National Western Life Group Inc - Ordinary Shares (NWLI) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-55522
Entity Registrant Name	NATIONAL WESTERN LIFE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3339380
Entity Address, Address Line One	10801 N. Mopac Expy Bldg 3
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	(512)
Local Phone Number	836-1010
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	NWLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001635984
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		3,436,020
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		200,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Debt securities held to maturity, at amortized cost, net of allowance for credit losses ($6,039 and $0; fair value: $7,181,687 and $7,407,703)	$ 6,990,041	$ 7,106,245
Debt securities available for sale, at fair value (cost: $3,206,357 and $3,206,120)	3,174,260	3,356,945
Mortgage loans, net of allowance for credit losses ($1,885 and $675)	276,083	272,422
Policy loans	78,036	80,008
Derivatives, index options	24,335	157,588
Equity securities, at fair value (cost: $15,246 and $16,894)	15,984	23,594
Other long-term investments	66,152	62,090
Total investments	10,624,891	11,058,892
Cash and cash equivalents	352,215	253,525
Deferred policy acquisition costs	782,904	723,972
Deferred sales inducements	114,171	104,359
Value of business acquired	135,879	138,071
Accrued investment income	95,780	93,298
Federal income tax receivable	13,282	0
Other assets	165,300	181,330
Total assets	12,284,422	12,553,447
Future policy benefits:
Universal life and annuity contracts (Note 1)	9,125,612	9,303,233
Traditional life reserves	842,551	838,738
Other policyholder liabilities	134,579	127,607
Deferred Federal income tax liability (Note 1)	30,438	36,767
Federal income tax payable	0	3,748
Other liabilities	120,764	126,924
Total liabilities	10,253,944	10,437,017
COMMITMENTS AND CONTINGENCIES (Note 8)
Common stock:
Additional paid-in capital	41,716	41,716
Accumulated other comprehensive income (loss)	(20,750)	60,108
Retained earnings (Note 1)	2,009,476	2,014,570
Total stockholders’ equity	2,030,478	2,116,430
Total liabilities and stockholders' equity	12,284,422	12,553,447
Class A
Common stock:
Common stock, value outstanding	34	34
Class B
Common stock:
Common stock, value outstanding	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt securities held to maturity - fair value	$ 7,181,687	$ 7,407,703
Debt securities held to maturity, allowance for expected credit losses	6,039	0
Debt securities available for sale, amortized cost	3,206,357	3,206,120
Mortgage loans - allowance for possible losses	1,885	675
Equity securities - cost	$ 15,246	$ 16,894
Class A
STOCKHOLDERS’ EQUITY:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000	7,500,000
Common stock, shares issued (in shares)	3,436,020	3,436,020
Common stock, shares outstanding (in shares)	3,436,020	3,436,020
Class B
STOCKHOLDERS’ EQUITY:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	200,000	200,000
Common stock, shares outstanding (in shares)	200,000	200,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Premiums and other revenues:
Universal life and annuity contract charges	$ 35,306	$ 37,953
Traditional life premiums	23,522	17,583
Net investment income (loss)	(13,478)	151,331
Other revenues	3,653	6,413
Net realized investment gains (losses):
Total other-than-temporary impairment (“OTTI”) gains (losses)	2	3
Portion of OTTI (gains) losses recognized in other comprehensive income	(2)	(3)
Net OTTI losses recognized in earnings	0	0
Other net investment gains (losses)	3,485	4,629
Total net realized investment gains (losses)	3,485	4,629
Total revenues	52,488	217,909
Benefits and expenses:
Life and other policy benefits	33,634	28,189
Amortization of deferred policy acquisition costs and value of business acquired	30,037	32,164
Universal life and annuity contract interest	(28,026)	80,916
Other operating expenses	19,822	26,049
Total benefits and expenses	55,467	167,318
Earnings (loss) before Federal income taxes	(2,979)	50,591
Federal income taxes	(917)	10,393
Net earnings (loss)	(2,062)	40,198
Class A
Benefits and expenses:
Net earnings (loss)	$ (2,004)	$ 39,061
Basic earnings (loss) per share:
Earnings (loss) per share, basic (in dollars per share)	$ (0.58)	$ 11.37
Diluted earnings (loss) per share:
Earnings (loss) per share, diluted (in dollars per share)	$ (0.58)	$ 11.37
Class B
Benefits and expenses:
Net earnings (loss)	$ (58)	$ 1,137
Basic earnings (loss) per share:
Earnings (loss) per share, basic (in dollars per share)	$ (0.29)	$ 5.68
Diluted earnings (loss) per share:
Earnings (loss) per share, diluted (in dollars per share)	$ (0.29)	$ 5.68

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ (2,062)	$ 40,198
Unrealized gains (losses) on securities:
Net unrealized holding gains (losses) arising during period	(78,153)	42,743
Net unrealized liquidity gains (losses)	1	1
Reclassification adjustment for net amounts included in net earnings	(601)	(868)
Net unrealized gains (losses) on securities	(78,753)	41,876
Foreign currency translation adjustments	(39)	553
Benefit plans:
Amortization of net prior service cost and net gain (loss)	(2,066)	(504)
Other comprehensive income (loss)	(80,858)	41,925
Comprehensive income (loss)	$ (82,920)	$ 82,123

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Unrealized gains (losses) on non-impaired securities	Unrealized losses on impaired held to maturity securities	Unrealized losses on impaired available for sale securities	Foreign currency translation adjustments	Benefit plan liability adjustment	Retained earnings
Total stockholders’ equity, beginning of period at Dec. 31, 2018		$ 36	$ 41,716		$ (30,286)	$ (7)	$ (2)	$ 4,577	$ (11,297)	$ 1,896,040
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	$ 42,743				41,875
Amortization						2
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						(1)	0
Other-than-temporary impairments, non-credit, net of tax							0
Recoveries, net of tax							0
Change in translation adjustments during period	553							553
Amortization of net prior service cost and net loss, net of tax	(504)								(504)
Net earnings	40,198									40,198
Total stockholders’ equity, end of period at Mar. 31, 2019	1,982,900	36	41,716	$ 4,910	11,589	(6)	(2)	5,130	(11,801)	1,936,238
Total stockholders’ equity, beginning of period at Dec. 31, 2019	2,116,430	36	41,716		70,665	(4)	(2)	5,101	(15,652)	2,014,570
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	(78,153)				(78,754)
Amortization						2
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						(1)	0
Other-than-temporary impairments, non-credit, net of tax							0
Recoveries, net of tax							0
Change in translation adjustments during period	(39)							(39)
Amortization of net prior service cost and net loss, net of tax	(2,066)								(2,066)
Net earnings	(2,062)									(2,062)
Total stockholders’ equity, end of period at Mar. 31, 2020	$ 2,030,478	$ 36	$ 41,716	$ (20,750)	$ (8,089)	$ (3)	$ (2)	$ 5,062	$ (17,718)	$ 2,009,476

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net earnings	$ (2,062)	$ 40,198
Adjustments to reconcile net earnings to net cash from operating activities:
Universal life and annuity contract interest	(28,026)	80,916
Surrender charges and other policy revenues	(7,450)	(8,049)
Realized (gains) losses on investments	(3,485)	(4,629)
Accretion/amortization of discounts and premiums, investments	850	490
Depreciation and amortization	2,885	4,455
Increase (decrease) in estimated credit losses on investments	3,411	0
(Increase) decrease in value of equity securities	5,816	(1,951)
(Increase) decrease in value of derivatives	106,629	(42,003)
(Increase) decrease in deferred policy acquisition and sales inducement costs, and value of business acquired	16,681	20,342
(Increase) decrease in accrued investment income	(2,482)	(3,195)
(Increase) decrease in other assets	9,399	(1,790)
Increase (decrease) in liabilities for future policy benefits	6,357	(776)
Increase (decrease) in other policyholder liabilities	6,972	(753)
Increase (decrease) in Federal income tax liability	(17,030)	19,114
Increase (decrease) in deferred Federal income tax	15,971	(8,823)
Increase (decrease) in other liabilities	(8,775)	(4,142)
Net cash provided by operating activities	105,661	89,404
Proceeds from sales of:
Debt securities available for sale	0	73,257
Other investments	9,565	13,193
Proceeds from maturities and redemptions of:
Debt securities held to maturity	187,973	137,732
Debt securities available for sale	93,326	55,569
Derivatives, index options	52,973	3,047
Purchases of:
Debt securities held to maturity	(75,836)	(20,690)
Debt securities available for sale	(92,963)	(20,474)
Equity securities	(488)	(262)
Derivatives, index options	(22,403)	(18,264)
Other investments	(11,446)	(6,908)
Property and equipment	(58)	(77)
Payment to acquire businesses, net of cash acquired	0	(189,120)
Principal payments on mortgage loans	2,149	15,171
Cost of mortgage loans acquired	(6,996)	(17,271)
Decrease (increase) in policy loans	1,972	1,690
Net cash provided by (used in) investing activities	137,768	26,593
Cash flows from financing activities:
Deposits to account balances for universal life and annuity contracts	117,682	92,153
Return of account balances on universal life and annuity contracts	(262,371)	(248,890)
Borrowings under line of credit agreement	0	75,000
Principal payments on line of credit borrowings	0	(75,000)
Net cash provided by (used in) financing activities	(144,689)	(156,737)
Effect of foreign exchange	(50)	700
Net increase (decrease) in cash, cash equivalents, and restricted cash	98,690	(40,040)
Cash, cash equivalents, and restricted cash at beginning of period	253,525	131,976
Cash, cash equivalents and restricted cash at end of period	352,215	91,936
Cash paid (received) during the period for:
Interest	19	19
Income taxes	1	1
Noncash operating activities:
Net deferral and amortization of sales inducements	(3,360)	(4,105)
Noncash investing and financing activities:
Contingent consideration to acquire businesses	$ 0	$ 3,700

Consolidation and Basis of Pres

Consolidation and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, 2020 , and the results of its operations and its cash flows for the three months ended March 31, 2020 and March 31, 2019 . Such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2020 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, 2019 which is 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, 2019 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" or "National Western"), Regent Care San Marcos Holdings, LLC, NWL Services, Inc., and N.I.S. Financial Services, Inc. ("NIS"). National Western's wholly owned subsidiaries include The Westcap Corporation, NWL Financial, Inc., NWLSM, Inc., Braker P III, LLC, and Ozark National Life Insurance Company ("Ozark National"). The results of operations for Ozark National and NIS include their respective business activity subsequent to their acquisition effective January 31, 2019. 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 ("DPAC"), deferred sales inducements ("DSI") and the value of business acquired ("VOBA"), (4) valuation allowances for deferred tax assets, (5) goodwill, (6) allowances for credit losses and other-than-temporary impairment losses on debt securities, (7) commitments and contingencies, and (8) credit loss and valuation allowances for mortgage loans and real estate. During the first quarter of 2019, the Company incorporated accounting estimates for business combinations, value of business acquired, and fair value measurement as a result of its acquisition of Ozark National and NIS. Revision of Prior Period Consolidated Financial Statements During the first quarter of 2020, management identified an understatement of an excess benefit reserve on a specific block of policies that dated back to the first quarter of 2004 with the adoption of the Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts (SOP 03-1). Management concluded that this error was not material to previously issued consolidated financial statements and would be corrected through a revision to the comparative consolidated balance sheet presented for the year ended December 31, 2019. The impact of this revision as of December 31, 2019 was an increase to the future policy benefits liability of $15.0 million , a decrease to deferred federal income tax liability of $3.2 million , and a decrease to retained earnings of $11.8 million . 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, 2020 and March 31, 2019 . Affected Line Item in the Statements of Earnings Amount Reclassified From Accumulated Other Comprehensive Income Three Months Ended March 31, 2020 2019 (In thousands) Other net investment gains (losses) $ 761 1,099 Net OTTI losses recognized in earnings — — Earnings before Federal income taxes 761 1,099 Federal income taxes 160 231 Net earnings $ 601 868

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements not yet adopted In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts . This update is aimed at improving the Codification as it relates to long-duration contracts which will improve the timeliness of recognizing changes in the liability for future policy benefits, simplify accounting for certain market-based options, simplify the amortization of deferred acquisition costs, and improve the effectiveness of required disclosures. Amendments include the following: A. Require insurance entity to (1) review and update assumptions used to measure cash flows at least annually (with changes recognized in net income) and (2) update discount rate assumption at each reporting date (with changes recognized in other comprehensive income). B. Require insurance entity to measure all market risk benefits associated with deposit (i.e. account balance) contracts at fair value, with change in fair value attributable to change in instrument-specific credit risk recognized in other comprehensive income. C. Simplify amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on constant level basis over expected term of related contract. Deferred acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment test. D. Require insurance entity to add disclosures of disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. Insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement. These updates are required to be applied retrospectively to the earliest period presented in the financial statements for periods beginning after December 15, 2021, with early adoption permitted. The Company has performed a preliminary gap analysis and created a roadmap for implementation of this standard by the effective date and is evaluating the impact of the new guidance on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) , which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on the specific amendment. The amendments will be effective for fiscal periods beginning after December 15, 2020. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Consolidated Financial Statements and related disclosures upon adoption. Accounting pronouncements adopted In June 2016, the FASB released ASU 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 (“CECL”). The objective of the CECL model is for the reporting entity to recognize its estimate of current 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this Update add clarification and correction to ASU 2016-13 around accrued interest, transfers between classifications or categories for loans and debt securities, consideration of recoveries in estimating allowances, reinsurance recoveries, consideration of prepayments and estimated costs to sell when foreclosure is probable. In November, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendments in this Update add clarification and correction to ASU 2016-13 around expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, and financial assets secured by collateral maintenance provisions. The guidance for these pronouncements was 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 earnings. Effective January 1, 2020, the Company adopted the expected loss recognition model related to mortgage loans, debt securities held to maturity and reinsurance recoverable. The change in accounting, net of tax, of $3.0 million was recorded to retained earnings in the first quarter of 2020 to set up an initial allowance for estimated credit losses of $1.2 million on mortgage loans and $3.3 million on debt securities held to maturity. The estimated credit losses for the reinsurance recoverable were immaterial to the financial statements, but will be monitored on a quarterly basis for any changes. Refer to Note (9) Investments for more information. Certain disclosures required by ASU 2016-13 are not included in the consolidated financial statements as the impact of this standard was not material. 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, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS' EQUITY The Robert L. Moody Revocable Trust beneficially owns 99.0% of the total outstanding shares of the Company's Class B common stock as of March 31, 2020. Holders of the Company's Class A common stock elect one-third of the Board of Directors of the Company, and holders of the Class B common stock elect the remainder. Any cash or in-kind dividends paid on each share of Class B common stock are to be only one-half of the cash or in-kind dividends paid on each share of Class A common stock. In the event of liquidation of the Company, the Class A stockholders will receive the par value of their shares; then the Class B stockholders shall receive the par value of their shares; and the remaining net assets of the Company shall be divided between the stockholders of both Class A and Class B stock based upon the number of shares held. National Western 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, or 10% of statutory surplus of National Western as of the previous year-end. Under these guidelines the maximum dividend payment which may be made without prior approval in 2020 is $152.8 million . As the sole owner of NWLIC, all dividends declared by National Western are payable entirely to NWLGI and are eliminated in consolidation. Ozark National is similarly restricted under the state insurance laws of Missouri as to dividend amounts which may be paid to stockholders without prior approval to the greater of 10.0% of the statutory surplus of the company from the preceding year-end or the company's net gain from operations, excluding capital gains, from the prior calendar year. Based upon this restriction, the maximum dividend payment which may be made in 2020 without prior approval is $17.2 million . As part of the Stock Purchase Agreement dated October 3, 2018, by and between NWLIC and Ozark National's previous owner, the Missouri Department of Commerce and Insurance granted approval for an extraordinary dividend of $102.7 million to be paid to the prior owner concurrent with the closing of the transaction effective January 31, 2019. All dividends declared by Ozark National thereafter are payable entirely to NWLIC as the sole owner and are eliminated in consolidation. National Western did not declare or pay cash dividends to NWLGI in the first quarter of 2020. In the first quarter of 2019, National Western declared and paid a $32.0 million dividend to NWLGI, the proceeds of which were used as part of the cash purchase of NIS. Ozark National did not declare or pay cash dividends on its shares during the first quarter of 2020 or in the two-month period ended March 31, 2019. NIS declared and paid a $0.9 million dividend to NWLGI in the first quarter of 2020. As the sole owner of NIS, all dividends declared by NIS are payable entirely to NWLGI and are eliminated in consolidation. NIS did not declare or pay cash dividends on its shares during the two-month period ended March 31, 2019. NWLGI did no t declare or pay cash dividends on its common shares during the three months ended March 31, 2020 and 2019

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings (loss) per share of common stock are computed by dividing net earnings (loss) available to each class of common stockholders on an as if distributed basis by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share, by definition, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock, that then shared in the distributed earnings (loss) of each class of common stock. U.S. GAAP requires a two-class presentation for the Company's two classes of common stock. The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock. Net earnings (loss) for the periods shown below 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, 2020 2019 Class A Class B Class A Class B (In thousands except per share amounts) Numerator for Basic and Diluted Earnings (Loss) Per Share: Net earnings (loss) $ (2,062 ) 40,198 Dividends - Class A shares — — Dividends - Class B shares — — Undistributed earnings (loss) $ (2,062 ) 40,198 Allocation of net earnings (loss): Dividends $ — — — — Allocation of undistributed earnings (loss) (2,004 ) (58 ) 39,061 1,137 Net earnings (loss) $ (2,004 ) (58 ) 39,061 1,137 Denominator: Basic earnings (loss) per share - weighted-average shares 3,436 200 3,436 200 Effect of dilutive stock options — — — — Diluted earnings (loss) per share - adjusted weighted-average shares for assumed conversions 3,436 200 3,436 200 Basic earnings (loss) per share $ (0.58 ) (0.29 ) 11.37 5.68 Diluted earnings (loss) per share $ (0.58 ) (0.29 ) 11.37 5.68

