Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-39369 | ||
Entity Registrant Name | American National Group, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 30-1221711 | ||
Entity Address, Address Line One | One Moody Plaza | ||
Entity Address, City or Town | Galveston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77550-7999 | ||
City Area Code | 409 | ||
Local Phone Number | 763-4661 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | ANAT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.1 | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,887,200 | ||
Documents Incorporated by Reference | Information called for in Part III of this Form 10-K is incorporated by reference to the registrant’s Definitive Proxy Statement to be filed within 120 days of the close of the registrant’s fiscal year in conjunction with the registrant’s annual meeting of shareholders. | ||
Entity Central Index Key | 0001801075 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Audit Information [Abstract] | ||
Auditor Firm ID | 34 | |
Auditor Name | DELOITTE & TOUCHE LLP | KPMG LLP |
Auditor Location | Houston, Texas | Houston, Texas |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $13,129 in 2021 and $12,442 in 2020 (Fair value $7,458,789 in 2021 and $7,983,181 in 2020) | $ 7,088,981 | $ 7,354,970 |
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $10,310 in 2021 and $7,482 in 2020) (Amortized cost $8,107,794 in 2021 and $7,073,142 in 2020) | 8,380,248 | 7,597,180 |
Equity securities, at fair value (Cost $94,732 in 2021 and $754,625 in 2020) | 135,433 | 2,070,766 |
Mortgage loans on real estate, net of allowance for credit losses of $97,079 in 2021 and $125,703 in 2020 | 5,199,334 | 5,242,531 |
Policy loans | 365,208 | 373,014 |
Real estate and real estate partnerships, net of accumulated depreciation of $287,387 in 2021 and $269,626 in 2020 | 928,412 | 960,572 |
Investment funds | 961,763 | 477,135 |
Short-term investments | 1,840,732 | 1,028,379 |
Other invested assets | 125,795 | 94,415 |
Total investments | 25,025,906 | 25,198,962 |
Cash and cash equivalents | 1,930,882 | 339,947 |
Accrued investment income | 192,913 | 216,389 |
Reinsurance recoverables, net of allowance for credit losses of $14,553 in 2021 and $14,353 in 2020 | 459,621 | 414,359 |
Prepaid reinsurance premiums | 47,789 | 42,804 |
Premiums due and other receivables | 382,562 | 351,972 |
Deferred policy acquisition costs | 1,498,124 | 1,360,211 |
Property and equipment, net of accumulated depreciation of $302,936 in 2021 and $281,738 in 2020 | 137,466 | 121,578 |
Prepaid pension | 167,587 | 80,526 |
Other assets | 156,768 | 155,600 |
Separate account assets | 1,320,703 | 1,185,467 |
Total assets | 31,320,321 | 29,467,815 |
Future policy benefits | ||
Life | 3,216,626 | 3,149,067 |
Annuity | 1,598,365 | 1,617,774 |
Health | 45,715 | 49,658 |
Policyholders’ account balances | 13,879,198 | 12,812,155 |
Policy and contract claims | 1,692,295 | 1,575,288 |
Unearned premium reserve | 1,013,830 | 956,343 |
Other policyholder funds | 379,545 | 358,601 |
Liability for retirement benefits | 79,089 | 70,254 |
Notes payable | 149,248 | 153,703 |
Deferred tax liabilities, net | 200,510 | 478,347 |
Current tax payable | 321,926 | 10,372 |
Federal Home Loan Bank advance | 0 | 250,000 |
Other liabilities | 421,212 | 335,219 |
Separate account liabilities | 1,320,703 | 1,185,467 |
Total liabilities | 24,318,262 | 23,002,248 |
American National Group, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; 26,887,200 shares issued and outstanding in 2021 and 2020 | 269 | 269 |
Additional paid-in capital | 47,762 | 47,683 |
Accumulated other comprehensive income | 147,054 | 222,170 |
Retained earnings | 6,799,283 | 6,188,148 |
Total American National stockholders’ equity | 6,994,368 | 6,458,270 |
Noncontrolling interest | 7,691 | 7,297 |
Total stockholders' equity | 7,002,059 | 6,465,567 |
Total liabilities and stockholders' equity | $ 31,320,321 | $ 29,467,815 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss, held-to-maturity | $ 13,129 | $ 12,442 |
Fixed maturity, bonds held-to-maturity | 7,458,789 | 7,983,181 |
Allowance for credit loss, available-for-sale | 10,310 | 7,482 |
Amortized cost, available-for-sale | 8,107,794 | 7,073,142 |
Cost of equity securities | 94,732 | 754,625 |
Allowance for credit loss, mortgage loans on real estate | 97,079 | 125,703 |
Accumulated depreciation of investment real estate | 287,387 | 269,626 |
Allowance for credit loss, reinsurance recoverables | 14,553 | 14,353 |
Accumulated depreciation of property and equipment | $ 302,936 | $ 281,738 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 26,887,200 | 26,887,200 |
Common stock, shares outstanding (in shares) | 26,887,200 | 26,887,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums | |||
Revenue | $ 2,301,053 | $ 2,218,074 | $ 2,182,794 |
Other policy revenues | 359,707 | 310,746 | 305,256 |
Net investment income | 1,171,654 | 976,152 | 1,180,907 |
Net realized investment gains | 64,628 | 35,660 | 37,719 |
Other-than-temporary impairments | 0 | 0 | (6,968) |
(Increase) decrease in investment credit loss | 28,778 | (102,603) | 0 |
Net gains on equity securities | 420,283 | 356,281 | 422,535 |
Other income | 45,688 | 40,556 | 51,401 |
Total premiums and other revenues | 4,391,791 | 3,834,866 | 4,173,644 |
Policyholder benefits | |||
Life | 605,724 | 533,925 | 449,252 |
Annuity | 149,931 | 214,158 | 218,576 |
Claims incurred | |||
Health | 98,029 | 116,122 | 109,013 |
Property and casualty | 1,094,126 | 1,005,620 | 1,042,153 |
Interest credited to policyholders’ account balances | 448,654 | 321,042 | 511,999 |
Commissions for acquiring and servicing policies | 640,097 | 553,600 | 532,634 |
Other operating expenses | 571,869 | 515,413 | 524,888 |
Change in deferred policy acquisition costs | (79,632) | (5,678) | (12,749) |
Total benefits, losses and expenses | 3,528,798 | 3,254,202 | 3,375,766 |
Income before federal income tax and other items | 862,993 | 580,664 | 797,878 |
Less: Provision (benefit) for federal income taxes | |||
Current | 408,551 | 57,697 | 87,032 |
Deferred | (241,966) | 58,910 | 78,385 |
Total provision for federal income taxes | 166,585 | 116,607 | 165,417 |
Income after federal income tax | 696,408 | 464,057 | 632,461 |
Other components of net periodic pension benefit (costs), net of tax | 3,574 | 4,456 | (684) |
Net income | 699,982 | 468,513 | 631,777 |
Less: Net income attributable to noncontrolling interest, net of tax | 657 | 1,008 | 11,414 |
Net income attributable to American National | $ 699,325 | $ 467,505 | $ 620,363 |
Earnings per share | |||
Basic (in usd per share) | $ 26.02 | $ 17.39 | $ 23.08 |
Diluted (in usd per share) | $ 26.01 | $ 17.38 | $ 23.07 |
Weighted average common shares outstanding (in shares) | 26,877,200 | 26,878,679 | 26,882,691 |
Weighted average common shares outstanding and dilutive potential common shares (in shares) | 26,884,679 | 26,887,125 | 26,891,243 |
Life | |||
Premiums | |||
Revenue | $ 412,769 | $ 396,099 | $ 359,419 |
Annuity | |||
Premiums | |||
Revenue | 74,925 | 92,866 | 147,139 |
Health | |||
Premiums | |||
Revenue | 143,484 | 168,805 | 165,035 |
Property and casualty | |||
Premiums | |||
Revenue | $ 1,669,875 | $ 1,560,304 | $ 1,511,201 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 699,982 | $ 468,513 | $ 631,777 |
Other comprehensive income (loss), net of tax | |||
Change in net unrealized gains (losses) on securities | (142,854) | 134,315 | 184,156 |
Foreign currency transaction and translation adjustments | 62 | 235 | 390 |
Defined benefit pension plan adjustment | 67,676 | (11,898) | 15,495 |
Total other comprehensive income (loss), net of tax | (75,116) | 122,652 | 200,041 |
Total comprehensive income | 624,866 | 591,165 | 831,818 |
Less: Comprehensive income attributable to noncontrolling interest | 657 | 1,008 | 11,414 |
Total comprehensive income attributable to American National | $ 624,209 | $ 590,157 | $ 820,404 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative effect of accounting change | Retained Earnings | Retained EarningsCumulative effect of accounting change | Treasury Stock | Noncontrolling Interest |
Balance at beginning of the period at Dec. 31, 2018 | $ 5,271,515 | $ 0 | $ 30,832 | $ 20,694 | $ (99,738) | $ (785) | $ 5,413,952 | $ 785 | $ (108,492) | $ 14,267 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Reissuance of treasury shares | 260 | 237 | 23 | |||||||
Amortization of restricted stock | 80 | 80 | ||||||||
Other comprehensive income (loss) | 200,041 | 200,041 | ||||||||
Net income attributable to American National | 620,363 | 620,363 | ||||||||
Cash dividends to common stockholders (declared per share of $3.28) | (88,243) | (88,243) | ||||||||
Contributions | 388 | 388 | ||||||||
Distributions | (20,055) | (20,055) | ||||||||
Net income attributable to noncontrolling interest | 11,414 | 11,414 | ||||||||
Balance at end of the period at Dec. 31, 2019 | 5,995,763 | $ (33,500) | 30,832 | 21,011 | 99,518 | 5,946,857 | $ (33,500) | (108,469) | 6,014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Reclassification of par value due to reorganization | 0 | (26,618) | 26,618 | |||||||
Retirement of treasury shares | 0 | (3,945) | (104,524) | 108,469 | ||||||
Amortization of restricted stock | 54 | 54 | ||||||||
Other comprehensive income (loss) | 122,652 | 122,652 | ||||||||
Net income attributable to American National | 467,505 | 467,505 | ||||||||
Cash dividends to common stockholders (declared per share of $3.28) | (88,190) | (88,190) | ||||||||
Contributions | 856 | 856 | ||||||||
Distributions | (581) | (581) | ||||||||
Net income attributable to noncontrolling interest | 1,008 | 1,008 | ||||||||
Balance at end of the period at Dec. 31, 2020 | 6,465,567 | 269 | 47,683 | 222,170 | 6,188,148 | 0 | 7,297 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Amortization of restricted stock | 79 | 79 | ||||||||
Other comprehensive income (loss) | (75,116) | (75,116) | ||||||||
Net income attributable to American National | 699,325 | 699,325 | ||||||||
Cash dividends to common stockholders (declared per share of $3.28) | (88,190) | (88,190) | ||||||||
Contributions | 386 | 386 | ||||||||
Distributions | (649) | (649) | ||||||||
Net income attributable to noncontrolling interest | 657 | 657 | ||||||||
Balance at end of the period at Dec. 31, 2021 | $ 7,002,059 | $ 269 | $ 47,762 | $ 147,054 | $ 6,799,283 | $ 0 | $ 7,691 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends to common stockholders (in usd per share) | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 3.28 | $ 3.28 | $ 3.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 699,982 | $ 468,513 | $ 631,777 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net realized investment gains | (64,628) | (35,660) | (37,719) |
Other-than-temporary impairments | 0 | 0 | 6,968 |
Increase (decrease) in investment credit loss | (28,778) | 102,603 | 0 |
Accretion of premiums, discounts and loan origination fees | 18,932 | 9,479 | (4,394) |
Net capitalized interest on policy loans and mortgage loans | (31,620) | (30,367) | (34,081) |
Depreciation | 49,983 | 52,551 | 53,160 |
Interest credited to policyholders’ account balances | 448,654 | 321,042 | 511,999 |
Charges to policyholders’ account balances | (359,707) | (310,746) | (305,256) |
Deferred federal income tax expense (benefit) | (241,966) | 58,910 | 78,385 |
Income from equity method investments | (188,677) | (42,467) | (103,501) |
Distributions from unconsolidated affiliates | 150,024 | 82,045 | 111,848 |
Changes in: | |||
Policyholder liabilities | 271,202 | 210,397 | 145,396 |
Deferred policy acquisition costs | (79,632) | (5,678) | (12,749) |
Reinsurance recoverables | (45,262) | (2,529) | 15,645 |
Premiums due and other receivables | (30,590) | (10,048) | 3,780 |
Prepaid reinsurance premiums | (4,985) | 1,865 | 8,952 |
Accrued investment income | 23,476 | (15,533) | (12,227) |
Current tax payable | 311,554 | 339 | 18,893 |
Liability for retirement benefits | 7,440 | (13,765) | (8,454) |
Fair value of option securities | (127,681) | (51,931) | (144,978) |
Fair value of equity securities | (420,283) | (356,281) | (422,535) |
Other, net | (6,651) | (100,276) | 5,503 |
Net cash provided by operating activities | 350,787 | 332,463 | 506,412 |
Proceeds from sale/maturity/prepayment of: | |||
Held-to-maturity securities | 1,274,488 | 1,615,811 | 864,481 |
Available-for-sale securities | 1,224,242 | 977,051 | 500,724 |
Equity securities | 2,467,165 | 117,866 | 294,798 |
Real estate and real estate partnerships | 21,139 | 61,548 | 66,725 |
Mortgage loans | 951,602 | 522,900 | 837,732 |
Policy loans | 51,105 | 52,767 | 48,079 |
Other invested assets | 239,767 | 148,101 | 120,455 |
Disposals of property and equipment | 65 | 268 | 69 |
Distributions from real estate and real estate partnerships | 120,019 | 6,866 | 61,075 |
Distributions from investment funds | 131,186 | 91,178 | 37,926 |
Payment for the purchase/origination of: | |||
Held-to-maturity securities | (944,443) | (498,149) | (1,468,253) |
Available-for-sale securities | (2,244,974) | (1,473,808) | (528,495) |
Equity securities | (93,663) | (131,238) | (49,016) |
Real estate and real estate partnerships | (12,252) | (31,518) | (24,163) |
Mortgage loans | (854,496) | (752,244) | (784,408) |
Policy loans | (20,527) | (22,338) | (27,722) |
Other invested assets | (164,426) | (98,371) | (109,074) |
Additions to property and equipment | (37,150) | (39,863) | (21,402) |
Contributions to real estate and real estate partnerships | (123,061) | (119,463) | (85,105) |
Contributions to investment funds | (591,324) | (256,638) | (185,140) |
Change in short-term investments | (812,353) | (603,058) | (190,511) |
Change in collateral held for derivatives | 20,604 | (15,648) | 107,133 |
Other, net | 2,633 | 2,657 | 10,369 |
Net cash provided by (used in) investing activities | 605,346 | (445,323) | (523,723) |
FINANCING ACTIVITIES | |||
Policyholders’ account deposits | 2,229,554 | 1,232,520 | 1,770,646 |
Policyholders’ account withdrawals | (1,251,458) | (1,388,649) | (1,481,234) |
Proceeds from Federal Home Loan Bank borrowings | 0 | 500,000 | 0 |
Repayment of Federal Home Loan Bank borrowings | (250,000) | (250,000) | 0 |
Change in notes payable | (4,455) | (4,294) | 20,034 |
Dividends to stockholders | (88,190) | (88,190) | (88,243) |
Payments to noncontrolling interest | (649) | (581) | (20,055) |
Net cash provided by financing activities | 634,802 | 806 | 201,148 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,590,935 | (112,054) | 183,837 |
Cash and cash equivalents at beginning of the period | 339,947 | 452,001 | 268,164 |
Cash and cash equivalents at end of the period | 1,930,882 | 339,947 | 452,001 |
Supplemental cash flow information: | |||
Interest paid | 387 | 805 | 0 |
Income taxes paid, net | $ 89,600 | $ 50,800 | $ 86,440 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of OperationsAmerican National Group, Inc. ("ANAT" or the "Company"), through its consolidated subsidiaries (collectively “American National”) offers a broad portfolio of insurance products, including individual and group life insurance, annuities, health insurance, and property and casualty insurance. Business is conducted in all 50 states, the District of Columbia, and Puerto Rico. On August 6, 2021, ANAT entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”), an exempted company limited by shares existing under the laws of Bermuda, and Freestone Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Brookfield Reinsurance (“Merger Sub”). On the terms and subject to the conditions of the Merger Agreement, at the closing, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving entity, which will become an indirect, wholly-owned subsidiary of Brookfield Reinsurance. The Merger was unanimously approved by the Company’s board of directors. The Merger has received the requisite stockholder approval required under Delaware law. The only remaining significant closing condition pursuant to the Merger is the required regulatory approval from the insurance authorities in Texas, Missouri, New York, Louisiana and California. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | Summary of Significant Accounting Policies and Practices The consolidated financial statements and notes thereto have been prepared in conformity with GAAP and are reported in U.S. currency. American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates, which include real estate partnerships and investment funds, are accounted for using the equity method of accounting. Certain amounts in prior years have been reclassified to conform to current year presentation. During the first quarter of 2021, we reclassified the Company's earnings from equity method investments in the condensed consolidated statements of operations from "Equity in earnings of unconsolidated affiliates" to "Net investment income." For the years ended December 31, 2020 and 2019, $42.5 million and $103.5 million were reclassified, with no impact to net income. We also reclassified the related asset balances in the consolidated statements of financial position from "Investments in unconsolidated affiliates" to "Real estate and real estate partnerships" and "Investment funds," with no impact to total assets. Management believes these reclassifications result in increased transparency to the users of the financial statements as it relates to the Company's invested assets and the performance of these investments that are tied to the primary operations of the Company. The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. Investments Investment securities are comprised of bonds classified as held-to-maturity that are carried at amortized cost net of credit loss allowance and bonds classified as available-for-sale that are carried at fair value. In addition, equity investments, other than those accounted for under the equity method or those that result in consolidation of the investee, are measured at fair value with changes in fair value recognized in earnings. Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses, and allowances. Accretion of discounts is recorded using the effective yield method. Interest income, prepayment fees, and accretion of discounts and origination fees are reported in “Net investment income” in the consolidated statements of operations. Interest income earned is accrued on the principal amount of the loan based on contractual interest rate. However, interest ceases to accrue for loans on which interest is more than 90 days past due, when the collection of interest is not probable, or when a loan is in foreclosure. Income on past due loans is reported on a cash basis. When a loan becomes current, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement, or other manner in accordance with the loan agreement. In the consolidated statements of operations, gains and losses from the sale of loans are reported in “Net realized investment gains,” and changes in allowances are reported in "(Increase) decrease in investment credit loss." Mortgage loans are presented net of the Company's recorded allowance for expected credit loss, which represents the portion of amortized cost basis on mortgage loans that the Company does not expect to collect. In determining the Company’s allowance for credit losses, management: (i) pools and evaluates mortgage loans with similar risk characteristics, (ii) considers expected lifetime credit losses adjusted for prepayments and extensions, and (iii) considers past events, current economic conditions and forecasts of future economic conditions. The allowance is calculated quarterly for each property type based on inputs unique to each loan property type. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), and reasonably expected troubled debt restructurings (i.e., the Company grants concessions to a borrower that is experiencing financial difficulties) may be evaluated individually for credit loss. The allowance for credit losses for loans evaluated individually is established using the same methodologies for the overall commercial portfolio segment except for collateral dependent loans. The allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans is recorded as a change in the allowance for credit losses which is recorded on a quarterly basis as a charge or credit to earnings. Policy loans are carried at the outstanding balance plus any accrued interest which approximates fair value. Investment real estate including related improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease. American National classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated while it is classified as held-for-sale. American National periodically reviews its investment real estate for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Net realized investment gains” in the consolidated statements of operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. Real estate joint ventures and other limited partnership interests in which the Company has more than a minor interest or influence over the investee’s operations, but it does not have a controlling interest and is not the primary beneficiary, are accounted for using the equity method. These investments are reported as "Real estate and real estate partnerships” in the consolidated statements of financial position. For certain joint ventures, American National records its share of earnings using a lag methodology of one to three months when timely financial information is not available, and the contractual right does not exist to receive such financial information. In addition to the investees’ impairment analysis of their underlying investments, American National routinely evaluates its investments in those investees for impairments. American National considers financial and other information provided by the investee, other known information, and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, American National recognizes its share as an adjustment to “Net investment income” to record the investment at its fair value. When an impairment results from American National’s separate analysis, an adjustment is made through “Net realized investment gains” to record the investment at its fair value. Investment funds are primarily comprised of senior secured and second lien private loans that are secured by assets, revenues and credit/balance sheet lending. We recognize our share of the fund’s earnings in net investment income on a one-quarter lag under the equity method of accounting. Cash distributions are received from the earnings and from liquidation of underlying investments. All investment funds are reevaluated quarterly by the fund manager and are audited annually by an independent audit firm. Short-term investments comprised of commercial paper are carried at amortized cost, which approximates fair value. Short-term investments have a maturity of less than one year. Other invested assets comprised primarily of equity-indexed options are carried at fair value and may be collateralized by counterparties; such collateral is restricted to the Company’s use. Separately managed accounts and Federal Home Loan Bank stock are also included in other invested assets and are carried at cost or market value if available from the account manager. Other invested assets also include tax credit partnerships and mineral rights less allowance for depletion, where applicable. Credit losses on fixed maturity securities , held-to-maturity , receive a lifetime expected credit loss allowance upon initial recognition of the security representing the net amount expected to be collected. Expected credit losses are measured on a collective (pool) basis by major security type with the credit loss allowance determined based on the difference between the net present value of the expected cash flows from those pooled securities with the amortized cost basis. The expected cash flows are discounted at the effective interest rate of the security and consider historical credit loss information that is adjusted for current market conditions and reasonable and supportable economic forecasts based upon a third-party valuation model. The valuation model calculates expected cash flows based on scenario conditioned probability of default and loss given default. Probability of default measures the likelihood of default over a specified time period, and the loss given default measures the amount that the Company could lose in the event of a counterparty default. For fixed maturity securities, available-for-sale, in unrealized loss positions which American National does not intend to sell and for which it is not more-likely-than-not that it will be required to sell before its anticipated recovery, American National assesses whether the amortized cost basis of securities will be recovered by comparing the net present value of the expected cash flows from those securities with its amortized cost basis. Management estimates the expected cash flows using a third-party valuation model similar to that used for held-to-maturity securities. The net present value of the expected cash flows is calculated by discounting management’s best estimate of expected cash flows at the effective interest rate implicit in the fixed maturity security when acquired. If the net present value of the expected cash flows is less than the amortized cost, a credit loss allowance is recorded. The credit loss is recorded as the excess of amortized cost over the net present value of the expected cash flows limited by the amount the fair value is less than the amortized cost (fair-value floor). If the fair value is less than the net present value of its expected cash flows at the impairment measurement date, a non-credit loss exists which is recorded in other comprehensive income (loss) for the difference between the fair value and the net present value of the expected cash flows. Additions to or releases of the allowance on all fixed maturity securities are reported in “(Increase) decrease in investment credit loss” in the consolidated statements of operations. Prior to January 1, 2020, an other-than-temporary impairment (“OTTI”) loss was recorded when management believed the carrying value would not be realized. After the recognition of a credit loss, fixed maturity securities were accounted for as if they had been purchased on the OTTI measurement date, with a cost basis equal to their previous amortized cost less the related OTTI losses recognized in earnings. The new cost basis of an other-than-temporarily impaired security was not adjusted for subsequent increases in estimated fair value. Should there have been a significant increase in the estimate of cash flows expected to be collected from previously impaired securities, the increase would have been accounted for prospectively by accreting it as interest income over its remaining life. Derivative instruments in the form of equity-indexed options are purchased to hedge against future interest rate increases in liabilities indexed to market rates and are recorded in the consolidated statements of financial position within other invested assets at fair value, net of collateral provided by counterparties. The change in fair value of derivative assets and liabilities is reported in the consolidated statements of operations as “Net investment income” and “Interest credited to policyholders’ account balances,” respectively. American National does not apply hedge accounting treatment to its derivative instruments. The Company uses derivative instruments to hedge its business risk and holds collateral to offset exposure from its counterparties. Collateral that supports credit risk is reported in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Cash and cash equivalents have durations that do not exceed 90 days at the date of acquisition, include cash on-hand and in banks, as well as amounts invested in money market funds, and are reported as “Cash and cash equivalents” in the consolidated statements of financial position. Property and equipment consist of buildings occupied by American National, data processing equipment, software, furniture and equipment, and automobiles which are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset (typically 3 to 50 years). Insurance specific assets and liabilities Deferred policy acquisition costs (“DAC”) are capitalized costs related directly to the successful acquisition of new or renewal insurance contracts. Significant costs are incurred to acquire insurance and annuity contracts, including commissions and certain underwriting, policy issuance, and processing expenses. DAC on traditional life, including limited-pay contracts, and health products is amortized with interest over the anticipated premium-paying period of the related policies in proportion to the ratio of annual premium revenue expected to be received over the life of the policies. Expected premium revenue is estimated by using the same mortality, morbidity, and withdrawal assumptions used in computing liabilities for future policy benefits. DAC is reduced by a provision for possible inflation of maintenance and settlement expenses determined by means of grading interest rates. DAC on universal life and investment-type contracts is amortized as a level percentage of the present value of anticipated gross profits from investment yields, mortality, and surrender charges. The effect of the realization of unrealized gains (losses) on DAC is recognized within AOCI in the consolidated statements of financial position as of the reporting date. A change in interest rates could have a significant impact on DAC calculated for these contracts. DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premiums earned. DAC on participating whole life products is amortized in proportion to estimated gross margins. Estimated gross margins are equal to premiums, plus investment income, less benefits, less expenses not included in DAC, less the change in reserves, less dividends. For short-duration and long-duration contracts, DAC is grouped consistent with the manner in which insurance contracts are acquired, serviced, and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC for short-duration contracts. Liabilities for future policy benefits for traditional products have been provided on a net level premium method based on estimated investment yields, withdrawals, mortality, and other assumptions that were appropriate at the time the policies were issued. Estimates are based on historical experience adjusted for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience. When it is determined that future expected experience differs significantly from existing assumptions, the estimates are revised for current and future issues. Policyholders’ account balances represent the contract value that has accrued to the benefit of the policyholders related to universal-life and investments-type contracts. For fixed products, these are generally equal to the accumulated deposits plus interest credited, reduced by withdrawals, payouts, and accumulated policyholder assessments. Indexed product account balances are equal to the sum of host and embedded derivative reserves computed per derivative accounting guidance. Liabilities for unpaid claims and claim adjustment expenses (“CAE”) are established to provide for the estimated costs of paying claims. These reserves include estimates for both case reserves and IBNR claim liabilities. Case reserves include the liability for reported but unpaid claims. IBNR liabilities include a provision for potential development on case reserves, losses on claims currently closed which may reopen in the future, as well as IBNR claims. These liabilities also include an estimate of the expense associated with settling claims, including legal and other fees, and the general expenses of administering the claims adjustment process. Reinsurance recoverables are estimated amounts due to American National from reinsurers related to paid and unpaid ceded claims and CAE and are presented net of a reserve for collectability. Recoveries of gross ultimate losses under our non-catastrophe reinsurance are estimated by a review of individual large claims and the ceded portion of IBNR using assumed distribution of loss by percentage retained. Recoveries of gross ultimate losses under our catastrophe reinsurance are estimated by applying reinsurance treaty terms to estimates of gross ultimate losses. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported and our estimate of gross ultimate losses. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. Separate account assets and liabilities Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. Premiums, benefits, claims incurred, and expenses Traditional ordinary life and health premiums are recognized as revenue when due. Benefits and expenses are associated with earned premiums to result in recognition of profits over the term of the insurance contracts. Annuity premiums received on limited-pay and supplemental annuity contracts involving a significant life contingency are recognized as revenue when due. Deferred annuity premiums are recorded as deposits rather than recognized as revenue. Revenues from deferred annuity contracts are principally surrender charges and, in the case of variable annuities, administrative fees assessed to contract holders. Universal life and single premium whole life revenues represent amounts assessed to policyholders including mortality charges, surrender charges actually paid, and earned policy service fees. Amounts included in expenses are benefits in excess of account balances returned to policyholders. Property and casualty premiums are recognized as revenue over the period of the contract in proportion to the amount of insurance protection, which is generally evenly over the contract period, net of reinsurance ceded. Claims incurred consist of claims and CAE paid and the change in reserves, net of reinsurance received and recoverable. Participating insurance policies Participating business comprised approximately 4.0% of the life insurance in-force at December 31, 2021 and 16.5% of life premiums in 2021. For the majority of this participating business, profits earned are reserved for the payment of dividends to policyholders, except for the stockholders’ share of profits on participating policies, which is limited to the greater of 10% of the profit on participating business, or 50 cents per thousand dollars of the face amount of participating life insurance in-force. Participating policyholders’ interest includes the accumulated net income from participating policies reserved for payment to such policyholders in the form of dividends (less net income allocated to stockholders as indicated above) as well as a pro rata portion of unrealized investment gains (losses). Dividends to participating policyholders were $8.1 million, $7.0 million, and $8.4 million for the years ended 2021, 2020, and 2019, respectively. Income of $18.3 million, $5.8 million, and $34.0 million was allocated to participating policyholders for the years ended 2021, 2020, and 2019, respectively. For all other participating business, the allocation of dividends to participating policyowners is based upon a comparison of experienced rates of mortality, interest and expenses, as determined periodically for representative plans of insurance, issue ages and policy durations, with the corresponding rates assumed in the calculation of premiums. Federal income taxes American National files a consolidated life and non-life federal income tax return. Certain subsidiaries that are consolidated for financial reporting are not eligible to be included in the consolidated federal income tax return; accordingly, they file separate returns. Deferred income tax assets and liabilities are recognized to reflect the future tax consequences attributable to differences between the financial statement amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” the position based on its technical merits will be sustained by taxing authorities. American National recognizes the largest benefit that is greater than 50% likely of being ultimately realized upon settlement. Tax benefits not meeting the “more-likely-than-not” threshold, if applicable, are included with “Other liabilities” in the consolidated statements of financial position. American National recognizes interest expense and penalties related to uncertain tax positions, if applicable, as income tax expense in the consolidated statements of operations. Accrued interest expense and penalties related to uncertain tax positions are reported as "Other liabilities" in the consolidated statements of financial position. Pension and postretirement benefit plans Pension and postretirement benefit obligations and costs for our frozen benefit plans are estimated using assumptions including demographic factors such as retirement age and mortality. American National uses a discount rate to determine the present value of future benefits on the measurement date. The guideline for setting this rate is a high-quality long-term corporate bond rate. For this purpose, a hypothetical bond portfolio to match the expected monthly benefit payments under the pension plan was constructed with the resulting yield of the portfolio used as a discount rate. In developing the investment return assumption, we relied on a model that utilizes the following factors: • Current yield to maturity of fixed income securities • Forecasts of inflation, GDP growth, and total return for each asset class • Historical plan performance • Target asset allocation • Standard deviations and correlations related to historical and expected future returns of each asset class and inflation The resulting assumption is the assumed rate of return for the plans’ target asset allocation, net of investment expenses, and reflects anticipated returns of the plans’ current and future assets. Using this approach, the calculated return will fluctuate from year to year; however, it is American National’s policy to hold this long-term assumption relatively constant. Stock-based compensation Stock Appreciation Rights (“SARs”) liability and compensation cost is based on the fair value of the grants and is remeasured each reporting period through the settlement date. The fair value of the SARs is calculated using the Black-Scholes-Merton option-pricing model. The key assumptions used in the model include: the grant date and remeasurement date stock prices, expected life of the SARs, and the risk-free rate of return. The compensation liability related to the SAR award is reported as “Other liabilities” in the consolidated statements of financial position. Restricted Stock (“RS”) equity and compensation cost is based on the fair value of the underlying stock at grant date. The compensation cost accrued is reported as “Additional paid-in capital” in the consolidated statements of financial position. Restricted Stock Units (“RSUs”) are settled in cash, resulting in classifying RSUs as a liability award. The liability is remeasured each reporting period through the vesting date and is adjusted for changes in fair value. The compensation liability related to the RSUs is reported as “Other Liabilities” in the consolidated statements of financial position. Litigation contingencies Existing and potential litigation is reviewed quarterly to determine if any adjustments to liabilities for possible losses are necessary. Reserves for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, a reserve is recorded based on the lowest amount of the range. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adoption of New Accounting Standards Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes. This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this standard did not have a material impact to the Company's Consolidated Financial Statements or Notes to the Consolidated Financial Statements. Future Adoption of New Accounting Standards — The FASB issued the following accounting guidance relevant to American National: Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition. Considerable progress in the implementation of the new standard has been made; however, we have not yet estimated the impact the new guidance will have on the consolidated financial statements. Accounting and actuarial policy elections have mostly been determined, data flows are being established, actuarial models are being developed, and implementation of a financial reporting disclosure system is in progress. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this guidance provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted. The FASB is currently deliberating an ASU that would extend the sunset date through December 31, 2024. The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company's Consolidated Financial Statements or Notes to the Consolidated Financial Statements. |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | Investment in Securities The cost or amortized cost and fair value of investments in securities are shown below (in thousands): December 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 12,284 $ — $ (287) $ — $ 11,997 U.S. states and political subdivisions 104,039 1,676 (1,906) — 103,809 Foreign governments 14,369 137 (159) — 14,347 Corporate debt securities 6,810,518 388,726 (21,213) (11,467) 7,166,564 Residential mortgage-backed securities 48,491 2,684 (481) (516) 50,178 Collateralized debt securities 112,409 1,677 (1,046) (1,146) 111,894 Total bonds held-to-maturity 7,102,110 394,900 (25,092) (13,129) 7,458,789 Fixed maturity, bonds available-for-sale U.S. treasury and government 26,887 121 (255) — 26,753 U.S. states and political subdivisions 1,028,331 51,124 (2,312) (14) 1,077,129 Foreign governments 5,000 841 — — 5,841 Corporate debt securities 6,809,610 268,964 (35,285) (7,141) 7,036,148 Residential mortgage-backed securities 32,234 342 (341) (268) 31,967 Collateralized debt securities 205,732 469 (904) (2,887) 202,410 Total bonds available-for-sale 8,107,794 321,861 (39,097) (10,310) 8,380,248 Total investments in fixed maturity $ 15,209,904 $ 716,761 $ (64,189) $ (23,439) $ 15,839,037 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 7,733 $ 11 $ — $ — $ 7,744 U.S. states and political subdivisions 109,445 4,101 (11) — 113,535 Foreign governments 3,851 374 — — 4,225 Corporate debt securities 6,992,095 623,233 (9,117) (7,475) 7,598,736 Residential mortgage-backed securities 114,579 5,065 (1,464) (452) 117,728 Collateralized debt securities 139,709 6,864 (845) (4,515) 141,213 Total bonds held-to-maturity 7,367,412 639,648 (11,437) (12,442) 7,983,181 Fixed maturity, bonds available-for-sale U.S. treasury and government 28,766 418 (1) — 29,183 U.S. states and political subdivisions 1,066,627 73,976 (145) — 1,140,458 Foreign governments 14,995 1,393 — — 16,388 Corporate debt securities 5,887,756 471,205 (17,207) (7,275) 6,334,479 Residential mortgage-backed securities 20,544 964 (29) (188) 21,291 Collateralized debt securities 54,454 1,040 (94) (19) 55,381 Total bonds available-for-sale 7,073,142 548,996 (17,476) (7,482) 7,597,180 Total investments in fixed maturity $ 14,440,554 $ 1,188,644 $ (28,913) $ (19,924) $ 15,580,361 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2021 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 853,273 $ 865,103 $ 574,056 $ 580,191 Due after one year through five years 2,232,939 2,355,707 3,015,864 3,156,717 Due after five years through ten years 2,969,115 3,145,270 2,474,224 2,576,325 Due after ten years 1,046,783 1,092,709 2,043,650 2,067,015 Total $ 7,102,110 $ 7,458,789 $ 8,107,794 $ 8,380,248 Actual maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities, which are not due at a single maturity, have been presented based on the year of final contractual maturity. Proceeds from sales of bonds available-for-sale, with the related gross realized gains and losses, are shown below (in thousands): Years ended December 31, 2021 2020 2019 Proceeds from sales of fixed maturity, bonds available-for-sale $ 55,558 $ 164,372 $ 45,017 Gross realized gains 59 624 250 Gross realized losses — (4,145) (1,124) Gains and losses are determined using specific identification of the securities sold. There was no transfer of bonds from held-to-maturity to available-for-sale during 2021. During 2020, bonds below investment grade with a carrying value of $142.7 million, were transferred from held-to-maturity to available-for-sale after a deterioration in the issuers’ creditworthiness. In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $53.5 million and $47.7 million at December 31, 2021 and 2020, respectively. In addition, American National has pledged bonds in connection with agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $67.1 million and $111.0 million at December 31, 2021 and 2020, respectively. The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds available-for-sale: change in unrealized gains (losses) $ (248,756) $ 242,105 $ 335,473 Adjustments for Deferred policy acquisition costs 58,281 (68,474) (87,003) Participating policyholders’ interest 8,275 (3,010) (16,056) Deferred federal income tax benefit (expense) 39,346 (36,306) (48,258) Change in net unrealized gains (losses) on debt securities, net of tax $ (142,854) $ 134,315 $ 184,156 The components of the change in net gains on equity securities are shown below (in thousands): Years ended December 31, 2021 2020 Unrealized gains on equity securities $ 38,771 $ 349,999 Net gains on equity securities sold 381,512 6,282 Net gains on equity securities $ 420,283 $ 356,281 The gross unrealized losses and fair value of bonds available-for-sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below (in thousands, except number of issues): December 31, 2021 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 10 $ (230) $ 18,378 1 $ (25) $ 2,844 11 $ (255) $ 21,222 U.S. states and political subdivisions 13 (618) 50,025 4 (1,694) 33,644 17 (2,312) 83,669 Corporate debt securities 184 (27,335) 1,596,811 32 (7,950) 146,597 216 (35,285) 1,743,408 Residential mortgage-backed securities 2 (339) 13,193 2 (2) 496 4 (341) 13,689 Collateralized debt securities 26 (885) 191,342 3 (19) 4,447 29 (904) 195,789 Total 235 $ (29,407) $ 1,869,749 42 $ (9,690) $ 188,028 277 $ (39,097) $ 2,057,777 December 31, 2020 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 1 $ (1) $ 2,868 — $ — $ — 1 $ (1) $ 2,868 U.S. states and political subdivisions 2 (145) 10,205 — — — 2 (145) 10,205 Corporate debt securities 43 (8,507) 270,249 8 (8,700) 13,270 51 (17,207) 283,519 Residential mortgage-backed securities 1 (21) 1,391 3 (8) 593 4 (29) 1,984 Collateralized debt securities 3 (93) 12,752 1 (1) 158 4 (94) 12,910 Total 50 $ (8,767) $ 297,465 12 $ (8,709) $ 14,021 62 $ (17,476) $ 311,486 A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded were concentrated in the Company's fixed maturity securities within the finance and investment sector. Equity securities by market sector distribution are shown below, based on fair value: December 31, 2021 2020 Consumer goods 9.6 % 19.3 % Energy and utilities 6.4 5.2 Finance 35.6 21.6 Healthcare 9.0 15.0 Industrials 3.5 7.4 Information technology 15.1 27.1 Other 20.8 4.4 Total 100.0 % 100.0 % Allowance for Credit Losses Held-to-Maturity Securities— Management measures expected credit losses on bonds held-to-maturity on a qualitative adjustment basis by major security type: corporate bonds, structured products, municipals, specialty products and treasuries. Accrued interest receivable on held-to maturity debt securities are excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current market conditions and reasonable and supportable economic forecasts based upon a third-party valuation model. Available-for-Sale Securities— For available-for-sale bonds in an unrealized loss position, the Company first assesses whether it intends to sell the security or will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through income. For bonds available-for-sale that do not meet either indicated criteria, the Company evaluates whether the decline in fair value has resulted from credit events or market factors. In making this assessment, management first calculates the extent to which fair value is less than amortized cost, and then may consider any changes to the rating of the security by a rating agency, and any specific conditions related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through income, limited to the amount fair value is less than amortized cost. Any remaining unrealized loss is recognized in other comprehensive income. When the discounted cash flow method is used to determine the allowance for credit losses, management's estimates incorporate expected prepayments, if any. Model inputs are considered reasonable and supportable for three years. A mean reversion is applied in years four and five. Credit loss allowance is not measured on accrued interest receivable because the balance is written off to net investment income in a timely manner, within 90 days. Changes in the allowance for credit losses are recognized through the consolidated statement of operations as (increase) decrease in investment credit loss. No accrued interest receivables were written off as of December 31, 2021. The rollforward of the allowance for credit losses for bonds held-to-maturity is shown below (in thousands): Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Balance at January 1, 2021 $ (7,475) $ (4,515) $ (452) $ (12,442) Purchases (1,412) (168) — (1,580) Disposition 441 551 — 992 Provision (3,021) 2,986 (64) (99) Balance at December 31, 2021 $ (11,467) $ (1,146) $ (516) $ (13,129) Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Balance at January 1, 2020 $ 4 $ (18,563) $ (2,968) $ (137) $ (21,664) Purchases — (783) (329) 134 (978) Disposition — 9,501 800 — 10,301 Provision (4) 2,370 (2,018) (449) (101) Balance at December 31, 2020 $ — $ (7,475) $ (4,515) $ (452) $ (12,442) The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands): U.S. Treasury and Government U.S. State and Political Subdivisions Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Beginning balance at January 1, 2021 $ — $ — $ (7,275) $ (19) $ (188) $ (7,482) Increase in allowance related to purchases — — (3,158) (538) — (3,696) Reduction in allowance related to disposition — — 4,117 182 — 4,299 Allowance on securities that had an allowance recorded in a previous period 3 12 3,680 (1,507) (29) 2,159 Allowance on securities where credit losses were not previously recorded (3) (26) (4,505) (1,005) (51) (5,590) Balance at December 31, 2021 $ — $ (14) $ (7,141) $ (2,887) $ (268) $ (10,310) Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Beginning balance at January 1, 2020 $ — $ — $ — $ — Increase in allowance related to purchases (217) — — (217) Reduction in allowance related to disposition 63 6 3 72 Allowance on securities that had an allowance recorded in a previous period (1,074) (25) (191) (1,290) Allowance on securities where credit losses were not previously recorded (6,047) — — (6,047) Balance at December 31, 2020 $ (7,275) $ (19) $ (188) $ (7,482) Credit Quality Indicators The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings, which are updated on a monthly basis. Information is also gathered regarding the asset performance of held-to-maturity bonds. The two traditional metrics for assessing interest rate risks are interest-coverage ratios and capitalization ratios, which can also be used in the assessment of credit risk. These risks are mitigated through the diversification of bond investments. Categories of diversification include credit ratings, geographic locations, maturities, and market sector. The credit quality indicators for the amortized cost of bonds held-to-maturity are shown below (in thousands): December 31, 2021 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 12,284 $ — $ — $ — $ 12,284 U.S. state and political subdivisions 14,364 49,327 9,188 25,770 5,390 104,039 Foreign governments — 13,355 1,014 — — 14,369 Corporate debt securities 31,176 400,666 3,212,688 3,061,595 104,393 6,810,518 Collateralized debt securities — — 66,715 40,858 4,836 112,409 Residential mortgage-backed securities — 47,304 — — 1,187 48,491 Total $ 45,540 $ 522,936 $ 3,289,605 $ 3,128,223 $ 115,806 $ 7,102,110 December 31, 2020 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 7,733 $ — $ — $ — $ 7,733 U.S. state and political subdivisions 25,831 43,964 34,893 — 4,757 109,445 Foreign governments — 2,820 1,031 — — 3,851 Corporate debt securities 1,956 262,830 2,976,571 3,647,496 103,242 6,992,095 Collateralized debt securities — — 107,795 31,914 — 139,709 Residential mortgage-backed securities — 112,995 — — 1,584 114,579 Total $ 27,787 $ 430,342 $ 3,120,290 $ 3,679,410 $ 109,583 $ 7,367,412 |
