Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
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-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 54,415,612 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments: | ' | ' |
Fixed-maturity securities available for sale, at fair value | $1,771,572 | $1,755,712 |
Equity securities available for sale, at fair value | 47,086 | 39,894 |
Trading securities | 10,934 | 12,991 |
Policy loans | 26,580 | 26,806 |
Total investments | 1,856,172 | 1,835,403 |
Cash and cash equivalents | 158,438 | 149,189 |
Accrued investment income | 19,689 | 18,127 |
Due from reinsurers | 4,074,527 | 4,055,054 |
Deferred policy acquisition costs, net | 1,242,983 | 1,208,466 |
Premiums and other receivables | 170,577 | 175,789 |
Intangible assets, net | 67,692 | 68,863 |
Income taxes | 35,548 | 32,450 |
Other assets | 303,759 | 282,780 |
Separate account assets | 2,458,739 | 2,503,829 |
Total assets | 10,388,124 | 10,329,950 |
Liabilities: | ' | ' |
Future policy benefits | 5,103,278 | 5,063,103 |
Unearned premiums | 1,465 | 1,802 |
Policy claims and other benefits payable | 243,576 | 253,304 |
Other policyholders’ funds | 340,175 | 337,977 |
Notes payable | 374,494 | 374,481 |
Income taxes | 127,906 | 105,885 |
Other liabilities | 375,864 | 377,690 |
Payable under securities lending | 109,094 | 89,852 |
Separate account liabilities | 2,458,739 | 2,503,829 |
Total liabilities | 9,134,591 | 9,107,923 |
Stockholders’ equity: | ' | ' |
Common stock | 546 | 548 |
Paid-in capital | 462,838 | 472,633 |
Retained earnings | 679,182 | 640,840 |
Accumulated other comprehensive income (loss), net of income tax: | ' | ' |
Unrealized foreign currency translation gains (losses) | 33,403 | 41,974 |
Net unrealized investment gains (losses): | ' | ' |
Net unrealized investment gains not other-than-temporarily impaired | 78,911 | 67,379 |
Net unrealized investment losses other-than-temporarily impaired | -1,347 | -1,347 |
Total stockholders’ equity | 1,253,533 | 1,222,027 |
Total liabilities and stockholders’ equity | $10,388,124 | $10,329,950 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Investments: | ' | ' |
Fixed-maturity securities available for sale, amortized cost | $1,667,585 | $1,663,022 |
Equity securities available for sale, cost | 37,875 | 32,592 |
Trading securities, cost | 10,981 | 13,025 |
Intangible assets, net | ' | ' |
Accumulated amortization on definite-lived intangible assets | $66,303 | $65,131 |
Stockholders’ equity: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares issued | 54,569 | 54,834 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Direct premiums written | $568,205 | $560,904 |
Ceded premiums written | 402,715 | 410,604 |
Premiums written, net | 165,490 | 150,300 |
Commissions and fees | 126,933 | 112,273 |
Net investment income | 21,599 | 23,216 |
Realized investment gains (losses), including OTTI | 263 | 2,286 |
Other, net | 10,043 | 10,375 |
Total revenues | 324,328 | 298,450 |
Benefits and expenses: | ' | ' |
Benefits and claims | 75,191 | 68,816 |
Amortization of deferred policy acquisition costs | 35,193 | 31,252 |
Sales commissions | 65,121 | 55,048 |
Insurance expenses | 28,502 | 25,512 |
Insurance commissions | 4,083 | 4,223 |
Interest expense | 8,606 | 8,795 |
Other operating expenses | 40,800 | 45,664 |
Total benefits and expenses | 257,496 | 239,310 |
Income from continuing operations before income taxes | 66,832 | 59,140 |
Income taxes | 23,347 | 21,005 |
Income (loss) from continuing operations, including portion attributable to noncontrolling interest | 43,485 | 38,135 |
Income from discontinued operations, net of income taxes | 1,595 | 710 |
Net income | 45,080 | 38,845 |
Earnings per share: | ' | ' |
Basic earnings per share from continuing operations | $0.78 | $0.66 |
Basic earnings per share from discontinued operations | $0.03 | $0.01 |
Basic earnings per share | $0.81 | $0.67 |
Diluted earnings per share from continuing operations | $0.78 | $0.64 |
Diluted earnings per share from discontinued operations | $0.03 | $0.01 |
Diluted earnings per share | $0.81 | $0.65 |
Weighted-average shares used in computing earnings per share: | ' | ' |
Basic (shares) | 55,211 | 56,598 |
Diluted (shares) | 55,233 | 58,407 |
Supplemental disclosures: | ' | ' |
Total impairment losses | -149 | -86 |
Impairment losses recognized in other comprehensive income before income taxes | 0 | 15 |
Net impairment losses recognized in earnings | -149 | -71 |
Other net realized investment gains (losses) | 412 | 2,357 |
Realized investment gains (losses), including OTTI | $263 | $2,286 |
Dividends declared per share | $0.12 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $45,080 | $38,845 |
Unrealized investment gains (losses): | ' | ' |
Change in unrealized holding gains (losses) on investment securities | 17,930 | -2,500 |
Reclassification adjustment for realized investment (gains) losses included in net income | -188 | -1,659 |
Foreign currency translation adjustments: | ' | ' |
Change in unrealized foreign currency translation gains (losses) | -8,677 | -4,188 |
Total other comprehensive income (loss) before income taxes | 9,065 | -8,347 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 6,104 | -1,514 |
Other comprehensive income (loss), net of taxes | 2,961 | -6,833 |
Total comprehensive income | $48,041 | $32,012 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Other-than-Temporary Impairment [Member] |
In Thousands, unless otherwise specified | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | ' | $564 | $602,269 | $503,173 | $169,410 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net issuance of common stock | ' | -4 | -4 | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | 9,912 | ' | ' | ' | ' | ' |
Repurchases of common stock | ' | -1 | -3,077 | ' | ' | ' | ' | ' |
Adjustments to paid-in capital, other | ' | ' | 0 | ' | ' | ' | ' | ' |
Net income | 38,845 | ' | ' | 38,845 | ' | ' | ' | ' |
Dividends | ' | ' | ' | -6,409 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -6,833 | ' | ' | ' | ' | -4,129 | -2,694 | -10 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2013 | 1,307,853 | 567 | 609,100 | 535,609 | 162,577 | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 1,222,027 | 548 | 472,633 | 640,840 | 108,006 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net issuance of common stock | ' | -2 | -2 | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | 9,699 | ' | ' | ' | ' | ' |
Repurchases of common stock | ' | -4 | -19,183 | ' | ' | ' | ' | ' |
Adjustments to paid-in capital, other | ' | ' | -309 | ' | ' | ' | ' | ' |
Net income | 45,080 | ' | ' | 45,080 | ' | ' | ' | ' |
Dividends | ' | ' | ' | -6,738 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 2,961 | ' | ' | ' | ' | -8,571 | 11,532 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Mar. 31, 2014 | $1,253,533 | $546 | $462,838 | $679,182 | $110,967 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Stockholders' Equity Parenthetical (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Change in foreign currency translation adjustment, income tax expense (benefit) | ($106) | ($59) |
Change in net unrealized investment gains (losses) not-other-than-temporarily impaired, income tax expense (benefit) | 6,210 | -1,450 |
Change in net unrealized investment (losses) gains other-than-temporarily impaired, income tax expense (benefit) | $0 | ($5) |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $45,080 | $38,845 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ' | ' |
Change in future policy benefits and other policy liabilities | 54,542 | 65,701 |
Deferral of policy acquisition costs | -73,045 | -62,874 |
Amortization of deferred policy acquisition costs | 35,193 | 31,252 |
Change in income taxes | 14,906 | 2,309 |
Realized investment gains (losses), including OTTI | 263 | 2,286 |
Gain on disposition of business, net | -1,595 | 0 |
Accretion and amortization of investments | -597 | -526 |
Depreciation and amortization | 2,884 | 2,424 |
Change in due from reinsurers | -32,759 | -7,685 |
Change in premiums and other receivables | -4,173 | -6,829 |
Trading securities sold, matured, or called (acquired), net | 2,036 | -1,654 |
Share-based compensation | 2,848 | 5,196 |
Change in other operating assets and liabilities, net | -7,317 | 499 |
Net cash provided by (used in) operating activities | 37,740 | 64,372 |
Available-for-sale investments sold, matured or called: | ' | ' |
Fixed-maturity securities - sold | 21,094 | 15,878 |
Fixed-maturity securities - matured or called | 91,596 | 62,567 |
Equity securities | 188 | 148 |
Available-for-sale investments acquired: | ' | ' |
Fixed-maturity securities | -113,508 | -34,958 |
Equity securities | -5,106 | -46 |
Payments for (proceeds from) other investing activities | -1,491 | -8,688 |
Proceeds from sale of business | 3,000 | 0 |
Cash collateral received (returned) on loaned securities, net | 19,242 | -6,602 |
Sales (purchases) of short-term investments using securities lending collateral, net | -19,242 | 6,602 |
Net cash provided by (used in) investing activities | -4,227 | 34,901 |
Cash flows from financing activities: | ' | ' |
Dividends | -6,738 | -6,409 |
Common stock repurchased | -19,187 | -3,078 |
Excess tax benefits on share-based compensation | 2,954 | 925 |
Net cash provided by (used in) financing activities | -22,971 | -8,562 |
Effect of foreign exchange rate changes on cash | -1,293 | -415 |
Change in cash and cash equivalents | 9,249 | 90,296 |
Cash and cash equivalents, beginning of period | 149,189 | 112,216 |
Cash and cash equivalents, end of period | $158,438 | $202,512 |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies | ' |
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 insurance company. | |
We capitalized Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life, and Primerica Life ceded to Peach Re certain level premium term life insurance policies pursuant to a coinsurance agreement (the "Peach Re Coinsurance Agreement") effective March 31, 2012. | |
Basis of Presentation. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("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 accompanying unaudited condensed consolidated financial statements contain all adjustments, generally consisting of normal recurring accruals, which are necessary to fairly present the balance sheets as of March 31, 2014 and December 31, 2013 and the statements of income, comprehensive income, stockholders' equity, and cash flows for the three months ended March 31, 2014 and 2013. Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods. | |
These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report"). | |
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 unaudited condensed 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 and were primarily related to discontinued operations. See Note 2 (Discontinued Operations) for more information. | |
Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the consolidated financial statements dated as of March 31, 2014. | |
Significant Accounting Policies. All significant accounting policies remain unchanged from the 2013 Annual Report. | |
Future Application of Accounting Standards. Recent accounting guidance not discussed is not applicable, is immaterial to our financial statements, or did not or will not have an impact on our business. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||
