ' | ' |
Cash and cash equivalents | 11,361 | 10,296 | 28,093 | 250 |
Due from Related Parties | 76 | 176 | ' | ' |
Premiums and other receivables | 364 | 376 | ' | ' |
Deferred income taxes | 5,762 | 4,235 | ' | ' |
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures | 1,528,360 | 1,597,896 | ' | ' |
Other assets | 2,801 | 3,153 | ' | ' |
Assets | 1,611,144 | 1,668,800 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes payable | 374,481 | 374,433 | ' | ' |
Accrued income taxes, current | 2,185 | 7,069 | ' | ' |
Deferred income taxes | 3,797 | 2,836 | ' | ' |
Due to Related Parties | 168 | 604 | ' | ' |
Interest payable | 8,214 | 8,164 | ' | ' |
Other liabilities | 272 | 278 | ' | ' |
Liabilities | 389,117 | 393,384 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 548 | 564 | ' | ' |
Paid in capital | 472,633 | 602,269 | ' | ' |
Retained earnings | 640,840 | 503,173 | ' | ' |
Accumulated other comprehensive income (loss), net of income tax | 108,006 | 169,410 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,222,027 | 1,275,416 | ' | ' |
Liabilities and Equity | $1,611,144 | $1,668,800 | ' | ' |
Schedule_II_Primerica_Inc_Pare1
Schedule II - Primerica, Inc. (Parent Only) - Condensed Statements of 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 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $251,198 | $266,888 | $243,909 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 37,201 | 43,190 | 43,490 | 38,845 | 40,271 | 45,599 | 46,180 | 41,756 | 162,725 | 173,806 | 157,191 |
Net investment income | 22,407 | 22,103 | 21,027 | 23,216 | 24,221 | 26,881 | 23,605 | 26,097 | 88,752 | 100,804 | 108,601 |
Realized investment (gains) losses, including other-than-temporary impairments | 899 | -407 | 3,468 | 2,286 | 1,058 | 3,872 | 4,321 | 2,131 | 6,246 | 11,382 | 6,440 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | 10,773 | 10,711 | 10,871 | 10,375 | 11,345 | 11,446 | 11,234 | 11,238 | 42,731 | 45,263 | 47,189 |
Revenues | 327,240 | 319,457 | 312,307 | 308,445 | 304,501 | 299,088 | 300,525 | 286,601 | 1,267,448 | 1,190,715 | 1,103,093 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 35,018 | 33,101 | 27,968 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 187,208 | 164,716 | 164,954 |
Income (loss) before income taxes | 56,966 | 66,554 | 67,446 | 60,232 | 60,946 | 70,556 | 71,921 | 63,465 | 251,198 | 266,888 | 243,909 |
Income tax expense (benefit) | 19,765 | 23,364 | 23,956 | 21,387 | 20,675 | 24,957 | 25,741 | 21,709 | 88,473 | 93,082 | 86,718 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 203,038 | 214,878 | 250,252 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 162,725 | 173,806 | 157,191 |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 762 | 1,074 | 61 |
Realized investment (gains) losses, including other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 545 | -5 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 228,319 | 238,747 | 275,250 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 229,092 | 240,366 | 275,306 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 18,172 | 17,266 | 16,500 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,882 | 8,222 | 8,554 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 26,054 | 25,488 | 25,054 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 210,081 | 220,876 | 257,383 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -7,043 | -5,998 | -7,131 |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ($47,356) | ($47,070) | ($100,192) |
Schedule_II_Primerica_Inc_Pare2
Schedule II - Primerica, Inc. (Parent Only) - Condensed Statements of 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 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $37,201 | $43,190 | $43,490 | $38,845 | $40,271 | $45,599 | $46,180 | $41,756 | $162,725 | $173,806 | $157,191 |
Net unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized holding gains (losses) on investment securities | ' | ' | ' | ' | ' | ' | ' | ' | -68,769 | 39,945 | 3,839 |
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 4,909 | 11,475 | 5,926 |
