National Western Life Group Inc - Ordinary Shares (NWLI) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Entity Information [Line Items]
Entity Registrant Name	NATIONAL WESTERN LIFE GROUP, INC.
Entity Central Index Key	1,635,984
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,436,166
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		200,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments:
Securities held to maturity, at amortized cost (fair value: $7,472,191 and $7,337,611)	$ 7,277,434	$ 7,159,259
Securities available for sale, at fair value (cost: $2,958,084 and $2,991,042)	3,040,056	3,060,363
Mortgage loans, net of allowance for possible losses ($650 and $650)	163,880	174,534
Policy loans	57,769	58,699
Derivatives, index options	149,848	120,644
Other long-term investments	53,815	53,954
Total investments	10,742,802	10,627,453
Cash and cash equivalents	87,486	51,247
Deferred policy acquisition costs	821,649	835,194
Deferred sales inducements	144,416	147,111
Accrued investment income	101,982	99,245
Federal income tax receivable	0	0
Other assets	134,421	134,731
Total assets	12,032,756	11,894,981
Future policy benefits:
Universal life and annuity contracts	9,774,531	9,722,313
Traditional life reserves	136,316	136,782
Other policyholder liabilities	152,675	143,391
Deferred Federal income tax liability	56,049	64,990
Federal income tax payable	18,293	789
Other liabilities	145,666	104,888
Total liabilities	10,283,530	10,173,153
COMMITMENTS AND CONTINGENCIES (Note 8)
Common stock:
Additional paid-in capital	41,716	41,716
Accumulated other comprehensive income	14,412	10,552
Retained earnings	1,693,062	1,669,524
Total stockholders’ equity	1,749,226	1,721,828
Total liabilities and stockholders' equity	12,032,756	11,894,981
Common Class A [Member]
Common stock:
Common stock, value outstanding	34	34
Common Class B [Member]
Common stock:
Common stock, value outstanding	$ 2	$ 2

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Securities held to maturity-fair value	$ 7,472,191	$ 7,337,611
Securities available for sale-amortized cost	2,958,084	2,991,042
Mortgage loans-allowance for possible losses	$ 650	$ 650
Common Class A [Member]
STOCKHOLDERS’ EQUITY:
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	3,436,166	3,436,166
Common stock, shares outstanding	3,436,166	3,436,166
Common Class B [Member]
STOCKHOLDERS’ EQUITY:
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	200,000	200,000
Common stock, shares outstanding	200,000	200,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Premiums and other revenues:
Universal life and annuity contract charges	$ 41,364	$ 42,010
Traditional life premiums	4,221	4,173
Net investment income	171,742	95,500
Other revenues	4,505	4,878
Net realized investment gains (losses):
Total other-than-temporary impairment (“OTTI”) gains (losses)	20	26
Portion of OTTI (gains) losses recognized in other comprehensive income	(20)	(26)
Net OTTI losses recognized in earnings	0	0
Other net investment gains (losses)	2,585	2,381
Total net realized investment gains (losses)	2,585	2,381
Total revenues	224,417	148,942
Benefits and expenses:
Life and other policy benefits	19,757	15,601
Amortization of deferred policy acquisition costs	34,212	35,220
Universal life and annuity contract interest	109,893	49,017
Other operating expenses	25,092	23,307
Total benefits and expenses	188,954	123,145
Earnings before Federal income taxes	35,463	25,797
Federal income taxes	11,925	8,538
Net earnings	23,538	17,259
Common Class A [Member]
Benefits and expenses:
Net earnings	$ 22,872	$ 16,771
Basic earnings per share:
Earnings Per Share, Basic (in dollars per share)	$ 6.66	$ 4.88
Diluted earnings per share:
Earnings Per Share, Diluted (in dollars per share)	$ 6.65	$ 4.88
Common Class B [Member]
Benefits and expenses:
Net earnings	$ 666	$ 488
Basic earnings per share:
Earnings Per Share, Basic (in dollars per share)	$ 3.33	$ 2.44
Diluted earnings per share:
Earnings Per Share, Diluted (in dollars per share)	$ 3.33	$ 2.44

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 23,538	$ 17,259
Unrealized gains (losses) on securities:
Net unrealized holding gains (losses) arising during period	5,479	24,646
Net unrealized liquidity gains (losses)	43	9
Reclassification adjustment for net amounts included in net earnings	(690)	(460)
Net unrealized gains (losses) on securities	4,832	24,195
Foreign currency translation adjustments	(85)	99
Benefit plans:
Amortization of net prior service cost and net gain (loss)	(887)	(283)
Other comprehensive income (loss)	3,860	24,011
Comprehensive income (loss)	$ 27,398	$ 41,270

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Unrealized gains on non-impaired securities [Member]	Unrealized losses on impaired held to maturity securities [Member]	Unrealized losses on impaired available for sale securities [Member]	Foreign currency translation adjustments [Member]	Benefit plan liability adjustment [Member]	Retained earnings [Member]
Total stockholders’ equity at Dec. 31, 2015		$ 36	$ 41,716		$ 12,347	$ (240)	$ (1)	$ 2,825	$ (14,602)	$ 1,569,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares exercised under stock option plan		0	0
Change in unrealized gains (losses) during period, net of tax	$ 24,646				24,186
Amortization						17
Other-than-temporary impairments, non-credit, net of tax						0
Additional credit loss on previously impaired securities						0
Change in shadow deferred policy acquisition costs						(8)	0
Other-than-temporary impairments, non-credit, net of tax							0
Recoveries, net of tax							0
Change in translation adjustments during period	99							99
Amortization of net prior service cost and net loss, net of tax	(283)								(283)
Net earnings	17,259									17,259
Stockholder dividends										0
Total stockholders’ equity at Mar. 31, 2016	1,653,256	36	41,716	$ 24,340	36,533	(231)	(1)	2,924	(14,885)	1,587,164
Total stockholders’ equity at Dec. 31, 2016	1,721,828				22,813	(203)		2,661	(14,718)	1,669,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares exercised under stock option plan		0	0
Change in unrealized gains (losses) during period, net of tax	5,479				4,789
Amortization						85
Other-than-temporary impairments, non-credit, net of tax						0
Additional credit loss on previously impaired securities						0
Change in shadow deferred policy acquisition costs						(42)	0
Other-than-temporary impairments, non-credit, net of tax							0
Recoveries, net of tax							0
Change in translation adjustments during period	(85)							(85)
Amortization of net prior service cost and net loss, net of tax	(887)								(887)
Net earnings	23,538									23,538
Stockholder dividends										0
Total stockholders’ equity at Mar. 31, 2017	$ 1,749,226	$ 36	$ 41,716	$ 14,412	$ 27,602	$ (160)	$ (1)	$ 2,576	$ (15,605)	$ 1,693,062

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net earnings	$ 23,538	$ 17,259
Adjustments to reconcile net earnings to net cash from operating activities:
Universal life and annuity contract interest	109,893	49,017
Surrender charges and other policy revenues	(12,268)	(5,796)
Realized (gains) losses on investments	(2,585)	(2,381)
Accretion/amortization of discounts and premiums, investments	116	(23)
Depreciation and amortization	2,474	1,985
(Increase) decrease in value of derivatives	(61,206)	12,901
(Increase) decrease in deferred policy acquisition and sales inducement costs	11,003	11,095
(Increase) decrease in accrued investment income	(2,737)	(2,421)
(Increase) decrease in other assets	(2,390)	188
Increase (decrease) in liabilities for future policy benefits	4,171	629
Increase (decrease) in other policyholder liabilities	9,284	(1,063)
Increase (decrease) in Federal income taxes liability	17,504	10,001
Increase (decrease) in deferred Federal income tax	(11,019)	8,536
Increase (decrease) in other liabilities	6,654	3,380
Net cash provided by operating activities	92,432	103,307
Proceeds from sales of:
Securities held to maturity	0	0
Securities available for sale	22,184	7,693
Other investments	0	1,803
Proceeds from maturities and redemptions of:
Securities held to maturity	120,507	54,386
Securities available for sale	70,603	72,477
Derivatives, index options	48,856	2,090
Property and equipment	10	0
Purchases of:
Securities held to maturity	(217,275)	(75,192)
Securities available for sale	(44,817)	(49,370)
Derivatives, index options	(17,649)	(19,332)
Other investments	0	(21,517)
Property and equipment	(44)	0
Net change in short-term investments	0	0
Principal payments on mortgage loans	18,999	13,354
Cost of mortgage loans acquired	(8,323)	(15,542)
Decrease (increase) in policy loans	930	1,469
Net cash used in investing activities	(6,019)	(27,681)
Cash flows from financing activities:
Deposits to account balances for universal life and annuity contracts	181,856	194,091
Return of account balances on universal life and annuity contracts	(231,899)	(234,307)
Net cash provided by (used in) financing activities	(50,043)	(40,216)
Effect of foreign exchange	(131)	154
Net increase (decrease) in cash and cash equivalents	36,239	35,564
Cash and cash equivalents at beginning of period	51,247
Cash and cash equivalents at end of period	87,486	141,571
Cash paid (received) during the period for:
Interest	10	13
Income Taxes Paid, Net	5,440	(10,000)
Noncash operating activities:
Deferral of sales inducements	$ (1,515)	$ (2,397)

Consolidation and Basis of Pres

Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Basis of Presentation	CONSOLIDATION AND BASIS OF PRESENTATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position of National Western Life Group, Inc. ("NWLGI") and its wholly owned subsidiaries (“Company”) as of March 31, 2017 , and the results of its operations and its cash flows for the for the three months ended March 31, 2017 and 2016 . Such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. It is recommended that these Condensed Consolidated Financial Statements be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 which are accessible free of charge through the Company's internet site at www.nwlgi.com or the Securities and Exchange Commission internet site at www.sec.gov . The Condensed Consolidated Balance Sheet at December 31, 2016 has been derived from the audited consolidated financial statements as of that date. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of NWLGI and its wholly owned subsidiaries: National Western Life Insurance Company ("NWLIC", "National Western", or the "company"), Regent Care San Marcos Holdings, LLC, NWL Investments, Inc., and NWL Services, Inc. National Western's wholly owned subsidiaries include The Westcap Corporation, NWL Financial, Inc., NWLSM, Inc., and Braker P III, LLC. All significant intercorporate transactions and accounts have been eliminated in consolidation. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates in the accompanying Condensed Consolidated Financial Statements include (1) liabilities for future policy benefits, (2) valuation of derivative instruments, (3) recoverability and amortization of deferred policy acquisition costs, (4) valuation allowances for deferred tax assets, (5) other-than-temporary impairment losses on debt securities, (6) commitments and contingencies, and (7) valuation allowances for mortgage loans and real estate. The table below shows the unrealized gains and losses on available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2017 and 2016 . Affected Line Item in the Statements of Earnings Amount Reclassified From Accumulated Other Comprehensive Income Three Months Ended March 31, 2017 2016 (In thousands) Other net investment gains (losses) $ 1,061 708 Net OTTI losses recognized in earnings — — Earnings before Federal income taxes 1,061 708 Federal income taxes 371 248 Net earnings $ 690 460

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS In January 2016, the FASB released accounting standards update 2016-01, Recognition and Measurement of Financial Assets and Liabilities. The main provisions of the update are to eliminate the available for sale classification of accounting for equity securities and to adjust the fair value disclosures for financial instruments carried at amortized costs such that the disclosed fair values represent an exit price as opposed to an entry price. The provisions of this update will require that equity securities be carried at fair market value on the balance sheet and any periodic changes in value will be adjustments to the income statement. The provisions of this update become effective for interim and annual periods beginning after December 15, 2017. The Company does not expect the requirements of this update to have a material impact on the Company’s financial position, results of operations or cash flows. In June 2016, the FASB released accounting standards update 2016-13, Financial Instruments-Credit Losses, which revises the credit loss recognition criteria for certain financial assets measured at amortized cost. The new guidance replaces the existing incurred loss recognition model with an expected loss recognition model. The objective of the expected credit loss model is for the reporting entity to recognize its estimate of expected credit losses for affected financial assets in a valuation allowance deducted from the amortized cost basis of the related financial assets that results in presenting the net carrying value of the financial assets at the amount expected to be collected. The guidance is effective for interim and annual periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained income. Adoption of the guidance is not expected to have a material effect on the Company’s results of operations or financial position. In March 2017, the FASB released accounting standards update 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Adoption of this guidance is not expected to have a material effect on the Company’s results of operations or financial position. In March 2017, the FASB issued accounting standards update 2017-08, Receivables - Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium. The amortization period for premiums is being shortened to the earliest call date. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating this guidance. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future consolidated financial statements.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS' EQUITY NWLIC is restricted by state insurance laws as to dividend amounts which may be paid to stockholders without prior approval from the Colorado Division of Insurance. The restrictions are based on the lesser of statutory earnings from operations, excluding capital gains, from the prior calendar year or 10% of statutory surplus of the company as of previous calendar year-end. The maximum dividend payment which may be made without prior approval in 2017 is $86.0 million . As the sole owner of NWLIC, all dividends declared by National Western are payable entirely to NWLGI and are eliminated in consolidation. National Western did not declare or pay cash dividends on its common shares during the three months ended March 31, 2017 and 2016. NWLGI did not declare or pay cash dividends on its common shares during the three months ended March 31, 2017 and 2016.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share of common stock are computed by dividing net income by the weighted-average basic common shares outstanding during the period. Diluted earnings per share assumes the issuance of common shares applicable to stock options in the denominator. Net income for the periods shown is allocated between Class A shares and Class B shares based upon (1) the proportionate number of shares issued and outstanding as of the end of the period, and (2) the per share dividend rights of the two classes under the Company's Restated Certificate of Incorporation (the Class B dividend per share is equal to one-half the Class A dividend per share). Three Months Ended March 31, 2017 2016 Class A Class B Class A Class B (In thousands except per share amounts) Numerator for Basic and Diluted Earnings Per Share: Net income $ 23,538 17,259 Dividends - Class A shares — — Dividends - Class B shares — — Undistributed income $ 23,538 17,259 Allocation of net income: Dividends $ — — — — Allocation of undistributed income 22,872 666 16,771 488 Net income $ 22,872 666 16,771 488 Denominator: Basic earnings per share - weighted-average shares 3,436 200 3,436 200 Effect of dilutive stock options 4 — 1 — Diluted earnings per share - adjusted weighted-average shares for assumed conversions 3,440 200 3,437 200 Basic Earnings Per Share $ 6.66 3.33 4.88 2.44 Diluted Earnings Per Share $ 6.65 3.33 4.88 2.44 Stock options that were outstanding during the three months ended March 31, 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effect was anti-dilutive, were approximately 0 and 20,800 , respectively.