Pension and Other Postretiremen

Pension and Other Postretirement Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [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 comply 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. As participants are no longer earning a credit for service, future qualified defined benefit plan expense is projected to be minimal. Fair values of plan assets and liabilities are measured as of the prior December 31 for each year. The following table summarizes the components of net periodic benefit cost. Three Months Ended March 31, 2020 2019 (In thousands) Service cost $ 27 24 Interest cost 168 210 Expected return on plan assets (315 ) (272 ) Amortization of net loss 145 165 Net periodic benefit cost $ 25 127 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 2020 plan year is $0.0 million . There was $0.8 million in planned contributions remaining for the 2019 plan year as of March 31, 2020 . As of March 31, 2020 , the Company had made $0.1 million in contributions to the plan for the 2020 plan year. The components of net periodic benefit cost including service cost are reported in the line item “Other operating expenses” in the Condensed Consolidated Statements of Earnings (Loss). National Western also sponsors three non-qualified defined benefit pension plans. The first plan covers certain senior officers and provides benefits based on the participants' years of service and compensation. The primary 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"), a related party. 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 non-qualified defined benefit plans. Three Months Ended March 31, 2020 2019 (In thousands) Service cost $ 302 125 Interest cost 338 256 Amortization of prior service cost 15 15 Amortization of net loss 1,445 348 Net periodic benefit cost $ 2,100 744 As the plans are not funded, there is no expected return on plan assets shown in the net periodic benefit cost table above. The Company expects to contribute $2.0 million to these plans in 2020 . As of March 31, 2020 , the Company has contributed $0.4 million to the plans. The components of net periodic benefit cost including service cost are reported in the line item “Other operating expenses” in the Condensed Consolidated Statements of Earnings (Loss). Ozark National and NIS have no defined benefit plans. (B) Postretirement Employment Plans Other Than Pension National Western sponsors two healthcare plans that were amended in 2004 to provide postretirement benefits to certain fully-vested individuals. The plans are unfunded. The following table summarizes the components of net periodic benefit costs. Three Months Ended March 31, 2020 2019 (In thousands) Interest cost $ 41 49 Amortization of prior service cost — 13 Amortization of net loss 40 61 Net periodic benefit cost $ 81 123 As the plans are not funded, there is no expected return on plan assets shown in the net periodic benefit cost table above. The Company expects to contribute minimal amounts to the plans in 2020 . Ozark National and NIS do not offer postemployment benefits. The components of net periodic benefit cost including service cost are reported in the line item “Other operating expenses” in the Condensed Consolidated Statements of Earnings (Loss).

Segment and Other Operating Inf

Segment and Other Operating Information	3 Months Ended
	Mar. 31, 2020
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, annuities, and acquired businesses. These segments are organized based on product types, geographic marketing areas, and business groupings. Ozark National and NIS have been combined into the segment "Acquired Businesses" given its inter-related marketing and sales approach which consists of a coordinated sale of a non-participating whole life insurance product (Ozark National) and a mutual fund investment product (NIS). A fifth category "All Others" primarily includes investments and earnings of non-operating subsidiaries as well as other remaining investments and assets not otherwise supporting specific segment operations. A summary of segment information as of March 31, 2020 and December 31, 2019 for the Condensed Consolidated Balance Sheet items and for the three months ended March 31, 2020 and March 31, 2019 for the Condensed Consolidated Statements of Earnings (Loss) is provided below. Condensed Consolidated Balance Sheet Items: March 31, 2020 Domestic International Annuities Acquired Businesses All Totals (In thousands) Deferred policy acquisition costs, sales inducements, and value of business acquired $ 140,151 217,805 533,788 141,210 — 1,032,954 Total segment assets 1,369,973 1,105,816 7,912,799 972,601 355,373 11,716,562 Future policy benefits 1,196,180 840,215 7,220,704 711,064 — 9,968,163 Other policyholder liabilities 15,873 14,229 89,572 14,905 — 134,579 December 31, 2019 Domestic International Annuities Acquired Businesses All Totals (In thousands) Deferred policy acquisition costs, sales inducements, and value of business acquired $ 127,557 209,858 486,553 142,434 — 966,402 Total segment assets 1,399,818 1,153,105 8,198,730 978,243 362,900 12,092,796 Future policy benefits (1) 1,198,103 870,461 7,366,894 706,513 — 10,141,971 Other policyholder liabilities 18,016 14,903 80,002 14,686 — 127,607 (1) Revised to correct for an adjustment related to an understatement of reserve liabilities of $15.0 million . Refer to Note 1. Condensed Consolidated Statements of Earnings (Loss): Three Months Ended March 31, 2020 Domestic Life Insurance International Life Insurance Annuities Acquired Businesses All Others Totals (In thousands) Premiums and contract revenues $ 11,228 22,867 4,650 20,083 — 58,828 Net investment income (loss) (19,383 ) (9,000 ) 10,632 6,301 (2,028 ) (13,478 ) Other revenues 29 54 4 2,422 1,144 3,653 Total revenues (8,126 ) 13,921 15,286 28,806 (884 ) 49,003 Life and other policy benefits 5,877 3,331 8,189 16,237 — 33,634 Amortization of deferred policy acquisition costs and value of business acquired 2,573 6,052 19,021 2,391 — 30,037 Universal life and annuity contract interest (21,693 ) (10,837 ) 4,504 — — (28,026 ) Other operating expenses 4,295 3,096 6,867 4,069 1,495 19,822 Federal income taxes (benefit) 188 2,804 (5,319 ) 1,222 (544 ) (1,649 ) Total expenses (8,760 ) 4,446 33,262 23,919 951 53,818 Segment earnings (loss) $ 634 9,475 (17,976 ) 4,887 (1,835 ) (4,815 ) Three Months Ended March 31, 2019 Domestic Life Insurance International Life Insurance Annuities Acquired Businesses All Others Totals (In thousands) Premiums and contract revenues $ 10,804 26,063 4,868 13,801 — 55,536 Net investment income 23,499 14,017 103,154 3,976 6,685 151,331 Other revenues 44 21 8 1,441 4,899 6,413 Total revenues 34,347 40,101 108,030 19,218 11,584 213,280 Life and other policy benefits 3,922 2,162 11,430 10,675 — 28,189 Amortization of deferred acquisition costs and value of business acquired 3,410 7,294 19,712 1,748 — 32,164 Universal life and annuity contract interest 21,441 11,993 47,482 — — 80,916 Other operating expenses 4,123 4,264 7,508 3,085 7,069 26,049 Federal income taxes (benefit) 324 3,208 4,883 747 259 9,421 Total expenses 33,220 28,921 91,015 16,255 7,328 176,739 Segment earnings (loss) $ 1,127 11,180 17,015 2,963 4,256 36,541 Reconciliations of segment information to the Company's Condensed Consolidated Financial Statements are provided below. Three Months Ended March 31, 2020 2019 (In thousands) Premiums and Other Revenues : Premiums and contract revenues $ 58,828 55,536 Net investment income (loss) (13,478 ) 151,331 Other revenues 3,653 6,413 Realized gains (losses) on investments 3,485 4,629 Total condensed consolidated premiums and other revenues $ 52,488 217,909 Three Months Ended March 31, 2020 2019 (In thousands) Federal Income Taxes : Total segment Federal income taxes $ (1,649 ) 9,421 Taxes on realized gains (losses) on investments 732 972 Total condensed consolidated Federal income taxes $ (917 ) 10,393 Three Months Ended March 31, 2020 2019 (In thousands) Net Earnings (Loss) : Total segment earnings (loss) $ (4,815 ) 36,541 Realized gains (losses) on investments, net of taxes 2,753 3,657 Total condensed consolidated net earnings (loss) $ (2,062 ) 40,198 March 31, December 31, 2020 2019 (In thousands) Assets : Total segment assets $ 11,716,562 12,092,796 Other unallocated assets 567,860 460,651 Total condensed consolidated assets $ 12,284,422 $ 12,553,447