Mortgage Loans
Mortgage Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans | Mortgage Loans Generally, commercial mortgage loans are secured by first liens on income-producing real estate. American National attempts to maintain a diversified portfolio by considering both the location of the underlying collateral as well as the type of mortgage loan. The geographic categories come from the U.S. Census Bureau's "Census Regions and Divisions of the United States." The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages): December 31, 2021 2020 Amount Percentage Amount Percentage East North Central $ 747,661 14.4 % $ 783,614 14.9 % East South Central 117,574 2.3 146,052 2.8 Mountain 1,250,562 24.0 1,284,555 24.5 Pacific 878,820 16.9 806,426 15.4 South Atlantic 627,295 12.0 619,405 11.8 West South Central 1,261,659 24.3 1,313,848 25.1 Other 315,763 6.1 288,631 5.5 Total $ 5,199,334 100.0 % $ 5,242,531 100.0 % As of December 31, 2021 and 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans): December 31, 2021 2020 Foreclosure and foreclosed Number of Loans Recorded Investment Number of Loans Recorded Investment In foreclosure — $ — 1 $ 5,168 Filed for bankruptcy* — — 1 9,230 Total in foreclosure — $ — 2 $ 14,398 Foreclosed 1 $ 5,168 2 $ 8,603 * Borrower filed for bankruptcy after foreclosure proceedings had begun. The age analysis of past due loans is shown below (in thousands, except percentages): 30-59 Days Past Due 60-89 Days Past Due More Than 90 Days Past Due Total December 31, 2021 Total Current Amount Percentage Apartment $ — $ — $ — $ — $ 522,595 $ 522,595 9.9 % Hotel — — — — 962,345 962,345 18.2 Industrial — — — — 912,645 912,645 17.2 Office — — — — 1,347,384 1,347,384 25.4 Parking — — — — 392,310 392,310 7.4 Retail 4,872 — — 4,872 838,163 843,035 15.9 Storage — — — — 163,685 163,685 3.1 Other — — — — 152,414 152,414 2.9 Total $ 4,872 $ — $ — $ 4,872 $ 5,291,541 $ 5,296,413 100.0 % Allowance for credit losses (97,079) Total, net of allowance $ 5,199,334 December 31, 2020 Apartment $ — $ — $ — $ — $ 557,159 $ 557,159 10.5 % Hotel 30,315 30,158 — 60,473 853,522 913,995 17.0 Industrial 14,930 — 5,168 20,098 836,105 856,203 15.9 Office 24,804 — 9,230 34,034 1,522,197 1,556,231 29.0 Parking 48,825 29,355 — 78,180 286,107 364,287 6.8 Retail 4,991 — 25,779 30,770 760,907 791,677 14.7 Storage — — — — 165,561 165,561 3.1 Other — — — — 163,121 163,121 3.0 Total $ 123,865 $ 59,513 $ 40,177 $ 223,555 $ 5,144,679 $ 5,368,234 100.0 % Allowance for credit losses (125,703) Total, net of allowance $ 5,242,531 As a result of the economic impact associated with COVID-19, American National modified 93 loans with a total balance of $1.6 billion during 2020. These modifications were in the form of forbearance of principal and interest payments for up to six months, extensions of maturity dates, and/or provision for interest only payments. The modifications were primarily related to our loans to hotels, retail and parking operations. Due to ongoing economic stress brought on by the pandemic, additional modifications for 33 of these loans with a total balance of $725.7 million were made during 2021. These additional modifications extended the forbearance of principal and interest payments and interest only provisions with a requirement for the payment of at least 20% of the total interest due during the extended modification period. The modified loans had an aggregate deferred interest of $5.6 million as of December 31, 2021. There were no unamortized purchase discounts as of December 31, 2021 and 2020. Total mortgage loans were net of unamortized origination fees of $27.5 million and $26.1 million at December 31, 2021 and 2020, respectively. No unearned income is included in these amounts. Troubled Debt Restructurings American National has granted concessions to certain mortgage loan borrowers. Concessions are generally one of, or a combination of, a delay in payment of principal or interest, a reduction of the contractual interest rate or an extension of the maturity date. Loans that have these concessions could be classified as troubled debt restructurings. The carrying value could change based on the expected recovery of the loan, which is evaluated quarterly. Loan modifications executed due to COVID-19 resulting in a total delay of more than six months were evaluated for troubled debt restructuring status under current GAAP guidance. American National considers the amount, timing and extent of concessions in determining credit loss allowances for loan losses recorded in connection with a troubled debt restructuring. Loans determined to be troubled debt restructuring during the periods presented are as follows (in thousands, except number of loans): Years ended December 31, 2021 2020 Number of Loans Recorded Investment Recorded Investment Number of Loans Recorded Investment Recorded Investment Office 2 $ 37,985 $ 37,985 7 $ 76,220 $ 76,220 Retail 3 32,325 32,325 6 79,943 79,943 Industrial — — — 2 11,565 11,565 Hotel — — — 34 811,131 811,131 Parking 1 9,257 9,257 16 248,465 248,465 Storage 1 8,890 8,890 — — — Apartment — — — 2 40,097 40,097 Total 7 $ 88,457 $ 88,457 67 $ 1,267,421 $ 1,267,421 For the year ended December 31, 2021, a total of 72 loans with a recorded investment of $1.3 billion were designated as a troubled debt restructuring. There are no commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The decrease in loans determined to be a troubled debt restructuring in 2021 is primarily attributable to improved economic conditions after lifting of COVID-19 related restrictions. Allowance for Credit Losses Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses and allowances. The allowance for credit losses is based upon the current expected credit loss model. The model considers past loss experience, current economic conditions, and reasonable and supportable forecasts of future conditions. Reversion for the allowance calculation is implicit in the models used to determine the allowance. The methodology uses a discounted cash flow approach based on expected cash flows. The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands): Commercial Mortgage Loans Balance at January 1, 2021 $ (125,703) Provision 28,624 Balance at December 31, 2021 $ (97,079) Commercial Mortgage Loans Balance at January 1, 2020 $ (19,160) Cumulative adjustment at January 1, 2020 (11,216) Provision (95,327) Balance at December 31, 2020 $ (125,703) The change in allowance in 2021 was primarily driven by the favorable response of the hospitality and retail industries to re-opening of the economy and resulting increases in travel and brick-and-mortar shopping. The asset and allowance balances for credit losses for mortgage loans by property-type are shown below (in thousands): December 31, 2021 2020 Asset Balance Allowance Asset Balance Allowance Apartment $ 522,595 $ (1,366) $ 557,159 $ (8,845) Hotel 962,345 (39,272) 913,995 (45,596) Industrial 912,645 (4,051) 856,203 (2,516) Office 1,347,384 (26,988) 1,556,231 (33,373) Parking 392,310 (16,037) 364,287 (18,178) Retail 843,035 (6,685) 791,677 (10,856) Storage 163,685 (459) 165,561 (2,509) Other 152,414 (2,221) 163,121 (3,830) Total $ 5,296,413 $ (97,079) $ 5,368,234 $ (125,703) Credit Quality Indicators Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property-type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands): Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total Apartment $ 50,747 $ 79,673 $ 210,011 $ 22,166 $ 122,472 $ 37,526 $ 522,595 Hotel 32,312 35,041 94,618 203,151 218,129 379,094 962,345 Industrial 180,229 265,167 135,810 99,716 38,170 193,553 912,645 Office 4,812 24,919 62,260 162,412 314,931 778,050 1,347,384 Parking 31,618 28,651 13,783 26,676 8,446 283,136 392,310 Retail 115,290 69,329 38,761 74,464 74,198 470,993 843,035 Storage 23,184 28,936 48,401 37,156 17,095 8,913 163,685 Other 54,114 — 21,662 29,884 1,650 45,104 152,414 Total $ 492,306 $ 531,716 $ 625,306 $ 655,625 $ 795,091 $ 2,196,369 $ 5,296,413 Allowance for credit losses (97,079) Total, net of allowance $ 5,199,334 Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. It is the Company's policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. At December 31, 2021, no commercial loans were past due over 90 days and in non-accrual status. Off-Balance Sheet Credit Exposures |
Real Estate and Other Investmen
Real Estate and Other Investments | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate and Other Investments | Real Estate and Other Investments The carrying amount of real estate and real estate partnerships, net of accumulated depreciation, by property-type and geographic distribution are as follows (in thousands, except percentages): December 31, 2021 December 31, 2020 Amount Percentage Amount Percentage Hotel $ 56,198 6.1 % $ 67,857 7.1 % Industrial 119,698 12.9 132,757 13.8 Land 39,760 4.3 51,220 5.3 Office 277,034 29.8 299,500 31.2 Retail 269,941 29.1 268,588 28.0 Apartments 153,871 16.6 120,847 12.6 Other 11,910 1.2 19,803 2.0 Total $ 928,412 100.0 % $ 960,572 100.0 % December 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 122,148 13.2 % $ 81,310 8.5 % East South Central 59,122 6.4 65,302 6.8 Mountain 127,542 13.7 133,233 13.9 Pacific 112,714 12.1 127,421 13.3 South Atlantic 67,573 7.3 97,801 10.1 West South Central 428,272 46.1 434,722 45.3 Other 11,041 1.2 20,783 2.1 Total $ 928,412 100.0 % $ 960,572 100.0 % As of December 31, 2021, no real estate partnerships met the criteria as held-for-sale. American National regularly invests in real estate partnerships and frequently participates in the design with the sponsor, but in most cases, its involvement is limited to financing. Through analysis performed by American National, some of these partnerships have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third-parties that may affect the fair value or risk of its variable interest in the VIEs in 2021 or 2020. The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): December 31, 2021 2020 Real estate and real estate partnerships $ 126,708 $ 131,405 Investment funds 100,374 — Short-term investments 500 500 Cash and cash equivalents 10,341 8,070 Premiums due and other receivables 3,201 3,484 Other assets 12,992 13,796 Total assets of consolidated VIEs $ 254,116 $ 157,255 Notes payable $ 149,248 $ 153,703 Other liabilities 8,250 8,490 Total liabilities of consolidated VIEs $ 157,498 $ 162,193 The notes payable in the consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $3.0 million at December 31, 2021 and 2020. The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): December 31, Interest rate Maturity 2021 2020 LIBOR 2023 $ 10,819 $ 10,819 4% fixed 2022 75,293 78,565 4.18% fixed 2024 63,136 64,319 Total $ 149,248 $ 153,703 For other real estate partnership VIEs, American National is not the primary beneficiary as major decisions impacting the economic activities of the VIE require consent from both partners. The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs follows (in thousands): December 31, 2021 2020 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Real estate and real estate partnerships $ 332,351 $ 332,351 $ 368,588 $ 368,588 Mortgage loans on real estate 690,779 690,779 722,917 722,917 Accrued investment income 2,878 2,878 4,980 4,980 American National’s net investment income of real estate partnerships is the Company’s share of operating earnings and realized gains from investments in real estate joint ventures and other limited partnership interests ("joint ventures") using the equity method of accounting. In 2021 and 2020 certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the ventures. The Company’s income from and investment in each joint venture did not exceed 20% and therefore no separate financial disclosure is required. The Company’s income from, assets held, and investment in each joint venture did not exceed 10% of operating income before tax. Additionally, American National’s investment in joint ventures is less than 3% of the Company’s total assets, and investments in individual joint ventures is not considered to be material to the Company in relation to its financial position or ongoing results of operations. Therefore, summarized financial information of equity method investees has not been included. The Company’s total investment in investment funds, real estate partnerships, and other partnerships, of which substantially all are limited liability companies ("LLCs") or limited partnerships, consists of the following (in thousands): December 31, 2021 2020 Investment funds $ 947,856 $ 458,776 Real estate partnerships 439,341 443,279 Other 13,907 18,359 Total investments in partnerships $ 1,401,104 $ 920,414 Years ended December 31, 2021 2020 2019 Income from operations $ 103,826 $ 14,958 $ 7,407 Net gain on sales 84,851 27,509 96,094 Net investment income from partnerships $ 188,677 $ 42,467 $ 103,501 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments American National purchases over-the-counter equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. These options are not designated as hedging instruments for accounting purposes under GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except number of instruments): December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2021 2020 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 473 $ 3,523,000 $ 259,383 455 $ 2,867,600 $ 242,201 Equity-indexed embedded derivative Policyholders’ account balances 125,523 3,419,992 832,579 112,103 2,748,540 705,013 Gains (Losses) Recognized in Income on Derivatives Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Years ended December 31, 2021 2020 2019 Equity-indexed options Net investment income $ 127,681 $ 51,931 $ 144,980 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (107,162) (22,977) (162,011) The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The Company holds collateral in cash and notes secured by U.S. government backed assets. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, a right of offset has been applied to collateral that supports credit risk and has been recorded in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): December 31, 2021 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Bank of America A2/A- $ 6,289 $ 5,950 $ — $ 5,950 $ 5,950 $ — $ 339 Barclays Baa2/BBB 45,410 28,173 18,100 46,273 45,410 863 — Credit Suisse Baa1/BBB+ 34,411 35,300 — 35,300 34,411 889 — ING Baa1/A- 13,280 3,030 10,300 13,330 13,280 50 — Morgan Stanley A1/BBB+ 61,817 57,716 5,700 63,416 61,817 1,599 — NATIXIS* A1/A 26,490 26,660 — 26,660 26,490 170 — Truist A3/A- 39,589 30,010 11,000 41,010 39,530 1,480 59 Wells Fargo A1/BBB+ 32,097 22,320 9,900 32,220 32,065 155 32 Total $ 259,383 $ 209,159 $ 55,000 $ 264,159 $ 258,953 $ 5,206 $ 430 December 31, 2020 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 51,489 $ 31,513 $ 18,100 $ 49,613 $ 49,613 $ — $ 1,876 Credit Suisse Baa1/BBB+ 9,447 8,680 — 8,680 8,680 — 767 Goldman-Sachs A3/BBB+ 1,227 1,170 — 1,170 1,170 — 57 ING Baa1/A- 20,606 10,450 10,300 20,750 20,606 144 — Morgan Stanley A2/BBB+ 37,406 30,616 5,700 36,316 36,316 — 1,090 NATIXIS* A1/A+ 30,567 30,720 — 30,720 30,567 153 — Truist A3/A- 52,127 43,960 11,000 54,960 52,127 2,833 — Wells Fargo A2/BBB+ 39,332 29,370 9,900 39,270 39,270 — 62 Total $ 242,201 $ 186,479 $ 55,000 $ 241,479 $ 238,349 $ 3,130 $ 3,852 |
Net Investment Income and Net R
Net Investment Income and Net Realized Investment Gains (Losses) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Net Investment Income and Net Realized Investment Gains (Losses) | Net Investment Income and Net Realized Investment Gains (Losses) Net investment income is shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds $ 523,422 $ 560,811 $ 602,054 Equity securities 28,102 31,325 33,502 Mortgage loans 260,721 251,414 254,720 Real estate and real estate partnerships 99,483 28,810 106,446 Investment funds 99,007 19,454 5,904 Equity-indexed options 127,681 51,931 144,980 Other invested assets 33,238 32,407 33,301 Total $ 1,171,654 $ 976,152 $ 1,180,907 Net investment income from equity method investments, comprised of real estate partnerships and investment funds, was $188.7 million, $42.5 million, and $103.5 million for the twelve months ended December 31, 2021, 2020, and 2019 respectively. Net realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds $ 54,941 $ 23,318 $ 16,361 Mortgage loans (768) — (2,412) Real estate and real estate partnerships 10,240 12,401 25,555 Other invested assets 215 (59) (1,785) Total $ 64,628 $ 35,660 $ 37,719 Net realized investment gains (losses) by transaction type are shown below (in thousands): Years ended December 31, 2021 2020 2019 Sales $ 16,045 $ 10,249 $ 27,161 Calls and maturities 55,526 26,948 17,372 Paydowns 385 (108) (156) Impairments (5,913) (1,276) (6,505) Loss allowance — — 21 Other (1,415) (153) (174) Total $ 64,628 $ 35,660 $ 37,719 Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds* $ — $ — $ (6,968) * Effective January 1, 2020, the Company adopted ASU No. 2016-13. Adoption of this guidance resulted in an allowance for credit losses primarily on our commercial mortgage loans and related off-balance sheet unfunded loan commitments, held-to-maturity bonds and reinsurance recoverables. The results for 2019 have not been restated to conform to the current presentation. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are shown below (in thousands): December 31, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity $ 7,088,981 $ 7,458,789 $ 7,354,970 $ 7,983,181 Fixed maturity, bonds available-for-sale 8,380,248 8,380,248 7,597,180 7,597,180 Equity securities 135,433 135,433 2,070,766 2,070,766 Equity-indexed options 259,383 259,383 242,201 242,201 Mortgage loans on real estate, net of allowance 5,199,334 5,271,950 5,242,531 5,451,152 Policy loans 365,208 365,208 373,014 373,014 Short-term investments 1,840,732 1,840,732 1,028,379 1,028,379 Separate account assets ($1,278,380 and $1,153,702 included in fair value hierarchy) 1,320,703 1,320,703 1,185,467 1,185,467 Separately managed accounts 99,884 99,884 64,424 64,424 Total financial assets $ 24,689,906 $ 25,132,330 $ 25,158,932 $ 25,995,764 Financial liabilities Investment contracts $ 10,947,958 $ 10,947,958 $ 10,101,764 $ 10,101,764 Embedded derivative liability for equity-indexed contracts 832,579 832,579 705,013 705,013 Notes payable 149,248 149,248 153,703 153,703 Federal Home Loan Bank advance — — 250,000 250,227 Separate account liabilities ($1,278,380 and $1,153,702 included in fair value hierarchy) 1,320,703 1,320,703 1,185,467 1,185,467 Total financial liabilities $ 13,250,488 $ 13,250,488 $ 12,395,947 $ 12,396,174 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Valuation Techniques for Financial Instruments Recorded at Fair Value Fixed Maturity Securities and Equity Options —American National utilizes a pricing service to estimate fair value measurements. The fair value for fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3. For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. Equity Securities —For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually. Short-Term Investments —Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements. Separate Account Assets and Liabilities —Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Equity securities are classified as Level 1 measurements. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table. No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2021, 2020, and 2019. Embedded Derivative —The amounts reported within policyholder contract deposits include equity linked interest crediting rates based on the S&P 500 within indexed annuities and indexed life. The following unobservable inputs are used for measuring the fair value of the embedded derivatives associated with the policyholder contract liabilities: • Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption decrease the fair value. • Mortality rate assumptions vary by age and gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits. • Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At December 31, 2021 and 2020, the one-year implied volatility used to estimate embedded derivative value was 19.6% and 17.6%, respectively. Fair values of indexed life and annuity liabilities are calculated using the discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range December 31, December 31, 2021 2020 Unobservable Input 2021 2020 Security type Embedded derivative Indexed Annuities $ 799.3 $ 670.8 Lapse Rate 1-50% 1-50% Mortality Multiplier 100% 100% Equity Volatility 12-64% 16-69% Indexed Life 33.3 34.2 Equity Volatility 12-64% 16-69% Quantitative Disclosures The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 26,753 $ 26,753 $ — $ — U.S. states and political subdivisions 1,077,129 — 1,077,129 — Foreign governments 5,841 — 5,841 — Corporate debt securities 7,036,148 — 6,789,991 246,157 Residential mortgage-backed securities 31,967 — 31,967 — Collateralized debt securities 202,410 — 202,410 — Total bonds available-for-sale 8,380,248 26,753 8,107,338 246,157 Equity securities Common stock 94,895 93,315 — 1,580 Preferred stock 40,538 7,570 — 32,968 Total equity securities 135,433 100,885 — 34,548 Options 259,383 — — 259,383 Short-term investments 1,840,732 — 1,840,732 — Separate account assets 1,278,380 381,414 896,966 — Separately managed accounts 99,884 — — 99,884 Total financial assets $ 11,994,060 $ 509,052 $ 10,845,036 $ 639,972 Financial liabilities Embedded derivative for equity-indexed contracts $ 832,579 $ — $ — $ 832,579 Notes payable 149,248 — — 149,248 Separate account liabilities 1,278,380 381,414 896,966 — Total financial liabilities $ 2,260,207 $ 381,414 $ 896,966 $ 981,827 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 29,183 $ — $ 29,183 $ — U.S. states and political subdivisions 1,140,458 — 1,140,458 — Foreign governments 16,388 — 16,388 — Corporate debt securities 6,334,479 — 6,224,042 110,437 Residential mortgage-backed securities 21,291 — 21,291 — Collateralized debt securities 55,381 — 55,381 — Total bonds available-for-sale 7,597,180 — 7,486,743 110,437 Equity securities Common stock 2,055,229 2,054,789 — 440 Preferred stock 15,537 14,909 — 628 Total equity securities 2,070,766 2,069,698 — 1,068 Options 242,201 — — 242,201 Short-term investments 1,028,379 — 1,028,379 — Separate account assets 1,153,702 309,425 844,277 — Separately managed accounts 64,424 — — 64,424 Total financial assets $ 12,156,652 $ 2,379,123 $ 9,359,399 $ 418,130 Financial liabilities Embedded derivative for equity-indexed contracts $ 705,013 $ — $ — $ 705,013 Notes payable 153,703 — — 153,703 Separate account liabilities 1,153,702 309,425 844,277 — Total financial liabilities $ 2,012,418 $ 309,425 $ 844,277 $ 858,716 For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at December 31, 2018 $ 4,346 $ 148,006 $ 16,532 $ 596,075 Net gain for derivatives included in net investment income — 144,980 — — Net change included in interest credited — — — 162,011 Net fair value change included in other comprehensive income — — 60 — Purchases, sales and settlements or maturities Purchases 45,307 75,163 33,911 — Sales (113) (13,396) — — Settlements or maturities — (98,748) — — Premiums less benefits — — — (26,534) Gross transfers out of Level 3 (4,233) — — — Balance at December 31, 2019 45,307 256,005 50,503 731,552 Net gain for derivatives included in net investment income — 51,931 — — Net change included in interest credited — — — 22,977 Net fair value change included in other comprehensive income 80 — (312) — Purchases, sales and settlements or maturities Purchases 191,960 80,705 25,343 — Sales (70,842) (8,063) (11,110) — Settlements or maturities — (138,377) — — Premiums less benefits — — — (49,516) Gross transfers out of Level 3 (55,000) — — — Balance at December 31, 2020 111,505 242,201 64,424 705,013 Net gain for derivatives included in net investment income — 127,681 — — Net change included in interest credited — — — 107,162 Net fair value change included in other comprehensive income 3,269 — 1,444 — Purchases, sales and settlements or maturities Purchases 225,063 97,712 56,712 — Sales (58,593) — (22,696) — Settlements or maturities — (208,211) — — Premiums less benefits — — — 20,404 Gross transfers into Level 3 1,479 — — — Gross transfers out of Level 3 (2,018) — — — Balance at December 31, 2021 $ 280,705 $ 259,383 $ 99,884 $ 832,579 Within the net gain for derivatives included in net investment income were unrealized gains of $4.4 million, unrealized losses of $11.2 million, and unrealized gains of $113.3 million relating to assets still held at December 31, 2021, 2020, and 2019, respectively. The associated embedded derivative decrease during 2020 is largely driven by classification changes to declared funds within indexed products and by changes to the embedded derivative discount rate. There was $26.8 million transferred between Level 1 and Level 2 fair value hierarchies during the periods presented for U.S. treasury and government bonds available-for-sale. It was determined these securities will be disclosed as Level 1 since valuations are based on quoted prices readily available in an active market. American National’s valuation of financial instruments categorized as Level 3 in the fair value hierarchy are based on valuation techniques that use significant inputs that are unobservable or had a decline in market activity that obscured observability. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources. The transfers into Level 3 during 2021 were the result of securities not being priced by the third-party service at the end of the period. Equity-Index Options— Certain over the counter equity options are valued using models that are widely accepted in the financial services industry. These are categorized as Level 3 as a result of the significance of non-market observable inputs such as volatility and forward price/dividend assumptions. Other primary inputs include interest rate assumptions (risk-free rate assumptions), and underlying equity quoted index prices for identical or similar assets in markets that exhibit less liquidity relative to those markets. The following summarizes the fair value (in thousands), valuation techniques and unobservable inputs of the Level 3 fair value measurements: Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range/Weighted Average Security type Investment securities Common stock $ 1,580 Guideline public company method (1) Recurring Revenue Multiple (2) 8x Option pricing method LTM EBITDA Multiple (3) 7.6x CVM NCY EBITDA Multiple (5) 4.8x Preferred stock 32,968 Guideline public company method (1) LTM Revenue Multiple (4) 6.3x Priced at cost LTM EBITDA Multiple (3) 4.2x NCY EBITDA Multiple (5) 4.8x Term (Years) 1.80 Volatility 60.00% Bonds 246,157 Priced at cost Coupon rate 2.63-8.00% Separately managed accounts 99,884 Discounted cash flows (yield analysis) Discount rate 4.80-16.40% CVM NCY EBITDA Multiple (5) 4.8x Market transaction N/A N/A Fair Value at December 31, 2020 Valuation Technique Unobservable Input Range/Weighted Average Security type Investment securities Common stock $ 440 Option pricing method Term (years) 2.83 Volatility 45.00% Market transaction N/A N/A Preferred stock 628 Option pricing method Term (years) 2.83 Volatility 45.00% Market transaction N/A N/A Bonds 110,437 Priced at cost Coupon rate 2.72-8.00% Separately managed accounts 64,424 Discounted cash flows (yield analysis) Discount rate 7.25-14.71% Market transaction N/A N/A (1) Guideline public company method uses price multiples from data on comparable public companies. Multiples are then adjusted to account for differences between what is being valued and comparable firms. (2) Recurring Revenue Multiple for the most relevant period of time, measures the value of the equity or a business relative to the revenues it generates. (3) Last Twelve Months (“LTM”) EBITDA Multiple valuation metric shows earnings before interest, taxes, depreciation and amortization adjustments for the past 12 month period. (4) LTM Revenue Multiple valuation metric shows revenue for the past 12 month period. (5) Next Calendar Year (“NCY”) EBITDA Multiple is the forecasted EBITDA expected to be achieved over the next calendar year. Investment Securities— These bonds use cost as the best estimate of fair value. They are valued at cost because the value would not change unless there is a fundamental deterioration in the portfolio. There is no observable market valuation price or third-party sources that provide market values for these securities since they are not publicly traded. The common and preferred stock are valued at market transaction, option pricing method, or guideline public company method based on the best available information. Separately Managed Accounts— The separately managed account manager uses the mid-point of a range from a third-party to price these securities. Discounted cash flows (yield analysis) and market transactions approach are used in the valuation. They use discount rate which is considered an unobservable input. Fair Value Information About Financial Instruments Not Recorded at Fair Value Information about fair value estimates for financial instruments not measured at fair values is discussed below: Fixed Maturity Securities —The fair value of bonds held-to-maturity is determined to be consistent with the disclosure under Valuation Techniques for the Financial Instrument Recorded at Fair Value section. Mortgage Loans —The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property-type, lien priority, payment type and current status. Policy Loans —The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value. Separately Managed Accounts —The amounts reported in separately managed accounts consist primarily of notes and private equity. These investments are private placements and do not have a readily determinable fair value. The carrying value of the separately managed accounts is cost or market value, if available from the separately managed account manager. Market value is provided by the separately managed account manager in subsequent quarters. American National believes that cost approximates fair value at initial recognition during the quarter of investment. Investment Contracts —The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, net of interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset at anniversary. Notes Payable —Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date. Federal Home Loan Bank Advance —The Federal Home Loan Bank advance was carried at outstanding principal balance. The fair value of the advance was obtained from the Federal Home Loan Bank of Dallas. The Company does not have outstanding loans from FHLB as of December 31, 2021. The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): December 31, 2021 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 1 $ 12,284 $ 11,997 U.S. states and political subdivisions Level 2 104,039 103,809 Foreign governments Level 2 14,369 14,347 Corporate debt securities Level 2 6,799,051 7,166,564 Residential mortgage-backed securities Level 2 47,975 50,178 Collateralized debt securities Level 2 111,263 111,894 Total fixed maturity, bonds held-to-maturity 7,088,981 7,458,789 Mortgage loans on real estate, net of allowance Level 3 5,199,334 5,271,950 Policy loans Level 3 365,208 365,208 Total financial assets $ 12,653,523 $ 13,095,947 Financial liabilities Investment contracts Level 3 $ 10,947,958 $ 10,947,958 Notes payable Level 3 149,248 149,248 Total financial liabilities $ 11,097,206 $ 11,097,206 December 31, 2020 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 2 $ 7,732 $ 7,744 U.S. states and political subdivisions Level 2 109,445 113,535 Foreign governments Level 2 3,851 4,225 Corporate debt securities Level 2 6,981,597 7,595,712 Corporate debt securities Level 3 3,024 3,024 Residential mortgage-backed securities Level 2 114,127 117,728 Collateralized debt securities Level 2 135,194 141,213 Total fixed maturity, bonds held-to-maturity 7,354,970 7,983,181 Mortgage loans on real estate, net of allowance Level 3 5,242,531 5,451,152 Policy loans Level 3 373,014 373,014 Total financial assets $ 12,970,515 $ 13,807,347 Financial liabilities Investment contracts Level 3 $ 10,101,764 $ 10,101,764 Notes payable Level 3 153,703 153,703 Federal Home Loan Bank advance Level 2 250,000 250,227 Total financial liabilities $ 10,505,467 $ 10,505,694 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Balance at December 31, 2018 $ 839,133 $ 499,588 $ 33,960 $ 124,580 $ 1,497,261 Additions 139,336 70,272 19,940 313,710 543,258 Amortization (113,300) (79,746) (21,322) (316,141) (530,509) Effect of change in unrealized gains on available-for-sale debt securities (12,269) (74,734) — — (87,003) Net change 13,767 (84,208) (1,382) (2,431) (74,254) Balance at December 31, 2019 852,900 415,380 32,578 122,149 1,423,007 Additions 148,142 55,411 15,926 335,744 555,223 Amortization (94,386) (103,709) (15,619) (335,831) (549,545) Effect of change in unrealized gains on available-for-sale debt securities (10,448) (58,026) — — (68,474) Net change 43,308 (106,324) 307 (87) (62,796) Balance at December 31, 2020 896,208 309,056 32,885 122,062 1,360,211 Additions 161,898 99,971 14,369 366,167 642,405 Amortization (111,764) (77,133) (17,906) (355,970) (562,773) Effect of change in unrealized gains on available-for-sale debt securities 9,703 48,578 — — 58,281 Net change 59,837 71,416 (3,537) 10,197 137,913 Balance at December 31, 2021 $ 956,045 $ 380,472 $ 29,348 $ 132,259 $ 1,498,124 Commissions comprise the majority of the additions to deferred policy acquisition costs. |
Liability for Future Policy Ben
Liability for Future Policy Benefits and Policyholder Account Balances | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Policyholder Account Balances | Liability for Future Policy Benefits and Policyholder Account Balances American National estimates liabilities for amounts payable under insurance and annuity policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of expected benefit payments reduced by the present value of expected premiums. Such liabilities are established on a block of business based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability termination, investment return, inflation, expenses, and other contingent events as appropriate to the respective product type. Future policy benefits for non-participating traditional life insurance are equal to the aggregate of the present value of expected benefit payments and related expenses less the present value of expected net premiums. Assumptions as to mortality and persistency are based upon American National’s experience when the basis of the liability is established. Interest rates for the aggregate future policy benefit liabilities range from 3.0% to 8.0%. Future policy benefit liabilities for participating traditional life insurance are equal to the aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 2.5% to 5.5%) and mortality rates guaranteed in calculating the cash surrender values described in such contracts; and (ii) the liability for terminal dividends. Future policy benefit liabilities for individual fixed deferred annuities after annuitization and single premium immediate annuities are equal to the present value of expected future payments. The interest rate used in establishing such liabilities range from 3.0% to 6.0% for all policies in-force. Future policy benefit liabilities for non-medical health insurance are calculated using the net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. The interest rate used in establishing such liabilities range from 3.5% to 8.0%. Future policy benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. The interest rates used in establishing such liabilities range from 3.0% to 6.0%. Liabilities for universal life secondary guarantees and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. American National regularly evaluates estimates used and adjusts the additional liability balances with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. The assumptions of investment performance and volatility for variable products are consistent with historical Standard & Poor’s experience. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. American National periodically reviews its estimates of actuarial liabilities for future policy benefits and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these policies, guarantees and riders and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the consolidated statements of operations in the period in which the changes occur. Policyholder account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed annuities in the accumulation phase and non-variable group annuity contracts. Policyholder account balances are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest, ranging from 1.0% to 8.0% (some annuities have enhanced first year crediting rates ranging from 1.0% to 7.0%), less expenses, mortality charges, and withdrawals; and (iii) fair value adjustment. |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Liability for Unpaid Claims and Claim Adjustment Expenses The liability for unpaid claims and claim adjustment expenses (“claims”) for health and property and casualty insurance is included in “Policy and contract claims” in the consolidated statements of financial position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. The liability for unpaid claims is estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, less anticipated salvage and subrogation. The effects of the changes are included in the consolidated results of operations in the period in which the changes occur. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses. Information regarding the liability for unpaid claims is shown below (in thousands): Years ended December 31, 2021 2020 2019 Unpaid claims balance, beginning $ 1,354,213 $ 1,322,837 $ 1,305,225 Less: Reinsurance recoverables 243,084 246,447 254,466 Net beginning balance 1,111,129 1,076,390 1,050,759 Incurred related to Current 1,277,798 1,177,634 1,207,796 Prior years (93,357) (61,659) (57,979) Total incurred claims 1,184,441 1,115,975 1,149,817 Paid claims related to Current 735,968 681,960 688,544 Prior years 392,881 399,276 435,642 Total paid claims 1,128,849 1,081,236 1,124,186 Net balance 1,166,721 1,111,129 1,076,390 Plus: Reinsurance recoverables 288,358 243,084 246,447 Unpaid claims balance, ending $ 1,455,079 $ 1,354,213 $ 1,322,837 The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $93.4 million, $61.7 million, $58.0 million in 2021, 2020, and 2019, respectively. The favorable development in 2021 was a reflection of lower-than-anticipated settlement costs of losses arising from commercial automobile, agribusiness, private passenger automobile, guaranteed asset protection waiver, and collateral protection insurance lines of business. The favorable development in 2020 was a reflection of lower rates of claim severity emergence than previously expected in the worker's compensation line of business, and lower liability claim settlement costs emerging from agribusiness and private passenger automobile lines of business. For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses at December 31, 2021 and December 31, 2020 was $18.9 million and $20.5 million respectively. The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows (in thousands): December 31, 2021 Net outstanding liabilities Auto Liability $ 458,517 Non-Auto Liability 303,662 Commercial Multi-Peril 150,783 Homeowners 84,625 Short Tail Property 38,998 Credit Property and Casualty 16,004 Credit Life 1,435 Health 23,329 Credit Health 4,557 Other 897 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 1,082,807 Reinsurance recoverable on unpaid claims Auto Liability 11,554 Non-Auto Liability 40,650 Commercial Multi-Peril 8,419 Homeowners 13,746 Short Tail Property 12,818 Credit Property and Casualty 11,782 Credit Life 673 Health 193,065 Credit Health 1,657 Other 7,020 Total reinsurance recoverable on unpaid claims 301,384 Insurance lines other than short-duration 244,418 Unallocated claim adjustment expenses 63,686 308,104 Total gross liability for unpaid claims and claim adjustment expense $ 1,692,295 Property and Casualty Reserving Methodology —The following methods are utilized: • Initial Expected Loss Ratio —This method calculates an estimate of ultimate losses by applying an estimated loss ratio to actual earned premium for each calendar/accident year. This method is appropriate for classes of business where the actual paid or reported loss experience is not yet mature enough to influence initial expectations of the ultimate loss ratios. • Pegged Frequency and Severity —This method uses actual claims count data and emergence patterns of older accident periods to project the ultimate number of reported claims for a given accident year. A similar process projects the ultimate average severity per claim so that the product of the two projections results in a projection of ultimate loss for a given accident year. • Bornhuetter-Ferguson —This method uses, as a starting point, either an assumed Initial Expected Loss Ratio Method or Pegged Frequency and Severity method and blends in the loss ratio or frequency and severity implied by the claims experience to date by using loss development patterns based on our historical experience. This method is generally appropriate where there are few reported claims and an unstable pattern of reported losses. • Loss or Expense Development (Chain Ladder) —This method uses actual loss or defense and cost containment expense data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. This method is appropriate when there is a relatively stable pattern of loss and expense emergence and a relatively large number of reported claims. • Ratio of Paid Defense and Cost Containment Expense to Paid Loss Development —This method uses the ratio of paid defense and cost containment expense to paid loss data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. In this method, an ultimate ratio of paid defense and cost containment expense to paid loss is selected for each accident period. The selected paid defense and cost containment expense to paid loss ratio is then applied to the selected ultimate loss for each accident period to estimate the ultimate defense and cost containment expense. Paid defense and cost containment expense is then subtracted from the ultimate defense and cost containment expense to calculate the unpaid defense and cost containment expense for that accident period. • Calendar Year Paid Adjusting and Other Expense to Paid Loss —This method uses a selected prior calendar years’ paid expense to paid loss ratio to project ultimate loss adjustment expenses for adjusting and other expense. A percentage of the selected ratio is applied to the case reserves (depending on the line of insurance) and 100% to the indicated IBNR reserves. These ratios assume that a percentage of the expense is incurred when a claim is opened and the remaining percentage is paid throughout the claim’s life. For most credit property and casualty products, IBNR liability is calculated as a percentage of pro rata unearned premium, with the specific percentage for a given product line informed by a traditional completion factor claim reserve analysis. The expected development on reported claims is the sum of a pay-to-current reserve and a future reserve. The pay-to-current reserve is calculated for each open claim having a monthly indemnity and contains the amount required to pay the open claim from the last payment date to the current valuation date. The future reserve is calculated by assigning to each open claim a fixed reserve amount based on the historical average severity. For debt cancellation products and involuntary unemployment insurance, this reserve is calculated using published valuation tables. Cumulative claim frequency information is calculated on a per claim basis. Claims that do not result in a liability are not considered in the determination of unpaid liabilities. For any given line of business, none of these methods are relied on exclusively. With minor exceptions, multiple methods may be used for a line of business as a check for reasonableness of our reselected reserve value. The following contains information about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2012 to 2020 is presented as supplementary information. Auto Liability —Consists of personal and commercial auto. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 251,593 $ 242,255 $ 231,312 $ 228,013 $ 229,426 $ 228,559 $ 228,864 $ 228,486 $ 228,236 $ 228,181 $ 58 44,691 2013 242,364 236,432 233,068 231,301 228,285 226,608 227,234 227,102 226,943 134 38,817 2014 232,146 223,386 217,819 215,419 214,870 214,557 214,326 214,253 203 36,011 2015 237,578 240,697 239,421 245,775 244,798 244,621 243,304 374 36,097 2016 259,177 256,080 261,400 259,128 257,633 256,294 1,434 37,114 2017 269,803 280,012 275,850 273,551 270,464 4,607 38,591 2018 314,467 299,512 288,806 282,805 12,541 37,826 2019 330,988 313,636 305,312 26,749 36,267 2020 277,597 254,808 46,637 26,166 2021 299,746 89,756 26,556 Total $ 2,582,110 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 82,531 $ 150,323 $ 183,448 $ 204,980 $ 214,467 $ 219,170 $ 222,117 $ 222,865 $ 224,585 $ 224,799 2013 79,358 143,709 181,535 204,480 215,280 219,303 223,739 224,675 226,211 2014 72,838 134,376 166,947 187,375 204,057 209,401 210,994 212,522 2015 78,861 149,366 186,281 211,908 231,530 237,792 239,986 2016 86,492 153,911 198,326 225,869 237,592 247,640 2017 88,357 175,175 218,435 241,823 255,530 2018 95,777 185,317 227,312 248,183 2019 98,545 193,389 231,892 2020 78,699 151,722 2021 85,916 Total $ 2,124,401 All outstanding liabilities before 2012, net of reinsurance* 808 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 458,517 * Unaudited supplementary information. Non-Auto Liability —Consists of workers’ compensation and other liability occurrence. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 83,146 $ 80,470 $ 78,644 $ 75,226 $ 68,017 $ 63,630 $ 64,118 $ 63,336 $ 63,552 $ 63,304 $ 1,623 4,877 2013 74,183 75,815 70,772 67,841 65,096 64,564 63,284 62,926 62,159 1,738 4,556 2014 83,084 75,550 72,624 67,339 67,865 67,267 67,268 66,250 3,168 6,111 2015 83,897 78,968 76,724 67,548 64,189 63,326 63,523 3,593 5,563 2016 86,935 83,179 73,764 73,195 68,178 67,347 4,153 4,501 2017 102,616 88,902 81,240 77,322 76,540 6,397 8,176 2018 88,986 85,910 79,493 75,207 16,115 13,684 2019 96,064 95,340 92,544 26,473 11,875 2020 90,197 83,339 37,431 10,028 2021 102,869 65,428 8,512 Total $ 753,082 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 13,862 $ 27,574 $ 38,826 $ 49,585 $ 55,194 $ 57,863 $ 59,528 $ 60,900 $ 61,450 $ 61,858 2013 12,794 22,743 32,474 42,504 47,987 51,672 54,323 55,426 56,916 2014 11,201 26,587 36,220 45,206 51,853 55,307 57,497 58,559 2015 11,979 23,488 37,059 46,285 51,303 53,478 55,434 2016 12,733 24,633 35,502 45,820 50,596 55,205 2017 14,865 37,139 48,654 53,996 59,582 2018 13,156 26,115 37,574 45,316 2019 12,204 30,199 40,729 2020 9,596 23,838 2021 12,389 Total $ 469,826 All outstanding liabilities before 2012, net of reinsurance* 20,406 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 303,662 * Unaudited supplementary information. Commercial Multi-Peril —Consists of business owners insurance and mortgage fire business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 35,169 $ 28,548 $ 26,805 $ 23,258 $ 23,385 $ 23,090 $ 22,481 $ 22,045 $ 22,033 $ 22,381 $ 151 2,717 2013 33,979 27,592 27,867 26,970 25,948 26,028 24,790 24,681 24,733 231 2,228 2014 36,852 31,220 34,911 33,962 36,132 34,279 34,004 33,836 292 2,311 2015 33,997 31,488 29,023 32,282 31,285 33,059 34,282 821 2,240 2016 38,115 33,475 33,080 31,615 33,628 32,705 875 4,798 2017 42,411 37,079 40,611 43,367 47,660 3,631 6,815 2018 50,784 50,182 51,519 51,035 4,595 5,678 2019 56,062 59,789 58,262 11,129 3,587 2020 68,226 63,281 16,924 4,012 2021 95,708 39,566 4,999 Total $ 463,883 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 11,525 $ 14,454 $ 16,263 $ 18,670 $ 20,716 $ 21,026 $ 21,352 $ 21,415 $ 21,453 $ 21,499 2013 9,374 12,723 15,426 18,406 20,816 21,718 23,210 23,348 23,513 2014 12,001 16,484 20,199 24,602 27,339 31,448 32,702 32,934 2015 9,820 12,956 16,402 21,680 25,188 27,201 28,566 2016 11,327 17,193 19,085 22,339 25,686 26,690 2017 12,458 20,828 23,294 26,202 28,420 2018 18,027 30,078 32,490 35,781 2019 22,098 32,295 37,408 2020 25,492 38,415 2021 41,452 Total $ 314,678 All outstanding liabilities before 2012, net of reinsurance* 1,578 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 150,783 * Unaudited supplementary information. Homeowners —Consists of homeowners and renters business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 181,284 $ 177,664 $ 175,523 $ 175,509 $ 175,178 $ 175,032 $ 174,611 $ 174,276 $ 174,239 $ 174,238 $ — 30,999 2013 152,208 149,080 149,272 148,231 147,927 147,444 147,359 147,234 147,246 — 20,041 2014 132,651 131,634 130,287 131,546 130,895 130,747 130,799 130,713 — 18,183 2015 125,430 124,199 123,619 123,824 123,731 123,357 123,312 2 17,758 2016 147,264 145,373 144,376 145,019 144,828 144,766 17 21,559 2017 164,284 172,274 172,491 169,524 169,430 45 23,589 2018 174,495 179,561 176,317 176,681 61 22,576 2019 177,854 176,005 173,763 1,181 20,260 2020 227,298 228,441 2,876 24,788 2021 240,732 31,342 19,762 Total $ 1,709,322 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 143,797 $ 169,415 $ 171,842 $ 173,170 $ 173,676 $ 174,139 $ 174,247 $ 174,256 $ 174,239 $ 174,238 2013 115,605 140,309 145,152 146,650 146,920 147,145 147,233 147,232 147,245 2014 96,300 122,601 126,245 129,467 130,059 130,305 130,542 130,577 2015 86,617 114,696 119,331 122,585 122,955 123,065 123,161 2016 105,415 136,796 140,972 144,000 144,596 144,635 2017 116,075 159,107 166,009 167,638 168,241 2018 121,631 165,203 170,850 174,077 2019 122,530 163,400 170,229 2020 166,352 217,224 2021 175,265 Total $ 1,624,892 All outstanding liabilities before 2012, net of reinsurance* 195 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 84,625 * Unaudited supplementary information. Short Tail Property —Consists of auto physical damage, fire, rental owners, standard fire policy, country estates, inland marine and watercraft. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 237,332 $ 229,857 $ 282 53,008 2021 269,065 (3,599) 53,068 Total $ 498,922 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 203,827 $ 227,495 2021 235,425 Total $ 462,920 All outstanding liabilities before 2020, net of reinsurance* 2,996 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 38,998 * Unaudited supplementary information Credit Property and Casualty —Consists of credit property insurance, vendor’s or lender’s single interest insurance, GAP insurance, GAP waiver, debt cancellation products, involuntary unemployment insurance and collateral protection insurance. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 65,260 $ 65,269 $ — 22,385 2021 51,002 12,188 14,443 Total $ 116,271 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 46,417 $ 65,269 2021 34,998 Total $ 100,267 All outstanding liabilities before 2020, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 16,004 * Unaudited supplementary information. Credit Life —For credit life products, IBNR is calculated as a percentage of life insurance in-force. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 7,265 $ 8,397 $ 35 48 2021 10,291 1,300 50 Total $ 18,688 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 6,201 $ 8,359 2021 8,894 Total $ 17,253 All outstanding liabilities before 2020, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,435 * Unaudited supplementary information. Health Reserving Methodology —The following methods are utilized: • Completion Factor Approach —This method assumes that the historical claim patterns will be an accurate representation of unpaid claim liabilities. An estimate of the unpaid claims is calculated by subtracting period-to-date paid claims from an estimate of the ultimate “complete” payment for all incurred claims in the period. Completion factors are calculated which “complete” the current period-to-date payment totals for each incurred month to estimate the ultimate expected payout. • Tabular Claims Reserves —This method is used to calculate the reserves for long-term care and disability income blocks of business. These reserves rely on published valuation continuance tables created using industry experience regarding assumptions of continued morbidity and subsequent recovery. Reserves are calculated by applying these continuance tables, along with appropriate company experience adjustments, to the stream of contractual benefit payments. These expected benefit payments are discounted at the required interest rate. • Future Policy Benefits —Reserves are equal to the aggregate of the present value of expected future benefit payments, less the present value of expected future premiums. Morbidity and termination assumptions are based on our experience or published valuation tables when available and appropriate. • Premium Deficiency Reserves —Deficiency reserves are established when the expected future claim payments and expenses for a classification of policies are in excess of the expected premiums for these policies. The determination of a deficiency reserve takes into consideration the likelihood of premium rate increases, the timing of these increases, future net investment income, and the expected benefit utilization patterns. We have established premium deficiency reserves for portions of the major medical business and the long-term care business that are in run-off. The assumptions and methods used to determine the deficiency reserves are reviewed periodically for reasonableness, and the reserve amount is monitored against emerging losses. There is no expected development on reported claims in the health blocks. Claim frequency is determined by totaling the number of unique claim numbers during the period as each unique claim number represents a claim event for an individual claimant. Health —Consists of stop-loss and other supplemental health products. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 41,544 $ 39,930 $ 35,466 $ 35,447 $ 35,451 $ — 29,216 2018 64,686 63,729 57,676 57,682 — 30,004 2019 48,175 52,508 47,294 1 30,614 2020 38,461 37,871 3,816 24,946 2021 43,153 14,174 20,877 Total $ 221,451 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 25,358 $ 35,392 $ 35,420 $ 35,420 $ 35,420 2018 34,894 57,759 57,616 57,617 2019 33,353 47,270 47,245 2020 23,398 34,118 2021 27,889 Total $ 202,289 All outstanding liabilities before 2017, net of reinsurance* 4,167 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 23,329 * Unaudited supplementary information. Credit Health Reserving Methodology —The following methods are utilized: Tabular Claims Reserves —These reserves rely on published valuation continuance tables. The insured's age at disablement, the duration of the claim and the remaining term of the policy are used to provide a factor which is applied to the remaining exposure to calculate the present value of future benefits for insureds on claim. The claim liability consists of IBNR and Due/Unpaid. The IBNR utilizes an inventory type method based on historical patterns of claim payments incurred but not reported within the last six months of the valuation date. The Due/Unpaid reserves are the amount needed to pay an open claim from the last date of payment to the reserve valuation date. Credit Health —The claim liability consists of credit disability. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 4,555 $ 4,852 $ 4,773 $ 4,820 $ 4,873 $ 46 3,803 2018 4,631 4,163 4,155 4,303 76 3,572 2019 3,902 3,705 3,631 97 2,999 2020 3,736 3,741 222 2,605 2021 3,415 457 1,533 Total $ 19,963 * Unaudited supplementary information. Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 1,389 $ 3,328 $ 4,058 $ 4,438 $ 4,639 2018 1,473 2,930 3,598 3,918 2019 1,208 2,618 3,138 2020 1,179 2,613 2021 1,098 Total $ 15,406 All outstanding liabilities before 2017, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,557 * Unaudited supplementary information. The following table is supplementary information. A 10-year average annual percentage payout of incurred claims is shown below: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Auto Liability 33.0 % 29.5 % 15.3 % 9.5 % 5.7 % 2.6 % 1.2 % 0.5 % 0.7 % 2.0 % Non-Auto Liability 17.1 % 19.9 % 15.9 % 13.4 % 8.3 % 5.1 % 3.3 % 1.9 % 1.6 % 13.5 % Commercial Multi-Peril 37.1 % 16.2 % 8.1 % 10.5 % 8.7 % 5.2 % 3.8 % 0.5 % 0.5 % 9.4 % Homeowners 73.1 % 21.3 % 3.3 % 1.7 % 0.3 % 0.1 % 0.1 % — % — % 0.1 % Short Tail Property 88.1 % 11.9 % — % — % — % — % — % — % — % — % Credit Property and Casualty 69.9 % 30.1 % — % — % — % — % — % — % — % — % Credit Life 80.1 % 19.9 % — % — % — % — % — % — % — % — % |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance American National reinsures portions of certain life insurance policies to provide a greater diversification of risk and manage exposure on larger risks. The maximum amounts that would be retained by one life insurance company (ANICO) by issue ages are shown below (in thousands): 0-75 Years 76-80 Years 81 and Over Individual life $ 5,000 $ 2,000 $ 1,000 Individual accidental death 250 250 250 Credit life 100 100 100 Group life 100 100 100 Total $ 5,450 $ 2,450 $ 1,450 For the Property and Casualty segment, American National retains the first $2.0 million of loss per risk. Reinsurance covers up to $6.0 million of property and liability losses per risk. Additional excess property per risk coverage is purchased to cover risks up to $20.0 million, and excess casualty clash coverage is purchased to cover losses up to $60.0 million. Excess casualty clash covers losses incurred as a result of one casualty event involving multiple policies, excess policy limits and extra contractual obligations. Facultative reinsurance is purchased for individual risks attaching at $20.0 million as needed. Corporate catastrophe coverage is in place for losses up to $470.0 million ($500.0 million if the top layer of the Property Catastrophe Top and Drop contract is included). American National retains the first $35.0 million of each catastrophe. Catastrophe aggregate reinsurance coverage is also purchased and is provided by two contracts. The first contract is the Property Catastrophe Top and Drop cover that consists of $30.0 million of annual limit available either wholly or in part across two layers of coverage. The first layer is 100% of $30.0 million excess of $470.0 million on an occurrence basis. The second layer provides aggregate protection where subject loss is $15.0 million excess of $20.0 million of each catastrophe, and recoveries follow satisfaction of a $15.0 million annual aggregate deductible. The second layer acts to reduce the retention on large second and third catastrophe events to $20.0 million following a first large catastrophe. This cover was placed at 100% for 2021 and does not include a reinstatement. The second aggregate contract provides for $30.0 million of coverage after $160.0 million of annual aggregated catastrophe losses has been reached. Qualifying losses include amounts of retained losses net of other reinsurance below $35.0 million on Property Claims Services (“PCS”) declared catastrophe events and internally declared catastrophe events exceeding $5.0 million. This cover was placed at 55% for 2021 and does not include a reinstatement. American National remains primarily liable with respect to any reinsurance ceded and would bear the entire loss if the reinsurer does not meet their obligations under any reinsurance treaties. American National had the following recoverables from reinsurance, net of allowance for credit losses (in thousands): December 31, 2021 2020 Reinsurance recoverables $ 459,621 $ 414,359 None of the amount outstanding at December 31, 2021 is the subject of litigation or is in dispute with the reinsurers involved. Management believes the unfavorable resolution of any dispute that may arise would not have a material impact on American National’s consolidated financial statements. The amounts in the consolidated financial statements include the impact of reinsurance. Premiums written and earned are shown below (in thousands): Years ended December 31, 2021 2020 2019 WRITTEN Direct $ 2,650,696 $ 2,533,278 $ 2,500,176 Reinsurance assumed 644,858 591,457 578,656 Reinsurance ceded (944,194) (883,187) (865,369) Net $ 2,351,360 $ 2,241,548 $ 2,213,463 EARNED Direct $ 2,716,632 $ 2,629,403 $ 2,464,870 Reinsurance assumed 317,081 291,945 236,504 Reinsurance ceded (732,660) (703,274) (518,580) Net $ 2,301,053 $ 2,218,074 $ 2,182,794 Life insurance in-force and related reinsurance amounts are shown below (in thousands): December 31, 2021 2020 2019 Direct life insurance in-force $ 136,710,529 $ 128,075,765 $ 117,886,265 Reinsurance risks assumed from other companies 221,023 171,433 218,020 Reinsurance risks ceded to other companies (22,835,954) (24,006,683) (24,913,905) Net life insurance in-force $ 114,095,598 $ 104,240,515 $ 93,190,380 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | Federal Income Taxes A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Years ended December 31, 2021 2020 2019 Amount Rate Amount Rate Amount Rate Total expected income tax expense at the statutory rate $ 181,229 21.0 % $ 121,939 21.0 % $ 167,554 21.0 % Tax-exempt investment income (3,929) (0.5) (4,262) (0.7) (3,969) (0.5) Deferred tax change (8,375) (1.0) 2,816 0.5 (519) (0.1) Dividend exclusion (3,459) (0.4) (3,097) (0.5) (3,628) (0.5) Tax credits, net (4,988) (0.6) (7,484) (1.3) (7,090) (0.9) Low income housing tax credit expense 4,744 0.5 4,923 0.8 6,394 0.8 Change in valuation allowance (138) — (625) (0.1) 383 — Other items, net 1,501 0.3 2,397 0.4 6,292 0.7 Total $ 166,585 19.3 % $ 116,607 20.1 % $ 165,417 20.5 % As of December 31, 2021, American National had no mat erial net operating loss or tax credit carryforwards. American National’s federal income tax returns for tax years 2018 to 2020 are subject to examination by the Internal Revenue Service. In the opinion of management, all prior year taxes have been paid or adequate provisions have been made for any tax deficiencies that may be assessed. As of December 31, 2021, A merican National had no provision for uncertain tax positions and no provision for penalties or interest. In addition, management does not believe there are any uncertain tax benefits th at could be recognized within the next twelve months that would impact American National’s effective tax rate. The tax effects of temporary differences that gave rise to the deferred tax assets and liabilities are shown below (in thousands): December 31, 2021 2020 DEFERRED TAX ASSETS Mortgage loans on real estate $ 27,784 $ 34,341 Future policy benefits, policyholders' account balances and claims 43,538 57,572 Unearned premium reserve 25,142 23,225 Participating policyholders’ liability 67,367 41,593 Deferred compensation 11,427 9,057 Tax carryforwards 1,748 1,643 Gross deferred tax assets before valuation allowance 177,006 167,431 Valuation allowance (2,552) (2,458) Gross deferred tax assets after valuation allowance 174,454 164,973 DEFERRED TAX LIABILITIES Bonds 69,089 122,326 Equity securities 8,386 262,017 Real estate, real estate partnerships and investment funds 16,319 12,499 Other invested assets 30,452 29,664 Deferred acquisition costs 218,252 199,152 Property and equipment 6,272 7,689 Pension and liability for retirement benefits 20,640 1,549 Other liabilities 5,554 8,424 Gross deferred tax liabilities 374,964 643,320 Total net deferred tax liability $ 200,510 $ 478,347 In 2021, our deferred tax liabilities decreased from $478.3 million at December 31, 2020 to $200.5 million at December 31, 2021. The decrease was primarily due to the sale of equity securities. Upon sale, deferred tax liabilities on unrealized gains became realized for tax purposes resulting in a decrease in deferred tax liabilities and an increase in current tax liability. GAAP requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax assets to an amount that is more-likely-than-not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. There were no material changes to our valuation allowance recorded during the years ended December 31, 2021 and 2020. Although realization is not assured, management believes it is more-likely-than-not that our remaining deferred tax assets will be realized and that as of December 31, 2021, no additional valuation allowance is required. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ (42,469) $ (54,236) $ (3,033) $ (99,738) Amounts reclassified from AOCI (net of tax benefit $213 and expense $1,491) (800) 5,607 — 4,807 Unrealized holding gains arising during the period (net of tax expense $70,808) 266,373 — — 266,373 Unrealized adjustment to DAC (net of tax benefit $18,270) (68,733) — — (68,733) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,372) (12,684) — — (12,684) Actuarial gain arising during the period (net of tax expense of $2,629) — 9,888 — 9,888 Foreign currency adjustment (net of tax expense $104) — — 390 390 Cumulative effect of changes in accounting 16,164 (16,491) (458) (785) Balance at December 31, 2019 157,851 (55,232) (3,101) 99,518 Amounts reclassified from AOCI (net of tax benefit $2,092 and expense $1,018) (7,870) 3,831 — (4,039) Unrealized holding gains arising during the period (net of tax expense $52,808) 198,657 — — 198,657 Unrealized adjustment to DAC (net of tax benefit $14,380) (54,094) — — (54,094) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $632) (2,378) — — (2,378) Actuarial loss arising during the period (net of tax benefit $4,181) — (15,729) — (15,729) Foreign currency adjustment (net of tax expense $62) — — 235 235 Balance at December 31, 2020 292,166 (67,130) (2,866) 222,170 Amounts reclassified from AOCI (net of tax benefit $8,608 and expense $2,016) (32,382) 7,584 — (24,798) Unrealized holding losses arising during the period (net of tax benefit $43,343) (163,051) — — (163,051) Unrealized adjustment to DAC (net of tax expense $12,239) 46,042 — — 46,042 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $1,738) 6,537 — — 6,537 Actuarial gain arising during the period (net of tax expense $15,974) — 60,092 — 60,092 Foreign currency adjustment (net of tax expense $65) — — 62 62 Balance at December 31, 2021 $ 149,312 $ 546 $ (2,804) $ 147,054 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests ANAT has one class of common stock with a par value of $0.01 per share and 50,000,000 authorized shares. Each issued and outstanding share of the Company's common stock will be converted into the right to receive $190.00 in cash without interest pursuant to the Merger Agreement with Brookfield Reinsurance. Refer to Note 1, Nature of Operations, for more information. The number of shares outstanding at the dates indicated are shown below: Years ended December 31, 2021 2020 2019 Common stock Shares issued 26,887,200 26,887,200 30,832,449 Treasury shares — — (3,945,249) Outstanding shares 26,887,200 26,887,200 26,887,200 Restricted shares (10,000) (10,000) (10,000) Unrestricted outstanding shares 26,877,200 26,877,200 26,877,200 Stock-based Compensation American National has made grants of Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, and Restricted Stock Units (“RSU”), pursuant to a stock-based compensation plan. The term for granting additional awards under such plan expired in 2019. Pursuant to the plan, grants were made to certain officers meeting established performance objectives, and grants were made to directors as compensation and to align their interests with those of other shareholders. In addition, American National has made grants to directors and advisory directors of RSUs that are cash-settled only, with no provision for conversion to stock. During 2021, 10,197 of such cash-settled RSUs were granted and remain outstanding at December 31, 2021 as shown in the table below. SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2018 335 $ 84.41 10,000 $ 80.05 18,316 $ 111.12 Granted — — — — 8,250 113.19 Exercised — — — — (18,316) 111.12 Forfeited — — — — — — Expired (269) 77.90 — — — — Outstanding at December 31, 2019 66 110.83 10,000 80.05 8,250 113.19 Granted — — — — 8,250 75.35 Exercised — — — — (8,250) 113.19 Forfeited — — — — — — Expired (66) 110.83 — — — — Outstanding at December 31, 2020 — — 10,000 80.05 8,250 75.35 Granted — — — — 10,197 113.35 Exercised — — — — (8,250) 75.35 Forfeited — — — — — — Expired — — — — — — Outstanding at December 31, 2021 — $ — 10,000 $ 80.05 10,197 $ 113.35 SAR RS Shares RSUs Weighted-average contractual remaining life (in years) 0.0 1.16 0.33 Exercisable shares — N/A N/A Weighted-average exercise price $ — $ 80.05 $ 113.35 Weighted-average exercise price exercisable shares — N/A N/A Compensation expense (credit) Year ended December 31, 2021 $ — $ 80,000 $ 1,989,000 Year ended December 31, 2020 (1,000) 80,000 449,000 Year ended December 31, 2019 15,000 80,000 1,168,000 Fair value of liability award December 31, 2021 $ — N/A $ 1,926,000 December 31, 2020 — N/A 793,000 The SARs gave the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vest at a rate of 20% per year for five years and expired five years after vesting. All remaining SARs expired on May 1, 2020. RS awards entitle the participant to full dividend and voting rights. Each RS share awarded has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years and feature a graded vesting schedule in the case of the retirement, death or disability of an award holder or change in control. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero, of which 10,000 shares are unvested. RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65 or change in control. During the twelve months ended December 31, 2021, 8,250 RSUs were granted and vested on May 1, 2021 and were settled in cash. A new grant of 10,197 RSUs was awarded to directors and advisory directors on May 1, 2021 with one-year cliff vesting which will be settled in cash. Pursuant to the Merger Agreement with Brookfield Reinsurance, each outstanding and unvested restricted share award and restricted stock unit award will vest and be converted into the right to receive cash payment equal to $190.00 multiplied by the total number of shares of common stock subject to such award prior to the effective date of the merger with Brookfield Reinsurance. Refer to Note 1, Nature of Operations, for more information. Earnings per Share Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS awards and RSU award shares issued in 2019. RSUs issued in 2021 and 2020 may only be settled in cash. Years ended December 31, 2021 2020 2019 Weighted average shares outstanding 26,877,200 26,878,679 26,882,691 Incremental shares from RS awards and RSUs 7,479 8,446 8,552 Total shares for diluted calculations 26,884,679 26,887,125 26,891,243 Net income attributable to American National (in thousands) $ 699,325 $ 467,505 $ 620,363 Basic earnings per share $ 26.02 $ 17.39 $ 23.08 Diluted earnings per share $ 26.01 $ 17.38 $ 23.07 Statutory Capital and Surplus Risk Based Capital (“RBC”) is a measure insurance regulators use to evaluate the capital adequacy of American National's insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 100% of the company action level RBC are required to take certain actions. At December 31, 2021 and 2020, ANICO’s statutory capital and surplus was $4.0 billion and $3.6 billion, respectively, which resulted in an RBC level above 200% of the company action level. All of our other insurance subsidiaries had statutory capital and surplus at December 31, 2021 and 2020 above 200% of the company action level except ANPAC Louisiana Insurance Company ("ANPLA"), which had an RBC level of 194% at December 31, 2020, which increased to 242% at December 31, 2021. American National's insurance subsidiaries prepare financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of each subsidiary's state of domicile, which include certain components of the National Association of Insurance Commissioners’ Codification of Statutory Accounting Principles (“NAIC Codification”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of our insurance subsidiaries. Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance, to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both ANICO and American National Lloyds Insurance Company by $68.1 million and $75.3 million at December 31, 2021 and 2020, respectively. The statutory capital and surplus of both ANICO and American National Lloyds Insurance Company would have remained above the authorized control level RBC had it not used the permitted practice. The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): December 31, 2021 2020 Statutory capital and surplus Life insurance entities $ 2,425,759 $ 2,188,808 Property and casualty insurance entities 1,570,501 1,463,179 Years ended December 31, 2021 2020 2019 Statutory net income (loss) Life insurance entities $ 956,053 $ (25,178) $ 47,133 Property and casualty insurance entities 383,962 127,207 96,269 Statutory net income for our life insurance entities increased as a result of a $1.0 billion dividend payment to ANICO from ANH Investments, LLC, as a result of proceeds received from the sale of the majority of the equity securities portfolio. Statutory net income for our property and casualty entities increased driven by an increase in net realized gains as a result of the sale of the majority of the companies’ equity securities portfolios. Dividends Dividends are paid on a quarterly basis. We paid a quarterly dividend of $0.82 per share for each quarter for the years ended December 31, 2021 and 2020, and we expect to continue to pay regular quarterly cash dividends, not to exceed $0.82 per share, prior to the completion of the merger with Brookfield Reinsurance, although there is no assurance as to future dividends because they depend on future earnings, capital requirements and financial conditions. Refer to Note 1, Nature of Operations, for more information regarding the Merger Agreement with Brookfield Reinsurance. The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net gain from operations before realized capital gains, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. ANICO is permitted, without prior approval of the Texas Department of Insurance, to pay total dividends of $792.4 million during 2022, subject to the terms and conditions of the Merger Agreement with Brookfield Reinsurance. Noncontrolling Interests American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company owned by its policyholders. ANICO has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6.8 million at December 31, 2021 and 2020, respectively. American National Group, Inc. and its subsidiaries exercise control or ownership of various joint ventures, resulting in their consolidation into American National’s consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as a noncontrolling interest of $0.9 million and a noncontrolling deficit of $0.9 million at December 31, 2021 and 2020, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Management organizes the business into five operating segments: • Life —consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels. • Annuity —consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. • Health —consists of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. • Property and Casualty —consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. • Corporate and Other —consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies and Practices, of the Notes to the Consolidated Financial Statements. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: • Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each segment at the average yield available from these assets. • Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment. • Expenses are charged to segments through direct identification and allocations based upon various factors. The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2021 2020 Total assets Life $ 7,491,012 $ 7,111,991 Annuity 14,803,297 13,642,357 Health 532,809 515,841 Property and Casualty 2,888,696 2,716,896 Corporate and Other 5,604,507 5,480,730 Total $ 31,320,321 $ 29,467,815 The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below (in thousands): Year ended December 31, 2021 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 412,769 $ 74,925 $ 143,484 $ 1,669,875 $ — $ 2,301,053 Other policy revenues 336,136 23,571 — — — 359,707 Net investment income 277,962 629,417 8,153 62,140 193,982 1,171,654 Net realized investment gains — — — — 64,628 64,628 Decrease in investment credit loss — — — — 28,778 28,778 Net gains on equity securities — — — — 420,283 420,283 Other income 1,577 3,282 21,743 15,807 3,279 45,688 Total premiums and other revenues 1,028,444 731,195 173,380 1,747,822 710,950 4,391,791 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 605,724 149,931 — — — 755,655 Claims incurred — — 98,029 1,094,126 — 1,192,155 Interest credited to policyholders' account balances 84,005 364,649 — — — 448,654 Commissions for acquiring and servicing policies 186,470 98,842 24,231 330,554 — 640,097 Other operating expenses 195,127 53,379 42,284 213,486 67,593 571,869 Change in deferred policy acquisition costs (50,134) (22,838) 3,537 (10,197) — (79,632) Total benefits, losses and expenses 1,021,192 643,963 168,081 1,627,969 67,593 3,528,798 Income before federal income tax and other items $ 7,252 $ 87,232 $ 5,299 $ 119,853 $ 643,357 $ 862,993 Year ended December 31, 2020 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 396,099 $ 92,866 $ 168,805 $ 1,560,304 $ — $ 2,218,074 Other policy revenues 295,263 15,483 — — — 310,746 Net investment income 261,389 570,003 8,637 63,949 72,174 976,152 Net realized investment gains — — — — 35,660 35,660 Increase in investment credit loss — — — — (102,603) (102,603) Net gains on equity securities — — — — 356,281 356,281 Other income 2,084 2,716 19,598 12,779 3,379 40,556 Total premiums and other revenues 954,835 681,068 197,040 1,637,032 364,891 3,834,866 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 533,925 214,158 — — — 748,083 Claims incurred — — 116,122 1,005,620 — 1,121,742 Interest credited to policyholders' account balances 75,943 245,099 — — — 321,042 Commissions for acquiring and servicing policies 167,548 55,910 30,182 299,960 — 553,600 Other operating expenses 182,395 48,359 39,265 202,503 42,891 515,413 Change in deferred policy acquisition costs (53,756) 48,298 (307) 87 — (5,678) Total benefits, losses and expenses 906,055 611,824 185,262 1,508,170 42,891 3,254,202 Income before federal income tax and other items $ 48,780 $ 69,244 $ 11,778 $ 128,862 $ 322,000 $ 580,664 Year ended December 31, 2019 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 359,419 $ 147,139 $ 165,035 $ 1,511,201 $ — $ 2,182,794 Other policy revenues 288,061 17,195 — — — 305,256 Net investment income 263,788 663,895 9,467 64,263 179,494 1,180,907 Net realized investment gains — — — — 30,751 30,751 Net gains on equity securities — — — — 422,535 422,535 Other income 1,967 2,727 20,762 11,897 14,048 51,401 Total premiums and other revenues 913,235 830,956 195,264 1,587,361 646,828 4,173,644 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 449,252 218,576 — — — 667,828 Claims incurred — — 109,013 1,042,153 — 1,151,166 Interest credited to policyholders' account balances 80,950 431,049 — — — 511,999 Commissions for acquiring and servicing policies 162,203 71,350 31,624 267,457 — 532,634 Other operating expenses 190,104 50,507 41,475 201,580 41,222 524,888 Change in deferred policy acquisition costs (26,036) 9,474 1,382 2,431 — (12,749) Total benefits, losses and expenses 856,473 780,956 183,494 1,513,621 41,222 3,375,766 Income before federal income tax and other items $ 56,762 $ 50,000 $ 11,770 $ 73,740 $ 605,606 $ 797,878 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Savings Plans American National sponsors a qualified defined contribution (401(k) plan) for all employees, and non-qualified defined contribution plans for certain employees whose otherwise eligible earnings exceed the statutory limits under the qualified plans. The total expense associated with matching contributions to these plans was $10.8 million, $9.9 million, and $9.5 million for 2021, 2020, and 2019, respectively. Pension Benefits American National sponsors qualified and non-qualified defined benefit pension plans, all of which have been frozen. As such, no additional benefits are accrued through these plans for additional years of service credit or future salary increase credit, and no new participants are added to the plans. Benefits earned by eligible employees prior to the plans being frozen have not been affected. The qualified pension plans are noncontributory. The plans provide benefits for salaried and management employees and corporate clerical employees subject to a collective bargaining agreement based on years of service and employee compensation. The non-qualified pension plans cover key employees and restore benefits that would otherwise be curtailed by statutory limits on qualified plan benefits. Amounts recognized in the consolidated statements of financial position consist of (in thousands): Qualified Non-qualified 2021 2020 2021 2020 Reconciliation of benefit obligation Obligation at beginning of year $ 427,745 $ 387,273 $ 65,791 $ 65,733 Service cost 589 543 — — Interest cost on projected benefit obligation 10,290 13,079 917 1,789 Actuarial (gain) loss (11,640) 50,620 2,496 6,775 Benefits paid (27,604) (23,770) (8,510) (8,506) Obligation at end of year 399,380 427,745 60,694 65,791 Reconciliation of fair value of plan assets Fair value of plan assets at beginning of year 511,989 470,101 — — Actual return on plan assets 90,822 65,700 — — Employer contributions — — 8,510 8,506 Benefits paid (27,597) (23,812) (8,510) (8,506) Fair value of plan assets at end of year 575,214 511,989 — — Funded status at end of year $ 175,834 $ 84,244 $ (60,694) $ (65,791) The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands): Years ended December 31, 2021 2020 2019 Service cost $ 589 $ 543 $ 523 Interest cost 11,207 14,868 17,421 Expected return on plan assets (25,921) (26,109) (24,248) Amortization of net actuarial loss 7,628 4,848 7,070 Settlement recognition 1,973 — — Net periodic cost (benefit) $ (4,524) $ (5,850) $ 766 Amounts related to the defined benefit pension plans recognized as a component of AOCI are shown below (in thousands): Years ended December 31, 2021 2020 2019 Actuarial gain (loss) $ 85,666 $ (15,061) $ 19,615 Deferred tax benefit (expense) (17,990) 3,163 (4,120) Cumulative effect of change in accounting — — (16,491) Other comprehensive income (loss), net of tax $ 67,676 $ (11,898) $ (996) Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands): Years ended December 31, 2021 2020 Net actuarial gain (loss) $ 690 $ (84,976) Deferred tax benefit (expense) (144) 17,846 Amounts included in AOCI $ 546 $ (67,130) The weighted average assumptions used are shown below: Used for Net Benefit Cost for year ended December 31, 2021 Used for Benefit Obligations as of December 31, 2021 Discount rate 2.52 % 2.86 % Long-term rate of return 5.25 — American National’s funding policy for the qualified pension plans is to make annual contributions to meet the minimum funding standards of the Pension Protection Act of 2006. American National and its affiliates did not contribute to its qualified plans in 2021, 2020 and 2019 due to the substantial contribution over minimum funding standards of $60 million made in 2018. The benefits paid from the non-qualified plans were $8.5 million, $8.5 million and $8.7 million in 2021, 2020 and 2019, respectively. Future payments from the non-qualified pension benefit plans will be funded out of general corporate assets. The following table shows pension benefit payments expected to be paid (in thousands): 2022 $ 49,048 2023 33,243 2024 32,891 2025 30,522 2026 29,648 2027-2031 135,164 American National utilizes third-party pricing services to estimate fair value measurements of its pension plan assets. Refer to Note 9, Fair Value of Financial Instruments for further information concerning the valuation methodologies and related inputs utilized by the third-party pricing services. The fair values (hierarchy measurements) of the pension plan assets by asset category are shown below (in thousands): December 31, 2021 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 144,770 $ — $ 144,770 $ — Residential mortgage-backed securities 61 — 61 — Equity securities by sector Consumer goods 63,296 63,296 — — Energy and utilities 27,078 27,078 — — Finance 48,401 48,401 — — Healthcare 60,972 60,972 — — Industrials 29,375 29,375 — — Information technology 103,379 103,379 — — Other 86,256 86,256 — — Commercial paper 3,104 — 3,104 — Unallocated group annuity contract 498 — 498 — Other 8,024 8,024 — — Total $ 575,214 $ 426,781 $ 148,433 $ — December 31, 2020 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 157,933 $ — $ 157,243 $ 690 Residential mortgage-backed securities 3,521 — 3,521 — Equity securities by sector Consumer goods 57,684 57,684 — — Energy and utilities 22,007 22,007 — — Finance 40,161 40,161 — — Healthcare 51,641 51,641 — — Industrials 25,827 25,827 — — Information technology 78,720 78,720 — — Other 70,230 70,230 — — Commercial paper 872 — 872 — Unallocated group annuity contract 1,940 — 1,940 — Other 1,453 1,453 — — Total $ 511,989 $ 347,723 $ 163,576 $ 690 The investment policy for the retirement plan assets is designed to provide the highest return commensurate with sound and prudent underwriting practices. The investment diversification goals are to have investments in cash and cash equivalents as necessary for liquidity, debt securities up to 100% and equity securities up to 75% of the total invested plan assets. The amount invested in any particular investment is limited based on credit quality, and no single investment may at the time of purchase be more than 5% of the total invested assets. The corporate debt securities category are investment grade bonds of U.S. and foreign issuers denominated and payable in U.S. dollars from diverse industries, with a maturity of 1 to 30 years. Foreign bonds in the aggregate shall not exceed 20% of the bond portfolio. Residential mortgage-backed securities represent asset-backed securities with a maturity date 1 to 30 years with a Level 1 or 2 rating. Equity portfolio managers have discretion to choose the degree of concentration in various issues and industry sectors for the equity securities. Permitted securities are those for which there is an active market providing liquidity for the specific security. Commercial paper investments generally have a credit rating of A2 by Moody’s or P2 by Standard & Poor’s with at least BBB rating on the issuer’s outstanding debt, or selected issuers with no outstanding debt. Postretirement Life and Health Benefits Under American National’s various group benefit plans for active employees, life insurance benefits are provided upon retirement for eligible participants who meet certain age and length of service requirements. The accrued postretirement benefit obligation, included in the liability for retirement benefits, was $12.2 million and $5.3 million at December 31, 2021 and 2020, respectively. These amounts were approximately equal to the unfunded accumulated postretirement benefit obligation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments American National and its subsidiaries lease insurance sales office space, technological equipment, and automobiles. The remaining long-term lease commitments at December 31, 2021 were approximately $12.7 million. American National had aggregate commitments at December 31, 2021 to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $1.5 billion of which $786.2 million is expected to be funded in 2022 with the remainder funded in 2023 and beyond. American National had outstanding letters of credit in the amount of $3.5 million as of December 31, 2021 and 2020. The Merger Agreement contains certain termination rights for both the Company and Brookfield Reinsurance. If the Merger has not closed by May 6, 2022 (“Outside Date”), either the Company or Brookfield Reinsurance may terminate the Merger Agreement. However, if the closing has not occurred because the required insurance regulatory approvals have not been obtained, and all other conditions to closing have been satisfied (other than those conditions that by their terms are to be satisfied at the closing, each of which is capable of being satisfied at the closing) or waived, the Outside Date will be August 6, 2022. The Merger Agreement requires the Company to pay Brookfield Reinsurance a $178.5 million termination fee under certain circumstances. Those circumstances are relatively limited, since the Company has already received the required stockholder approval for the Merger. Specifically, a termination fee would be payable by the Company if (i) Brookfield Reinsurance terminates the merger agreement due to the occurrence of a terminable breach by the Company, (ii) a competing acquisition proposal from a third party was announced prior to the termination that was not withdrawn and (iii) within 12 months after the termination, the Company enters into a definitive agreement with respect to, or otherwise consummates, the competing acquisition proposal (or does not oppose it, in the case of a tender or exchange offer). Federal Home Loan Bank (FHLB) Agreements In May 2018, the Company became a member of the Federal Home Loan Bank of Dallas to augment its liquidity resources. The Company initially purchased $7.0 million of stock to meet the FHLB’s membership requirement. The FHLB member stock is recorded in other invested assets on the Company’s consolidated statements of financial position. Through its membership, the Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of December 31, 2021, certain collateralized mortgage obligations with a fair value of approximately $28.0 million and commercial mortgage loans of approximately $1.5 billion were on deposit with the FHLB as collateral for borrowing. As of December 31, 2021, the collateral provided borrowing capacity of approximately $902.7 million. The deposited securities and commercial mortgage loans are included in the Company’s consolidated statements of financial position within fixed maturity securities and mortgage loans on real estate, net of allowance, respectively. Guarantees ANICO has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by ANICO. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, ANICO would be obligated to pay off the loan. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of December 31, 2021, was approximately $121.4 million, while the total cash value of the related life insurance policies was approximately $143.1 million. Restrictions of the Merger Agreement limit the Company's ability, without Brookfield Reinsurance's consent, to incur guarantee or assume any indebtedness, subject to certain limited exceptions, including investment portfolio transactions in the ordinary course of business consistent with past practice and other incurrences of indebtedness not to exceed $10,000,000 in the aggregate. Litigation American National and certain subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our consolidated financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote. Accruals for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, an accrual is recorded based on the lowest amount of the range. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due from American National Years ended December 31, December 31, Related Party Financial Statement Line Impacted 2021 2020 2019 2021 2020 Gal-Tex Hotel Corporation Mortgage loan on real estate $ — $ — $ 576 $ — $ — Gal-Tex Hotel Corporation Net investment income — — 9 — — Greer, Herz & Adams, LLP Other operating expenses 13,203 13,451 12,088 (310) (441) Mortgage Loans to Gal-Tex Hotel Corporation (“Gal-Tex”) : American National held a first mortgage loan which originated in 1999, with an interest rate of 7.25% and final maturity date of April 1, 2019 issued to a subsidiary of Gal-Tex, which was collateralized by a hotel property in San Antonio, Texas. This loan has been paid in full. The Moody Foundation owns 34.0% of Gal-Tex and 22.75% of American National, and the Libbie Shearn Moody Trust owns 50.2% of Gal-Tex and 37.0% of American National. Transactions with Greer, Herz & Adams, LLP : Irwin M. Herz, Jr. is a member of the Board of Directors of American National Group, Inc. and certain of its subsidiaries, and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | AMERICAN NATIONAL GROUP, INC. AND SUBSIDIARIES SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (In thousands) December 31, 2021 Cost or Amortized Cost (1) Estimated Fair Value Amount at Which Shown in the Balance Sheet Type of investment Fixed maturities Bonds held-to-maturity U.S. treasury and government $ 12,284 $ 11,997 $ 12,284 U.S. states and political subdivisions 104,039 103,809 104,039 Foreign governments 14,369 14,347 14,369 Corporate debt securities 6,810,518 7,166,564 6,799,051 Residential mortgage-backed securities 48,491 50,178 47,975 Collateralized debt securities 112,409 111,894 111,263 Bonds available-for-sale U.S. treasury and government 26,887 26,753 26,753 U.S. states and political subdivisions 1,028,331 1,077,129 1,077,129 Foreign governments 5,000 5,841 5,841 Corporate debt securities 6,809,610 7,036,148 7,036,148 Residential mortgage-backed securities 32,234 31,967 31,967 Collateralized debt securities 205,732 202,410 202,410 Equity securities Common stocks Consumer goods 3,980 13,031 13,031 Energy and utilities 21,138 8,647 8,647 Finance 2,810 7,502 7,502 Healthcare 3,442 12,136 12,136 Industrials 2,214 4,733 4,733 Information technology 5,193 20,436 20,436 Other 18,810 31,492 31,492 Preferred stocks 37,145 37,456 37,456 Other investments Mortgage loans on real estate, net of allowance 5,199,334 5,271,950 5,199,334 Real estate and real estate partnerships, net of accumulated depreciation 890,105 — 890,105 Investment funds 961,763 — 961,763 Real estate acquired in satisfaction of debt 38,307 — 38,307 Policy loans 365,208 365,208 365,208 Options (2) 113,632 259,383 430 Other long-term investments 125,365 — 125,365 Short-term investments 1,840,732 1,840,732 1,840,732 Total investments $ 24,839,082 $ 23,711,743 $ 25,025,906 (1) Original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and valuation write-downs and adjusted for amortization of premiums or accrual of discounts. (2) The amount shown in the Consolidated Statement of Financial Position represents options exposure net of collateral. See Part II, Item 8, Financial Statements and Supplementary Data — Note 7, Derivative Instruments, of the Notes to the Consolidated Financial Statements for more information. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF FINANCIAL POSITION (In thousands) December 31, 2021 2020 ASSETS Investment in subsidiaries $ 6,950,792 $ 6,453,754 Other assets 62,016 17,754 Total assets $ 7,012,808 $ 6,471,508 LIABILITIES Other liabilities $ 18,440 $ 13,238 Total liabilities 18,440 13,238 EQUITY Common stock 269 269 Additional paid-in capital 47,762 47,683 Accumulated other comprehensive income 147,054 222,170 Retained earnings 6,799,283 6,188,148 Total stockholders' equity 6,994,368 6,458,270 Total liabilities and stockholders' equity $ 7,012,808 $ 6,471,508 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS (In thousands) Years ended December 31, 2021 2020 2019 PREMIUMS AND OTHER REVENUES Premiums and other policy revenues $ — $ — $ 873,076 Net investment income — — 866,837 Net realized investment gains — — 5,600 Other-than-temporary impairments — — (6,663) Net gains on equity securities — — 958 Other income — — 28,037 Total premiums and other revenues — — 1,767,845 BENEFITS, LOSSES AND EXPENSES Policyholder benefits — — 651,162 Other operating expenses 25,802 1,148 965,338 Total benefits, losses and expenses 25,802 1,148 1,616,500 Income (loss) before federal income tax and other items (25,802) (1,148) 151,345 Provision (benefit) for federal income taxes (2,972) (245) 27,568 Income from subsidiaries, net of tax 722,155 468,408 492,888 Other components of net periodic pension benefit, net of tax — — 3,698 Net income $ 699,325 $ 467,505 $ 620,363 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Years ended December 31, 2021 2020 2019 Net income $ 699,325 $ 467,505 $ 620,363 Other comprehensive income, net of tax Change in net unrealized gains on securities — — 80,235 Defined benefit pension plan adjustment — — (42,139) Total other comprehensive income, net of tax — — 38,096 Total comprehensive income $ 699,325 $ 467,505 $ 658,459 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS (In thousands) Years ended December 31, 2021 2020 2019 OPERATING ACTIVITIES Net income $ 699,325 $ 467,505 $ 620,363 Adjustments to reconcile net income to net cash provided by operating activities: Net realized investment gains — — (5,600) Other-than-temporary impairments — — 6,663 Accretion of premiums, discounts and loan origination fees — — (9,654) Net capitalized interest on policy loans and mortgage loans — — (31,366) Depreciation — — 30,658 Interest credited to policyholders’ account balances — — 441,268 Charges to policyholders’ account balances — — (291,160) Deferred federal income tax expense (benefit) (1,439) (245) 40,936 Equity in earnings of subsidiaries (722,155) (468,408) (6,752) Net income of subsidiaries — — (486,136) Distributions from equity method investments — — 22,012 Dividends from subsidiaries 150,000 — — Changes in: Policyholder liabilities — — 44,732 Deferred policy acquisition costs — — (4,791) Reinsurance recoverables — — 18,826 Premiums due and other receivables — — 4,333 Prepaid reinsurance premiums — — 5,277 Accrued investment income — — (3,535) Current tax receivable/payable 9,195 12,098 (83,470) Liability for retirement benefits — — (5,482) Fair value of option securities — — (134,925) Fair value of equity securities — — (958) Other, net (3,913) 1,264 (6,193) Net cash provided by operating activities 131,013 12,214 165,046 INVESTING ACTIVITIES Proceeds from sale/maturity/prepayment of: Held-to-maturity securities — — 706,230 Available-for-sale securities — — 366,696 Mortgage loans — — 789,088 Policy loans — — 42,316 Other invested assets — — 112,340 Disposals of property and equipment — — 69 Distributions from affiliates and subsidiaries — — 27,891 Payment for the purchase/origination of: Held-to-maturity securities — — (936,646) Available-for-sale securities — — (326,476) Equity securities — — (351) Investment real estate — — (13,639) Mortgage loans — — (668,563) Policy loans — — (25,408) Other invested assets — — (102,275) Additions to property and equipment — — (11,163) Contributions to unconsolidated affiliates — — (147,547) Change in short-term investments — — 138,021 Change in investment in subsidiaries — — 35,069 Change in collateral held for derivatives — — 97,852 Other, net — — (92) Net cash provided by investing activities — — 83,412 AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS (CONTINUED) (In thousands) Years ended December 31, 2021 2020 2019 FINANCING ACTIVITIES Policyholders’ account deposits — — 1,375,003 Policyholders’ account withdrawals — — (1,391,881) Dividends to stockholders (88,190) (44,095) (88,243) Dividends from subsidiaries — 49,500 — Net cash provided by (used in) financing activities (88,190) 5,405 (105,121) NET INCREASE IN CASH AND CASH EQUIVALENTS 42,823 17,619 143,337 Beginning of the year 17,619 — 151,592 End of the year $ 60,442 $ 17,619 $ 294,929 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL GROUP, INC. (Parent Company Only) SCHEDULE II - NOTES TO THE CONDENSED FINANCIAL INFORMATION OF REGISTRANT Basis of presentation The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. On July 1, 2020, American National Insurance Company (“ANICO”) completed its previously announced holding company reorganization, whereby ANICO became a wholly-owned subsidiary of American National Group, Inc. (“ANAT”) and ANAT replaced ANICO as the publicly held company. In the parent company only condensed financial statements, ANAT’s investments in subsidiaries are accounted for using the equity method of accounting. Intercompany balances and transactions with subsidiaries have been eliminated. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | AMERICAN NATIONAL GROUP, INC. AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (In thousands) Segment Deferred Policy Acquisition Cost Future Policy Benefits, Policyholders’ Account Balances, Policy and Contract Claims and Other Policyholder Funds Unearned Premiums Premium Revenue Net Investment Income (1) Benefits, Claims, Losses and Settlement Expenses Amortization of Deferred Policy Acquisition Costs Other Operatin g Expenses (2) Premiums Written December 31, 2021 Life $ 956,045 $ 5,662,057 $ 22,152 $ 412,769 $ 277,962 $ 605,724 $ 111,764 $ 195,127 $ — Annuity 380,472 13,643,790 — 74,925 629,417 149,931 77,133 53,379 — Health 29,348 305,532 27,774 143,484 8,153 98,029 17,906 42,284 — Property & Casualty 132,259 1,200,365 963,904 1,669,875 62,140 1,094,126 355,970 213,486 1,726,151 Corporate & Other — — — — 193,982 — — 67,593 — Total $ 1,498,124 $ 20,811,744 $ 1,013,830 $ 2,301,053 $ 1,171,654 $ 1,947,810 $ 562,773 $ 571,869 $ 1,726,151 December 31, 2020 Life $ 896,208 $ 5,443,826 $ 23,867 $ 396,099 $ 261,389 $ 533,925 $ 84,443 $ 182,395 $ — Annuity 309,056 12,690,490 — 92,866 570,003 214,158 103,709 48,359 — Health 32,885 286,875 30,629 168,805 8,637 116,122 15,619 39,265 — Property & Casualty 122,062 1,141,352 901,847 1,560,304 63,949 1,005,620 335,831 202,503 1,590,740 Corporate & Other — — — — 72,174 — — 42,891 — Total $ 1,360,211 $ 19,562,543 $ 956,343 $ 2,218,074 $ 976,152 $ 1,869,825 $ 539,602 $ 515,413 $ 1,590,740 December 31, 2019 Life $ 852,900 $ 5,293,970 $ 27,080 $ 359,419 $ 263,788 $ 449,252 $ 113,300 $ 190,104 $ — Annuity 415,380 12,856,209 — 147,139 663,895 218,576 79,746 50,507 — Health 32,578 282,592 34,862 165,035 9,467 109,013 21,322 41,475 — Property & Casualty 122,149 1,084,983 871,617 1,511,201 64,263 1,042,153 316,141 201,580 1,546,144 Corporate & Other — — — — 179,494 — — 41,222 — Total $ 1,423,007 $ 19,517,754 $ 933,559 $ 2,182,794 $ 1,180,907 $ 1,818,994 $ 530,509 $ 524,888 $ 1,546,144 (1) Net investment income from fixed income assets (bonds and mortgage loans on real estate) is allocated to insurance lines based on the funds generated by each line at the average yield available from these fixed income assets at the time such funds become available. Net investment income from policy loans is allocated to the insurance lines according to the amount of loans made by each line. Net investment income from all other assets is allocated to the insurance lines as necessary to support the equity assigned to that line with the remainder allocated to capital and surplus. (2) Expenses are charged to segments through direct identification and allocations based on various factors. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | AMERICAN NATIONAL GROUP, INC. AND SUBSIDIARIES SCHEDULE IV - REINSURANCE INFORMATION (In thousands) Direct Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Year ended December 31, 2021 Life insurance in-force $ 136,710,529 $ 22,835,954 $ 221,023 $ 114,095,598 0.2 % Premiums earned Life and Annuity $ 570,875 $ 88,264 $ 5,083 $ 487,694 1.0 % Health 198,563 295,631 240,552 143,484 167.7 Property and Casualty 1,947,194 348,765 71,446 1,669,875 4.3 Total premiums $ 2,716,632 $ 732,660 $ 317,081 $ 2,301,053 13.8 % Year ended December 31, 2020 Life insurance in-force $ 128,075,765 $ 24,006,683 $ 171,433 $ 104,240,515 0.2 % Premiums earned Life and Annuity $ 581,350 $ 96,675 $ 4,290 $ 488,965 0.9 % Health 215,430 263,078 216,453 168,805 128.2 Property and Casualty 1,832,623 343,521 71,202 1,560,304 4.6 Total premiums $ 2,629,403 $ 703,274 $ 291,945 $ 2,218,074 13.2 % Year ended December 31, 2019 Life insurance in-force $ 117,886,265 $ 24,913,905 $ 218,020 $ 93,190,380 0.2 % Premiums earned Life and Annuity $ 605,796 $ 99,856 $ 618 $ 506,558 0.1 % Health 209,200 269,487 225,322 165,035 136.5 Property and Casualty 1,649,874 149,237 10,564 1,511,201 0.7 Total premiums $ 2,464,870 $ 518,580 $ 236,504 $ 2,182,794 10.8 % See accompanying Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of accounting | The consolidated financial statements and notes thereto have been prepared in conformity with GAAP and are reported in U.S. currency. |
Consolidation | American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates, which include real estate partnerships and investment funds, are accounted for using the equity method of accounting. |
Reclassification | Certain amounts in prior years have been reclassified to conform to current year presentation.During the first quarter of 2021, we reclassified the Company's earnings from equity method investments in the condensed consolidated statements of operations from "Equity in earnings of unconsolidated affiliates" to "Net investment income." For the years ended December 31, 2020 and 2019, $42.5 million and $103.5 million were reclassified, with no impact to net income. We also reclassified the related asset balances in the consolidated statements of financial position from "Investments in unconsolidated affiliates" to "Real estate and real estate partnerships" and "Investment funds," with no impact to total assets. Management believes these reclassifications result in increased transparency to the users of the financial statements as it relates to the Company's invested assets and the performance of these investments that are tied to the primary operations of the Company. |
Use of estimates | The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Investments | InvestmentsInvestment securities are comprised of bonds classified as held-to-maturity that are carried at amortized cost net of credit loss allowance and bonds classified as available-for-sale that are carried at fair value. In addition, equity investments, other than those accounted for under the equity method or those that result in consolidation of the investee, are measured at fair value with changes in fair value recognized in earnings. |
Mortgage loans on real estate | Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses, and allowances. Accretion of discounts is recorded using the effective yield method. Interest income, prepayment fees, and accretion of discounts and origination fees are reported in “Net investment income” in the consolidated statements of operations. Interest income earned is accrued on the principal amount of the loan based on contractual interest rate. However, interest ceases to accrue for loans on which interest is more than 90 days past due, when the collection of interest is not probable, or when a loan is in foreclosure. Income on past due loans is reported on a cash basis. When a loan becomes current, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement, or other manner in accordance with the loan agreement. In the consolidated statements of operations, gains and losses from the sale of loans are reported in “Net realized investment gains,” and changes in allowances are reported in "(Increase) decrease in investment credit loss." Mortgage loans are presented net of the Company's recorded allowance for expected credit loss, which represents the portion of amortized cost basis on mortgage loans that the Company does not expect to collect. In determining the Company’s allowance for credit losses, management: (i) pools and evaluates mortgage loans with similar risk characteristics, (ii) considers expected lifetime credit losses adjusted for prepayments and extensions, and (iii) considers past events, current economic conditions and forecasts of future economic conditions. The allowance is calculated quarterly for each property type based on inputs unique to each loan property type. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), and reasonably expected troubled debt restructurings (i.e., the Company grants concessions to a borrower that is experiencing financial difficulties) may be evaluated individually for credit loss. The allowance for credit losses for loans evaluated individually is established using the same methodologies for the overall commercial portfolio segment except for collateral dependent loans. The allowance for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans is recorded as a change in the allowance for credit losses which is recorded on a quarterly basis as a charge or credit to earnings. |
Policy loans | Policy loans are carried at the outstanding balance plus any accrued interest which approximates fair value. |
Investment real estate | Investment real estate including related improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease. American National classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated while it is classified as held-for-sale. American National periodically reviews its investment real estate for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Net realized investment gains” in the consolidated statements of operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. |
Real estate joint ventures and other limited partnership interests | Real estate joint ventures and other limited partnership interests in which the Company has more than a minor interest or influence over the investee’s operations, but it does not have a controlling interest and is not the primary beneficiary, are accounted for using the equity method. These investments are reported as "Real estate and real estate partnerships” in the consolidated statements of financial position. For certain joint ventures, American National records its share of earnings using a lag methodology of one to three months when timely financial information is not available, and the contractual right does not exist to receive such financial information. In addition to the investees’ impairment analysis of their underlying investments, American National routinely evaluates its investments in those investees for impairments. American National considers financial and other information provided by the investee, other known information, and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, American National recognizes its share as an adjustment to “Net investment income” to record the investment at its fair value. When an impairment results from American National’s separate analysis, an adjustment is made through “Net realized investment gains” to record the investment at its fair value. |
Investment funds | Investment funds are primarily comprised of senior secured and second lien private loans that are secured by assets, revenues and credit/balance sheet lending. We recognize our share of the fund’s earnings in net investment income on a one-quarter lag under the equity method of accounting. Cash distributions are received from the earnings and from liquidation of underlying investments. All investment funds are reevaluated quarterly by the fund manager and are audited annually by an independent audit firm. |
Short-term investments | Short-term investments comprised of commercial paper are carried at amortized cost, which approximates fair value. Short-term investments have a maturity of less than one year. |
Other invested assets | Other invested assets comprised primarily of equity-indexed options are carried at fair value and may be collateralized by counterparties; such collateral is restricted to the Company’s use. Separately managed accounts and Federal Home Loan Bank stock are also included in other invested assets and are carried at cost or market value if available from the account manager. Other invested assets also include tax credit partnerships and mineral rights less allowance for depletion, where applicable. |
Derivative instruments | Derivative instruments in the form of equity-indexed options are purchased to hedge against future interest rate increases in liabilities indexed to market rates and are recorded in the consolidated statements of financial position within other invested assets at fair value, net of collateral provided by counterparties. The change in fair value of derivative assets and liabilities is reported in the consolidated statements of operations as “Net investment income” and “Interest credited to policyholders’ account balances,” respectively. American National does not apply hedge accounting treatment to its derivative instruments. The Company uses derivative instruments to hedge its business risk and holds collateral to offset exposure from its counterparties. Collateral that supports credit risk is reported in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. |
Cash and cash equivalents | Cash and cash equivalents have durations that do not exceed 90 days at the date of acquisition, include cash on-hand and in banks, as well as amounts invested in money market funds, and are reported as “Cash and cash equivalents” in the consolidated statements of financial position. |
Property and equipment | Property and equipment consist of buildings occupied by American National, data processing equipment, software, furniture and equipment, and automobiles which are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset (typically 3 to 50 years). |
Deferred policy acquisition costs ("DAC") | Deferred policy acquisition costs (“DAC”) are capitalized costs related directly to the successful acquisition of new or renewal insurance contracts. Significant costs are incurred to acquire insurance and annuity contracts, including commissions and certain underwriting, policy issuance, and processing expenses. DAC on traditional life, including limited-pay contracts, and health products is amortized with interest over the anticipated premium-paying period of the related policies in proportion to the ratio of annual premium revenue expected to be received over the life of the policies. Expected premium revenue is estimated by using the same mortality, morbidity, and withdrawal assumptions used in computing liabilities for future policy benefits. DAC is reduced by a provision for possible inflation of maintenance and settlement expenses determined by means of grading interest rates. DAC on universal life and investment-type contracts is amortized as a level percentage of the present value of anticipated gross profits from investment yields, mortality, and surrender charges. The effect of the realization of unrealized gains (losses) on DAC is recognized within AOCI in the consolidated statements of financial position as of the reporting date. A change in interest rates could have a significant impact on DAC calculated for these contracts. DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premiums earned. DAC on participating whole life products is amortized in proportion to estimated gross margins. Estimated gross margins are equal to premiums, plus investment income, less benefits, less expenses not included in DAC, less the change in reserves, less dividends. For short-duration and long-duration contracts, DAC is grouped consistent with the manner in which insurance contracts are acquired, serviced, and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC for short-duration contracts. |
Liabilities for future policy benefits | Liabilities for future policy benefits for traditional products have been provided on a net level premium method based on estimated investment yields, withdrawals, mortality, and other assumptions that were appropriate at the time the policies were issued. Estimates are based on historical experience adjusted for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience. When it is determined that future expected experience differs significantly from existing assumptions, the estimates are revised for current and future issues. |
Policyholders' account balances | Policyholders’ account balances represent the contract value that has accrued to the benefit of the policyholders related to universal-life and investments-type contracts. For fixed products, these are generally equal to the accumulated deposits plus interest credited, reduced by withdrawals, payouts, and accumulated policyholder assessments. Indexed product account balances are equal to the sum of host and embedded derivative reserves computed per derivative accounting guidance. |
Liabilities for unpaid claims and claim adjustment expenses ("CAE") | Liabilities for unpaid claims and claim adjustment expenses (“CAE”) are established to provide for the estimated costs of paying claims. These reserves include estimates for both case reserves and IBNR claim liabilities. Case reserves include the liability for reported but unpaid claims. IBNR liabilities include a provision for potential development on case reserves, losses on claims currently closed which may reopen in the future, as well as IBNR claims. These liabilities also include an estimate of the expense associated with settling claims, including legal and other fees, and the general expenses of administering the claims adjustment process. |
Reinsurance recoverables | Reinsurance recoverables are estimated amounts due to American National from reinsurers related to paid and unpaid ceded claims and CAE and are presented net of a reserve for collectability. Recoveries of gross ultimate losses under our non-catastrophe reinsurance are estimated by a review of individual large claims and the ceded portion of IBNR using assumed distribution of loss by percentage retained. Recoveries of gross ultimate losses under our catastrophe reinsurance are estimated by applying reinsurance treaty terms to estimates of gross ultimate losses. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported and our estimate of gross ultimate losses. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. |
Separate account assets and liabilities | Separate account assets and liabilitiesSeparate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. |
Premiums, benefits, claims incurred and expenses | Premiums, benefits, claims incurred, and expenses Traditional ordinary life and health premiums are recognized as revenue when due. Benefits and expenses are associated with earned premiums to result in recognition of profits over the term of the insurance contracts. Annuity premiums received on limited-pay and supplemental annuity contracts involving a significant life contingency are recognized as revenue when due. Deferred annuity premiums are recorded as deposits rather than recognized as revenue. Revenues from deferred annuity contracts are principally surrender charges and, in the case of variable annuities, administrative fees assessed to contract holders. Universal life and single premium whole life revenues represent amounts assessed to policyholders including mortality charges, surrender charges actually paid, and earned policy service fees. Amounts included in expenses are benefits in excess of account balances returned to policyholders. Property and casualty premiums are recognized as revenue over the period of the contract in proportion to the amount of insurance protection, which is generally evenly over the contract period, net of reinsurance ceded. Claims incurred consist of claims and CAE paid and the change in reserves, net of reinsurance received and recoverable. |
Participating insurance policies | Participating insurance policies Participating business comprised approximately 4.0% of the life insurance in-force at December 31, 2021 and 16.5% of life premiums in 2021. For the majority of this participating business, profits earned are reserved for the payment of dividends to policyholders, except for the stockholders’ share of profits on participating policies, which is limited to the greater of 10% of the profit on participating business, or 50 cents per thousand dollars of the face amount of participating life insurance in-force. Participating policyholders’ interest includes the accumulated net income from participating policies reserved for payment to such policyholders in the form of dividends (less net income allocated to stockholders as indicated above) as well as a pro rata portion of unrealized investment gains (losses). Dividends to participating policyholders were $8.1 million, $7.0 million, and $8.4 million for the years ended 2021, 2020, and 2019, respectively. Income of $18.3 million, $5.8 million, and $34.0 million was allocated to participating policyholders for the years ended 2021, 2020, and 2019, respectively. For all other participating business, the allocation of dividends to participating policyowners is based upon a comparison of experienced rates of mortality, interest and expenses, as determined periodically for representative plans of insurance, issue ages and policy durations, with the corresponding rates assumed in the calculation of premiums. |
Federal income taxes | Federal income taxes American National files a consolidated life and non-life federal income tax return. Certain subsidiaries that are consolidated for financial reporting are not eligible to be included in the consolidated federal income tax return; accordingly, they file separate returns. Deferred income tax assets and liabilities are recognized to reflect the future tax consequences attributable to differences between the financial statement amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” the position based on its technical merits will be sustained by taxing authorities. American National recognizes the largest benefit that is greater than 50% likely of being ultimately realized upon settlement. Tax benefits not meeting the “more-likely-than-not” threshold, if applicable, are included with “Other liabilities” in the consolidated statements of financial position. American National recognizes interest expense and penalties related to uncertain tax positions, if applicable, as income tax expense in the consolidated statements of operations. Accrued interest expense and penalties related to uncertain tax positions are reported as "Other liabilities" in the consolidated statements of financial position. |
Pension and postretirement benefit plans | Pension and postretirement benefit plans Pension and postretirement benefit obligations and costs for our frozen benefit plans are estimated using assumptions including demographic factors such as retirement age and mortality. American National uses a discount rate to determine the present value of future benefits on the measurement date. The guideline for setting this rate is a high-quality long-term corporate bond rate. For this purpose, a hypothetical bond portfolio to match the expected monthly benefit payments under the pension plan was constructed with the resulting yield of the portfolio used as a discount rate. In developing the investment return assumption, we relied on a model that utilizes the following factors: • Current yield to maturity of fixed income securities • Forecasts of inflation, GDP growth, and total return for each asset class • Historical plan performance • Target asset allocation • Standard deviations and correlations related to historical and expected future returns of each asset class and inflation The resulting assumption is the assumed rate of return for the plans’ target asset allocation, net of investment expenses, and reflects anticipated returns of the plans’ current and future assets. Using this approach, the calculated return will fluctuate from year to year; however, it is American National’s policy to hold this long-term assumption relatively constant. |
Stock-based Compensation | Stock-based compensation Stock Appreciation Rights (“SARs”) liability and compensation cost is based on the fair value of the grants and is remeasured each reporting period through the settlement date. The fair value of the SARs is calculated using the Black-Scholes-Merton option-pricing model. The key assumptions used in the model include: the grant date and remeasurement date stock prices, expected life of the SARs, and the risk-free rate of return. The compensation liability related to the SAR award is reported as “Other liabilities” in the consolidated statements of financial position. Restricted Stock (“RS”) equity and compensation cost is based on the fair value of the underlying stock at grant date. The compensation cost accrued is reported as “Additional paid-in capital” in the consolidated statements of financial position. Restricted Stock Units (“RSUs”) are settled in cash, resulting in classifying RSUs as a liability award. The liability is remeasured each reporting period through the vesting date and is adjusted for changes in fair value. The compensation liability related to the RSUs is reported as “Other Liabilities” in the consolidated statements of financial position. |
Litigation contingencies | Litigation contingencies Existing and potential litigation is reviewed quarterly to determine if any adjustments to liabilities for possible losses are necessary. Reserves for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, a reserve is recorded based on the lowest amount of the range. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update | Adoption of New Accounting Standards Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes. This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this standard did not have a material impact to the Company's Consolidated Financial Statements or Notes to the Consolidated Financial Statements. Future Adoption of New Accounting Standards — The FASB issued the following accounting guidance relevant to American National: Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition. Considerable progress in the implementation of the new standard has been made; however, we have not yet estimated the impact the new guidance will have on the consolidated financial statements. Accounting and actuarial policy elections have mostly been determined, data flows are being established, actuarial models are being developed, and implementation of a financial reporting disclosure system is in progress. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this guidance provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted. The FASB is currently deliberating an ASU that would extend the sunset date through December 31, 2024. The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company's Consolidated Financial Statements or Notes to the Consolidated Financial Statements. |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | The cost or amortized cost and fair value of investments in securities are shown below (in thousands): December 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 12,284 $ — $ (287) $ — $ 11,997 U.S. states and political subdivisions 104,039 1,676 (1,906) — 103,809 Foreign governments 14,369 137 (159) — 14,347 Corporate debt securities 6,810,518 388,726 (21,213) (11,467) 7,166,564 Residential mortgage-backed securities 48,491 2,684 (481) (516) 50,178 Collateralized debt securities 112,409 1,677 (1,046) (1,146) 111,894 Total bonds held-to-maturity 7,102,110 394,900 (25,092) (13,129) 7,458,789 Fixed maturity, bonds available-for-sale U.S. treasury and government 26,887 121 (255) — 26,753 U.S. states and political subdivisions 1,028,331 51,124 (2,312) (14) 1,077,129 Foreign governments 5,000 841 — — 5,841 Corporate debt securities 6,809,610 268,964 (35,285) (7,141) 7,036,148 Residential mortgage-backed securities 32,234 342 (341) (268) 31,967 Collateralized debt securities 205,732 469 (904) (2,887) 202,410 Total bonds available-for-sale 8,107,794 321,861 (39,097) (10,310) 8,380,248 Total investments in fixed maturity $ 15,209,904 $ 716,761 $ (64,189) $ (23,439) $ 15,839,037 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 7,733 $ 11 $ — $ — $ 7,744 U.S. states and political subdivisions 109,445 4,101 (11) — 113,535 Foreign governments 3,851 374 — — 4,225 Corporate debt securities 6,992,095 623,233 (9,117) (7,475) 7,598,736 Residential mortgage-backed securities 114,579 5,065 (1,464) (452) 117,728 Collateralized debt securities 139,709 6,864 (845) (4,515) 141,213 Total bonds held-to-maturity 7,367,412 639,648 (11,437) (12,442) 7,983,181 Fixed maturity, bonds available-for-sale U.S. treasury and government 28,766 418 (1) — 29,183 U.S. states and political subdivisions 1,066,627 73,976 (145) — 1,140,458 Foreign governments 14,995 1,393 — — 16,388 Corporate debt securities 5,887,756 471,205 (17,207) (7,275) 6,334,479 Residential mortgage-backed securities 20,544 964 (29) (188) 21,291 Collateralized debt securities 54,454 1,040 (94) (19) 55,381 Total bonds available-for-sale 7,073,142 548,996 (17,476) (7,482) 7,597,180 Total investments in fixed maturity $ 14,440,554 $ 1,188,644 $ (28,913) $ (19,924) $ 15,580,361 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2021 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 853,273 $ 865,103 $ 574,056 $ 580,191 Due after one year through five years 2,232,939 2,355,707 3,015,864 3,156,717 Due after five years through ten years 2,969,115 3,145,270 2,474,224 2,576,325 Due after ten years 1,046,783 1,092,709 2,043,650 2,067,015 Total $ 7,102,110 $ 7,458,789 $ 8,107,794 $ 8,380,248 |
Proceeds from Available for Sale Securities and Realized Gains and Losses | Proceeds from sales of bonds available-for-sale, with the related gross realized gains and losses, are shown below (in thousands): Years ended December 31, 2021 2020 2019 Proceeds from sales of fixed maturity, bonds available-for-sale $ 55,558 $ 164,372 $ 45,017 Gross realized gains 59 624 250 Gross realized losses — (4,145) (1,124) |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities | The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds available-for-sale: change in unrealized gains (losses) $ (248,756) $ 242,105 $ 335,473 Adjustments for Deferred policy acquisition costs 58,281 (68,474) (87,003) Participating policyholders’ interest 8,275 (3,010) (16,056) Deferred federal income tax benefit (expense) 39,346 (36,306) (48,258) Change in net unrealized gains (losses) on debt securities, net of tax $ (142,854) $ 134,315 $ 184,156 The components of the change in net gains on equity securities are shown below (in thousands): Years ended December 31, 2021 2020 Unrealized gains on equity securities $ 38,771 $ 349,999 Net gains on equity securities sold 381,512 6,282 Net gains on equity securities $ 420,283 $ 356,281 |
Gross Unrealized Losses and Fair Value of Investment Securities | The gross unrealized losses and fair value of bonds available-for-sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below (in thousands, except number of issues): December 31, 2021 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 10 $ (230) $ 18,378 1 $ (25) $ 2,844 11 $ (255) $ 21,222 U.S. states and political subdivisions 13 (618) 50,025 4 (1,694) 33,644 17 (2,312) 83,669 Corporate debt securities 184 (27,335) 1,596,811 32 (7,950) 146,597 216 (35,285) 1,743,408 Residential mortgage-backed securities 2 (339) 13,193 2 (2) 496 4 (341) 13,689 Collateralized debt securities 26 (885) 191,342 3 (19) 4,447 29 (904) 195,789 Total 235 $ (29,407) $ 1,869,749 42 $ (9,690) $ 188,028 277 $ (39,097) $ 2,057,777 December 31, 2020 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Number of Issues Gross Unrealized Losses Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 1 $ (1) $ 2,868 — $ — $ — 1 $ (1) $ 2,868 U.S. states and political subdivisions 2 (145) 10,205 — — — 2 (145) 10,205 Corporate debt securities 43 (8,507) 270,249 8 (8,700) 13,270 51 (17,207) 283,519 Residential mortgage-backed securities 1 (21) 1,391 3 (8) 593 4 (29) 1,984 Collateralized debt securities 3 (93) 12,752 1 (1) 158 4 (94) 12,910 Total 50 $ (8,767) $ 297,465 12 $ (8,709) $ 14,021 62 $ (17,476) $ 311,486 |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below, based on fair value: December 31, 2021 2020 Consumer goods 9.6 % 19.3 % Energy and utilities 6.4 5.2 Finance 35.6 21.6 Healthcare 9.0 15.0 Industrials 3.5 7.4 Information technology 15.1 27.1 Other 20.8 4.4 Total 100.0 % 100.0 % |
Rollforward of the Allowance for Credit Losses for Held-to-maturity Securities | The rollforward of the allowance for credit losses for bonds held-to-maturity is shown below (in thousands): Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Balance at January 1, 2021 $ (7,475) $ (4,515) $ (452) $ (12,442) Purchases (1,412) (168) — (1,580) Disposition 441 551 — 992 Provision (3,021) 2,986 (64) (99) Balance at December 31, 2021 $ (11,467) $ (1,146) $ (516) $ (13,129) Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Balance at January 1, 2020 $ 4 $ (18,563) $ (2,968) $ (137) $ (21,664) Purchases — (783) (329) 134 (978) Disposition — 9,501 800 — 10,301 Provision (4) 2,370 (2,018) (449) (101) Balance at December 31, 2020 $ — $ (7,475) $ (4,515) $ (452) $ (12,442) |
Rollforward of the Allowance for Credit Losses for Available-for-sale Securities | The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands): U.S. Treasury and Government U.S. State and Political Subdivisions Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Beginning balance at January 1, 2021 $ — $ — $ (7,275) $ (19) $ (188) $ (7,482) Increase in allowance related to purchases — — (3,158) (538) — (3,696) Reduction in allowance related to disposition — — 4,117 182 — 4,299 Allowance on securities that had an allowance recorded in a previous period 3 12 3,680 (1,507) (29) 2,159 Allowance on securities where credit losses were not previously recorded (3) (26) (4,505) (1,005) (51) (5,590) Balance at December 31, 2021 $ — $ (14) $ (7,141) $ (2,887) $ (268) $ (10,310) Corporate Debt Securities Collateralized Debt Securities Residential Mortgage-Backed Securities Total Beginning balance at January 1, 2020 $ — $ — $ — $ — Increase in allowance related to purchases (217) — — (217) Reduction in allowance related to disposition 63 6 3 72 Allowance on securities that had an allowance recorded in a previous period (1,074) (25) (191) (1,290) Allowance on securities where credit losses were not previously recorded (6,047) — — (6,047) Balance at December 31, 2020 $ (7,275) $ (19) $ (188) $ (7,482) |
Credit Quality Indicators of Held-to-maturity Debt Securities | The credit quality indicators for the amortized cost of bonds held-to-maturity are shown below (in thousands): December 31, 2021 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 12,284 $ — $ — $ — $ 12,284 U.S. state and political subdivisions 14,364 49,327 9,188 25,770 5,390 104,039 Foreign governments — 13,355 1,014 — — 14,369 Corporate debt securities 31,176 400,666 3,212,688 3,061,595 104,393 6,810,518 Collateralized debt securities — — 66,715 40,858 4,836 112,409 Residential mortgage-backed securities — 47,304 — — 1,187 48,491 Total $ 45,540 $ 522,936 $ 3,289,605 $ 3,128,223 $ 115,806 $ 7,102,110 December 31, 2020 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 7,733 $ — $ — $ — $ 7,733 U.S. state and political subdivisions 25,831 43,964 34,893 — 4,757 109,445 Foreign governments — 2,820 1,031 — — 3,851 Corporate debt securities 1,956 262,830 2,976,571 3,647,496 103,242 6,992,095 Collateralized debt securities — — 107,795 31,914 — 139,709 Residential mortgage-backed securities — 112,995 — — 1,584 114,579 Total $ 27,787 $ 430,342 $ 3,120,290 $ 3,679,410 $ 109,583 $ 7,367,412 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Distribution Based on Carrying Amount of Mortgage Loans by Location | The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages): December 31, 2021 2020 Amount Percentage Amount Percentage East North Central $ 747,661 14.4 % $ 783,614 14.9 % East South Central 117,574 2.3 146,052 2.8 Mountain 1,250,562 24.0 1,284,555 24.5 Pacific 878,820 16.9 806,426 15.4 South Atlantic 627,295 12.0 619,405 11.8 West South Central 1,261,659 24.3 1,313,848 25.1 Other 315,763 6.1 288,631 5.5 Total $ 5,199,334 100.0 % $ 5,242,531 100.0 % |
Schedule of Morgan Loans Foreclosure | As of December 31, 2021 and 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans): December 31, 2021 2020 Foreclosure and foreclosed Number of Loans Recorded Investment Number of Loans Recorded Investment In foreclosure — $ — 1 $ 5,168 Filed for bankruptcy* — — 1 9,230 Total in foreclosure — $ — 2 $ 14,398 Foreclosed 1 $ 5,168 2 $ 8,603 * Borrower filed for bankruptcy after foreclosure proceedings had begun. |
Age Analysis of Past Due Loans | The age analysis of past due loans is shown below (in thousands, except percentages): 30-59 Days Past Due 60-89 Days Past Due More Than 90 Days Past Due Total December 31, 2021 Total Current Amount Percentage Apartment $ — $ — $ — $ — $ 522,595 $ 522,595 9.9 % Hotel — — — — 962,345 962,345 18.2 Industrial — — — — 912,645 912,645 17.2 Office — — — — 1,347,384 1,347,384 25.4 Parking — — — — 392,310 392,310 7.4 Retail 4,872 — — 4,872 838,163 843,035 15.9 Storage — — — — 163,685 163,685 3.1 Other — — — — 152,414 152,414 2.9 Total $ 4,872 $ — $ — $ 4,872 $ 5,291,541 $ 5,296,413 100.0 % Allowance for credit losses (97,079) Total, net of allowance $ 5,199,334 December 31, 2020 Apartment $ — $ — $ — $ — $ 557,159 $ 557,159 10.5 % Hotel 30,315 30,158 — 60,473 853,522 913,995 17.0 Industrial 14,930 — 5,168 20,098 836,105 856,203 15.9 Office 24,804 — 9,230 34,034 1,522,197 1,556,231 29.0 Parking 48,825 29,355 — 78,180 286,107 364,287 6.8 Retail 4,991 — 25,779 30,770 760,907 791,677 14.7 Storage — — — — 165,561 165,561 3.1 Other — — — — 163,121 163,121 3.0 Total $ 123,865 $ 59,513 $ 40,177 $ 223,555 $ 5,144,679 $ 5,368,234 100.0 % Allowance for credit losses (125,703) Total, net of allowance $ 5,242,531 |
Schedule of Troubled Debt Restructuring Mortgage Loan Information | Loans determined to be troubled debt restructuring during the periods presented are as follows (in thousands, except number of loans): Years ended December 31, 2021 2020 Number of Loans Recorded Investment Recorded Investment Number of Loans Recorded Investment Recorded Investment Office 2 $ 37,985 $ 37,985 7 $ 76,220 $ 76,220 Retail 3 32,325 32,325 6 79,943 79,943 Industrial — — — 2 11,565 11,565 Hotel — — — 34 811,131 811,131 Parking 1 9,257 9,257 16 248,465 248,465 Storage 1 8,890 8,890 — — — Apartment — — — 2 40,097 40,097 Total 7 $ 88,457 $ 88,457 67 $ 1,267,421 $ 1,267,421 |
Change in Allowance for Credit Losses in Mortgage Loans and Schedule by Property Type | The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands): Commercial Mortgage Loans Balance at January 1, 2021 $ (125,703) Provision 28,624 Balance at December 31, 2021 $ (97,079) Commercial Mortgage Loans Balance at January 1, 2020 $ (19,160) Cumulative adjustment at January 1, 2020 (11,216) Provision (95,327) Balance at December 31, 2020 $ (125,703) The asset and allowance balances for credit losses for mortgage loans by property-type are shown below (in thousands): December 31, 2021 2020 Asset Balance Allowance Asset Balance Allowance Apartment $ 522,595 $ (1,366) $ 557,159 $ (8,845) Hotel 962,345 (39,272) 913,995 (45,596) Industrial 912,645 (4,051) 856,203 (2,516) Office 1,347,384 (26,988) 1,556,231 (33,373) Parking 392,310 (16,037) 364,287 (18,178) Retail 843,035 (6,685) 791,677 (10,856) Storage 163,685 (459) 165,561 (2,509) Other 152,414 (2,221) 163,121 (3,830) Total $ 5,296,413 $ (97,079) $ 5,368,234 $ (125,703) |
Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year | The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands): Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total Apartment $ 50,747 $ 79,673 $ 210,011 $ 22,166 $ 122,472 $ 37,526 $ 522,595 Hotel 32,312 35,041 94,618 203,151 218,129 379,094 962,345 Industrial 180,229 265,167 135,810 99,716 38,170 193,553 912,645 Office 4,812 24,919 62,260 162,412 314,931 778,050 1,347,384 Parking 31,618 28,651 13,783 26,676 8,446 283,136 392,310 Retail 115,290 69,329 38,761 74,464 74,198 470,993 843,035 Storage 23,184 28,936 48,401 37,156 17,095 8,913 163,685 Other 54,114 — 21,662 29,884 1,650 45,104 152,414 Total $ 492,306 $ 531,716 $ 625,306 $ 655,625 $ 795,091 $ 2,196,369 $ 5,296,413 Allowance for credit losses (97,079) Total, net of allowance $ 5,199,334 |
Real Estate and Other Investm_2
Real Estate and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Investment Real Estate by Property-Type and Geographic Distribution | The carrying amount of real estate and real estate partnerships, net of accumulated depreciation, by property-type and geographic distribution are as follows (in thousands, except percentages): December 31, 2021 December 31, 2020 Amount Percentage Amount Percentage Hotel $ 56,198 6.1 % $ 67,857 7.1 % Industrial 119,698 12.9 132,757 13.8 Land 39,760 4.3 51,220 5.3 Office 277,034 29.8 299,500 31.2 Retail 269,941 29.1 268,588 28.0 Apartments 153,871 16.6 120,847 12.6 Other 11,910 1.2 19,803 2.0 Total $ 928,412 100.0 % $ 960,572 100.0 % December 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 122,148 13.2 % $ 81,310 8.5 % East South Central 59,122 6.4 65,302 6.8 Mountain 127,542 13.7 133,233 13.9 Pacific 112,714 12.1 127,421 13.3 South Atlantic 67,573 7.3 97,801 10.1 West South Central 428,272 46.1 434,722 45.3 Other 11,041 1.2 20,783 2.1 Total $ 928,412 100.0 % $ 960,572 100.0 % |
Assets and Liabilities Related to VIEs | The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): December 31, 2021 2020 Real estate and real estate partnerships $ 126,708 $ 131,405 Investment funds 100,374 — Short-term investments 500 500 Cash and cash equivalents 10,341 8,070 Premiums due and other receivables 3,201 3,484 Other assets 12,992 13,796 Total assets of consolidated VIEs $ 254,116 $ 157,255 Notes payable $ 149,248 $ 153,703 Other liabilities 8,250 8,490 Total liabilities of consolidated VIEs $ 157,498 $ 162,193 |
Schedule of Long-term Notes Payable of Consolidated VIEs | The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): December 31, Interest rate Maturity 2021 2020 LIBOR 2023 $ 10,819 $ 10,819 4% fixed 2022 75,293 78,565 4.18% fixed 2024 63,136 64,319 Total $ 149,248 $ 153,703 |
Carrying Amount and Maximum Exposure to Loss Related to VIEs | The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs follows (in thousands): December 31, 2021 2020 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Real estate and real estate partnerships $ 332,351 $ 332,351 $ 368,588 $ 368,588 Mortgage loans on real estate 690,779 690,779 722,917 722,917 Accrued investment income 2,878 2,878 4,980 4,980 |
Schedule of Investment In and Equity In Earnings of Unconsolidated Affiliates | The Company’s total investment in investment funds, real estate partnerships, and other partnerships, of which substantially all are limited liability companies ("LLCs") or limited partnerships, consists of the following (in thousands): December 31, 2021 2020 Investment funds $ 947,856 $ 458,776 Real estate partnerships 439,341 443,279 Other 13,907 18,359 Total investments in partnerships $ 1,401,104 $ 920,414 Years ended December 31, 2021 2020 2019 Income from operations $ 103,826 $ 14,958 $ 7,407 Net gain on sales 84,851 27,509 96,094 Net investment income from partnerships $ 188,677 $ 42,467 $ 103,501 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Reported in Financial Position | The detail of derivative instruments is shown below (in thousands, except number of instruments): December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2021 2020 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 473 $ 3,523,000 $ 259,383 455 $ 2,867,600 $ 242,201 Equity-indexed embedded derivative Policyholders’ account balances 125,523 3,419,992 832,579 112,103 2,748,540 705,013 |
Schedule of Derivative Instruments Reported in Statements of Operations | Gains (Losses) Recognized in Income on Derivatives Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Years ended December 31, 2021 2020 2019 Equity-indexed options Net investment income $ 127,681 $ 51,931 $ 144,980 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (107,162) (22,977) (162,011) |
Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds | Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): December 31, 2021 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Bank of America A2/A- $ 6,289 $ 5,950 $ — $ 5,950 $ 5,950 $ — $ 339 Barclays Baa2/BBB 45,410 28,173 18,100 46,273 45,410 863 — Credit Suisse Baa1/BBB+ 34,411 35,300 — 35,300 34,411 889 — ING Baa1/A- 13,280 3,030 10,300 13,330 13,280 50 — Morgan Stanley A1/BBB+ 61,817 57,716 5,700 63,416 61,817 1,599 — NATIXIS* A1/A 26,490 26,660 — 26,660 26,490 170 — Truist A3/A- 39,589 30,010 11,000 41,010 39,530 1,480 59 Wells Fargo A1/BBB+ 32,097 22,320 9,900 32,220 32,065 155 32 Total $ 259,383 $ 209,159 $ 55,000 $ 264,159 $ 258,953 $ 5,206 $ 430 December 31, 2020 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 51,489 $ 31,513 $ 18,100 $ 49,613 $ 49,613 $ — $ 1,876 Credit Suisse Baa1/BBB+ 9,447 8,680 — 8,680 8,680 — 767 Goldman-Sachs A3/BBB+ 1,227 1,170 — 1,170 1,170 — 57 ING Baa1/A- 20,606 10,450 10,300 20,750 20,606 144 — Morgan Stanley A2/BBB+ 37,406 30,616 5,700 36,316 36,316 — 1,090 NATIXIS* A1/A+ 30,567 30,720 — 30,720 30,567 153 — Truist A3/A- 52,127 43,960 11,000 54,960 52,127 2,833 — Wells Fargo A2/BBB+ 39,332 29,370 9,900 39,270 39,270 — 62 Total $ 242,201 $ 186,479 $ 55,000 $ 241,479 $ 238,349 $ 3,130 $ 3,852 |
Net Investment Income and Net_2
Net Investment Income and Net Realized Investment Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Net Investment Income | Net investment income is shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds $ 523,422 $ 560,811 $ 602,054 Equity securities 28,102 31,325 33,502 Mortgage loans 260,721 251,414 254,720 Real estate and real estate partnerships 99,483 28,810 106,446 Investment funds 99,007 19,454 5,904 Equity-indexed options 127,681 51,931 144,980 Other invested assets 33,238 32,407 33,301 Total $ 1,171,654 $ 976,152 $ 1,180,907 |
Summary of Realized Investment Gains (Losses) | Net realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds $ 54,941 $ 23,318 $ 16,361 Mortgage loans (768) — (2,412) Real estate and real estate partnerships 10,240 12,401 25,555 Other invested assets 215 (59) (1,785) Total $ 64,628 $ 35,660 $ 37,719 Net realized investment gains (losses) by transaction type are shown below (in thousands): Years ended December 31, 2021 2020 2019 Sales $ 16,045 $ 10,249 $ 27,161 Calls and maturities 55,526 26,948 17,372 Paydowns 385 (108) (156) Impairments (5,913) (1,276) (6,505) Loss allowance — — 21 Other (1,415) (153) (174) Total $ 64,628 $ 35,660 $ 37,719 |