Pension and Other Postretiremen

Pension and Other Postretirement Plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Plans	PENSION AND OTHER POSTRETIREMENT PLANS (A) Defined Benefit Pension Plans National Western sponsors a qualified defined benefit pension plan covering employees enrolled prior to 2008. The plan provides benefits based on the participants' years of service and compensation. The Company makes annual contributions to the plan that complies with the minimum funding provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). On October 19, 2007, National Western's Board of Directors approved an amendment to freeze the pension plan as of December 31, 2007. The freeze ceased future benefit accruals to all participants and closed the plan to any new participants. In addition, all participants became immediately 100% vested in their accrued benefits as of that date. Fair values of plan assets and liabilities are measured as of the prior December 31 for each respective year. The following table summarizes the components of net periodic benefit cost. Three Months Ended March 31, 2017 2016 (In thousands) Service cost $ 27 26 Interest cost 239 250 Expected return on plan assets (307 ) (304 ) Amortization of prior service cost — — Amortization of net loss 159 193 Net periodic benefit cost $ 118 165 The service cost shown above for each period represents plan expenses expected to be paid out of plan assets. Under the clarified rules of the Pension Protection Act, plan expenses paid from plan assets are to be included in the plan's service cost component. The Company's minimum required contribution for the 2017 plan year is $0.2 million . There was no remaining contribution payable for the 2016 plan year as of March 31, 2017 . As of March 31, 2017 , the Company had contributed a total of $0.0 million to the plan for the 2017 plan year. National Western also sponsors a nonqualified defined benefit plan primarily for senior officers. The plan provides benefits based on the participants' years of service and compensation. The pension obligations and administrative responsibilities of the plan are maintained by a pension administration firm, which is a subsidiary of American National Insurance Company ("ANICO"). ANICO has guaranteed the payment of pension obligations under the plan. However, the Company has a contingent liability with respect to the plan should these entities be unable to meet their obligations under the existing agreements. Also, the Company has a contingent liability with respect to the plan in the event that a plan participant continues employment with National Western beyond age seventy, the aggregate average annual participant salary increases exceed 10% per year, or any additional employees become eligible to participate in the plan. If any of these conditions are met, the Company would be responsible for any additional pension obligations resulting from these items. Amendments were made to the plan to allow an additional employee to participate and to change the benefit formula for the then Chairman of the Company. As previously mentioned, these additional obligations are a liability to the Company. Effective December 31, 2004, this plan was frozen with respect to the continued accrual of benefits of the then Chairman and the then President of the Company in order to comply with law changes under the American Jobs Creation Act of 2004 ("Act"). Effective July 1, 2005, National Western established a second non-qualified defined benefit plan for the benefit of the then Chairman of the company. This plan is intended to provide for post-2004 benefit accruals that mirror and supplement the pre-2005 benefit accruals under the previously discussed non-qualified plan, while complying with the requirements of the Act. Effective November 1, 2005, National Western established a third non-qualified defined benefit plan for the benefit of the then President of the company. This plan is intended to provide for post-2004 benefit accruals that supplement the pre-2005 benefit accruals under the first non-qualified plan as previously discussed, while complying with the requirements of the Act. The following table summarizes the components of net periodic benefit costs for the nonqualified defined benefit plans. Three Months Ended March 31, 2017 2016 (In thousands) Service cost $ 204 109 Interest cost 347 265 Amortization of prior service cost 15 15 Amortization of net loss 818 501 Net periodic benefit cost $ 1,384 890 The Company expects to contribute $2.0 million to these plans in 2017 . As of March 31, 2017 , the Company has contributed $0.4 million to the plans. (B) Defined Benefit Postretirement Healthcare Plans National Western sponsors two healthcare plans to provide postretirement benefits to certain fully-vested individuals. The following table summarizes the components of net periodic benefit costs. Three Months Ended March 31, 2017 2016 (In thousands) Interest cost $ 30 30 Amortization of prior service cost 26 26 Amortization of net loss — — Net periodic benefit cost $ 56 56 The Company expects to contribute minimal amounts to the plan in 2017 .

Segment and Other Operating Inf

Segment and Other Operating Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment and Other Operating Information	SEGMENT AND OTHER OPERATING INFORMATION The Company defines its reportable operating segments as domestic life insurance, international life insurance, and annuities. These segments are organized based on product types and geographic marketing areas. A summary of segment information as of March 31, 2017 and December 31, 2016 for the Condensed Consolidated Balance Sheet items and for the three months ended March 31, 2017 and March 31, 2016 for the Condensed Consolidated Statement of Earnings is provided below. Selected Segment Information: Domestic Life Insurance International Life Insurance Annuities All Others Totals (In thousands) March 31, 2017 Condensed Consolidated Balance Sheet Items: Deferred policy acquisition costs and sales inducements $ 90,825 236,881 638,359 — 966,065 Total segment assets 1,004,342 1,231,013 9,297,074 300,531 11,832,960 Future policy benefits 852,804 913,906 8,144,137 — 9,910,847 Other policyholder liabilities 14,587 12,506 125,582 — 152,675 Three Months Ended March 31, 2017 Condensed Consolidated Statement of Earnings: Premiums and contract revenues $ 8,849 31,500 5,236 — 45,585 Net investment income 19,590 18,619 126,434 7,099 171,742 Other revenues 13 26 26 4,440 4,505 Total revenues 28,452 50,145 131,696 11,539 221,832 Life and other policy benefits 4,919 6,285 8,553 — 19,757 Amortization of deferred policy acquisition costs 2,789 7,406 24,017 — 34,212 Universal life and annuity contract interest 16,247 16,382 77,264 — 109,893 Other operating expenses 4,732 5,978 10,060 4,322 25,092 Federal income taxes (benefit) (79 ) 4,724 3,956 2,419 11,020 Total expenses 28,608 40,775 123,850 6,741 199,974 Segment earnings (loss) $ (156 ) 9,370 7,846 4,798 21,858 Selected Segment Information: Domestic Life Insurance International Life Insurance Annuities All Others Totals (In thousands) December 31, 2016 Condensed Consolidated Balance Sheet Items: Deferred policy acquisition costs and sales inducements $ 90,485 243,106 648,714 — 982,305 Total segment assets 971,990 1,232,648 9,193,980 298,481 11,697,099 Future policy benefits 830,460 919,380 8,109,255 — 9,859,095 Other policyholder liabilities 13,998 10,528 118,865 — 143,391 Three Months Ended March 31, 2016 Condensed Consolidated Statement of Earnings: Premiums and contract revenues $ 7,659 32,788 5,736 — 46,183 Net investment income 6,133 6,847 77,639 4,881 95,500 Other revenues 24 36 60 4,758 4,878 Total revenues 13,816 39,671 83,435 9,639 146,561 Life and other policy benefits 3,621 5,168 6,812 — 15,601 Amortization of deferred acquisition costs 2,011 5,105 28,104 — 35,220 Universal life and annuity contract interest 3,843 5,683 39,491 — 49,017 Other operating expenses 3,575 5,526 9,590 4,616 23,307 Federal income taxes (benefit) 252 5,984 (185 ) 1,653 7,704 Total expenses 13,302 27,466 83,812 6,269 130,849 Segment earnings (loss) $ 514 12,205 (377 ) 3,370 15,712 Reconciliations of segment information to the Company's Condensed Consolidated Financial Statements are provided below. Three Months Ended March 31, 2017 2016 (In thousands) Premiums and Other Revenues : Premiums and contract revenues $ 45,585 46,183 Net investment income 171,742 95,500 Other revenues 4,505 4,878 Realized gains (losses) on investments 2,585 2,381 Total condensed consolidated premiums and other revenues $ 224,417 148,942 Three Months Ended March 31, 2017 2016 (In thousands) Federal Income Taxes : Total segment Federal income taxes $ 11,020 7,704 Taxes on realized gains (losses) on investments 905 834 Total condensed consolidated Federal income taxes $ 11,925 8,538 Three Months Ended March 31, 2017 2016 (In thousands) Net Earnings : Total segment earnings $ 21,858 15,712 Realized gains (losses) on investments, net of taxes 1,680 1,547 Total condensed consolidated net earnings $ 23,538 17,259 March 31, December 31, 2017 2016 (In thousands) Assets : Total segment assets $ 11,832,960 11,697,099 Other unallocated assets 199,796 197,882 Total condensed consolidated assets $ 12,032,756 11,894,981