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Payments	SHARE-BASED PAYMENTS Effective June 20, 2008, the Company's shareholders approved a 2008 Incentive Plan (“2008 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 ("SARs"), in tandem with stock options or freestanding; (3) restricted stock or restricted stock units; and, (4) performance awards. 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 SARs or other awards were allowed to be granted, could not exceed 300,000 . This plan was 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 an amended and restated 2008 Plan ("Incentive Plan"), which extended the term of the 2008 Plan for ten years from the date of stockholder approval. 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. At the end of 2018, all stock options granted under the 2008 Plan had been exercised, forfeited, or expired. SARs granted prior to 2016 vest 20% annually following three years of service following the grant date. Employee SARs granted 2016 forward vest 33.3% annually following one year of service from the date of the grant. Directors' SARs grants vest 20% annually following one year of service from the date of grant. Effective during August 2008, the Company adopted and implemented a limited stock buy-back program with respect to the 2008 Plan which provided stock option holders the additional alternative of selling shares acquired through the exercise of options directly back to the Company. Option holders could 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 2008 Plan. This plans was assumed as well by NWLGI from National Western pursuant to the terms of the holding company reorganization. There are currently no stock options issued and outstanding. 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 common shares, often referred to as "phantom stock-based awards" in equity compensation plans. 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. For employees, the vesting period for RSUs is 100% at the end of three years from the grant date. RSUs granted prior to 2019 are payable in cash at the vesting date equal to the closing price of the Company's Class A common share on the three years anniversary date. RSUs granted in 2019 are payable in cash at the three years vesting date equal to the 20-day moving average closing price of the Company’s Class A common share at that time. 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. PSUs also vest three years from the date of grant. For PSUs, the performance period begins the first day of the calendar year for which the PSUs are granted and runs three calendar 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. PSUs granted prior to 2019 are paid at the closing price of the Company's Class A common share on the vesting date. PSUs granted in 2019 are payable at the 20-day moving average closing price of the Company’s Class A common share at the vesting date. PSU awards covering the three year measurement period ended December 31, 2018 were paid out in the first quarter of 2019. The performance factor during the measurement period used to determine compensation payouts was 93.86% of the pre-defined metric target. PSU awards covering the three year measurement period ended December 31, 2019 were paid out in the first quarter of 2020. The performance factor during the measurement period used to determine compensation payouts was 101.19% of the pre-defined metric target. Directors of the Company are eligible to receive RSUs under the Incentive Plan. Unlike RSUs granted to officers, the RSUs granted to directors vest one year from the date of grant. RSUs granted prior to 2019 are payable in cash at the vesting date equal to the closing price of the Company's Class A common share at that time. RSUs granted in 2019 are payable in cash at the vesting date equal to the 20-day moving average closing price of the Company’s Class A common share at that time. No awards were granted to officers and directors during the three months ended March 31, 2020 and 2019 . The Company uses the current fair value method to measure compensation costs for awards granted under the share-based plans. As of March 31, 2020 and December 31, 2019 , the liability balance was $3.1 million and $11.2 million , respectively. A summary of awards by type and related activity is detailed below. Options Outstanding Shares Available For Grant Shares Weighted- Average Exercise Price Stock Options: Balance at January 1, 2020 291,000 — $ — Exercised — — $ — Forfeited — — $ — Expired — — $ — Stock options granted — — $ — Balance at March 31, 2020 291,000 — $ — Liability Awards SAR RSU PSU Other Share/Unit Awards: Balance at January 1, 2020 107,517 14,352 19,108 Exercised (1,372 ) (2,306 ) (4,049 ) Forfeited (872 ) — — Granted — — — Balance at March 31, 2020 105,273 12,046 15,059 SARs, RSUs, and PSUs shown as forfeited in the above tables represent vested and unvested awards not exercised by plan participants upon their termination from the Company in accordance with the expiration provisions of the awards. The total intrinsic value of share-based compensation exercised was $1.9 million and $2.5 million for the three months ended March 31, 2020 and 2019 , respectively. The total share-based compensation paid was $1.9 million and $2.5 million for the three months ended March 31, 2020 and 2019 , respectively. The total fair value of SARs, RSUs, and PSUs vested during the three months ended March 31, 2020 and 2019 was $1.8 million and $3.0 million , respectively. No cash amounts were received from the exercise of stock options under the Plans during the periods reported on. The following table summarizes information about SARs outstanding at March 31, 2020 . There were no options outstanding as of March 31, 2020 . SARs Outstanding Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable Exercise prices: $132.56 19,118 1.7 years 19,118 $210.22 23,650 3.7 years 19,550 $216.48 11,149 5.9 years 11,149 $311.16 9,897 6.9 years 9,897 $310.55 203 7.1 years 135 $334.34 9,310 7.7 years 6,202 $303.77 11,566 8.7 years 3,848 $252.91 20,380 9.7 years — Totals 105,273 69,899 Aggregate intrinsic value (in thousands) $ 754 $ 754 The aggregate intrinsic value in the table above is based on the closing Class A stock price of $ 172.00 per share on March 31, 2020 . In estimating the fair value of the SARs outstanding at March 31, 2020 and December 31, 2019 , the Company employed the Black-Scholes option pricing model with assumptions detailed below. March 31, December 31, Expected term 1.7 to 9.7 years 1.9 to 10.0 years Expected volatility weighted-average 28.30 % 22.19 % Expected dividend yield 0.21 % 0.12 % Risk-free rate weighted-average 0.23 % 1.61 % The Company reviewed the contractual term relative to the SARs as well as perceived future behavior patterns of exercise. Volatility is based on the Company’s historical volatility over the expected term of the SARs by expected exercise date. The pre-tax compensation cost/(benefit) recognized in the financial statements related to these plans was $(6.3) million and $(1.5) million for the three months ended March 31, 2020 and 2019 , respectively. The related tax expense/(benefit) recognized was $1.3 million and $0.3 million for the three months ended March 31, 2020 and 2019. As of March 31, 2020 , the total pre-tax compensation expense related to non-vested share-based awards not yet recognized was $3.5 million . This amount is expected to be recognized over a weighted-average period of 1.5 years . The Company recognizes compensation cost over the graded vesting periods.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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. As previously disclosed, the Company has been a defendant in prior years in such class action lawsuits. 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 September 28, 2017, a purported shareholder derivative lawsuit was filed in the 122nd District Court of Galveston County, State of Texas entitled Robert L. Moody, Jr. derivatively on behalf of National Western Life Insurance Company and National Western Life Group, Inc. v. Ross Rankin Moody, et al., naming certain current and former directors and current officers as defendants. The complaint challenged the directors’ oversight of insurance sales to non-U.S. residents and alleged that the defendants breached their fiduciary duties in the conduct of their duties as board members by failing to act (i) on an informed basis and (ii) in good faith or with the honest belief that their actions were in the best interests of the Company. The complaint sought an undetermined amount of damages, attorneys’ fees and costs, and equitable relief, including the removal of the Company’s Chairman and Chief Executive Officer and other board members and/or officers of the Company. The Company believes that the claims in the complaint were baseless and without merit, will continue to vigorously defend this lawsuit, and was awarded reimbursement of legal costs and expenses from plaintiff as detailed below. The Company believes, based on information currently available, that the final outcome of this lawsuit will not have a material adverse effect on the Company’s business, results of operations, or consolidated financial position. The companies and directors filed their respective Pleas to the Jurisdiction ("Pleas") contesting the plaintiff's standing to even pursue this action, along with their Answers, on October 27, 2017. On December 14, 2017, plaintiff filed a Response to the Pleas and on December 21, 2017, the Court heard oral argument on the Pleas. Plaintiff then filed a First Amended Petition on January 11, 2018. The companies and directors filed a Supplement to the Pleas on January 30, 2018, to which plaintiff responded on February 1, 2018, and the companies and directors replied on February 9, 2018. On May 3, 2018, the Court issued a memorandum to all attorneys of record stating that the Court would grant the defendants' Pleas and asked the attorney for defendants to prepare and submit proposed orders/judgments granting the requested relief for consideration by the Court. The defendants filed such proposed order granting the Pleas on May 7, 2018. On May 16, 2018 the Court issued an Order granting the Pleas and dismissing Robert L. Moody, Jr.’s claims with prejudice, and plaintiff then filed a Motion to Transfer Venue (“MTTV”). Defendants filed an Application for Fees, seeking to recover defendants’ legal costs and expenses from plaintiff, and a Response to the MTTV on June 8, 2018. In response plaintiff filed a Motion to Vacate, a Response to the Application for Fees, and his own Request for Attorney’s Fees on July 5, 2018. Defendants filed a Response to the Motion to Vacate and to plaintiff’s Request for Attorney’s Fees on July 11, 2018, and the Court heard oral arguments on July 16, 2018. Plaintiff filed supplemental briefing in support of his July 5, 2018 filings on July 25, 2018, and defendants filed their response to plaintiff's supplemental briefing on July 27, 2018. On August 8, 2018 the Court issued an Order denying plaintiff's Motion to Vacate. Pursuant to the Court’s instructions, on October 5, 2018, defendants filed an Order Granting Application for Expenses. Defendants then filed a Motion for Entry of Final Judgment and a Request for Submission Date on Motion for Entry of Final Judgment on October 11, 2018, which the Court set as October 30, 2018. Plaintiff filed his Objection to Proposed Final Judgment and Objection to Proposed Order on Attorneys’ Fees on October 25, 2018, to which defendants filed a response on October 30, 2018. On November 11, 2018, the Court issued its Final Judgment: ordering Plaintiff to pay the companies $1,314,054 for reasonable and necessary fees and expenses; denying Plaintiff’s Motion to Transfer Venue, and; dismissing Plaintiff’s counterclaim. Plaintiff has appealed the Court’s Final Judgment and that appeal is pending before the First District Court of Appeals in Houston, TX. In April of 2019, National Western defended a two-week jury trial in which it was alleged that it committed actionable Financial Elder Abuse in its issuance of a $100,000 equity indexed annuity to the Plaintiff in the case of Williams v Pantaleoni et al , Case No. 17CV03462, Butte County California Superior Court. The Court entered an Amended Judgment on the Jury Verdict on July 27, 2019 against National Western in the amount of $14,949 for economic damages and $2.9 million in non-economic and punitive damages. National Western vigorously disputes the verdicts and the amounts awarded, and in furtherance of such, filed a Motion for Judgment Notwithstanding Jury Verdict and a Motion for New Trial, both of which were rejected by the Court. On September 9, 2019, NWLIC filed its Notice of Appeal. On November 11, 2019, the judge awarded the Plaintiff attorney’s fees in the amount of $1.26 million . Both the Plaintiff and NWLIC have appealed this ruling. 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, Brazilian authorities 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 issued a subpoena in March of 2015 upon NWLIC 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 has been 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 no commitments to fund new loans and no commitments to extend credit relating to existing loans at March 31, 2020 . The Company evaluates each customer's creditworthiness on a case-by-case basis.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS (A) Investment Gains and Losses The Company uses the specific identification method in computing realized gains and losses. The table below presents realized gains and losses, excluding impairment losses, for the periods indicated. Three Months Ended March 31, 2020 2019 (In thousands) Available for sale debt securities: Realized gains on disposal $ 761 1,183 Realized losses on disposal — (84 ) Held to maturity debt securities: Realized gains on disposal 2,724 27 Realized losses on disposal — — Real estate gains (losses) — 3,503 Totals $ 3,485 4,629 Disposals in the held to maturity category during the periods shown 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. Net real estate gains for the three months ended March 31, 2019 primarily pertain to the Company's sale of its nursing home operations in Reno, Nevada and San Marcos, Texas as well as a property sold located in Austin, Texas. The sale of the Reno nursing home was completed effective February 1, 2019 and a gain of $5.7 million was realized on the sale of the land and building associated with the operation. The sale of the San Marcos nursing home was concluded effective May 1, 2019 and the Company recorded a loss of $(2.0) million associated with the sale of the land and building of this operation (an impairment loss on this property of $(2.2) million was recorded in the quarter ended March 31, 2019). The sale of the Company's prior home office completed effective June 7, 2019 realized a gain on the sale of $3.2 million . For the three months ended March 31, 2020 and 2019 the percentage of gains on bonds due to the call of securities was 99.6% and 41.4% , respectively. This includes calls out of the Company's available for sale portfolio of debt securities. (B) Debt Securities The table below presents amortized costs and fair values of debt securities held to maturity at March 31, 2020 . Debt Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (In thousands) U.S. agencies $ 89,906 3,270 — 93,176 (4 ) U.S. Treasury 3,787 217 — 4,004 — States and political subdivisions 418,332 21,576 (174 ) 439,734 (74 ) Foreign governments 1,139 123 — 1,262 — Public utilities 891,636 22,159 (7,360 ) 906,435 (1,173 ) Corporate 4,547,631 140,323 (65,070 ) 4,622,884 (4,788 ) Commercial mortgage-backed 3,031 — (12 ) 3,019 — Residential mortgage-backed 1,038,062 70,619 (49 ) 1,108,632 — Asset-backed 2,556 6 (21 ) 2,541 — Totals $ 6,996,080 258,293 (72,686 ) 7,181,687 (6,039 ) The table below presents amortized costs and fair values of debt securities available for sale at March 31, 2020 . Debt Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (In thousands) States and political subdivisions $ 89,407 6,477 (8 ) 95,876 — Foreign governments 9,986 152 — 10,138 — Public utilities 64,401 2,363 (406 ) 66,358 — Corporate 2,941,700 65,845 (104,331 ) 2,903,214 — Commercial mortgage-backed 27,514 3 (1,183 ) 26,334 — Residential mortgage-backed 12,071 1,340 (192 ) 13,219 — Asset-backed 61,278 302 (2,459 ) 59,121 — Totals $ 3,206,357 76,482 (108,579 ) 3,174,260 — The table below presents amortized costs and fair values of debt securities held to maturity at December 31, 2019 . Debt Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) U.S. agencies $ 100,910 1,686 — 102,596 U.S. Treasury 3,782 140 — 3,922 States and political subdivisions 431,433 19,440 (84 ) 450,789 Foreign governments 1,144 55 — 1,199 Public utilities 888,444 36,638 (83 ) 924,999 Corporate 4,607,826 212,281 (718 ) 4,819,389 Commercial mortgage-backed 3,032 52 — 3,084 Residential mortgage-backed 1,066,899 32,706 (716 ) 1,098,889 Asset-backed 2,775 62 (1 ) 2,836 Totals $ 7,106,245 303,060 (1,602 ) 7,407,703 The table below presents amortized costs and fair values of debt securities available for sale at December 31, 2019 . Debt Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) States and political subdivisions $ 98,037 4,495 (3 ) 102,529 Foreign governments 9,983 203 — 10,186 Public utilities 67,895 3,476 — 71,371 Corporate 2,921,431 141,705 (2,479 ) 3,060,657 Commercial mortgage-backed 28,871 1,071 — 29,942 Residential mortgage-backed 12,815 1,077 (117 ) 13,775 Asset-backed 67,088 1,397 — 68,485 Totals $ 3,206,120 153,424 (2,599 ) 3,356,945 Unrealized losses for debt securities held to maturity and debt securities available for sale increased at March 31, 2020 from comparable balances at December 31, 2019 primarily due to the widening in interest rate spreads that occurred during the period as a result of COVID-19 effects on financial markets. Market values of debt securities generally decline as interest rate levels increase. Debt securities balances at March 31, 2020 and 2019 include Ozark National holdings of $324.6 million and $265.2 million in held to maturity and $388.1 million and $392.5 million in available for sale. As part of the acquisition effective January 31, 2019 the Company employed purchase accounting procedures in accordance with GAAP which revalued the acquired investment portfolio to their fair values as of the date of the acquisition. These fair values became the book values for Ozark National from that point going forward. Accordingly, unrealized gains and losses for the Ozark National debt securities represent the changes subsequent to the purchase accounting book values established at the acquisition. The following table shows the gross unrealized losses and fair values of the Company's held to maturity debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2020 . Debt 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) States and political subdivisions $ 3,884 (102 ) 1,713 (72 ) 5,597 (174 ) Public utilities 276,339 (7,360 ) — — 276,339 (7,360 ) Corporate 1,058,680 (64,115 ) 16,617 (955 ) 1,075,297 (65,070 ) Commercial mortgage-backed 3,019 (12 ) — — 3,019 (12 ) Residential mortgage-backed 1,229 (49 ) — — 1,229 (49 ) Asset-backed 1,818 (21 ) — — 1,818 (21 ) Totals $ 1,344,969 (71,659 ) 18,330 (1,027 ) 1,363,299 (72,686 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2020 . Debt 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) States and political subdivisions $ 1,024 (8 ) — — 1,024 (8 ) Public utilities 28,536 (406 ) — — 28,536 (406 ) Corporate 987,347 (100,065 ) 26,689 (4,266 ) 1,014,036 (104,331 ) Commercial mortgage-backed 21,331 (1,183 ) — — 21,331 (1,183 ) Residential mortgage-backed — — 577 (192 ) 577 (192 ) Asset-backed 41,288 (2,459 ) — — 41,288 (2,459 ) Totals $ 1,079,526 (104,121 ) 27,266 (4,458 ) 1,106,792 (108,579 ) The following table shows the gross unrealized losses and fair values of the Company's held to maturity debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2019 . Debt 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) States and political subdivisions $ 5,013 (33 ) 1,712 (51 ) 6,725 (84 ) Public utilities 2,345 (83 ) — — 2,345 (83 ) Corporate 31,419 (337 ) 17,191 (381 ) 48,610 (718 ) Residential mortgage-backed 25,859 (63 ) 43,498 (653 ) 69,357 (716 ) Asset-backed 1,349 (1 ) — — 1,349 (1 ) Totals $ 65,985 (517 ) 62,401 (1,085 ) 128,386 (1,602 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale debt securities by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2019 . Debt 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) States and political subdivisions $ 470 (3 ) — — 470 (3 ) Public utilities — — — — — — Corporate 40,080 (105 ) 28,582 (2,374 ) 68,662 (2,479 ) Residential mortgage-backed — — 710 (117 ) 710 (117 ) Totals $ 40,550 (108 ) 29,292 (2,491 ) 69,842 (2,599 ) Debt securities. The gross unrealized losses for debt securities are made up of 325 individual issues, or 22.8% of the total debt securities held by the Company at March 31, 2020 . The market value of these bonds as a percent of amortized cost approximates 93.2% . Of the 325 securities, 8 , or 2.5% , fall in the 12 months or greater aging category; and 295 were rated investment grade at March 31, 2020 . The amortized cost and fair value of investments in debt securities at March 31, 2020 , 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 $ 152,316 151,449 652,617 659,061 Due after 1 year through 5 years 1,334,782 1,324,948 2,942,362 2,969,035 Due after 5 years through 10 years 1,340,411 1,312,864 1,710,000 1,757,710 Due after 10 years 277,985 286,325 647,452 681,689 3,105,494 3,075,586 5,952,431 6,067,495 Mortgage and asset-backed securities 100,863 98,674 1,043,649 1,114,192 Totals before allowance for credit losses 3,206,357 3,174,260 6,996,080 7,181,687 Allowance for credit losses — — (6,039 ) — Totals $ 3,206,357 3,174,260 6,990,041 7,181,687 As disclosed in Note (2) New Accounting Pronouncements in the Notes to Condensed Consolidated Financial Statements, the Company adopted new accounting guidance as of January 1, 2020 for credit loss recognition of certain financial assets, including debt securities classified in the held to maturity category. The Company employs a cohort cumulative loss rate method in estimating current expected credit losses with respect to its held to maturity debt securities. This method applies publicly available industry wide statistics of default incidence by defined segmentations of debt security investments combined with future assumptions regarding economic conditions (i.e. GDP forecasts) both in the near term and the long term.The Company utilizes Moody's loss rates by industry type and credit ratings and applies them to each major bond category. These bond categories are further segmented by credit ratings and by maturities of two years and less and more than two years. The following table presents the allowance for credit losses for the quarter ended March 31, 2020. Debt Securities Held to Maturity Debt Securities Available for Sale (In thousands) Balance, beginning of period $ — — Provision January 1, 2020 for adoption of new accounting guidance 3,334 — Provision during the period 2,705 — Releases — — Balance, end of period $ 6,039 — Provisions to and releases from the allowance for credit losses are recorded in net investment income in the Condensed Consolidated Statements of Earnings (Loss). Previous accounting guidance required the Company to review its portfolio for potential other-than-temporary impairments which would require that affected securities be written down to an adjusted cost basis with the amount of the writedown recorded as part of net realized gains and losses in the Condensed Consolidated Statements of Earnings (Loss). The Company determines current expected credit losses for available-for-sale debt securities in accordance with FASB ASC Subtopic 326-30 when fair value is less than amortized cost, interest payments are missed and the security is experiencing credit issues. At March 31, 2020, the Company performed additional analyses on certain available-for-sale securities whose market values were negatively impacted by the change in the economic environment precipitated by the COVID-19 pandemic crisis. Based on its review, the Company determined none of these investments required an allowance for credit loss at March 31, 2020 . Under the previous guidance, debt securities were considered to be other-than-temporarily impaired when a decline in market value was attributable to factors such as market volatility, liquidity, spread widening and credit quality in which it was anticipated that a recovery of all amounts due under the contractual terms of the security would occur and the Company had the intent and ability to hold the security until recovery or maturity. There were no other-than-temporary impairments recorded during the three months ended March 31, 2019. The Company's operating procedures include monitoring the investment portfolio on an ongoing basis for any changes in issuer facts and circumstances that might lead to future need for a credit loss allowance. In the table below, held to maturity securities and their corresponding allowance for credit losses are represented according to credit ratings by nationally recognized statistical rating organizations. Debt Securities Held to Maturity Amortized Cost Allowance for Credit Losses Carrying Value (In thousands) AAA $ 97,878 — 97,878 AA 1,853,169 (57 ) 1,853,112 A 2,213,874 (1,201 ) 2,212,673 BBB 2,758,085 (4,468 ) 2,753,617 BB and other below investment 73,074 (313 ) 72,761 Bonds Total $ 6,996,080 (6,039 ) 6,990,041 (C) Transfer of Securities During the three months ended March 31, 2020 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. The Company's mortgage, participation and mezzanine loans on real estate are the only financing receivables included in the Condensed Consolidated Balance Sheets. 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 (Loss). 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, 2020 or 2019 and as a result all interest income was recognized at March 31, 2020 and 2019 . At March 31, 2020, no loan terms had been modified or restructured on mortgage loans due to the economic climate changes precipitated by the COVID-19 pandemic crisis. The following table represents the mortgage loan portfolio by loan-to-value ratio. March 31, 2020 December 31, 2019 Amount % Amount % (In thousands) (In thousands) Mortgage Loans by Loan-to-Value Ratio (1): Less than 50% $ 57,157 20.6 $ 52,778 19.3 50% to 60% 45,896 16.5 56,929 20.8 60% to 70% 127,832 46.0 117,377 43.0 70% to 80% 47,083 16.9 46,013 16.9 80% to 90% — — — — Greater than 90% — — — — Gross balance 277,968 100.0 273,097 100.0 Allowance for credit losses (1,885 ) (0.7 ) (675 ) (0.2 ) Totals $ 276,083 99.3 $ 272,422 99.8 (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. Prior to January 1, 2020, mortgage loans were considered impaired when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. When it was determined that a loan was impaired, a loss was recognized for the difference between the carrying amount of the mortgage loan and the estimated value reduced by the cost to sell. Estimated value was 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 were reported in net realized investment gains (losses) in the Condensed Consolidated Statements of Earnings (Loss). The Company held a valuation allowance of $0.7 million at December 31, 2019. Effective January 1, 2020, the Company implemented FASB ASU 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 (“CECL”). The objective of the CECL model is for the reporting entity to recognize its estimate of current 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. For mortgage loan investments the Company is using the Weighted Average Remaining Maturity ("WARM") method, which uses an average annual charge-off rate applied to each mortgage loan risk category. Under this new accounting guidance, at January 1, 2020 a balance of $1.2 million was recorded which incorporated the previous year-end balance under the prior accounting method. The adjustment resulted in a charge to retained earnings as a change in accounting, net of tax, of $0.4 million . Subsequent changes in the allowance for current expected credit losses are reported in net investment income in the Condensed Consolidated Statements of Earnings (Loss). The following table represents the mortgage loan allowance for credit losses. March 31, 2020 December 31, 2019 (In thousands) Balance, beginning of the period $ 675 675 Provision January 1, 2020 for adoption of new accounting guidance 504 — Provision during the period 706 — Releases — — Total ending allowance for credit losses $ 1,885 675 The Company's direct investments in real estate are not a significant portion of its total investment portfolio and totaled approximately $34.4 million and $34.6 million at March 31, 2020 and December 31, 2019 , respectively. The Company recognized operating income on real estate properties of approximately $0.7 million and $0.6 million for the first three months of 2020 and 2019

