Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CITIZENS INC | |
Entity Central Index Key | 24090 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Common Stock Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 49,080,114 | |
Common Stock Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,001,714 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments: | ||
Fixed maturities available-for-sale, at fair value (cost: $687,694 and $667,966 in 2015 and 2014 respectively) | $731,587 | $707,227 |
Fixed maturities held-to-maturity, at amortized cost (fair value: $242,791 and $232,891 in 2015 and 2014, respectively) | 233,662 | 224,932 |
Equity securities available-for-sale, at fair value (cost: $68,641 and $68,787 in 2015 and 2014, respectively) | 70,165 | 69,879 |
Mortgage loans on real estate | 619 | 628 |
Policy loans | 55,288 | 54,032 |
Real estate held for investment (less $1,612 and $1,575 accumulated depreciation in 2015 and 2014, respectively) | 8,087 | 8,131 |
Other long-term investments | 77 | 135 |
Total investments | 1,099,485 | 1,064,964 |
Cash and cash equivalents | 41,430 | 50,708 |
Accrued investment income | 14,235 | 13,457 |
Reinsurance recoverable | 4,251 | 4,425 |
Deferred policy acquisition costs | 158,987 | 157,468 |
Cost of customer relationships acquired | 22,858 | 23,542 |
Goodwill | 17,255 | 17,255 |
Other intangible assets | 973 | 976 |
Deferred Tax Assets, Net | 65,708 | 66,269 |
Property and equipment, net | 6,283 | 6,352 |
Due premiums, net (less $1,322 and $1,364 allowance for doubtful accounts in 2015 and 2014, respectively) | 10,492 | 10,777 |
Prepaid expenses | 971 | 301 |
Other assets | 1,144 | 1,061 |
Total assets | 1,444,072 | 1,417,555 |
Future policy benefits reserves: | ||
Life insurance | 936,747 | 920,149 |
Annuities | 60,828 | 59,727 |
Accident and health | 1,212 | 1,216 |
Dividend accumulations | 16,554 | 15,974 |
Premiums paid in advance | 42,201 | 39,712 |
Policy claims payable | 10,916 | 9,560 |
Other policyholders' funds | 7,530 | 7,551 |
Total policy liabilities | 1,075,988 | 1,053,889 |
Commissions payable | 2,481 | 3,284 |
Federal income tax payable | 76,647 | 78,818 |
Payable for securities in process of settlement | 5,463 | 0 |
Other liabilities | 21,431 | 23,205 |
Total liabilities | 1,182,010 | 1,159,196 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Accumulated deficit | -18,622 | -19,047 |
Accumulated other comprehensive income: | ||
Unrealized gains on securities, net of tax | 29,128 | 25,850 |
Treasury stock, at cost | -11,011 | -11,011 |
Total stockholders' equity | 262,062 | 258,359 |
Total liabilities and stockholders' equity | 1,444,072 | 1,417,555 |
Common Stock Class A [Member] | ||
Stockholders' equity: | ||
Common Stock | 259,383 | 259,383 |
Common Stock Class B [Member] | ||
Stockholders' equity: | ||
Common Stock | $3,184 | $3,184 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Investments: | ||
Fixed maturities available-for-sale, cost | $687,694 | $667,966 |
Fixed maturities held-to-maturity, fair value | 242,791 | 232,891 |
Available-for-sale equity securities, amortized cost basis | 68,641 | 68,787 |
Real estate held for investment, accumulated depreciation | 1,612 | 1,575 |
Due premiums, allowance for doubtful accounts | $1,322 | $1,364 |
Common Stock Class A [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 52,215,852 | 52,215,852 |
Common stock, shares in treasury (in shares) | 3,135,738 | 3,135,738 |
Common Stock Class B [Member] | ||
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, shares issued (in shares) | 1,001,714 | 1,001,714 |
Common stock, shares outstanding (in shares) | 1,001,714 | 1,001,714 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Premiums: | ||
Life insurance | $42,899 | $41,397 |
Accident and health insurance | 375 | 351 |
Property insurance | 1,292 | 1,265 |
Net investment income | 11,069 | 9,906 |
Realized investment losses, net | -71 | -56 |
Other income | 296 | 169 |
Total revenue | 55,860 | 53,032 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 19,403 | 16,457 |
Increase in future policy benefit reserves | 17,298 | 17,698 |
Policyholders' dividends | 2,309 | 2,102 |
Total insurance benefits paid or provided | 39,010 | 36,257 |
Commissions | 9,859 | 9,910 |
Other general expenses | 7,551 | 6,502 |
Capitalization of deferred policy acquisition costs | -6,856 | -7,068 |
Amortization of deferred policy acquisition costs | 5,299 | 5,209 |
Amortization of cost of customer relationships acquired | 647 | 531 |
Total benefits and expenses | 55,510 | 51,341 |
Income before federal income tax | 350 | 1,691 |
Federal income tax (benefit) expense | -75 | 494 |
Net income | 425 | 1,197 |
Unrealized gains on available-for-sale securities: | ||
Unrealized holding gains arising during period | 5,007 | 14,096 |
Reclassification adjustments for losses included in net income | 36 | 32 |
Unrealized gains on available-for-sale securities, net | 5,043 | 14,128 |
Income tax expense on unrealized gains (losses) on available-for-sale securities | 1,765 | 4,954 |
Other comprehensive income | 3,278 | 9,174 |
Comprehensive income | $3,703 | $10,371 |
Common Stock Class A [Member] | ||