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	SHARE-BASED PAYMENTS The Company had a stock and incentive plan ("1995 Plan") which provided for the grant of any or all of the following types of awards to eligible employees: (1) stock options, including incentive stock options and nonqualified stock options; (2) stock appreciation rights, in tandem with stock options or freestanding; (3) restricted stock or restricted stock units; and, (4) performance awards. The 1995 Plan began on April 21, 1995, and was amended on June 25, 2004 to extend the termination date to April 20, 2010. The number of shares of Class A, $1.00 par value, common stock which were allowed to be issued under the 1995 Plan, or as to which stock appreciation rights ("SARs") or other awards were allowed to be granted, could not exceed 300,000 . Effective June 20, 2008, the Company's shareholders approved a 2008 Incentive Plan (“2008 Plan”). The 2008 Plan is substantially similar to the 1995 Plan and authorized an additional number of Class A, $0.01 par value, common stock shares eligible for issue not to exceed 300,000 . These plans were assumed by NWLGI from National Western pursuant to the terms of the holding company reorganization in 2015. On June 15, 2016, stockholders of NWLGI approved the Incentive Plan, which is a stock and incentive plan essentially similar to the 2008 Plan. The Incentive Plan includes additional provisions, most notably regarding the definition of performance objectives which could be used in the issuance of the fourth type of award noted above (performance awards). All of the employees of the Company and its subsidiaries are eligible to participate in the current Incentive Plan. In addition, directors of the Company are eligible to receive the same types of awards as employees except that they are not eligible to receive incentive stock options. Company directors, including members of the Compensation and Stock Option Committee, are eligible for nondiscretionary stock options. Employee grants vest 20% annually following three years of service following the grant date. Directors' grants vest 20% annually following one year of service from the date of grant. Effective during March 2006, the Company adopted and implemented a limited stock buy-back program with respect to the 1995 Plan which provides option holders the additional alternative of selling shares acquired through the exercise of options directly back to the Company. Option holders may elect to sell such acquired shares back to the Company at any time within ninety (90) days after the exercise of options at the prevailing market price as of the date of notice of election. The buy-back program did not alter the terms and conditions of the 1995 Plan; however, the program necessitated a change in accounting from the equity classification to the liability classification. In August 2008, the Company implemented another limited stock buy-back program, substantially similar to the 2006 program, for shares issued under the 2008 Plan. These plans were assumed as well by NWLGI from National Western pursuant to the terms of the holding company reorganization. While not previously utilized, the Incentive Plan allows for certain other share or unit awards which are solely paid out in cash based on the value of the Company's shares, or changes therein, as well as the financial performance of the Company under pre-determined target performance metrics. Certain awards, such as restricted stock units (RSUs) provide solely for cash settlement based upon the market price of the Company's Class A commons shares, often referred to as "phantom stock-based awards". Unlike share-settled awards, which have a fixed grant-date fair value, the fair value of unsettled or unvested liability awards is remeasured at the end of each reporting period based on the change in fair value of a share. The liability and corresponding expense are adjusted accordingly until the award is settled. Other awards may involve performance share units (PSUs) which are units granted at a specified dollar amount per unit, typically linked to the Company's Class A common share price, that are subsequently multiplied by an attained performance factor to derive the number of PSUs to be paid as cash compensation at the vesting date. Both the PSUs and RSUs vest three years from the date of grant. The RSUs are payable in cash at the vesting date equal to the closing price of the Company's Class A common share at that time. For PSUs, the performance period begins the first day of the calendar year, in this case January 1, 2016, and runs three years. At that time, the three-year performance outcome will be measured against the pre-defined target amounts to determine the number of PSUs earned as compensation. During the quarter ended March 31, 2017, the Company granted RSUs to directors of NWLGI based upon the closing market price per Class A common share at the time of the grant of $311.16 . No RSUs were granted to directors of NWLGI during the first quarter of 2016. Unlike RSUs granted to officers, the RSUs granted to directors vest one year from the date of grant, and are payable in cash at the vesting date equal to the closing price of the Company's Class A common share at that time. The following table shows all grants issued to officers and directors for the three months ended March 31, 2017 and 2016. These grants were made based upon closing market price per Class A common share at the grant date of $311.16 and $216.48 in the first quarter of 2017 and 2016, respectively. March 31, 2017 March 31, 2016 Officer Director Officer Director SARs 11,512 — 14,643 — RSUs 2,674 1,660 3,661 — PSUs 4,425 — 5,727 — The Company uses the current fair value method to measure compensation cost for awards granted under the share-based plans. As of March 31, 2017 and 2016 , the liability balance was $12.7 million and $6.2 million , respectively. A summary of shares available for grant and related activity is detailed below. Options Outstanding Shares Available For Grant Shares Weighted- Average Exercise Price Stock Options: Balance at January 1, 2017 291,000 19,268 $ 240.47 Exercised — (100 ) $ 255.13 Forfeited — — $ — Expired — — $ — Stock options granted — — $ — Balance at March 31, 2017 291,000 19,168 $ 240.39 Liability Awards SAR RSU PSU Balance at January 1, 2017 77,178 6,029 5,426 Exercised (722 ) — — Forfeited — — — Granted 11,512 4,334 4,425 Balance at March 31, 2017 87,968 10,363 9,851 Stock options and SARs shown as forfeited in the above tables represent vested and unvested awards not exercised by plan participants prior to their termination from the Company. Forfeited stock options, if any, are not shown as being added back to the "Shares Available For Grant" balance as they were awarded under the 1995 Plan which was terminated during calendar year 2010. The total intrinsic value of stock options and SARs exercised was $0.1 million and $0.1 million for the three months ended March 31, 2017 and 2016 , respectively. The total share-based liabilities paid for the exercised stock options and SARs were $0.0 million and $0.0 million for the three months ended March 31, 2017 and 2016 , respectively. The total fair value of stock options and SARs vested during the three months ended March 31, 2017 and 2016 was $0.5 million and $0.6 million , respectively. For the three months ended March 31, 2017 and 2016 , the total cash received from the exercise of stock options under the Plans was $0.0 million and $0.0 million , respectively. The following table summarizes information about stock options and SARs outstanding at March 31, 2017 . Options/SARs Outstanding Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable Exercise prices: 255.13 (options) 13,168 1.0 year 13,168 208.05 (options) 6,000 1.2 years 6,000 114.64 (SARs) 12,000 1.9 years 12,000 132.56 (SARs) 21,968 4.7 years 13,962 210.22 (SARs) 28,900 6.7 years 6,900 216.48 (SARs) 13,588 8.9 years 4,360 311.16 (SARs) 11,512 9.9 years — Totals 107,136 56,390 Aggregate intrinsic value (in thousands) $ 11,172 $ 6,923 The aggregate intrinsic value in the table above is based on the closing stock price of $ 304.16 per share on March 31, 2017 . In estimating the fair value of the share based awards outstanding at March 31, 2017 and December 31, 2016 , the Company employed the Black-Scholes option pricing model with assumptions detailed below. March 31, December 31, Expected term of options 1.0 to 9.9 years 1.3 to 9.1 years Expected volatility weighted-average 23.52 % 23.83 % Expected dividend yield 0.12 % 0.12 % Risk-free rate weighted-average 2.07 % 1.03 % The Company reviewed the contractual term relative to the options as well as perceived future behavior patterns of exercise. Volatility is based on the Company’s historical volatility over the expected term of the option’s expected exercise date. The pre-tax compensation cost (benefit) recognized in the financial statements related to the two plans defined above was $0.8 million and $(1.5) million for the three months ended March 31, 2017 and 2016, respectively. The related tax (expense)/benefit recognized was $(0.3) million and $0.5 million for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 , the total compensation cost related to nonvested share based awards not yet recognized was $6.4 million . This amount is expected to be recognized over a weighted-average period of 1.4 years . The Company recognizes compensation cost over the graded vesting periods.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES (A) Legal Proceedings In the normal course of business, the Company is involved or may become involved in various legal actions in which claims for alleged economic and punitive damages have been or may be asserted, some for substantial amounts. In recent years, carriers offering life insurance and annuity products have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices, and similar claims. Given the uncertainty involved in these types of actions, the ability to make a reliable evaluation of the likelihood of an unfavorable outcome or an estimate of the amount of or range of potential loss is endemic to the particular circumstances and evolving developments of each individual matter on its own merits. On October 26, 2011 the Brazilian Superintendence of Private Insurance (“SUSEP”) attempted to serve National Western with a subpoena regarding an administrative proceeding initiated by SUSEP in which it alleged that National Western was operating as an insurance company in Brazil without due authorization. National Western had been informed that SUSEP was attempting to impose a penal fine, based on currency exchange rates at that time, of approximately $6.0 billion on the company. SUSEP unsuccessfully attempted to serve National Western with notice regarding this matter. National Western does not transact business in Brazil and has no officers, employees, property, or assets in Brazil. National Western believes that SUSEP has no jurisdiction over the company, that SUSEP's attempts at service of process were invalid, and that any penal fine would be unenforceable. In addition, due to a new law recently enacted in Brazil the penal fine has been limited to 3 million reais (approximately $960,000 based on current exchange rates). For the reasons described above, the Company does not believe that this matter meets the definition of a material pending legal proceeding as such term is defined in Item 103 of Regulation S-K but has included the foregoing description solely due to the purported amount of the fine sought at that time. Despite SUSEP's lack of jurisdiction over National Western and absence of National Western officers, employees, property, or assets in Brazil, SUSEP affirmed its imposition of a penal fine against National Western, but in the reduced amount of 3 million reais (approximately $960,000 ). In light of the substantial reduction in the proposed penal fine by SUSEP, during the fourth quarter of 2016 National Western paid the penal fine in the reduced amount under protest and thereby retained its rights to seek judicial review in Brazil of the merits of the SUSEP charges. In consideration of these developments, National Western has ceased accepting new applications from residents in Brazil. National Western was the named defendant in the case of Damaris Maldonado Vinas, et al. vs. National Western Life Insurance , in which the plaintiffs, after National Western had paid the death benefits to the beneficiary (Francisco Iglesias-Alvarez) upon the annuitant’s (Carlos Iglesias-Alvarez) death, sought to annul two annuity policies issued by National Western at the behest of Carlos Iglesias-Alvarez and which named Francisco Iglesias-Alvarez as their beneficiary. On March 31, 2016, the United States District Court for the District of Puerto Rico (the “Court”) issued its Opinion and Order on the pending Motions for Summary Judgment submitted by the parties, and therein denied National Western’s motion and granted plaintiffs’ motion voiding the two annuities and requesting a refund of the premiums paid ( $2.9 million ). National Western vigorously defended the case and believes that the Court’s Opinion and Order is contrary to applicable law. As such, National Western filed a Motion for Reconsideration of Opinion and Order and Corresponding Judgment with the Court on April 27, 2016, which the Court denied on May 5, 2016. National Western filed a Notice of Appeal on June 10, 2016, filed its Appeal Brief on September 12, 2016, and oral arguments with the U.S. Court of Appeals for the First Circuit were held on March 9, 2017. We anticipate the Court of Appeals issuing its decision by midyear. Although there can be no assurances, at the present time, the Company does not anticipate that the ultimate liability arising from such other potential, pending, or threatened legal actions will have a material adverse effect on the financial condition or operating results of the Company. Separately, the Brazilian authorities have commenced an investigation into possible violations of Brazilian criminal law in connection with the issuance of National Western insurance policies to Brazilian residents, and in assistance of such investigation a Commissioner appointed by the U.S. District Court for the Western District of Texas has issued a subpoena upon the Company to provide information relating to such possible violations. No conclusion can be drawn at this time as to its outcome or how such outcome may impact the Company’s business, results of operations or financial condition. National Western is cooperating with the relevant governmental authorities in regard to this matter. (B) Financial Instruments In order to meet the financing needs of its customers in the normal course of business, the Company is a party to financial instruments with off-balance sheet risk. These financial instruments are commitments to extend credit which involve elements of credit and interest rate risk in excess of the amounts recognized in the Condensed Consolidated Balance Sheets. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amounts, assuming that the amounts are fully advanced and that collateral or other security is of no value. Commitments to extend credit are legally binding agreements to lend to a customer that generally have fixed expiration dates or other termination clauses and may require payment of a fee. Commitments do not necessarily represent future liquidity requirements, as some could expire without being drawn upon. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company controls the credit risk of these transactions through credit approvals, limits, and monitoring procedures. The Company had $9.5 million commitments to fund new loans and $1.0 million commitments on existing loans to extend credit relating to loans at March 31, 2017 . The Company evaluates each customer's creditworthiness on a case-by-case basis.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS (A) Investment Gains and Losses The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated. Three Months Ended March 31, 2017 2016 (In thousands) Available for sale debt securities: Realized gains on disposal $ 973 677 Realized losses on disposal — (6 ) Held to maturity debt securities: Realized gains on disposal 1,557 489 Realized losses on disposal (34 ) (106 ) Equity securities realized gains (losses) 89 37 Real estate gains (losses) — 1,290 Totals $ 2,585 2,381 Disposals in the held to maturity category during the periods shown primarily represent calls initiated by the credit issuer of the debt security. It is the Company's policy to initiate disposals of debt securities in the held to maturity category only in instances in which the credit status of the issuer comes into question and the realization of all or a significant portion of the investment principal of the holding is deemed to be in jeopardy. The Company uses the specific identification method in computing realized gains and losses. For the three months ended March 31, 2017 and 2016 the percentage of gains on bonds due to the call of securities was 63% and 36% , respectively. This includes calls out of the Company's available for sale portfolio of debt securities. The table below presents net impairment losses recognized in earnings for the periods indicated. Three Months Ended March 31, 2017 2016 (In thousands) Total other-than-temporary impairment gains (losses) on debt securities $ 20 26 Portion of loss (gain) recognized in comprehensive income (20 ) (26 ) Net impairment losses on debt securities recognized in earnings — — Equity securities impairments — — Totals $ — — The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss. Three Months Ended March 31, 2017 Year Ended (In thousands) Beginning balance, cumulative credit losses related to other-than-temporary impairments $ 1,440 2,278 Reductions for securities sold during current period — (838 ) Additions for credit losses not previously recognized in other-than-temporary impairments — — Ending balance, cumulative credit losses related to other-than-temporary impairments $ 1,440 1,440 (B) Debt and Equity Securities The table below presents amortized costs and fair values of securities held to maturity at March 31, 2017 . Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: U.S. Treasury $ 1,334 226 — 1,560 States and political subdivisions 451,028 22,515 (2,401 ) 471,142 Public utilities 1,100,672 35,064 (2,800 ) 1,132,936 Corporate 4,356,635 122,671 (18,466 ) 4,460,840 Residential mortgage-backed 1,357,898 41,982 (5,566 ) 1,394,314 Home equity 8,446 1,418 — 9,864 Manufactured housing 1,421 114 — 1,535 Totals $ 7,277,434 223,990 (29,233 ) 7,472,191 The table below presents amortized costs and fair values of securities available for sale at March 31, 2017 . Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: States and political subdivisions $ 579 13 — 592 Foreign governments 9,958 382 — 10,340 Public utilities 118,557 4,770 (2 ) 123,325 Corporate 2,780,422 85,485 (15,927 ) 2,849,980 Residential mortgage-backed 25,163 2,012 (86 ) 27,089 Home equity 8,932 273 — 9,205 Manufactured housing — — — — 2,943,611 92,935 (16,015 ) 3,020,531 Equity securities 14,473 5,195 (143 ) 19,525 Totals $ 2,958,084 98,130 (16,158 ) 3,040,056 The table below presents amortized costs and fair values of securities held to maturity at December 31, 2016 . Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: U.S. Treasury $ 1,333 235 — 1,568 States and political subdivisions 456,069 22,697 (2,841 ) 475,925 Public utilities 1,087,176 36,904 (3,133 ) 1,120,947 Corporate 4,237,029 116,720 (29,701 ) 4,324,048 Residential mortgage-backed 1,367,270 42,345 (6,468 ) 1,403,147 Home equity 8,826 1,462 — 10,288 Manufactured housing 1,556 132 — 1,688 Totals $ 7,159,259 220,495 (42,143 ) 7,337,611 The table below presents amortized costs and fair values of securities available for sale at December 31, 2016 . Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: States and political subdivisions $ 580 — (6 ) 574 Foreign governments 9,956 380 — 10,336 Public utilities 127,181 4,745 (232 ) 131,694 Corporate 2,802,852 80,414 (22,603 ) 2,860,663 Residential mortgage-backed 27,110 2,137 (91 ) 29,156 Home equity 9,341 286 — 9,627 Manufactured housing — — — — 2,977,020 87,962 (22,932 ) 3,042,050 Equity securities 14,022 4,657 (366 ) 18,313 Totals $ 2,991,042 92,619 (23,298 ) 3,060,363 The Company does not consider securities to be other-than-temporarily impaired when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality and when recovery of all amounts due under the contractual terms of the security is anticipated. Based on the review and the Company's ability and intent not to sell these securities until maturity, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2017 . The Company will monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified. During the three months ended March 31, 2017 , the Company recorded no other-than-temporary impairment on debt and equity securities. Unrealized losses for securities held to maturity and securities available for sale decreased during the first three months of 2017 primarily due to the downward movement in market interest rates during this period (which increases the market price of debt securities). The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2017 . Securities Held to Maturity Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 65,685 (2,401 ) — — 65,685 (2,401 ) Public utilities 197,914 (2,800 ) — — 197,914 (2,800 ) Corporate 902,638 (14,714 ) 157,256 (3,752 ) 1,059,894 (18,466 ) Residential mortgage-backed 265,455 (5,106 ) 8,955 (460 ) 274,410 (5,566 ) Total temporarily impaired securities $ 1,431,692 (25,021 ) 166,211 (4,212 ) 1,597,903 (29,233 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2017 . Securities Available for Sale Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ — — — — — — Public utilities 1,009 (2 ) — — 1,009 (2 ) Corporate 522,235 (12,253 ) 96,051 (3,674 ) 618,286 (15,927 ) Residential mortgage-backed — — 1,189 (86 ) 1,189 (86 ) 523,244 (12,255 ) 97,240 (3,760 ) 620,484 (16,015 ) Equity securities 929 (62 ) 466 (81 ) 1,395 (143 ) Total temporarily impaired securities $ 524,173 (12,317 ) 97,706 (3,841 ) 621,879 (16,158 ) The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2016 . Securities Held to Maturity Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 80,507 (2,841 ) — — 80,507 (2,841 ) Public utilities 162,587 (3,133 ) — — 162,587 (3,133 ) Corporate 1,063,194 (22,867 ) 179,113 (6,834 ) 1,242,307 (29,701 ) Residential mortgage-backed 274,045 (5,989 ) 8,943 (479 ) 282,988 (6,468 ) Total temporarily impaired securities $ 1,580,333 (34,830 ) 188,056 (7,313 ) 1,768,389 (42,143 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2016 . Securities Available for Sale Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 574 (6 ) — — 574 (6 ) Public utilities 10,765 (232 ) — — 10,765 (232 ) Corporate 680,988 (16,427 ) 106,969 (6,176 ) 787,957 (22,603 ) Residential mortgage-backed 1,292 (91 ) — — 1,292 (91 ) 693,619 (16,756 ) 106,969 (6,176 ) 800,588 (22,932 ) Equity securities 4,154 (305 ) 422 (61 ) 4,576 (366 ) Total temporarily impaired securities $ 697,773 (17,061 ) 107,391 (6,237 ) 805,164 (23,298 ) Debt securities. The gross unrealized losses for debt securities are made up of 269 individual issues, or 20.0% of the total debt securities held by the Company at March 31, 2017 . The market value of these bonds as a percent of amortized cost averages 98.0% . Of the 269 securities, 39 , or 14.5% , fall in the 12 months or greater aging category; and 263 were rated investment grade at March 31, 2017 . Equity securities. The gross unrealized losses for equity securities are made up of 25 individual issues at March 31, 2017 . These holdings are reviewed quarterly for impairment. The amortized cost and fair value of investments in debt securities at March 31, 2017 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Debt Securities Available for Sale Debt Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in 1 year or less $ 138,096 140,919 276,185 283,685 Due after 1 year through 5 years 1,072,377 1,132,955 1,871,626 1,980,612 Due after 5 years through 10 years 1,649,351 1,661,234 3,387,266 3,421,730 Due after 10 years 49,692 49,129 374,592 380,451 2,909,516 2,984,237 5,909,669 6,066,478 Mortgage and asset-backed securities 34,095 36,294 1,367,765 1,405,713 Total $ 2,943,611 3,020,531 7,277,434 7,472,191 (C) Transfer of Securities During the three months ended March 31, 2017 the Company made no transfers from the held to maturity category to securities available for sale. (D) Mortgage Loans and Real Estate A financing receivable is a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in a company's statement of financial position. Mortgage, equity, participation and mezzanine loans on real estate are considered financing receivables reported by the Company. Credit and default risk is minimized through strict underwriting guidelines and diversification of underlying property types and geographic locations. In addition to being secured by the property, mortgage loans with leases on the underlying property are often guaranteed by the lease payments and also by the borrower. This approach has proved to result in quality mortgage loans with few defaults. Mortgage loan interest income is recognized on an accrual basis with any premium or discount amortized over the life of the loan. Prepayment and late fees are recorded on the date of collection. Loans in foreclosure, loans considered impaired or loans past due 90 days or more are placed on a non-accrual status. If a mortgage loan is determined to be on non-accrual status, the mortgage loan does not accrue any revenue into the Condensed Consolidated Statements of Earnings. The loan is independently monitored and evaluated as to potential impairment or foreclosure. If delinquent payments are made and the loan is brought current, then the Company returns the loan to active status and accrues income accordingly. The Company had no mortgage loans past due 90 days or more at March 31, 2017 or 2016 and as a result all interest income was recognized at March 31, 2017 and 2016 . The following table represents the mortgage loan portfolio by loan-to-value ratio. March 31, 2017 December 31, 2016 Amount % Amount % (In thousands) (In thousands) Mortgage Loans by Loan-to-Value Ratio (1): Less than 50% $ 57,933 35.2 $ 54,783 31.3 50% to 60% 24,145 14.7 12,946 7.4 60% to 70% 63,533 38.6 76,959 43.9 70% to 80% 6,199 3.8 6,192 3.5 80% to 90% 7,132 4.3 18,688 10.7 Greater than 90% 5,588 3.4 5,616 3.2 Gross balance 164,530 100.0 175,184 100.0 Allowance for possible losses (650 ) (0.4 ) (650 ) (0.4 ) Totals $ 163,880 99.6 $ 174,534 99.6 (1) Loan-to-Value Ratio is determined using the most recent appraised value. Appraisals are required at the time of funding and may be updated if a material change occurs from the original loan agreement. All mortgage loans are analyzed quarterly in order to monitor the financial quality of these assets. Based on ongoing monitoring, mortgage loans with a likelihood of becoming delinquent are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem include: major tenant vacancies or bankruptcies, late payments, and loan relief/restructuring requests. The mortgage loan portfolio is analyzed for the need for a valuation allowance on any loan that is on the internal watch list, in the process of foreclosure or that currently has a valuation allowance. Mortgage loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When it is determined that a loan is impaired, a loss is recognized for the difference between the carrying amount of the mortgage loan and the estimated value reduced by the cost to sell. Estimated value is typically based on the loan's observable market price or the fair value of the collateral less cost to sell. Impairments and changes in the valuation allowance are reported in net realized investment gains (losses) in the Condensed Consolidated Statements of Earnings. The following table represents the mortgage loan allowance. March 31, 2017 December 31, 2016 (In thousands) Balance, beginning of period $ 650 650 Provision — — Releases — — Balance, end of period $ 650 650 The Company's direct investments in real estate are not a significant portion of its total investment portfolio and totaled approximately $31.6 million and $31.8 million at March 31, 2017 and December 31, 2016 , respectively. The Company recognized operating income on real estate properties of approximately $0.7 million and $0.5 million for the first three months of 2017 and 2016, respectively.