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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). 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. The Company’s Level 3 liabilities consist of share-based compensation obligations, certain product-related embedded derivatives, and contingent consideration in the acquisition of businesses. 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, 2020 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,174,260 — 3,174,260 — Equity securities 15,984 15,984 — — Derivatives, index options 24,335 — — 24,335 Other invested assets 2 2 — — Total assets $ 3,214,581 15,986 3,174,260 24,335 Policyholder account balances (a) $ 61,625 — — 61,625 Other liabilities (b) 7,255 — — 7,255 Total liabilities $ 68,880 — — 68,880 During the three months ended March 31, 2020 , the Company made no transfers into or out of Levels 1, 2 or 3. December 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,356,945 — 3,356,945 — Equity securities 23,594 23,594 — — Derivatives, index options 157,588 — — 157,588 Other invested assets 2 2 — — Total assets $ 3,538,129 23,596 3,356,945 157,588 Policyholder account balances (a) $ 155,902 — — 155,902 Other liabilities (b) 15,301 — — 15,301 Total liabilities $ 171,203 — — 171,203 (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 and contingent consideration for businesses acquired. 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, 2020 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,174,260 — 3,174,260 — Priced internally — — — — Subtotal 3,174,260 — 3,174,260 — Equity securities: Priced by third-party vendors 15,984 15,984 — — Priced internally — — — — Subtotal 15,984 15,984 — — Derivatives, index options: Priced by third-party vendors 24,335 — — 24,335 Priced internally — — — — Subtotal 24,335 — — 24,335 Other invested assets: Priced by third-party vendors 2 2 — — Priced internally — — — — Subtotal 2 2 — — Total $ 3,214,581 15,986 3,174,260 24,335 Percent of total 100.0 % 0.5 % 98.7 % 0.8 % December 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,356,945 — 3,356,945 — Priced internally — — — — Subtotal 3,356,945 — 3,356,945 — Equity securities, available for sale: Priced by third-party vendors 23,594 23,594 — — Priced internally — — — — Subtotal 23,594 23,594 — — Derivatives, index options: Priced by third-party vendors 157,588 — — 157,588 Priced internally — — — — Subtotal 157,588 — — 157,588 Other invested assets: Priced by third-party vendors 2 2 — — Priced internally — — — — Subtotal 2 2 — — Total $ 3,538,129 23,596 3,356,945 157,588 Percent of total 100.0 % 0.7 % 94.8 % 4.5 % The following tables provide additional information about fair value measurements for which significant unobservable (Level 3) inputs were utilized to determine fair value. Three Months Ended March 31, 2020 Debt Securities, Available for Sale Equity Securities Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2020 $ — — 157,588 157,588 171,203 Total realized and unrealized gains (losses): Included in net income — — (106,629 ) (106,629 ) (73,848 ) Purchases, sales, issuances and settlements, net: Purchases — — 22,403 22,403 22,403 Sales — — — — — Issuances — — — — — Settlements — — (49,027 ) (49,027 ) (50,878 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 24,335 24,335 68,880 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 (loss) $ — — (105,997 ) (105,997 ) — Benefits and expenses — — — — (112,192 ) Total $ — — (105,997 ) (105,997 ) (112,192 ) Three Months Ended March 31, 2019 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2019 $ — — 14,684 14,684 56,704 Total realized and unrealized gains (losses): Included in net income — — 42,003 42,003 25,529 Purchases, sales, issuances and settlements, net: Purchases — — 17,592 17,592 17,592 Sales — — — — — Issuances — — — — 3,700 Settlements — — (3,278 ) (3,278 ) (5,800 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 71,001 71,001 97,725 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 $ — — 40,464 40,464 — Benefits and expenses — — — — 38,961 Total $ — — 40,464 40,464 38,961 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, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands) Assets: Derivatives, index options $ 24,335 Broker prices Implied volatility 12.96% - 53.69% (16.06%) Total assets $ 24,335 Liabilities: Policyholder account balances $ 61,625 Deterministic cash flow model Projected option cost 0.0% - 15.95% (1.32%) Share based compensation 3,081 Black-Scholes model Expected term 1.7 to 9.7 years Expected volatility 28.30% Contingent consideration on businesses acquired 4,174 Probabilistic Method Discount rate 10% Projected renewal premium $57.2-82.4 million ($71.9) Total liabilities $ 68,880 December 31, 2019 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands) Assets: Derivatives, index options $ 157,588 Broker prices Implied volatility 13.10% - 19.90% (15.25%) Total assets $ 157,588 Liabilities: Policyholder account balances $ 155,902 Deterministic cash flow model Projected option cost 0.0% - 17.55% (3.14%) Share based compensation 11,225 Black-Scholes model Expected term 1.9 to 10 years Expected volatility 22.19% Contingent consideration on businesses acquired 4,076 Probabilistic Method Discount rate 10.0% Projected renewal premium $57.2 - $82.4 million ($71.9) Total liabilities $ 171,203 Realized gains (losses) on debt securities are reported in the Condensed Consolidated Statements of Earnings (Loss) as net investment gains (losses) with liabilities reported as expenses. Unrealized gains (losses) on available for sale debt 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, 2020 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Debt securities held to maturity $ 6,990,041 7,181,687 — 7,181,687 Debt securities available for sale 3,174,260 3,174,260 — 3,174,260 — Cash and cash equivalents 352,215 352,215 352,215 — — Mortgage loans 276,083 278,015 — — 278,015 Real estate 34,443 48,547 48,547 Policy loans 78,036 135,870 — — 135,870 Other loans 13,461 13,643 — — 13,643 Derivatives, index options 24,335 24,335 — — 24,335 Equity securities 15,984 15,984 15,984 — — Life interest in Libbie Shearn Moody Trust 9,230 12,775 — — 12,775 Other investments 4,515 22,582 2 — 22,580 LIABILITIES Deferred annuity contracts $ 6,866,418 5,760,527 — — 5,760,527 Immediate annuity and supplemental contracts 399,448 449,249 — — 449,249 Contingent consideration on businesses acquired 4,174 4,174 — — 4,174 December 31, 2019 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Debt securities held to maturity $ 7,106,245 7,407,703 — 7,407,703 — Debt securities available for sale 3,356,945 3,356,945 — 3,356,945 — Cash and cash equivalents 253,524 253,524 253,524 — — Mortgage loans 272,422 270,931 — — 270,931 Real estate 34,588 57,204 — — 57,204 Policy loans 80,008 123,650 — — 123,650 Other loans 13,547 13,698 — — 13,698 Derivatives, index options 157,588 157,588 — — 157,588 Equity securities 23,594 23,594 23,594 — — Life interest in Libbie Shearn Moody Trust 9,230 12,775 — — 12,775 Other investments 197 16,182 2 — 16,180 LIABILITIES Deferred annuity contracts (1) $ 7,014,833 5,931,352 — — 5,931,352 Immediate annuity and supplemental contracts 400,465 422,931 — — 422,931 Contingent consideration on businesses acquired 4,076 4,076 — — 4,076 (1) Revised to correct for an adjustment related to the understatement of reserve liabilities of $15.0 million . See Note 1. 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, 2020
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 (Loss). Any changes relative to the embedded derivatives associated with policy contracts are reflected in contract interest in the Condensed Consolidated Statements of Earnings (Loss). 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 (Loss). 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, 2020 and December 31, 2019 , respectively. March 31, 2020 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 $ 24,335 Fixed-index products Universal Life and Annuity Contracts $ 61,625 Total $ 24,335 $ 61,625 December 31, 2019 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 $ 157,588 Fixed-index products Universal Life and Annuity Contracts $ 155,902 Total $ 157,588 $ 155,902 The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings (Loss) for the three months ended March 31, 2020 and 2019 . 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 (loss) $ (106,629 ) 42,003 Fixed-index products Universal life and annuity contract interest 67,653 (27,032 ) $ (38,976 ) 14,971 The embedded derivative liability, the change of which is recorded in universal life and annuity contract interest in the Condensed Consolidated Statements of Earnings (Loss), includes projected interest credits that are offset by the expected collectability by the Company of asset management fees on fixed-index products. The anticipated asset management fees to be collected increases or decreases based upon the most recent performance of index options and adds to or reduces the offset applied to the embedded derivative liability (increasing or decreasing contract interest expense). For the three months ended March 31, 2020 and 2019, the change in the embedded derivative liability due to the expected collectability of asset management fees increased/(decreased) contract interest expense by $29.3 million and $(15.7) million , respectively.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS Effective January 31, 2019, the Company acquired Ozark National and NIS following the receipt of regulatory approvals. NWLGI and National Western paid cash in an aggregate amount of approximately $205.4 million in exchange for all of the outstanding stock of Ozark National (wholly owned by National Western) and NIS (wholly owned by NWLGI). In addition to the cash price paid, National Western has a contingent liability for an "earn-out payment" based upon the subsequent persistency of Ozark National's acquired in force business achieving thresholds as specified in the Stock Purchase Agreement ("Agreement"). The earn-out payment to the seller per the Agreement has a maximum limit of $5.0 million . Using a probabilistic method for valuing contingent consideration, the Company at January 31, 2019 recorded a liability of $3.7 million representing the estimated fair value of the additional consideration estimated to be paid as part of the acquisition. The contingent consideration is revalued during the earn-out term using the same probabilistic method and had a fair value of $4.2 million and $4.1 million as of March 31, 2020 and December 31, 2019, respectively, with the changes in fair value during the three months ended March 31, 2020 recorded through Other operating expenses. In addition to the purchase price, the Company incurred $3.3 million of acquisition-related costs in the quarter ended March 31, 2019. In accordance with GAAP, these costs are included in Other operating expenses in the Condensed Consolidated Statements of Earnings (Loss) and are not considered a part of the purchase price. The acquisition has been accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations . Purchase accounting, as defined by ASC 805, requires that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The fair values shown below were determined based on management’s best estimates, employing fair valuation methodologies commonly utilized in preparing financial statements in accordance with GAAP, and are subject to revision for one year following the acquisition date. The excess of the purchase price paid above net tangible assets acquired has been assigned to identifiable intangible assets and goodwill. The following table presents the fair values of the net assets acquired as of January 31, 2019. January 31, 2019 Assets Fair value (In thousands) Debt securities held to maturity $ 261,059 Debt securities available for sale 400,719 Policy loans 28,128 Real estate 4,600 Cash and cash equivalents 16,275 Accrued investment income 6,116 Value of business acquired 145,768 Reinsurance recoverables 21,895 Other intangible assets 9,600 Other assets acquired 12,075 Total assets acquired 906,235 Liabilities Traditional life reserves 691,297 Other policyholder liabilities 13,867 Other liabilities acquired 5,840 711,004 Net identifiable assets acquired 195,231 Goodwill 13,864 Net assets acquired $ 209,095 Identifiable Intangible Assets The following table presents the fair value of identifiable intangible assets acquired at January 31, 2019: Fair Value Weighted-Average Amortization Period (In thousands) Trademarks / trade names $ 2,800 15 Internally developed software 3,800 7 Insurance licenses 3,000 NA $ 9,600 The gross carrying amounts and accumulated amortization for each specifically identifiable intangible asset were as follows. March 31, 2020 December 31, 2019 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Trademarks/trade names 15 $ 2,800 (218 ) $ 2,800 (171 ) Internally developed software 7 3,800 (633 ) 3,800 (498 ) Insurance licenses (1) N/A 3,000 — 3,000 — $ 9,600 (851 ) 9,600 (669 ) The value of trademarks was estimated using the relief from royalty method, based on the assumption that in lieu of ownership, an organization would be willing to pay a royalty in order to receive the related benefits of using the brand. The value of insurance licenses was estimated using the market approach to value, based on values paid for licenses in recent shell company transactions. The value of internally developed software was estimated using the replacement cost method. Trademarks, trade names and internally developed software are amortized using a straight-line method over the estimated useful lives. These intangible assets will be evaluated for impairment if indicators of impairment arise. Insurance licenses were determined to have an indefinite useful life. The Company evaluates the useful life insurance licenses at each reporting period to determine whether the useful life remains indefinite. Value of Business Acquired ("VOBA") VOBA is a purchase accounting convention for life insurance companies in business combinations based upon an actuarial determination of the difference between the fair value of policyholder liabilities acquired and the same policyholder liabilities measured in accordance with the acquiring company's accounting policies. The difference, referred to as VOBA, is an intangible asset subject to periodic amortization. As of the January 31, 2019 acquisition date, the VOBA balance recorded was $145.8 million . Changes in VOBA were as follows for the periods shown: March 31, December 31, 2020 2019 (In thousands) Balance, beginning of year $ 138,071 — Business acquired — 145,768 Amortization: Amortization, excluding unlocking (2,192 ) (7,697 ) Balance as of end of period $ 135,879 138,071 Estimated future amortization of VOBA, net of interest (in thousands), as of March 31, 2020 , is as follows: Expected Amortization (In thousands) Remainder of 2020 $ 6,578 2021 $ 8,324 2022 $ 7,901 2023 $ 7,533 2024 $ 7,205 Goodwill The changes in the carrying amount of goodwill (in thousands) were as follows: March 31, December 31, 2020 2019 (In thousands) Gross goodwill as of beginning of year $ 13,864 — Goodwill resulting from business acquisition — 13,864 Gross goodwill, before impairments 13,864 13,864 Accumulated impairment as of beginning of year — — Current year impairments — — Net goodwill as of end of period $ 13,864 13,864 Due to the severe change in economic climate which began in the first quarter of 2020 as a result of the COVID-19 pandemic, the Company evaluated the goodwill balance for potential impairment as of March 31, 2020 and determined that there was evidence to support not impairing the balance. Financial Information Subsequent to the acquisition date of January 31, 2019, Ozark National and NIS total revenues of $19.6 million and net earnings of $3.3 million were included in Condensed Consolidated Statements of Earnings (Loss) for the quarter ended March 31, 2019. These results for segment reporting purposes have been combined in the Acquired Businesses segment. The following unaudited comparative pro forma total revenues and net earnings represent Condensed Consolidated Results of Operations for the Company which assume amounts estimated had the acquisition of Ozark National and NIS by the Company been effective January 1, 2018. Three Months Ended March 31, 2020 2019 (In thousands) Total revenues $ 52,488 227,708 Net earnings (loss) $ (2,062 ) 41,830 The pro forma amounts shown above include the estimated total revenues and net earnings of the acquired businesses for each period incorporating amortization of identifiable intangible assets acquired and fair value adjustments to acquired invested assets and traditional life insurance reserves.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent events have been evaluated through the date of filing and no reportable items were identified.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	Recent accounting pronouncements not yet adopted In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts . This update is aimed at improving the Codification as it relates to long-duration contracts which will improve the timeliness of recognizing changes in the liability for future policy benefits, simplify accounting for certain market-based options, simplify the amortization of deferred acquisition costs, and improve the effectiveness of required disclosures. Amendments include the following: A. Require insurance entity to (1) review and update assumptions used to measure cash flows at least annually (with changes recognized in net income) and (2) update discount rate assumption at each reporting date (with changes recognized in other comprehensive income). B. Require insurance entity to measure all market risk benefits associated with deposit (i.e. account balance) contracts at fair value, with change in fair value attributable to change in instrument-specific credit risk recognized in other comprehensive income. C. Simplify amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on constant level basis over expected term of related contract. Deferred acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment test. D. Require insurance entity to add disclosures of disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. Insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement. These updates are required to be applied retrospectively to the earliest period presented in the financial statements for periods beginning after December 15, 2021, with early adoption permitted. The Company has performed a preliminary gap analysis and created a roadmap for implementation of this standard by the effective date and is evaluating the impact of the new guidance on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) , which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on the specific amendment. The amendments will be effective for fiscal periods beginning after December 15, 2020. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Consolidated Financial Statements and related disclosures upon adoption. Accounting pronouncements adopted In June 2016, the FASB released ASU 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 (“CECL”). The objective of the CECL model is for the reporting entity to recognize its estimate of current 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments in this Update add clarification and correction to ASU 2016-13 around accrued interest, transfers between classifications or categories for loans and debt securities, consideration of recoveries in estimating allowances, reinsurance recoveries, consideration of prepayments and estimated costs to sell when foreclosure is probable. In November, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendments in this Update add clarification and correction to ASU 2016-13 around expected recoveries for purchased financial assets with credit deterioration, transition relief for troubled debt restructurings, disclosures related to accrued interest receivables, and financial assets secured by collateral maintenance provisions. The guidance for these pronouncements was 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 earnings. Effective January 1, 2020, the Company adopted the expected loss recognition model related to mortgage loans, debt securities held to maturity and reinsurance recoverable. The change in accounting, net of tax, of $3.0 million was recorded to retained earnings in the first quarter of 2020 to set up an initial allowance for estimated credit losses of $1.2 million on mortgage loans and $3.3 million on debt securities held to maturity. The estimated credit losses for the reinsurance recoverable were immaterial to the financial statements, but will be monitored on a quarterly basis for any changes. Refer to Note (9) Investments for more information. Certain disclosures required by ASU 2016-13 are not included in the consolidated financial statements as the impact of this standard was not material. 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 Pr_2

Consolidation and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of the unrealized gains and losses on available-for-sale securities that were reclassified 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, 2020 and March 31, 2019 . Affected Line Item in the Statements of Earnings Amount Reclassified From Accumulated Other Comprehensive Income Three Months Ended March 31, 2020 2019 (In thousands) Other net investment gains (losses) $ 761 1,099 Net OTTI losses recognized in earnings — — Earnings before Federal income taxes 761 1,099 Federal income taxes 160 231 Net earnings $ 601 868

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended March 31, 2020 2019 Class A Class B Class A Class B (In thousands except per share amounts) Numerator for Basic and Diluted Earnings (Loss) Per Share: Net earnings (loss) $ (2,062 ) 40,198 Dividends - Class A shares — — Dividends - Class B shares — — Undistributed earnings (loss) $ (2,062 ) 40,198 Allocation of net earnings (loss): Dividends $ — — — — Allocation of undistributed earnings (loss) (2,004 ) (58 ) 39,061 1,137 Net earnings (loss) $ (2,004 ) (58 ) 39,061 1,137 Denominator: Basic earnings (loss) per share - weighted-average shares 3,436 200 3,436 200 Effect of dilutive stock options — — — — Diluted earnings (loss) per share - adjusted weighted-average shares for assumed conversions 3,436 200 3,436 200 Basic earnings (loss) per share $ (0.58 ) (0.29 ) 11.37 5.68 Diluted earnings (loss) per share $ (0.58 ) (0.29 ) 11.37 5.68

Pension and Other Postretirem_2

Pension and Other Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Defined Benefit Pension Plans
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, 2020 2019 (In thousands) Service cost $ 27 24 Interest cost 168 210 Expected return on plan assets (315 ) (272 ) Amortization of net loss 145 165 Net periodic benefit cost $ 25 127
Chairman and President Non-Qualified Defined Benefit Plans
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 non-qualified defined benefit plans. Three Months Ended March 31, 2020 2019 (In thousands) Service cost $ 302 125 Interest cost 338 256 Amortization of prior service cost 15 15 Amortization of net loss 1,445 348 Net periodic benefit cost $ 2,100 744
Defined Benefit Postretirement Healthcare Plans
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, 2020 2019 (In thousands) Interest cost $ 41 49 Amortization of prior service cost — 13 Amortization of net loss 40 61 Net periodic benefit cost $ 81 123