Schedule of Other Than Temporary Impairment Losses | Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2021 2020 2019 Bonds* $ — $ — $ (6,968) * Effective January 1, 2020, the Company adopted ASU No. 2016-13. Adoption of this guidance resulted in an allowance for credit losses primarily on our commercial mortgage loans and related off-balance sheet unfunded loan commitments, held-to-maturity bonds and reinsurance recoverables. The results for 2019 have not been restated to conform to the current presentation. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below (in thousands): December 31, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity $ 7,088,981 $ 7,458,789 $ 7,354,970 $ 7,983,181 Fixed maturity, bonds available-for-sale 8,380,248 8,380,248 7,597,180 7,597,180 Equity securities 135,433 135,433 2,070,766 2,070,766 Equity-indexed options 259,383 259,383 242,201 242,201 Mortgage loans on real estate, net of allowance 5,199,334 5,271,950 5,242,531 5,451,152 Policy loans 365,208 365,208 373,014 373,014 Short-term investments 1,840,732 1,840,732 1,028,379 1,028,379 Separate account assets ($1,278,380 and $1,153,702 included in fair value hierarchy) 1,320,703 1,320,703 1,185,467 1,185,467 Separately managed accounts 99,884 99,884 64,424 64,424 Total financial assets $ 24,689,906 $ 25,132,330 $ 25,158,932 $ 25,995,764 Financial liabilities Investment contracts $ 10,947,958 $ 10,947,958 $ 10,101,764 $ 10,101,764 Embedded derivative liability for equity-indexed contracts 832,579 832,579 705,013 705,013 Notes payable 149,248 149,248 153,703 153,703 Federal Home Loan Bank advance — — 250,000 250,227 Separate account liabilities ($1,278,380 and $1,153,702 included in fair value hierarchy) 1,320,703 1,320,703 1,185,467 1,185,467 Total financial liabilities $ 13,250,488 $ 13,250,488 $ 12,395,947 $ 12,396,174 |
Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits | Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range December 31, December 31, 2021 2020 Unobservable Input 2021 2020 Security type Embedded derivative Indexed Annuities $ 799.3 $ 670.8 Lapse Rate 1-50% 1-50% Mortality Multiplier 100% 100% Equity Volatility 12-64% 16-69% Indexed Life 33.3 34.2 Equity Volatility 12-64% 16-69% The following summarizes the fair value (in thousands), valuation techniques and unobservable inputs of the Level 3 fair value measurements: Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range/Weighted Average Security type Investment securities Common stock $ 1,580 Guideline public company method (1) Recurring Revenue Multiple (2) 8x Option pricing method LTM EBITDA Multiple (3) 7.6x CVM NCY EBITDA Multiple (5) 4.8x Preferred stock 32,968 Guideline public company method (1) LTM Revenue Multiple (4) 6.3x Priced at cost LTM EBITDA Multiple (3) 4.2x NCY EBITDA Multiple (5) 4.8x Term (Years) 1.80 Volatility 60.00% Bonds 246,157 Priced at cost Coupon rate 2.63-8.00% Separately managed accounts 99,884 Discounted cash flows (yield analysis) Discount rate 4.80-16.40% CVM NCY EBITDA Multiple (5) 4.8x Market transaction N/A N/A Fair Value at December 31, 2020 Valuation Technique Unobservable Input Range/Weighted Average Security type Investment securities Common stock $ 440 Option pricing method Term (years) 2.83 Volatility 45.00% Market transaction N/A N/A Preferred stock 628 Option pricing method Term (years) 2.83 Volatility 45.00% Market transaction N/A N/A Bonds 110,437 Priced at cost Coupon rate 2.72-8.00% Separately managed accounts 64,424 Discounted cash flows (yield analysis) Discount rate 7.25-14.71% Market transaction N/A N/A (1) Guideline public company method uses price multiples from data on comparable public companies. Multiples are then adjusted to account for differences between what is being valued and comparable firms. (2) Recurring Revenue Multiple for the most relevant period of time, measures the value of the equity or a business relative to the revenues it generates. (3) Last Twelve Months (“LTM”) EBITDA Multiple valuation metric shows earnings before interest, taxes, depreciation and amortization adjustments for the past 12 month period. (4) LTM Revenue Multiple valuation metric shows revenue for the past 12 month period. |
Quantitative Disclosures Regarding Fair Value Hierarchy Measurements | The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 26,753 $ 26,753 $ — $ — U.S. states and political subdivisions 1,077,129 — 1,077,129 — Foreign governments 5,841 — 5,841 — Corporate debt securities 7,036,148 — 6,789,991 246,157 Residential mortgage-backed securities 31,967 — 31,967 — Collateralized debt securities 202,410 — 202,410 — Total bonds available-for-sale 8,380,248 26,753 8,107,338 246,157 Equity securities Common stock 94,895 93,315 — 1,580 Preferred stock 40,538 7,570 — 32,968 Total equity securities 135,433 100,885 — 34,548 Options 259,383 — — 259,383 Short-term investments 1,840,732 — 1,840,732 — Separate account assets 1,278,380 381,414 896,966 — Separately managed accounts 99,884 — — 99,884 Total financial assets $ 11,994,060 $ 509,052 $ 10,845,036 $ 639,972 Financial liabilities Embedded derivative for equity-indexed contracts $ 832,579 $ — $ — $ 832,579 Notes payable 149,248 — — 149,248 Separate account liabilities 1,278,380 381,414 896,966 — Total financial liabilities $ 2,260,207 $ 381,414 $ 896,966 $ 981,827 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 29,183 $ — $ 29,183 $ — U.S. states and political subdivisions 1,140,458 — 1,140,458 — Foreign governments 16,388 — 16,388 — Corporate debt securities 6,334,479 — 6,224,042 110,437 Residential mortgage-backed securities 21,291 — 21,291 — Collateralized debt securities 55,381 — 55,381 — Total bonds available-for-sale 7,597,180 — 7,486,743 110,437 Equity securities Common stock 2,055,229 2,054,789 — 440 Preferred stock 15,537 14,909 — 628 Total equity securities 2,070,766 2,069,698 — 1,068 Options 242,201 — — 242,201 Short-term investments 1,028,379 — 1,028,379 — Separate account assets 1,153,702 309,425 844,277 — Separately managed accounts 64,424 — — 64,424 Total financial assets $ 12,156,652 $ 2,379,123 $ 9,359,399 $ 418,130 Financial liabilities Embedded derivative for equity-indexed contracts $ 705,013 $ — $ — $ 705,013 Notes payable 153,703 — — 153,703 Separate account liabilities 1,153,702 309,425 844,277 — Total financial liabilities $ 2,012,418 $ 309,425 $ 844,277 $ 858,716 The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): December 31, 2021 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 1 $ 12,284 $ 11,997 U.S. states and political subdivisions Level 2 104,039 103,809 Foreign governments Level 2 14,369 14,347 Corporate debt securities Level 2 6,799,051 7,166,564 Residential mortgage-backed securities Level 2 47,975 50,178 Collateralized debt securities Level 2 111,263 111,894 Total fixed maturity, bonds held-to-maturity 7,088,981 7,458,789 Mortgage loans on real estate, net of allowance Level 3 5,199,334 5,271,950 Policy loans Level 3 365,208 365,208 Total financial assets $ 12,653,523 $ 13,095,947 Financial liabilities Investment contracts Level 3 $ 10,947,958 $ 10,947,958 Notes payable Level 3 149,248 149,248 Total financial liabilities $ 11,097,206 $ 11,097,206 December 31, 2020 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 2 $ 7,732 $ 7,744 U.S. states and political subdivisions Level 2 109,445 113,535 Foreign governments Level 2 3,851 4,225 Corporate debt securities Level 2 6,981,597 7,595,712 Corporate debt securities Level 3 3,024 3,024 Residential mortgage-backed securities Level 2 114,127 117,728 Collateralized debt securities Level 2 135,194 141,213 Total fixed maturity, bonds held-to-maturity 7,354,970 7,983,181 Mortgage loans on real estate, net of allowance Level 3 5,242,531 5,451,152 Policy loans Level 3 373,014 373,014 Total financial assets $ 12,970,515 $ 13,807,347 Financial liabilities Investment contracts Level 3 $ 10,101,764 $ 10,101,764 Notes payable Level 3 153,703 153,703 Federal Home Loan Bank advance Level 2 250,000 250,227 Total financial liabilities $ 10,505,467 $ 10,505,694 |
Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs | For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at December 31, 2018 $ 4,346 $ 148,006 $ 16,532 $ 596,075 Net gain for derivatives included in net investment income — 144,980 — — Net change included in interest credited — — — 162,011 Net fair value change included in other comprehensive income — — 60 — Purchases, sales and settlements or maturities Purchases 45,307 75,163 33,911 — Sales (113) (13,396) — — Settlements or maturities — (98,748) — — Premiums less benefits — — — (26,534) Gross transfers out of Level 3 (4,233) — — — Balance at December 31, 2019 45,307 256,005 50,503 731,552 Net gain for derivatives included in net investment income — 51,931 — — Net change included in interest credited — — — 22,977 Net fair value change included in other comprehensive income 80 — (312) — Purchases, sales and settlements or maturities Purchases 191,960 80,705 25,343 — Sales (70,842) (8,063) (11,110) — Settlements or maturities — (138,377) — — Premiums less benefits — — — (49,516) Gross transfers out of Level 3 (55,000) — — — Balance at December 31, 2020 111,505 242,201 64,424 705,013 Net gain for derivatives included in net investment income — 127,681 — — Net change included in interest credited — — — 107,162 Net fair value change included in other comprehensive income 3,269 — 1,444 — Purchases, sales and settlements or maturities Purchases 225,063 97,712 56,712 — Sales (58,593) — (22,696) — Settlements or maturities — (208,211) — — Premiums less benefits — — — 20,404 Gross transfers into Level 3 1,479 — — — Gross transfers out of Level 3 (2,018) — — — Balance at December 31, 2021 $ 280,705 $ 259,383 $ 99,884 $ 832,579 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Balance at December 31, 2018 $ 839,133 $ 499,588 $ 33,960 $ 124,580 $ 1,497,261 Additions 139,336 70,272 19,940 313,710 543,258 Amortization (113,300) (79,746) (21,322) (316,141) (530,509) Effect of change in unrealized gains on available-for-sale debt securities (12,269) (74,734) — — (87,003) Net change 13,767 (84,208) (1,382) (2,431) (74,254) Balance at December 31, 2019 852,900 415,380 32,578 122,149 1,423,007 Additions 148,142 55,411 15,926 335,744 555,223 Amortization (94,386) (103,709) (15,619) (335,831) (549,545) Effect of change in unrealized gains on available-for-sale debt securities (10,448) (58,026) — — (68,474) Net change 43,308 (106,324) 307 (87) (62,796) Balance at December 31, 2020 896,208 309,056 32,885 122,062 1,360,211 Additions 161,898 99,971 14,369 366,167 642,405 Amortization (111,764) (77,133) (17,906) (355,970) (562,773) Effect of change in unrealized gains on available-for-sale debt securities 9,703 48,578 — — 58,281 Net change 59,837 71,416 (3,537) 10,197 137,913 Balance at December 31, 2021 $ 956,045 $ 380,472 $ 29,348 $ 132,259 $ 1,498,124 |
Liability for Unpaid Claims a_2
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Information regarding the liability for unpaid claims is shown below (in thousands): Years ended December 31, 2021 2020 2019 Unpaid claims balance, beginning $ 1,354,213 $ 1,322,837 $ 1,305,225 Less: Reinsurance recoverables 243,084 246,447 254,466 Net beginning balance 1,111,129 1,076,390 1,050,759 Incurred related to Current 1,277,798 1,177,634 1,207,796 Prior years (93,357) (61,659) (57,979) Total incurred claims 1,184,441 1,115,975 1,149,817 Paid claims related to Current 735,968 681,960 688,544 Prior years 392,881 399,276 435,642 Total paid claims 1,128,849 1,081,236 1,124,186 Net balance 1,166,721 1,111,129 1,076,390 Plus: Reinsurance recoverables 288,358 243,084 246,447 Unpaid claims balance, ending $ 1,455,079 $ 1,354,213 $ 1,322,837 |
Schedule of Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses in Consolidated Statement of Financial Position | The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows (in thousands): December 31, 2021 Net outstanding liabilities Auto Liability $ 458,517 Non-Auto Liability 303,662 Commercial Multi-Peril 150,783 Homeowners 84,625 Short Tail Property 38,998 Credit Property and Casualty 16,004 Credit Life 1,435 Health 23,329 Credit Health 4,557 Other 897 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 1,082,807 Reinsurance recoverable on unpaid claims Auto Liability 11,554 Non-Auto Liability 40,650 Commercial Multi-Peril 8,419 Homeowners 13,746 Short Tail Property 12,818 Credit Property and Casualty 11,782 Credit Life 673 Health 193,065 Credit Health 1,657 Other 7,020 Total reinsurance recoverable on unpaid claims 301,384 Insurance lines other than short-duration 244,418 Unallocated claim adjustment expenses 63,686 308,104 Total gross liability for unpaid claims and claim adjustment expense $ 1,692,295 |
Summary of Incurred and Paid Claims Development as Supplementary Information | Auto Liability —Consists of personal and commercial auto. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 251,593 $ 242,255 $ 231,312 $ 228,013 $ 229,426 $ 228,559 $ 228,864 $ 228,486 $ 228,236 $ 228,181 $ 58 44,691 2013 242,364 236,432 233,068 231,301 228,285 226,608 227,234 227,102 226,943 134 38,817 2014 232,146 223,386 217,819 215,419 214,870 214,557 214,326 214,253 203 36,011 2015 237,578 240,697 239,421 245,775 244,798 244,621 243,304 374 36,097 2016 259,177 256,080 261,400 259,128 257,633 256,294 1,434 37,114 2017 269,803 280,012 275,850 273,551 270,464 4,607 38,591 2018 314,467 299,512 288,806 282,805 12,541 37,826 2019 330,988 313,636 305,312 26,749 36,267 2020 277,597 254,808 46,637 26,166 2021 299,746 89,756 26,556 Total $ 2,582,110 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 82,531 $ 150,323 $ 183,448 $ 204,980 $ 214,467 $ 219,170 $ 222,117 $ 222,865 $ 224,585 $ 224,799 2013 79,358 143,709 181,535 204,480 215,280 219,303 223,739 224,675 226,211 2014 72,838 134,376 166,947 187,375 204,057 209,401 210,994 212,522 2015 78,861 149,366 186,281 211,908 231,530 237,792 239,986 2016 86,492 153,911 198,326 225,869 237,592 247,640 2017 88,357 175,175 218,435 241,823 255,530 2018 95,777 185,317 227,312 248,183 2019 98,545 193,389 231,892 2020 78,699 151,722 2021 85,916 Total $ 2,124,401 All outstanding liabilities before 2012, net of reinsurance* 808 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 458,517 * Unaudited supplementary information. Non-Auto Liability —Consists of workers’ compensation and other liability occurrence. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 83,146 $ 80,470 $ 78,644 $ 75,226 $ 68,017 $ 63,630 $ 64,118 $ 63,336 $ 63,552 $ 63,304 $ 1,623 4,877 2013 74,183 75,815 70,772 67,841 65,096 64,564 63,284 62,926 62,159 1,738 4,556 2014 83,084 75,550 72,624 67,339 67,865 67,267 67,268 66,250 3,168 6,111 2015 83,897 78,968 76,724 67,548 64,189 63,326 63,523 3,593 5,563 2016 86,935 83,179 73,764 73,195 68,178 67,347 4,153 4,501 2017 102,616 88,902 81,240 77,322 76,540 6,397 8,176 2018 88,986 85,910 79,493 75,207 16,115 13,684 2019 96,064 95,340 92,544 26,473 11,875 2020 90,197 83,339 37,431 10,028 2021 102,869 65,428 8,512 Total $ 753,082 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 13,862 $ 27,574 $ 38,826 $ 49,585 $ 55,194 $ 57,863 $ 59,528 $ 60,900 $ 61,450 $ 61,858 2013 12,794 22,743 32,474 42,504 47,987 51,672 54,323 55,426 56,916 2014 11,201 26,587 36,220 45,206 51,853 55,307 57,497 58,559 2015 11,979 23,488 37,059 46,285 51,303 53,478 55,434 2016 12,733 24,633 35,502 45,820 50,596 55,205 2017 14,865 37,139 48,654 53,996 59,582 2018 13,156 26,115 37,574 45,316 2019 12,204 30,199 40,729 2020 9,596 23,838 2021 12,389 Total $ 469,826 All outstanding liabilities before 2012, net of reinsurance* 20,406 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 303,662 * Unaudited supplementary information. Commercial Multi-Peril —Consists of business owners insurance and mortgage fire business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 35,169 $ 28,548 $ 26,805 $ 23,258 $ 23,385 $ 23,090 $ 22,481 $ 22,045 $ 22,033 $ 22,381 $ 151 2,717 2013 33,979 27,592 27,867 26,970 25,948 26,028 24,790 24,681 24,733 231 2,228 2014 36,852 31,220 34,911 33,962 36,132 34,279 34,004 33,836 292 2,311 2015 33,997 31,488 29,023 32,282 31,285 33,059 34,282 821 2,240 2016 38,115 33,475 33,080 31,615 33,628 32,705 875 4,798 2017 42,411 37,079 40,611 43,367 47,660 3,631 6,815 2018 50,784 50,182 51,519 51,035 4,595 5,678 2019 56,062 59,789 58,262 11,129 3,587 2020 68,226 63,281 16,924 4,012 2021 95,708 39,566 4,999 Total $ 463,883 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 11,525 $ 14,454 $ 16,263 $ 18,670 $ 20,716 $ 21,026 $ 21,352 $ 21,415 $ 21,453 $ 21,499 2013 9,374 12,723 15,426 18,406 20,816 21,718 23,210 23,348 23,513 2014 12,001 16,484 20,199 24,602 27,339 31,448 32,702 32,934 2015 9,820 12,956 16,402 21,680 25,188 27,201 28,566 2016 11,327 17,193 19,085 22,339 25,686 26,690 2017 12,458 20,828 23,294 26,202 28,420 2018 18,027 30,078 32,490 35,781 2019 22,098 32,295 37,408 2020 25,492 38,415 2021 41,452 Total $ 314,678 All outstanding liabilities before 2012, net of reinsurance* 1,578 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 150,783 * Unaudited supplementary information. Homeowners —Consists of homeowners and renters business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 181,284 $ 177,664 $ 175,523 $ 175,509 $ 175,178 $ 175,032 $ 174,611 $ 174,276 $ 174,239 $ 174,238 $ — 30,999 2013 152,208 149,080 149,272 148,231 147,927 147,444 147,359 147,234 147,246 — 20,041 2014 132,651 131,634 130,287 131,546 130,895 130,747 130,799 130,713 — 18,183 2015 125,430 124,199 123,619 123,824 123,731 123,357 123,312 2 17,758 2016 147,264 145,373 144,376 145,019 144,828 144,766 17 21,559 2017 164,284 172,274 172,491 169,524 169,430 45 23,589 2018 174,495 179,561 176,317 176,681 61 22,576 2019 177,854 176,005 173,763 1,181 20,260 2020 227,298 228,441 2,876 24,788 2021 240,732 31,342 19,762 Total $ 1,709,322 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 2012 $ 143,797 $ 169,415 $ 171,842 $ 173,170 $ 173,676 $ 174,139 $ 174,247 $ 174,256 $ 174,239 $ 174,238 2013 115,605 140,309 145,152 146,650 146,920 147,145 147,233 147,232 147,245 2014 96,300 122,601 126,245 129,467 130,059 130,305 130,542 130,577 2015 86,617 114,696 119,331 122,585 122,955 123,065 123,161 2016 105,415 136,796 140,972 144,000 144,596 144,635 2017 116,075 159,107 166,009 167,638 168,241 2018 121,631 165,203 170,850 174,077 2019 122,530 163,400 170,229 2020 166,352 217,224 2021 175,265 Total $ 1,624,892 All outstanding liabilities before 2012, net of reinsurance* 195 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 84,625 * Unaudited supplementary information. Short Tail Property —Consists of auto physical damage, fire, rental owners, standard fire policy, country estates, inland marine and watercraft. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 237,332 $ 229,857 $ 282 53,008 2021 269,065 (3,599) 53,068 Total $ 498,922 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 203,827 $ 227,495 2021 235,425 Total $ 462,920 All outstanding liabilities before 2020, net of reinsurance* 2,996 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 38,998 * Unaudited supplementary information Credit Property and Casualty —Consists of credit property insurance, vendor’s or lender’s single interest insurance, GAP insurance, GAP waiver, debt cancellation products, involuntary unemployment insurance and collateral protection insurance. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 65,260 $ 65,269 $ — 22,385 2021 51,002 12,188 14,443 Total $ 116,271 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 46,417 $ 65,269 2021 34,998 Total $ 100,267 All outstanding liabilities before 2020, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 16,004 * Unaudited supplementary information. Credit Life —For credit life products, IBNR is calculated as a percentage of life insurance in-force. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2020* 2021 2020 $ 7,265 $ 8,397 $ 35 48 2021 10,291 1,300 50 Total $ 18,688 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2020* 2021 2020 $ 6,201 $ 8,359 2021 8,894 Total $ 17,253 All outstanding liabilities before 2020, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,435 * Unaudited supplementary information. Health —Consists of stop-loss and other supplemental health products. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 41,544 $ 39,930 $ 35,466 $ 35,447 $ 35,451 $ — 29,216 2018 64,686 63,729 57,676 57,682 — 30,004 2019 48,175 52,508 47,294 1 30,614 2020 38,461 37,871 3,816 24,946 2021 43,153 14,174 20,877 Total $ 221,451 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 25,358 $ 35,392 $ 35,420 $ 35,420 $ 35,420 2018 34,894 57,759 57,616 57,617 2019 33,353 47,270 47,245 2020 23,398 34,118 2021 27,889 Total $ 202,289 All outstanding liabilities before 2017, net of reinsurance* 4,167 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 23,329 Credit Health —The claim liability consists of credit disability. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2021 Years ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 4,555 $ 4,852 $ 4,773 $ 4,820 $ 4,873 $ 46 3,803 2018 4,631 4,163 4,155 4,303 76 3,572 2019 3,902 3,705 3,631 97 2,999 2020 3,736 3,741 222 2,605 2021 3,415 457 1,533 Total $ 19,963 * Unaudited supplementary information. Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years ended December 31, Accident Year 2017* 2018* 2019* 2020* 2021 2017 $ 1,389 $ 3,328 $ 4,058 $ 4,438 $ 4,639 2018 1,473 2,930 3,598 3,918 2019 1,208 2,618 3,138 2020 1,179 2,613 2021 1,098 Total $ 15,406 All outstanding liabilities before 2017, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,557 * Unaudited supplementary information. |
Summary of Average Annual Percentage Payout Incurred Claims | The following table is supplementary information. A 10-year average annual percentage payout of incurred claims is shown below: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Auto Liability 33.0 % 29.5 % 15.3 % 9.5 % 5.7 % 2.6 % 1.2 % 0.5 % 0.7 % 2.0 % Non-Auto Liability 17.1 % 19.9 % 15.9 % 13.4 % 8.3 % 5.1 % 3.3 % 1.9 % 1.6 % 13.5 % Commercial Multi-Peril 37.1 % 16.2 % 8.1 % 10.5 % 8.7 % 5.2 % 3.8 % 0.5 % 0.5 % 9.4 % Homeowners 73.1 % 21.3 % 3.3 % 1.7 % 0.3 % 0.1 % 0.1 % — % — % 0.1 % Short Tail Property 88.1 % 11.9 % — % — % — % — % — % — % — % — % Credit Property and Casualty 69.9 % 30.1 % — % — % — % — % — % — % — % — % Credit Life 80.1 % 19.9 % — % — % — % — % — % — % — % — % |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Reinsurance Retention Policy | The maximum amounts that would be retained by one life insurance company (ANICO) by issue ages are shown below (in thousands): 0-75 Years 76-80 Years 81 and Over Individual life $ 5,000 $ 2,000 $ 1,000 Individual accidental death 250 250 250 Credit life 100 100 100 Group life 100 100 100 Total $ 5,450 $ 2,450 $ 1,450 |
Effect of Reinsurance | American National had the following recoverables from reinsurance, net of allowance for credit losses (in thousands): December 31, 2021 2020 Reinsurance recoverables $ 459,621 $ 414,359 Years ended December 31, 2021 2020 2019 WRITTEN Direct $ 2,650,696 $ 2,533,278 $ 2,500,176 Reinsurance assumed 644,858 591,457 578,656 Reinsurance ceded (944,194) (883,187) (865,369) Net $ 2,351,360 $ 2,241,548 $ 2,213,463 EARNED Direct $ 2,716,632 $ 2,629,403 $ 2,464,870 Reinsurance assumed 317,081 291,945 236,504 Reinsurance ceded (732,660) (703,274) (518,580) Net $ 2,301,053 $ 2,218,074 $ 2,182,794 |
Life Insurance In-Force and Related Reinsurance | Life insurance in-force and related reinsurance amounts are shown below (in thousands): December 31, 2021 2020 2019 Direct life insurance in-force $ 136,710,529 $ 128,075,765 $ 117,886,265 Reinsurance risks assumed from other companies 221,023 171,433 218,020 Reinsurance risks ceded to other companies (22,835,954) (24,006,683) (24,913,905) Net life insurance in-force $ 114,095,598 $ 104,240,515 $ 93,190,380 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Reconciliation | A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Years ended December 31, 2021 2020 2019 Amount Rate Amount Rate Amount Rate Total expected income tax expense at the statutory rate $ 181,229 21.0 % $ 121,939 21.0 % $ 167,554 21.0 % Tax-exempt investment income (3,929) (0.5) (4,262) (0.7) (3,969) (0.5) Deferred tax change (8,375) (1.0) 2,816 0.5 (519) (0.1) Dividend exclusion (3,459) (0.4) (3,097) (0.5) (3,628) (0.5) Tax credits, net (4,988) (0.6) (7,484) (1.3) (7,090) (0.9) Low income housing tax credit expense 4,744 0.5 4,923 0.8 6,394 0.8 Change in valuation allowance (138) — (625) (0.1) 383 — Other items, net 1,501 0.3 2,397 0.4 6,292 0.7 Total $ 166,585 19.3 % $ 116,607 20.1 % $ 165,417 20.5 % |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to the deferred tax assets and liabilities are shown below (in thousands): December 31, 2021 2020 DEFERRED TAX ASSETS Mortgage loans on real estate $ 27,784 $ 34,341 Future policy benefits, policyholders' account balances and claims 43,538 57,572 Unearned premium reserve 25,142 23,225 Participating policyholders’ liability 67,367 41,593 Deferred compensation 11,427 9,057 Tax carryforwards 1,748 1,643 Gross deferred tax assets before valuation allowance 177,006 167,431 Valuation allowance (2,552) (2,458) Gross deferred tax assets after valuation allowance 174,454 164,973 DEFERRED TAX LIABILITIES Bonds 69,089 122,326 Equity securities 8,386 262,017 Real estate, real estate partnerships and investment funds 16,319 12,499 Other invested assets 30,452 29,664 Deferred acquisition costs 218,252 199,152 Property and equipment 6,272 7,689 Pension and liability for retirement benefits 20,640 1,549 Other liabilities 5,554 8,424 Gross deferred tax liabilities 374,964 643,320 Total net deferred tax liability $ 200,510 $ 478,347 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ (42,469) $ (54,236) $ (3,033) $ (99,738) Amounts reclassified from AOCI (net of tax benefit $213 and expense $1,491) (800) 5,607 — 4,807 Unrealized holding gains arising during the period (net of tax expense $70,808) 266,373 — — 266,373 Unrealized adjustment to DAC (net of tax benefit $18,270) (68,733) — — (68,733) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,372) (12,684) — — (12,684) Actuarial gain arising during the period (net of tax expense of $2,629) — 9,888 — 9,888 Foreign currency adjustment (net of tax expense $104) — — 390 390 Cumulative effect of changes in accounting 16,164 (16,491) (458) (785) Balance at December 31, 2019 157,851 (55,232) (3,101) 99,518 Amounts reclassified from AOCI (net of tax benefit $2,092 and expense $1,018) (7,870) 3,831 — (4,039) Unrealized holding gains arising during the period (net of tax expense $52,808) 198,657 — — 198,657 Unrealized adjustment to DAC (net of tax benefit $14,380) (54,094) — — (54,094) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $632) (2,378) — — (2,378) Actuarial loss arising during the period (net of tax benefit $4,181) — (15,729) — (15,729) Foreign currency adjustment (net of tax expense $62) — — 235 235 Balance at December 31, 2020 292,166 (67,130) (2,866) 222,170 Amounts reclassified from AOCI (net of tax benefit $8,608 and expense $2,016) (32,382) 7,584 — (24,798) Unrealized holding losses arising during the period (net of tax benefit $43,343) (163,051) — — (163,051) Unrealized adjustment to DAC (net of tax expense $12,239) 46,042 — — 46,042 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $1,738) 6,537 — — 6,537 Actuarial gain arising during the period (net of tax expense $15,974) — 60,092 — 60,092 Foreign currency adjustment (net of tax expense $65) — — 62 62 Balance at December 31, 2021 $ 149,312 $ 546 $ (2,804) $ 147,054 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The number of shares outstanding at the dates indicated are shown below: Years ended December 31, 2021 2020 2019 Common stock Shares issued 26,887,200 26,887,200 30,832,449 Treasury shares — — (3,945,249) Outstanding shares 26,887,200 26,887,200 26,887,200 Restricted shares (10,000) (10,000) (10,000) Unrestricted outstanding shares 26,877,200 26,877,200 26,877,200 |
Stock-Based Compensation Information | SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2018 335 $ 84.41 10,000 $ 80.05 18,316 $ 111.12 Granted — — — — 8,250 113.19 Exercised — — — — (18,316) 111.12 Forfeited — — — — — — Expired (269) 77.90 — — — — Outstanding at December 31, 2019 66 110.83 10,000 80.05 8,250 113.19 Granted — — — — 8,250 75.35 Exercised — — — — (8,250) 113.19 Forfeited — — — — — — Expired (66) 110.83 — — — — Outstanding at December 31, 2020 — — 10,000 80.05 8,250 75.35 Granted — — — — 10,197 113.35 Exercised — — — — (8,250) 75.35 Forfeited — — — — — — Expired — — — — — — Outstanding at December 31, 2021 — $ — 10,000 $ 80.05 10,197 $ 113.35 SAR RS Shares RSUs Weighted-average contractual remaining life (in years) 0.0 1.16 0.33 Exercisable shares — N/A N/A Weighted-average exercise price $ — $ 80.05 $ 113.35 Weighted-average exercise price exercisable shares — N/A N/A Compensation expense (credit) Year ended December 31, 2021 $ — $ 80,000 $ 1,989,000 Year ended December 31, 2020 (1,000) 80,000 449,000 Year ended December 31, 2019 15,000 80,000 1,168,000 Fair value of liability award December 31, 2021 $ — N/A $ 1,926,000 December 31, 2020 — N/A 793,000 |
Summary of Basic and Diluted Earnings Per Share | Years ended December 31, 2021 2020 2019 Weighted average shares outstanding 26,877,200 26,878,679 26,882,691 Incremental shares from RS awards and RSUs 7,479 8,446 8,552 Total shares for diluted calculations 26,884,679 26,887,125 26,891,243 Net income attributable to American National (in thousands) $ 699,325 $ 467,505 $ 620,363 Basic earnings per share $ 26.02 $ 17.39 $ 23.08 Diluted earnings per share $ 26.01 $ 17.38 $ 23.07 |
Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices | The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): December 31, 2021 2020 Statutory capital and surplus Life insurance entities $ 2,425,759 $ 2,188,808 Property and casualty insurance entities 1,570,501 1,463,179 Years ended December 31, 2021 2020 2019 Statutory net income (loss) Life insurance entities $ 956,053 $ (25,178) $ 47,133 Property and casualty insurance entities 383,962 127,207 96,269 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Total Assets by Operating Segments | The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2021 2020 Total assets Life $ 7,491,012 $ 7,111,991 Annuity 14,803,297 13,642,357 Health 532,809 515,841 Property and Casualty 2,888,696 2,716,896 Corporate and Other 5,604,507 5,480,730 Total $ 31,320,321 $ 29,467,815 |
Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments | The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below (in thousands): Year ended December 31, 2021 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 412,769 $ 74,925 $ 143,484 $ 1,669,875 $ — $ 2,301,053 Other policy revenues 336,136 23,571 — — — 359,707 Net investment income 277,962 629,417 8,153 62,140 193,982 1,171,654 Net realized investment gains — — — — 64,628 64,628 Decrease in investment credit loss — — — — 28,778 28,778 Net gains on equity securities — — — — 420,283 420,283 Other income 1,577 3,282 21,743 15,807 3,279 45,688 Total premiums and other revenues 1,028,444 731,195 173,380 1,747,822 710,950 4,391,791 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 605,724 149,931 — — — 755,655 Claims incurred — — 98,029 1,094,126 — 1,192,155 Interest credited to policyholders' account balances 84,005 364,649 — — — 448,654 Commissions for acquiring and servicing policies 186,470 98,842 24,231 330,554 — 640,097 Other operating expenses 195,127 53,379 42,284 213,486 67,593 571,869 Change in deferred policy acquisition costs (50,134) (22,838) 3,537 (10,197) — (79,632) Total benefits, losses and expenses 1,021,192 643,963 168,081 1,627,969 67,593 3,528,798 Income before federal income tax and other items $ 7,252 $ 87,232 $ 5,299 $ 119,853 $ 643,357 $ 862,993 Year ended December 31, 2020 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 396,099 $ 92,866 $ 168,805 $ 1,560,304 $ — $ 2,218,074 Other policy revenues 295,263 15,483 — — — 310,746 Net investment income 261,389 570,003 8,637 63,949 72,174 976,152 Net realized investment gains — — — — 35,660 35,660 Increase in investment credit loss — — — — (102,603) (102,603) Net gains on equity securities — — — — 356,281 356,281 Other income 2,084 2,716 19,598 12,779 3,379 40,556 Total premiums and other revenues 954,835 681,068 197,040 1,637,032 364,891 3,834,866 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 533,925 214,158 — — — 748,083 Claims incurred — — 116,122 1,005,620 — 1,121,742 Interest credited to policyholders' account balances 75,943 245,099 — — — 321,042 Commissions for acquiring and servicing policies 167,548 55,910 30,182 299,960 — 553,600 Other operating expenses 182,395 48,359 39,265 202,503 42,891 515,413 Change in deferred policy acquisition costs (53,756) 48,298 (307) 87 — (5,678) Total benefits, losses and expenses 906,055 611,824 185,262 1,508,170 42,891 3,254,202 Income before federal income tax and other items $ 48,780 $ 69,244 $ 11,778 $ 128,862 $ 322,000 $ 580,664 Year ended December 31, 2019 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 359,419 $ 147,139 $ 165,035 $ 1,511,201 $ — $ 2,182,794 Other policy revenues 288,061 17,195 — — — 305,256 Net investment income 263,788 663,895 9,467 64,263 179,494 1,180,907 Net realized investment gains — — — — 30,751 30,751 Net gains on equity securities — — — — 422,535 422,535 Other income 1,967 2,727 20,762 11,897 14,048 51,401 Total premiums and other revenues 913,235 830,956 195,264 1,587,361 646,828 4,173,644 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 449,252 218,576 — — — 667,828 Claims incurred — — 109,013 1,042,153 — 1,151,166 Interest credited to policyholders' account balances 80,950 431,049 — — — 511,999 Commissions for acquiring and servicing policies 162,203 71,350 31,624 267,457 — 532,634 Other operating expenses 190,104 50,507 41,475 201,580 41,222 524,888 Change in deferred policy acquisition costs (26,036) 9,474 1,382 2,431 — (12,749) Total benefits, losses and expenses 856,473 780,956 183,494 1,513,621 41,222 3,375,766 Income before federal income tax and other items $ 56,762 $ 50,000 $ 11,770 $ 73,740 $ 605,606 $ 797,878 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Amounts Recognized in Consolidated Statements of Financial Position | Amounts recognized in the consolidated statements of financial position consist of (in thousands): Qualified Non-qualified 2021 2020 2021 2020 Reconciliation of benefit obligation Obligation at beginning of year $ 427,745 $ 387,273 $ 65,791 $ 65,733 Service cost 589 543 — — Interest cost on projected benefit obligation 10,290 13,079 917 1,789 Actuarial (gain) loss (11,640) 50,620 2,496 6,775 Benefits paid (27,604) (23,770) (8,510) (8,506) Obligation at end of year 399,380 427,745 60,694 65,791 Reconciliation of fair value of plan assets Fair value of plan assets at beginning of year 511,989 470,101 — — Actual return on plan assets 90,822 65,700 — — Employer contributions — — 8,510 8,506 Benefits paid (27,597) (23,812) (8,510) (8,506) Fair value of plan assets at end of year 575,214 511,989 — — Funded status at end of year $ 175,834 $ 84,244 $ (60,694) $ (65,791) |
Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans | The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands): Years ended December 31, 2021 2020 2019 Service cost $ 589 $ 543 $ 523 Interest cost 11,207 14,868 17,421 Expected return on plan assets (25,921) (26,109) (24,248) Amortization of net actuarial loss 7,628 4,848 7,070 Settlement recognition 1,973 — — Net periodic cost (benefit) $ (4,524) $ (5,850) $ 766 |
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss) | Amounts related to the defined benefit pension plans recognized as a component of AOCI are shown below (in thousands): Years ended December 31, 2021 2020 2019 Actuarial gain (loss) $ 85,666 $ (15,061) $ 19,615 Deferred tax benefit (expense) (17,990) 3,163 (4,120) Cumulative effect of change in accounting — — (16,491) Other comprehensive income (loss), net of tax $ 67,676 $ (11,898) $ (996) |
Net Periodic Benefit Cost Not yet Recognized | Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands): Years ended December 31, 2021 2020 Net actuarial gain (loss) $ 690 $ (84,976) Deferred tax benefit (expense) (144) 17,846 Amounts included in AOCI $ 546 $ (67,130) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used are shown below: Used for Net Benefit Cost for year ended December 31, 2021 Used for Benefit Obligations as of December 31, 2021 Discount rate 2.52 % 2.86 % Long-term rate of return 5.25 — |
Pension Benefit Payments Expected to be Paid | The following table shows pension benefit payments expected to be paid (in thousands): 2022 $ 49,048 2023 33,243 2024 32,891 2025 30,522 2026 29,648 2027-2031 135,164 |
Fair Values of Plan Assets by Asset Category | The fair values (hierarchy measurements) of the pension plan assets by asset category are shown below (in thousands): December 31, 2021 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 144,770 $ — $ 144,770 $ — Residential mortgage-backed securities 61 — 61 — Equity securities by sector Consumer goods 63,296 63,296 — — Energy and utilities 27,078 27,078 — — Finance 48,401 48,401 — — Healthcare 60,972 60,972 — — Industrials 29,375 29,375 — — Information technology 103,379 103,379 — — Other 86,256 86,256 — — Commercial paper 3,104 — 3,104 — Unallocated group annuity contract 498 — 498 — Other 8,024 8,024 — — Total $ 575,214 $ 426,781 $ 148,433 $ — December 31, 2020 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 157,933 $ — $ 157,243 $ 690 Residential mortgage-backed securities 3,521 — 3,521 — Equity securities by sector Consumer goods 57,684 57,684 — — Energy and utilities 22,007 22,007 — — Finance 40,161 40,161 — — Healthcare 51,641 51,641 — — Industrials 25,827 25,827 — — Information technology 78,720 78,720 — — Other 70,230 70,230 — — Commercial paper 872 — 872 — Unallocated group annuity contract 1,940 — 1,940 — Other 1,453 1,453 — — Total $ 511,989 $ 347,723 $ 163,576 $ 690 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The impact on the consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due from American National Years ended December 31, December 31, Related Party Financial Statement Line Impacted 2021 2020 2019 2021 2020 Gal-Tex Hotel Corporation Mortgage loan on real estate $ — $ — $ 576 $ — $ — Gal-Tex Hotel Corporation Net investment income — — 9 — — Greer, Herz & Adams, LLP Other operating expenses 13,203 13,451 12,088 (310) (441) |
Nature of Operations (Detail)
Nature of Operations (Detail) | Dec. 31, 2021state |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states | 50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Equity in earnings (losses) of unconsolidated affiliates | $ 188,677,000 | $ 42,467,000 | $ 103,501,000 |
Interest due on loan cease to accrue, number of days past due | 90 days | ||
Number of years property held for sale | 1 year | ||
Percentage of participating policy of life insurance in-force | 4.00% | ||
Percentage of participating policy of life premium | 16.50% | ||
Largest amount of tax benefit, percent | 50.00% | ||
Farm Family Life | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of profit on participating business, stockholders' share of profits | 10.00% | ||
Share of profit on participating business, face amount of participating life insurance in-force | $ 0.50 | ||
Dividends to participating policyholders | 8,100,000 | 7,000,000 | 8,400,000 |
Additional income allocated to participating policyholders | $ 18,300,000 | $ 5,800,000 | $ 34,000,000 |
Minimum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of real estate investment | 15 years | ||
Estimated useful lives | 3 years | ||
Maximum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of real estate investment | 50 years | ||
Estimated useful lives | 50 years | ||
American National | Maximum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Entity ownership percentage | 100.00% |
Investment in Securities - Inve
Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | $ 7,102,110 | $ 7,367,412 | |
Held-to-maturity securities, gross unrealized gains | 394,900 | 639,648 | |
Held-to-maturity securities, gross unrealized losses | (25,092) | (11,437) | |
Held-to-maturity securities, allowance for credit losses | (13,129) | (12,442) | $ (21,664) |
Held-to-maturity securities, fair value | 7,458,789 | 7,983,181 | |
Available-for-sale debt securities, cost or amortized cost | 8,107,794 | 7,073,142 | |
Available-for-sale debt securities, gross unrealized gains | 321,861 | 548,996 | |
Available-for-sale debt securities, gross unrealized losses | (39,097) | (17,476) | |
Available-for-sale debt securities, allowance for credit losses | (10,310) | (7,482) | 0 |
Available-for-sale debt securities, fair value | 8,380,248 | 7,597,180 | |
Investments in securities, cost or amortized cost | 15,209,904 | 14,440,554 | |
Investments in securities, gross unrealized gains | 716,761 | 1,188,644 | |
Investments in securities, gross unrealized losses | (64,189) | (28,913) | |
Investments in securities, allowance for credit losses | (23,439) | (19,924) | |
Investments in securities, fair value | 15,839,037 | 15,580,361 | |
U.S. treasury and government | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 12,284 | 7,733 | |
Held-to-maturity securities, gross unrealized gains | 0 | 11 | |
Held-to-maturity securities, gross unrealized losses | (287) | 0 | |
Held-to-maturity securities, allowance for credit losses | 0 | 0 | |
Held-to-maturity securities, fair value | 11,997 | 7,744 | |
Available-for-sale debt securities, cost or amortized cost | 26,887 | 28,766 | |
Available-for-sale debt securities, gross unrealized gains | 121 | 418 | |
Available-for-sale debt securities, gross unrealized losses | (255) | (1) | |
Available-for-sale debt securities, allowance for credit losses | 0 | 0 | |
Available-for-sale debt securities, fair value | 26,753 | 29,183 | |
U.S. states and political subdivisions | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 104,039 | 109,445 | |
Held-to-maturity securities, gross unrealized gains | 1,676 | 4,101 | |
Held-to-maturity securities, gross unrealized losses | (1,906) | (11) | |
Held-to-maturity securities, allowance for credit losses | 0 | 0 | |
Held-to-maturity securities, fair value | 103,809 | 113,535 | |
Available-for-sale debt securities, cost or amortized cost | 1,028,331 | 1,066,627 | |
Available-for-sale debt securities, gross unrealized gains | 51,124 | 73,976 | |
Available-for-sale debt securities, gross unrealized losses | (2,312) | (145) | |
Available-for-sale debt securities, allowance for credit losses | (14) | 0 | |
Available-for-sale debt securities, fair value | 1,077,129 | 1,140,458 | |
Foreign governments | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 14,369 | 3,851 | |
Held-to-maturity securities, gross unrealized gains | 137 | 374 | |
Held-to-maturity securities, gross unrealized losses | (159) | 0 | |
Held-to-maturity securities, allowance for credit losses | 0 | 0 | 4 |
Held-to-maturity securities, fair value | 14,347 | 4,225 | |
Available-for-sale debt securities, cost or amortized cost | 5,000 | 14,995 | |
Available-for-sale debt securities, gross unrealized gains | 841 | 1,393 | |
Available-for-sale debt securities, gross unrealized losses | 0 | 0 | |
Available-for-sale debt securities, allowance for credit losses | 0 | 0 | |
Available-for-sale debt securities, fair value | 5,841 | 16,388 | |
Corporate debt securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 6,810,518 | 6,992,095 | |
Held-to-maturity securities, gross unrealized gains | 388,726 | 623,233 | |
Held-to-maturity securities, gross unrealized losses | (21,213) | (9,117) | |
Held-to-maturity securities, allowance for credit losses | (11,467) | (7,475) | (18,563) |
Held-to-maturity securities, fair value | 7,166,564 | 7,598,736 | |
Available-for-sale debt securities, cost or amortized cost | 6,809,610 | 5,887,756 | |
Available-for-sale debt securities, gross unrealized gains | 268,964 | 471,205 | |
Available-for-sale debt securities, gross unrealized losses | (35,285) | (17,207) | |
Available-for-sale debt securities, allowance for credit losses | (7,141) | (7,275) | 0 |
Available-for-sale debt securities, fair value | 7,036,148 | 6,334,479 | |
Residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 48,491 | 114,579 | |
Held-to-maturity securities, gross unrealized gains | 2,684 | 5,065 | |
Held-to-maturity securities, gross unrealized losses | (481) | (1,464) | |
Held-to-maturity securities, allowance for credit losses | (516) | (452) | (137) |
Held-to-maturity securities, fair value | 50,178 | 117,728 | |
Available-for-sale debt securities, cost or amortized cost | 32,234 | 20,544 | |
Available-for-sale debt securities, gross unrealized gains | 342 | 964 | |
Available-for-sale debt securities, gross unrealized losses | (341) | (29) | |
Available-for-sale debt securities, allowance for credit losses | (268) | (188) | 0 |
Available-for-sale debt securities, fair value | 31,967 | 21,291 | |
Collateralized debt securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, cost or amortized cost | 112,409 | 139,709 | |
Held-to-maturity securities, gross unrealized gains | 1,677 | 6,864 | |
Held-to-maturity securities, gross unrealized losses | (1,046) | (845) | |
Held-to-maturity securities, allowance for credit losses | (1,146) | (4,515) | (2,968) |
Held-to-maturity securities, fair value | 111,894 | 141,213 | |
Available-for-sale debt securities, cost or amortized cost | 205,732 | 54,454 | |
Available-for-sale debt securities, gross unrealized gains | 469 | 1,040 | |
Available-for-sale debt securities, gross unrealized losses | (904) | (94) | |
Available-for-sale debt securities, allowance for credit losses | (2,887) | (19) | $ 0 |
Available-for-sale debt securities, fair value | $ 202,410 | $ 55,381 |
Investment in Securities - Matu
Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Bonds held-to-maturity, amortized cost, due in one year or less | $ 853,273 | |
Bonds held-to-maturity, amortized cost, due after one year through five years | 2,232,939 | |
Bonds held-to-maturity, amortized cost, due after five years through ten years | 2,969,115 | |
Bonds held-to-maturity, amortized cost, due after ten years | 1,046,783 | |
Held-to-maturity securities, cost or amortized cost | 7,102,110 | $ 7,367,412 |
Bonds held-to-maturity, fair value, due in one year or less | 865,103 | |
Bonds held-to-maturity, fair value, due after one year through five years | 2,355,707 | |
Bonds held-to-maturity, fair value, due after five years through ten years | 3,145,270 | |
Bonds held-to-maturity, fair value, due after ten years | 1,092,709 | |
Held-to-maturity securities, fair value | 7,458,789 | 7,983,181 |
Bonds available-for-sale, amortized cost, due in one year or less | 574,056 | |
Bonds available-for-sale, amortized cost, due after one year through five years | 3,015,864 | |
Bonds available-for-sale, amortized cost, due after five years through ten years | 2,474,224 | |
Bonds available-for-sale, amortized cost, due after ten years | 2,043,650 | |
Available-for-sale debt securities, cost or amortized cost | 8,107,794 | 7,073,142 |
Bonds available-for-sale, fair value, due in one year or less | 580,191 | |
Bonds available-for-sale, fair value, due after one year through five years | 3,156,717 | |
Bonds available-for-sale, fair value, due after five years through ten years | 2,576,325 | |
Bonds available-for-sale, fair value, due after ten years | 2,067,015 | |
Available-for-sale debt securities, fair value | $ 8,380,248 | $ 7,597,180 |
Investment in Securities - Proc
Investment in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of fixed maturity, bonds available-for-sale | $ 55,558 | $ 164,372 | $ 45,017 |
Gross realized gains | 59 | 624 | 250 |
Gross realized losses | $ 0 | $ (4,145) | $ (1,124) |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities transferred from held-to-maturity to available-for-sale | $ 142.7 | |
Assets held by insurance regulators | 47.7 | $ 53.5 |
Carrying value of bonds pledged | $ 111 | $ 67.1 |
Investment in Securities - Chan
Investment in Securities - Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Adjustments for | |||
Deferred policy acquisition costs | $ (58,281) | $ 68,474 | $ 87,003 |
Change in net unrealized gains (losses) on debt securities, net of tax | (142,854) | 134,315 | 184,156 |
Net gains (losses) on equity securities | |||
Net gains on equity securities | 420,283 | 356,281 | 422,535 |
Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Bonds available-for-sale: change in unrealized gains (losses) | (248,756) | 242,105 | 335,473 |
Adjustments for | |||
Deferred policy acquisition costs | 58,281 | (68,474) | (87,003) |
Participating policyholders’ interest | 8,275 | (3,010) | (16,056) |
Deferred federal income tax benefit (expense) | 39,346 | (36,306) | (48,258) |
Change in net unrealized gains (losses) on debt securities, net of tax | (142,854) | 134,315 | $ 184,156 |
Equity securities | |||
Net gains (losses) on equity securities | |||
Unrealized gains on equity securities | 38,771 | 349,999 | |
Net gains on equity securities sold | 381,512 | 6,282 | |
Net gains on equity securities | $ 420,283 | $ 356,281 |
Investment in Securities - Gros
Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Thousands | Dec. 31, 2021USD ($)investment | Dec. 31, 2020USD ($)investment |
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 235,000 | 50,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (29,407) | $ (8,767) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 1,869,749 | $ 297,465 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 42,000 | 12,000 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (9,690) | $ (8,709) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 188,028 | $ 14,021 |
Bonds available-for-sale securities, total, number of issues | investment | 277,000 | 62,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (39,097) | $ (17,476) |
Bonds available-for-sale securities, total, fair value | $ 2,057,777 | $ 311,486 |