Foreign currency translation adjustments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -13,695 | 4,221 | -3,645 |
Other Comprehensive Income (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -87,373 | 32,691 | -5,732 |
Other Comprehensive Income (Loss), Tax | ' | ' | ' | ' | ' | ' | ' | ' | -25,969 | 9,946 | -1,457 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -61,404 | 22,745 | -4,275 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 101,321 | 196,551 | 152,916 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 162,725 | 173,806 | 157,191 |
Net unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in unrealized holding gains on investments securities held by subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -47,651 | 18,127 | -625 |
Change in unrealized holding gains (losses) on investment securities | ' | ' | ' | ' | ' | ' | ' | ' | 358 | -1,127 | 13 |
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings for unrealized gains (losses) realized upon the sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -545 | 5 |
Foreign currency translation adjustments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -13,695 | 4,221 | -3,645 |
Other Comprehensive Income (Loss), before Tax | ' | ' | ' | ' | ' | ' | ' | ' | -61,715 | 22,930 | -4,278 |
Other Comprehensive Income (Loss), Tax | ' | ' | ' | ' | ' | ' | ' | ' | -311 | 185 | -3 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -61,404 | 22,745 | -4,275 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | $101,321 | $196,551 | $152,916 |
Schedule_II_Primerica_Inc_Pare3
Schedule II - Primerica, Inc. (Parent Only) - Condensed Statements of Cash Flow (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $162,725 | $173,806 | $157,191 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Deferred income tax expense (benefit) | 18,333 | 13,332 | -3,424 |
Change in incomes taxes | 13,045 | 12,707 | 16,733 |
Realized investment (gains) losses, including other-than-temporary impairments | -6,246 | -11,382 | -6,440 |
Accretion and amortization of investments | -4,554 | -2,766 | -2,818 |
Depreciation, Amortization and Accretion, Net | -10,803 | -10,095 | -10,731 |
Share-based Compensation | -13,788 | -18,944 | -17,886 |
Net Cash Provided by (Used in) Operating Activities | -187,899 | -124,333 | -87,215 |
Available-for-sale investments sold, matured or called: | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities, Debt | -98,277 | -304,838 | -214,807 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 266,738 | 263,351 | 375,124 |
Available-for-sale investments acquired: | ' | ' | ' |
Payments to Acquire Available-for-sale Securities, Debt | -308,904 | -492,094 | -460,459 |
Payments for (Proceeds from) Other Investing Activities | 23,818 | 10,949 | 3,666 |
Net Cash Provided by (Used in) Investing Activities | -35,484 | -62,294 | -128,699 |
Cash flows from financing activities: | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | -25,058 | -14,737 | -7,312 |
Common stock repurchased | -101,073 | -268,212 | -204,109 |
Warrants repurchased | -68,399 | 0 | 0 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | -9,590 | -5,266 | -4,865 |
Proceeds from issuance of Senior Notes, net of discount | 0 | 374,411 | 0 |
Repayment of long-term debt | 0 | -300,000 | 0 |
Payments of deferred financing costs | 0 | -7,814 | 0 |
Net Cash Provided by (Used in) Financing Activities | 184,940 | 211,086 | 206,556 |
Change in cash and cash equivalents | 36,973 | -23,862 | 10,040 |
Cash and cash equivalents, beginning of period | 112,216 | 136,078 | 126,038 |
Cash and cash equivalents, end of period | 149,189 | 112,216 | 136,078 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest Paid | 32,905 | 38,416 | 27,555 |
Non-cash activities: | ' | ' | ' |
Share-based compensation | 39,195 | 33,236 | 29,444 |
Net contributions from (distributions to) Citi | 0 | 1,961 | 1,426 |
Cash Flow Eliminated Upon Consolidation | ' | 38,535 | ' |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 162,725 | 173,806 | 157,191 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Income (Loss) from Equity Method Investments | 47,356 | 47,070 | 100,192 |