Segment and Other Operating I_2

Segment and Other Operating Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of segment information, by quarter	A summary of segment information as of March 31, 2020 and December 31, 2019 for the Condensed Consolidated Balance Sheet items and for the three months ended March 31, 2020 and March 31, 2019 for the Condensed Consolidated Statements of Earnings (Loss) is provided below. Condensed Consolidated Balance Sheet Items: March 31, 2020 Domestic International Annuities Acquired Businesses All Totals (In thousands) Deferred policy acquisition costs, sales inducements, and value of business acquired $ 140,151 217,805 533,788 141,210 — 1,032,954 Total segment assets 1,369,973 1,105,816 7,912,799 972,601 355,373 11,716,562 Future policy benefits 1,196,180 840,215 7,220,704 711,064 — 9,968,163 Other policyholder liabilities 15,873 14,229 89,572 14,905 — 134,579 December 31, 2019 Domestic International Annuities Acquired Businesses All Totals (In thousands) Deferred policy acquisition costs, sales inducements, and value of business acquired $ 127,557 209,858 486,553 142,434 — 966,402 Total segment assets 1,399,818 1,153,105 8,198,730 978,243 362,900 12,092,796 Future policy benefits (1) 1,198,103 870,461 7,366,894 706,513 — 10,141,971 Other policyholder liabilities 18,016 14,903 80,002 14,686 — 127,607 (1) Revised to correct for an adjustment related to an understatement of reserve liabilities of $15.0 million . Refer to Note 1. Condensed Consolidated Statements of Earnings (Loss): Three Months Ended March 31, 2020 Domestic Life Insurance International Life Insurance Annuities Acquired Businesses All Others Totals (In thousands) Premiums and contract revenues $ 11,228 22,867 4,650 20,083 — 58,828 Net investment income (loss) (19,383 ) (9,000 ) 10,632 6,301 (2,028 ) (13,478 ) Other revenues 29 54 4 2,422 1,144 3,653 Total revenues (8,126 ) 13,921 15,286 28,806 (884 ) 49,003 Life and other policy benefits 5,877 3,331 8,189 16,237 — 33,634 Amortization of deferred policy acquisition costs and value of business acquired 2,573 6,052 19,021 2,391 — 30,037 Universal life and annuity contract interest (21,693 ) (10,837 ) 4,504 — — (28,026 ) Other operating expenses 4,295 3,096 6,867 4,069 1,495 19,822 Federal income taxes (benefit) 188 2,804 (5,319 ) 1,222 (544 ) (1,649 ) Total expenses (8,760 ) 4,446 33,262 23,919 951 53,818 Segment earnings (loss) $ 634 9,475 (17,976 ) 4,887 (1,835 ) (4,815 ) Three Months Ended March 31, 2019 Domestic Life Insurance International Life Insurance Annuities Acquired Businesses All Others Totals (In thousands) Premiums and contract revenues $ 10,804 26,063 4,868 13,801 — 55,536 Net investment income 23,499 14,017 103,154 3,976 6,685 151,331 Other revenues 44 21 8 1,441 4,899 6,413 Total revenues 34,347 40,101 108,030 19,218 11,584 213,280 Life and other policy benefits 3,922 2,162 11,430 10,675 — 28,189 Amortization of deferred acquisition costs and value of business acquired 3,410 7,294 19,712 1,748 — 32,164 Universal life and annuity contract interest 21,441 11,993 47,482 — — 80,916 Other operating expenses 4,123 4,264 7,508 3,085 7,069 26,049 Federal income taxes (benefit) 324 3,208 4,883 747 259 9,421 Total expenses 33,220 28,921 91,015 16,255 7,328 176,739 Segment earnings (loss) $ 1,127 11,180 17,015 2,963 4,256 36,541
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, 2020 2019 (In thousands) Premiums and Other Revenues : Premiums and contract revenues $ 58,828 55,536 Net investment income (loss) (13,478 ) 151,331 Other revenues 3,653 6,413 Realized gains (losses) on investments 3,485 4,629 Total condensed consolidated premiums and other revenues $ 52,488 217,909
Reconciliation of segment federal income taxes to condensed consolidated financial statements	Three Months Ended March 31, 2020 2019 (In thousands) Federal Income Taxes : Total segment Federal income taxes $ (1,649 ) 9,421 Taxes on realized gains (losses) on investments 732 972 Total condensed consolidated Federal income taxes $ (917 ) 10,393
Reconciliation of segment net earnings to condensed consolidated financial statements	Three Months Ended March 31, 2020 2019 (In thousands) Net Earnings (Loss) : Total segment earnings (loss) $ (4,815 ) 36,541 Realized gains (losses) on investments, net of taxes 2,753 3,657 Total condensed consolidated net earnings (loss) $ (2,062 ) 40,198
Reconciliation of segment assets to condensed consolidated financial statements	March 31, December 31, 2020 2019 (In thousands) Assets : Total segment assets $ 11,716,562 12,092,796 Other unallocated assets 567,860 460,651 Total condensed consolidated assets $ 12,284,422 $ 12,553,447

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of shares available for grant and stock option activity	A summary of awards by type and related activity is detailed below. Options Outstanding Shares Available For Grant Shares Weighted- Average Exercise Price Stock Options: Balance at January 1, 2020 291,000 — $ — Exercised — — $ — Forfeited — — $ — Expired — — $ — Stock options granted — — $ — Balance at March 31, 2020 291,000 — $ —
Schedule of activity	Liability Awards SAR RSU PSU Other Share/Unit Awards: Balance at January 1, 2020 107,517 14,352 19,108 Exercised (1,372 ) (2,306 ) (4,049 ) Forfeited (872 ) — — Granted — — — Balance at March 31, 2020 105,273 12,046 15,059
Summary of information about stock options and SARs outstanding	The following table summarizes information about SARs outstanding at March 31, 2020 . There were no options outstanding as of March 31, 2020 . SARs Outstanding Number Outstanding Weighted- Average Remaining Contractual Life Number Exercisable Exercise prices: $132.56 19,118 1.7 years 19,118 $210.22 23,650 3.7 years 19,550 $216.48 11,149 5.9 years 11,149 $311.16 9,897 6.9 years 9,897 $310.55 203 7.1 years 135 $334.34 9,310 7.7 years 6,202 $303.77 11,566 8.7 years 3,848 $252.91 20,380 9.7 years — Totals 105,273 69,899 Aggregate intrinsic value (in thousands) $ 754 $ 754
Summary of assumptions employed using Black-Scholes option pricing model	In estimating the fair value of the SARs outstanding at March 31, 2020 and December 31, 2019 , the Company employed the Black-Scholes option pricing model with assumptions detailed below. March 31, December 31, Expected term 1.7 to 9.7 years 1.9 to 10.0 years Expected volatility weighted-average 28.30 % 22.19 % Expected dividend yield 0.21 % 0.12 % Risk-free rate weighted-average 0.23 % 1.61 %

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Realized investment gains and losses, excluding impairment losses	The table below presents realized gains and losses, excluding impairment losses, for the periods indicated. Three Months Ended March 31, 2020 2019 (In thousands) Available for sale debt securities: Realized gains on disposal $ 761 1,183 Realized losses on disposal — (84 ) Held to maturity debt securities: Realized gains on disposal 2,724 27 Realized losses on disposal — — Real estate gains (losses) — 3,503 Totals $ 3,485 4,629
Schedule of held-to-maturity securities	The table below presents amortized costs and fair values of debt securities held to maturity at December 31, 2019 . Debt Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) U.S. agencies $ 100,910 1,686 — 102,596 U.S. Treasury 3,782 140 — 3,922 States and political subdivisions 431,433 19,440 (84 ) 450,789 Foreign governments 1,144 55 — 1,199 Public utilities 888,444 36,638 (83 ) 924,999 Corporate 4,607,826 212,281 (718 ) 4,819,389 Commercial mortgage-backed 3,032 52 — 3,084 Residential mortgage-backed 1,066,899 32,706 (716 ) 1,098,889 Asset-backed 2,775 62 (1 ) 2,836 Totals $ 7,106,245 303,060 (1,602 ) 7,407,703 The table below presents amortized costs and fair values of debt securities held to maturity at March 31, 2020 . Debt Securities Held to Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (In thousands) U.S. agencies $ 89,906 3,270 — 93,176 (4 ) U.S. Treasury 3,787 217 — 4,004 — States and political subdivisions 418,332 21,576 (174 ) 439,734 (74 ) Foreign governments 1,139 123 — 1,262 — Public utilities 891,636 22,159 (7,360 ) 906,435 (1,173 ) Corporate 4,547,631 140,323 (65,070 ) 4,622,884 (4,788 ) Commercial mortgage-backed 3,031 — (12 ) 3,019 — Residential mortgage-backed 1,038,062 70,619 (49 ) 1,108,632 — Asset-backed 2,556 6 (21 ) 2,541 — Totals $ 6,996,080 258,293 (72,686 ) 7,181,687 (6,039 )
Schedule of debt securities, available-for-sale securities	The table below presents amortized costs and fair values of debt securities available for sale at March 31, 2020 . Debt Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (In thousands) States and political subdivisions $ 89,407 6,477 (8 ) 95,876 — Foreign governments 9,986 152 — 10,138 — Public utilities 64,401 2,363 (406 ) 66,358 — Corporate 2,941,700 65,845 (104,331 ) 2,903,214 — Commercial mortgage-backed 27,514 3 (1,183 ) 26,334 — Residential mortgage-backed 12,071 1,340 (192 ) 13,219 — Asset-backed 61,278 302 (2,459 ) 59,121 — Totals $ 3,206,357 76,482 (108,579 ) 3,174,260 — The table below presents amortized costs and fair values of debt securities available for sale at December 31, 2019 . Debt Securities Available for Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) States and political subdivisions $ 98,037 4,495 (3 ) 102,529 Foreign governments 9,983 203 — 10,186 Public utilities 67,895 3,476 — 71,371 Corporate 2,921,431 141,705 (2,479 ) 3,060,657 Commercial mortgage-backed 28,871 1,071 — 29,942 Residential mortgage-backed 12,815 1,077 (117 ) 13,775 Asset-backed 67,088 1,397 — 68,485 Totals $ 3,206,120 153,424 (2,599 ) 3,356,945
Schedule of gross unrealized losses and fair values of debt securities, 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 debt securities by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2019 . Debt 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) States and political subdivisions $ 470 (3 ) — — 470 (3 ) Public utilities — — — — — — Corporate 40,080 (105 ) 28,582 (2,374 ) 68,662 (2,479 ) Residential mortgage-backed — — 710 (117 ) 710 (117 ) Totals $ 40,550 (108 ) 29,292 (2,491 ) 69,842 (2,599 ) The following table shows the gross unrealized losses and fair values of the Company's available for sale debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2020 . Debt 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) States and political subdivisions $ 1,024 (8 ) — — 1,024 (8 ) Public utilities 28,536 (406 ) — — 28,536 (406 ) Corporate 987,347 (100,065 ) 26,689 (4,266 ) 1,014,036 (104,331 ) Commercial mortgage-backed 21,331 (1,183 ) — — 21,331 (1,183 ) Residential mortgage-backed — — 577 (192 ) 577 (192 ) Asset-backed 41,288 (2,459 ) — — 41,288 (2,459 ) Totals $ 1,079,526 (104,121 ) 27,266 (4,458 ) 1,106,792 (108,579 )
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 debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2020 . Debt 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) States and political subdivisions $ 3,884 (102 ) 1,713 (72 ) 5,597 (174 ) Public utilities 276,339 (7,360 ) — — 276,339 (7,360 ) Corporate 1,058,680 (64,115 ) 16,617 (955 ) 1,075,297 (65,070 ) Commercial mortgage-backed 3,019 (12 ) — — 3,019 (12 ) Residential mortgage-backed 1,229 (49 ) — — 1,229 (49 ) Asset-backed 1,818 (21 ) — — 1,818 (21 ) Totals $ 1,344,969 (71,659 ) 18,330 (1,027 ) 1,363,299 (72,686 ) The following table shows the gross unrealized losses and fair values of the Company's held to maturity debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2019 . Debt 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) States and political subdivisions $ 5,013 (33 ) 1,712 (51 ) 6,725 (84 ) Public utilities 2,345 (83 ) — — 2,345 (83 ) Corporate 31,419 (337 ) 17,191 (381 ) 48,610 (718 ) Residential mortgage-backed 25,859 (63 ) 43,498 (653 ) 69,357 (716 ) Asset-backed 1,349 (1 ) — — 1,349 (1 ) Totals $ 65,985 (517 ) 62,401 (1,085 ) 128,386 (1,602 )
Investments classified by contractual maturity date	The amortized cost and fair value of investments in debt securities at March 31, 2020 , 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 $ 152,316 151,449 652,617 659,061 Due after 1 year through 5 years 1,334,782 1,324,948 2,942,362 2,969,035 Due after 5 years through 10 years 1,340,411 1,312,864 1,710,000 1,757,710 Due after 10 years 277,985 286,325 647,452 681,689 3,105,494 3,075,586 5,952,431 6,067,495 Mortgage and asset-backed securities 100,863 98,674 1,043,649 1,114,192 Totals before allowance for credit losses 3,206,357 3,174,260 6,996,080 7,181,687 Allowance for credit losses — — (6,039 ) — Totals $ 3,206,357 3,174,260 6,990,041 7,181,687
Allowance for debt securities held to maturity	In the table below, held to maturity securities and their corresponding allowance for credit losses are represented according to credit ratings by nationally recognized statistical rating organizations. Debt Securities Held to Maturity Amortized Cost Allowance for Credit Losses Carrying Value (In thousands) AAA $ 97,878 — 97,878 AA 1,853,169 (57 ) 1,853,112 A 2,213,874 (1,201 ) 2,212,673 BBB 2,758,085 (4,468 ) 2,753,617 BB and other below investment 73,074 (313 ) 72,761 Bonds Total $ 6,996,080 (6,039 ) 6,990,041 Debt Securities Held to Maturity Debt Securities Available for Sale (In thousands) Balance, beginning of period $ — — Provision January 1, 2020 for adoption of new accounting guidance 3,334 — Provision during the period 2,705 — Releases — — Balance, end of period $ 6,039 —
Allowance for debt securities available for sale	The following table presents the allowance for credit losses for the quarter ended March 31, 2020. Debt Securities Held to Maturity Debt Securities Available for Sale (In thousands) Balance, beginning of period $ — — Provision January 1, 2020 for adoption of new accounting guidance 3,334 — Provision during the period 2,705 — Releases — — Balance, end of period $ 6,039 —
Schedule of mortgage loans by loan-to-value ratio	The following table represents the mortgage loan portfolio by loan-to-value ratio. March 31, 2020 December 31, 2019 Amount % Amount % (In thousands) (In thousands) Mortgage Loans by Loan-to-Value Ratio (1): Less than 50% $ 57,157 20.6 $ 52,778 19.3 50% to 60% 45,896 16.5 56,929 20.8 60% to 70% 127,832 46.0 117,377 43.0 70% to 80% 47,083 16.9 46,013 16.9 80% to 90% — — — — Greater than 90% — — — — Gross balance 277,968 100.0 273,097 100.0 Allowance for credit losses (1,885 ) (0.7 ) (675 ) (0.2 ) Totals $ 276,083 99.3 $ 272,422 99.8 (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 for credit losses. March 31, 2020 December 31, 2019 (In thousands) Balance, beginning of the period $ 675 675 Provision January 1, 2020 for adoption of new accounting guidance 504 — Provision during the period 706 — Releases — — Total ending allowance for credit losses $ 1,885 675