U.S. treasury and government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 10,000 | 1,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (230) | $ (1) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 18,378 | $ 2,868 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 1,000 | 0 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (25) | $ 0 |
Bonds available-for-sale securities, 12 months or more, fair value | $ 2,844 | $ 0 |
Bonds available-for-sale securities, total, number of issues | investment | 11,000 | 1,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (255) | $ (1) |
Bonds available-for-sale securities, total, fair value | $ 21,222 | $ 2,868 |
U.S. states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 13,000 | 2,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (618) | $ (145) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 50,025 | $ 10,205 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 4,000 | 0 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (1,694) | $ 0 |
Bonds available-for-sale securities, 12 months or more, fair value | $ 33,644 | $ 0 |
Bonds available-for-sale securities, total, number of issues | investment | 17,000 | 2,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (2,312) | $ (145) |
Bonds available-for-sale securities, total, fair value | $ 83,669 | $ 10,205 |
Corporate debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 184,000 | 43,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (27,335) | $ (8,507) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 1,596,811 | $ 270,249 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 32,000 | 8,000 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (7,950) | $ (8,700) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 146,597 | $ 13,270 |
Bonds available-for-sale securities, total, number of issues | investment | 216,000 | 51,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (35,285) | $ (17,207) |
Bonds available-for-sale securities, total, fair value | $ 1,743,408 | $ 283,519 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 2,000 | 1,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (339) | $ (21) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 13,193 | $ 1,391 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 2,000 | 3,000 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (2) | $ (8) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 496 | $ 593 |
Bonds available-for-sale securities, total, number of issues | investment | 4,000 | 4,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (341) | $ (29) |
Bonds available-for-sale securities, total, fair value | $ 13,689 | $ 1,984 |
Collateralized debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 26,000 | 3,000 |
Bonds available-for-sale securities, less than 12 months, gross unrealized losses | $ (885) | $ (93) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 191,342 | $ 12,752 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 3,000 | 1,000 |
Bonds available-for-sale securities, 12 months or more, gross unrealized losses | $ (19) | $ (1) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 4,447 | $ 158 |
Bonds available-for-sale securities, total, number of issues | investment | 29,000 | 4,000 |
Bonds available-for-sale securities, total, gross unrealized losses | $ (904) | $ (94) |
Bonds available-for-sale securities, total, fair value | $ 195,789 | $ 12,910 |
Investment in Securities - Equi
Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Equity securities - Credit Concentration Risk - Portfolio Market Sector | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Total | 100.00% | 100.00% |
Consumer goods | ||
Concentration Risk [Line Items] | ||
Total | 9.60% | 19.30% |
Energy and utilities | ||
Concentration Risk [Line Items] | ||
Total | 6.40% | 5.20% |
Finance | ||
Concentration Risk [Line Items] | ||
Total | 35.60% | 21.60% |
Healthcare | ||
Concentration Risk [Line Items] | ||
Total | 9.00% | 15.00% |
Industrials | ||
Concentration Risk [Line Items] | ||
Total | 3.50% | 7.40% |
Information technology | ||
Concentration Risk [Line Items] | ||
Total | 15.10% | 27.10% |
Other | ||
Concentration Risk [Line Items] | ||
Total | 20.80% | 4.40% |
Investment in Securities - Allo
Investment in Securities - Allowance for Credit Losses for Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ (12,442) | $ (21,664) |
Purchases | (1,580) | (978) |
Disposition | 992 | 10,301 |
Provision | (99) | (101) |
Allowance for credit losses, ending balance | (13,129) | (12,442) |
Foreign Governments | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | 0 | 4 |
Purchases | 0 | |
Disposition | 0 | |
Provision | (4) | |
Allowance for credit losses, ending balance | 0 | 0 |
Corporate Debt Securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (7,475) | (18,563) |
Purchases | (1,412) | (783) |
Disposition | 441 | 9,501 |
Provision | (3,021) | 2,370 |
Allowance for credit losses, ending balance | (11,467) | (7,475) |
Collateralized Debt Securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (4,515) | (2,968) |
Purchases | (168) | (329) |
Disposition | 551 | 800 |
Provision | 2,986 | (2,018) |
Allowance for credit losses, ending balance | (1,146) | (4,515) |
Residential Mortgage-Backed Securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (452) | (137) |
Purchases | 0 | 134 |
Disposition | 0 | 0 |
Provision | (64) | (449) |
Allowance for credit losses, ending balance | $ (516) | $ (452) |
Investment in Securities - Al_2
Investment in Securities - Allowance for Credit Losses for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ (7,482) | $ 0 |
Increase in allowance related to purchases | (3,696) | (217) |
Reduction in allowance related to disposition | 4,299 | 72 |
Allowance on securities that had an allowance recorded in a previous period | 2,159 | (1,290) |
Allowance on securities where credit losses were not previously recorded | (5,590) | (6,047) |
Allowance for credit losses, ending balance | (10,310) | (7,482) |
U.S. Treasury and Government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | 0 | |
Increase in allowance related to purchases | 0 | |
Reduction in allowance related to disposition | 0 | |
Allowance on securities that had an allowance recorded in a previous period | 3 | |
Allowance on securities where credit losses were not previously recorded | (3) | |
Allowance for credit losses, ending balance | 0 | 0 |
U.S. State and Political Subdivisions | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | 0 | |
Increase in allowance related to purchases | 0 | |
Reduction in allowance related to disposition | 0 | |
Allowance on securities that had an allowance recorded in a previous period | 12 | |
Allowance on securities where credit losses were not previously recorded | (26) | |
Allowance for credit losses, ending balance | (14) | 0 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (7,275) | 0 |
Increase in allowance related to purchases | (3,158) | (217) |
Reduction in allowance related to disposition | 4,117 | 63 |
Allowance on securities that had an allowance recorded in a previous period | 3,680 | (1,074) |
Allowance on securities where credit losses were not previously recorded | (4,505) | (6,047) |
Allowance for credit losses, ending balance | (7,141) | (7,275) |
Collateralized Debt Securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (19) | 0 |
Increase in allowance related to purchases | (538) | 0 |
Reduction in allowance related to disposition | 182 | 6 |
Allowance on securities that had an allowance recorded in a previous period | (1,507) | (25) |
Allowance on securities where credit losses were not previously recorded | (1,005) | 0 |
Allowance for credit losses, ending balance | (2,887) | (19) |
Residential Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (188) | 0 |
Increase in allowance related to purchases | 0 | 0 |
Reduction in allowance related to disposition | 0 | 3 |
Allowance on securities that had an allowance recorded in a previous period | (29) | (191) |
Allowance on securities where credit losses were not previously recorded | (51) | 0 |
Allowance for credit losses, ending balance | $ (268) | $ (188) |
Investment in Securities - Cred
Investment in Securities - Credit Quality Indicators for Amortized Cost of Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | $ 7,102,110 | $ 7,367,412 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 45,540 | 27,787 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 522,936 | 430,342 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 3,289,605 | 3,120,290 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 3,128,223 | 3,679,410 |
BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 115,806 | 109,583 |
U.S. treasury and government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 12,284 | 7,733 |
U.S. treasury and government | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
U.S. treasury and government | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 12,284 | 7,733 |
U.S. treasury and government | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
U.S. treasury and government | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
U.S. treasury and government | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
U.S. states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 104,039 | 109,445 |
U.S. states and political subdivisions | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 14,364 | 25,831 |
U.S. states and political subdivisions | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 49,327 | 43,964 |
U.S. states and political subdivisions | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 9,188 | 34,893 |
U.S. states and political subdivisions | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 25,770 | 0 |
U.S. states and political subdivisions | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 5,390 | 4,757 |
Foreign governments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 14,369 | 3,851 |
Foreign governments | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Foreign governments | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 13,355 | 2,820 |
Foreign governments | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 1,014 | 1,031 |
Foreign governments | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Foreign governments | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Corporate debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 6,810,518 | 6,992,095 |
Corporate debt securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 31,176 | 1,956 |
Corporate debt securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 400,666 | 262,830 |
Corporate debt securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 3,212,688 | 2,976,571 |
Corporate debt securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 3,061,595 | 3,647,496 |
Corporate debt securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 104,393 | 103,242 |
Collateralized debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 112,409 | 139,709 |
Collateralized debt securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Collateralized debt securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Collateralized debt securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 66,715 | 107,795 |
Collateralized debt securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 40,858 | 31,914 |
Collateralized debt securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 4,836 | 0 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 48,491 | 114,579 |
Residential mortgage-backed securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Residential mortgage-backed securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 47,304 | 112,995 |
Residential mortgage-backed securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Residential mortgage-backed securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | 0 | 0 |
Residential mortgage-backed securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fixed maturity, bonds held-to-maturity | $ 1,187 | $ 1,584 |
Mortgage Loans - Distribution B
Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Total, Amount | $ 5,296,413 | $ 5,368,234 |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 5,199,334 | $ 5,242,531 |
Total, Percentage | 100.00% | 100.00% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East North Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 747,661 | $ 783,614 |
Total, Percentage | 14.40% | 14.90% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East South Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 117,574 | $ 146,052 |
Total, Percentage | 2.30% | 2.80% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Mountain | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 1,250,562 | $ 1,284,555 |
Total, Percentage | 24.00% | 24.50% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Pacific | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 878,820 | $ 806,426 |
Total, Percentage | 16.90% | 15.40% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | South Atlantic | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 627,295 | $ 619,405 |
Total, Percentage | 12.00% | 11.80% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | West South Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 1,261,659 | $ 1,313,848 |
Total, Percentage | 24.30% | 25.10% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 315,763 | $ 288,631 |
Total, Percentage | 6.10% | 5.50% |
Mortgage Loans - Loans in Forec
Mortgage Loans - Loans in Foreclosure and Foreclosed (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Receivables [Abstract] | ||
Number of loans in foreclosure process | loan | 0 | 1,000 |
Recorded investment in foreclosure process | $ | $ 0 | $ 5,168 |
Number of loans filed for bankruptcy | loan | 0 | 1,000 |
Recorded investment filed for bankruptcy | $ | $ 0 | $ 9,230 |
Number of loans in foreclosure process, total | loan | 0 | 2,000 |
Recorded investment in foreclosure process, total | $ | $ 0 | $ 14,398 |
Number of mortgage loans foreclosed | loan | 1,000 | 2,000 |
Recorded investment mortgage loans foreclosed | $ | $ 5,168 | $ 8,603 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 5,296,413 | |
Gross loan receivable amount | $ 5,296,413 | $ 5,368,234 |
Gross loan receivable percent | 100.00% | 100.00% |
Allowance for credit losses | $ (97,079) | $ (125,703) |
Total, net of allowance | 5,199,334 | 5,242,531 |
Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 522,595 | |
Gross loan receivable amount | $ 522,595 | $ 557,159 |
Gross loan receivable percent | 9.90% | 10.50% |
Allowance for credit losses | $ (1,366) | $ (8,845) |
Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 962,345 | |
Gross loan receivable amount | $ 962,345 | $ 913,995 |
Gross loan receivable percent | 18.20% | 17.00% |
Allowance for credit losses | $ (39,272) | $ (45,596) |
Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 912,645 | |
Gross loan receivable amount | $ 912,645 | $ 856,203 |
Gross loan receivable percent | 17.20% | 15.90% |
Allowance for credit losses | $ (4,051) | $ (2,516) |
Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,347,384 | |
Gross loan receivable amount | $ 1,347,384 | $ 1,556,231 |
Gross loan receivable percent | 25.40% | 29.00% |
Allowance for credit losses | $ (26,988) | $ (33,373) |
Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 392,310 | |
Gross loan receivable amount | $ 392,310 | $ 364,287 |
Gross loan receivable percent | 7.40% | 6.80% |
Allowance for credit losses | $ (16,037) | $ (18,178) |
Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 843,035 | |
Gross loan receivable amount | $ 843,035 | $ 791,677 |
Gross loan receivable percent | 15.90% | 14.70% |
Allowance for credit losses | $ (6,685) | $ (10,856) |
Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 163,685 | |
Gross loan receivable amount | $ 163,685 | $ 165,561 |
Gross loan receivable percent | 3.10% | 3.10% |
Allowance for credit losses | $ (459) | $ (2,509) |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 152,414 | |
Gross loan receivable amount | $ 152,414 | $ 163,121 |
Gross loan receivable percent | 2.90% | 3.00% |
Allowance for credit losses | $ (2,221) | $ (3,830) |
Total | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,872 | 223,555 |
Total | Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total | Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 60,473 |
Total | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 20,098 |
Total | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 34,034 |
Total | Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 78,180 |
Total | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,872 | 30,770 |
Total | Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,872 | 123,865 |
30-59 Days Past Due | Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
30-59 Days Past Due | Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 30,315 |
30-59 Days Past Due | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 14,930 |
30-59 Days Past Due | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 24,804 |
30-59 Days Past Due | Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 48,825 |
30-59 Days Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,872 | 4,991 |
30-59 Days Past Due | Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
30-59 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 59,513 |
60-89 Days Past Due | Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 30,158 |
60-89 Days Past Due | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 29,355 |
60-89 Days Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
60-89 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
More Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 40,177 |
More Than 90 Days Past Due | Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
More Than 90 Days Past Due | Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
More Than 90 Days Past Due | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 5,168 |
More Than 90 Days Past Due | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 9,230 |
More Than 90 Days Past Due | Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
More Than 90 Days Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 25,779 |
More Than 90 Days Past Due | Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
More Than 90 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,291,541 | 5,144,679 |
Current | Apartment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 522,595 | 557,159 |
Current | Hotel | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 962,345 | 853,522 |
Current | Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 912,645 | 836,105 |
Current | Office | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,347,384 | 1,522,197 |
Current | Parking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 392,310 | 286,107 |
Current | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 838,163 | 760,907 |
Current | Storage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 163,685 | 165,561 |
Current | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 152,414 | $ 163,121 |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans, modified | loan | 33 | 93 |
Loan balances, modified | $ 725,700,000 | $ 1,600,000,000 |
Deferred interest | 5,600,000 | |
Unamortized discounts | 0 | 0 |
Unamortized origination fees, mortgage loans | $ 27,500,000 | $ 26,100,000 |
Total number of loans, troubled debt restructuring | loan | 72 | |
Recorded investment, troubled debt restructuring | $ 1,300,000,000 | |
Commitment to lend additional funds to debtors with modified loans as TDRs | 0 | |
Commercial loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual commercial loans | 0 | |
Commercial loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Off balance sheet liability | 7,700,000 | |
Commercial loans | Cumulative adjustment at January 1, 2020 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Off balance sheet liability | $ 1,000,000,000 |
Mortgage Loans - Troubled Debt
Mortgage Loans - Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 7 | 67 |
Recorded Investment Pre-Modification | $ 88,457 | $ 1,267,421 |
Recorded Investment Post-Modification | $ 88,457 | $ 1,267,421 |
Office | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 7 |
Recorded Investment Pre-Modification | $ 37,985 | $ 76,220 |
Recorded Investment Post-Modification | $ 37,985 | $ 76,220 |
Retail | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 3 | 6 |
Recorded Investment Pre-Modification | $ 32,325 | $ 79,943 |
Recorded Investment Post-Modification | $ 32,325 | $ 79,943 |
Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Recorded Investment Pre-Modification | $ 0 | $ 11,565 |
Recorded Investment Post-Modification | $ 0 | $ 11,565 |
Hotel | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 34 |
Recorded Investment Pre-Modification | $ 0 | $ 811,131 |
Recorded Investment Post-Modification | $ 0 | $ 811,131 |
Parking | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 16 |
Recorded Investment Pre-Modification | $ 9,257 | $ 248,465 |
Recorded Investment Post-Modification | $ 9,257 | $ 248,465 |
Storage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment Pre-Modification | $ 8,890 | $ 0 |
Recorded Investment Post-Modification | $ 8,890 | $ 0 |
Apartment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Recorded Investment Pre-Modification | $ 0 | $ 40,097 |
Recorded Investment Post-Modification | $ 0 | $ 40,097 |
Mortgage Loans - Allowance for
Mortgage Loans - Allowance for Credit Losses for Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (125,703) | |
Ending balance | (97,079) | $ (125,703) |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (125,703) | (19,160) |
Provision | 28,624 | (95,327) |
Ending balance | $ (97,079) | (125,703) |
Commercial loans | Cumulative adjustment at January 1, 2020 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (11,216) |
Mortgage Loans - Allowance fo_2
Mortgage Loans - Allowance for Credit Losses For Mortgage Loans by Property Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | $ 5,296,413 | $ 5,368,234 |
Total, Allowance | (97,079) | (125,703) |
Apartment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 522,595 | 557,159 |
Total, Allowance | (1,366) | (8,845) |
Hotel | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 962,345 | 913,995 |
Total, Allowance | (39,272) | (45,596) |
Industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 912,645 | 856,203 |
Total, Allowance | (4,051) | (2,516) |
Office | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 1,347,384 | 1,556,231 |
Total, Allowance | (26,988) | (33,373) |
Parking | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 392,310 | 364,287 |
Total, Allowance | (16,037) | (18,178) |
Retail | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 843,035 | 791,677 |
Total, Allowance | (6,685) | (10,856) |
Storage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 163,685 | 165,561 |
Total, Allowance | (459) | (2,509) |
Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Total, Asset Balance | 152,414 | 163,121 |
Total, Allowance | $ (2,221) | $ (3,830) |
Mortgage Loans - Credit Quality
Mortgage Loans - Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 492,306 | |
2020 | 531,716 | |
2019 | 625,306 | |
2018 | 655,625 | |
2017 | 795,091 | |
Prior | 2,196,369 | |
Total | 5,296,413 | |
Allowance for credit losses | (97,079) | $ (125,703) |
Total, net of allowance | 5,199,334 | |
Apartment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 50,747 | |
2020 | 79,673 | |
2019 | 210,011 | |
2018 | 22,166 | |
2017 | 122,472 | |
Prior | 37,526 | |
Total | 522,595 | |
Allowance for credit losses | (1,366) | (8,845) |
Hotel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 32,312 | |
2020 | 35,041 | |
2019 | 94,618 | |
2018 | 203,151 | |
2017 | 218,129 | |
Prior | 379,094 | |
Total | 962,345 | |
Allowance for credit losses | (39,272) | (45,596) |
Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 180,229 | |
2020 | 265,167 | |
2019 | 135,810 | |
2018 | 99,716 | |
2017 | 38,170 | |
Prior | 193,553 | |
Total | 912,645 | |
Allowance for credit losses | (4,051) | (2,516) |
Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4,812 | |
2020 | 24,919 | |
2019 | 62,260 | |
2018 | 162,412 | |
2017 | 314,931 | |
Prior | 778,050 | |
Total | 1,347,384 | |
Allowance for credit losses | (26,988) | (33,373) |
Parking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 31,618 | |
2020 | 28,651 | |
2019 | 13,783 | |
2018 | 26,676 | |
2017 | 8,446 | |
Prior | 283,136 | |
Total | 392,310 | |
Allowance for credit losses | (16,037) | (18,178) |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 115,290 | |
2020 | 69,329 | |
2019 | 38,761 | |
2018 | 74,464 | |
2017 | 74,198 | |
Prior | 470,993 | |
Total | 843,035 | |
Allowance for credit losses | (6,685) | (10,856) |
Storage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 23,184 | |
2020 | 28,936 | |
2019 | 48,401 | |
2018 | 37,156 | |
2017 | 17,095 | |
Prior | 8,913 | |
Total | 163,685 | |
Allowance for credit losses | (459) | (2,509) |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 54,114 | |
2020 | 0 | |
2019 | 21,662 | |
2018 | 29,884 | |
2017 | 1,650 | |
Prior | 45,104 | |
Total | 152,414 | |
Allowance for credit losses | $ (2,221) | $ (3,830) |
Real Estate and Other Investm_3
Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real estate and real estate partnerships - Portfolio Carrying Value - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Type Concentration Risk | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 928,412 | $ 960,572 |
Total, Percentage | 100.00% | 100.00% |
Property Type Concentration Risk | Hotel | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 56,198 | $ 67,857 |
Total, Percentage | 6.10% | 7.10% |
Property Type Concentration Risk | Industrial | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 119,698 | $ 132,757 |
Total, Percentage | 12.90% | 13.80% |
Property Type Concentration Risk | Land | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 39,760 | $ 51,220 |
Total, Percentage | 4.30% | 5.30% |
Property Type Concentration Risk | Office | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 277,034 | $ 299,500 |
Total, Percentage | 29.80% | 31.20% |
Property Type Concentration Risk | Retail | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 269,941 | $ 268,588 |
Total, Percentage | 29.10% | 28.00% |
Property Type Concentration Risk | Apartment | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 153,871 | $ 120,847 |
Total, Percentage | 16.60% | 12.60% |
Property Type Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 11,910 | $ 19,803 |
Total, Percentage | 1.20% | 2.00% |
Geographic Distribution | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 928,412 | $ 960,572 |
Total, Percentage | 100.00% | 100.00% |
Geographic Distribution | East North Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 122,148 | $ 81,310 |
Total, Percentage | 13.20% | 8.50% |
Geographic Distribution | East South Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 59,122 | $ 65,302 |
Total, Percentage | 6.40% | 6.80% |
Geographic Distribution | Mountain | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 127,542 | $ 133,233 |
Total, Percentage | 13.70% | 13.90% |
Geographic Distribution | Pacific | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 112,714 | $ 127,421 |
Total, Percentage | 12.10% | 13.30% |
Geographic Distribution | South Atlantic | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 67,573 | $ 97,801 |
Total, Percentage | 7.30% | 10.10% |
Geographic Distribution | West South Central | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 428,272 | $ 434,722 |
Total, Percentage | 46.10% | 45.30% |
Geographic Distribution | Other | ||
Concentration Risk [Line Items] | ||
Total, Amount | $ 11,041 | $ 20,783 |
Total, Percentage | 1.20% | 2.10% |
Real Estate and Other Investm_4
Real Estate and Other Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)partnership | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Number of real estate partnerships held for sale | partnership | 0 | |
Maximum amount of investment in long-term notes payable | $ 3,000 | $ 3,000 |
Investment funds | $ 961,763 | $ 477,135 |
Maximum | Investments in Joint Ventures | Assets Held | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 10.00% | |
Maximum | Investments in Joint Ventures | Total Assets | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 3.00% | |
Maximum | Investments in Joint Ventures | Income From and Investment In | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 20.00% |
Real Estate and Other Investm_5
Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Real estate and real estate partnerships | $ 928,412 | $ 960,572 |
Investment funds | 961,763 | 477,135 |
Cash and cash equivalents | 1,930,882 | 339,947 |
Other assets | 156,768 | 155,600 |
Total assets | 31,320,321 | 29,467,815 |
Notes payable | 149,248 | 153,703 |
Other liabilities | 421,212 | 335,219 |
Total liabilities | 24,318,262 | 23,002,248 |
VIE, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate and real estate partnerships | 126,708 | 131,405 |
Investment funds | 100,374 | 0 |
Short-term investments | 500 | 500 |
Cash and cash equivalents | 10,341 | 8,070 |
Premiums due and other receivables | 3,201 | 3,484 |
Other assets | 12,992 | 13,796 |
Total assets | 254,116 | 157,255 |
Notes payable | 149,248 | 153,703 |
Other liabilities | 8,250 | 8,490 |
Total liabilities | $ 157,498 | $ 162,193 |
Real Estate and Other Investm_6
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 149,248 | $ 153,703 |
VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 149,248 | 153,703 |
Long Term Notes Payable Due 2022 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Interest rate on long-term notes | 4.00% | |
Notes payable | $ 75,293 | 78,565 |
Long Term Notes Payable Due 2024 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Interest rate on long-term notes | 4.18% | |
Notes payable | $ 63,136 | 64,319 |
LIBOR | Long Term Notes Payable Due 2023 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | LIBOR | |
Notes payable | $ 10,819 | $ 10,819 |
Real Estate and Other Investm_7
Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgage loans on real estate | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 690,779 | $ 722,917 |
Maximum Exposure to Loss | 690,779 | 722,917 |
Real estate and real estate partnerships | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 332,351 | 368,588 |
Maximum Exposure to Loss | 332,351 | 368,588 |
Accrued investment income | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 2,878 | 4,980 |
Maximum Exposure to Loss | $ 2,878 | $ 4,980 |
Real Estate and Other Investm_8
Real Estate and Other Investments - Schedule of Investment in and Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Net investment income from partnerships | $ 188,677 | $ 42,467 | $ 103,501 |
Real estate and real estate partnerships | |||
Schedule of Equity Method Investments [Line Items] | |||
Net investment income from partnerships | 188,700 | 42,500 | 103,500 |
Unconsolidated Affiliates | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments in partnerships | 1,401,104 | 920,414 | |
Income from operations | 103,826 | 14,958 | 7,407 |
Net gain on sales | 84,851 | 27,509 | 96,094 |
Net investment income from partnerships | 188,677 | 42,467 | $ 103,501 |
Unconsolidated Affiliates | Investment funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments in partnerships | 947,856 | 458,776 | |
Unconsolidated Affiliates | Real estate and real estate partnerships | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments in partnerships | 439,341 | 443,279 | |
Unconsolidated Affiliates | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Total investments in partnerships | $ 13,907 | $ 18,359 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments $ in Thousands | Dec. 31, 2021USD ($)derivative | Dec. 31, 2020USD ($)derivative |
Equity-indexed options | Other invested assets | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | derivative | 473 | 455 |
Notional Amounts, asset | $ 3,523,000 | $ 2,867,600 |
Estimated Fair Value, assets | $ 259,383 | $ 242,201 |
Equity-indexed embedded derivative | Policyholders’ account balances | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | derivative | 125,523 | 112,103 |
Notional Amounts, liability | $ 3,419,992 | $ 2,748,540 |
Estimated Fair Value, liabilities | $ 832,579 | $ 705,013 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net investment income | Equity-indexed options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Income on Derivatives | $ 127,681 | $ 51,931 | $ 144,980 |
Interest credited to policyholders’ account balances | Equity-indexed embedded derivative | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Income on Derivatives | $ (107,162) | $ (22,977) | $ (162,011) |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Options Fair Value | $ 259,383 | $ 242,201 |
Collateral Held | 264,159 | 241,479 |
Collateral Amounts used to Offset Exposure | 258,953 | 238,349 |
Excess Collateral | 5,206 | 3,130 |
Exposure Net of Collateral | 430 | 3,852 |
Bank of America | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 6,289 | |
Collateral Held | 5,950 | |
Collateral Amounts used to Offset Exposure | 5,950 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 339 | |
Barclays | Moody Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 45,410 | 51,489 |
Collateral Held | 46,273 | 49,613 |
Collateral Amounts used to Offset Exposure | 45,410 | 49,613 |
Excess Collateral | 863 | 0 |
Exposure Net of Collateral | 0 | 1,876 |
Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 34,411 | 9,447 |
Collateral Held | 35,300 | 8,680 |
Collateral Amounts used to Offset Exposure | 34,411 | 8,680 |
Excess Collateral | 889 | 0 |
Exposure Net of Collateral | 0 | 767 |
Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 1,227 | |
Collateral Held | 1,170 | |
Collateral Amounts used to Offset Exposure | 1,170 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 57 | |
ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 13,280 | 20,606 |
Collateral Held | 13,330 | 20,750 |
Collateral Amounts used to Offset Exposure | 13,280 | 20,606 |
Excess Collateral | 50 | 144 |
Exposure Net of Collateral | 0 | 0 |
Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 37,406 | |
Collateral Held | 36,316 | |
Collateral Amounts used to Offset Exposure | 36,316 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 1,090 | |
Morgan Stanley | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 61,817 | |
Collateral Held | 63,416 | |
Collateral Amounts used to Offset Exposure | 61,817 | |
Excess Collateral | 1,599 | |
Exposure Net of Collateral | 0 | |
NATIXIS | Moody A1 Rating | S&P A Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 26,490 | |
Collateral Held | 26,660 | |
Collateral Amounts used to Offset Exposure | 26,490 | |
Excess Collateral | 170 | |
Exposure Net of Collateral | 0 | |
NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 30,567 | |
Collateral Held | 30,720 | |
Collateral Amounts used to Offset Exposure | 30,567 | |
Excess Collateral | 153 | |
Exposure Net of Collateral | 0 | |
Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 39,589 | 52,127 |
Collateral Held | 41,010 | 54,960 |
Collateral Amounts used to Offset Exposure | 39,530 | 52,127 |
Excess Collateral | 1,480 | 2,833 |
Exposure Net of Collateral | 59 | 0 |
Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 39,332 | |
Collateral Held | 39,270 | |
Collateral Amounts used to Offset Exposure | 39,270 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 62 | |
Wells Fargo | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 32,097 | |
Collateral Held | 32,220 | |
Collateral Amounts used to Offset Exposure | 32,065 | |
Excess Collateral | 155 | |
Exposure Net of Collateral | 32 | |
Collateral Held in Cash | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 209,159 | 186,479 |
Collateral Held in Cash | Bank of America | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 5,950 | |
Collateral Held in Cash | Barclays | Moody Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 28,173 | 31,513 |
Collateral Held in Cash | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 35,300 | 8,680 |
Collateral Held in Cash | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 1,170 | |
Collateral Held in Cash | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 3,030 | 10,450 |
Collateral Held in Cash | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 30,616 | |
Collateral Held in Cash | Morgan Stanley | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 57,716 | |
Collateral Held in Cash | NATIXIS | Moody A1 Rating | S&P A Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 26,660 | |
Collateral Held in Cash | NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 30,720 | |
Collateral Held in Cash | Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 30,010 | 43,960 |
Collateral Held in Cash | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 29,370 | |
Collateral Held in Cash | Wells Fargo | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 22,320 | |
Collateral Held in Invested Assets | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 55,000 | 55,000 |
Collateral Held in Invested Assets | Bank of America | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | Barclays | Moody Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 18,100 | 18,100 |
Collateral Held in Invested Assets | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | 0 |
Collateral Held in Invested Assets | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 10,300 | 10,300 |
Collateral Held in Invested Assets | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 5,700 | |
Collateral Held in Invested Assets | Morgan Stanley | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 5,700 | |
Collateral Held in Invested Assets | NATIXIS | Moody A1 Rating | S&P A Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 11,000 | 11,000 |
Collateral Held in Invested Assets | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | $ 9,900 | |
Collateral Held in Invested Assets | Wells Fargo | Moody A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | $ 9,900 |
Net Investment Income and Net_3
Net Investment Income and Net Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | |||
Total | $ 1,171,654 | $ 976,152 | $ 1,180,907 |
Equity-indexed options | |||
Net Investment Income [Line Items] | |||
Total | 127,681 | 51,931 | 144,980 |
Bonds | |||
Net Investment Income [Line Items] | |||
Total | 523,422 | 560,811 | 602,054 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Total | 28,102 | 31,325 | 33,502 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Total | 260,721 | 251,414 | 254,720 |
Real estate and real estate partnerships | |||
Net Investment Income [Line Items] | |||
Total | 99,483 | 28,810 | 106,446 |
Investment funds | |||
Net Investment Income [Line Items] | |||
Total | 99,007 | 19,454 | 5,904 |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Total | $ 33,238 | $ 32,407 | $ 33,301 |
Net Investment Income and Net_4
Net Investment Income and Net Realized Investment Gains (Losses) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | |||
Net investment income | $ 188,677 | $ 42,467 | $ 103,501 |
Real estate and real estate partnerships | |||
Net Investment Income [Line Items] | |||
Net investment income | $ 188,700 | $ 42,500 | $ 103,500 |
Net Investment Income and Net_5
Net Investment Income and Net Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) and Other Than Temporary Impairment Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Total | $ 64,628 | $ 35,660 | $ 37,719 |
Sales | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 16,045 | 10,249 | 27,161 |
Calls and maturities | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 55,526 | 26,948 | 17,372 |
Paydowns | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 385 | (108) | (156) |
Impairments | |||
Gain (Loss) on Securities [Line Items] | |||
Total | (5,913) | (1,276) | (6,505) |
Loss allowance | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 0 | 0 | 21 |
Other | |||
Gain (Loss) on Securities [Line Items] | |||
Total | (1,415) | (153) | (174) |
Bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 54,941 | 23,318 | 16,361 |
Mortgage loans | |||
Gain (Loss) on Securities [Line Items] | |||
Total | (768) | 0 | (2,412) |
Real estate and real estate partnerships | |||
Gain (Loss) on Securities [Line Items] | |||
Total | 10,240 | 12,401 | 25,555 |
Other invested assets | |||
Gain (Loss) on Securities [Line Items] | |||
Total | $ 215 | $ (59) | $ (1,785) |
Net Investment Income and Net_6
Net Investment Income and Net Realized Investment Gains (Losses) - Summary of Other Than Temporary Impairment Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary impairments | $ 0 | $ 0 | $ (6,968) |
Bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary impairments | $ 0 | $ 0 | $ (6,968) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Fixed maturity, bonds held-to-maturity | $ 7,458,789 | $ 7,983,181 |
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Equity securities | 135,433 | 2,070,766 |
Policy loans | 365,208 | 373,014 |
Separate account assets | 1,320,703 | 1,185,467 |
Financial liabilities | ||
Federal Home Loan Bank advance | 0 | 250,000 |
Separate account liabilities | 1,320,703 | 1,185,467 |
Carrying Amount | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,088,981 | 7,354,970 |
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Equity securities | 135,433 | 2,070,766 |
Equity-indexed options | 259,383 | 242,201 |
Mortgage loans on real estate, net of allowance | 5,199,334 | 5,242,531 |
Policy loans | 365,208 | 373,014 |
Short-term investments | 1,840,732 | 1,028,379 |
Separate account assets | 1,320,703 | 1,185,467 |
Separately managed accounts | 99,884 | 64,424 |
Total financial assets | 24,689,906 | 25,158,932 |
Financial liabilities | ||
Investment contracts | 10,947,958 | 10,101,764 |
Embedded derivative liability for equity-indexed contracts | 832,579 | 705,013 |
Notes payable | 149,248 | 153,703 |
Federal Home Loan Bank advance | 0 | 250,000 |
Separate account liabilities | 1,320,703 | 1,185,467 |
Total financial liabilities | 13,250,488 | 12,395,947 |
Fair Value | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,458,789 | 7,983,181 |
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Equity securities | 135,433 | 2,070,766 |
Equity-indexed options | 259,383 | 242,201 |
Mortgage loans on real estate, net of allowance | 5,271,950 | 5,451,152 |
Policy loans | 365,208 | 373,014 |
Short-term investments | 1,840,732 | 1,028,379 |
Separate account assets | 1,320,703 | 1,185,467 |
Separately managed accounts | 99,884 | 64,424 |
Total financial assets | 25,132,330 | 25,995,764 |
Financial liabilities | ||
Investment contracts | 10,947,958 | 10,101,764 |
Embedded derivative liability for equity-indexed contracts | 832,579 | 705,013 |
Notes payable | 149,248 | 153,703 |
Federal Home Loan Bank advance | 0 | 250,227 |
Separate account liabilities | 1,320,703 | 1,185,467 |
Total financial liabilities | 13,250,488 | 12,396,174 |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Financial assets | ||
Separate account assets | 1,278,380 | 1,153,702 |
Financial liabilities | ||
Separate account liabilities | $ 1,278,380 | $ 1,153,702 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized gain (losses) relating to assets still held and included in net investment income | $ 4,400,000 | $ (11,200,000) | $ 113,300,000 |
Transfer between Level 1 and Level 2 fair value hierarchies | 26,800,000 | $ 26,800,000 | $ 26,800,000 |
Outstanding FHLB loans | $ 0 | ||
Price Volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity volatility (as percent) | 0.196 | 0.176 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Level 3 - Policyholder Contract Deposits - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 799.3 | $ 670.8 |
Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 33.3 | $ 34.2 |
Minimum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 1.00% | 1.00% |
Unobservable input, equity volatility | 12.00% | 16.00% |
Minimum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 12.00% | 16.00% |
Maximum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 50.00% | 50.00% |
Unobservable input, mortality multiplier | 100.00% | 100.00% |
Unobservable input, equity volatility | 64.00% | 69.00% |
Maximum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 64.00% | 69.00% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Fixed maturity, bonds available-for-sale | $ 8,380,248 | $ 7,597,180 |
Equity securities | 135,433 | 2,070,766 |
Separate account assets | 1,320,703 | 1,185,467 |
Fixed maturity, bonds held-to-maturity | 7,102,110 | 7,367,412 |
Fixed maturity, bonds held-to-maturity | 7,458,789 | 7,983,181 |
Mortgage loans on real estate, net of allowance | 5,199,334 | |
Policy loans | 365,208 | 373,014 |
Total financial assets | 31,320,321 | 29,467,815 |
Financial liabilities | ||
Separate account liabilities | 1,320,703 | 1,185,467 |
Notes payable | 149,248 | 153,703 |
Federal Home Loan Bank advance | 0 | 250,000 |
Total financial liabilities | 24,318,262 | 23,002,248 |
U.S. treasury and government | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 26,753 | 29,183 |
Fixed maturity, bonds held-to-maturity | 12,284 | 7,733 |
Fixed maturity, bonds held-to-maturity | 11,997 | 7,744 |
U.S. states and political subdivisions | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 1,077,129 | 1,140,458 |
Fixed maturity, bonds held-to-maturity | 104,039 | 109,445 |
Fixed maturity, bonds held-to-maturity | 103,809 | 113,535 |
Foreign governments | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 5,841 | 16,388 |
Fixed maturity, bonds held-to-maturity | 14,369 | 3,851 |
Fixed maturity, bonds held-to-maturity | 14,347 | 4,225 |
Corporate debt securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 7,036,148 | 6,334,479 |
Fixed maturity, bonds held-to-maturity | 6,810,518 | 6,992,095 |
Fixed maturity, bonds held-to-maturity | 7,166,564 | 7,598,736 |
Residential mortgage-backed securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 31,967 | 21,291 |
Fixed maturity, bonds held-to-maturity | 48,491 | 114,579 |
Fixed maturity, bonds held-to-maturity | 50,178 | 117,728 |
Collateralized debt securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 202,410 | 55,381 |
Fixed maturity, bonds held-to-maturity | 112,409 | 139,709 |
Fixed maturity, bonds held-to-maturity | 111,894 | 141,213 |
Recurring | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Equity securities | 135,433 | 2,070,766 |
Equity-indexed options | 259,383 | 242,201 |
Short-term investments | 1,840,732 | 1,028,379 |
Separate account assets | 1,278,380 | 1,153,702 |
Separately managed accounts | 99,884 | 64,424 |
Total financial assets | 11,994,060 | 12,156,652 |
Financial liabilities | ||
Embedded derivative liability for equity-indexed contracts | 832,579 | 705,013 |
Separate account liabilities | 1,278,380 | 1,153,702 |
Notes payable | 149,248 | 153,703 |
Total financial liabilities | 2,260,207 | 2,012,418 |
Recurring | Common Stock | ||
Financial assets | ||
Equity securities | 94,895 | 2,055,229 |
Recurring | Preferred stock | ||
Financial assets | ||
Equity securities | 40,538 | 15,537 |
Recurring | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 26,753 | 0 |
Equity securities | 100,885 | 2,069,698 |
Equity-indexed options | 0 | 0 |
Short-term investments | 0 | 0 |
Separate account assets | 381,414 | 309,425 |
Separately managed accounts | 0 | 0 |
Total financial assets | 509,052 | 2,379,123 |
Financial liabilities | ||
Embedded derivative liability for equity-indexed contracts | 0 | 0 |
Separate account liabilities | 381,414 | 309,425 |
Notes payable | 0 | 0 |
Total financial liabilities | 381,414 | 309,425 |
Recurring | Level 1 | Common Stock | ||
Financial assets | ||
Equity securities | 93,315 | 2,054,789 |
Recurring | Level 1 | Preferred stock | ||
Financial assets | ||
Equity securities | 7,570 | 14,909 |
Recurring | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 8,107,338 | 7,486,743 |
Equity securities | 0 | 0 |
Equity-indexed options | 0 | 0 |
Short-term investments | 1,840,732 | 1,028,379 |
Separate account assets | 896,966 | 844,277 |
Separately managed accounts | 0 | 0 |
Total financial assets | 10,845,036 | 9,359,399 |
Financial liabilities | ||
Embedded derivative liability for equity-indexed contracts | 0 | 0 |
Separate account liabilities | 896,966 | 844,277 |
Notes payable | 0 | 0 |
Total financial liabilities | 896,966 | 844,277 |
Recurring | Level 2 | Common Stock | ||
Financial assets | ||
Equity securities | 0 | 0 |
Recurring | Level 2 | Preferred stock | ||
Financial assets | ||
Equity securities | 0 | 0 |
Recurring | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 246,157 | 110,437 |
Equity securities | 34,548 | 1,068 |
Equity-indexed options | 259,383 | 242,201 |
Short-term investments | 0 | 0 |
Separate account assets | 0 | 0 |
Separately managed accounts | 99,884 | 64,424 |
Total financial assets | 639,972 | 418,130 |
Financial liabilities | ||
Embedded derivative liability for equity-indexed contracts | 832,579 | 705,013 |
Separate account liabilities | 0 | 0 |
Notes payable | 149,248 | 153,703 |
Total financial liabilities | 981,827 | 858,716 |
Recurring | Level 3 | Common Stock | ||
Financial assets | ||
Equity securities | 1,580 | 440 |
Recurring | Level 3 | Preferred stock | ||
Financial assets | ||
Equity securities | 32,968 | 628 |
Recurring | U.S. treasury and government | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 26,753 | 29,183 |
Recurring | U.S. treasury and government | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 26,753 | 0 |
Recurring | U.S. treasury and government | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 29,183 |