Discontinued Operations | ||||||||
In January 2014, NBLIC sold the assets and liabilities of its short-term statutory disability benefit insurance business ("DBL") to AmTrust North America, Inc. and its affiliates (the "buyer"). As part of the sale agreement, the buyer assumed all liabilities for DBL insurance policies. In addition, NBLIC transferred the assets held in support of DBL's insurance liabilities 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 recognized a pre-tax gain on the sale of approximately $2.5 million, which comprised income from discontinued operations before income taxes in our results of operations for the three months ended March 31, 2014. | ||||||||
As of March 31, 2014, we no longer have significant continuing involvement in the operations of DBL, and its direct cash flows have been eliminated from our ongoing operations. As a result, beginning in the first quarter of 2014, the results of operations for DBL have been reported in discontinued operations for all periods presented in our unaudited condensed consolidated statements of income. The results of operations and the carrying values of the assets and liabilities related to DBL were as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total revenues from discontinued operations | $ | — | $ | 9,995 | ||||
Income from discontinued operations before income taxes | 2,454 | 1,092 | ||||||
Provision for income taxes | 859 | 382 | ||||||
Income from discontinued operations, net of income taxes | $ | 1,595 | $ | 710 | ||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Premiums and other receivables | $ | — | $ | 6,439 | ||||
Future policy benefits | — | 5,047 | ||||||
Other liabilities | — | 1,197 | ||||||
Segment_Information_Notes
Segment Information (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
We have two primary operating segments — Term Life Insurance and Investment and Savings Products. We also have a Corporate and Other Distributed Products segment. The results of operations for DBL were previously reported in our Corporate and Other Distributed Products segment and have been reclassified into discontinued operations as discussed in Note 2 (Discontinued Operations). | ||||||||
Total assets by segment were as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Assets: | ||||||||
Term life insurance segment | $ | 6,851,984 | $ | 6,783,194 | ||||
Investment and savings products segment | 2,669,092 | 2,699,000 | ||||||
Corporate and other distributed products segment | 867,048 | 847,756 | ||||||
Total assets | $ | 10,388,124 | $ | 10,329,950 | ||||
The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were approximately $211.0 million and $195.8 million as of March 31, 2014 and December 31, 2013, respectively. | ||||||||
Results of continuing operations by segment were as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
Term life insurance segment | $ | 182,980 | $ | 167,833 | ||||
Investment and savings products segment | 123,270 | 108,722 | ||||||
Corporate and other distributed products segment | 18,078 | 21,895 | ||||||
Total revenues | $ | 324,328 | $ | 298,450 | ||||
Income (loss) from continuing operations before income taxes: | ||||||||
Term life insurance segment | $ | 47,204 | $ | 45,125 | ||||
Investment and savings products segment | 34,028 | 26,353 | ||||||
Corporate and other distributed products segment | (14,400 | ) | (12,338 | ) | ||||
Total income from continuing operations before income taxes | $ | 66,832 | $ | 59,140 | ||||
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 (primarily tangible assets) and results of continuing operations by country were as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Long-lived assets by country: | ||||||||
United States | $ | 25,224 | $ | 24,413 | ||||
Canada | 569 | 637 | ||||||
Total long-lived assets | $ | 25,793 | $ | 25,050 | ||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues by country: | ||||||||
United States | $ | 262,204 | $ | 239,373 | ||||
Canada | 62,124 | 59,077 | ||||||
Total revenues | $ | 324,328 | $ | 298,450 | ||||
Income from continuing operations before income taxes by country: | ||||||||
United States | $ | 48,912 | $ | 43,039 | ||||
Canada | 17,920 | 16,101 | ||||||
Total income from continuing operations before income taxes | $ | 66,832 | $ | 59,140 | ||||
Investments_Notes
Investments (Notes) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||
Investments | ' | |||||||||||||||||||
Investments | ||||||||||||||||||||
The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of fixed-maturity and equity securities follow: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
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 | $ | 8,665 | $ | 527 | $ | (84 | ) | $ | 9,108 | |||||||||||
Foreign government | 121,496 | 6,543 | (3,079 | ) | 124,960 | |||||||||||||||
States and political subdivisions | 35,097 | 2,198 | (307 | ) | 36,988 | |||||||||||||||
Corporates | 1,247,554 | 91,481 | (7,008 | ) | 1,332,027 | |||||||||||||||
Mortgage- and asset-backed securities | 254,773 | 14,363 | (647 | ) | 268,489 | |||||||||||||||
Total fixed-maturity securities(1) | 1,667,585 | 115,112 | (11,125 | ) | 1,771,572 | |||||||||||||||
Equity securities | 37,875 | 9,728 | (517 | ) | 47,086 | |||||||||||||||
Total fixed-maturity and equity securities | $ | 1,705,460 | $ | 124,840 | $ | (11,642 | ) | $ | 1,818,658 | |||||||||||
____________________ | ||||||||||||||||||||
(1) | Includes approximately $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, 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 approximately $2.1 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: | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairments: | ||||||||||||||||||||
Fixed-maturity and equity securities | $ | 113,198 | $ | 99,992 | ||||||||||||||||
Currency swaps | 52 | 72 | ||||||||||||||||||
Foreign currency translation adjustment | 6,079 | 1,523 | ||||||||||||||||||
Other-than-temporary impairments | 2,072 | 2,072 | ||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 121,401 | 103,659 | ||||||||||||||||||
Deferred income taxes | (42,490 | ) | (36,280 | ) | ||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax | $ | 78,911 | $ | 67,379 | ||||||||||||||||
We also maintain a portfolio of fixed-maturity securities that are classified as trading securities. The carrying values of the fixed-maturity securities classified as trading securities were approximately $10.9 million and $13.0 million as of March 31, 2014 and December 31, 2013, 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 approximately $18.5 million and $18.4 million as of March 31, 2014 and December 31, 2013, 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 invested 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 $109.1 million and $89.9 million as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
The scheduled contractual maturity distribution of the available-for-sale fixed-maturity portfolio at March 31, 2014 follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Amortized cost | Fair value | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Due in one year or less | $ | 121,673 | $ | 123,274 | ||||||||||||||||
Due after one year through five years | 524,879 | 572,521 | ||||||||||||||||||
Due after five years through 10 years | 713,631 | 750,515 | ||||||||||||||||||
Due after 10 years | 52,629 | 56,773 | ||||||||||||||||||
1,412,812 | 1,503,083 | |||||||||||||||||||
Mortgage- and asset-backed securities | 254,773 | 268,489 | ||||||||||||||||||
Total fixed-maturity securities | $ | 1,667,585 | $ | 1,771,572 | ||||||||||||||||
Expected 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: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Fixed-maturity securities | $ | 21,032 | $ | 23,210 | ||||||||||||||||
Equity securities | 385 | 272 | ||||||||||||||||||
Policy loans and other invested assets | 388 | 320 | ||||||||||||||||||
Cash and cash equivalents | 53 | 87 | ||||||||||||||||||
Market return on deposit asset underlying 10% coinsurance agreement | 953 | 564 | ||||||||||||||||||
Gross investment income | 22,811 | 24,453 | ||||||||||||||||||
Investment expenses | (1,212 | ) | (1,237 | ) | ||||||||||||||||
Net investment income | $ | 21,599 | $ | 23,216 | ||||||||||||||||
The components of net realized investment gains (losses) as well as details on gross realized investment gains and losses and proceeds from sales or other redemptions were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||
Gross gains from sales | $ | 343 | $ | 1,733 | ||||||||||||||||
Gross losses from sales | (6 | ) | (3 | ) | ||||||||||||||||
Other-than-temporary impairment losses | (149 | ) | (71 | ) | ||||||||||||||||
Gains (losses) from bifurcated options | 75 | 627 | ||||||||||||||||||
Net realized investment gains (losses) | $ | 263 | $ | 2,286 | ||||||||||||||||
Supplemental information: | ||||||||||||||||||||
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings | $ | 188 | $ | 1,659 | ||||||||||||||||
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings | $ | 66 | $ | 581 | ||||||||||||||||
Proceeds from sales or other redemptions | $ | 112,878 | $ | 78,593 | ||||||||||||||||
Other-Than-Temporary Impairment. We conduct a review each quarter to identify and evaluate impaired investments that have indications of possible other-than-temporary impairment ("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 for fixed-maturity securities or within a reasonable period of time for equity securities. For additional information, see Note 3 (Investments) to the consolidated financial statements in our 2013 Annual Report. | ||||||||||||||||||||
Investments in fixed-maturity and equity securities with a cost basis in excess of their fair values were approximately $312.7 million and $454.2 million as of March 31, 2014 and December 31, 2013, 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: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
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 | $ | 1,736 | $ | (3 | ) | 1 | $ | 869 | $ | (81 | ) | 2 | ||||||||
Foreign government | 45,871 | (2,462 | ) | 57 | 5,093 | (617 | ) | 15 | ||||||||||||
States and political subdivisions | 8,395 | (307 | ) | 10 | — | — | — | |||||||||||||
Corporates | 182,175 | (4,674 | ) | 188 | 22,060 | (2,334 | ) | 34 | ||||||||||||
Mortgage- and asset-backed securities | 21,788 | (237 | ) | 30 | 8,857 | (410 | ) | 7 | ||||||||||||
Total fixed-maturity securities | 259,965 | (7,683 | ) | 36,879 | (3,442 | ) | ||||||||||||||
Equity securities | 3,757 | (303 | ) | 5 | 415 | (214 | ) | 1 | ||||||||||||
Total fixed-maturity and equity securities | $ | 263,722 | $ | (7,986 | ) | $ | 37,294 | $ | (3,656 | ) | ||||||||||
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 one thousand. | |||||||||||||||||||
The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows: | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Fixed-maturity securities in default | $ | 31 | $ | 303 | $ | 31 | $ | 267 | ||||||||||||
Impairment charges recognized in earnings on available-for-sale securities were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impairments on fixed-maturity securities not in default | $ | 149 | $ | 71 | ||||||||||||||||