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities that are measured at fair value on a 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, 2020 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,174,260 — 3,174,260 — Equity securities 15,984 15,984 — — Derivatives, index options 24,335 — — 24,335 Other invested assets 2 2 — — Total assets $ 3,214,581 15,986 3,174,260 24,335 Policyholder account balances (a) $ 61,625 — — 61,625 Other liabilities (b) 7,255 — — 7,255 Total liabilities $ 68,880 — — 68,880 During the three months ended March 31, 2020 , the Company made no transfers into or out of Levels 1, 2 or 3. December 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale $ 3,356,945 — 3,356,945 — Equity securities 23,594 23,594 — — Derivatives, index options 157,588 — — 157,588 Other invested assets 2 2 — — Total assets $ 3,538,129 23,596 3,356,945 157,588 Policyholder account balances (a) $ 155,902 — — 155,902 Other liabilities (b) 15,301 — — 15,301 Total liabilities $ 171,203 — — 171,203 (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 and contingent consideration for businesses acquired.
Schedule of assets by by pricing source and fair value hierarchy level	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, 2020 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,174,260 — 3,174,260 — Priced internally — — — — Subtotal 3,174,260 — 3,174,260 — Equity securities: Priced by third-party vendors 15,984 15,984 — — Priced internally — — — — Subtotal 15,984 15,984 — — Derivatives, index options: Priced by third-party vendors 24,335 — — 24,335 Priced internally — — — — Subtotal 24,335 — — 24,335 Other invested assets: Priced by third-party vendors 2 2 — — Priced internally — — — — Subtotal 2 2 — — Total $ 3,214,581 15,986 3,174,260 24,335 Percent of total 100.0 % 0.5 % 98.7 % 0.8 % December 31, 2019 Total Level 1 Level 2 Level 3 (In thousands) Debt securities, available for sale: Priced by third-party vendors $ 3,356,945 — 3,356,945 — Priced internally — — — — Subtotal 3,356,945 — 3,356,945 — Equity securities, available for sale: Priced by third-party vendors 23,594 23,594 — — Priced internally — — — — Subtotal 23,594 23,594 — — Derivatives, index options: Priced by third-party vendors 157,588 — — 157,588 Priced internally — — — — Subtotal 157,588 — — 157,588 Other invested assets: Priced by third-party vendors 2 2 — — Priced internally — — — — Subtotal 2 2 — — Total $ 3,538,129 23,596 3,356,945 157,588 Percent of total 100.0 % 0.7 % 94.8 % 4.5 %
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. Three Months Ended March 31, 2020 Debt Securities, Available for Sale Equity Securities Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2020 $ — — 157,588 157,588 171,203 Total realized and unrealized gains (losses): Included in net income — — (106,629 ) (106,629 ) (73,848 ) Purchases, sales, issuances and settlements, net: Purchases — — 22,403 22,403 22,403 Sales — — — — — Issuances — — — — — Settlements — — (49,027 ) (49,027 ) (50,878 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 24,335 24,335 68,880 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 (loss) $ — — (105,997 ) (105,997 ) — Benefits and expenses — — — — (112,192 ) Total $ — — (105,997 ) (105,997 ) (112,192 ) Three Months Ended March 31, 2019 Debt Securities, Available for Sale Equity Securities, Available for Sale Derivatives, Index Options Total Assets Other Liabilities (In thousands) Balance at January 1, 2019 $ — — 14,684 14,684 56,704 Total realized and unrealized gains (losses): Included in net income — — 42,003 42,003 25,529 Purchases, sales, issuances and settlements, net: Purchases — — 17,592 17,592 17,592 Sales — — — — — Issuances — — — — 3,700 Settlements — — (3,278 ) (3,278 ) (5,800 ) Transfers into (out of) Level 3 — — — — — Balance at end of period $ — — 71,001 71,001 97,725 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 $ — — 40,464 40,464 — Benefits and expenses — — — — 38,961 Total $ — — 40,464 40,464 38,961
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, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands) Assets: Derivatives, index options $ 24,335 Broker prices Implied volatility 12.96% - 53.69% (16.06%) Total assets $ 24,335 Liabilities: Policyholder account balances $ 61,625 Deterministic cash flow model Projected option cost 0.0% - 15.95% (1.32%) Share based compensation 3,081 Black-Scholes model Expected term 1.7 to 9.7 years Expected volatility 28.30% Contingent consideration on businesses acquired 4,174 Probabilistic Method Discount rate 10% Projected renewal premium $57.2-82.4 million ($71.9) Total liabilities $ 68,880 December 31, 2019 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (In thousands) Assets: Derivatives, index options $ 157,588 Broker prices Implied volatility 13.10% - 19.90% (15.25%) Total assets $ 157,588 Liabilities: Policyholder account balances $ 155,902 Deterministic cash flow model Projected option cost 0.0% - 17.55% (3.14%) Share based compensation 11,225 Black-Scholes model Expected term 1.9 to 10 years Expected volatility 22.19% Contingent consideration on businesses acquired 4,076 Probabilistic Method Discount rate 10.0% Projected renewal premium $57.2 - $82.4 million ($71.9) Total liabilities $ 171,203
Schedule of carrying amounts and fair values of the Company's financial instruments	The carrying amounts and fair values of the Company's financial instruments are as follows: March 31, 2020 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Debt securities held to maturity $ 6,990,041 7,181,687 — 7,181,687 Debt securities available for sale 3,174,260 3,174,260 — 3,174,260 — Cash and cash equivalents 352,215 352,215 352,215 — — Mortgage loans 276,083 278,015 — — 278,015 Real estate 34,443 48,547 48,547 Policy loans 78,036 135,870 — — 135,870 Other loans 13,461 13,643 — — 13,643 Derivatives, index options 24,335 24,335 — — 24,335 Equity securities 15,984 15,984 15,984 — — Life interest in Libbie Shearn Moody Trust 9,230 12,775 — — 12,775 Other investments 4,515 22,582 2 — 22,580 LIABILITIES Deferred annuity contracts $ 6,866,418 5,760,527 — — 5,760,527 Immediate annuity and supplemental contracts 399,448 449,249 — — 449,249 Contingent consideration on businesses acquired 4,174 4,174 — — 4,174 December 31, 2019 Fair Value Hierarchy Level Carrying Values Fair Values Level 1 Level 2 Level 3 (In thousands) ASSETS Debt securities held to maturity $ 7,106,245 7,407,703 — 7,407,703 — Debt securities available for sale 3,356,945 3,356,945 — 3,356,945 — Cash and cash equivalents 253,524 253,524 253,524 — — Mortgage loans 272,422 270,931 — — 270,931 Real estate 34,588 57,204 — — 57,204 Policy loans 80,008 123,650 — — 123,650 Other loans 13,547 13,698 — — 13,698 Derivatives, index options 157,588 157,588 — — 157,588 Equity securities 23,594 23,594 23,594 — — Life interest in Libbie Shearn Moody Trust 9,230 12,775 — — 12,775 Other investments 197 16,182 2 — 16,180 LIABILITIES Deferred annuity contracts (1) $ 7,014,833 5,931,352 — — 5,931,352 Immediate annuity and supplemental contracts 400,465 422,931 — — 422,931 Contingent consideration on businesses acquired 4,076 4,076 — — 4,076 (1) Revised to correct for an adjustment related to the understatement of reserve liabilities of $15.0 million

Derivative Investments (Tables)

Derivative Investments (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019 , respectively. March 31, 2020 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 $ 24,335 Fixed-index products Universal Life and Annuity Contracts $ 61,625 Total $ 24,335 $ 61,625 December 31, 2019 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 $ 157,588 Fixed-index products Universal Life and Annuity Contracts $ 155,902 Total $ 157,588 $ 155,902
Schedule of derivative instruments in the Condensed Consolidated Statements of Earnings	The table below presents the effect of derivative instruments in the Condensed Consolidated Statements of Earnings (Loss) for the three months ended March 31, 2020 and 2019 . 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 (loss) $ (106,629 ) 42,003 Fixed-index products Universal life and annuity contract interest 67,653 (27,032 ) $ (38,976 ) 14,971

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of fair value of net assets acquired	The following table presents the fair values of the net assets acquired as of January 31, 2019. January 31, 2019 Assets Fair value (In thousands) Debt securities held to maturity $ 261,059 Debt securities available for sale 400,719 Policy loans 28,128 Real estate 4,600 Cash and cash equivalents 16,275 Accrued investment income 6,116 Value of business acquired 145,768 Reinsurance recoverables 21,895 Other intangible assets 9,600 Other assets acquired 12,075 Total assets acquired 906,235 Liabilities Traditional life reserves 691,297 Other policyholder liabilities 13,867 Other liabilities acquired 5,840 711,004 Net identifiable assets acquired 195,231 Goodwill 13,864 Net assets acquired $ 209,095
Schedule of fair value of identifiable intangible assets acquired	The following table presents the fair value of identifiable intangible assets acquired at January 31, 2019: Fair Value Weighted-Average Amortization Period (In thousands) Trademarks / trade names $ 2,800 15 Internally developed software 3,800 7 Insurance licenses 3,000 NA $ 9,600 The gross carrying amounts and accumulated amortization for each specifically identifiable intangible asset were as follows. March 31, 2020 December 31, 2019 Weighted-Average Amortization Period Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Trademarks/trade names 15 $ 2,800 (218 ) $ 2,800 (171 ) Internally developed software 7 3,800 (633 ) 3,800 (498 ) Insurance licenses (1) N/A 3,000 — 3,000 — $ 9,600 (851 ) 9,600 (669 )
Schedule of changes in VOBA	Changes in VOBA were as follows for the periods shown: March 31, December 31, 2020 2019 (In thousands) Balance, beginning of year $ 138,071 — Business acquired — 145,768 Amortization: Amortization, excluding unlocking (2,192 ) (7,697 ) Balance as of end of period $ 135,879 138,071
Schedule of expected amortization of VOBA	Estimated future amortization of VOBA, net of interest (in thousands), as of March 31, 2020 , is as follows: Expected Amortization (In thousands) Remainder of 2020 $ 6,578 2021 $ 8,324 2022 $ 7,901 2023 $ 7,533 2024 $ 7,205
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill (in thousands) were as follows: March 31, December 31, 2020 2019 (In thousands) Gross goodwill as of beginning of year $ 13,864 — Goodwill resulting from business acquisition — 13,864 Gross goodwill, before impairments 13,864 13,864 Accumulated impairment as of beginning of year — — Current year impairments — — Net goodwill as of end of period $ 13,864 13,864
Schedule of pro forma total revenues and net earnings	The following unaudited comparative pro forma total revenues and net earnings represent Condensed Consolidated Results of Operations for the Company which assume amounts estimated had the acquisition of Ozark National and NIS by the Company been effective January 1, 2018. Three Months Ended March 31, 2020 2019 (In thousands) Total revenues $ 52,488 227,708 Net earnings (loss) $ (2,062 ) 41,830

Consolidation and Basis of Pr_3

Consolidation and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Decrease to deferred federal income tax liability	$ (30,438)		$ (36,767)
Decrease to retained earnings	(2,009,476)		(2,014,570)
Other net investment gains (losses)	3,485	$ 4,629
Net OTTI losses recognized in earnings	0	0
Earnings (loss) before Federal income taxes	(2,979)	50,591
Federal income taxes	(917)	10,393
Net earnings (loss)	(2,062)	40,198
Unrealized Gains and Losses on Available-for-sale Securities | Amount Reclassified From Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net investment gains (losses)	761	1,099
Net OTTI losses recognized in earnings	0	0
Earnings (loss) before Federal income taxes	761	1,099
Federal income taxes	160	231
Net earnings (loss)	$ 601	$ 868
Restatement adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Increase in future policy benefits liability			15,000
Decrease to deferred federal income tax liability			3,200
Decrease to retained earnings			$ 11,800

New Accounting Pronouncements_2

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Valuation allowance for mortgage loans	$ 1,885	$ 1,200	$ 675		$ 675
Debt securities held to maturity, allowance for expected credit losses	$ 6,039	3,300	$ 0
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle, net of tax		$ 3,032		$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Dividends Payable [Line Items]
Dividends declared and paid		$ 0	$ 0
NWLIC
Dividends Payable [Line Items]
Maximum dividend payment which may be paid without prior approval		152,800,000
Dividends declared and paid			32,000,000
Ozark National Life Insurance Company
Dividends Payable [Line Items]
Maximum dividend payment which may be paid without prior approval		17,200,000
Extraordinary dividend paid	$ 102,700,000
NIS
Dividends Payable [Line Items]
Dividends declared and paid		900,000
Class B
Dividends Payable [Line Items]
Dividends declared and paid		$ 0	$ 0
Class B | Board of Directors Chairman
Dividends Payable [Line Items]
Common stock, percentage ownership		99.00%

Earnings Per Share (EPS Calcula

Earnings Per Share (EPS Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ (2,062,000)	$ 40,198,000
Dividends	0	0
Undistributed earnings	(2,062,000)	40,198,000
Allocation of net income:
Dividends	0	0
Undistributed earnings	(2,062,000)	40,198,000
Net earnings	(2,062,000)	40,198,000
Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	(2,004,000)	39,061,000
Dividends	0	0
Undistributed earnings	(2,004,000)	39,061,000
Allocation of net income:
Dividends	0	0
Undistributed earnings	(2,004,000)	39,061,000
Net earnings	$ (2,004,000)	$ 39,061,000
Denominator:
Basic earnings (loss) per share - weighted-average shares (in shares)	3,436	3,436
Effect of dilutive stock options (in shares)	0	0
Diluted earnings (loss) per share - adjusted weighted-average shares for assumed conversions (in shares)	3,436	3,436
Basic earnings (loss) per share (in dollars per share)	$ (0.58)	$ 11.37
Diluted earnings (loss) per share (in dollars per share)	$ (0.58)	$ 11.37
Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ (58,000)	$ 1,137,000
Dividends	0	0
Undistributed earnings	(58,000)	1,137,000
Allocation of net income:
Dividends	0	0
Undistributed earnings	(58,000)	1,137,000
Net earnings	$ (58,000)	$ 1,137,000
Denominator:
Basic earnings (loss) per share - weighted-average shares (in shares)	200	200
Effect of dilutive stock options (in shares)	0	0
Diluted earnings (loss) per share - adjusted weighted-average shares for assumed conversions (in shares)	200	200
Basic earnings (loss) per share (in dollars per share)	$ (0.29)	$ 5.68
Diluted earnings (loss) per share (in dollars per share)	$ (0.29)	$ 5.68

Pension and Other Postretirem_3

Pension and Other Postretirement Plans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)benefit_plan	Mar. 31, 2019USD ($)	Dec. 31, 2007
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of non-qualified defined benefit pension plans | benefit_plan	3
Number of healthcare plans | benefit_plan	2
Defined Benefit Pension Plans
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	$ 24
Interest cost	168	210
Expected return on plan assets	(315)	(272)
Amortization of net loss	145	165
Net periodic benefit cost	25	127
Minimum required contribution	0
Planned contributions remaining	800
Company contributions to plan	100
Chairman and President Non-Qualified Defined Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	302	125
Interest cost	338	256
Amortization of prior service cost	15	15
Amortization of net loss	1,445	348
Net periodic benefit cost	2,100	744
Company contributions to plan	400
Company expected contributions to plans in fiscal year	2,000
Defined Benefit Postretirement Healthcare Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	41	49
Amortization of prior service cost	0	13
Amortization of net loss	40	61
Net periodic benefit cost	$ 81	$ 123
Minimum | Chairman and President Non-Qualified Defined Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate average annual participant salary increase	10.00%

Segment and Other Operating I_3

Segment and Other Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Selected Condensed Consolidated Balance Sheet Items:
Total segment assets	$ 12,284,422		$ 12,553,447
Other policyholder liabilities	134,579		127,607
Condensed Consolidated Income Statements:
Premiums and contract revenues	58,828	$ 55,536
Net investment income (loss)	(13,478)	151,331
Other revenues	3,653	6,413
Total revenues	52,488	217,909
Life and other policy benefits	33,634	28,189
Amortization of deferred policy acquisition costs and value of business acquired	30,037	32,164
Universal life and annuity contract interest	(28,026)	80,916
Other operating expenses	19,822	26,049
Total condensed consolidated Federal income taxes	(917)	10,393
Net earnings (loss)	(2,062)	40,198
Realized gains (losses) on investments	3,485	4,629
Segments
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	1,032,954		966,402
Total segment assets	11,716,562		12,092,796
Future policy benefits	9,968,163		10,141,971
Other policyholder liabilities	134,579		127,607
Condensed Consolidated Income Statements:
Premiums and contract revenues	58,828	55,536
Net investment income (loss)	(13,478)	151,331
Other revenues	3,653	6,413
Total revenues	49,003	213,280
Life and other policy benefits	33,634	28,189
Amortization of deferred policy acquisition costs and value of business acquired	30,037	32,164
Universal life and annuity contract interest	(28,026)	80,916
Other operating expenses	19,822	26,049
Total condensed consolidated Federal income taxes	(1,649)	9,421
Total expenses	53,818	176,739
Net earnings (loss)	(4,815)	36,541
Segments | Domestic Life Insurance
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	140,151		127,557
Total segment assets	1,369,973		1,399,818
Future policy benefits	1,196,180		1,198,103
Other policyholder liabilities	15,873		18,016
Condensed Consolidated Income Statements:
Premiums and contract revenues	11,228	10,804
Net investment income (loss)	(19,383)	23,499
Other revenues	29	44
Total revenues	(8,126)	34,347
Life and other policy benefits	5,877	3,922
Amortization of deferred policy acquisition costs and value of business acquired	2,573	3,410
Universal life and annuity contract interest	(21,693)	21,441
Other operating expenses	4,295	4,123
Total condensed consolidated Federal income taxes	188	324
Total expenses	(8,760)	33,220
Net earnings (loss)	634	1,127
Segments | International Life Insurance
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	217,805		209,858
Total segment assets	1,105,816		1,153,105
Future policy benefits	840,215		870,461
Other policyholder liabilities	14,229		14,903
Condensed Consolidated Income Statements:
Premiums and contract revenues	22,867	26,063
Net investment income (loss)	(9,000)	14,017
Other revenues	54	21
Total revenues	13,921	40,101
Life and other policy benefits	3,331	2,162
Amortization of deferred policy acquisition costs and value of business acquired	6,052	7,294
Universal life and annuity contract interest	(10,837)	11,993
Other operating expenses	3,096	4,264
Total condensed consolidated Federal income taxes	2,804	3,208
Total expenses	4,446	28,921
Net earnings (loss)	9,475	11,180
Segments | Annuities
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	533,788		486,553
Total segment assets	7,912,799		8,198,730
Future policy benefits	7,220,704		7,366,894
Other policyholder liabilities	89,572		80,002
Condensed Consolidated Income Statements:
Premiums and contract revenues	4,650	4,868
Net investment income (loss)	10,632	103,154
Other revenues	4	8
Total revenues	15,286	108,030
Life and other policy benefits	8,189	11,430
Amortization of deferred policy acquisition costs and value of business acquired	19,021	19,712
Universal life and annuity contract interest	4,504	47,482
Other operating expenses	6,867	7,508
Total condensed consolidated Federal income taxes	(5,319)	4,883
Total expenses	33,262	91,015
Net earnings (loss)	(17,976)	17,015
Segments | Acquired Businesses
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	141,210		142,434
Total segment assets	972,601		978,243
Future policy benefits	711,064		706,513
Other policyholder liabilities	14,905		14,686
Condensed Consolidated Income Statements:
Premiums and contract revenues	20,083	13,801
Net investment income (loss)	6,301	3,976
Other revenues	2,422	1,441
Total revenues	28,806	19,218
Life and other policy benefits	16,237	10,675
Amortization of deferred policy acquisition costs and value of business acquired	2,391	1,748
Universal life and annuity contract interest	0	0
Other operating expenses	4,069	3,085
Total condensed consolidated Federal income taxes	1,222	747
Total expenses	23,919	16,255
Net earnings (loss)	4,887	2,963
Segments | All Others
Selected Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs, sales inducements, and value of business acquired	0		0
Total segment assets	355,373		362,900
Future policy benefits	0		0
Other policyholder liabilities	0		0
Condensed Consolidated Income Statements:
Premiums and contract revenues	0	0
Net investment income (loss)	(2,028)	6,685
Other revenues	1,144	4,899
Total revenues	(884)	11,584
Life and other policy benefits	0	0
Amortization of deferred policy acquisition costs and value of business acquired	0	0
Universal life and annuity contract interest	0	0
Other operating expenses	1,495	7,069
Total condensed consolidated Federal income taxes	(544)	259
Total expenses	951	7,328
Net earnings (loss)	(1,835)	4,256
Other unallocated
Selected Condensed Consolidated Balance Sheet Items:
Total segment assets	567,860		460,651
Segment Reconciling Items
Condensed Consolidated Income Statements:
Taxes on realized gains (losses) on investments	732	972
Realized gains (losses) on investments, net of taxes	$ 2,753	$ 3,657
Restatement adjustment
Selected Condensed Consolidated Balance Sheet Items:
Future policy benefits			$ 15,000