Earnings Per Share [Abstract] | ||
Basic earnings per share (in dollars per share) | $0.01 | $0.02 |
Diluted earnings per share (in dollars per share) | $0.01 | $0.02 |
Common Stock Class B [Member] | ||
Earnings Per Share [Abstract] | ||
Basic earnings per share (in dollars per share) | $0 | $0.01 |
Diluted earnings per share (in dollars per share) | $0 | $0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $425 | $1,197 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Realized losses on sale of investments and other assets | 71 | 56 |
Net deferred policy acquisition costs | -1,557 | -1,859 |
Amortization of cost of customer relationships acquired | 647 | 531 |
Depreciation | 199 | 323 |
Amortization of premiums and discounts on investments | 2,655 | 2,230 |
Deferred federal income tax benefit | -1,204 | -1,023 |
Change in: | ||
Accrued investment income | -778 | -471 |
Reinsurance recoverable | 174 | -220 |
Due premiums | 285 | 822 |
Future policy benefit reserves | 17,191 | 17,697 |
Other policyholders' liabilities | 4,404 | 2,053 |
Federal income tax receivable | -2,171 | 1,496 |
Commissions payable and other liabilities | -2,577 | -1,030 |
Other, net | -753 | -1,293 |
Net cash provided by operating activities | 17,011 | 20,509 |
Cash flows from investing activities: | ||
Maturities and calls of fixed maturities, available-for-sale | 8,257 | 16,900 |
Maturities and calls of fixed maturities, held-to-maturity | 6,975 | 9,292 |
Purchase of fixed maturities, available-for-sale | -24,392 | -36,161 |
Purchase of fixed maturities, held-to-maturity | -16,562 | -6,347 |
Calls of equity securities, available-for-sale | 150 | 100 |
Purchase of equity securities, available-for-sale | 1 | 0 |
Principal Payments on Mortgage Loans | 9 | 12 |
Increase in policy loans, net | -1,256 | -1,420 |
Sale of other long-term investments | 58 | 1 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | -283 |
Purchase of property and equipment | -87 | 0 |
Net cash used in acquisition | 0 | -4,810 |
Net cash used in investing activities | -26,847 | -22,716 |
Cash flows from financing activities: | ||
Annuity deposits | 2,121 | 1,489 |
Annuity withdrawals | -1,563 | -1,568 |
Net cash provided by financing activities | 558 | -79 |
Net decrease in cash and cash equivalents | -9,278 | -2,286 |
Cash and cash equivalents at beginning of year | 50,708 | 54,593 |
Cash and cash equivalents at end of period | 41,430 | 52,307 |
Supplemental Disclosures of Operation Activities | ||
Cash paid during the period for income taxes, net | $3,300 | $0 |
Financial_Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Financial Statements |
Basis of Presentation and Consolidation | |
The accompanying consolidated financial statements of Citizens, Inc. and its wholly-owned subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). | |
The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Citizens National Life Insurance Company ("CNLIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI") and Insurance Investors, Inc. ("III"). Citizens and its wholly-owned subsidiaries are collectively referred to as "the Company," "we," "us" or "our." | |
The consolidated statements of financial position for March 31, 2015, and the consolidated statements of comprehensive income and cash flows for the three months ended March 31, 2015 and 2014 and cash flows for the three-month periods ended March 31, 2015 and 2014, have been prepared by the Company without audit. In the opinion of management, all adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2015 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended December 31, 2014. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. | |
We provide primarily life insurance and a small amount of health insurance policies through our insurance subsidiaries: CICA, SPLIC, MGLIC and CNLIC. CICA and CNLIC issue ordinary whole-life policies, credit life and disability, burial insurance, pre-need policies, and accident and health related policies, throughout the Midwest and southern United States. CICA also issues ordinary whole-life and endowment policies to non-U.S. residents. SPLIC offers final expense and home service life insurance in Louisiana, Arkansas and Mississippi, and SPFIC, a wholly-owned subsidiary of SPLIC, writes a limited amount of property insurance in Louisiana. MGLIC provides industrial life policies through independent funeral homes in Mississippi. | |
CTI provides data processing systems and services, as well as furniture and equipment, to the Company. III provides aviation transportation to the Company. | |
Use of Estimates | |
The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The most significant estimates include those used in the evaluation of other-than-temporary impairments on debt and equity securities and valuation allowances on investments, actuarially determined assets and liabilities and assumptions, goodwill impairment, valuation allowance on deferred tax assets, and contingencies relating to litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. | |
Reclassification | |