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; or analyses of rating agency information for issuances with severe ratings downgrades that indicated a significant increase in the possibility of default. | ||||||||||||||||||||
As of March 31, 2014, 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. 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: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impairment losses related to securities which the Company does not intend to sell or more-likely-than-not will not be required to sell: | ||||||||||||||||||||
Total OTTI losses recognized | $ | — | $ | 15 | ||||||||||||||||
Less portion of OTTI loss recognized in accumulated other comprehensive income (loss) | — | (15 | ) | |||||||||||||||||
Net impairment losses recognized in earnings for securities which the Company does not intend to sell or more-likely-than-not will not be required to sell before recovery | — | — | ||||||||||||||||||
OTTI losses recognized in earnings for securities which the Company intends to sell or more-likely-than-not will be required to sell before recovery | 149 | 71 | ||||||||||||||||||
Net impairment losses recognized in earnings | $ | 149 | $ | 71 | ||||||||||||||||
The roll-forward of the credit-related losses recognized in income for all fixed-maturity securities still held follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, beginning of period | $ | 14,516 | $ | 14,171 | ||||||||||||||||
Additions for OTTI securities where no credit losses were recognized prior to the beginning of the period | 149 | 71 | ||||||||||||||||||
Additions for OTTI securities where credit losses have been recognized prior to the beginning of the period | — | — | ||||||||||||||||||
Reductions due to sales, maturities or calls of credit impaired securities | — | — | ||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, end of period | $ | 14,665 | $ | 14,242 | ||||||||||||||||
Derivatives. 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. As of March 31, 2014 and December 31, 2013, the fair value of these bifurcated options was approximately $4.9 million and $4.6 million, respectively. | ||||||||||||||||||||
We have a deferred loss related to closed forward contracts, which were settled several years ago, 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 March 31, 2014 and December 31, 2013. 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) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Instruments | ' | |||||||||||||||
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 forwards; 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. | |||||||||||||||
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: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 9,108 | $ | — | $ | 9,108 | ||||||||
Foreign government | — | 124,960 | — | 124,960 | ||||||||||||
States and political subdivisions | — | 36,988 | — | 36,988 | ||||||||||||
Corporates | 1,392 | 1,329,830 | 805 | 1,332,027 | ||||||||||||
Mortgage- and asset-backed securities | — | 266,986 | 1,503 | 268,489 | ||||||||||||
Total fixed-maturity securities | 1,392 | 1,767,872 | 2,308 | 1,771,572 | ||||||||||||
Equity securities | 41,709 | 5,329 | 48 | 47,086 | ||||||||||||
Trading securities | — | 10,934 | — | 10,934 | ||||||||||||
Separate accounts | — | 2,458,739 | — | 2,458,739 | ||||||||||||
Total fair value assets | $ | 43,101 | $ | 4,242,874 | $ | 2,356 | $ | 4,288,331 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 151 | $ | — | $ | 151 | ||||||||
Separate accounts | — | 2,458,739 | — | 2,458,739 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,458,890 | $ | — | $ | 2,458,890 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
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 fixed-maturity securities | 1,282 | 1,752,190 | 2,240 | 1,755,712 | ||||||||||||
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 | ||||||||
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: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Level 3 assets, beginning of period | $ | 2,288 | $ | 5,221 | ||||||||||||
Net unrealized gains (losses) included in other comprehensive income | 120 | 23 | ||||||||||||||
Net realized gains (losses) included in realized investment gains (losses), including other-than-temporary impairment losses | — | 61 | ||||||||||||||
Purchases | — | 477 | ||||||||||||||
Sales | — | (10 | ) | |||||||||||||
Settlements | (52 | ) | (525 | ) | ||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | (991 | ) | |||||||||||||
Level 3 assets, end of period | $ | 2,356 | $ | 4,256 | ||||||||||||
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 the three months ended March 31, 2014 and 2013. In addition, there were no transfers between Level 1 and Level 3 during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
Invested assets included in the transfer from Level 3 to Level 2 during the three months ended March 31, 2013 primarily were fixed-maturity investments for which we were able to obtain independent pricing quotes based on observable inputs. | ||||||||||||||||
The table below is a summary of the estimated fair value for financial instruments. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
value | fair value | value | fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities | $ | 1,771,572 | $ | 1,771,572 | $ | 1,755,712 | $ | 1,755,712 | ||||||||
Equity securities | 47,086 | 47,086 | 39,894 | 39,894 | ||||||||||||
Trading securities | 10,934 | 10,934 | 12,991 | 12,991 | ||||||||||||
Policy loans | 26,580 | 26,580 | 26,806 | 26,806 | ||||||||||||
Deposit asset underlying 10% coinsurance agreement | 130,178 | 130,178 | 124,413 | 124,413 | ||||||||||||
Separate accounts | 2,458,739 | 2,458,739 | 2,503,829 | 2,503,829 | ||||||||||||
Liabilities: | ||||||||||||||||
Notes payable | $ | 374,494 | $ | 393,986 | $ | 374,481 | $ | 385,161 | ||||||||
Currency swaps | 151 | 151 | 88 | 88 | ||||||||||||
Separate accounts | 2,458,739 | 2,458,739 | 2,503,829 | 2,503,829 | ||||||||||||
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 measurements. 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 nonredeemable 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 with Prime Reinsurance Company, Inc. ("Prime Re"), an affiliate of Citigroup Inc. ("Citigroup"), 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 financial instruments are not included in the above table. |
Reinsurance_Notes
Reinsurance (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Reinsurance | ' | |||||||||||
Reinsurance | ||||||||||||
We use reinsurance extensively, which has a significant effect on our results of operations. Reinsurance arrangements do not relieve us of our primary obligation to the policyholder. We monitor the concentration of credit risk we have with any reinsurer, as well as the financial condition of the reinsurers. | ||||||||||||
Details on in-force life insurance follow: | ||||||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Direct life insurance in force | $ | 677,486,177 | $ | 679,337,825 | ||||||||
Amounts ceded to other companies | (599,355,477 | ) | (601,309,340 | ) | ||||||||
Net life insurance in force | $ | 78,130,700 | $ | 78,028,485 | ||||||||
Percentage of reinsured life insurance in force | 88 | % | 89 | % | ||||||||
Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows: | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
receivable | rating | receivable | rating | |||||||||
(In thousands) | ||||||||||||
Prime Re(1) | $ | 2,603,726 | NR | $ | 2,572,800 | NR | ||||||
SCOR Global Life Reinsurance Companies(3) | 369,746 | A | 372,479 | A | ||||||||
Financial Reassurance Company 2010, Ltd.(1) | 330,560 | NR | 343,144 | NR | ||||||||
Swiss Re Life & Health America Inc.(2) | 257,397 | A+ | 260,775 | A+ | ||||||||
American Health and Life Insurance Company(1) | 176,203 | A- | 174,722 | A- | ||||||||
Munich American Reassurance Company | 100,840 | A+ | 100,856 | A+ | ||||||||
Korean Reinsurance Company | 89,705 | A | 89,405 | A | ||||||||
RGA Reinsurance Company | 76,762 | A+ | 75,629 | A+ | ||||||||
Toa Reinsurance Company | 20,616 | A+ | 18,824 | A+ | ||||||||
Hannover Life Reassurance Company | 17,460 | A+ | 16,862 | A+ | ||||||||
All other reinsurers | 31,512 | - | 29,558 | - | ||||||||
Due from reinsurers | $ | 4,074,527 | $ | 4,055,054 | ||||||||
____________________ | ||||||||||||
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 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. |
Notes_Payable_Notes
Notes Payable (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Notes Payable | |
At March 31, 2014, the Company had $375.0 million of publicly-traded, senior unsecured notes with an annual interest rate of 4.75% that are scheduled to mature on July 15, 2022 (the "Senior Notes"). As of March 31, 2014, we were in compliance with the covenants of the Senior Notes. No events of default occurred on the Senior Notes during the three months ended March 31, 2014. | |
Further discussion on the Company’s notes payable is included in Note 9 (Notes Payable) to our consolidated financial statements within our 2013 Annual Report. |
Stockholders_Equity_Notes
Stockholders' Equity (Notes) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Stockholders' Equity | ' | |||||
Stockholders’ Equity | ||||||
A reconciliation of the number of shares of our common stock follows. | ||||||
Three months ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Common stock, beginning of period | 54,834 | 56,374 | ||||
Shares of restricted common stock issued | — | 289 | ||||
Shares issued for stock options exercised | 4 | — | ||||
Shares of common stock issued upon lapse of restricted stock units ("RSUs") | 159 | 115 | ||||
Common stock retired | (428 | ) | (96 | ) | ||
Common stock, end of period | 54,569 | 56,682 | ||||
The above reconciliation excludes RSUs, which do not have voting rights. As the restrictions on the RSUs lapse, we issue common shares with voting rights. As of March 31, 2014, we had a total of approximately 1.3 million RSUs outstanding. | ||||||
Our Board of Directors authorized a share repurchase program for up to $150 million of our outstanding common stock (the "share repurchase program"). Under the share repurchase program, we repurchased 283,000 shares of our common stock in open market transactions for an aggregate purchase price of approximately $13.1 million during the first quarter of 2014. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
The Company has outstanding common stock and equity awards that consist of restricted stock, RSUs and stock options. In addition, warrants to purchase additional shares of our common stock were outstanding until we repurchased and retired these warrants in 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. | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per-share amounts) | ||||||||
Basic EPS | ||||||||
Numerator (continuing operations): | ||||||||
Income from continuing operations | $ | 43,485 | $ | 38,135 | ||||
Income attributable to unvested participating securities | (557 | ) | (998 | ) | ||||
Income from continuing operations used in calculating basic EPS | $ | 42,928 | $ | 37,137 | ||||
Numerator (discontinued operations): | ||||||||
Income from discontinued operations | $ | 1,595 | $ | 710 | ||||
Income attributable to unvested participating securities | (20 | ) | (19 | ) | ||||
Income from discontinued operations used in calculating basic EPS | $ | 1,575 | $ | 691 | ||||