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	FAIR VALUES OF FINANCIAL INSTRUMENTS For financial instruments the FASB provides guidance which defines fair value, establishes a framework for measuring fair value under GAAP, and requires additional disclosures about fair value measurements. In compliance with this GAAP guidance, the Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Condensed Consolidated Balance Sheets are categorized as follows: Level 1: Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. These generally provide the most reliable evidence and are used to measure fair value whenever available. The Company's Level 1 assets are equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets. Level 2: Fair value is based upon significant inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable for substantially the full term of the asset or liability through corroboration with observable market data as of the reporting date. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, model-derived valuations whose inputs are observable or whose significant value drivers are observable and other observable inputs. The Company’s Level 2 assets include fixed maturity debt securities (corporate and private bonds, government or agency securities, asset-backed and mortgage-backed securities), and preferred stock. Valuations are generally obtained from third party pricing services for identical or comparable assets or determined through use of valuation methodologies using observable market inputs. Level 3: Fair value is based on significant unobservable inputs which reflect the entity’s or third party pricing service’s assumptions about the assumptions market participants would use in pricing an asset or liability. The Company’s Level 3 assets are over-the-counter derivative contracts and the Company’s Level 3 liabilities consist of share-based compensation obligations and certain product-related embedded derivatives. Valuations are estimated based on non-binding broker prices or internally developed valuation models or methodologies, discounted cash flow models and other similar techniques. The following tables set forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of the date indicated: March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,020,531 — 3,020,531 — Equity securities, available for sale 19,525 19,525 — — Derivatives, index options 149,848 — — 149,848 Total assets $ 3,189,904 19,525 3,020,531 149,848 Policyholder account balances (a) $ 154,288 — — 154,288 Other liabilities (b) 12,720 — — 12,720 Total liabilities $ 167,008 — — 167,008 During the three months ended March 31, 2017 , the Company had no transfers into or out of Levels 1, 2 or 3. December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,042,050 — 3,042,050 — Equity securities, available for sale 18,313 18,313 — — Derivatives, index options 120,644 — — 120,644 Total assets $ 3,181,007 18,313 3,042,050 120,644 Policyholder account balances (a) $ 122,666 — — 122,666 Other liabilities (b) 12,027 — — 12,027 Total liabilities $ 134,693 — — 134,693 (a) Represents the fair value of certain product-related embedded derivatives that were recorded at fair value. (b) Represents the liability for share-based compensation. The following tables present, by pricing source and fair value hierarchy level, the Company’s assets that are measured at fair value on a recurring basis: March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,020,531 — 3,020,531 — Priced internally — — — — Subtotal 3,020,531 — 3,020,531 — Equity securities, available for sale: Priced by third-party vendors 19,525 19,525 — — Priced internally — — — — Subtotal 19,525 19,525 — — Derivatives, index options: Priced by third-party vendors 149,848 — — 149,848 Priced internally — — — — Subtotal 149,848 — — 149,848 Total $ 3,189,904 19,525 3,020,531 149,848 Percent of total 100.0 % 0.6 % 94.7 % 4.7 % December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,042,050 — 3,042,050 — Priced internally — — — — Subtotal 3,042,050 — 3,042,050 — Equity securities, available for sale: Priced by third-party vendors 18,313 18,313 — — Priced internally — — — — Subtotal 18,313 18,313 — — Derivatives, index options: Priced by third-party vendors 120,644 — — 120,644 Priced internally — — — — Subtotal 120,644 — — 120,644 Total $ 3,181,007 18,313 3,042,050 120,644 Percent of total 100.0 % 0.6 % 95.6 % 3.8 % The following tables provide additional information about fair value measurements for which significant unobservable (Level 3) inputs were utilized to determine fair value. For the Three Months Ended March 31, 2017 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2017 $ — — 120,644 120,644 134,693 Total realized and unrealized gains (losses): Included in net income — — 61,206 61,206 64,174 Purchases, sales, issuances and settlements, net: Purchases — — 16,442 16,442 16,442 Sales — — — — — Issuances — — — — 230 Settlements — — (48,444 ) (48,444 ) (48,531 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 149,848 149,848 167,008 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period: Net investment income $ — — 54,545 54,545 — Benefits and expenses — — — — 55,095 Total $ — — 54,545 54,545 55,095 For the Three Months ended March 31, 2016 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2016 $ — — 38,409 38,409 66,028 Total realized and unrealized gains (losses): Included in net income — — (12,901 ) (12,901 ) (13,423 ) Included in other comprehensive income — — — — — Purchases, sales, issuances and settlements, net: Purchases — — 18,493 18,493 18,493 Sales — — — — — Issuances — — — — — Settlements — — (1,822 ) (1,822 ) (1,628 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 42,179 42,179 69,470 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period: Net investment income $ — — (11,362 ) (11,362 ) — Benefits and expenses — — — — (13,064 ) Total $ — — (11,362 ) (11,362 ) (13,064 ) The following table presents the valuation method for financial assets and liabilities categorized as level 3, as well as the unobservable inputs used in the valuation of those financial instruments: March 31, 2017 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 149,848 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 149,848 Policyholder account balances $ 154,288 Deterministic cash flow model Projected option cost Other liabilities 12,720 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 167,008 December 31, 2016 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 120,644 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 120,644 Policyholder account balances $ 122,666 Deterministic cash flow model Projected option cost Other liabilities 12,027 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 134,693 Realized gains (losses) on debt and equity securities are reported in the Condensed Consolidated Statements of Earnings as net investment gains (losses) with liabilities reported as expenses. Unrealized gains (losses) on available for sale debt and equity securities are reported as other comprehensive income (loss) within the stockholders' equity section of the Condensed Consolidated Balance Sheet. The fair value hierarchy classifications are reviewed each reporting period. Reclassification of certain financial assets and liabilities may result based on changes in the observability of valuation attributes. Reclassifications are reported as transfers into and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. The carrying amounts and fair values of the Company's financial instruments are as follows: March 31, 2017 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Investments in debt and equity securities: Securities held to maturity $ 7,277,434 7,472,191 — 7,472,191 — Securities available for sale 3,040,056 3,040,056 19,525 3,020,531 — Cash and cash equivalents 87,486 87,486 87,486 — — Mortgage loans 163,880 164,915 — — 164,915 Policy loans 57,769 102,462 — — 102,462 Other loans 14,358 14,860 — — 14,860 Derivatives, index options 149,848 149,848 — — 149,848 Short-term investments — — — — — Life interest in Trust 7,550 12,775 — — 12,775 LIABILITIES Deferred annuity contracts $ 7,771,623 7,392,936 — — 7,392,936 Immediate annuity and supplemental contracts 442,064 470,348 — — 470,348 December 31, 2016 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Investments in debt and equity securities: Securities held to maturity $ 7,159,259 7,337,611 — 7,337,611 — Securities available for sale 3,060,363 3,060,363 18,313 3,042,050 — Cash and cash equivalents 51,247 51,247 51,247 — — Mortgage loans 174,534 176,890 — — 176,890 Policy loans 58,699 101,092 — — 101,092 Other loans 14,343 14,898 — — 14,898 Derivatives, index options 120,644 120,644 — — 120,644 Life interest in Trust 7,550 12,775 — — 12,775 LIABILITIES Deferred annuity contracts $ 7,739,337 7,367,851 — — 7,367,851 Immediate annuity and supplemental contracts 443,226 470,414 — — 470,414 Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Derivative Investments

Derivative Investments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Investments	DERIVATIVE INVESTMENTS Fixed-index products provide traditional fixed annuities and universal life contracts with the option to have credited interest rates linked in part to an underlying equity index or a combination of equity indices. The equity return component of such policy contracts is identified separately and accounted for in future policy benefits as embedded derivatives on the Condensed Consolidated Balance Sheets. The remaining portions of these policy contracts are considered the host contracts and are recorded separately as fixed annuity or universal life contracts. The host contracts are accounted for under debt instrument type accounting in which future policy benefits are recorded as discounted debt instruments and accreted, using the effective yield method, to their minimum account values at their projected maturities or termination dates. The Company purchases over-the-counter index options, which are derivative financial instruments, to hedge the equity return component of its fixed-index annuity and life products. The index options act as hedges to match closely the returns on the underlying index or indices. The amounts which may be credited to policyholders are linked, in part, to the returns of the underlying index or indices. As a result, changes to policyholders' liabilities are substantially offset by changes in the value of the options. Cash is exchanged upon purchase of the index options and no principal or interest payments are made by either party during the option periods. Upon maturity or expiration of the options, cash may be paid to the Company depending on the performance of the underlying index or indices and terms of the contract. The Company does not elect hedge accounting relative to these derivative instruments. The index options are reported at fair value in the accompanying Condensed Consolidated Financial Statements. The changes in the values of the index options and the changes in the policyholder liabilities are both reflected in the Condensed Consolidated Statements of Earnings. Any changes relative to the embedded derivatives associated with policy contracts are reflected in contract interest in the Condensed Consolidated Statements of Earnings. Any gains or losses from the sale or expiration of the options, as well as period-to-period changes in values, are reflected as net investment income in the Condensed Consolidated Statements of Earnings. Although there is credit risk in the event of nonperformance by counterparties to the index options, the Company does not expect any of its counterparties to fail to meet their obligations, given their high credit ratings. In addition, credit support agreements are in place with all counterparties for option holdings in excess of specific limits, which may further reduce the Company's credit exposure. The tables below present the fair value of derivative instruments as of March 31, 2017 and December 31, 2016 , respectively. March 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) (In thousands) Derivatives not designated as hedging instruments Equity index options Derivatives, Index Options $ 149,848 Fixed-index products Universal Life and Annuity Contracts $ 154,288 Total $ 149,848 $ 154,288 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) (In thousands) Derivatives not designated as hedging instruments Equity index options Derivatives, Index Options $ 120,644 Fixed-index products Universal Life and Annuity Contracts $ 122,666 Total $ 120,644 $ 122,666 The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings for the three months ended March 31, 2017 and 2016 . March 31, March 31, Derivatives Not Designated As Hedging Instruments Location of Gain or (Loss) Recognized In Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives (In thousands) Equity index options Net investment income $ 61,206 (12,901 ) Fixed-index products Universal life and annuity contract interest (63,624 ) 11,722 $ (2,418 ) (1,179 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent events have been evaluated and no reportable items were identified.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS In January 2016, the FASB released accounting standards update 2016-01, Recognition and Measurement of Financial Assets and Liabilities. The main provisions of the update are to eliminate the available for sale classification of accounting for equity securities and to adjust the fair value disclosures for financial instruments carried at amortized costs such that the disclosed fair values represent an exit price as opposed to an entry price. The provisions of this update will require that equity securities be carried at fair market value on the balance sheet and any periodic changes in value will be adjustments to the income statement. The provisions of this update become effective for interim and annual periods beginning after December 15, 2017. The Company does not expect the requirements of this update to have a material impact on the Company’s financial position, results of operations or cash flows. In June 2016, the FASB released accounting standards update 2016-13, Financial Instruments-Credit Losses, which revises the credit loss recognition criteria for certain financial assets measured at amortized cost. The new guidance replaces the existing incurred loss recognition model with an expected loss recognition model. The objective of the expected credit loss model is for the reporting entity to recognize its estimate of expected credit losses for affected financial assets in a valuation allowance deducted from the amortized cost basis of the related financial assets that results in presenting the net carrying value of the financial assets at the amount expected to be collected. The guidance is effective for interim and annual periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained income. Adoption of the guidance is not expected to have a material effect on the Company’s results of operations or financial position. In March 2017, the FASB released accounting standards update 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which improves the presentation of net periodic pension cost and net periodic postretirement benefit cost. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Adoption of this guidance is not expected to have a material effect on the Company’s results of operations or financial position. In March 2017, the FASB issued accounting standards update 2017-08, Receivables - Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium. The amortization period for premiums is being shortened to the earliest call date. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating this guidance. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future consolidated financial statements.