Share-Based Payments (General D

Share-Based Payments (General Descriptions) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jun. 20, 2008	Jun. 25, 2004
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)	1 year
Period in force, from which option holders may elect to sell back acquired shares	90 days
Compensation cost not yet recognized	$ 3.1		$ 11.2
Pre-tax compensation cost (benefit) recognized	(6.3)	$ (1.5)
Compensation cost (benefit), tax expense (benefit)	1.3	$ 0.3
Compensation cost related to nonvested options not yet recognized	$ 3.5
Weighted average period over which the compensation is expected to be recognized	1 year 6 months
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
1995 Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payments, number of shares authorized under plans (in shares)					300,000
2008 Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)				$ 1
Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)	3 years
Employee SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)	1 year
Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)	1 year
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	100.00%
Requisite service period of awards (in years)	3 years
Vesting period (in years)	3 years
RSU | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards (in years)	1 year
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Performance period (in years)	3 years
Performance factor used to determine compensation payout	101.19%	93.86%
Vesting After Service Period, Year One | Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year One | Employee SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	33.30%
Vesting After Service Period, Year One | Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Two | Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Two | Employee SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	33.30%
Vesting After Service Period, Year Two | Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Three | Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Three | Employee SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	33.30%
Vesting After Service Period, Year Three | Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Four | Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Four | Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Five | Employee SARs granted before 2016 | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%
Vesting After Service Period, Year Five | Employee Stock Options and SARs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in percentage)	20.00%

Share-Based Payments (Options a

Share-Based Payments (Options and Stock Appreciation Rights Outstanding) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Granted (in shares)	0
Ending Balance (in shares)	0
Weighted-Average Exercise Price (usd per share)
Beginning Balance (in dollars per share)	$ 0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Granted (in dollars per share)	0
Ending Balance (in dollars per share)	$ 0
Liability Awards
Total intrinsic value of options exercised	$ 1,900,000	$ 2,500,000
Total share-based liabilities paid	1,900,000	2,500,000
Fair value of vested awards	1,800,000	3,000,000
Cash received from exercise of stock options	$ 0	$ 0
Shares outstanding (in shares)	0
SAR
Liability Awards
Opening balance (in shares)	107,517
Exercised (in shares)	(1,372)
Forfeited (in shares)	(872)
Granted (in shares)	0
Closing balance (in shares)	105,273
RSU
Liability Awards
Opening balance (in shares)	14,352
Exercised (in shares)	(2,306)
Forfeited (in shares)	0
Granted (in shares)	0
Closing balance (in shares)	12,046
PSU
Liability Awards
Opening balance (in shares)	19,108
Exercised (in shares)	(4,049)
Forfeited (in shares)	0
Granted (in shares)	0
Closing balance (in shares)	15,059

Share-Based Payments (Exercise

Share-Based Payments (Exercise Range) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding (in shares)	105,273
Number Exercisable (in shares)	69,899
Closing stock price (in dollars per share) | $ / shares	$ 172
SAR
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding, Aggregate intrinsic value | $	$ 754
Options Exercisable, Aggregate intrinsic value | $	$ 754
SAR | 132.56
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 132.56
Number Outstanding (in shares)	19,118
Weighted- Average Remaining Contractual Life	1 year 8 months 12 days
Number Exercisable (in shares)	19,118
SAR | 210.22
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 210.22
Number Outstanding (in shares)	23,650
Weighted- Average Remaining Contractual Life	3 years 8 months 12 days
Number Exercisable (in shares)	19,550
SAR | 216.48
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 216.48
Number Outstanding (in shares)	11,149
Weighted- Average Remaining Contractual Life	5 years 10 months 24 days
Number Exercisable (in shares)	11,149
SAR | 311.16
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 311.16
Number Outstanding (in shares)	9,897
Weighted- Average Remaining Contractual Life	6 years 10 months 24 days
Number Exercisable (in shares)	9,897
SAR | 310.55
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 310.55
Number Outstanding (in shares)	203
Weighted- Average Remaining Contractual Life	7 years 1 month 6 days
Number Exercisable (in shares)	135
SAR | 334.34
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 334.34
Number Outstanding (in shares)	9,310
Weighted- Average Remaining Contractual Life	7 years 8 months 12 days
Number Exercisable (in shares)	6,202
SAR | 303.77
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 303.77
Number Outstanding (in shares)	11,566
Weighted- Average Remaining Contractual Life	8 years 8 months 12 days
Number Exercisable (in shares)	3,848
SAR | 252.91
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price (in dollars per share) | $ / shares	$ 252.91
Number Outstanding (in shares)	20,380
Weighted- Average Remaining Contractual Life	9 years 8 months 12 days
Number Exercisable (in shares)	0

Share-Based Payments (Black Sch

Share-Based Payments (Black Scholes Option Pricing Model Assumptions) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.21%	0.12%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	1 year 8 months 12 days	1 year 10 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	9 years 8 months 12 days	10 years
Weighted-average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, weighted-average	28.30%	22.19%
Risk-free rate, weighted-average	0.23%	1.61%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Nov. 11, 2019	Jul. 27, 2019	Nov. 11, 2018	Mar. 31, 2020	Apr. 30, 2019
Williams v Pantaleoni et al
Loss Contingencies [Line Items]
Equity indexed annuity					$ 100,000
Loss contingency, compensatory damages awarded		$ 14,949
Loss contingency, punitive damages awarded		$ 2,900,000
Loss contingency, damages sought	$ 1,260,000
New Loans
Loss Contingencies [Line Items]
Other commitment				$ 0
Existing Loans
Loss Contingencies [Line Items]
Other commitment				$ 0
Settled Litigation | National Western Life Insurance Company and National Western Life Group, Inc. v. Ross Rankin Moody et. al
Loss Contingencies [Line Items]
Loss contingency, damages awarded			$ 1,314,054

Investments (Investment Gains a

Investments (Investment Gains and Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Available for sale debt securities:
Realized gains on disposal	$ 761	$ 1,183
Realized losses on disposal	0	(84)
Held to maturity debt securities:
Realized gains on disposal	2,724	27
Realized losses on disposal	0	0
Real estate gains (losses)	0	3,503
Totals	$ 3,485	$ 4,629

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 07, 2019	May 01, 2019	Feb. 01, 2019	Mar. 31, 2020	Mar. 31, 2019
Real Estate [Line Items]
Real estate gains (losses)				$ 0	$ 3,503
Percentage of gains on bonds due to calls of securities				99.60%	41.40%
Nursing Home Operations in Reno, Nevada
Real Estate [Line Items]
Real estate gains (losses)			$ 5,700
Nursing Home Operations, San Marcos, Texas
Real Estate [Line Items]
Real estate gains (losses)		$ (2,000)
Impairment loss on real estate					$ 2,200
Prior Home Office
Real Estate [Line Items]
Real estate gains (losses)	$ 3,200

Investments (Securities Held to

Investments (Securities Held to Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Total	$ 6,996,080		$ 7,106,245
Gross Unrealized Gains	258,293		303,060
Gross Unrealized Losses	(72,686)		(1,602)
Fair Value	7,181,687		7,407,703
Allowance for Credit Losses	(6,039)	$ (3,300)	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,344,969		65,985
Less than 12 Months, Unrealized Losses	(71,659)		(517)
12 Months or Greater, Fair Value	18,330		62,401
12 Months or Greater, Unrealized Losses	(1,027)		(1,085)
Total, Fair Value	1,363,299		128,386
Total, Unrealized Losses	(72,686)		(1,602)
U.S. agencies
Schedule of Held-to-maturity Securities [Line Items]
Total	89,906		100,910
Gross Unrealized Gains	3,270		1,686
Gross Unrealized Losses	0		0
Fair Value	93,176		102,596
Allowance for Credit Losses	(4)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	0		0
U.S. Treasury
Schedule of Held-to-maturity Securities [Line Items]
Total	3,787		3,782
Gross Unrealized Gains	217		140
Gross Unrealized Losses	0		0
Fair Value	4,004		3,922
Allowance for Credit Losses	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	0		0
States and political subdivisions
Schedule of Held-to-maturity Securities [Line Items]
Total	418,332		431,433
Gross Unrealized Gains	21,576		19,440
Gross Unrealized Losses	(174)		(84)
Fair Value	439,734		450,789
Allowance for Credit Losses	(74)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	3,884		5,013
Less than 12 Months, Unrealized Losses	(102)		(33)
12 Months or Greater, Fair Value	1,713		1,712
12 Months or Greater, Unrealized Losses	(72)		(51)
Total, Fair Value	5,597		6,725
Total, Unrealized Losses	(174)		(84)
Foreign governments
Schedule of Held-to-maturity Securities [Line Items]
Total	1,139		1,144
Gross Unrealized Gains	123		55
Gross Unrealized Losses	0		0
Fair Value	1,262		1,199
Allowance for Credit Losses	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Total, Unrealized Losses	0		0
Public utilities
Schedule of Held-to-maturity Securities [Line Items]
Total	891,636		888,444
Gross Unrealized Gains	22,159		36,638
Gross Unrealized Losses	(7,360)		(83)
Fair Value	906,435		924,999
Allowance for Credit Losses	(1,173)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	276,339		2,345
Less than 12 Months, Unrealized Losses	(7,360)		(83)
12 Months or Greater, Fair Value	0		0
12 Months or Greater, Unrealized Losses	0		0
Total, Fair Value	276,339		2,345
Total, Unrealized Losses	(7,360)		(83)
Corporate
Schedule of Held-to-maturity Securities [Line Items]
Total	4,547,631		4,607,826
Gross Unrealized Gains	140,323		212,281
Gross Unrealized Losses	(65,070)		(718)
Fair Value	4,622,884		4,819,389
Allowance for Credit Losses	(4,788)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,058,680		31,419
Less than 12 Months, Unrealized Losses	(64,115)		(337)
12 Months or Greater, Fair Value	16,617		17,191
12 Months or Greater, Unrealized Losses	(955)		(381)
Total, Fair Value	1,075,297		48,610
Total, Unrealized Losses	(65,070)		(718)
Commercial mortgage-backed
Schedule of Held-to-maturity Securities [Line Items]
Total	3,031		3,032
Gross Unrealized Gains	0		52
Gross Unrealized Losses	(12)		0
Fair Value	3,019		3,084
Allowance for Credit Losses	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	3,019
Less than 12 Months, Unrealized Losses	(12)
12 Months or Greater, Fair Value	0
12 Months or Greater, Unrealized Losses	0
Total, Fair Value	3,019
Total, Unrealized Losses	(12)		0
Residential mortgage-backed
Schedule of Held-to-maturity Securities [Line Items]
Total	1,038,062		1,066,899
Gross Unrealized Gains	70,619		32,706
Gross Unrealized Losses	(49)		(716)
Fair Value	1,108,632		1,098,889
Allowance for Credit Losses	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,229		25,859
Less than 12 Months, Unrealized Losses	(49)		(63)
12 Months or Greater, Fair Value	0		43,498
12 Months or Greater, Unrealized Losses	0		(653)
Total, Fair Value	1,229		69,357
Total, Unrealized Losses	(49)		(716)
Asset-backed
Schedule of Held-to-maturity Securities [Line Items]
Total	2,556		2,775
Gross Unrealized Gains	6		62
Gross Unrealized Losses	(21)		(1)
Fair Value	2,541		2,836
Allowance for Credit Losses	0
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 Months, Fair Value	1,818		1,349
Less than 12 Months, Unrealized Losses	(21)		(1)
12 Months or Greater, Fair Value	0		0
12 Months or Greater, Unrealized Losses	0		0
Total, Fair Value	1,818		1,349
Total, Unrealized Losses	$ (21)		$ (1)

Investments (Securities Availab

Investments (Securities Available for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt securities:
Total	$ 3,206,357	$ 3,206,120
Gross Unrealized Gains	76,482	153,424
Gross Unrealized Losses	(108,579)	(2,599)
Fair Value	3,174,260	3,356,945
Allowance for Credit Losses	0	0
Fair Value
Less than 12 Months	1,079,526	40,550
12 Months or Greater	27,266	29,292
Total	1,106,792	69,842
Unrealized Losses
Less than 12 Months	(104,121)	(108)
12 Months or Greater	(4,458)	(2,491)
Total	(108,579)	(2,599)
States and political subdivisions
Debt securities:
Total	89,407	98,037
Gross Unrealized Gains	6,477	4,495
Gross Unrealized Losses	(8)	(3)
Fair Value	95,876	102,529
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	1,024	470
12 Months or Greater	0	0
Total	1,024	470
Unrealized Losses
Less than 12 Months	(8)	(3)
12 Months or Greater	0	0
Total	(8)	(3)
Foreign governments
Debt securities:
Total	9,986	9,983
Gross Unrealized Gains	152	203
Gross Unrealized Losses	0	0
Fair Value	10,138	10,186
Allowance for Credit Losses	0
Public utilities
Debt securities:
Total	64,401	67,895
Gross Unrealized Gains	2,363	3,476
Gross Unrealized Losses	(406)	0
Fair Value	66,358	71,371
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	28,536	0
12 Months or Greater	0	0
Total	28,536	0
Unrealized Losses
Less than 12 Months	(406)	0
12 Months or Greater	0	0
Total	(406)	0
Corporate
Debt securities:
Total	2,941,700	2,921,431
Gross Unrealized Gains	65,845	141,705
Gross Unrealized Losses	(104,331)	(2,479)
Fair Value	2,903,214	3,060,657
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	987,347	40,080
12 Months or Greater	26,689	28,582
Total	1,014,036	68,662
Unrealized Losses
Less than 12 Months	(100,065)	(105)
12 Months or Greater	(4,266)	(2,374)
Total	(104,331)	(2,479)
Commercial mortgage-backed
Debt securities:
Total	27,514	28,871
Gross Unrealized Gains	3	1,071
Gross Unrealized Losses	(1,183)	0
Fair Value	26,334	29,942
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	21,331
12 Months or Greater	0
Total	21,331
Unrealized Losses
Less than 12 Months	(1,183)
12 Months or Greater	0
Total	(1,183)
Residential mortgage-backed
Debt securities:
Total	12,071	12,815
Gross Unrealized Gains	1,340	1,077
Gross Unrealized Losses	(192)	(117)
Fair Value	13,219	13,775
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	0	0
12 Months or Greater	577	710
Total	577	710
Unrealized Losses
Less than 12 Months	0	0
12 Months or Greater	(192)	(117)
Total	(192)	(117)
Asset-backed
Debt securities:
Total	61,278	67,088
Gross Unrealized Gains	302	1,397
Gross Unrealized Losses	(2,459)	0
Fair Value	59,121	$ 68,485
Allowance for Credit Losses	0
Fair Value
Less than 12 Months	41,288
12 Months or Greater	0
Total	41,288
Unrealized Losses
Less than 12 Months	(2,459)
12 Months or Greater	0
Total	$ (2,459)

Investments (Unrealized Losses)

Investments (Unrealized Losses) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)security	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Securities, other-than-temporarily impaired	$ 0
Debt securities, held to maturity		$ 6,996,080,000		$ 7,106,245,000
Debt securities, available for sale		3,174,260,000		3,356,945,000
Valuation allowance for mortgage loans		$ 1,885,000	$ 1,200,000	$ 675,000	$ 675,000
Debt Securities
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Gross unrealized losses, number of issues | security		325
Gross unrealized losses, percentage of total debt		22.80%
Gross unrealized losses, market value as a percent of amortized cost		93.20%
Gross unrealized losses, number of securities with maturities of 12 months or greater | security		8
Gross unrealized losses, number of securities with maturities of 12 months or greater (as a percentage)		2.50%
External Credit Rating, Investment Grade | Debt Securities
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Gross unrealized losses, number of securities rated investment grade | security		295
Ozark National Life Insurance Company
Available-for-Sale Securities and Held-to-Maturity Securities [Line Items]
Debt securities, held to maturity	265,200,000	$ 324,600,000
Debt securities, available for sale	$ 392,500,000	$ 388,100,000

Investments (Contractual Maturi

Investments (Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities Available for Sale- Amortized Cost
Due in 1 year or less	$ 152,316
Due after 1 year through 5 years	1,334,782
Due after 5 years through 10 years	1,340,411
Due after 10 years	277,985
Amortized Cost	3,105,494
Mortgage and asset-backed securities	100,863
Total	3,206,357		$ 3,206,120
Allowance for Credit Losses	0		0
Totals	3,206,357
Debt Securities Available for Sale- Fair Value
Due in 1 year or less	151,449
Due after 1 year through 5 years	1,324,948
Due after 5 years through 10 years	1,312,864
Due after 10 years	286,325
Fair Value	3,075,586
Mortgage and asset-backed securities	98,674
Total	3,174,260		3,356,945
Debt Securities Held to Maturity - Amortized Costs
Due in 1 year or less	652,617
Due after 1 year through 5 years	2,942,362
Due after 5 years through 10 years	1,710,000
Due after 10 years	647,452
Amortized Cost	5,952,431
Mortgage and asset-backed securities	1,043,649
Total	6,996,080		7,106,245
Allowance for Credit Losses	(6,039)	$ (3,300)	0
Totals	6,990,041		7,106,245
Debt Securities Held to Maturity - Fair Value
Due in 1 year or less	659,061
Due after 1 year through 5 years	2,969,035
Due after 5 years through 10 years	1,757,710
Due after 10 years	681,689
Fair Value	6,067,495
Mortgage and asset-backed securities	1,114,192
Total	$ 7,181,687		$ 7,407,703