Denominator: | ||||||||
Weighted-average vested shares | 55,211 | 56,598 | ||||||
Basic EPS from continuing operations | $ | 0.78 | $ | 0.66 | ||||
Basic EPS from discontinued operations | $ | 0.03 | $ | 0.01 | ||||
Diluted EPS | ||||||||
Numerator (continuing operations): | ||||||||
Income from continuing operations | $ | 43,485 | $ | 38,135 | ||||
Income attributable to unvested participating securities | (557 | ) | (973 | ) | ||||
Income from continuing operations used in calculating diluted EPS | $ | 42,928 | $ | 37,162 | ||||
Numerator (discontinued operations): | ||||||||
Income from discontinued operations | $ | 1,595 | $ | 710 | ||||
Income attributable to unvested participating securities | (20 | ) | (18 | ) | ||||
Income from discontinued operations used in calculating diluted EPS | $ | 1,575 | $ | 692 | ||||
Denominator: | ||||||||
Weighted-average vested shares | 55,211 | 56,598 | ||||||
Dilutive effect of incremental shares if issued for warrants outstanding | — | 1,809 | ||||||
Dilutive effect of incremental shares to be issued for equity awards | 22 | — | ||||||
Weighted-average shares used in calculating diluted EPS | 55,233 | 58,407 | ||||||
Diluted EPS from continuing operations | $ | 0.78 | $ | 0.64 | ||||
Diluted EPS from discontinued operations | $ | 0.03 | $ | 0.01 | ||||
ShareBased_Transactions_Notes
Share-Based Transactions (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Share-based Transactions | ' | |||||||
Share-Based Transactions | ||||||||
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. For more information on equity awards granted under the OIP, see Note 13 (Share-Based Compensation) to our consolidated financial statements within our 2013 Annual Report. | ||||||||
In connection with our granting of equity awards to our management and members of the Board of Directors, we recognize expense over the service period of the equity award. Additionally, to the extent that equity awards to members of our sales force 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 these awards in the same manner as other deferred policy acquisition costs. | ||||||||
The impacts of equity awards granted are as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total equity awards expense recognized | $ | 2,848 | $ | 5,196 | ||||
Quarterly incentive awards expense deferred | 3,787 | 3,805 | ||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities (Text Block) | ' |
Commitments and Contingent Liabilities | |
Letter of Credit | |
Peach Re maintains a credit facility agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the statutory accounting-based reserves (commonly referred to as Regulation XXX reserves) related to the Peach Re Coinsurance Agreement. Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit for the benefit of Primerica Life. As of March 31, 2014, the Company was in compliance with all financial covenants under the Credit Facility Agreement. | |
Further discussion on the Company’s letter of credit is included in Note 15 (Commitments and Contingent Liabilities) to our consolidated financial statements within our 2013 Annual Report. | |
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. | |
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. | |
In January 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. As of December 31, 2013, we had established a contingent liability for $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 and approximately $6.4 million for estimated related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. The related contingent liabilities have been recorded in Other liabilities within the accompanying unaudited condensed consolidated balance sheets. The memorandum of understanding required that a certain percentage of claimants agree to the settlement. During April 2014, a required percentage of claimants have signed settlement agreements and releases, and, therefore, we continue to hold the $9.3 million contingent liability representing the deferred payments to be provided to the settling claimants. Through April 2014, the Company has paid approximately $5.6 million of the estimated $6.4 million for related costs. | |
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 | |
Peach Re maintains a credit facility agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the statutory accounting-based reserves (commonly referred to as Regulation XXX reserves) related to the Peach Re Coinsurance Agreement. Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit for the benefit of Primerica Life. As of March 31, 2014, the Company was in compliance with all financial covenants under the Credit Facility Agreement. | |
Further discussion on the Company’s letter of credit is included in Note 15 (Commitments and Contingent Liabilities) to our consolidated financial statements within our 2013 Annual Report. | |
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. | |
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. | |
In January 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. As of December 31, 2013, we had established a contingent liability for $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 and approximately $6.4 million for estimated related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. The related contingent liabilities have been recorded in Other liabilities within the accompanying unaudited condensed consolidated balance sheets. The memorandum of understanding required that a certain percentage of claimants agree to the settlement. During April 2014, a required percentage of claimants have signed settlement agreements and releases, and, therefore, we continue to hold the $9.3 million contingent liability representing the deferred payments to be provided to the settling claimants. Through April 2014, the Company has paid approximately $5.6 million of the estimated $6.4 million for related costs. | |
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. |
Organization_Consolidation_and1
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation, Policy | ' |
Basis of Presentation. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("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 accompanying unaudited condensed consolidated financial statements contain all adjustments, generally consisting of normal recurring accruals, which are necessary to fairly present the balance sheets as of March 31, 2014 and December 31, 2013 and the statements of income, comprehensive income, stockholders' equity, and cash flows for the three months ended March 31, 2014 and 2013. Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods. | |
These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report"). | |
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 unaudited condensed 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, 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 and were primarily related to discontinued operations. See Note 2 (Discontinued Operations) for more information. | |
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 dated as of March 31, 2014. | |
Significant Accounting Policies, Policy | ' |
Significant Accounting Policies. All significant accounting policies remain unchanged from the 2013 Annual Report. | |
New Accounting Principles, Policy | ' |
Future Application of Accounting Standards. Recent accounting guidance not discussed is not applicable, is immaterial to our financial statements, or did not or will not have an impact on our business. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total revenues from discontinued operations | $ | — | $ | 9,995 | ||||
Income from discontinued operations before income taxes | 2,454 | 1,092 | ||||||
Provision for income taxes | 859 | 382 | ||||||
Income from discontinued operations, net of income taxes | $ | 1,595 | $ | 710 | ||||
March 31, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Premiums and other receivables | $ | — | $ | 6,439 | ||||
Future policy benefits | — | 5,047 | ||||||
Other liabilities | — | 1,197 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||
Total assets by segment were as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Assets: | ||||||||
Term life insurance segment | $ | 6,851,984 | $ | 6,783,194 | ||||
Investment and savings products segment | 2,669,092 | 2,699,000 | ||||||
Corporate and other distributed products segment | 867,048 | 847,756 | ||||||
Total assets | $ | 10,388,124 | $ | 10,329,950 | ||||
Schedule of Results of Operations, by Segment | ' | |||||||
Results of continuing operations by segment were as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues: | ||||||||
Term life insurance segment | $ | 182,980 | $ | 167,833 | ||||
Investment and savings products segment | 123,270 | 108,722 | ||||||
Corporate and other distributed products segment | 18,078 | 21,895 | ||||||
Total revenues | $ | 324,328 | $ | 298,450 | ||||
Income (loss) from continuing operations before income taxes: | ||||||||
Term life insurance segment | $ | 47,204 | $ | 45,125 | ||||
Investment and savings products segment | 34,028 | 26,353 | ||||||
Corporate and other distributed products segment | (14,400 | ) | (12,338 | ) | ||||
Total income from continuing operations before income taxes | $ | 66,832 | $ | 59,140 | ||||
Schedule of Results of Operations and Long-lived Assets by Geographical Areas [Table Text Block] | ' | |||||||
Long-lived assets (primarily tangible assets) and results of continuing operations by country were as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Long-lived assets by country: | ||||||||
United States | $ | 25,224 | $ | 24,413 | ||||
Canada | 569 | 637 | ||||||
Total long-lived assets | $ | 25,793 | $ | 25,050 | ||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues by country: | ||||||||
United States | $ | 262,204 | $ | 239,373 | ||||
Canada | 62,124 | 59,077 | ||||||
Total revenues | $ | 324,328 | $ | 298,450 | ||||
Income from continuing operations before income taxes by country: | ||||||||
United States | $ | 48,912 | $ | 43,039 | ||||
Canada | 17,920 | 16,101 | ||||||
Total income from continuing operations before income taxes | $ | 66,832 | $ | 59,140 | ||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 follow: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
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 | $ | 8,665 | $ | 527 | $ | (84 | ) | $ | 9,108 | |||||||||||
Foreign government | 121,496 | 6,543 | (3,079 | ) | 124,960 | |||||||||||||||
States and political subdivisions | 35,097 | 2,198 | (307 | ) | 36,988 | |||||||||||||||
Corporates | 1,247,554 | 91,481 | (7,008 | ) | 1,332,027 | |||||||||||||||
Mortgage- and asset-backed securities | 254,773 | 14,363 | (647 | ) | 268,489 | |||||||||||||||
Total fixed-maturity securities(1) | 1,667,585 | 115,112 | (11,125 | ) | 1,771,572 | |||||||||||||||
Equity securities | 37,875 | 9,728 | (517 | ) | 47,086 | |||||||||||||||
Total fixed-maturity and equity securities | $ | 1,705,460 | $ | 124,840 | $ | (11,642 | ) | $ | 1,818,658 | |||||||||||
____________________ | ||||||||||||||||||||
(1) | Includes approximately $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, 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 approximately $2.1 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: | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net unrealized investment gains (losses) including foreign currency translation adjustment and other-than-temporary impairments: | ||||||||||||||||||||