Consolidation and Basis of Pr21

Consolidation and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification out of Accumulated Other Comprehensive Income	The table below shows the unrealized gains and losses on available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2017 and 2016 . Affected Line Item in the Statements of Earnings Amount Reclassified From Accumulated Other Comprehensive Income Three Months Ended March 31, 2017 2016 (In thousands) Other net investment gains (losses) $ 1,061 708 Net OTTI losses recognized in earnings — — Earnings before Federal income taxes 1,061 708 Federal income taxes 371 248 Net earnings $ 690 460

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended March 31, 2017 2016 Class A Class B Class A Class B (In thousands except per share amounts) Numerator for Basic and Diluted Earnings Per Share: Net income $ 23,538 17,259 Dividends - Class A shares — — Dividends - Class B shares — — Undistributed income $ 23,538 17,259 Allocation of net income: Dividends $ — — — — Allocation of undistributed income 22,872 666 16,771 488 Net income $ 22,872 666 16,771 488 Denominator: Basic earnings per share - weighted-average shares 3,436 200 3,436 200 Effect of dilutive stock options 4 — 1 — Diluted earnings per share - adjusted weighted-average shares for assumed conversions 3,440 200 3,437 200 Basic Earnings Per Share $ 6.66 3.33 4.88 2.44 Diluted Earnings Per Share $ 6.65 3.33 4.88 2.44

Pension and Other Postretirem23

Pension and Other Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs	The following table summarizes the components of net periodic benefit cost. Three Months Ended March 31, 2017 2016 (In thousands) Service cost $ 27 26 Interest cost 239 250 Expected return on plan assets (307 ) (304 ) Amortization of prior service cost — — Amortization of net loss 159 193 Net periodic benefit cost $ 118 165
Chairman and President Non-Qualified Defined Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs	The following table summarizes the components of net periodic benefit costs for the nonqualified defined benefit plans. Three Months Ended March 31, 2017 2016 (In thousands) Service cost $ 204 109 Interest cost 347 265 Amortization of prior service cost 15 15 Amortization of net loss 818 501 Net periodic benefit cost $ 1,384 890
Defined Benefit Postretirement Healthcare Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs	The following table summarizes the components of net periodic benefit costs. Three Months Ended March 31, 2017 2016 (In thousands) Interest cost $ 30 30 Amortization of prior service cost 26 26 Amortization of net loss — — Net periodic benefit cost $ 56 56

Segment and Other Operating I24

Segment and Other Operating Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summary of Segment Information, by Quarter	A summary of segment information as of March 31, 2017 and December 31, 2016 for the Condensed Consolidated Balance Sheet items and for the three months ended March 31, 2017 and March 31, 2016 for the Condensed Consolidated Statement of Earnings is provided below. Selected Segment Information: Domestic Life Insurance International Life Insurance Annuities All Others Totals (In thousands) March 31, 2017 Condensed Consolidated Balance Sheet Items: Deferred policy acquisition costs and sales inducements $ 90,825 236,881 638,359 — 966,065 Total segment assets 1,004,342 1,231,013 9,297,074 300,531 11,832,960 Future policy benefits 852,804 913,906 8,144,137 — 9,910,847 Other policyholder liabilities 14,587 12,506 125,582 — 152,675 Three Months Ended March 31, 2017 Condensed Consolidated Statement of Earnings: Premiums and contract revenues $ 8,849 31,500 5,236 — 45,585 Net investment income 19,590 18,619 126,434 7,099 171,742 Other revenues 13 26 26 4,440 4,505 Total revenues 28,452 50,145 131,696 11,539 221,832 Life and other policy benefits 4,919 6,285 8,553 — 19,757 Amortization of deferred policy acquisition costs 2,789 7,406 24,017 — 34,212 Universal life and annuity contract interest 16,247 16,382 77,264 — 109,893 Other operating expenses 4,732 5,978 10,060 4,322 25,092 Federal income taxes (benefit) (79 ) 4,724 3,956 2,419 11,020 Total expenses 28,608 40,775 123,850 6,741 199,974 Segment earnings (loss) $ (156 ) 9,370 7,846 4,798 21,858 Selected Segment Information: Domestic Life Insurance International Life Insurance Annuities All Others Totals (In thousands) December 31, 2016 Condensed Consolidated Balance Sheet Items: Deferred policy acquisition costs and sales inducements $ 90,485 243,106 648,714 — 982,305 Total segment assets 971,990 1,232,648 9,193,980 298,481 11,697,099 Future policy benefits 830,460 919,380 8,109,255 — 9,859,095 Other policyholder liabilities 13,998 10,528 118,865 — 143,391 Three Months Ended March 31, 2016 Condensed Consolidated Statement of Earnings: Premiums and contract revenues $ 7,659 32,788 5,736 — 46,183 Net investment income 6,133 6,847 77,639 4,881 95,500 Other revenues 24 36 60 4,758 4,878 Total revenues 13,816 39,671 83,435 9,639 146,561 Life and other policy benefits 3,621 5,168 6,812 — 15,601 Amortization of deferred acquisition costs 2,011 5,105 28,104 — 35,220 Universal life and annuity contract interest 3,843 5,683 39,491 — 49,017 Other operating expenses 3,575 5,526 9,590 4,616 23,307 Federal income taxes (benefit) 252 5,984 (185 ) 1,653 7,704 Total expenses 13,302 27,466 83,812 6,269 130,849 Segment earnings (loss) $ 514 12,205 (377 ) 3,370 15,712
Reconciliation of Segment Premiums and Other Revenues to Condensed Consolidated Financial Statements	Reconciliations of segment information to the Company's Condensed Consolidated Financial Statements are provided below. Three Months Ended March 31, 2017 2016 (In thousands) Premiums and Other Revenues : Premiums and contract revenues $ 45,585 46,183 Net investment income 171,742 95,500 Other revenues 4,505 4,878 Realized gains (losses) on investments 2,585 2,381 Total condensed consolidated premiums and other revenues $ 224,417 148,942
Reconciliation of Segment Federal Income Taxes to Condensed Consolidated Financial Statements	Three Months Ended March 31, 2017 2016 (In thousands) Federal Income Taxes : Total segment Federal income taxes $ 11,020 7,704 Taxes on realized gains (losses) on investments 905 834 Total condensed consolidated Federal income taxes $ 11,925 8,538
Reconciliation of Segment Net Earnings to Condensed Consolidated Financial Statements	Three Months Ended March 31, 2017 2016 (In thousands) Net Earnings : Total segment earnings $ 21,858 15,712 Realized gains (losses) on investments, net of taxes 1,680 1,547 Total condensed consolidated net earnings $ 23,538 17,259
Reconciliation of Segment Assets to Condensed Consolidated Financial Statements	March 31, December 31, 2017 2016 (In thousands) Assets : Total segment assets $ 11,832,960 11,697,099 Other unallocated assets 199,796 197,882 Total condensed consolidated assets $ 12,032,756 11,894,981

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Shares Available for Grant and Stock Option Activity	A summary of shares available for grant and related activity is detailed below. Options Outstanding Shares Available For Grant Shares Weighted- Average Exercise Price Stock Options: Balance at January 1, 2017 291,000 19,268 $ 240.47 Exercised — (100 ) $ 255.13 Forfeited — — $ — Expired — — $ — Stock options granted — — $ — Balance at March 31, 2017 291,000 19,168 $ 240.39 The following table shows all grants issued to officers and directors for the three months ended March 31, 2017 and 2016. These grants were made based upon closing market price per Class A common share at the grant date of $311.16 and $216.48 in the first quarter of 2017 and 2016, respectively. March 31, 2017 March 31, 2016 Officer Director Officer Director SARs 11,512 — 14,643 — RSUs 2,674 1,660 3,661 — PSUs 4,425 — 5,727 —
Summary of Information About Stock Options and SARs Outstanding	The following table summarizes information about stock options and SARs outstanding at March 31, 2017 . Options/SARs Outstanding Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable Exercise prices: 255.13 (options) 13,168 1.0 year 13,168 208.05 (options) 6,000 1.2 years 6,000 114.64 (SARs) 12,000 1.9 years 12,000 132.56 (SARs) 21,968 4.7 years 13,962 210.22 (SARs) 28,900 6.7 years 6,900 216.48 (SARs) 13,588 8.9 years 4,360 311.16 (SARs) 11,512 9.9 years — Totals 107,136 56,390 Aggregate intrinsic value (in thousands) $ 11,172 $ 6,923
Summary of Assumptions Employed Using Black-Scholes Option Pricing Model	In estimating the fair value of the share based awards outstanding at March 31, 2017 and December 31, 2016 , the Company employed the Black-Scholes option pricing model with assumptions detailed below. March 31, December 31, Expected term of options 1.0 to 9.9 years 1.3 to 9.1 years Expected volatility weighted-average 23.52 % 23.83 % Expected dividend yield 0.12 % 0.12 % Risk-free rate weighted-average 2.07 % 1.03 %
Schedule of activity	Liability Awards SAR RSU PSU Balance at January 1, 2017 77,178 6,029 5,426 Exercised (722 ) — — Forfeited — — — Granted 11,512 4,334 4,425 Balance at March 31, 2017 87,968 10,363 9,851

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Realized Investment Gains (Losses), Excluding Impairment Losses	The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated. Three Months Ended March 31, 2017 2016 (In thousands) Available for sale debt securities: Realized gains on disposal $ 973 677 Realized losses on disposal — (6 ) Held to maturity debt securities: Realized gains on disposal 1,557 489 Realized losses on disposal (34 ) (106 ) Equity securities realized gains (losses) 89 37 Real estate gains (losses) — 1,290 Totals $ 2,585 2,381
Net Impairment Losses Recognized in Earnings	The table below presents net impairment losses recognized in earnings for the periods indicated. Three Months Ended March 31, 2017 2016 (In thousands) Total other-than-temporary impairment gains (losses) on debt securities $ 20 26 Portion of loss (gain) recognized in comprehensive income (20 ) (26 ) Net impairment losses on debt securities recognized in earnings — — Equity securities impairments — — Totals $ — —
Credit Losses on Securities, Also Recorded as Non-Credit Other-than-Temporary Impairments in Other Comprehensive Loss	The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss. Three Months Ended March 31, 2017 Year Ended (In thousands) Beginning balance, cumulative credit losses related to other-than-temporary impairments $ 1,440 2,278 Reductions for securities sold during current period — (838 ) Additions for credit losses not previously recognized in other-than-temporary impairments — — Ending balance, cumulative credit losses related to other-than-temporary impairments $ 1,440 1,440
Schedule of Held-to-Maturity Securities	The table below presents amortized costs and fair values of securities held to maturity at December 31, 2016 . Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: U.S. Treasury $ 1,333 235 — 1,568 States and political subdivisions 456,069 22,697 (2,841 ) 475,925 Public utilities 1,087,176 36,904 (3,133 ) 1,120,947 Corporate 4,237,029 116,720 (29,701 ) 4,324,048 Residential mortgage-backed 1,367,270 42,345 (6,468 ) 1,403,147 Home equity 8,826 1,462 — 10,288 Manufactured housing 1,556 132 — 1,688 Totals $ 7,159,259 220,495 (42,143 ) 7,337,611 The table below presents amortized costs and fair values of securities held to maturity at March 31, 2017 . Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: U.S. Treasury $ 1,334 226 — 1,560 States and political subdivisions 451,028 22,515 (2,401 ) 471,142 Public utilities 1,100,672 35,064 (2,800 ) 1,132,936 Corporate 4,356,635 122,671 (18,466 ) 4,460,840 Residential mortgage-backed 1,357,898 41,982 (5,566 ) 1,394,314 Home equity 8,446 1,418 — 9,864 Manufactured housing 1,421 114 — 1,535 Totals $ 7,277,434 223,990 (29,233 ) 7,472,191
Schedule of Available-for-Sale Securities	The table below presents amortized costs and fair values of securities available for sale at December 31, 2016 . Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: States and political subdivisions $ 580 — (6 ) 574 Foreign governments 9,956 380 — 10,336 Public utilities 127,181 4,745 (232 ) 131,694 Corporate 2,802,852 80,414 (22,603 ) 2,860,663 Residential mortgage-backed 27,110 2,137 (91 ) 29,156 Home equity 9,341 286 — 9,627 Manufactured housing — — — — 2,977,020 87,962 (22,932 ) 3,042,050 Equity securities 14,022 4,657 (366 ) 18,313 Totals $ 2,991,042 92,619 (23,298 ) 3,060,363 The table below presents amortized costs and fair values of securities available for sale at March 31, 2017 . Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Debt securities: States and political subdivisions $ 579 13 — 592 Foreign governments 9,958 382 — 10,340 Public utilities 118,557 4,770 (2 ) 123,325 Corporate 2,780,422 85,485 (15,927 ) 2,849,980 Residential mortgage-backed 25,163 2,012 (86 ) 27,089 Home equity 8,932 273 — 9,205 Manufactured housing — — — — 2,943,611 92,935 (16,015 ) 3,020,531 Equity securities 14,473 5,195 (143 ) 19,525 Totals $ 2,958,084 98,130 (16,158 ) 3,040,056
Schedule of Gross Unrealized Losses and Fair Values of Held-to-Maturity Investments, Continuous Unrealized Loss Position	The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2017 . Securities Held to Maturity Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 65,685 (2,401 ) — — 65,685 (2,401 ) Public utilities 197,914 (2,800 ) — — 197,914 (2,800 ) Corporate 902,638 (14,714 ) 157,256 (3,752 ) 1,059,894 (18,466 ) Residential mortgage-backed 265,455 (5,106 ) 8,955 (460 ) 274,410 (5,566 ) Total temporarily impaired securities $ 1,431,692 (25,021 ) 166,211 (4,212 ) 1,597,903 (29,233 ) The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2016 . Securities Held to Maturity Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 80,507 (2,841 ) — — 80,507 (2,841 ) Public utilities 162,587 (3,133 ) — — 162,587 (3,133 ) Corporate 1,063,194 (22,867 ) 179,113 (6,834 ) 1,242,307 (29,701 ) Residential mortgage-backed 274,045 (5,989 ) 8,943 (479 ) 282,988 (6,468 ) Total temporarily impaired securities $ 1,580,333 (34,830 ) 188,056 (7,313 ) 1,768,389 (42,143 )
Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Investments, Continuous Unrealized Loss Position	The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2017 . Securities Available for Sale Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ — — — — — — Public utilities 1,009 (2 ) — — 1,009 (2 ) Corporate 522,235 (12,253 ) 96,051 (3,674 ) 618,286 (15,927 ) Residential mortgage-backed — — 1,189 (86 ) 1,189 (86 ) 523,244 (12,255 ) 97,240 (3,760 ) 620,484 (16,015 ) Equity securities 929 (62 ) 466 (81 ) 1,395 (143 ) Total temporarily impaired securities $ 524,173 (12,317 ) 97,706 (3,841 ) 621,879 (16,158 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2016 . Securities Available for Sale Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Debt securities: States and political subdivisions $ 574 (6 ) — — 574 (6 ) Public utilities 10,765 (232 ) — — 10,765 (232 ) Corporate 680,988 (16,427 ) 106,969 (6,176 ) 787,957 (22,603 ) Residential mortgage-backed 1,292 (91 ) — — 1,292 (91 ) 693,619 (16,756 ) 106,969 (6,176 ) 800,588 (22,932 ) Equity securities 4,154 (305 ) 422 (61 ) 4,576 (366 ) Total temporarily impaired securities $ 697,773 (17,061 ) 107,391 (6,237 ) 805,164 (23,298 )
Schedule of Mortgage Loans by Loan-to-Value Ratio	The following table represents the mortgage loan portfolio by loan-to-value ratio. March 31, 2017 December 31, 2016 Amount % Amount % (In thousands) (In thousands) Mortgage Loans by Loan-to-Value Ratio (1): Less than 50% $ 57,933 35.2 $ 54,783 31.3 50% to 60% 24,145 14.7 12,946 7.4 60% to 70% 63,533 38.6 76,959 43.9 70% to 80% 6,199 3.8 6,192 3.5 80% to 90% 7,132 4.3 18,688 10.7 Greater than 90% 5,588 3.4 5,616 3.2 Gross balance 164,530 100.0 175,184 100.0 Allowance for possible losses (650 ) (0.4 ) (650 ) (0.4 ) Totals $ 163,880 99.6 $ 174,534 99.6 (1) Loan-to-Value Ratio is determined using the most recent appraised value. Appraisals are required at the time of funding and may be updated if a material change occurs from the original loan agreement.
Schedule of Allowance for Mortgage Loans	The following table represents the mortgage loan allowance. March 31, 2017 December 31, 2016 (In thousands) Balance, beginning of period $ 650 650 Provision — — Releases — — Balance, end of period $ 650 650
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of investments in debt securities at March 31, 2017 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Debt Securities Available for Sale Debt Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in 1 year or less $ 138,096 140,919 276,185 283,685 Due after 1 year through 5 years 1,072,377 1,132,955 1,871,626 1,980,612 Due after 5 years through 10 years 1,649,351 1,661,234 3,387,266 3,421,730 Due after 10 years 49,692 49,129 374,592 380,451 2,909,516 2,984,237 5,909,669 6,066,478 Mortgage and asset-backed securities 34,095 36,294 1,367,765 1,405,713 Total $ 2,943,611 3,020,531 7,277,434 7,472,191