Non-cash securities dividends received from subsidiaries | 0 | 0 | -21,742 |
Deferred income tax expense (benefit) | -227 | -1,139 | 2,533 |
Change in incomes taxes | 4,912 | -2,451 | -3,283 |
Realized investment (gains) losses, including other-than-temporary impairments | -11 | -545 | 5 |
Accretion and amortization of investments | 60 | 400 | 40 |
Depreciation, Amortization and Accretion, Net | -23 | -183 | 0 |
Share-based Compensation | -718 | -215 | -196 |
Change in due to/from affiliates | 336 | -438 | 907 |
Change in other operating assets and liabilities, net | 290 | -109 | -161 |
Net Cash Provided by (Used in) Operating Activities | -205,686 | -222,770 | -240,630 |
Available-for-sale investments sold, matured or called: | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities, Debt | -2,679 | -67,267 | 0 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 20,269 | 24,503 | 5,210 |
Available-for-sale investments acquired: | ' | ' | ' |
Payments to Acquire Available-for-sale Securities, Debt | -33,118 | -120,642 | -6,590 |
Payments for (Proceeds from) Other Investing Activities | 0 | 70 | 0 |
Net Cash Provided by (Used in) Investing Activities | 10,170 | 28,942 | 1,380 |
Cash flows from financing activities: | ' | ' | ' |
Payments of Ordinary Dividends, Common Stock | -25,058 | -14,737 | -7,312 |
Common stock repurchased | -101,073 | -268,212 | -204,109 |
Warrants repurchased | -68,399 | 0 | 0 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | -79 | -22 | -14 |
Proceeds from issuance of Senior Notes, net of discount | 0 | 374,411 | 0 |
Repayment of long-term debt | 0 | -300,000 | 0 |
Payments of deferred financing costs | 0 | -3,109 | 0 |
Net Cash Provided by (Used in) Financing Activities | 194,451 | 211,625 | 211,407 |
Change in cash and cash equivalents | 1,065 | -17,797 | 27,843 |
Cash and cash equivalents, beginning of period | 10,296 | 28,093 | 250 |
Cash and cash equivalents, end of period | 11,361 | 10,296 | 28,093 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest Paid | 17,070 | 15,858 | 16,500 |
Non-cash activities: | ' | ' | ' |
Share-based compensation | 39,195 | 33,236 | 29,444 |
Net contributions from (distributions to) Citi | $0 | $1,961 | $1,426 |
Schedule_II_Primerica_Inc_Pare4
Schedule II - Primerica, Inc. (Parent Only) - Condensed Financial Information Parentheticals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $1,663,022 | $1,711,582 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 54,834 | 56,374 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | $62,216 | $52,904 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 54,834 | 56,374 |
Schedule_II_Primerica_Inc_Pare5
Schedule II - Primerica, Inc. (Parent Only) - Notes to Condensed Financial Statements (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Jul. 16, 2012 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Rate | Rate | Rate | Rate | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Life Insurance Subsidiaries [Member] | Life Insurance Subsidiaries [Member] | Life Insurance Subsidiaries [Member] | Non-life Insurance Subsidiaries [Member] | Non-life Insurance Subsidiaries [Member] | Non-life Insurance Subsidiaries [Member] | Letter Of Credit, Maximum Amount [Member] | Letter of Credit, Initial Amount [Member] | |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $375,000,000 | $375,000,000 | $375,000,000 | ' | $375,000,000 | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuer Option Redemption Price, Percentage of Principal Amount | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price of Senior Notes | ' | ' | ' | 99.84% | ' | ' | 99.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 4.75% | 4.75% | 4.75% | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Dividends Paid to Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | 164,400,000 | 165,100,000 | 200,000,000 | 63,900,000 | 73,600,000 | 75,300,000 | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $510,000,000 | $450,000,000 |
Schedule_III_Supplementary_Ins1