Fixed-maturity and equity securities | $ | 113,198 | $ | 99,992 | ||||||||||||||||
Currency swaps | 52 | 72 | ||||||||||||||||||
Foreign currency translation adjustment | 6,079 | 1,523 | ||||||||||||||||||
Other-than-temporary impairments | 2,072 | 2,072 | ||||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 121,401 | 103,659 | ||||||||||||||||||
Deferred income taxes | (42,490 | ) | (36,280 | ) | ||||||||||||||||
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax | $ | 78,911 | $ | 67,379 | ||||||||||||||||
Fixed-maturity Securities Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||
The scheduled contractual maturity distribution of the available-for-sale fixed-maturity portfolio at March 31, 2014 follows: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Amortized cost | Fair value | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Due in one year or less | $ | 121,673 | $ | 123,274 | ||||||||||||||||
Due after one year through five years | 524,879 | 572,521 | ||||||||||||||||||
Due after five years through 10 years | 713,631 | 750,515 | ||||||||||||||||||
Due after 10 years | 52,629 | 56,773 | ||||||||||||||||||
1,412,812 | 1,503,083 | |||||||||||||||||||
Mortgage- and asset-backed securities | 254,773 | 268,489 | ||||||||||||||||||
Total fixed-maturity securities | $ | 1,667,585 | $ | 1,771,572 | ||||||||||||||||
Net Investment Income [Table Text Block] | ' | |||||||||||||||||||
Investment Income. The components of net investment income were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Fixed-maturity securities | $ | 21,032 | $ | 23,210 | ||||||||||||||||
Equity securities | 385 | 272 | ||||||||||||||||||
Policy loans and other invested assets | 388 | 320 | ||||||||||||||||||
Cash and cash equivalents | 53 | 87 | ||||||||||||||||||
Market return on deposit asset underlying 10% coinsurance agreement | 953 | 564 | ||||||||||||||||||
Gross investment income | 22,811 | 24,453 | ||||||||||||||||||
Investment expenses | (1,212 | ) | (1,237 | ) | ||||||||||||||||
Net investment income | $ | 21,599 | $ | 23,216 | ||||||||||||||||
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 and losses and proceeds from sales or other redemptions were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net realized investment gains (losses): | ||||||||||||||||||||
Gross gains from sales | $ | 343 | $ | 1,733 | ||||||||||||||||
Gross losses from sales | (6 | ) | (3 | ) | ||||||||||||||||
Other-than-temporary impairment losses | (149 | ) | (71 | ) | ||||||||||||||||
Gains (losses) from bifurcated options | 75 | 627 | ||||||||||||||||||
Net realized investment gains (losses) | $ | 263 | $ | 2,286 | ||||||||||||||||
Supplemental information: | ||||||||||||||||||||
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings | $ | 188 | $ | 1,659 | ||||||||||||||||
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings | $ | 66 | $ | 581 | ||||||||||||||||
Proceeds from sales or other redemptions | $ | 112,878 | $ | 78,593 | ||||||||||||||||
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: | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
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 | $ | 1,736 | $ | (3 | ) | 1 | $ | 869 | $ | (81 | ) | 2 | ||||||||
Foreign government | 45,871 | (2,462 | ) | 57 | 5,093 | (617 | ) | 15 | ||||||||||||
States and political subdivisions | 8,395 | (307 | ) | 10 | — | — | — | |||||||||||||
Corporates | 182,175 | (4,674 | ) | 188 | 22,060 | (2,334 | ) | 34 | ||||||||||||
Mortgage- and asset-backed securities | 21,788 | (237 | ) | 30 | 8,857 | (410 | ) | 7 | ||||||||||||
Total fixed-maturity securities | 259,965 | (7,683 | ) | 36,879 | (3,442 | ) | ||||||||||||||
Equity securities | 3,757 | (303 | ) | 5 | 415 | (214 | ) | 1 | ||||||||||||
Total fixed-maturity and equity securities | $ | 263,722 | $ | (7,986 | ) | $ | 37,294 | $ | (3,656 | ) | ||||||||||
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 | ) | ||||||||||
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: | ||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Fixed-maturity securities in default | $ | 31 | $ | 303 | $ | 31 | $ | 267 | ||||||||||||
Impairment Charges on Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||||||
Impairment charges recognized in earnings on available-for-sale securities were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impairments on fixed-maturity securities not in default | $ | 149 | $ | 71 | ||||||||||||||||
Schedule of Net Impairment Losses Recognized in Earnings [Table Text Block] | ' | |||||||||||||||||||
Net impairment losses recognized in earnings were as follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Impairment losses related to securities which the Company does not intend to sell or more-likely-than-not will not be required to sell: | ||||||||||||||||||||
Total OTTI losses recognized | $ | — | $ | 15 | ||||||||||||||||
Less portion of OTTI loss recognized in accumulated other comprehensive income (loss) | — | (15 | ) | |||||||||||||||||
Net impairment losses recognized in earnings for securities which the Company does not intend to sell or more-likely-than-not will not be required to sell before recovery | — | — | ||||||||||||||||||
OTTI losses recognized in earnings for securities which the Company intends to sell or more-likely-than-not will be required to sell before recovery | 149 | 71 | ||||||||||||||||||
Net impairment losses recognized in earnings | $ | 149 | $ | 71 | ||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | ' | |||||||||||||||||||
The roll-forward of the credit-related losses recognized in income for all fixed-maturity securities still held follows: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, beginning of period | $ | 14,516 | $ | 14,171 | ||||||||||||||||
Additions for OTTI securities where no credit losses were recognized prior to the beginning of the period | 149 | 71 | ||||||||||||||||||
Additions for OTTI securities where credit losses have been recognized prior to the beginning of the period | — | — | ||||||||||||||||||
Reductions due to sales, maturities or calls of credit impaired securities | — | — | ||||||||||||||||||
Cumulative OTTI credit losses recognized for securities still held, end of period | $ | 14,665 | $ | 14,242 | ||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on a 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: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
Fixed-maturity securities: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 9,108 | $ | — | $ | 9,108 | ||||||||
Foreign government | — | 124,960 | — | 124,960 | ||||||||||||
States and political subdivisions | — | 36,988 | — | 36,988 | ||||||||||||
Corporates | 1,392 | 1,329,830 | 805 | 1,332,027 | ||||||||||||
Mortgage- and asset-backed securities | — | 266,986 | 1,503 | 268,489 | ||||||||||||
Total fixed-maturity securities | 1,392 | 1,767,872 | 2,308 | 1,771,572 | ||||||||||||
Equity securities | 41,709 | 5,329 | 48 | 47,086 | ||||||||||||
Trading securities | — | 10,934 | — | 10,934 | ||||||||||||
Separate accounts | — | 2,458,739 | — | 2,458,739 | ||||||||||||
Total fair value assets | $ | 43,101 | $ | 4,242,874 | $ | 2,356 | $ | 4,288,331 | ||||||||
Fair value liabilities: | ||||||||||||||||
Currency swaps | $ | — | $ | 151 | $ | — | $ | 151 | ||||||||
Separate accounts | — | 2,458,739 | — | 2,458,739 | ||||||||||||
Total fair value liabilities | $ | — | $ | 2,458,890 | $ | — | $ | 2,458,890 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Fair value assets: | ||||||||||||||||
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 fixed-maturity securities | 1,282 | 1,752,190 | 2,240 | 1,755,712 | ||||||||||||
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 | ||||||||
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: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Level 3 assets, beginning of period | $ | 2,288 | $ | 5,221 | ||||||||||||
Net unrealized gains (losses) included in other comprehensive income | 120 | 23 | ||||||||||||||
Net realized gains (losses) included in realized investment gains (losses), including other-than-temporary impairment losses | — | 61 | ||||||||||||||
Purchases | — | 477 | ||||||||||||||
Sales | — | (10 | ) | |||||||||||||
Settlements | (52 | ) | (525 | ) | ||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | (991 | ) | |||||||||||||
Level 3 assets, end of period | $ | 2,356 | $ | 4,256 | ||||||||||||
Fair Value of Financial Instruments [Table Text Block] | ' | |||||||||||||||
The table below is a summary of the estimated fair value for financial instruments. | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
value | fair value | value | fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities | $ | 1,771,572 | $ | 1,771,572 | $ | 1,755,712 | $ | 1,755,712 | ||||||||
Equity securities | 47,086 | 47,086 | 39,894 | 39,894 | ||||||||||||
Trading securities | 10,934 | 10,934 | 12,991 | 12,991 | ||||||||||||
Policy loans | 26,580 | 26,580 | 26,806 | 26,806 | ||||||||||||
Deposit asset underlying 10% coinsurance agreement | 130,178 | 130,178 | 124,413 | 124,413 | ||||||||||||
Separate accounts | 2,458,739 | 2,458,739 | 2,503,829 | 2,503,829 | ||||||||||||
Liabilities: | ||||||||||||||||
Notes payable | $ | 374,494 | $ | 393,986 | $ | 374,481 | $ | 385,161 | ||||||||
Currency swaps | 151 | 151 | 88 | 88 | ||||||||||||
Separate accounts | 2,458,739 | 2,458,739 | 2,503,829 | 2,503,829 | ||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Schedule of Reinsured Life Insurance In Force [Table Text Block] | ' | |||||||||||
Details on in-force life insurance follow: | ||||||||||||
March 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Direct life insurance in force | $ | 677,486,177 | $ | 679,337,825 | ||||||||
Amounts ceded to other companies | (599,355,477 | ) | (601,309,340 | ) | ||||||||
Net life insurance in force | $ | 78,130,700 | $ | 78,028,485 | ||||||||
Percentage of reinsured life insurance in force | 88 | % | 89 | % | ||||||||
Schedule of of Ceded Credit Risk by Reinsurer [Table Text Block] | ' | |||||||||||
Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows: | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Reinsurance | A.M. Best | Reinsurance | A.M. Best | |||||||||
receivable | rating | receivable | rating | |||||||||
(In thousands) | ||||||||||||
Prime Re(1) | $ | 2,603,726 | NR | $ | 2,572,800 | NR | ||||||
SCOR Global Life Reinsurance Companies(3) | 369,746 | A | 372,479 | A | ||||||||
Financial Reassurance Company 2010, Ltd.(1) | 330,560 | NR | 343,144 | NR | ||||||||
Swiss Re Life & Health America Inc.(2) | 257,397 | A+ | 260,775 | A+ | ||||||||
American Health and Life Insurance Company(1) | 176,203 | A- | 174,722 | A- | ||||||||
Munich American Reassurance Company | 100,840 | A+ | 100,856 | A+ | ||||||||
Korean Reinsurance Company | 89,705 | A | 89,405 | A | ||||||||
RGA Reinsurance Company | 76,762 | A+ | 75,629 | A+ | ||||||||
Toa Reinsurance Company | 20,616 | A+ | 18,824 | A+ | ||||||||
Hannover Life Reassurance Company | 17,460 | A+ | 16,862 | A+ | ||||||||
All other reinsurers | 31,512 | - | 29,558 | - | ||||||||
Due from reinsurers | $ | 4,074,527 | $ | 4,055,054 | ||||||||