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables set forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of the date indicated: March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,020,531 — 3,020,531 — Equity securities, available for sale 19,525 19,525 — — Derivatives, index options 149,848 — — 149,848 Total assets $ 3,189,904 19,525 3,020,531 149,848 Policyholder account balances (a) $ 154,288 — — 154,288 Other liabilities (b) 12,720 — — 12,720 Total liabilities $ 167,008 — — 167,008 During the three months ended March 31, 2017 , the Company had no transfers into or out of Levels 1, 2 or 3. December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,042,050 — 3,042,050 — Equity securities, available for sale 18,313 18,313 — — Derivatives, index options 120,644 — — 120,644 Total assets $ 3,181,007 18,313 3,042,050 120,644 Policyholder account balances (a) $ 122,666 — — 122,666 Other liabilities (b) 12,027 — — 12,027 Total liabilities $ 134,693 — — 134,693 (a) Represents the fair value of certain product-related embedded derivatives that were recorded at fair value. (b) Represents the liability for share-based compensation.
Schedule of Assets by Pricing Source and Fair Value Hierarchy Measured on Recurring Basis	The following tables present, by pricing source and fair value hierarchy level, the Company’s assets that are measured at fair value on a recurring basis: March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,020,531 — 3,020,531 — Priced internally — — — — Subtotal 3,020,531 — 3,020,531 — Equity securities, available for sale: Priced by third-party vendors 19,525 19,525 — — Priced internally — — — — Subtotal 19,525 19,525 — — Derivatives, index options: Priced by third-party vendors 149,848 — — 149,848 Priced internally — — — — Subtotal 149,848 — — 149,848 Total $ 3,189,904 19,525 3,020,531 149,848 Percent of total 100.0 % 0.6 % 94.7 % 4.7 % December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,042,050 — 3,042,050 — Priced internally — — — — Subtotal 3,042,050 — 3,042,050 — Equity securities, available for sale: Priced by third-party vendors 18,313 18,313 — — Priced internally — — — — Subtotal 18,313 18,313 — — Derivatives, index options: Priced by third-party vendors 120,644 — — 120,644 Priced internally — — — — Subtotal 120,644 — — 120,644 Total $ 3,181,007 18,313 3,042,050 120,644 Percent of total 100.0 % 0.6 % 95.6 % 3.8 %
Schedule of Significant Unobservable Inputs for Fair Value Measurements	The following tables provide additional information about fair value measurements for which significant unobservable (Level 3) inputs were utilized to determine fair value. For the Three Months Ended March 31, 2017 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2017 $ — — 120,644 120,644 134,693 Total realized and unrealized gains (losses): Included in net income — — 61,206 61,206 64,174 Purchases, sales, issuances and settlements, net: Purchases — — 16,442 16,442 16,442 Sales — — — — — Issuances — — — — 230 Settlements — — (48,444 ) (48,444 ) (48,531 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 149,848 149,848 167,008 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period: Net investment income $ — — 54,545 54,545 — Benefits and expenses — — — — 55,095 Total $ — — 54,545 54,545 55,095 For the Three Months ended March 31, 2016 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2016 $ — — 38,409 38,409 66,028 Total realized and unrealized gains (losses): Included in net income — — (12,901 ) (12,901 ) (13,423 ) Included in other comprehensive income — — — — — Purchases, sales, issuances and settlements, net: Purchases — — 18,493 18,493 18,493 Sales — — — — — Issuances — — — — — Settlements — — (1,822 ) (1,822 ) (1,628 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 42,179 42,179 69,470 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period: Net investment income $ — — (11,362 ) (11,362 ) — Benefits and expenses — — — — (13,064 ) Total $ — — (11,362 ) (11,362 ) (13,064 )
Schedule of quantitative information of Level 3 liabilities	The following table presents the valuation method for financial assets and liabilities categorized as level 3, as well as the unobservable inputs used in the valuation of those financial instruments: March 31, 2017 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 149,848 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 149,848 Policyholder account balances $ 154,288 Deterministic cash flow model Projected option cost Other liabilities 12,720 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 167,008 December 31, 2016 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 120,644 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 120,644 Policyholder account balances $ 122,666 Deterministic cash flow model Projected option cost Other liabilities 12,027 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 134,693
Schedule of quantitative information of Level 3 assets	The following table presents the valuation method for financial assets and liabilities categorized as level 3, as well as the unobservable inputs used in the valuation of those financial instruments: March 31, 2017 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 149,848 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 149,848 Policyholder account balances $ 154,288 Deterministic cash flow model Projected option cost Other liabilities 12,720 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 167,008 December 31, 2016 Fair Value Valuation Technique Unobservable Input (In thousands) Derivatives, index options $ 120,644 Broker prices Implied volatility Inputs from broker proprietary models Total assets $ 120,644 Policyholder account balances $ 122,666 Deterministic cash flow model Projected option cost Other liabilities 12,027 Black-Scholes model Expected term Forfeiture assumptions Total liabilities $ 134,693
Schedule of Carrying Amounts and Fair Values of Financial Instruments	The carrying amounts and fair values of the Company's financial instruments are as follows: March 31, 2017 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Investments in debt and equity securities: Securities held to maturity $ 7,277,434 7,472,191 — 7,472,191 — Securities available for sale 3,040,056 3,040,056 19,525 3,020,531 — Cash and cash equivalents 87,486 87,486 87,486 — — Mortgage loans 163,880 164,915 — — 164,915 Policy loans 57,769 102,462 — — 102,462 Other loans 14,358 14,860 — — 14,860 Derivatives, index options 149,848 149,848 — — 149,848 Short-term investments — — — — — Life interest in Trust 7,550 12,775 — — 12,775 LIABILITIES Deferred annuity contracts $ 7,771,623 7,392,936 — — 7,392,936 Immediate annuity and supplemental contracts 442,064 470,348 — — 470,348 December 31, 2016 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Investments in debt and equity securities: Securities held to maturity $ 7,159,259 7,337,611 — 7,337,611 — Securities available for sale 3,060,363 3,060,363 18,313 3,042,050 — Cash and cash equivalents 51,247 51,247 51,247 — — Mortgage loans 174,534 176,890 — — 176,890 Policy loans 58,699 101,092 — — 101,092 Other loans 14,343 14,898 — — 14,898 Derivatives, index options 120,644 120,644 — — 120,644 Life interest in Trust 7,550 12,775 — — 12,775 LIABILITIES Deferred annuity contracts $ 7,739,337 7,367,851 — — 7,367,851 Immediate annuity and supplemental contracts 443,226 470,414 — — 470,414

Derivative Investments (Tables)

Derivative Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The tables below present the fair value of derivative instruments as of March 31, 2017 and December 31, 2016 , respectively. March 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) (In thousands) Derivatives not designated as hedging instruments Equity index options Derivatives, Index Options $ 149,848 Fixed-index products Universal Life and Annuity Contracts $ 154,288 Total $ 149,848 $ 154,288 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) (In thousands) Derivatives not designated as hedging instruments Equity index options Derivatives, Index Options $ 120,644 Fixed-index products Universal Life and Annuity Contracts $ 122,666 Total $ 120,644 $ 122,666
Schedule of Derivative Instruments in Condensed Consolidated Statements of Earnings	The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings for the three months ended March 31, 2017 and 2016 . March 31, March 31, Derivatives Not Designated As Hedging Instruments Location of Gain or (Loss) Recognized In Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives (In thousands) Equity index options Net investment income $ 61,206 (12,901 ) Fixed-index products Universal life and annuity contract interest (63,624 ) 11,722 $ (2,418 ) (1,179 )

Consolidation and Basis of Pr29

Consolidation and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net investment gains (losses)	$ 2,585	$ 2,381
Earnings before Federal income taxes	35,463	25,797
Federal income taxes	11,925	8,538
Net earnings	23,538	17,259
Unrealized Gains and Losses on Available-for-sale Securities [Member] | Amount Reclassified From Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net investment gains (losses)	1,061	708
Net OTTI losses recognized in earnings	0	0
Earnings before Federal income taxes	1,061	708
Federal income taxes	371	248
Net earnings	$ 690	$ 460

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Mar. 31, 2017USD ($)
Stockholders' Equity Note [Abstract]
Maximum dividend payment which may be paid without prior approval from Colorado Division of Insurance	$ 86,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 23,538	$ 17,259
Undistributed income	23,538	17,259
Allocation of net income:
Allocation of undistributed income	23,538	17,259
Net earnings	23,538	17,259
Class A [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	22,872	16,771
Dividends	0	0
Undistributed income	22,872	16,771
Allocation of net income:
Dividends	0	0
Allocation of undistributed income	22,872	16,771
Net earnings	$ 22,872	$ 16,771
Denominator:
Basic earnings per share - weighted-average shares (in shares)	3,436	3,436
Effect of dilutive stock options (in shares)	4	1
Diluted earnings per share - adjusted weighted-average shares for assumed conversions (in shares)	3,440	3,437
Basic Earnings Per Share (in dollars per share)	$ 6.66	$ 4.88
Diluted Earnings Per Share (in dollars per share)	$ 6.65	$ 4.88
Class B [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 666	$ 488
Dividends	0	0
Undistributed income	666	488
Allocation of net income:
Dividends	0	0
Allocation of undistributed income	666	488
Net earnings	$ 666	$ 488
Denominator:
Basic earnings per share - weighted-average shares (in shares)	200	200
Effect of dilutive stock options (in shares)	0	0
Diluted earnings per share - adjusted weighted-average shares for assumed conversions (in shares)	200	200
Basic Earnings Per Share (in dollars per share)	$ 3.33	$ 2.44
Diluted Earnings Per Share (in dollars per share)	$ 3.33	$ 2.44

Earnings Per Share (Antidilutiv

Earnings Per Share (Antidilutive Securities) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities outstanding but not included in the computation of diluted earnings per share (in shares)	0	20,800

Pension and Other Postretirem33

Pension and Other Postretirement Plans (Details)	3 Months Ended
	Mar. 31, 2017USD ($)benefit_plan	Mar. 31, 2016USD ($)	Dec. 31, 2007
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of healthcare plans | benefit_plan	2
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Vesting percentage in accrued benefits from plan freeze			100.00%
Service cost	$ 27,000	$ 26,000
Interest cost	239,000	250,000
Expected return on plan assets	(307,000)	(304,000)
Amortization of prior service cost	0	0
Amortization of net loss	159,000	193,000
Net periodic benefit cost	118,000	165,000
Minimum required contribution	200,000
Company contributions to plan	0
Chairman and President Non-Qualified Defined Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	204,000	109,000
Interest cost	347,000	265,000
Amortization of prior service cost	15,000	15,000
Amortization of net loss	818,000	501,000
Net periodic benefit cost	1,384,000	890,000
Company contributions to plan	400,000
Company expected contributions to plans in fiscal year	2,000,000
Defined Benefit Postretirement Healthcare Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	30,000	30,000
Amortization of prior service cost	26,000	26,000
Amortization of net loss	0	0
Net periodic benefit cost	$ 56,000	$ 56,000
Minimum [Member] | Chairman and President Non-Qualified Defined Benefit Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate average annual participant salary increase (as a percentage)	10.00%

Segment and Other Operating I34

Segment and Other Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Selected Condensed Consolidated Balance Sheet Items:
Total segment assets	$ 12,032,756		$ 11,894,981
Other policyholder liabilities	152,675		143,391
Condensed Consolidated Income Statements:
Premiums and contract revenues	45,585	$ 46,183
Net investment income	171,742	95,500
Other revenues	4,505	4,878
Realized gains (losses) on investments	2,585	2,381
Total revenues	224,417	148,942
Life and other policy benefits	19,757	15,601
Amortization of deferred acquisition costs	34,212	35,220
Universal life and annuity contract interest	109,893	49,017
Other operating expenses	25,092	23,307
Federal income taxes (benefit)	11,020	7,704
Taxes on realized gains (losses) on investments	905	834
Total condensed consolidated Federal income taxes	11,925	8,538
Segment earnings (loss)	21,858	15,712
Realized gains (losses) on investments, net of taxes	1,680	1,547
Net earnings	23,538	17,259
Segments [Member]
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	966,065		982,305
Total segment assets	11,832,960		11,697,099
Future policy benefits	9,910,847		9,859,095
Other policyholder liabilities	152,675		143,391
Condensed Consolidated Income Statements:
Premiums and contract revenues	45,585	46,183
Net investment income	171,742	95,500
Other revenues	4,505	4,878
Total revenues	221,832	146,561
Life and other policy benefits	19,757	15,601
Amortization of deferred acquisition costs	34,212	35,220
Universal life and annuity contract interest	109,893	49,017
Other operating expenses	25,092	23,307
Federal income taxes (benefit)	11,020	7,704
Total expenses	199,974	130,849
Segment earnings (loss)	21,858	15,712
Segments [Member] | Domestic Life Insurance [Member]
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	90,825		90,485
Total segment assets	1,004,342		971,990
Future policy benefits	852,804		830,460
Other policyholder liabilities	14,587		13,998
Condensed Consolidated Income Statements:
Premiums and contract revenues	8,849	7,659
Net investment income	19,590	6,133
Other revenues	13	24
Total revenues	28,452	13,816
Life and other policy benefits	4,919	3,621
Amortization of deferred acquisition costs	2,789	2,011
Universal life and annuity contract interest	16,247	3,843
Other operating expenses	4,732	3,575
Federal income taxes (benefit)	(79)	252
Total expenses	28,608	13,302
Segment earnings (loss)	(156)	514
Segments [Member] | International Life Insurance [Member]
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	236,881		243,106
Total segment assets	1,231,013		1,232,648
Future policy benefits	913,906		919,380
Other policyholder liabilities	12,506		10,528
Condensed Consolidated Income Statements:
Premiums and contract revenues	31,500	32,788
Net investment income	18,619	6,847
Other revenues	26	36
Total revenues	50,145	39,671
Life and other policy benefits	6,285	5,168
Amortization of deferred acquisition costs	7,406	5,105
Universal life and annuity contract interest	16,382	5,683
Other operating expenses	5,978	5,526
Federal income taxes (benefit)	4,724	5,984
Total expenses	40,775	27,466
Segment earnings (loss)	9,370	12,205
Segments [Member] | Annuities [Member]
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	638,359		648,714
Total segment assets	9,297,074		9,193,980
Future policy benefits	8,144,137		8,109,255
Other policyholder liabilities	125,582		118,865
Condensed Consolidated Income Statements:
Premiums and contract revenues	5,236	5,736
Net investment income	126,434	77,639
Other revenues	26	60
Total revenues	131,696	83,435
Life and other policy benefits	8,553	6,812
Amortization of deferred acquisition costs	24,017	28,104
Universal life and annuity contract interest	77,264	39,491
Other operating expenses	10,060	9,590
Federal income taxes (benefit)	3,956	(185)
Total expenses	123,850	83,812
Segment earnings (loss)	7,846	(377)
Segments [Member] | All Others [Member]
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	0		0
Total segment assets	300,531		298,481
Future policy benefits	0		0
Other policyholder liabilities	0		0
Condensed Consolidated Income Statements:
Premiums and contract revenues	0	0
Net investment income	7,099	4,881
Other revenues	4,440	4,758
Total revenues	11,539	9,639
Life and other policy benefits	0	0
Amortization of deferred acquisition costs	0	0
Universal life and annuity contract interest	0	0
Other operating expenses	4,322	4,616
Federal income taxes (benefit)	2,419	1,653
Total expenses	6,741	6,269
Segment earnings (loss)	4,798	$ 3,370
Other unallocated [Member]
Selected Condensed Consolidated Balance Sheet Items:
Total segment assets	$ 199,796		$ 197,882