Recurring | U.S. treasury and government | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | U.S. states and political subdivisions | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 1,077,129 | 1,140,458 |
Recurring | U.S. states and political subdivisions | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | U.S. states and political subdivisions | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 1,077,129 | 1,140,458 |
Recurring | U.S. states and political subdivisions | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Foreign governments | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 5,841 | 16,388 |
Recurring | Foreign governments | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Foreign governments | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 5,841 | 16,388 |
Recurring | Foreign governments | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Corporate debt securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 7,036,148 | 6,334,479 |
Recurring | Corporate debt securities | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Corporate debt securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 6,789,991 | 6,224,042 |
Recurring | Corporate debt securities | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 246,157 | 110,437 |
Recurring | Residential mortgage-backed securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 31,967 | 21,291 |
Recurring | Residential mortgage-backed securities | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Residential mortgage-backed securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 31,967 | 21,291 |
Recurring | Residential mortgage-backed securities | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Collateralized debt securities | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 202,410 | 55,381 |
Recurring | Collateralized debt securities | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Recurring | Collateralized debt securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 202,410 | 55,381 |
Recurring | Collateralized debt securities | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds available-for-sale | 0 | 0 |
Nonrecurring | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,088,981 | 7,354,970 |
Fixed maturity, bonds held-to-maturity | 7,458,789 | 7,983,181 |
Total financial assets | 12,653,523 | 12,970,515 |
Total financial assets | 13,095,947 | 13,807,347 |
Financial liabilities | ||
Total financial liabilities | 11,097,206 | 10,505,467 |
Total financial liabilities | 11,097,206 | 10,505,694 |
Nonrecurring | Level 2 | ||
Financial liabilities | ||
Federal Home Loan Bank advance | 250,000 | |
Federal Home Loan Bank advance | 250,227 | |
Nonrecurring | Level 3 | ||
Financial assets | ||
Mortgage loans on real estate, net of allowance | 5,199,334 | 5,242,531 |
Mortgage loans on real estate, net of allowance | 5,271,950 | 5,451,152 |
Policy loans | 365,208 | 373,014 |
Policy loans | 365,208 | 373,014 |
Financial liabilities | ||
Investment contracts | 10,947,958 | 10,101,764 |
Investment contracts | 10,947,958 | 10,101,764 |
Notes payable | 149,248 | 153,703 |
Notes payable | 149,248 | 153,703 |
Nonrecurring | U.S. treasury and government | Level 1 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 12,284 | |
Fixed maturity, bonds held-to-maturity | 11,997 | |
Nonrecurring | U.S. treasury and government | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,732 | |
Fixed maturity, bonds held-to-maturity | 7,744 | |
Nonrecurring | U.S. states and political subdivisions | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 104,039 | 109,445 |
Fixed maturity, bonds held-to-maturity | 103,809 | 113,535 |
Nonrecurring | Foreign governments | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 14,369 | 3,851 |
Fixed maturity, bonds held-to-maturity | 14,347 | 4,225 |
Nonrecurring | Corporate debt securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 6,799,051 | 6,981,597 |
Fixed maturity, bonds held-to-maturity | 7,166,564 | 7,595,712 |
Nonrecurring | Corporate debt securities | Level 3 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 3,024 | |
Fixed maturity, bonds held-to-maturity | 3,024 | |
Nonrecurring | Residential mortgage-backed securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 47,975 | 114,127 |
Fixed maturity, bonds held-to-maturity | 50,178 | 117,728 |
Nonrecurring | Collateralized debt securities | Level 2 | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 111,263 | 135,194 |
Fixed maturity, bonds held-to-maturity | $ 111,894 | $ 141,213 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Separately Managed Accounts | |||
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | $ 64,424 | $ 50,503 | $ 16,532 |
Net gain for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 1,444 | (312) | 60 |
Purchases, sales and settlements or maturities | |||
Purchases | 56,712 | 25,343 | 33,911 |
Sales | (22,696) | (11,110) | 0 |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | 0 | 0 | 0 |
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | 0 |
Ending balance | 99,884 | 64,424 | 50,503 |
Embedded Derivative | |||
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 705,013 | 731,552 | 596,075 |
Net gain for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 107,162 | 22,977 | 162,011 |
Net fair value change included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales and settlements or maturities | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | 20,404 | (49,516) | (26,534) |
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | 0 |
Ending balance | 832,579 | 705,013 | 731,552 |
Investment Securities | |||
Fair Value, Assets, Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 111,505 | 45,307 | 4,346 |
Net gain for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 3,269 | 80 | 0 |
Purchases, sales and settlements or maturities | |||
Purchases | 225,063 | 191,960 | 45,307 |
Sales | (58,593) | (70,842) | (113) |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | 0 | 0 | 0 |
Gross transfers into Level 3 | 1,479 | ||
Gross transfers out of Level 3 | (2,018) | (55,000) | (4,233) |
Ending balance | 280,705 | 111,505 | 45,307 |
Equity-Indexed Options | |||
Fair Value, Assets, Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 242,201 | 256,005 | 148,006 |
Net gain for derivatives included in net investment income | 127,681 | 51,931 | 144,980 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 0 | 0 | 0 |
Purchases, sales and settlements or maturities | |||
Purchases | 97,712 | 80,705 | 75,163 |
Sales | 0 | (8,063) | (13,396) |
Settlements or maturities | (208,211) | (138,377) | (98,748) |
Premiums less benefits | 0 | 0 | 0 |
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | 0 |
Ending balance | $ 259,383 | $ 242,201 | $ 256,005 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value Measurements (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Investment Securities [Abstract] | ||
Equity securities | $ 135,433 | $ 2,070,766 |
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Corporate Debt Securities | ||
Investment Securities [Abstract] | ||
Fixed maturity, bonds available-for-sale | 7,036,148 | 6,334,479 |
Recurring | ||
Investment Securities [Abstract] | ||
Equity securities | 135,433 | 2,070,766 |
Fixed maturity, bonds available-for-sale | 8,380,248 | 7,597,180 |
Separately managed accounts | 99,884 | 64,424 |
Recurring | Corporate Debt Securities | ||
Investment Securities [Abstract] | ||
Fixed maturity, bonds available-for-sale | 7,036,148 | 6,334,479 |
Level 3 | Recurring | ||
Investment Securities [Abstract] | ||
Equity securities | 34,548 | 1,068 |
Fixed maturity, bonds available-for-sale | 246,157 | 110,437 |
Separately managed accounts | 99,884 | 64,424 |
Level 3 | Recurring | Common stock | Guideline, public company method | ||
Investment Securities [Abstract] | ||
Equity securities | $ 1,580 | |
Level 3 | Recurring | Common stock | Guideline, public company method | Weighted Average | Recurring Revenue Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 8 | |
Level 3 | Recurring | Common stock | Option pricing method | ||
Investment Securities [Abstract] | ||
Equity securities | $ 440 | |
Level 3 | Recurring | Common stock | Option pricing method | Weighted Average | LTM EBITDA Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 7.6 | |
Level 3 | Recurring | Common stock | Option pricing method | Weighted Average | Term (Years) | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input, term (years) | 2 years 9 months 29 days | |
Level 3 | Recurring | Common stock | Option pricing method | Weighted Average | Volatility | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 0.4500 | |
Level 3 | Recurring | Common stock | CVM | Weighted Average | NCY EBITDA Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 4.8 | |
Level 3 | Recurring | Preferred stock | Guideline, public company method | ||
Investment Securities [Abstract] | ||
Equity securities | $ 32,968 | |
Level 3 | Recurring | Preferred stock | Guideline, public company method | Weighted Average | LTM Revenue Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 6.3 | |
Level 3 | Recurring | Preferred stock | Option pricing method | ||
Investment Securities [Abstract] | ||
Equity securities | $ 628 | |
Level 3 | Recurring | Preferred stock | Option pricing method | Weighted Average | Term (Years) | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input, term (years) | 2 years 9 months 29 days | |
Level 3 | Recurring | Preferred stock | Option pricing method | Weighted Average | Volatility | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 0.4500 | |
Level 3 | Recurring | Preferred stock | Priced at cost | Weighted Average | LTM EBITDA Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 4.2 | |
Level 3 | Recurring | Preferred stock | Priced at cost | Weighted Average | NCY EBITDA Multiple | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 4.8 | |
Level 3 | Recurring | Preferred stock | Priced at cost | Weighted Average | Term (Years) | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input, term (years) | 1 year 9 months 18 days | |
Level 3 | Recurring | Preferred stock | Priced at cost | Weighted Average | Volatility | ||
Investment Securities [Abstract] | ||
Equity securities, measurement input | 0.6000 | |
Level 3 | Recurring | Corporate Debt Securities | ||
Investment Securities [Abstract] | ||
Fixed maturity, bonds available-for-sale | $ 246,157 | $ 110,437 |
Level 3 | Recurring | Corporate Debt Securities | Priced at cost | ||
Investment Securities [Abstract] | ||
Fixed maturity, bonds available-for-sale | $ 246,157 | $ 110,437 |
Level 3 | Recurring | Corporate Debt Securities | Priced at cost | Minimum | Coupon rate | ||
Investment Securities [Abstract] | ||
Bonds, measurement input | 0.0263 | 0.0272 |
Level 3 | Recurring | Corporate Debt Securities | Priced at cost | Maximum | Coupon rate | ||
Investment Securities [Abstract] | ||
Bonds, measurement input | 0.0800 | 0.0800 |
Level 3 | Recurring | Separately managed accounts | CVM | Weighted Average | NCY EBITDA Multiple | ||
Investment Securities [Abstract] | ||
Separately managed accounts, measurement input | 4.8 | |
Level 3 | Recurring | Separately managed accounts | Discounted cash flows (yield analysis) | ||
Investment Securities [Abstract] | ||
Separately managed accounts | $ 99,884 | $ 64,424 |
Level 3 | Recurring | Separately managed accounts | Discounted cash flows (yield analysis) | Minimum | Discount rate | ||
Investment Securities [Abstract] | ||
Separately managed accounts, measurement input | 0.0480 | 0.0725 |
Level 3 | Recurring | Separately managed accounts | Discounted cash flows (yield analysis) | Maximum | Discount rate | ||
Investment Securities [Abstract] | ||
Separately managed accounts, measurement input | 0.1640 | 0.1471 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 1,360,211 | $ 1,423,007 | $ 1,497,261 |
Additions | 642,405 | 555,223 | 543,258 |
Amortization | (562,773) | (549,545) | (530,509) |
Effect of change in unrealized gains on available-for-sale debt securities | 58,281 | (68,474) | (87,003) |
Net change | 137,913 | (62,796) | (74,254) |
Ending balance | 1,498,124 | 1,360,211 | 1,423,007 |
Life | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 896,208 | 852,900 | 839,133 |
Additions | 161,898 | 148,142 | 139,336 |
Amortization | (111,764) | (94,386) | (113,300) |
Effect of change in unrealized gains on available-for-sale debt securities | 9,703 | (10,448) | (12,269) |
Net change | 59,837 | 43,308 | 13,767 |
Ending balance | 956,045 | 896,208 | 852,900 |
Annuity | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 309,056 | 415,380 | 499,588 |
Additions | 99,971 | 55,411 | 70,272 |
Amortization | (77,133) | (103,709) | (79,746) |
Effect of change in unrealized gains on available-for-sale debt securities | 48,578 | (58,026) | (74,734) |
Net change | 71,416 | (106,324) | (84,208) |
Ending balance | 380,472 | 309,056 | 415,380 |
Health | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 32,885 | 32,578 | 33,960 |
Additions | 14,369 | 15,926 | 19,940 |
Amortization | (17,906) | (15,619) | (21,322) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 | 0 | 0 |
Net change | (3,537) | 307 | (1,382) |
Ending balance | 29,348 | 32,885 | 32,578 |
Property & Casualty | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 122,062 | 122,149 | 124,580 |
Additions | 366,167 | 335,744 | 313,710 |
Amortization | (355,970) | (335,831) | (316,141) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 | 0 | 0 |
Net change | 10,197 | (87) | (2,431) |
Ending balance | $ 132,259 | $ 122,062 | $ 122,149 |
Liability for Future Policy B_2
Liability for Future Policy Benefits and Policyholder Account Balances - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest credited investment type contracts low end (as percent) | 1.00% |
Interest credited investment type contracts high end (as percent) | 8.00% |
First year interest credited annuity low end (as percent) | 1.00% |
First year interest credited annuity high end (as percent) | 7.00% |
Non Participating Life Insurance Policies | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Non Participating Life Insurance Policies | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 8.00% |
Participating Life Insurance Policies | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 2.50% |
Participating Life Insurance Policies | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 5.50% |
Annuity | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Annuity | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 6.00% |
Non Medical Health | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.50% |
Non Medical Health | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 8.00% |
Disabled Lives | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Disabled Lives | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 6.00% |
Liability for Unpaid Claims a_3
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | $ 1,575,288 | ||
Less: Reinsurance recoverables | 414,359 | ||
Paid claims related to | |||
Net balance | 1,082,807 | ||
Plus: Reinsurance recoverables | 459,621 | $ 414,359 | |
Unpaid claims balance, ending | 1,692,295 | 1,575,288 | |
Property and Casualty Accident and Health | |||
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | 1,354,213 | 1,322,837 | $ 1,305,225 |
Less: Reinsurance recoverables | 243,084 | 246,447 | 254,466 |
Net beginning balance | 1,111,129 | 1,076,390 | 1,050,759 |
Incurred related to | |||
Current | 1,277,798 | 1,177,634 | 1,207,796 |
Prior years | (93,357) | (61,659) | (57,979) |
Total incurred claims | 1,184,441 | 1,115,975 | 1,149,817 |
Paid claims related to | |||
Current | 735,968 | 681,960 | 688,544 |
Prior years | 392,881 | 399,276 | 435,642 |
Total paid claims | 1,128,849 | 1,081,236 | 1,124,186 |
Net balance | 1,166,721 | 1,111,129 | 1,076,390 |
Plus: Reinsurance recoverables | 288,358 | 243,084 | 246,447 |
Unpaid claims balance, ending | $ 1,455,079 | $ 1,354,213 | $ 1,322,837 |
Liability for Unpaid Claims a_4
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance [Abstract] | |||
Description of increase (decrease) in claims and claim adjustment expenses | The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. | ||
Decrease in claims and claim adjustments expenses amount | $ 93.4 | $ 61.7 | $ 58 |
Short-duration health insurance claims | $ 18.9 | $ 20.5 | |
Percentage of IBNR reserves applied to paid adjusting and other expense to paid loss | 100.00% |
Liability for Unpaid Claims a_5
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule of Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses in Consolidated Statement of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 301,384 | |
Insurance lines other than short-duration | 244,418 | |
Unallocated claim adjustment expenses | 63,686 | |
Total claim adjustment expenses | 308,104 | |
Total gross liability for unpaid claims and claim adjustment expense | 1,692,295 | $ 1,575,288 |
Credit Property and Casualty | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 16,004 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 11,782 | |
Credit Life | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,435 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 673 | |
Credit Health | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 4,557 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 1,657 | |
Auto Liability | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 458,517 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 11,554 | |
Non-Auto Liability | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 303,662 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 40,650 | |
Commercial Multi-Peril | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 150,783 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 8,419 | |
Homeowners | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 84,625 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 13,746 | |
Short Tail Property | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 38,998 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 12,818 | |
Health | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 23,329 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 193,065 | |
Other | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 897 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | $ 7,020 |
Liability for Unpaid Claims a_6
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Auto Liability (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |||||||||
Auto Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,582,110 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,124,401 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 808 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 458,517 | |||||||||
Auto Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 228,181 | $ 228,236 | $ 228,486 | $ 228,864 | $ 228,559 | $ 229,426 | $ 228,013 | $ 231,312 | $ 242,255 | $ 251,593 |
IBNR Plus Expected Development | $ 58 | |||||||||
Cumulative Number of Reported Claims | claim | 44,691 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 224,799 | 224,585 | 222,865 | 222,117 | 219,170 | 214,467 | 204,980 | 183,448 | 150,323 | $ 82,531 |
Auto Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 226,943 | 227,102 | 227,234 | 226,608 | 228,285 | 231,301 | 233,068 | 236,432 | 242,364 | |
IBNR Plus Expected Development | $ 134 | |||||||||
Cumulative Number of Reported Claims | claim | 38,817 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 226,211 | 224,675 | 223,739 | 219,303 | 215,280 | 204,480 | 181,535 | 143,709 | $ 79,358 | |
Auto Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 214,253 | 214,326 | 214,557 | 214,870 | 215,419 | 217,819 | 223,386 | 232,146 | ||
IBNR Plus Expected Development | $ 203 | |||||||||
Cumulative Number of Reported Claims | claim | 36,011 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 212,522 | 210,994 | 209,401 | 204,057 | 187,375 | 166,947 | 134,376 | $ 72,838 | ||
Auto Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 243,304 | 244,621 | 244,798 | 245,775 | 239,421 | 240,697 | 237,578 | |||
IBNR Plus Expected Development | $ 374 | |||||||||
Cumulative Number of Reported Claims | claim | 36,097 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 239,986 | 237,792 | 231,530 | 211,908 | 186,281 | 149,366 | $ 78,861 | |||
Auto Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 256,294 | 257,633 | 259,128 | 261,400 | 256,080 | 259,177 | ||||
IBNR Plus Expected Development | $ 1,434 | |||||||||
Cumulative Number of Reported Claims | claim | 37,114 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 247,640 | 237,592 | 225,869 | 198,326 | 153,911 | $ 86,492 | ||||
Auto Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 270,464 | 273,551 | 275,850 | 280,012 | 269,803 | |||||
IBNR Plus Expected Development | $ 4,607 | |||||||||
Cumulative Number of Reported Claims | claim | 38,591 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 255,530 | 241,823 | 218,435 | 175,175 | $ 88,357 | |||||
Auto Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 282,805 | 288,806 | 299,512 | 314,467 | ||||||
IBNR Plus Expected Development | $ 12,541 | |||||||||
Cumulative Number of Reported Claims | claim | 37,826 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 248,183 | 227,312 | 185,317 | $ 95,777 | ||||||
Auto Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 305,312 | 313,636 | 330,988 | |||||||
IBNR Plus Expected Development | $ 26,749 | |||||||||
Cumulative Number of Reported Claims | claim | 36,267 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 231,892 | 193,389 | $ 98,545 | |||||||
Auto Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 254,808 | 277,597 | ||||||||
IBNR Plus Expected Development | $ 46,637 | |||||||||
Cumulative Number of Reported Claims | claim | 26,166 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 151,722 | $ 78,699 | ||||||||
Auto Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 299,746 | |||||||||
IBNR Plus Expected Development | $ 89,756 | |||||||||
Cumulative Number of Reported Claims | claim | 26,556 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 85,916 |
Liability for Unpaid Claims a_7
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Non-Auto Liability (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |||||||||
Non-Auto Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 753,082 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 469,826 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 20,406 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 303,662 | |||||||||
Non-Auto Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 63,304 | $ 63,552 | $ 63,336 | $ 64,118 | $ 63,630 | $ 68,017 | $ 75,226 | $ 78,644 | $ 80,470 | $ 83,146 |
IBNR Plus Expected Development | $ 1,623 | |||||||||
Cumulative Number of Reported Claims | claim | 4,877 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 61,858 | 61,450 | 60,900 | 59,528 | 57,863 | 55,194 | 49,585 | 38,826 | 27,574 | $ 13,862 |
Non-Auto Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 62,159 | 62,926 | 63,284 | 64,564 | 65,096 | 67,841 | 70,772 | 75,815 | 74,183 | |
IBNR Plus Expected Development | $ 1,738 | |||||||||
Cumulative Number of Reported Claims | claim | 4,556 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 56,916 | 55,426 | 54,323 | 51,672 | 47,987 | 42,504 | 32,474 | 22,743 | $ 12,794 | |
Non-Auto Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 66,250 | 67,268 | 67,267 | 67,865 | 67,339 | 72,624 | 75,550 | 83,084 | ||
IBNR Plus Expected Development | $ 3,168 | |||||||||
Cumulative Number of Reported Claims | claim | 6,111 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 58,559 | 57,497 | 55,307 | 51,853 | 45,206 | 36,220 | 26,587 | $ 11,201 | ||
Non-Auto Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 63,523 | 63,326 | 64,189 | 67,548 | 76,724 | 78,968 | 83,897 | |||
IBNR Plus Expected Development | $ 3,593 | |||||||||
Cumulative Number of Reported Claims | claim | 5,563 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 55,434 | 53,478 | 51,303 | 46,285 | 37,059 | 23,488 | $ 11,979 | |||
Non-Auto Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 67,347 | 68,178 | 73,195 | 73,764 | 83,179 | 86,935 | ||||
IBNR Plus Expected Development | $ 4,153 | |||||||||
Cumulative Number of Reported Claims | claim | 4,501 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 55,205 | 50,596 | 45,820 | 35,502 | 24,633 | $ 12,733 | ||||
Non-Auto Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 76,540 | 77,322 | 81,240 | 88,902 | 102,616 | |||||
IBNR Plus Expected Development | $ 6,397 | |||||||||
Cumulative Number of Reported Claims | claim | 8,176 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 59,582 | 53,996 | 48,654 | 37,139 | $ 14,865 | |||||
Non-Auto Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 75,207 | 79,493 | 85,910 | 88,986 | ||||||
IBNR Plus Expected Development | $ 16,115 | |||||||||
Cumulative Number of Reported Claims | claim | 13,684 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 45,316 | 37,574 | 26,115 | $ 13,156 | ||||||
Non-Auto Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 92,544 | 95,340 | 96,064 | |||||||
IBNR Plus Expected Development | $ 26,473 | |||||||||
Cumulative Number of Reported Claims | claim | 11,875 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 40,729 | 30,199 | $ 12,204 | |||||||
Non-Auto Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 83,339 | 90,197 | ||||||||
IBNR Plus Expected Development | $ 37,431 | |||||||||
Cumulative Number of Reported Claims | claim | 10,028 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 23,838 | $ 9,596 | ||||||||
Non-Auto Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 102,869 | |||||||||
IBNR Plus Expected Development | $ 65,428 | |||||||||
Cumulative Number of Reported Claims | claim | 8,512 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 12,389 |
Liability for Unpaid Claims a_8
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Commercial Multi-Peril (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |||||||||
Commercial Multi-Peril | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 463,883 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 314,678 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 1,578 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 150,783 | |||||||||
Commercial Multi-Peril | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 22,381 | $ 22,033 | $ 22,045 | $ 22,481 | $ 23,090 | $ 23,385 | $ 23,258 | $ 26,805 | $ 28,548 | $ 35,169 |
IBNR Plus Expected Development | $ 151 | |||||||||
Cumulative Number of Reported Claims | claim | 2,717 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 21,499 | 21,453 | 21,415 | 21,352 | 21,026 | 20,716 | 18,670 | 16,263 | 14,454 | $ 11,525 |
Commercial Multi-Peril | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 24,733 | 24,681 | 24,790 | 26,028 | 25,948 | 26,970 | 27,867 | 27,592 | 33,979 | |
IBNR Plus Expected Development | $ 231 | |||||||||
Cumulative Number of Reported Claims | claim | 2,228 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 23,513 | 23,348 | 23,210 | 21,718 | 20,816 | 18,406 | 15,426 | 12,723 | $ 9,374 | |
Commercial Multi-Peril | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 33,836 | 34,004 | 34,279 | 36,132 | 33,962 | 34,911 | 31,220 | 36,852 | ||
IBNR Plus Expected Development | $ 292 | |||||||||
Cumulative Number of Reported Claims | claim | 2,311 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 32,934 | 32,702 | 31,448 | 27,339 | 24,602 | 20,199 | 16,484 | $ 12,001 | ||
Commercial Multi-Peril | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 34,282 | 33,059 | 31,285 | 32,282 | 29,023 | 31,488 | 33,997 | |||
IBNR Plus Expected Development | $ 821 | |||||||||
Cumulative Number of Reported Claims | claim | 2,240 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 28,566 | 27,201 | 25,188 | 21,680 | 16,402 | 12,956 | $ 9,820 | |||
Commercial Multi-Peril | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 32,705 | 33,628 | 31,615 | 33,080 | 33,475 | 38,115 | ||||
IBNR Plus Expected Development | $ 875 | |||||||||
Cumulative Number of Reported Claims | claim | 4,798 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 26,690 | 25,686 | 22,339 | 19,085 | 17,193 | $ 11,327 | ||||
Commercial Multi-Peril | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 47,660 | 43,367 | 40,611 | 37,079 | 42,411 | |||||
IBNR Plus Expected Development | $ 3,631 | |||||||||
Cumulative Number of Reported Claims | claim | 6,815 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 28,420 | 26,202 | 23,294 | 20,828 | $ 12,458 | |||||
Commercial Multi-Peril | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 51,035 | 51,519 | 50,182 | 50,784 | ||||||
IBNR Plus Expected Development | $ 4,595 | |||||||||
Cumulative Number of Reported Claims | claim | 5,678 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 35,781 | 32,490 | 30,078 | $ 18,027 | ||||||
Commercial Multi-Peril | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 58,262 | 59,789 | 56,062 | |||||||
IBNR Plus Expected Development | $ 11,129 | |||||||||
Cumulative Number of Reported Claims | claim | 3,587 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 37,408 | 32,295 | $ 22,098 | |||||||
Commercial Multi-Peril | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 63,281 | 68,226 | ||||||||
IBNR Plus Expected Development | $ 16,924 | |||||||||
Cumulative Number of Reported Claims | claim | 4,012 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 38,415 | $ 25,492 | ||||||||
Commercial Multi-Peril | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 95,708 | |||||||||
IBNR Plus Expected Development | $ 39,566 | |||||||||
Cumulative Number of Reported Claims | claim | 4,999 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 41,452 |
Liability for Unpaid Claims a_9
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Homeowners (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |||||||||
Homeowners | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,709,322 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,624,892 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 195 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 84,625 | |||||||||
Homeowners | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 174,238 | $ 174,239 | $ 174,276 | $ 174,611 | $ 175,032 | $ 175,178 | $ 175,509 | $ 175,523 | $ 177,664 | $ 181,284 |
IBNR Plus Expected Development | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 30,999 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 174,238 | 174,239 | 174,256 | 174,247 | 174,139 | 173,676 | 173,170 | 171,842 | 169,415 | $ 143,797 |
Homeowners | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 147,246 | 147,234 | 147,359 | 147,444 | 147,927 | 148,231 | 149,272 | 149,080 | 152,208 | |
IBNR Plus Expected Development | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 20,041 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 147,245 | 147,232 | 147,233 | 147,145 | 146,920 | 146,650 | 145,152 | 140,309 | $ 115,605 | |
Homeowners | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 130,713 | 130,799 | 130,747 | 130,895 | 131,546 | 130,287 | 131,634 | 132,651 | ||
IBNR Plus Expected Development | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 18,183 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 130,577 | 130,542 | 130,305 | 130,059 | 129,467 | 126,245 | 122,601 | $ 96,300 | ||
Homeowners | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 123,312 | 123,357 | 123,731 | 123,824 | 123,619 | 124,199 | 125,430 | |||
IBNR Plus Expected Development | $ 2 | |||||||||
Cumulative Number of Reported Claims | claim | 17,758 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 123,161 | 123,065 | 122,955 | 122,585 | 119,331 | 114,696 | $ 86,617 | |||
Homeowners | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 144,766 | 144,828 | 145,019 | 144,376 | 145,373 | 147,264 | ||||
IBNR Plus Expected Development | $ 17 | |||||||||
Cumulative Number of Reported Claims | claim | 21,559 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 144,635 | 144,596 | 144,000 | 140,972 | 136,796 | $ 105,415 | ||||
Homeowners | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 169,430 | 169,524 | 172,491 | 172,274 | 164,284 | |||||
IBNR Plus Expected Development | $ 45 | |||||||||
Cumulative Number of Reported Claims | claim | 23,589 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 168,241 | 167,638 | 166,009 | 159,107 | $ 116,075 | |||||
Homeowners | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 176,681 | 176,317 | 179,561 | 174,495 | ||||||
IBNR Plus Expected Development | $ 61 | |||||||||
Cumulative Number of Reported Claims | claim | 22,576 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 174,077 | 170,850 | 165,203 | $ 121,631 | ||||||
Homeowners | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 173,763 | 176,005 | 177,854 | |||||||
IBNR Plus Expected Development | $ 1,181 | |||||||||
Cumulative Number of Reported Claims | claim | 20,260 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 170,229 | 163,400 | $ 122,530 | |||||||
Homeowners | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 228,441 | 227,298 | ||||||||
IBNR Plus Expected Development | $ 2,876 | |||||||||
Cumulative Number of Reported Claims | claim | 24,788 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 217,224 | $ 166,352 | ||||||||
Homeowners | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 240,732 | |||||||||
IBNR Plus Expected Development | $ 31,342 | |||||||||
Cumulative Number of Reported Claims | claim | 19,762 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 175,265 |
Liability for Unpaid Claims _10
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Short Tail Property (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |
Short Tail Property | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 498,922 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 462,920 | |
All outstanding liabilities before period one, net of reinsurance | 2,996 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 38,998 | |
Short Tail Property | Accident Year 2020 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 229,857 | $ 237,332 |
IBNR Plus Expected Development | $ 282 | |
Cumulative Number of Reported Claims | claim | 53,008 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 227,495 | $ 203,827 |
Short Tail Property | Accident Year 2021 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 269,065 | |
IBNR Plus Expected Development | $ (3,599) | |
Cumulative Number of Reported Claims | claim | 53,068 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 235,425 |
Liability for Unpaid Claims _11
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Property and Casualty (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |
Credit Property and Casualty | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 116,271 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 100,267 | |
All outstanding liabilities before period one, net of reinsurance | 0 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 16,004 | |
Credit Property and Casualty | Accident Year 2020 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 65,269 | $ 65,260 |
IBNR Plus Expected Development | $ 0 | |
Cumulative Number of Reported Claims | claim | 22,385 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 65,269 | $ 46,417 |
Credit Property and Casualty | Accident Year 2021 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 51,002 | |
IBNR Plus Expected Development | $ 12,188 | |
Cumulative Number of Reported Claims | claim | 14,443 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 34,998 |
Liability for Unpaid Claims _12
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Life (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | |
Credit Life | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 18,688 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 17,253 | |
All outstanding liabilities before period one, net of reinsurance | 0 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,435 | |
Credit Life | Accident Year 2020 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 8,397 | $ 7,265 |
IBNR Plus Expected Development | $ 35 | |
Cumulative Number of Reported Claims | claim | 48 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 8,359 | $ 6,201 |
Credit Life | Accident Year 2021 | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 10,291 | |
IBNR Plus Expected Development | $ 1,300 | |
Cumulative Number of Reported Claims | claim | 50 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 8,894 |
Liability for Unpaid Claims _13
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Health (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Claims Development [Line Items] | |||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | ||||
Health | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 221,451 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 202,289 | ||||
All outstanding liabilities before period one, net of reinsurance | 4,167 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 23,329 | ||||
Health | Accident Year 2017 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 35,451 | $ 35,447 | $ 35,466 | $ 39,930 | $ 41,544 |
IBNR Plus Expected Development | $ 0 | ||||
Cumulative Number of Reported Claims | claim | 29,216 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 35,420 | 35,420 | 35,420 | 35,392 | $ 25,358 |
Health | Accident Year 2018 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 57,682 | 57,676 | 63,729 | 64,686 | |
IBNR Plus Expected Development | $ 0 | ||||
Cumulative Number of Reported Claims | claim | 30,004 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 57,617 | 57,616 | 57,759 | $ 34,894 | |
Health | Accident Year 2019 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 47,294 | 52,508 | 48,175 | ||
IBNR Plus Expected Development | $ 1 | ||||
Cumulative Number of Reported Claims | claim | 30,614 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 47,245 | 47,270 | $ 33,353 | ||
Health | Accident Year 2020 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 37,871 | 38,461 | |||
IBNR Plus Expected Development | $ 3,816 | ||||
Cumulative Number of Reported Claims | claim | 24,946 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 34,118 | $ 23,398 | |||
Health | Accident Year 2021 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 43,153 | ||||
IBNR Plus Expected Development | $ 14,174 | ||||
Cumulative Number of Reported Claims | claim | 20,877 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 27,889 |
Liability for Unpaid Claims _14
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Health (Detail) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Claims Development [Line Items] | |||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 1,082,807 | ||||
Credit Health | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 19,963 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 15,406 | ||||
All outstanding liabilities before period one, net of reinsurance | 0 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 4,557 | ||||
Credit Health | Accident Year 2017 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,873 | $ 4,820 | $ 4,773 | $ 4,852 | $ 4,555 |
IBNR Plus Expected Development | $ 46 | ||||
Cumulative Number of Reported Claims | claim | 3,803 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 4,639 | 4,438 | 4,058 | 3,328 | $ 1,389 |
Credit Health | Accident Year 2018 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,303 | 4,155 | 4,163 | 4,631 | |
IBNR Plus Expected Development | $ 76 | ||||
Cumulative Number of Reported Claims | claim | 3,572 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,918 | 3,598 | 2,930 | $ 1,473 | |
Credit Health | Accident Year 2019 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,631 | 3,705 | 3,902 | ||
IBNR Plus Expected Development | $ 97 | ||||
Cumulative Number of Reported Claims | claim | 2,999 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 3,138 | 2,618 | $ 1,208 | ||
Credit Health | Accident Year 2020 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,741 | 3,736 | |||
IBNR Plus Expected Development | $ 222 | ||||
Cumulative Number of Reported Claims | claim | 2,605 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,613 | $ 1,179 | |||
Credit Health | Accident Year 2021 | |||||
Claims Development [Line Items] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,415 | ||||
IBNR Plus Expected Development | $ 457 | ||||
Cumulative Number of Reported Claims | claim | 1,533 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 1,098 |
Liability for Unpaid Claims _15
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Average Annual Percentage Payout Incurred Claims (Detail) | Dec. 31, 2021 |
Credit Property and Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 69.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 30.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Auto Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 33.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 29.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 15.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 9.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 5.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 2.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 1.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 2.00% |
Non-Auto Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 17.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 19.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 15.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 13.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 8.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 5.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 1.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 13.50% |
Commercial Multi-Peril | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 37.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 16.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 8.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 10.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 8.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 5.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 3.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 9.40% |
Homeowners | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 73.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 21.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 1.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.10% |
Short Tail Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 88.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 11.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Credit Life | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 80.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 19.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Reinsurance - Reinsurance Reten
Reinsurance - Reinsurance Retention Policy, Amount Retained (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
0-75 Years | |
Effects of Reinsurance [Line Items] | |
Total | $ 5,450 |
0-75 Years | Individual life | |
Effects of Reinsurance [Line Items] | |
Total | 5,000 |
0-75 Years | Individual accidental death | |
Effects of Reinsurance [Line Items] | |
Total | 250 |
0-75 Years | Credit Life | |
Effects of Reinsurance [Line Items] | |
Total | 100 |
0-75 Years | Group life | |
Effects of Reinsurance [Line Items] | |
Total | 100 |
76-80 Years | |
Effects of Reinsurance [Line Items] | |
Total | 2,450 |
76-80 Years | Individual life | |
Effects of Reinsurance [Line Items] | |
Total | 2,000 |
76-80 Years | Individual accidental death | |
Effects of Reinsurance [Line Items] | |
Total | 250 |
76-80 Years | Credit Life | |
Effects of Reinsurance [Line Items] | |
Total | 100 |
76-80 Years | Group life | |
Effects of Reinsurance [Line Items] | |
Total | 100 |
81 and Over | |
Effects of Reinsurance [Line Items] | |
Total | 1,450 |
81 and Over | Individual life | |
Effects of Reinsurance [Line Items] | |
Total | 1,000 |
81 and Over | Individual accidental death | |
Effects of Reinsurance [Line Items] | |
Total | 250 |
81 and Over | Credit Life | |
Effects of Reinsurance [Line Items] | |
Total | 100 |
81 and Over | Group life | |
Effects of Reinsurance [Line Items] | |
Total | $ 100 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($)layercontract | |
Effects of Reinsurance [Line Items] | |
Loss per worker's compensation retained | $ 2,000,000 |
Property and liability losses per risk (up to) | 6,000,000 |
Excess casualty clash coverage (up to) | 60,000,000 |
Facultative reinsurance cover purchased | 20,000,000 |
Corporate catastrophe coverage (up to) | 470,000,000 |
Corporate catastrophe coverage, if property catastrophe circumstances met (up to) | 500,000,000 |
Catastrophe amount retained | $ 35,000,000 |
Number of coverage contracts | contract | 2 |
First Contract | |
Effects of Reinsurance [Line Items] | |
Annual limit of catastrophe aggregate reinsurance coverage | $ 30,000,000 |
Number of layers of coverage contracts | layer | 2 |
Catastrophe reinsurance program coverage percentage | 100.00% |
First Contract, Layer One | |
Effects of Reinsurance [Line Items] | |
Corporate catastrophe coverage (up to) | $ 470,000,000 |
Catastrophe aggregate reinsurance coverage percentage | 100.00% |
First Contract, Second Layer | |
Effects of Reinsurance [Line Items] | |
Reinsurance claim base amount loss | $ 15,000,000 |
Reinsurance claim subject loss of each catastrophe | 20,000,000 |
Annual aggregate deductible | 15,000,000 |
Retention amount on large second and third catastrophe events, following a first large catastrophe | $ 20,000,000 |
Second Contract | |
Effects of Reinsurance [Line Items] | |
Catastrophe reinsurance program coverage percentage | 55.00% |
Catastrophe aggregate reinsurance coverage | $ 30,000,000 |
Aggregated catastrophe losses | 160,000,000 |
Maximum | |
Effects of Reinsurance [Line Items] | |
Additional excess property per risk coverage | 20,000,000 |
Maximum | Second Contract, Property Claims Services, Declared Events | |
Effects of Reinsurance [Line Items] | |
Qualifying losses 0ther reinsurance threshold | 35,000,000 |
Minimum | Second Contract, Property Claims Services, Internally Declared Events | |
Effects of Reinsurance [Line Items] | |
Qualifying losses 0ther reinsurance threshold | $ 5,000,000 |
Reinsurance - Reinsurance Recov
Reinsurance - Reinsurance Recoverables (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance [Abstract] | ||
Reinsurance recoverables | $ 459,621 | $ 414,359 |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
WRITTEN | |||
Direct | $ 2,650,696 | $ 2,533,278 | $ 2,500,176 |
Reinsurance assumed | 644,858 | 591,457 | 578,656 |
Reinsurance ceded | (944,194) | (883,187) | (865,369) |
Net | 2,351,360 | 2,241,548 | 2,213,463 |
EARNED | |||
Direct | 2,716,632 | 2,629,403 | 2,464,870 |
Reinsurance assumed | 317,081 | 291,945 | 236,504 |
Reinsurance ceded | (732,660) | (703,274) | (518,580) |
Net | $ 2,301,053 | $ 2,218,074 | $ 2,182,794 |
Reinsurance - Life Insurance In
Reinsurance - Life Insurance In-Force and Related Reinsurance (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Insurance [Abstract] | |||
Direct life insurance in-force | $ 136,710,529 | $ 128,075,765 | $ 117,886,265 |
Reinsurance risks assumed from other companies | 221,023 | 171,433 | 218,020 |
Reinsurance risks ceded to other companies | (22,835,954) | (24,006,683) | (24,913,905) |
Net life insurance in-force | $ 114,095,598 | $ 104,240,515 | $ 93,190,380 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Total expected income tax expense at the statutory rate | $ 181,229 | $ 121,939 | $ 167,554 |
Tax-exempt investment income | (3,929) | (4,262) | (3,969) |
Deferred tax change | (8,375) | 2,816 | (519) |
Dividend exclusion | (3,459) | (3,097) | (3,628) |
Tax credits, net | (4,988) | (7,484) | (7,090) |
Low income housing tax credit expense | 4,744 | 4,923 | 6,394 |
Change in valuation allowance | (138) | (625) | 383 |
Other items, net | 1,501 | 2,397 | 6,292 |
Total provision for federal income taxes | $ 166,585 | $ 116,607 | $ 165,417 |
Total expected income tax expense at the statutory rate | 21.00% | 21.00% | 21.00% |
Tax-exempt investment income, percentage | (0.50%) | (0.70%) | (0.50%) |
Deferred tax change, percentage | (1.00%) | 0.50% | (0.10%) |
Dividend exclusion, percentage | (0.40%) | (0.50%) | (0.50%) |
Miscellaneous tax credits, net, percentage | (0.60%) | (1.30%) | (0.90%) |
Low income housing tax credit expense, percentage | 0.50% | 0.80% | 0.80% |
Change in valuation allowance, percentage | 0.00% | (0.10%) | 0.00% |
Other items, net, percentage | 0.30% | 0.40% | 0.70% |
Total provision (benefit) for federal income taxes, percentage | 19.30% | 20.10% | 20.50% |
Federal Income Taxes - Componen
Federal Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DEFERRED TAX ASSETS | ||
Mortgage loans on real estate | $ 27,784 | $ 34,341 |
Future policy benefits, policyholders' account balances and claims | 43,538 | 57,572 |
Unearned premium reserve | 25,142 | 23,225 |
Participating policyholders’ liability | 67,367 | 41,593 |
Deferred compensation | 11,427 | 9,057 |
Tax carryforwards | 1,748 | 1,643 |
Gross deferred tax assets before valuation allowance | 177,006 | 167,431 |
Valuation allowance | (2,552) | (2,458) |
Gross deferred tax assets after valuation allowance | 174,454 | 164,973 |
DEFERRED TAX LIABILITIES | ||
Bonds | 69,089 | 122,326 |
Equity securities | 8,386 | 262,017 |
Real estate, real estate partnerships and investment funds | 16,319 | 12,499 |
Other invested assets | 30,452 | 29,664 |
Deferred acquisition costs | 218,252 | 199,152 |
Property and equipment | 6,272 | 7,689 |
Pension and liability for retirement benefits | 20,640 | 1,549 |
Other liabilities | 5,554 | 8,424 |