Investments (Debt Securities Al

Investments (Debt Securities Allowance For Credit Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Debt Securities, Held to Maturity, beginning balance	$ 0
Debt Securities, Held to Maturity, Provision during the period	2,705
Debt Securities, Held to Maturity, Releases	0
Debt Securities, Held to Maturity, ending balance	6,039
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available for sale, beginning balance	0
Debt Securities, Available for sale, Provision during the period	0
Debt Securities, Available for sale, Releases	0
Debt Securities, Available for sale, ending balance	0
Cumulative Effect, Period Of Adoption, Adjustment
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Debt Securities, Held to Maturity, beginning balance	3,334
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available for sale, beginning balance	$ 0

Investments (Held To Maturity S

Investments (Held To Maturity Securities Allowance for Credit Losses by Credit Rating) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	$ 6,996,080		$ 7,106,245
Allowance for Credit Losses	(6,039)	$ (3,300)	0
Totals	6,990,041		$ 7,106,245
AAA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	97,878
Allowance for Credit Losses	0
Totals	97,878
AA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	1,853,169
Allowance for Credit Losses	(57)
Totals	1,853,112
A
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	2,213,874
Allowance for Credit Losses	(1,201)
Totals	2,212,673
BBB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	2,758,085
Allowance for Credit Losses	(4,468)
Totals	2,753,617
BB and other below investment
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost	73,074
Allowance for Credit Losses	(313)
Totals	$ 72,761

Investments (Mortgage Loans and

Investments (Mortgage Loans and Real Estate) (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for possible losses, amount	$ (675)	$ (675)	$ (675)	$ (1,885)	$ (675)
Totals, amount				276,083	272,422
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of the period	675	675	675
Provision		706	0
Releases		0	0
Total ending allowance for credit losses	1,200	1,885	675
Cumulative effect on retained earnings, net of tax	400
Cumulative Effect, Period Of Adoption, Adjustment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for possible losses, amount	(504)
Allowance for Loan and Lease Losses [Roll Forward]
Total ending allowance for credit losses	504
Commercial Real Estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				277,968	273,097
Allowance for possible losses, amount	(675)	(675)	(675)	(1,885)	(675)
Totals, amount				$ 276,083	$ 272,422
Mortgage loans, percentage				100.00%	100.00%
Allowance for possible losses, percentage				(0.70%)	(0.20%)
Totals, percentage				99.30%	99.80%
Allowance for Loan and Lease Losses [Roll Forward]
Balance, beginning of the period	$ 675	675
Total ending allowance for credit losses		$ 1,885	$ 675
Commercial Real Estate | Less than 50%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 57,157	$ 52,778
Mortgage loans, percentage				20.60%	19.30%
Commercial Real Estate | 50% to 60%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 45,896	$ 56,929
Mortgage loans, percentage				16.50%	20.80%
Commercial Real Estate | 60% to 70%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 127,832	$ 117,377
Mortgage loans, percentage				46.00%	43.00%
Commercial Real Estate | 70% to 80%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 47,083	$ 46,013
Mortgage loans, percentage				16.90%	16.90%
Commercial Real Estate | 80% to 90%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 0	$ 0
Mortgage loans, percentage				0.00%	0.00%
Commercial Real Estate | Greater than 90%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loan, amount				$ 0	$ 0
Mortgage loans, percentage				0.00%	0.00%

Investments (Real Estate) (Deta

Investments (Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate Investments [Abstract]
Other long-term investments	$ 66,152		$ 62,090
Real Estate
Real Estate Investments [Abstract]
Other long-term investments	34,400		$ 34,600
Operating income from real estate	$ 700	$ 600

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	$ 3,174,260	$ 3,356,945
Equity securities	15,984	23,594
Derivatives, index options	24,335	157,588
Other invested assets	2	2
Total assets	3,214,581	3,538,129
Policyholder account balances	61,625	155,902
Other liabilities	7,255	15,301
Total liabilities	$ 68,880	$ 171,203
Percent of total	100.00%	100.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	$ 0	$ 0
Equity securities	15,984	23,594
Derivatives, index options	0	0
Other invested assets	2	2
Total assets	15,986	23,596
Policyholder account balances	0	0
Other liabilities	0	0
Total liabilities	$ 0	$ 0
Percent of total	0.50%	0.70%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	$ 3,174,260	$ 3,356,945
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	0	0
Total assets	3,174,260	3,356,945
Policyholder account balances	0	0
Other liabilities	0	0
Total liabilities	$ 0	$ 0
Percent of total	98.70%	94.80%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	$ 0	$ 0
Equity securities	0	0
Derivatives, index options	24,335	157,588
Other invested assets	0	0
Total assets	24,335	157,588
Policyholder account balances	61,625	155,902
Other liabilities	7,255	15,301
Total liabilities	$ 68,880	$ 171,203
Percent of total	0.80%	4.50%
Priced by Third-Party Vendors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	$ 3,174,260	$ 3,356,945
Equity securities	15,984	23,594
Derivatives, index options	24,335	157,588
Other invested assets	2	2
Priced by Third-Party Vendors | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	15,984	23,594
Derivatives, index options	0	0
Other invested assets	2	2
Priced by Third-Party Vendors | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	3,174,260	3,356,945
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	0	0
Priced by Third-Party Vendors | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	0	0
Derivatives, index options	24,335	157,588
Other invested assets	0	0
Priced Internally
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	0	0
Priced Internally | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	0	0
Priced Internally | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	0	0
Priced Internally | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available for sale	0	0
Equity securities	0	0
Derivatives, index options	0	0
Other invested assets	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Fair Value Measurements for Level 3 Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	$ 157,588	$ 14,684
Total realized and unrealized gains (losses):
Included in net income	(106,629)	42,003
Purchases	22,403	17,592
Sales	0	0
Issuances	0	0
Settlements	(49,027)	(3,278)
Transfers into (out of) Level 3	0	0
Balance at end of period	24,335	71,001
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:	(105,997)	40,464
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	171,203	56,704
Total realized and unrealized gains (losses):
Included in net income	(73,848)	25,529
Purchases	22,403	17,592
Sales	0	0
Issuances	0	3,700
Settlements	(50,878)	(5,800)
Transfers into (out of) Level 3	0	0
Balance at end of period	68,880	97,725
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:	(112,192)	38,961
Debt Securities, Available for Sale
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
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
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
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
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period	157,588	14,684
Total realized and unrealized gains (losses):
Included in net income	(106,629)	42,003
Purchases	22,403	17,592
Sales	0	0
Issuances	0	0
Settlements	(49,027)	(3,278)
Transfers into (out of) Level 3	0	0
Balance at end of period	24,335	71,001
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:	(105,997)	40,464
Net investment income (loss)
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:	(105,997)	40,464
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 (loss) | Debt Securities, Available for Sale
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 (loss) | Equity Securities
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 (loss) | Derivatives, Index Options
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:	(105,997)	40,464
Benefits and expenses
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:	(112,192)	38,961
Benefits and expenses | Debt Securities, Available for Sale
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
Benefits and expenses | Equity Securities
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
Benefits and expenses | Derivatives, Index Options
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 Inst_2

Fair Values of Financial Instruments (Quantitative Information) (Details) $ in Thousands, $ / shares in Millions	Mar. 31, 2020USD ($)$ / sharesyear	Dec. 31, 2019USD ($)$ / sharesyear
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	$ 24,335	$ 157,588
Total assets	3,214,581	3,538,129
Total liabilities	68,880	171,203
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	24,335	157,588
Total assets	24,335	157,588
Contingent consideration on businesses acquired	4,174	4,076
Total liabilities	68,880	171,203
Broker prices | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options	24,335	157,588
Deterministic cash flow model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Policyholder account balances	61,625	155,902
Black-Scholes model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share based compensation	3,081	11,225
Probabilistic Method | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration on businesses acquired	$ 4,174	$ 4,076
Expected volatility | Black-Scholes model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share based compensation, measurement input	0.2830	0.2219
Discount rate | Probabilistic Method | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration on business acquired, measurement input	0.10	0.100
Minimum | Implied volatility | Broker prices | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options, measurement input	0.1296	0.1310
Minimum | Projected option cost | Deterministic cash flow model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Policyholder account balances, measurement input	0	0
Minimum | Expected term | Black-Scholes model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share based compensation, measurement input | year	1.7	1.9
Minimum | Projected renewal premium | Probabilistic Method | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration on business acquired, measurement input | $ / shares	57.2	57.2
Maximum | Implied volatility | Broker prices | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options, measurement input	0.5369	0.1990
Maximum | Projected option cost | Deterministic cash flow model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Policyholder account balances, measurement input	0.1595	0.1755
Maximum | Expected term | Black-Scholes model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share based compensation, measurement input | year	9.7	10
Maximum | Projected renewal premium | Probabilistic Method | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration on business acquired, measurement input | $ / shares	82.4	82.4
Weighted-average | Implied volatility | Broker prices | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, index options, measurement input	0.1606	0.1525
Weighted-average | Projected option cost | Deterministic cash flow model | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Policyholder account balances, measurement input	0.0132	0.0314
Weighted-average | Projected renewal premium | Probabilistic Method | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration on business acquired, measurement input | $ / shares	71.9	71.9

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Fair Value by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Debt securities held to maturity	$ 7,181,687	$ 7,407,703
Debt securities, available for sale	3,174,260	3,356,945
Derivatives, index options	24,335	157,588
Equity securities	15,984	23,594
Carrying Values
ASSETS
Debt securities held to maturity	6,990,041	7,106,245
Debt securities, available for sale	3,174,260	3,356,945
Cash and cash equivalents	352,215	253,524
Mortgage loans	276,083	272,422
Real estate	34,443	34,588
Policy loans	78,036	80,008
Other loans	13,461	13,547
Derivatives, index options	24,335	157,588
Equity securities	15,984	23,594
Life interest in Libbie Shearn Moody Trust	9,230	9,230
Other investments	4,515	197
LIABILITIES
Deferred annuity contracts	6,866,418	7,014,833
Immediate annuity and supplemental contracts	399,448	400,465
Contingent consideration on businesses acquired	4,174	4,076
Fair Values
ASSETS
Debt securities held to maturity	7,181,687	7,407,703
Debt securities, available for sale	3,174,260	3,356,945
Cash and cash equivalents	352,215	253,524
Mortgage loans	278,015	270,931
Real estate	48,547	57,204
Policy loans	135,870	123,650
Other loans	13,643	13,698
Derivatives, index options	24,335	157,588
Equity securities	15,984	23,594
Life interest in Libbie Shearn Moody Trust	12,775	12,775
Other investments	22,582	16,182
LIABILITIES
Deferred annuity contracts	5,760,527	5,931,352
Immediate annuity and supplemental contracts	449,249	422,931
Contingent consideration on businesses acquired	4,174	4,076
Level 1
ASSETS
Debt securities held to maturity	0	0
Debt securities, available for sale	0	0
Cash and cash equivalents	352,215	253,524
Mortgage loans	0	0
Real estate		0
Policy loans	0	0
Other loans	0	0
Derivatives, index options	0	0
Equity securities	15,984	23,594
Life interest in Libbie Shearn Moody Trust	0	0
Other investments	2	2
LIABILITIES
Deferred annuity contracts	0	0
Immediate annuity and supplemental contracts	0	0
Contingent consideration on businesses acquired	0	0
Level 2
ASSETS
Debt securities held to maturity	7,181,687	7,407,703
Debt securities, available for sale	3,174,260	3,356,945
Cash and cash equivalents	0	0
Mortgage loans	0	0
Real estate		0
Policy loans	0	0
Other loans	0	0
Derivatives, index options	0	0
Equity securities	0	0
Life interest in Libbie Shearn Moody Trust	0	0
Other investments	0	0
LIABILITIES
Deferred annuity contracts	0	0
Immediate annuity and supplemental contracts	0	0
Contingent consideration on businesses acquired	0	0
Level 3
ASSETS
Debt securities held to maturity		0
Debt securities, available for sale	0	0
Cash and cash equivalents	0	0
Mortgage loans	278,015	270,931
Real estate	48,547	57,204
Policy loans	135,870	123,650
Other loans	13,643	13,698
Derivatives, index options	24,335	157,588
Equity securities	0	0
Life interest in Libbie Shearn Moody Trust	12,775	12,775
Other investments	22,580	16,180
LIABILITIES
Deferred annuity contracts	5,760,527	5,931,352
Immediate annuity and supplemental contracts	449,249	422,931
Contingent consideration on businesses acquired	$ 4,174	4,076
Restatement adjustment
LIABILITIES
Increase in future policy benefits liability		$ 15,000

Derivative Investments (Balance

Derivative Investments (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 24,335	$ 157,588
Liability Derivatives	61,625	155,902
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	24,335	157,588
Liability Derivatives	61,625	155,902
Derivatives not designated as hedging instruments | Equity index options | Derivatives, Index Options
Derivatives, Fair Value [Line Items]
Asset Derivatives	24,335	157,588
Derivatives not designated as hedging instruments | Fixed-index products | Universal Life and Annuity Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 61,625	$ 155,902

Derivative Investments (Stateme

Derivative Investments (Statements of Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in contract interest expense	$ 29,300	$ (15,700)
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(38,976)	14,971
Derivatives not designated as hedging instruments | Equity index options | Investment Income
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(106,629)	42,003
Derivatives not designated as hedging instruments | Fixed-index products | Universal Life and Annuity Contract Interest
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 67,653	$ (27,032)

Business Combinations (Details)

Business Combinations (Details) - USD ($)	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Value of business acquired		$ 135,879,000		$ 138,071,000	$ 0
Ozark National Life Insurance Company
Business Acquisition [Line Items]
Earn-out payment maximum	$ 5,000,000
Contingent consideration on businesses acquired	3,700,000	4,200,000		$ 4,100,000
Value of business acquired	145,800,000
Ozark National Life Insurance Company and NIS
Business Acquisition [Line Items]
Payments to acquire business	$ 205,400,000
Acquisition-related costs		$ 3,300,000
Revenues of acquiree since acquisition date			$ 19,600,000
Net earnings of acquiree since acquisition date			$ 3,300,000

Business Combinations - Fair Va

Business Combinations - Fair Value of Net Assets Acquired (Details) - Ozark National Life Insurance Company - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 31, 2019
Assets
Debt securities held to maturity			$ 261,059
Debt securities available for sale			400,719
Policy loans			28,128
Real estate			4,600
Cash and cash equivalents			16,275
Accrued investment income			6,116
Value of business acquired			145,768
Reinsurance recoverables			21,895
Other intangible assets			9,600
Other assets acquired			12,075
Total assets acquired			906,235
Liabilities
Traditional life reserves			691,297
Other policyholder liabilities			13,867
Other liabilities acquired			5,840
Total liabilities acquired			711,004
Net identifiable assets acquired			195,231
Goodwill	$ 13,864	$ 13,864	13,864
Net assets acquired			$ 209,095

Business Combinations - Fair _2

Business Combinations - Fair Value of Intangible Assets Acquired (Details) - Ozark National Life Insurance Company - USD ($) $ in Thousands	Jan. 31, 2019	Mar. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 9,600
Trademarks / trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 2,800
Weighted-Average Amortization Period	15 years	15 years
Internally developed software
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 3,800
Weighted-Average Amortization Period	7 years	7 years
Insurance licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired	$ 3,000

Business Combinations - Gross C

Business Combinations - Gross Carrying Amounts and Accumulated Amortization (Details) - Ozark National Life Insurance Company - USD ($) $ in Thousands	Jan. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Gross Carrying Amount		$ 9,600	$ 9,600
Accumulated Amortization		$ (851)	(669)
Trademarks / trade names
Business Acquisition [Line Items]
Weighted-Average Amortization Period	15 years	15 years
Gross Carrying Amount		$ 2,800	2,800
Accumulated Amortization		$ (218)	(171)
Internally developed software
Business Acquisition [Line Items]
Weighted-Average Amortization Period	7 years	7 years
Gross Carrying Amount		$ 3,800	3,800
Accumulated Amortization		(633)	(498)
Insurance licenses
Business Acquisition [Line Items]
Gross Carrying Amount		3,000	3,000
Accumulated Amortization		$ 0	$ 0

Business Combinations - VOBA (D

Business Combinations - VOBA (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Movement in Present Value of Future Insurance Profits [Roll Forward]
Balance, beginning of year	$ 138,071	$ 0
Business acquired	0	145,768
Amortization, excluding unlocking	(2,192)	(7,697)
Balance as of end of period	$ 135,879	$ 138,071

Business Combinations - Expecte

Business Combinations - Expected Amortization (Details) - Ozark National Life Insurance Company $ in Thousands	Jan. 31, 2019USD ($)
Business Acquisition [Line Items]
Remainder of 2020	$ 6,578
2021	8,324
2022	7,901
2023	7,533
2024	$ 7,205

Business Combinations Business

Business Combinations Business Combinations - Changes in Goodwill (Details) - Ozark National Life Insurance Company - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Gross goodwill as of beginning of year	$ 13,864	$ 0
Goodwill resulting from business acquisition	0	13,864
Gross goodwill, before impairments	13,864	13,864
Accumulated impairment as of beginning of year		0		$ 0
Current year impairments	0	0
Goodwill	$ 13,864	$ 13,864	$ 13,864

Business Combinations - Pro For

Business Combinations - Pro Forma (Details) - Ozark National Life Insurance Company - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Total revenues	$ 52,488	$ 227,708
Net earnings (loss)	$ (2,062)	$ 41,830

Uncategorized Items - nwlgi2020

Label	Element	Value
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0