Share-Based Payments (General D

Share-Based Payments (General Descriptions) (Details) $ / shares in Units, $ in Millions	Feb. 17, 2016$ / shares	Mar. 31, 2017USD ($)plan$ / sharesshares	Mar. 31, 2016USD ($)shares	Dec. 31, 2016$ / shares	Jun. 20, 2008$ / sharesshares	Jun. 25, 2004$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expected Term		10 years
Period in force, from which option holders may elect to sell back acquired shares		90 days
Compensation cost not yet recognized | $		$ 12.7	$ 6.2
Number of plans | plan		2
Pre-tax compensation cost (benefit) recognized | $		$ 0.8	(1.5)
Compensation cost (benefit), tax expense (benefit) | $		(0.3)	$ 0.5
Compensation cost related to nonvested options not yet recognized | $		$ 6.4
Weighted average period over which the compensation is expected to be recognized (in years)		1 year 5 months 5 days
Closing stock price (in usd per share) | $ / shares		$ 304.16
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (usd per share) | $ / shares		0.01		$ 0.01	$ 0.01
Closing stock price (in usd per share) | $ / shares		$ 311.16
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)		20.00%
Requisite service period of awards (in years)		1 year
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)		3 years
1995 Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (usd per share) | $ / shares						$ 1
Share-based payments, number of shares authorized under plans (in shares)						300,000
2008 Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payments, number of shares authorized under plans (in shares)					300,000
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)
Grants during the period (in dollars per share) | $ / shares	$ 216.48
Stock Appreciation Rights [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		11,512	14,643
Stock Appreciation Rights [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		0	0
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)
Performance Shares [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		2,674	3,661
Performance Shares [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		1,660	0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)
Vesting period (in years)	3 years
Performance period (in years)	3 years
Restricted Stock Units (RSUs) [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		4,425	5,727
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period (in shares)		0	0

Share-Based Payments (Options a

Share-Based Payments (Options and Stock Appreciation Rights Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Shares Available For Grant
Shares Available For Grant, Beginning Balance (in shares)	291,000
Shares Available For Grant, Exercised (in shares)	0
Shares Available For Grant, Forfeited (in shares)	0
Shares Available For Grant, Expired (in shares)	0
Shares Available For Grant, Granted (in shares)	0
Shares Available For Grant, Ending Balance (in shares)	291,000
Shares/Awards
Opening Balance (in shares)	19,268
Exercised (in shares)	(100)
Forfeited (in shares)	0
Expired (in shares)	0
Granted (in shares)	0
Ending Balance (in shares)	19,168
Weighted-Average Exercise Price (usd per share)
Beginning Balance (in usd per share)	$ 240.47
Exercised (in usd per share)	255.13
Forfeited (in usd per share)	0
Expired (in usd per share)	0
Granted (in usd per share)	0
Ending Balance (in usd per share)	$ 240.39
Liability Awards
Cash received from exercise of options	$ 0.5	$ 0.6
Total fair value of shares vested	$ 0	0
Stock Appreciation Rights [Member]
Liability Awards
Opening balance (in shares)	77,178
Exercised (in shares)	(722)
Forfeited (in shares)	0
Granted (in shares)	11,512
Closing balance (in shares)	87,968
Total intrinsic value of options exercised	$ 0.1	0.1
Total share-based liabilities paid	$ 0	$ 0
Restricted Stock Units (RSUs) [Member]
Liability Awards
Opening balance (in shares)	6,029
Exercised (in shares)	0
Forfeited (in shares)	0
Granted (in shares)	4,334
Closing balance (in shares)	10,363
Performance Shares [Member]
Liability Awards
Opening balance (in shares)	5,426
Exercised (in shares)	0
Forfeited (in shares)	0
Granted (in shares)	4,425
Closing balance (in shares)	9,851

Share-Based Payments (Exercise

Share-Based Payments (Exercise Range) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding (in shares)	107,136
Number Outstanding, Aggregate intrinsic value | $	$ 11,172
Number Exercisable (in shares)	56,390
Options Exercisable, Aggregate intrinsic value | $	$ 6,923
Closing stock price (in usd per share) | $ / shares	$ 304.16
Exercise Price $255.13 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	255.13
Exercise Price $208.05 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 208.05
Employee Stock Option [Member] | Exercise Price $255.13 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding (in shares)	13,168
Weighted- Average Remaining Contractual Life (in years)	1 year
Number Exercisable (in shares)	13,168
Employee Stock Option [Member] | Exercise Price $208.05 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding (in shares)	6,000
Weighted- Average Remaining Contractual Life (in years)	1 year 2 months 12 days
Number Exercisable (in shares)	6,000
Stock Appreciation Rights [Member] | Exercise Price $114.64 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 114.64
Number Outstanding (in shares)	12,000
Weighted- Average Remaining Contractual Life (in years)	1 year 10 months 18 days
Number Exercisable (in shares)	12,000
Stock Appreciation Rights [Member] | Exercise Price $132.56 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 132.56
Number Outstanding (in shares)	21,968
Weighted- Average Remaining Contractual Life (in years)	4 years 8 months 12 days
Number Exercisable (in shares)	13,962
Stock Appreciation Rights [Member] | Exercise Price $210.22 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 210.22
Number Outstanding (in shares)	28,900
Weighted- Average Remaining Contractual Life (in years)	6 years 8 months 18 days
Number Exercisable (in shares)	6,900
Stock Appreciation Rights [Member] | Exercise Price $216.48 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 216.48
Number Outstanding (in shares)	13,588
Weighted- Average Remaining Contractual Life (in years)	8 years 10 months 18 days
Number Exercisable (in shares)	4,360
Stock Appreciation Rights [Member] | Exercise Price $311.16 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price (in usd per share) | $ / shares	$ 311.16
Number Outstanding (in shares)	11,512
Weighted- Average Remaining Contractual Life (in years)	9 years 11 months 6 days
Number Exercisable (in shares)	0

Share-Based Payments (Black Sch

Share-Based Payments (Black Scholes Option Pricing Model Assumptions) (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (in percentage)	0.12%	0.12%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of awards (in years)	1 year	1 year 3 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of awards (in years)	9 years 10 months 24 days	9 years 1 month 6 days
Weighted-average [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, weighted-average (in percentage)	23.52%	23.83%
Risk-free rate, weighted-average (in percentage)	2.07%	1.03%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands, BRL in Millions	Oct. 26, 2011USD ($)	Mar. 31, 2017BRL	Mar. 31, 2017USD ($)Annuity_Policy
Loss Contingencies [Line Items]
Number of annuity policies | Annuity_Policy			2
Brazilian Superintendence of Private Insurance [Member]
Loss Contingencies [Line Items]
Fine SUSEP is attempting to impose on the company	$ 6,000,000	BRL 3	$ 960
Existing Loans [Member]
Loss Contingencies [Line Items]
Other commitment			1,000
New Loans [Member]
Loss Contingencies [Line Items]
Other commitment			9,500
Pending Litigation [Member] | Damaris Maldonado Vinas Et Al [Member]
Loss Contingencies [Line Items]
Loss contingency accrual			$ (2,900)

Investments (Investment Gains a

Investments (Investment Gains and Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Held to maturity debt securities:
Real estate gains (losses)	$ 0	$ 1,290
Totals	$ 2,585	$ 2,381
Percentage of gains on bonds, due to calls of securities (in percentage)	63.00%	36.00%
Total other-than-temporary impairment gains (losses) on debt securities	$ 20	$ 26
Portion of loss (gain) recognized in comprehensive income	(20)	(26)
Net impairment losses on debt securities recognized in earnings	0	0
Equity securities impairments	0	0
Net OTTI losses recognized in earnings	0	0
Non-Credit Other-than-Temporary Impairment, Credit Losses Recognized in Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance, cumulative credit losses related to other-than-temporary impairments	1,440	2,278	$ 2,278
Reductions for securities sold during current period	0		(838)
Additions for credit losses not previously recognized in other-than-temporary impairments	0		0
Ending balance, cumulative credit losses related to other-than-temporary impairments	1,440		$ 1,440
Debt Securities [Member]
Available for sale debt securities:
Realized gains on disposal	973	677
Realized losses on disposal	0	(6)
Held to maturity debt securities:
Realized gains on disposal	1,557	489
Realized losses on disposal	(34)	(106)
Equity Securities [Member]
Held to maturity debt securities:
Equity securities realized gains (losses)	$ 89	$ 37

Investments (Securities Availab

Investments (Securities Available for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Total	$ 2,943,611	$ 2,977,020
Gross Unrealized Gains, Debt securities	92,935	87,962
Gross Unrealized Losses, Debt securities	(16,015)	(22,932)
Fair Value, Debt securities	3,020,531	3,042,050
Amortized Cost, Equity securities	14,473	14,022
Gross Unrealized Gains, Equity securities	5,195	4,657
Gross Unrealized Losses, Equity securities	(143)	(366)
Fair Value, Equity securities	19,525	18,313
Amortized Cost	2,958,084	2,991,042
Gross Unrealized Gains	98,130	92,619
Gross Unrealized Losses	(16,158)	(23,298)
Fair Value	3,040,056	3,060,363
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	524,173	697,773
Less than 12 Months, Unrealized Losses	(12,317)	(17,061)
12 Months or Greater, Fair Value	97,706	107,391
12 Months or Greater, Unrealized Losses	(3,841)	(6,237)
Total, Fair Value	621,879	805,164
Total, Unrealized Losses	(16,158)	(23,298)
Due in 1 year or less	283,685
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	3,020,531	3,042,050
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	523,244	693,619
Less than 12 Months, Unrealized Losses	(12,255)	(16,756)
12 Months or Greater, Fair Value	97,240	106,969
12 Months or Greater, Unrealized Losses	(3,760)	(6,176)
Total, Fair Value	620,484	800,588
Total, Unrealized Losses	(16,015)	(22,932)
States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	579	580
Gross Unrealized Gains, Debt securities	13	0
Gross Unrealized Losses, Debt securities	0	(6)
Fair Value, Debt securities	592	574
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	0	574
Less than 12 Months, Unrealized Losses	0	(6)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	0	574
Total, Unrealized Losses	0	(6)
Foreign Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	9,958	9,956
Gross Unrealized Gains, Debt securities	382	380
Gross Unrealized Losses, Debt securities	0	0
Fair Value, Debt securities	10,340	10,336
Public Utilities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	118,557	127,181
Gross Unrealized Gains, Debt securities	4,770	4,745
Gross Unrealized Losses, Debt securities	(2)	(232)
Fair Value, Debt securities	123,325	131,694
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,009	10,765
Less than 12 Months, Unrealized Losses	(2)	(232)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	1,009	10,765
Total, Unrealized Losses	(2)	(232)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	2,780,422	2,802,852
Gross Unrealized Gains, Debt securities	85,485	80,414
Gross Unrealized Losses, Debt securities	(15,927)	(22,603)
Fair Value, Debt securities	2,849,980	2,860,663
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	522,235	680,988
Less than 12 Months, Unrealized Losses	(12,253)	(16,427)
12 Months or Greater, Fair Value	96,051	106,969
12 Months or Greater, Unrealized Losses	(3,674)	(6,176)
Total, Fair Value	618,286	787,957
Total, Unrealized Losses	(15,927)	(22,603)
Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	25,163	27,110
Gross Unrealized Gains, Debt securities	2,012	2,137
Gross Unrealized Losses, Debt securities	(86)	(91)
Fair Value, Debt securities	27,089	29,156
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	0	1,292
Less than 12 Months, Unrealized Losses	0	(91)
12 Months or Greater, Fair Value	1,189	0
12 Months or Greater, Unrealized Losses	(86)	0
Total, Fair Value	1,189	1,292
Total, Unrealized Losses	(86)	(91)
Home Equity [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	8,932	9,341
Gross Unrealized Gains, Debt securities	273	286
Gross Unrealized Losses, Debt securities	0	0
Fair Value, Debt securities	9,205	9,627
Manufactured Housing [Member]
Schedule of Available-for-sale Securities [Line Items]
Total	0	0
Gross Unrealized Gains, Debt securities	0	0
Gross Unrealized Losses, Debt securities	0	0
Fair Value, Debt securities	0	0
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	19,525	18,313
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	929	4,154
Less than 12 Months, Unrealized Losses	(62)	(305)
12 Months or Greater, Fair Value	466	422
12 Months or Greater, Unrealized Losses	(81)	(61)
Total, Fair Value	1,395	4,576
Total, Unrealized Losses	$ (143)	$ (366)