____________________ | ||||||||||||
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 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. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Rollforward of Common Stock [Table Text Block] | ' | |||||
A reconciliation of the number of shares of our common stock follows. | ||||||
Three months ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Common stock, beginning of period | 54,834 | 56,374 | ||||
Shares of restricted common stock issued | — | 289 | ||||
Shares issued for stock options exercised | 4 | — | ||||
Shares of common stock issued upon lapse of restricted stock units ("RSUs") | 159 | 115 | ||||
Common stock retired | (428 | ) | (96 | ) | ||
Common stock, end of period | 54,569 | 56,682 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The calculation of basic and diluted EPS follows. | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per-share amounts) | ||||||||
Basic EPS | ||||||||
Numerator (continuing operations): | ||||||||
Income from continuing operations | $ | 43,485 | $ | 38,135 | ||||
Income attributable to unvested participating securities | (557 | ) | (998 | ) | ||||
Income from continuing operations used in calculating basic EPS | $ | 42,928 | $ | 37,137 | ||||
Numerator (discontinued operations): | ||||||||
Income from discontinued operations | $ | 1,595 | $ | 710 | ||||
Income attributable to unvested participating securities | (20 | ) | (19 | ) | ||||
Income from discontinued operations used in calculating basic EPS | $ | 1,575 | $ | 691 | ||||
Denominator: | ||||||||
Weighted-average vested shares | 55,211 | 56,598 | ||||||
Basic EPS from continuing operations | $ | 0.78 | $ | 0.66 | ||||
Basic EPS from discontinued operations | $ | 0.03 | $ | 0.01 | ||||
Diluted EPS | ||||||||
Numerator (continuing operations): | ||||||||
Income from continuing operations | $ | 43,485 | $ | 38,135 | ||||
Income attributable to unvested participating securities | (557 | ) | (973 | ) | ||||
Income from continuing operations used in calculating diluted EPS | $ | 42,928 | $ | 37,162 | ||||
Numerator (discontinued operations): | ||||||||
Income from discontinued operations | $ | 1,595 | $ | 710 | ||||
Income attributable to unvested participating securities | (20 | ) | (18 | ) | ||||
Income from discontinued operations used in calculating diluted EPS | $ | 1,575 | $ | 692 | ||||
Denominator: | ||||||||
Weighted-average vested shares | 55,211 | 56,598 | ||||||
Dilutive effect of incremental shares if issued for warrants outstanding | — | 1,809 | ||||||
Dilutive effect of incremental shares to be issued for equity awards | 22 | — | ||||||
Weighted-average shares used in calculating diluted EPS | 55,233 | 58,407 | ||||||
Diluted EPS from continuing operations | $ | 0.78 | $ | 0.64 | ||||
Diluted EPS from discontinued operations | $ | 0.03 | $ | 0.01 | ||||
Sharebased_Transactions_Tables
Share-based Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Disclosure of Compensation Related Costs, Share-based Payments, Equity Awards [Table Text Block] | ' | |||||||
The impacts of equity awards granted are as follows: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total equity awards expense recognized | $ | 2,848 | $ | 5,196 | ||||
Quarterly incentive awards expense deferred | 3,787 | 3,805 | ||||||
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Premiums receivable [Member] | Premiums receivable [Member] | Future policy benefits [Member] | Future policy benefits [Member] | Other Liabilities [Member] | Other Liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal group, including discontinued operation, revenue | $0 | $9,995 | ' | ' | ' | ' | ' | ' |
Discontinued operation, income (loss) from discontinued operation, before income tax | 2,454 | 1,092 | ' | ' | ' | ' | ' | ' |
Discontinued operation, tax effect of discontinued operation | 859 | 382 | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net of income taxes | 1,595 | 710 | ' | ' | ' | ' | ' | ' |
Disposal group, including discontinued operation, other assets | ' | ' | 0 | 6,439 | ' | ' | ' | ' |
Disposal group, including discontinued operation, other liabilities | ' | ' | ' | ' | $0 | $5,047 | $0 | $1,197 |
Discontinued_Operations_Narrat
Discontinued Operations Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Proceeds from sale of business | $3,000,000 | $0 |
Discontinued operation, gain (loss) on disposal of discontinued operation, before income tax | $2,500,000 | ' |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $10,388,124 | ' | $10,329,950 |
Revenues | 324,328 | 298,450 | ' |
Income (loss) from continuing operations before income taxes | 66,832 | 59,140 | ' |
Corporate and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 867,048 | ' | 847,756 |
Revenues | 18,078 | 21,895 | ' |
Income (loss) from continuing operations before income taxes | -14,400 | -12,338 | ' |
Term Life Insurance Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 6,851,984 | ' | 6,783,194 |
Revenues | 182,980 | 167,833 | ' |
Income (loss) from continuing operations before income taxes | 47,204 | 45,125 | ' |
Investment and Savings Products Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 2,669,092 | ' | 2,699,000 |
Revenues | 123,270 | 108,722 | ' |
Income (loss) from continuing operations before income taxes | $34,028 | $26,353 | ' |
Segment_Information_Narrative_
Segment Information Narrative (Details) (Investment and Savings Products Segment [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment and Savings Products Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets, excluding separate account assets | $211 | $195.80 |
Schedule_of_Results_of_Operati
Schedule of Results of Operations and Long-lived Assets by Geographical Areas (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-lived assets | $25,793 | ' | $25,050 |
Revenues | 324,328 | 298,450 | ' |
Income (loss) from continuing operations before income taxes | 66,832 | 59,140 | ' |
UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-lived assets | 25,224 | ' | 24,413 |
Revenues | 262,204 | 239,373 | ' |
Income (loss) from continuing operations before income taxes | 48,912 | 43,039 | ' |
CANADA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-lived assets | 569 | ' | 637 |
Revenues | 62,124 | 59,077 | ' |
Income (loss) from continuing operations before income taxes | $17,920 | $16,101 | ' |
Schedule_of_Availableforsale_S
Schedule of Available-for-sale Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fixed-maturity securities available for sale, at fair value | $1,771,572,000 | $1,755,712,000 | ||
Equity securities available for sale, cost | 37,875,000 | 32,592,000 | ||
Cost or amortized cost | 1,705,460,000 | 1,695,614,000 | ||
Available-for-sale Securities, Equity Securities | 47,086,000 | 39,894,000 | ||
Gross unrealized gains | 124,840,000 | 116,947,000 | ||
Gross unrealized losses | 11,642,000 | 16,955,000 | ||
Fair value | 1,818,658,000 | 1,795,606,000 | ||
Other-than-temporary impairment losses, investments, portion in other comprehensive income (loss) | 2,100,000 | 2,100,000 | ||
Fixed-maturity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,667,585,000 | [1] | 1,663,022,000 | [1] |
Available-for-sale Debt Securities Gross Unrealized Gain | 115,112,000 | [1] | 109,012,000 | [1] |
Available-for-sale Debt Securities, Gross Unrealized Loss | 11,125,000 | [1] | 16,322,000 | [1] |
Fixed-maturity securities available for sale, at fair value | 1,771,572,000 | [1] | 1,755,712,000 | [1] |
U.S. Government and Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 8,665,000 | 8,696,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 527,000 | 485,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 84,000 | 127,000 | ||
Fixed-maturity securities available for sale, at fair value | 9,108,000 | 9,054,000 | ||
Foreign Government [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 121,496,000 | 111,610,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 6,543,000 | 7,512,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 3,079,000 | 2,766,000 | ||
Fixed-maturity securities available for sale, at fair value | 124,960,000 | 116,356,000 | ||
States and Political Subdivisions [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 35,097,000 | 32,308,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 2,198,000 | 1,860,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 307,000 | 468,000 | ||
Fixed-maturity securities available for sale, at fair value | 36,988,000 | 33,700,000 | ||
Corporates [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 1,247,554,000 | 1,240,100,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 91,481,000 | 84,545,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 7,008,000 | 11,931,000 | ||
Fixed-maturity securities available for sale, at fair value | 1,332,027,000 | 1,312,714,000 | ||
Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 254,773,000 | 270,308,000 | ||
Available-for-sale Debt Securities Gross Unrealized Gain | 14,363,000 | 14,610,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Loss | 647,000 | 1,030,000 | ||
Fixed-maturity securities available for sale, at fair value | 268,489,000 | 283,888,000 | ||
Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Equity securities available for sale, cost | 37,875,000 | 32,592,000 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) | 9,728,000 | 7,935,000 | ||
Available-for-sale Equity Securities, Gross Unrealized Loss | 517,000 | 633,000 | ||
Available-for-sale Securities, Equity Securities | $47,086,000 | $39,894,000 | ||
[1] | (1)Â Includes approximately $2.1 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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ' | ' |
Net unrealized investment gains (losses) including FCTA and OTTI, Fixed-maturity and Equity securities | $113,198 | $99,992 |
Net unrealized investment gains (losses) including FCTA and OTTI, currency swaps | 52 | 72 |
Foreign currency translation adjustment | 6,079 | 1,523 |
Other-than-temporary impairments | 2,072 | 2,072 |
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments | 121,401 | 103,659 |
Less deferred income taxes | 42,490 | 36,280 |
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax | $78,911 | $67,379 |
Fixedmaturity_Securities_Class
Fixed-maturity Securities Classified as Trading Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | $10,934 | $12,991 |
Fixed-maturity securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities | $10,900 | $13,000 |
Fair_Value_of_Investments_on_D
Fair Value of Investments on Deposit with Governmental Authorities Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Assets held by insurance regulators | $18.50 | $18.40 |
Securities_Lending_Collateral_
Securities Lending Collateral Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities Received as Collateral [Abstract] | ' | ' |
Securities loaned, minimum collateral to loan ratio | 102.00% | ' |
Securities loaned, additional collateral requirement, decline in collateral value threshold percentage | 100.00% | ' |
Collateral securities repledged, delivered, or used | $109.10 | $89.90 |
Fixedmaturity_Securities_Class1
Fixed-maturity Securities Classified by Contractual Maturity Date (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ' | ' |
Due in one year or less, amortized cost | $121,673 | ' |
Due after one year through five years, amortized cost | 524,879 | ' |
Due after five years through 10 years, amortized cost | 713,631 | ' |