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 Policy Acquisition Costs | $1,208,466 | $1,066,422 | ' |
Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 5,063,103 | 4,850,488 | ' |
Unearned Premiums | 1,802 | 6,056 | ' |
Other policyholders' funds | 253,304 | 254,533 | ' |
Separate Account Liabilities | 2,503,829 | 2,618,115 | ' |
Premium Revenue | 657,911 | 604,222 | 526,392 |
Net Investment Income | 88,752 | 100,804 | 108,601 |
Benefits, Claims, Losses and Settlement Expense | 301,475 | 278,747 | 242,696 |
Amortization of Deferred Policy Acquisition Costs | 129,183 | 118,598 | 104,034 |
Other Operating Expense | 585,592 | 526,482 | 512,454 |
Premiums Written | 35,897 | 39,102 | 41,891 |
Term Life Insurance [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 1,115,286 | 967,454 | ' |
Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 4,889,335 | 4,681,437 | ' |
Unearned Premiums | 0 | 0 | ' |
Other policyholders' funds | 237,197 | 235,763 | ' |
Separate Account Liabilities | 0 | 0 | ' |
Premium Revenue | 597,162 | 543,658 | 460,641 |
Net Investment Income | 68,796 | 66,119 | 60,667 |
Benefits, Claims, Losses and Settlement Expense | 262,357 | 239,346 | 197,159 |
Amortization of Deferred Policy Acquisition Costs | 115,891 | 104,272 | 89,474 |
Other Operating Expense | 119,526 | 110,590 | 105,912 |
Premiums Written | 0 | 0 | 0 |
Investment and Savings Products [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 63,607 | 68,812 | ' |
Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 0 | 0 | ' |
Unearned Premiums | 0 | 0 | ' |
Other policyholders' funds | 0 | 0 | ' |
Separate Account Liabilities | 2,503,197 | 2,617,299 | ' |
Premium Revenue | 0 | 0 | 0 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expense | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 11,195 | 10,956 | 12,482 |
Other Operating Expense | 340,794 | 281,893 | 267,145 |
Premiums Written | 0 | 0 | 0 |
Corporate and Other Distributed Products Segment [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 29,573 | 30,156 | ' |
Liability for Future Policy Benefits, Losses, Claims and Loss Expense Reserves | 173,768 | 169,051 | ' |
Unearned Premiums | 1,802 | 6,056 | ' |
Other policyholders' funds | 16,107 | 18,770 | ' |
Separate Account Liabilities | 632 | 816 | ' |
Premium Revenue | 60,749 | 60,564 | 65,751 |
Net Investment Income | 19,956 | 34,685 | 47,934 |
Benefits, Claims, Losses and Settlement Expense | 39,118 | 39,401 | 45,537 |
Amortization of Deferred Policy Acquisition Costs | 2,097 | 3,370 | 2,078 |
Other Operating Expense | 125,272 | 133,999 | 139,397 |
Premiums Written | $35,897 | $39,102 | $41,891 |
Schedule_IV_Reinsurance_Detail
Schedule IV - Reinsurance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate | Rate | Rate | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Direct Premiums, Life Insurance in Force | $679,337,825 | $675,164,992 | $669,938,841 |
Ceded Premiums, Life Insurance in Force | 601,309,340 | 599,133,626 | 596,975,143 |
Assumed Premiums, Life Insurance in Force | 0 | 0 | 0 |
Premiums, Net, Life Insurance in Force | 78,028,485 | 76,031,366 | 72,963,698 |
Percentage of Amount Assumed to Net | 0.00% | 0.00% | 0.00% |
Direct premiums | 2,302,069 | 2,267,975 | 2,229,467 |
Ceded premiums | -1,644,158 | -1,663,753 | -1,703,075 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | 657,911 | 604,222 | 526,392 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |
Life Insurance [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Direct premiums | 2,262,721 | 2,227,821 | 2,185,791 |
Ceded premiums | -1,642,775 | -1,661,822 | -1,701,269 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | 619,946 | 565,999 | 484,522 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |
Accident and Health Insurance [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Direct premiums | 39,348 | 40,154 | 43,676 |
Ceded premiums | -1,383 | -1,931 | -1,806 |
Assumed Premiums Earned | 0 | 0 | 0 |
Premiums Earned, Net | $37,965 | $38,223 | $41,870 |
Premiums, Percentage Assumed to Net | 0.00% | 0.00% | 0.00% |