Gross deferred tax liabilities | 374,964 | 643,320 |
Total net deferred tax liability | $ 200,510 | $ 478,347 |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liabilities | $ 200,510 | $ 478,347 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | $ 6,465,567 | $ 5,995,763 | $ 5,271,515 |
Foreign currency adjustment, net of tax expense (benefit) | 62 | 235 | 390 |
Balance at end of the period | 7,002,059 | 6,465,567 | 5,995,763 |
Amounts reclassified from AOCI, sale of securities tax benefit | 8,608 | 2,092 | 213 |
Amounts reclassified from AOCI, pension tax expense | 2,016 | 1,018 | 1,491 |
Unrealized holding gains (losses) arising during the period, tax expense (benefit) | (43,343) | 52,808 | 70,808 |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 12,239 | (14,380) | (18,270) |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit) | 1,738 | (632) | (3,372) |
Actuarial gain (loss) arising during the period, tax expense (benefit) | 15,974 | (4,181) | 2,629 |
Foreign currency adjustment, tax expense | 65 | 62 | 104 |
Cumulative adjustment at January 1, 2020 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (33,500) | 0 | |
Balance at end of the period | (33,500) | ||
Net Unrealized Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | 292,166 | 157,851 | (42,469) |
Amounts reclassified from AOCI, net of tax expense (benefit) | (32,382) | (7,870) | (800) |
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | (163,051) | 198,657 | 266,373 |
Unrealized adjustment to DAC, net of tax expense (benefit) | 46,042 | (54,094) | (68,733) |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | 6,537 | (2,378) | (12,684) |
Balance at end of the period | 149,312 | 292,166 | 157,851 |
Net Unrealized Gains (Losses) on Securities | Cumulative adjustment at January 1, 2020 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | 16,164 | ||
Defined Benefit Pension Plan Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (67,130) | (55,232) | (54,236) |
Amounts reclassified from AOCI, net of tax expense (benefit) | 7,584 | 3,831 | 5,607 |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | 60,092 | (15,729) | 9,888 |
Balance at end of the period | 546 | (67,130) | (55,232) |
Defined Benefit Pension Plan Adjustments | Cumulative adjustment at January 1, 2020 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (16,491) | ||
Foreign Currency Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (2,866) | (3,101) | (3,033) |
Foreign currency adjustment, net of tax expense (benefit) | 62 | 235 | 390 |
Balance at end of the period | (2,804) | (2,866) | (3,101) |
Foreign Currency Adjustments | Cumulative adjustment at January 1, 2020 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (458) | ||
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | 222,170 | 99,518 | (99,738) |
Amounts reclassified from AOCI, net of tax expense (benefit) | (24,798) | (4,039) | 4,807 |
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | (163,051) | 198,657 | 266,373 |
Unrealized adjustment to DAC, net of tax expense (benefit) | 46,042 | (54,094) | (68,733) |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | 6,537 | (2,378) | (12,684) |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | 60,092 | (15,729) | 9,888 |
Foreign currency adjustment, net of tax expense (benefit) | 62 | 235 | 390 |
Balance at end of the period | $ 147,054 | $ 222,170 | 99,518 |
Accumulated Other Comprehensive Income (Loss) | Cumulative adjustment at January 1, 2020 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | $ (785) |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
Treasury stock, retired (in shares) | 190 | ||||||||||||||
Vesting period description | RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65 or change in control. | ||||||||||||||
Dividends received from ANH Investments, LLC | $ 1,000,000 | ||||||||||||||
Cash dividends to common stockholders (in usd per share) | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | $ 3.28 | $ 3.28 | $ 3.28 | ||||
Description of regulatory capital requirement | The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net gain from operations before realized capital gains, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. | ||||||||||||||
Noncontrolling interest (deficit) | $ 7,691 | $ 7,297 | $ 7,691 | $ 7,297 | |||||||||||
Forecast | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Statutory amount available for dividend payments without regulatory approval | $ 792,400 | ||||||||||||||
ANAT | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |||||||||||||
Parent Company | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Risk based capital action level percentage | 100.00% | ||||||||||||||
Statutory capital and surplus | $ 4,000,000 | 3,600,000 | $ 4,000,000 | 3,600,000 | |||||||||||
Subsidiaries | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Noncontrolling interest (deficit) | 900 | (900) | $ 900 | $ (900) | |||||||||||
ANPLA | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Risk based capital action level percentage | 242.00% | 194.00% | |||||||||||||
Minimum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Risk based capital action level percentage | 200.00% | 200.00% | |||||||||||||
American National Lloyds Insurance Company | Missouri | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Statutory accounting practices permitted practice amount | $ 68,100 | $ 75,300 | |||||||||||||
County Mutual | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Noncontrolling interest (deficit) | $ 6,800 | $ 6,800 | $ 6,800 | $ 6,800 | |||||||||||
Brookfield Asset Management Reinsurance Partners Ltd. | Forecast | American National Group Inc. | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Merger, price per share of common stock converted (in usd per share) | $ 190 | ||||||||||||||
Restricted Stock Units | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Granted, shares (in shares) | 8,250 | 10,197 | 8,250 | 8,250 | |||||||||||
Outstanding, shares (in shares) | 10,197 | 8,250 | 10,197 | 8,250 | 8,250 | 18,316 | |||||||||
Restricted Stock Units | Director | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Granted, shares (in shares) | 10,197 | 10,197 | |||||||||||||
Outstanding, shares (in shares) | 10,197 | 10,197 | |||||||||||||
Restricted Stock Units | Graded Vesting | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Stock Appreciation Rights | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Outstanding, shares (in shares) | 0 | 0 | 0 | 0 | 66 | 335 | |||||||||
Vesting period | 5 years | ||||||||||||||
Expiration of vesting period | 5 years | ||||||||||||||
Stock Appreciation Rights | Share-based Compensation Award, Tranche One | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting rate per year | 20.00% | ||||||||||||||
Restricted Stock Awards | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Outstanding, shares (in shares) | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||
Vesting period | 10 years | ||||||||||||||
Lapse restrictions on restricted stock awards | 10 years | ||||||||||||||
Shares granted (in shares) | 350,334 | 350,334 | |||||||||||||
Exercise price of Restricted shares granted | $ 0 | ||||||||||||||
Number of shares unvested (in shares) | 10,000 | 10,000 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | |||
Shares issued (in shares) | 26,887,200 | 26,887,200 | 30,832,449 |
Treasury shares (in shares) | 0 | 0 | (3,945,249) |
Outstanding shares (in shares) | 26,887,200 | 26,887,200 | 26,887,200 |
Restricted shares (in shares) | (10,000) | (10,000) | (10,000) |
Unrestricted outstanding shares (in shares) | 26,877,200 | 26,877,200 | 26,877,200 |
Stockholders' Equity and Nonc_5
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Stock Appreciation Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Beginning balance, shares (in shares) | 0 | 66 | 335 | |
Exercised, shares (in shares) | 0 | 0 | 0 | |
Expired, shares (in shares) | 0 | (66) | (269) | |
Ending balance, shares (in shares) | 0 | 0 | 66 | |
Weighted-average grant date fair value, beginning balance (in usd per share) | $ 0 | $ 110.83 | $ 84.41 | |
Weighted-average grant date fair value, exercised (in usd per share) | 0 | 0 | 0 | |
Weighted-average grant date fair value, expired (in usd per share) | 0 | 110.83 | 77.90 | |
Weighted-average grant date fair value, ending balance (in usd per share) | $ 0 | $ 0 | $ 110.83 | |
Weighted-average contractual remaining life (in years) | 0 years | |||
Exercisable shares (in shares) | 0 | |||
Weighted-average exercise price (in usd per share) | $ 0 | |||
Weighted-average exercise price exercisable shares (in usd per share) | $ 0 | |||
Compensation expense (credit) | $ 0 | $ (1) | $ 15 | |
Fair value of liability award | $ 0 | $ 0 | ||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Beginning balance, shares (in shares) | 10,000 | 10,000 | 10,000 | |
Exercised, shares (in shares) | 0 | 0 | 0 | |
Ending balance, shares (in shares) | 10,000 | 10,000 | 10,000 | |
Weighted-average grant date fair value, beginning balance (in usd per share) | $ 80.05 | $ 80.05 | $ 80.05 | |
Weighted-average grant date fair value, exercised (in usd per share) | 0 | 0 | 0 | |
Weighted-average grant date fair value, ending balance (in usd per share) | $ 80.05 | $ 80.05 | $ 80.05 | |
Weighted-average contractual remaining life (in years) | 1 year 1 month 28 days | |||
Weighted-average exercise price (in usd per share) | $ 80.05 | |||
Compensation expense (credit) | $ 80 | $ 80 | $ 80 | |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Beginning balance, shares (in shares) | 8,250 | 8,250 | 18,316 | |
Granted, shares (in shares) | 8,250 | 10,197 | 8,250 | 8,250 |
Exercised, shares (in shares) | (8,250) | (8,250) | (18,316) | |
Forfeited, shares (in shares) | 0 | 0 | 0 | |
Ending balance, shares (in shares) | 10,197 | 8,250 | 8,250 | |
Weighted-average grant date fair value, beginning balance (in usd per share) | $ 75.35 | $ 113.19 | $ 111.12 | |
Weighted-average grant date fair value, granted (in usd per share) | 113.35 | 75.35 | 113.19 | |
Weighted-average grant date fair value, exercised (in usd per share) | 75.35 | 113.19 | 111.12 | |
Weighted-average grant date fair value, forfeited (in usd per share) | 0 | 0 | 0 | |
Weighted-average grant date fair value, ending balance (in usd per share) | $ 113.35 | $ 75.35 | $ 113.19 | |
Weighted-average contractual remaining life (in years) | 3 months 29 days | |||
Weighted-average exercise price (in usd per share) | $ 113.35 | |||
Compensation expense (credit) | $ 1,989 | $ 449 | $ 1,168 | |
Fair value of liability award | $ 1,926 | $ 793 |
Stockholders' Equity and Nonc_6
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Weighted average shares outstanding (in shares) | 26,877,200 | 26,878,679 | 26,882,691 |
Incremental shares from RS awards and RSUs (in shares) | 7,479 | 8,446 | 8,552 |
Total shares for diluted calculations (in shares) | 26,884,679 | 26,887,125 | 26,891,243 |
Net income attributable to American National | $ 699,325 | $ 467,505 | $ 620,363 |
Basic earnings per share (in usd per share) | $ 26.02 | $ 17.39 | $ 23.08 |
Diluted earnings per share (in usd per share) | $ 26.01 | $ 17.38 | $ 23.07 |
Stockholders' Equity and Nonc_7
Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Life | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | $ 2,425,759 | $ 2,188,808 | |
Statutory net income | 956,053 | (25,178) | $ 47,133 |
Property & Casualty | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 1,570,501 | 1,463,179 | |
Statutory net income | $ 383,962 | $ 127,207 | $ 96,269 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Segment information, number of operating segments | 5 |
Segment Information - Summary o
Segment Information - Summary of Total Assets by Operating Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total | $ 31,320,321 | $ 29,467,815 |
Life | ||
Segment Reporting Information [Line Items] | ||
Total | 7,491,012 | 7,111,991 |
Annuity | ||
Segment Reporting Information [Line Items] | ||
Total | 14,803,297 | 13,642,357 |
Health | ||
Segment Reporting Information [Line Items] | ||
Total | 532,809 | 515,841 |
Property & Casualty | ||
Segment Reporting Information [Line Items] | ||
Total | 2,888,696 | 2,716,896 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total | $ 5,604,507 | $ 5,480,730 |
Segment Information - Summary_2
Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Premiums | $ 2,301,053 | $ 2,218,074 | $ 2,182,794 |
Other policy revenues | 359,707 | 310,746 | 305,256 |
Net investment income | 1,171,654 | 976,152 | 1,180,907 |
Net realized investment gains | 64,628 | 35,660 | 30,751 |
(Increase) decrease in investment credit loss | 28,778 | (102,603) | 0 |
Net gains on equity securities | 420,283 | 356,281 | 422,535 |
Other income | 45,688 | 40,556 | 51,401 |
Total premiums and other revenues | 4,391,791 | 3,834,866 | 4,173,644 |
Policyholder benefits | 755,655 | 748,083 | 667,828 |
Claims incurred | 1,192,155 | 1,121,742 | 1,151,166 |
Interest credited to policyholders’ account balances | 448,654 | 321,042 | 511,999 |
Commissions for acquiring and servicing policies | 640,097 | 553,600 | 532,634 |
Other operating expenses | 571,869 | 515,413 | 524,888 |
Deferred policy acquisition costs | (79,632) | (5,678) | (12,749) |
Total benefits, losses and expenses | 3,528,798 | 3,254,202 | 3,375,766 |
Income before federal income tax and other items | 862,993 | 580,664 | 797,878 |
Life | |||
Segment Reporting Information [Line Items] | |||
Premiums | 412,769 | 396,099 | 359,419 |
Other policy revenues | 336,136 | 295,263 | 288,061 |
Net investment income | 277,962 | 261,389 | 263,788 |
Net realized investment gains | 0 | 0 | 0 |
(Increase) decrease in investment credit loss | 0 | 0 | |
Net gains on equity securities | 0 | 0 | 0 |
Other income | 1,577 | 2,084 | 1,967 |
Total premiums and other revenues | 1,028,444 | 954,835 | 913,235 |
Policyholder benefits | 605,724 | 533,925 | 449,252 |
Claims incurred | 0 | 0 | 0 |
Interest credited to policyholders’ account balances | 84,005 | 75,943 | 80,950 |
Commissions for acquiring and servicing policies | 186,470 | 167,548 | 162,203 |
Other operating expenses | 195,127 | 182,395 | 190,104 |
Deferred policy acquisition costs | (50,134) | (53,756) | (26,036) |
Total benefits, losses and expenses | 1,021,192 | 906,055 | 856,473 |
Income before federal income tax and other items | 7,252 | 48,780 | 56,762 |
Annuity | |||
Segment Reporting Information [Line Items] | |||
Premiums | 74,925 | 92,866 | 147,139 |
Other policy revenues | 23,571 | 15,483 | 17,195 |
Net investment income | 629,417 | 570,003 | 663,895 |
Net realized investment gains | 0 | 0 | 0 |
(Increase) decrease in investment credit loss | 0 | 0 | |
Net gains on equity securities | 0 | 0 | 0 |
Other income | 3,282 | 2,716 | 2,727 |
Total premiums and other revenues | 731,195 | 681,068 | 830,956 |
Policyholder benefits | 149,931 | 214,158 | 218,576 |
Claims incurred | 0 | 0 | 0 |
Interest credited to policyholders’ account balances | 364,649 | 245,099 | 431,049 |
Commissions for acquiring and servicing policies | 98,842 | 55,910 | 71,350 |
Other operating expenses | 53,379 | 48,359 | 50,507 |
Deferred policy acquisition costs | (22,838) | 48,298 | 9,474 |
Total benefits, losses and expenses | 643,963 | 611,824 | 780,956 |
Income before federal income tax and other items | 87,232 | 69,244 | 50,000 |
Health | |||
Segment Reporting Information [Line Items] | |||
Premiums | 143,484 | 168,805 | 165,035 |
Other policy revenues | 0 | 0 | 0 |
Net investment income | 8,153 | 8,637 | 9,467 |
Net realized investment gains | 0 | 0 | 0 |
(Increase) decrease in investment credit loss | 0 | 0 | |
Net gains on equity securities | 0 | 0 | 0 |
Other income | 21,743 | 19,598 | 20,762 |
Total premiums and other revenues | 173,380 | 197,040 | 195,264 |
Policyholder benefits | 0 | 0 | 0 |
Claims incurred | 98,029 | 116,122 | 109,013 |
Interest credited to policyholders’ account balances | 0 | 0 | 0 |
Commissions for acquiring and servicing policies | 24,231 | 30,182 | 31,624 |
Other operating expenses | 42,284 | 39,265 | 41,475 |
Deferred policy acquisition costs | 3,537 | (307) | 1,382 |
Total benefits, losses and expenses | 168,081 | 185,262 | 183,494 |
Income before federal income tax and other items | 5,299 | 11,778 | 11,770 |
Property & Casualty | |||
Segment Reporting Information [Line Items] | |||
Premiums | 1,669,875 | 1,560,304 | 1,511,201 |
Other policy revenues | 0 | 0 | 0 |
Net investment income | 62,140 | 63,949 | 64,263 |
Net realized investment gains | 0 | 0 | 0 |
(Increase) decrease in investment credit loss | 0 | 0 | |
Net gains on equity securities | 0 | 0 | 0 |
Other income | 15,807 | 12,779 | 11,897 |
Total premiums and other revenues | 1,747,822 | 1,637,032 | 1,587,361 |
Policyholder benefits | 0 | 0 | 0 |
Claims incurred | 1,094,126 | 1,005,620 | 1,042,153 |
Interest credited to policyholders’ account balances | 0 | 0 | 0 |
Commissions for acquiring and servicing policies | 330,554 | 299,960 | 267,457 |
Other operating expenses | 213,486 | 202,503 | 201,580 |
Deferred policy acquisition costs | (10,197) | 87 | 2,431 |
Total benefits, losses and expenses | 1,627,969 | 1,508,170 | 1,513,621 |
Income before federal income tax and other items | 119,853 | 128,862 | 73,740 |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Premiums | 0 | 0 | 0 |
Other policy revenues | 0 | 0 | 0 |
Net investment income | 193,982 | 72,174 | 179,494 |
Net realized investment gains | 64,628 | 35,660 | 30,751 |
(Increase) decrease in investment credit loss | 28,778 | (102,603) | |
Net gains on equity securities | 420,283 | 356,281 | 422,535 |
Other income | 3,279 | 3,379 | 14,048 |
Total premiums and other revenues | 710,950 | 364,891 | 646,828 |
Policyholder benefits | 0 | 0 | 0 |
Claims incurred | 0 | 0 | 0 |
Interest credited to policyholders’ account balances | 0 | 0 | 0 |
Commissions for acquiring and servicing policies | 0 | 0 | 0 |
Other operating expenses | 67,593 | 42,891 | 41,222 |
Deferred policy acquisition costs | 0 | 0 | 0 |
Total benefits, losses and expenses | 67,593 | 42,891 | 41,222 |
Income before federal income tax and other items | $ 643,357 | $ 322,000 | $ 605,606 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total expenses associated with plan | $ 10.8 | $ 9.9 | $ 9.5 |
Active, tax-qualified, defined-benefit pension plan | plan | 0 | ||
Percentage of total invested plan assets | 5.00% | ||
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total invested plan assets | 100.00% | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total invested plan assets | 75.00% | ||
Foreign Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of bond portfolio, foreign bonds | 20.00% | ||
Corporate debt securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity date | 1 year | ||
Corporate debt securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity date | 30 years | ||
Residential mortgage-backed securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity date | 1 year | ||
Residential mortgage-backed securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity date | 30 years | ||
Postretirement Life and Health Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued postretirement benefit obligation | $ 12.2 | 5.3 | |
Qualified Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution for pension plan | 60 | ||
Non-qualified Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits paid | $ 8.5 | $ 8.5 | $ 8.7 |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Amounts Recognized in Consolidated Statements of Financial Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of benefit obligation | |||
Service cost | $ 589 | $ 543 | $ 523 |
Interest cost on projected benefit obligation | 11,207 | 14,868 | 17,421 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at beginning of year | 511,989 | ||
Fair value of plan assets at end of year | 575,214 | 511,989 | |
Qualified | |||
Reconciliation of benefit obligation | |||
Obligation at beginning of year | 427,745 | 387,273 | |
Service cost | 589 | 543 | |
Interest cost on projected benefit obligation | 10,290 | 13,079 | |
Actuarial (gain) loss | (11,640) | 50,620 | |
Benefits paid | (27,604) | (23,770) | |
Obligation at end of year | 399,380 | 427,745 | 387,273 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at beginning of year | 511,989 | 470,101 | |
Actual return on plan assets | 90,822 | 65,700 | |
Employer contributions | 0 | 0 | |
Benefits paid | (27,597) | (23,812) | |
Fair value of plan assets at end of year | 575,214 | 511,989 | 470,101 |
Funded status | |||
Funded status at end of year | 175,834 | 84,244 | |
Non-qualified | |||
Reconciliation of benefit obligation | |||
Obligation at beginning of year | 65,791 | 65,733 | |
Service cost | 0 | 0 | |
Interest cost on projected benefit obligation | 917 | 1,789 | |
Actuarial (gain) loss | 2,496 | 6,775 | |
Benefits paid | (8,510) | (8,506) | |
Obligation at end of year | 60,694 | 65,791 | 65,733 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 8,510 | 8,506 | |
Benefits paid | (8,510) | (8,506) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | |||
Funded status at end of year | $ (60,694) | $ (65,791) |
Pension and Postretirement Be_5
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 589 | $ 543 | $ 523 |
Interest cost | 11,207 | 14,868 | 17,421 |
Expected return on plan assets | (25,921) | (26,109) | (24,248) |
Amortization of net actuarial loss | 7,628 | 4,848 | 7,070 |
Settlement recognition | 1,973 | 0 | 0 |
Net periodic cost (benefit) | $ (4,524) | $ (5,850) | $ 766 |
Pension and Postretirement Be_6
Pension and Postretirement Benefits - Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Actuarial gain (loss) | $ 85,666 | $ (15,061) | $ 19,615 |
Deferred tax benefit (expense) | (17,990) | 3,163 | (4,120) |
Cumulative effect of change in accounting | 0 | 0 | (16,491) |
Other comprehensive income (loss), net of tax | $ 67,676 | $ (11,898) | $ (996) |
Pension and Postretirement Be_7
Pension and Postretirement Benefits - Net Periodic Benefit Cost Not yet Recognized (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Net actuarial gain (loss) | $ 690 | $ (84,976) |
Deferred tax benefit (expense) | (144) | 17,846 |
Amounts included in AOCI | $ 546 | $ (67,130) |
Pension and Postretirement Be_8
Pension and Postretirement Benefits - Weighted Average Assumptions Used in Measurement of Benefit Obligation (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Discount rate, used for net benefit cost (as percent) | 2.52% |
Long-term rate of return, used for net benefit cost (as percent) | 5.25% |
Discount rate, used for benefit obligations (as percent) | 2.86% |
Pension and Postretirement Be_9
Pension and Postretirement Benefits - Pension Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 49,048 |
2023 | 33,243 |
2024 | 32,891 |
2025 | 30,522 |
2026 | 29,648 |
2027-2031 | $ 135,164 |
Pension and Postretirement B_10
Pension and Postretirement Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 575,214 | $ 511,989 |
Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 144,770 | 157,933 |
Residential mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 61 | 3,521 |
Consumer goods | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 63,296 | 57,684 |
Energy and utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 27,078 | 22,007 |
Finance | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 48,401 | 40,161 |
Healthcare | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 60,972 | 51,641 |
Industrials | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 29,375 | 25,827 |
Information technology | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 103,379 | 78,720 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 86,256 | 70,230 |
Commercial paper | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3,104 | 872 |
Unallocated group annuity contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 498 | 1,940 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 8,024 | 1,453 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 426,781 | 347,723 |
Level 1 | Consumer goods | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 63,296 | 57,684 |
Level 1 | Energy and utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 27,078 | 22,007 |
Level 1 | Finance | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 48,401 | 40,161 |
Level 1 | Healthcare | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 60,972 | 51,641 |
Level 1 | Industrials | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 29,375 | 25,827 |
Level 1 | Information technology | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 103,379 | 78,720 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 86,256 | 70,230 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 8,024 | 1,453 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 148,433 | 163,576 |
Level 2 | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 144,770 | 157,243 |
Level 2 | Residential mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 61 | 3,521 |
Level 2 | Commercial paper | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 3,104 | 872 |
Level 2 | Unallocated group annuity contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 498 | 1,940 |
Level 2 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 690 |
Level 3 | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 0 | $ 690 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Aug. 06, 2021 | May 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||||
Remaining long-term lease commitments | $ 12,700,000 | |||
Commitments outstanding, aggregate amount | 1,500,000,000 | |||
Commitments expected to be funded in 2020 | 786,200,000 | |||
Letters of credit outstanding, amount | 3,500,000 | $ 3,500,000 | ||
FHLB stock purchased | $ 7,000,000 | |||
Federal Home Loan Bank advance, additional borrowing capacity | 902,700,000 | |||
Total amount of guarantees outstanding | 121,400,000 | |||
Life insurance policies with guarantees, cash value | 143,100,000 | |||
Brookfield Asset Management Reinsurance Partners Ltd. | American National Group Inc. | ||||
Financing Receivable, Impaired [Line Items] | ||||
Contract termination fee, if circumstances met | $ 178,500,000 | |||
Maximum aggregate indebtedness limit, subject to conditions | $ 10,000,000 | |||
Collateralized Mortgage Obligations | ||||
Financing Receivable, Impaired [Line Items] | ||||
Fair value of collateral held at FHLB | 28,000,000 | |||
Commercial Mortgage Loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Fair value of collateral held at FHLB | $ 1,500,000,000 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gal-Tex Hotel Corporation | Mortgage Loan on Real Estate | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | $ 0 | $ 0 | $ 576 |
Gal-Tex Hotel Corporation | Net investment income | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 0 | 0 | 9 |
Gal-Tex Hotel Corporation | Mortgage Loans on Real Estate | |||
Related Party Transaction [Line Items] | |||
Amount due from American National | 0 | 0 | |
Gal-Tex Hotel Corporation | Net Investment Income | |||
Related Party Transaction [Line Items] | |||
Amount due from American National | 0 | 0 | |
Greer, Herz & Adams, LLP | Other Operating Expenses | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 13,203 | 13,451 | $ 12,088 |
Greer, Herz & Adams, LLP | Other Operating Expenses | |||
Related Party Transaction [Line Items] | |||
Amount due from American National | $ (310) | $ (441) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Affiliate | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |
Interest rate on mortgage loans | 7.25% |
Due date of mortgage loans receivable | Apr. 1, 2019 |
Gal-Tex | Moody Foundation | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 34.00% |
Gal-Tex | Libbie Shearn Moody Trust | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 50.20% |
American National | Moody Foundation | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 22.75% |
American National | Libbie Shearn Moody Trust | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 37.00% |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | $ 24,839,082 |
Estimated Fair Value | 23,711,743 |
Amount at Which Shown in the Balance Sheet | 25,025,906 |
Options | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 113,632 |
Estimated Fair Value | 259,383 |
Amount at Which Shown in the Balance Sheet | 430 |
Consumer goods | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,980 |
Estimated Fair Value | 13,031 |
Amount at Which Shown in the Balance Sheet | 13,031 |
Energy and utilities | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 21,138 |
Estimated Fair Value | 8,647 |
Amount at Which Shown in the Balance Sheet | 8,647 |
Finance | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 2,810 |
Estimated Fair Value | 7,502 |
Amount at Which Shown in the Balance Sheet | 7,502 |
Healthcare | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,442 |
Estimated Fair Value | 12,136 |
Amount at Which Shown in the Balance Sheet | 12,136 |
Industrials | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 2,214 |
Estimated Fair Value | 4,733 |
Amount at Which Shown in the Balance Sheet | 4,733 |
Information technology | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 5,193 |
Estimated Fair Value | 20,436 |
Amount at Which Shown in the Balance Sheet | 20,436 |
Other | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 18,810 |
Estimated Fair Value | 31,492 |
Amount at Which Shown in the Balance Sheet | 31,492 |
Preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 37,145 |
Estimated Fair Value | 37,456 |
Amount at Which Shown in the Balance Sheet | 37,456 |
Mortgage loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 5,199,334 |
Estimated Fair Value | 5,271,950 |
Amount at Which Shown in the Balance Sheet | 5,199,334 |
Real estate and real estate partnerships | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 890,105 |
Estimated Fair Value | 0 |
Amount at Which Shown in the Balance Sheet | 890,105 |
Investment funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 961,763 |
Estimated Fair Value | 0 |
Amount at Which Shown in the Balance Sheet | 961,763 |
Real estate acquired in satisfaction of debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 38,307 |
Estimated Fair Value | 0 |
Amount at Which Shown in the Balance Sheet | 38,307 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 365,208 |
Estimated Fair Value | 365,208 |
Amount at Which Shown in the Balance Sheet | 365,208 |
Other long-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 125,365 |
Estimated Fair Value | 0 |
Amount at Which Shown in the Balance Sheet | 125,365 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,840,732 |
Estimated Fair Value | 1,840,732 |
Amount at Which Shown in the Balance Sheet | 1,840,732 |
Held-to-maturity Securities | Foreign governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 14,369 |
Estimated Fair Value | 14,347 |
Amount at Which Shown in the Balance Sheet | 14,369 |
Held-to-maturity Securities | Corporate debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 6,810,518 |
Estimated Fair Value | 7,166,564 |
Amount at Which Shown in the Balance Sheet | 6,799,051 |
Held-to-maturity Securities | U.S. treasury and government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 12,284 |
Estimated Fair Value | 11,997 |
Amount at Which Shown in the Balance Sheet | 12,284 |
Held-to-maturity Securities | U.S. states and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 104,039 |
Estimated Fair Value | 103,809 |
Amount at Which Shown in the Balance Sheet | 104,039 |
Held-to-maturity Securities | Residential mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 48,491 |
Estimated Fair Value | 50,178 |
Amount at Which Shown in the Balance Sheet | 47,975 |
Held-to-maturity Securities | Collateralized debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 112,409 |
Estimated Fair Value | 111,894 |
Amount at Which Shown in the Balance Sheet | 111,263 |
Available-for-sale Securities | Foreign governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 5,000 |
Estimated Fair Value | 5,841 |
Amount at Which Shown in the Balance Sheet | 5,841 |
Available-for-sale Securities | Corporate debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 6,809,610 |
Estimated Fair Value | 7,036,148 |
Amount at Which Shown in the Balance Sheet | 7,036,148 |
Available-for-sale Securities | U.S. treasury and government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 26,887 |
Estimated Fair Value | 26,753 |
Amount at Which Shown in the Balance Sheet | 26,753 |
Available-for-sale Securities | U.S. states and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,028,331 |
Estimated Fair Value | 1,077,129 |
Amount at Which Shown in the Balance Sheet | 1,077,129 |
Available-for-sale Securities | Residential mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 32,234 |
Estimated Fair Value | 31,967 |
Amount at Which Shown in the Balance Sheet | 31,967 |
Available-for-sale Securities | Collateralized debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 205,732 |
Estimated Fair Value | 202,410 |
Amount at Which Shown in the Balance Sheet | $ 202,410 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant - Statements of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Other assets | $ 156,768 | $ 155,600 |
Total assets | 31,320,321 | 29,467,815 |
LIABILITIES | ||
Other liabilities | 421,212 | 335,219 |
Total liabilities | 24,318,262 | 23,002,248 |
EQUITY | ||
Common stock | 269 | 269 |
Additional paid-in capital | 47,762 | 47,683 |
Accumulated other comprehensive income | 147,054 | 222,170 |
Retained earnings | 6,799,283 | 6,188,148 |
Total American National stockholders’ equity | 6,994,368 | 6,458,270 |
Total liabilities and stockholders' equity | 31,320,321 | 29,467,815 |
Parent Company | ||
ASSETS | ||
Investment in subsidiaries | 6,950,792 | 6,453,754 |
Other assets | 62,016 | 17,754 |
Total assets | 7,012,808 | 6,471,508 |
LIABILITIES | ||
Other liabilities | 18,440 | 13,238 |
Total liabilities | 18,440 | 13,238 |
EQUITY | ||
Common stock | 269 | 269 |
Additional paid-in capital | 47,762 | 47,683 |
Accumulated other comprehensive income | 147,054 | 222,170 |
Retained earnings | 6,799,283 | 6,188,148 |
Total American National stockholders’ equity | 6,994,368 | 6,458,270 |
Total liabilities and stockholders' equity | $ 7,012,808 | $ 6,471,508 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant - Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums and other revenues | |||
Net investment income | $ 1,171,654,000 | $ 976,152,000 | $ 1,180,907,000 |
Net realized investment gains | 64,628,000 | 35,660,000 | 37,719,000 |
Other-than-temporary impairments | 0 | 0 | (6,968,000) |
Net gains on equity securities | 420,283,000 | 356,281,000 | 422,535,000 |
Other income | 45,688,000 | 40,556,000 | 51,401,000 |
Total premiums and other revenues | 4,391,791,000 | 3,834,866,000 | 4,173,644,000 |
BENEFITS, LOSSES AND EXPENSES | |||
Other operating expenses | 571,869,000 | 515,413,000 | 524,888,000 |
Total benefits, losses and expenses | 3,528,798,000 | 3,254,202,000 | 3,375,766,000 |
Income before federal income tax and other items | 862,993,000 | 580,664,000 | 797,878,000 |
Provision (benefit) for federal income taxes | 166,585,000 | 116,607,000 | 165,417,000 |
Equity in earnings (losses) of unconsolidated affiliates | 188,677,000 | 42,467,000 | 103,501,000 |
Other components of net periodic pension benefit (costs), net of tax | 3,574,000 | 4,456,000 | (684,000) |
Net income attributable to American National | 699,325,000 | 467,505,000 | 620,363,000 |
Parent Company | |||
Premiums and other revenues | |||
Premiums and other policy revenues | 0 | 0 | 873,076,000 |
Net investment income | 0 | 0 | 866,837,000 |
Net realized investment gains | 0 | 0 | 5,600,000 |
Other-than-temporary impairments | 0 | 0 | (6,663,000) |
Net gains on equity securities | 0 | 0 | 958,000 |
Other income | 0 | 0 | 28,037,000 |
Total premiums and other revenues | 0 | 0 | 1,767,845,000 |
BENEFITS, LOSSES AND EXPENSES | |||
Policyholder benefits | 0 | 0 | 651,162,000 |
Other operating expenses | 25,802,000 | 1,148,000 | 965,338,000 |
Total benefits, losses and expenses | 25,802,000 | 1,148,000 | 1,616,500,000 |
Income before federal income tax and other items | (25,802,000) | (1,148,000) | 151,345,000 |
Provision (benefit) for federal income taxes | (2,972,000) | (245,000) | 27,568,000 |
Equity in earnings (losses) of unconsolidated affiliates | 722,155,000 | 468,408,000 | 492,888,000 |
Other components of net periodic pension benefit (costs), net of tax | 0 | 0 | 3,698,000 |
Net income attributable to American National | $ 699,325,000 | $ 467,505,000 | $ 620,363,000 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant - Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income | $ 699,982 | $ 468,513 | $ 631,777 |
Other comprehensive income, net of tax | |||
Change in net unrealized gains (losses) on securities | (142,854) | 134,315 | 184,156 |
Defined benefit pension plan adjustment | 67,676 | (11,898) | 15,495 |
Total other comprehensive income (loss), net of tax | (75,116) | 122,652 | 200,041 |
Total comprehensive income | 624,866 | 591,165 | 831,818 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 699,325 | 467,505 | 620,363 |
Other comprehensive income, net of tax | |||
Change in net unrealized gains (losses) on securities | 0 | 0 | 80,235 |
Defined benefit pension plan adjustment | 0 | 0 | (42,139) |
Total other comprehensive income (loss), net of tax | 0 | 0 | 38,096 |
Total comprehensive income | $ 699,325 | $ 467,505 | $ 658,459 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information of Registrant - Statements of Cash Flows (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 699,982,000 | $ 468,513,000 | $ 631,777,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net realized investment gains | (64,628,000) | (35,660,000) | (37,719,000) |
Other-than-temporary impairments | 0 | 0 | 6,968,000 |
Accretion of premiums, discounts and loan origination fees | 18,932,000 | 9,479,000 | (4,394,000) |
Net capitalized interest on policy loans and mortgage loans | (31,620,000) | (30,367,000) | (34,081,000) |
Depreciation | 49,983,000 | 52,551,000 | 53,160,000 |
Interest credited to policyholders’ account balances | 448,654,000 | 321,042,000 | 511,999,000 |
Charges to policyholders’ account balances | (359,707,000) | (310,746,000) | (305,256,000) |
Deferred federal income tax expense (benefit) | (241,966,000) | 58,910,000 | 78,385,000 |
Distributions from equity method investments | 150,024,000 | 82,045,000 | 111,848,000 |
Changes in: | |||
Policyholder liabilities | 271,202,000 | 210,397,000 | 145,396,000 |
Deferred policy acquisition costs | (79,632,000) | (5,678,000) | (12,749,000) |
Reinsurance recoverables | (45,262,000) | (2,529,000) | 15,645,000 |
Premiums due and other receivables | (30,590,000) | (10,048,000) | 3,780,000 |
Prepaid reinsurance premiums | (4,985,000) | 1,865,000 | 8,952,000 |
Accrued investment income | 23,476,000 | (15,533,000) | (12,227,000) |
Current tax payable | 311,554,000 | 339,000 | 18,893,000 |
Liability for retirement benefits | 7,440,000 | (13,765,000) | (8,454,000) |
Fair value of option securities | (127,681,000) | (51,931,000) | (144,978,000) |
Fair value of equity securities | (420,283,000) | (356,281,000) | (422,535,000) |
Other, net | (6,651,000) | (100,276,000) | 5,503,000 |
Net cash provided by operating activities | 350,787,000 | 332,463,000 | 506,412,000 |
Proceeds from sale/maturity/prepayment of: | |||
Held-to-maturity securities | 1,274,488,000 | 1,615,811,000 | 864,481,000 |
Available-for-sale securities | 1,224,242,000 | 977,051,000 | 500,724,000 |
Mortgage loans | 951,602,000 | 522,900,000 | 837,732,000 |
Policy loans | 51,105,000 | 52,767,000 | 48,079,000 |
Other invested assets | 239,767,000 | 148,101,000 | 120,455,000 |
Disposals of property and equipment | 65,000 | 268,000 | 69,000 |
Distributions from affiliates and subsidiaries | 131,186,000 | 91,178,000 | 37,926,000 |
Payment for the purchase/origination of: | |||
Held-to-maturity securities | (944,443,000) | (498,149,000) | (1,468,253,000) |
Available-for-sale securities | (2,244,974,000) | (1,473,808,000) | (528,495,000) |
Equity securities | (93,663,000) | (131,238,000) | (49,016,000) |
Real estate and real estate partnerships | (12,252,000) | (31,518,000) | (24,163,000) |
Mortgage loans | (854,496,000) | (752,244,000) | (784,408,000) |
Policy loans | (20,527,000) | (22,338,000) | (27,722,000) |
Other invested assets | (164,426,000) | (98,371,000) | (109,074,000) |
Additions to property and equipment | (37,150,000) | (39,863,000) | (21,402,000) |
Contributions to investment funds | (591,324,000) | (256,638,000) | (185,140,000) |
Change in short-term investments | (812,353,000) | (603,058,000) | (190,511,000) |
Change in collateral held for derivatives | 20,604,000 | (15,648,000) | 107,133,000 |
Other, net | 2,633,000 | 2,657,000 | 10,369,000 |
Net cash provided by (used in) investing activities | 605,346,000 | (445,323,000) | (523,723,000) |
FINANCING ACTIVITIES | |||
Policyholders’ account deposits | 2,229,554,000 | 1,232,520,000 | 1,770,646,000 |
Policyholders’ account withdrawals | (1,251,458,000) | (1,388,649,000) | (1,481,234,000) |
Dividends to stockholders | (88,190,000) | (88,190,000) | (88,243,000) |
Dividends from subsidiaries | 0 | 49,500,000 | 0 |
Net cash provided by financing activities | 634,802,000 | 806,000 | 201,148,000 |
Beginning of the year | 339,947,000 | ||
End of the year | 1,930,882,000 | 339,947,000 | |
Parent Company | |||
OPERATING ACTIVITIES | |||
Net income | 699,325,000 | 467,505,000 | 620,363,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net realized investment gains | 0 | 0 | (5,600,000) |
Other-than-temporary impairments | 0 | 0 | 6,663,000 |
Accretion of premiums, discounts and loan origination fees | 0 | 0 | (9,654,000) |
Net capitalized interest on policy loans and mortgage loans | 0 | 0 | (31,366,000) |
Depreciation | 0 | 0 | 30,658,000 |
Interest credited to policyholders’ account balances | 0 | 0 | 441,268,000 |
Charges to policyholders’ account balances | 0 | 0 | (291,160,000) |
Deferred federal income tax expense (benefit) | (1,439,000) | (245,000) | 40,936,000 |
Equity in earnings of subsidiaries | (722,155,000) | (468,408,000) | (6,752,000) |
Net income of subsidiaries | 0 | 0 | (486,136,000) |
Distributions from equity method investments | 0 | 0 | 22,012,000 |
Dividends from subsidiaries | 150,000,000 | 0 | 0 |
Changes in: | |||
Policyholder liabilities | 0 | 0 | 44,732,000 |
Deferred policy acquisition costs | 0 | 0 | (4,791,000) |
Reinsurance recoverables | 0 | 0 | 18,826,000 |
Premiums due and other receivables | 0 | 0 | 4,333,000 |
Prepaid reinsurance premiums | 0 | 0 | 5,277,000 |
Accrued investment income | 0 | 0 | (3,535,000) |
Current tax payable | 9,195,000 | 12,098,000 | (83,470,000) |
Liability for retirement benefits | 0 | 0 | (5,482,000) |
Fair value of option securities | 0 | 0 | (134,925,000) |
Fair value of equity securities | 0 | 0 | (958,000) |
Other, net | (3,913,000) | 1,264,000 | (6,193,000) |
Net cash provided by operating activities | 131,013,000 | 12,214,000 | 165,046,000 |
Proceeds from sale/maturity/prepayment of: | |||
Held-to-maturity securities | 0 | 0 | 706,230,000 |
Available-for-sale securities | 0 | 0 | 366,696,000 |
Mortgage loans | 0 | 0 | 789,088,000 |
Policy loans | 0 | 0 | 42,316,000 |
Other invested assets | 0 | 0 | 112,340,000 |
Disposals of property and equipment | 0 | 0 | 69,000 |
Distributions from affiliates and subsidiaries | 0 | 0 | 27,891,000 |
Payment for the purchase/origination of: | |||
Held-to-maturity securities | 0 | 0 | (936,646,000) |
Available-for-sale securities | 0 | 0 | (326,476,000) |
Equity securities | 0 | 0 | (351,000) |
Real estate and real estate partnerships | 0 | 0 | (13,639,000) |
Mortgage loans | 0 | 0 | (668,563,000) |
Policy loans | 0 | 0 | (25,408,000) |
Other invested assets | 0 | 0 | (102,275,000) |
Additions to property and equipment | 0 | 0 | (11,163,000) |
Contributions to investment funds | 0 | 0 | (147,547,000) |
Change in short-term investments | 0 | 0 | 138,021,000 |
Change in investment in subsidiaries | 0 | 0 | 35,069,000 |
Change in collateral held for derivatives | 0 | 0 | 97,852,000 |
Other, net | 0 | 0 | (92,000) |
Net cash provided by (used in) investing activities | 0 | 0 | 83,412,000 |
FINANCING ACTIVITIES | |||
Policyholders’ account deposits | 0 | 0 | 1,375,003,000 |
Policyholders’ account withdrawals | 0 | 0 | (1,391,881,000) |
Dividends to stockholders | (88,190,000) | (44,095,000) | (88,243,000) |
Net cash provided by financing activities | (88,190,000) | 5,405,000 | (105,121,000) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 42,823,000 | 17,619,000 | 143,337,000 |
Beginning of the year | 17,619,000 | 294,929,000 | 151,592,000 |
End of the year | $ 60,442,000 | $ 17,619,000 | $ 294,929,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | $ 1,498,124 | $ 1,360,211 | $ 1,423,007 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 20,811,744 | 19,562,543 | 19,517,754 |
Unearned premiums | 1,013,830 | 956,343 | 933,559 |
Premium revenue | 2,301,053 | 2,218,074 | 2,182,794 |
Net investment income | 1,171,654 | 976,152 | 1,180,907 |
Benefits, claims, losses and settlement expenses | 1,947,810 | 1,869,825 | 1,818,994 |
Amortization of deferred policy acquisition costs | 562,773 | 539,602 | 530,509 |
Other operating expenses | 571,869 | 515,413 | 524,888 |
Premiums written | 1,726,151 | 1,590,740 | 1,546,144 |
Life | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 956,045 | 896,208 | 852,900 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 5,662,057 | 5,443,826 | 5,293,970 |
Unearned premiums | 22,152 | 23,867 | 27,080 |
Premium revenue | 412,769 | 396,099 | 359,419 |
Net investment income | 277,962 | 261,389 | 263,788 |
Benefits, claims, losses and settlement expenses | 605,724 | 533,925 | 449,252 |
Amortization of deferred policy acquisition costs | 111,764 | 84,443 | 113,300 |
Other operating expenses | 195,127 | 182,395 | 190,104 |
Annuity | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 380,472 | 309,056 | 415,380 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 13,643,790 | 12,690,490 | 12,856,209 |
Premium revenue | 74,925 | 92,866 | 147,139 |
Net investment income | 629,417 | 570,003 | 663,895 |
Benefits, claims, losses and settlement expenses | 149,931 | 214,158 | 218,576 |
Amortization of deferred policy acquisition costs | 77,133 | 103,709 | 79,746 |
Other operating expenses | 53,379 | 48,359 | 50,507 |
Health | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 29,348 | 32,885 | 32,578 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 305,532 | 286,875 | 282,592 |
Unearned premiums | 27,774 | 30,629 | 34,862 |
Premium revenue | 143,484 | 168,805 | 165,035 |
Net investment income | 8,153 | 8,637 | 9,467 |
Benefits, claims, losses and settlement expenses | 98,029 | 116,122 | 109,013 |
Amortization of deferred policy acquisition costs | 17,906 | 15,619 | 21,322 |
Other operating expenses | 42,284 | 39,265 | 41,475 |
Property & Casualty | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 132,259 | 122,062 | 122,149 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 1,200,365 | 1,141,352 | 1,084,983 |
Unearned premiums | 963,904 | 901,847 | 871,617 |
Premium revenue | 1,669,875 | 1,560,304 | 1,511,201 |
Net investment income | 62,140 | 63,949 | 64,263 |
Benefits, claims, losses and settlement expenses | 1,094,126 | 1,005,620 | 1,042,153 |
Amortization of deferred policy acquisition costs | 355,970 | 335,831 | 316,141 |
Other operating expenses | 213,486 | 202,503 | 201,580 |
Premiums written | 1,726,151 | 1,590,740 | 1,546,144 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Net investment income | 193,982 | 72,174 | 179,494 |
Other operating expenses | $ 67,593 | $ 42,891 | $ 41,222 |
Schedule IV - Reinsurance Inf_2
Schedule IV - Reinsurance Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Life insurance in-force, direct amount | $ 136,710,529 | $ 128,075,765 | $ 117,886,265 |
Life insurance in-force, ceded to other companies | 22,835,954 | 24,006,683 | 24,913,905 |
Life insurance in-force, assumed from other companies | 221,023 | 171,433 | 218,020 |
Net life insurance in-force | $ 114,095,598 | $ 104,240,515 | $ 93,190,380 |
Life insurance in-force, percentage of amount assumed to net | 0.20% | 0.20% | 0.20% |
Premiums earned, direct amount | $ 2,716,632 | $ 2,629,403 | $ 2,464,870 |
Premiums earned, ceded to other companies | 732,660 | 703,274 | 518,580 |
Premiums earned, assumed from other companies | 317,081 | 291,945 | 236,504 |
Net | $ 2,301,053 | $ 2,218,074 | $ 2,182,794 |
Premiums earned, percentage of amount assumed to net | 13.80% | 13.20% | 10.80% |
Life and Annuity | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 570,875 | $ 581,350 | $ 605,796 |
Premiums earned, ceded to other companies | 88,264 | 96,675 | 99,856 |
Premiums earned, assumed from other companies | 5,083 | 4,290 | 618 |
Net | $ 487,694 | $ 488,965 | $ 506,558 |
Premiums earned, percentage of amount assumed to net | 1.00% | 0.90% | 0.10% |
Health | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 198,563 | $ 215,430 | $ 209,200 |
Premiums earned, ceded to other companies | 295,631 | 263,078 | 269,487 |
Premiums earned, assumed from other companies | 240,552 | 216,453 | 225,322 |
Net | $ 143,484 | $ 168,805 | $ 165,035 |
Premiums earned, percentage of amount assumed to net | 167.70% | 128.20% | 136.50% |
Property and casualty | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 1,947,194 | $ 1,832,623 | $ 1,649,874 |
Premiums earned, ceded to other companies | 348,765 | 343,521 | 149,237 |
Premiums earned, assumed from other companies | 71,446 | 71,202 | 10,564 |
Net | $ 1,669,875 | $ 1,560,304 | $ 1,511,201 |
Premiums earned, percentage of amount assumed to net | 4.30% | 4.60% | 0.70% |