Due after 10 years, amortized cost | 52,629 | ' |
Total fixed-maturity securities with single maturity dates, amortized cost | 1,412,812 | ' |
Available-for-sale Securities, Debt Maturities, Single Maturity Date | 1,503,083 | ' |
Mortgage and asset-backed securities, amortized cost | 254,773 | ' |
Total fixed-maturity securities, amortized cost | 1,667,585 | 1,663,022 |
Due in one year or less, fair value | 123,274 | ' |
Due after one year through five years, fair value | 572,521 | ' |
Due after five years through 10 years, fair value | 750,515 | ' |
Due after 10 years, fair value | 56,773 | ' |
Mortgage and asset-backed securities, fair value | 268,489 | ' |
Total fixed-maturity securities, fair value | $1,771,572 | $1,755,712 |
Net_Investment_Income_Details
Net Investment Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | $22,811 | $24,453 |
Investment expenses | -1,212 | -1,237 |
Net investment income | 21,599 | 23,216 |
Fixed-maturity Securities [Member] | ' | ' |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | 21,032 | 23,210 |
Equity Securities [Member] | ' | ' |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | 385 | 272 |
Policy Loans and Other Invested Assets [Member] | ' | ' |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | 388 | 320 |
Cash and Cash Equivalents [Member] | ' | ' |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | 53 | 87 |
Market Return on Deposit Asset Underlying 10% Insurance Agreement [Member] | ' | ' |
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Gross Investment Income, Operating | $953 | $564 |
Schedule_of_Net_Realized_Inves
Schedule of Net Realized Investment Gains and Losses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Realized Investment Gains (Losses) [Abstract] | ' | ' |
Gross gains from sales | $343 | $1,733 |
Gross losses from sales | 6 | 3 |
Other-than-temporary impairment losses | -149 | -71 |
Gains (losses) from bifurcated options | 75 | 627 |
Realized investment gains (losses), including OTTI | 263 | 2,286 |
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income | 188 | 1,659 |
Other comprehensive income (loss), reclassification adjustment for sale of securities included in net income, tax | 66 | 581 |
Proceeds from sales or other redemptions | $112,878 | $78,593 |
Securities_with_Cost_Basis_in_
Securities with Cost Basis in Excess of Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Fixed-maturity and equity securities with cost basis in excess of fair value, cost basis | $312.70 | $454.20 |
Schedule_of_Securities_in_an_U
Schedule of Securities in an Unrealized Loss Position (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | $263,722 | $400,694 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -7,986 | -13,373 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 37,294 | 36,555 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -3,656 | -3,582 | |
Fixed-maturity Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 259,965 | 397,613 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -7,683 | -12,740 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 36,879 | 36,555 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -3,442 | -3,582 | |
U.S. 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 | 1,736 | 3,817 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -3 | -36 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | 3 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 869 | 859 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -81 | -91 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | 2 | |
Foreign Government [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 45,871 | 34,869 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -2,462 | -2,190 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 57 | 47 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 5,093 | 5,999 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -617 | -576 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 15 | 13 | |
States and Political Subdivisions [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 8,395 | 8,520 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -307 | -468 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 10 | 11 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 0 | 152 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | 0 | 0 | [1] |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 1 | |
Corporates [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 182,175 | 296,192 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -4,674 | -9,510 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 188 | 295 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 22,060 | 19,022 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -2,334 | -2,421 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 34 | 31 | |
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 | 21,788 | 54,215 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -237 | -536 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 30 | 46 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 8,857 | 10,523 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | -410 | -494 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 7 | 9 | |
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 | 3,757 | 3,081 | |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses | -303 | -633 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 5 | 7 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value | 415 | 0 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses | ($214) | $0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | 0 | |
[1] | (1)Â Less than one thousand. |
Fixedmaturity_Securities_in_De
Fixed-maturity Securities in Default (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Available-for-sale fixed-maturity securities in default, amortized cost | $31 | $31 |
Available-for-sale fixed-maturity securities in default, fair value | $303 | $267 |
Impairment_Charges_on_Availabl
Impairment Charges on Available-for-sale Securities (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Impairment charges recognized in earnings | $149 | $71 |
Investments in Fixed-maturity Securities Not in Default [Member] | Fixed-maturity Securities [Member] | ' | ' |
Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Impairment charges recognized in earnings | $149 | $71 |
Schedule_of_Net_Impairment_Los
Schedule of Net Impairment Losses Recognized in Earnings (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other-than-temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Total other-than-temporary impairment losses | $149 | $86 |
Other-than-temporary impairment losses, investments, portion recognized in earnings, net | 149 | 71 |
Other-than-temporary impairment losses, portion recognized in earnings | 149 | 71 |
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 | 0 | 15 |
Other-than-temporary impairment losses, portion in accumulated other comprehensive income (loss) | 0 | -15 |
Other-than-temporary impairment losses, investments, portion recognized in earnings, net | 0 | 0 |
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] | ' | ' |
Other-than-temporary impairment losses, portion recognized in earnings | $149 | $71 |
Rollforward_of_Otherthantempor
Rollforward of Other-than-temporary Impairment Credit-related Losses Recognized in Income, Fixed-maturity Securities Still Held (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Cumulative other-than-temporary impairment, credit losses for securities still held, beginning balance | $14,516 | $14,171 |
Additions for other-than-temporary impaired securities where no credit losses were recognized prior to the beginning of the period | 149 | 71 |
Additions for other-than-temporary impaired securities where credit losses have been recognized prior to the beginning of the period | 0 | 0 |
Reductions due to sales, maturities or calls of credit impaired securities | 0 | 0 |
Cumulative other-than-temporary impairment, credit losses for securities still held, ending balance | $14,665 | $14,242 |
Schedule_of_Derivative_Insrume
Schedule of Derivative Insruments, Embedded Conversion Options Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ' | ' |
Aggregate fair value of embedded conversion options | $4.90 | $4.60 |
Loss_from_Closed_Currency_Forw
Loss from Closed Currency Forward Contracts Recorded in Accumulated Other Comprehensive Income (Loss) Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] | ' | ' |
Deferred loss related to closed forward contracts | $26.40 | $26.40 |
Schedule_of_Fair_Value_Assets_
Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | $1,818,658 | $1,795,606 |
Trading securities | 10,934 | 12,991 |
Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Assets, fair value disclosure, recurring | 4,288,331 | 4,312,426 |
Currency swaps | 151 | 88 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Liabilities, fair value disclosure, recurring | 2,458,890 | 2,503,917 |
Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,771,572 | 1,755,712 |
Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 9,108 | 9,054 |
Fair Value, Recurring Measurements [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 124,960 | 116,356 |
Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 36,988 | 33,700 |
Fair Value, Recurring Measurements [Member] | Corporates [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,332,027 | 1,312,714 |
Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 268,489 | 283,888 |
Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 47,086 | 39,894 |
Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Assets, fair value disclosure, recurring | 43,101 | 36,150 |
Currency swaps | 0 | 0 |
Separate accounts liabilities | 0 | 0 |
Liabilities, fair value disclosure, recurring | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,392 | 1,282 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Corporates [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,392 | 1,282 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 41,709 | 34,868 |
Level 1 [Member] | Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate accounts assets | 0 | 0 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Assets, fair value disclosure, recurring | 4,242,874 | 4,273,988 |
Currency swaps | 151 | 88 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Liabilities, fair value disclosure, recurring | 2,458,890 | 2,503,917 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,767,872 | 1,752,190 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 9,108 | 9,054 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 124,960 | 116,356 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 36,988 | 33,700 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Corporates [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,329,830 | 1,310,739 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 266,986 | 282,341 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 5,329 | 4,978 |
Level 2 [Member] | Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading securities | 0 | 0 |
Assets, fair value disclosure, recurring | 2,356 | 2,288 |
Currency swaps | 0 | 0 |
Separate accounts liabilities | 0 | 0 |