Investments (Securities Held to

Investments (Securities Held to Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Held-to-maturity Securities [Line Items]
Total	$ 7,277,434	$ 7,159,259
Gross Unrealized Gains	223,990	220,495
Gross Unrealized Losses	(29,233)	(42,143)
Fair Value	7,472,191	7,337,611
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,431,692	1,580,333
Less than 12 Months, Unrealized Losses	(25,021)	(34,830)
12 Months or Greater, Fair Value	166,211	188,056
12 Months or Greater, Unrealized Losses	(4,212)	(7,313)
Total, Fair Value	1,597,903	1,768,389
Total, Unrealized Losses	(29,233)	(42,143)
U.S. Treasury [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	1,334	1,333
Gross Unrealized Gains	226	235
Gross Unrealized Losses	0	0
Fair Value	1,560	1,568
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	0	0
States and Political Subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	451,028	456,069
Gross Unrealized Gains	22,515	22,697
Gross Unrealized Losses	(2,401)	(2,841)
Fair Value	471,142	475,925
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	65,685	80,507
Less than 12 Months, Unrealized Losses	(2,401)	(2,841)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	65,685	80,507
Total, Unrealized Losses	(2,401)	(2,841)
Public Utilities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	1,100,672	1,087,176
Gross Unrealized Gains	35,064	36,904
Gross Unrealized Losses	(2,800)	(3,133)
Fair Value	1,132,936	1,120,947
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	197,914	162,587
Less than 12 Months, Unrealized Losses	(2,800)	(3,133)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	197,914	162,587
Total, Unrealized Losses	(2,800)	(3,133)
Corporate [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	4,356,635	4,237,029
Gross Unrealized Gains	122,671	116,720
Gross Unrealized Losses	(18,466)	(29,701)
Fair Value	4,460,840	4,324,048
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	902,638	1,063,194
Less than 12 Months, Unrealized Losses	(14,714)	(22,867)
12 Months or Greater, Fair Value	157,256	179,113
12 Months or Greater, Unrealized Losses	(3,752)	(6,834)
Total, Fair Value	1,059,894	1,242,307
Total, Unrealized Losses	(18,466)	(29,701)
Residential Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	1,357,898	1,367,270
Gross Unrealized Gains	41,982	42,345
Gross Unrealized Losses	(5,566)	(6,468)
Fair Value	1,394,314	1,403,147
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	265,455	274,045
Less than 12 Months, Unrealized Losses	(5,106)	(5,989)
12 Months or Greater, Fair Value	8,955	8,943
12 Months or Greater, Unrealized Losses	(460)	(479)
Total, Fair Value	274,410	282,988
Total, Unrealized Losses	(5,566)	(6,468)
Home Equity [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	8,446	8,826
Gross Unrealized Gains	1,418	1,462
Gross Unrealized Losses	0	0
Fair Value	9,864	10,288
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	0	0
Manufactured Housing [Member]
Schedule of Held-to-maturity Securities [Line Items]
Total	1,421	1,556
Gross Unrealized Gains	114	132
Gross Unrealized Losses	0	0
Fair Value	1,535	1,688
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	$ 0	$ 0

Investments (Unrealized Losses)

Investments (Unrealized Losses) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)security
Asset-Backed Security [Member]
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Securities, other-than-temporarily impaired | $	$ 0
Debt Securities [Member]
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Gross unrealized losses, number of issues	269
Gross unrealized losses, percentage of total debt	20.00%
Gross unrealized losses, market value as a percent of amortized cost	98.00%
Gross unrealized losses, number of securities with maturities of 12 months or greater	39
Gross unrealized losses, number of securities with maturities of 12 months or greater (as a percentage)	14.50%
Equity Securities [Member]
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Gross unrealized losses, number of securities rated investment grade	25
External Credit Rating, Investment Grade [Member] | Debt Securities [Member]
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Gross unrealized losses, number of securities rated investment grade	263

Investments (Mortgage Loans and

Investments (Mortgage Loans and Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 164,530	$ 175,184
Allowance for possible losses, amount	(650)	(650)
Totals, amount	$ 163,880	$ 174,534
Mortgage loans, percentage	100.00%	100.00%
Allowance for possible losses, percentage	(0.40%)	(0.40%)
Totals, percentage	99.60%	99.60%
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of period	$ 650	$ 650
Provision	0	0
Releases	0	0
Balance, end of period	650	650
Less than 50% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 57,933	$ 54,783
Mortgage loans, percentage	35.20%	31.30%
50% to 60% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 24,145	$ 12,946
Mortgage loans, percentage	14.70%	7.40%
60% to 70% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 63,533	$ 76,959
Mortgage loans, percentage	38.60%	43.90%
70% to 80% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 6,199	$ 6,192
Mortgage loans, percentage	3.80%	3.50%
80% to 90% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 7,132	$ 18,688
Mortgage loans, percentage	4.30%	10.70%
Greater than 90% [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount	$ 5,588	$ 5,616
Mortgage loans, percentage	3.40%	3.20%

Investments (Contractual Maturi

Investments (Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Securities Available for Sale- Amortized Cost
Due in 1 year or less	$ 138,096
Due after 1 year through 5 years	1,072,377
Due after 5 years through 10 years	1,649,351
Due after 10 years	49,692
Amortized Cost	2,909,516
Mortgage and asset-backed securities	34,095
Total	2,943,611	$ 2,977,020
Debt Securities Available for Sale- Fair Value
Due in 1 year or less	140,919
Due after 1 year through 5 years	1,132,955
Due after 5 years through 10 years	1,661,234
Due after 10 years	49,129
Fair Value	2,984,237
Mortgage and asset-backed securities	36,294
Total	3,020,531	3,042,050
Debt Securities Held to Maturity - Amortized Costs
Due in 1 year or less	276,185
Due after 1 year through 5 years	1,871,626
Due after 5 years through 10 years	3,387,266
Due after 10 years	374,592
Amortized Cost	5,909,669
Mortgage and asset-backed securities	1,367,765
Total	7,277,434	7,159,259
Debt Securities Held to Maturity - Fair Value
Due in 1 year or less	283,685
Due after 1 year through 5 years	1,980,612
Due after 5 years through 10 years	3,421,730
Due after 10 years	380,451
Fair Value	6,066,478
Mortgage and asset-backed securities	1,405,713
Total	$ 7,472,191	$ 7,337,611

Investments (Real Estate) (Deta

Investments (Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Other long-term investments	$ 53,815	$ 53,954
Real Estate [Member]
Schedule of Available-for-sale Securities [Line Items]
Other long-term investments	31,600	$ 31,800
Operating income from real estate	$ 700

Fair Value of Financial Instr47

Fair Value of Financial Instruments (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 3,040,056	$ 3,060,363
Derivatives, index options	149,848	120,644
Total assets	3,189,904	3,181,007
Policyholder account balances	154,288	122,666
Other liabilities	12,720	12,027
Total liabilities	$ 167,008	$ 134,693
Percent of total (in percentage)	100.00%	100.00%
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 19,525	$ 18,313
Derivatives, index options	0	0
Total assets	19,525	18,313
Policyholder account balances	0	0
Other liabilities	0	0
Total liabilities	$ 0	$ 0
Percent of total (in percentage)	0.60%	0.60%
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 3,020,531	$ 3,042,050
Derivatives, index options	0	0
Total assets	3,020,531	3,042,050
Policyholder account balances	0	0
Other liabilities	0	0
Total liabilities	$ 0	$ 0
Percent of total (in percentage)	94.70%	95.60%
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 0	$ 0
Derivatives, index options	149,848	120,644
Total assets	149,848	120,644
Policyholder account balances	154,288	122,666
Other liabilities	12,720	12,027
Total liabilities	$ 167,008	$ 134,693
Percent of total (in percentage)	4.70%	3.80%
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 3,020,531	$ 3,042,050
Debt Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Debt Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	3,020,531	3,042,050
Debt Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	19,525	18,313
Equity Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	19,525	18,313
Equity Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Equity Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Derivatives, Index Options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	149,848	120,644
Derivatives, Index Options [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Derivatives, Index Options [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Derivatives, Index Options [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	149,848	120,644
Priced by Third-Party Vendors [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	149,848	120,644
Priced by Third-Party Vendors [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced by Third-Party Vendors [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced by Third-Party Vendors [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	149,848	120,644
Priced by Third-Party Vendors [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	3,020,531	3,042,050
Priced by Third-Party Vendors [Member] | Debt Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced by Third-Party Vendors [Member] | Debt Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	3,020,531	3,042,050
Priced by Third-Party Vendors [Member] | Debt Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced by Third-Party Vendors [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	19,525	18,313
Priced by Third-Party Vendors [Member] | Equity Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	19,525	18,313
Priced by Third-Party Vendors [Member] | Equity Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced by Third-Party Vendors [Member] | Equity Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced Internally [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced Internally [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced Internally [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	0	0
Priced Internally [Member] | Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Debt Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Debt Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Debt Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Equity Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Equity Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	0	0
Priced Internally [Member] | Equity Securities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 0	$ 0

Fair Value of Financial Instr48

Fair Value of Financial Instruments (Fair Value Measurements for Level 3 Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	$ 120,644	$ 38,409
Total realized and unrealized gains (losses):
Included in net income	61,206	(12,901)
Included in other comprehensive income		0
Purchases	16,442	18,493
Sales	0	0
Issuances	0	0
Settlements	(48,444)	(1,822)
Transfers into (out of) Level 3	0	0
Balance at end of period	149,848	42,179
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	54,545	(11,362)
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	134,693	66,028
Total realized and unrealized gains (losses):
Included in net income	64,174	(13,423)
Included in other comprehensive income		0
Purchases	16,442	18,493
Sales	0	0
Issuances	230	0
Settlements	(48,531)	(1,628)
Transfers into (out of) Level 3	0	0
Balance at end of period	167,008	69,470
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	55,095	(13,064)
Debt Securities, Available for Sale [Member]
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	0	0
Total realized and unrealized gains (losses):
Included in net income	0	0
Included in other comprehensive income		0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into (out of) Level 3	0	0
Balance at end of period	0	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Equity Securities, Available for Sale [Member]
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	0	0
Total realized and unrealized gains (losses):
Included in net income	0	0
Included in other comprehensive income		0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into (out of) Level 3	0	0
Balance at end of period	0	0
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Derivatives, Index Options [Member]
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	120,644	38,409
Total realized and unrealized gains (losses):
Included in net income	61,206	(12,901)
Included in other comprehensive income		0
Purchases	16,442	18,493
Sales	0	0
Issuances	0	0
Settlements	(48,444)	(1,822)
Transfers into (out of) Level 3	0	0
Balance at end of period	149,848	42,179
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	54,545	(11,362)
Net Investment Income [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	54,545	(11,362)
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Net Investment Income [Member] | Debt Securities, Available for Sale [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Net Investment Income [Member] | Equity Securities, Available for Sale [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Net Investment Income [Member] | Derivatives, Index Options [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	54,545	(11,362)
Other Operating Income (Expense) [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	55,095	(13,064)
Other Operating Income (Expense) [Member] | Debt Securities, Available for Sale [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Other Operating Income (Expense) [Member] | Equity Securities, Available for Sale [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	0	0
Other Operating Income (Expense) [Member] | Derivatives, Index Options [Member]
Total realized and unrealized gains (losses):
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period:	$ 0	$ 0

Fair Values of Financial Inst49

Fair Values of Financial Instruments (Quantitative Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 3,189,904	$ 3,181,007
Financial and Nonfinancial Liabilities, Fair Value Disclosure	167,008	134,693
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	149,848	120,644
Financial and Nonfinancial Liabilities, Fair Value Disclosure	167,008	134,693
Derivatives, Index Options [Member] | Broker Prices [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	149,848	120,644
Policyholders Account Balance [Member] | Deterministic Cash Flow [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	154,288	122,666
Other Liabilities [Member] | Black Scholes [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 12,720	$ 12,027

Fair Values of Financial Inst50

Fair Values of Financial Instruments (Fair Value by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Securities held to maturity	$ 7,472,191	$ 7,337,611
Securities available for sale	3,040,056	3,060,363
Derivatives, index options	149,848	120,644
Fair Values [Member]
ASSETS
Securities held to maturity	7,472,191	7,337,611
Securities available for sale	3,040,056	3,060,363
Cash and cash equivalents	87,486	51,247
Mortgage loans	164,915	176,890
Policy loans	102,462	101,092
Other loans	14,860	14,898
Derivatives, index options	149,848	120,644
Short-term investments	0
Life interest in Trust	12,775	12,775
LIABILITIES
Deferred annuity contracts	7,392,936	7,367,851
Immediate annuity and supplemental contracts	470,348	470,414
Carrying Values [Member]
ASSETS
Securities held to maturity	7,277,434	7,159,259
Securities available for sale	3,040,056	3,060,363
Cash and cash equivalents	87,486	51,247
Mortgage loans	163,880	174,534
Policy loans	57,769	58,699
Other loans	14,358	14,343
Derivatives, index options	149,848	120,644
Short-term investments	0
Life interest in Trust	7,550	7,550
LIABILITIES
Deferred annuity contracts	7,771,623	7,739,337
Immediate annuity and supplemental contracts	442,064	443,226
Level 1 [Member]
ASSETS
Securities held to maturity	0	0
Securities available for sale	19,525	18,313
Cash and cash equivalents	87,486	51,247
Mortgage loans	0	0
Policy loans	0	0
Other loans	0	0
Derivatives, index options	0	0
Short-term investments	0
Life interest in Trust	0	0
LIABILITIES
Deferred annuity contracts	0	0
Immediate annuity and supplemental contracts	0	0
Level 2 [Member]
ASSETS
Securities held to maturity	7,472,191	7,337,611
Securities available for sale	3,020,531	3,042,050
Cash and cash equivalents	0	0
Mortgage loans	0	0
Policy loans	0	0
Other loans	0	0
Derivatives, index options	0	0
Short-term investments	0
Life interest in Trust	0	0
LIABILITIES
Deferred annuity contracts	0	0
Immediate annuity and supplemental contracts	0	0
Level 3 [Member]
ASSETS
Securities held to maturity	0	0
Securities available for sale	0	0
Cash and cash equivalents	0	0
Mortgage loans	164,915	176,890
Policy loans	102,462	101,092
Other loans	14,860	14,898
Derivatives, index options	149,848	120,644
Short-term investments	0
Life interest in Trust	12,775	12,775
LIABILITIES
Deferred annuity contracts	7,392,936	7,367,851
Immediate annuity and supplemental contracts	$ 470,348	$ 470,414

Derivative Investments (Balance

Derivative Investments (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 149,848	$ 120,644
Liability Derivatives	154,288	122,666
Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	149,848	120,644
Liability Derivatives	154,288	122,666
Derivatives Not Designated as Hedging Instruments [Member] | Equity Index Options [Member] | Derivatives, Index Options [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	149,848	120,644
Derivatives Not Designated as Hedging Instruments [Member] | Fixed-Index Products [Member] | Universal Life and Annuity Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 154,288	$ 122,666

Derivative Investments (Stateme

Derivative Investments (Statements of Earnings) (Details) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (2,418)	$ (1,179)
Equity Index Options [Member] | Investment Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	61,206	(12,901)
Fixed-Index Products [Member] | Universal Life and Annuity Contract Interest [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (63,624)	$ 11,722