Liabilities, fair value disclosure, recurring | 0 | 0 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 2,308 | 2,240 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 0 | 0 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Corporates [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 805 | 693 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,503 | 1,547 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 48 | 48 |
Level 3 [Member] | Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Separate accounts assets | $0 | $0 |
Rollforward_of_Level_3_Assets_
Rollforward of Level 3 Assets Measured on a Recurring Basis (Details) (Fair Value, Recurring Measurements [Member], Level 3 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Recurring Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on a Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Level 3 assets, beginning of period | $2,288 | $5,221 |
Net unrealized gains (losses) included in other comprehensive income | 120 | 23 |
Net realized gains (losses) included in realized investments gains, including other-than-temporary impairment losses | 0 | 61 |
Purchases | 0 | 477 |
Sales | 0 | -10 |
Settlements | -52 | -525 |
Transfers into level 3 | 0 | 0 |
Transfers out of level 3 | 0 | -991 |
Level 3 assets, end of period | $2,356 | $4,256 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | $1,818,658 | $1,795,606 |
Trading securities | 10,934 | 12,991 |
Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Currency swaps | 151 | 88 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Fair Value, Recurring Measurements [Member] | 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, Recurring Measurements [Member] | Level 3 [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 0 | 0 |
Fair Value, Recurring Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Currency swaps | 151 | 88 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Fair Value, Recurring Measurements [Member] | Level 2 [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Carrying Value [Member] | Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Carrying Value [Member] | Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Carrying Value [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,771,572 | 1,755,712 |
Carrying Value [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 47,086 | 39,894 |
Carrying Value [Member] | Fair Value, Recurring Measurements [Member] | Level 2 [Member] | Currency Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Currency swaps | 151 | 88 |
Carrying Value [Member] | Fair value, Nonrecurring Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Policy loans | 26,580 | 26,806 |
Carrying Value [Member] | Fair value, Nonrecurring Measurements [Member] | Level 3 [Member] | Deposit Asset Underlying 10% Reinsurance Agreement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deposit asset underlying 10% Coinsurance Agreement | 130,178 | 124,413 |
Carrying Value [Member] | Fair value, Nonrecurring Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | 374,494 | 374,481 |
Estimated Fair Value [Member] | Fair Value, Recurring Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 10,934 | 12,991 |
Separate accounts liabilities | 2,458,739 | 2,503,829 |
Estimated Fair Value [Member] | Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Separate accounts assets | 2,458,739 | 2,503,829 |
Estimated Fair Value [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 1,771,572 | 1,755,712 |
Estimated Fair Value [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value disclosure | 47,086 | 39,894 |
Estimated Fair Value [Member] | Fair value, Nonrecurring Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Policy loans | 26,580 | 26,806 |
Estimated Fair Value [Member] | Fair value, Nonrecurring Measurements [Member] | Level 3 [Member] | Deposit Asset Underlying 10% Reinsurance Agreement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deposit asset underlying 10% Coinsurance Agreement | 130,178 | 124,413 |
Estimated Fair Value [Member] | Fair value, Nonrecurring Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes payable | $393,986 | $385,161 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Narrative (Details) | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ' |
Fair value assumptions, percentage of securities assessed by third-party pricing service | 95.00% |
Schedule_of_Reinsured_Life_Ins
Schedule of Reinsured Life Insurance In Force (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Reinsurance Disclosures [Abstract] | ' | ' |
Direct premiums, life insurance in force | $677,486,177 | $679,337,825 |
Ceded premiums, life insurance in force | 599,355,477 | 601,309,340 |
Premiums, net, life insurance in force | $78,130,700 | $78,028,485 |
Percentage of reinsured in-force face amount | 88.00% | 89.00% |
Schedule_of_Reinsured_Receivab
Schedule of Reinsured Receivables by Reinsurer (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | $4,074,527 | $4,055,054 | ||
Prime Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 2,603,726 | [1] | 2,572,800 | [1] |
SCOR Global Life Reinsurance Companies [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 369,746 | [2] | 372,479 | [2] |
Financial Reassurance Company 2010, Ltd. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 330,560 | [1] | 343,144 | [1] |
Swiss Re Life & Health America Inc. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 257,397 | [3] | 260,775 | [3] |
Reinsurance receivable, retroceded percentage | 100.00% | 100.00% | ||
American Health and Life Insurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 176,203 | [1] | 174,722 | [1] |
Munich American Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 100,840 | 100,856 | ||
Korean Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 89,705 | 89,405 | ||
RGA Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 76,762 | 75,629 | ||
Toa Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 20,616 | 18,824 | ||
Hannover Life Reassurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | 17,460 | 16,862 | ||
All Other Reinsurers [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance recoverables | $31,512 | $29,558 | ||
Reinsurance receivable credit rating from agencies | '- | '- | ||
AM Best, A Rating [Member] | SCOR Global Life Reinsurance Companies [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance receivable credit rating from agencies | 'A | [2] | 'A | [2] |
AM Best, A Rating [Member] | Korean Reinsurance 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+ | [3] | 'A+ | [3] |
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] | American Health and Life Insurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance receivable credit rating from agencies | 'A- | [1] | 'A- | [1] |
External Credit Rating, Not Rated [Member] | Prime Reinsurance Company [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance receivable credit rating from agencies | 'NR | [1] | 'NR | [1] |
External Credit Rating, Not Rated [Member] | Financial Reassurance Company 2010, Ltd. [Member] | ' | ' | ||
Ceded Credit Risk [Line Items] | ' | ' | ||
Reinsurance receivable credit rating from agencies | 'NR | [1] | 'NR | [1] |
[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. | |||
[3] | Includes amounts ceded to Lincoln National Life Insurance and 100% retroceded to Swiss Re Life & Health America Inc. |
Notes_Payable_Narrative_Detail
Notes Payable Narrative (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | Rate |
Debt Disclosure [Abstract] | ' |
Notes payable, face amount | $375 |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Rollforward_of_Common_Stock_De
Rollforward of Common Stock (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Common Stock [Line Items] | ' | ' |
Common stock, shares, outstanding, beginning balance | 54,834 | 56,374 |
Shares of restricted common stock issued, net | 0 | 289 |
Shares issued for stock options exercised | 4 | 0 |
Shares of common stock issued upon lapse of restricted stock units | 159 | 115 |
Common stock repurchased and retired | 428 | 96 |
Common stock, shares, outstanding, ending balance | 54,569 | 56,682 |
Stockholders_Equity_Narrative_
Stockholders' Equity Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Stockholders' Equity Transactions [Line Items] | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | $150,000,000 |
Common stock repurchased and retired | 428,000 | 96,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Stockholders' Equity Transactions [Line Items] | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number | 1,300,000 | ' | ' |
November 2013 Share Repurchase Program [Member] | ' | ' | ' |
Stockholders' Equity Transactions [Line Items] | ' | ' | ' |
Common stock repurchased and retired | 283,000 | ' | ' |
Stock repurchased during period, value | 13,100,000 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Income (loss) from continuing operations, including portion attributable to noncontrolling interest | $43,485 | $38,135 |
Income from discontinued operations, net of income taxes | 1,595 | 710 |
Weighted-average vested shares, basic (shares) | 55,211 | 56,598 |
Earnings Per Share, Basic [Abstract] | ' | ' |
Basic earnings per share from continuing operations | $0.78 | $0.66 |
Basic earnings per share from discontinued operations | $0.03 | $0.01 |
Earnings Per Share, Diluted [Abstract] | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 1,809 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 22 | 0 |
Weighted-average vested shares, diluted (shares) | 55,233 | 58,407 |
Diluted earnings per share from continuing operations | $0.78 | $0.64 |
Diluted earnings per share from discontinued operations | $0.03 | $0.01 |
Discontinued Operations [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income used in calculating basic EPS | 1,575 | 691 |
Net income used in calculating diluted EPS | 1,575 | 692 |
Discontinued Operations [Member] | Performance Shares [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Participating securities, distributed and undistributed earnings | -20 | -19 |
Continuing Operations [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income used in calculating basic EPS | 42,928 | 37,137 |
Net income used in calculating diluted EPS | 42,928 | 37,162 |
Continuing Operations [Member] | Performance Shares [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Participating securities, distributed and undistributed earnings | -557 | -998 |
Performance Shares [Member] | Discontinued Operations [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Participating securities, distributed and undistributed earnings | -20 | -18 |
Performance Shares [Member] | Continuing Operations [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Participating securities, distributed and undistributed earnings | ($557) | ($973) |
Disclosure_of_Restricted_Stock
Disclosure of Restricted Stock Awards (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Management equity award expense | $2,848 | $5,196 |
Expense Deferred [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Quarterly incentive awards expense recognized currently | $3,787 | $3,805 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Litigation settlement costs [Member] | Related litigation costs [Member] | Subsequent Event [Member] |
Related litigation costs [Member] | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Loss contingency accrual, payments | ' | ' | ($5.60) |
Loss contingency accrual | $9.30 | $6.40 | ' |