Reclassifications have been made in the current year related to certain prior year reported amounts to provide consistent presentation. No individual amounts were material. | |
Significant Accounting Policies | |
For a description of significant accounting policies, see Note 1 of the Notes to Consolidated Financial Statements included in our 2014 Form 10-K Annual Report, which should be read in conjunction with these accompanying Consolidated Financial Statements. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Pronouncements |
Accounting Standards Recently Adopted | |
None. | |
Accounting Standards Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-09 requires disclosures enabling users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, using one of two retrospective application methods. Early application is not permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||
Segment Information | Segment Information | ||||||||||||
The Company has three reportable segments: Life Insurance, Home Service Insurance, and Other Non-Insurance Enterprises. The accounting policies of the segments are in accordance with U.S. GAAP and are the same as those used in the preparation of the consolidated financial statements. The Company evaluates profit and loss performance based on U.S. GAAP income before federal income taxes for its three reportable segments. | |||||||||||||
The Company has no reportable differences between segments and consolidated operations. | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2015 | |||||||||||||
Life | Home | Other | Consolidated | ||||||||||
Insurance | Service | Non-Insurance | |||||||||||
Insurance | Enterprises | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Premiums | $ | 32,979 | 11,587 | — | 44,566 | ||||||||
Net investment income | 7,231 | 3,464 | 374 | 11,069 | |||||||||
Realized investment losses, net | (56 | ) | (15 | ) | — | (71 | ) | ||||||
Other income | 214 | 48 | 34 | 296 | |||||||||
Total revenue | 40,368 | 15,084 | 408 | 55,860 | |||||||||
Benefits and expenses: | |||||||||||||
Insurance benefits paid or provided: | |||||||||||||
Claims and surrenders | 13,560 | 5,843 | — | 19,403 | |||||||||
Increase in future policy benefit reserves | 16,137 | 1,161 | — | 17,298 | |||||||||
Policyholders' dividends | 2,295 | 14 | — | 2,309 | |||||||||
Total insurance benefits paid or provided | 31,992 | 7,018 | — | 39,010 | |||||||||
Commissions | 6,026 | 3,833 | — | 9,859 | |||||||||
Other general expenses | 3,159 | 3,830 | 562 | 7,551 | |||||||||
Capitalization of deferred policy acquisition costs | (5,343 | ) | (1,513 | ) | — | (6,856 | ) | ||||||
Amortization of deferred policy acquisition costs | 4,549 | 750 | — | 5,299 | |||||||||
Amortization of cost of customer relationships acquired | 200 | 447 | — | 647 | |||||||||
Total benefits and expenses | 40,583 | 14,365 | 562 | 55,510 | |||||||||
Income (loss) before income tax expense | $ | (215 | ) | 719 | (154 | ) | 350 | ||||||
Three Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
Life | Home | Other | Consolidated | ||||||||||
Insurance | Service | Non-Insurance | |||||||||||
Insurance | Enterprises | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Premiums | $ | 31,811 | 11,202 | — | 43,013 | ||||||||
Net investment income | 6,283 | 3,287 | 336 | 9,906 | |||||||||
Realized investment gains (losses), net | (64 | ) | 8 | — | (56 | ) | |||||||
Other income | 143 | 1 | 25 | 169 | |||||||||
Total revenue | 38,173 | 14,498 | 361 | 53,032 | |||||||||
Benefits and expenses: | |||||||||||||
Insurance benefits paid or provided: | |||||||||||||
Claims and surrenders | 10,815 | 5,642 | — | 16,457 | |||||||||
Increase in future policy benefit reserves | 16,976 | 722 | — | 17,698 | |||||||||
Policyholders' dividends | 2,086 | 16 | — | 2,102 | |||||||||
Total insurance benefits paid or provided | 29,877 | 6,380 | — | 36,257 | |||||||||
Commissions | 6,238 | 3,672 | — | 9,910 | |||||||||
Other general expenses | 2,840 | 3,169 | 493 | 6,502 | |||||||||
Capitalization of deferred policy acquisition costs | (5,659 | ) | (1,409 | ) | — | (7,068 | ) | ||||||
Amortization of deferred policy acquisition costs | 4,407 | 802 | — | 5,209 | |||||||||
Amortization of cost of customer relationships acquired | 171 | 360 | — | 531 | |||||||||
Total benefits and expenses | 37,874 | 12,974 | 493 | 51,341 | |||||||||
Income (loss) before income tax expense | $ | 299 | 1,524 | (132 | ) | 1,691 | |||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | Earnings Per Share | ||||||
The following tables set forth the computation of basic and diluted earnings per share. | |||||||
Three Months Ended | |||||||
March 31, 2015 | March 31, 2014 | ||||||
(In thousands, | |||||||
except per share amounts) | |||||||
Basic and diluted earnings per share: | |||||||
Numerator: | |||||||
Net income | $ | 425 | 1,197 | ||||
Net income allocated to Class A common stock | $ | 421 | 1,185 | ||||
Net income allocated to Class B common stock | 4 | 12 | |||||
Net income | $ | 425 | 1,197 | ||||
Denominator: | |||||||
Weighted average shares of Class A outstanding - basic | 49,080 | 49,080 | |||||
Weighted average shares of Class A outstanding - diluted | 49,080 | 49,080 | |||||
Weighted average shares of Class B outstanding - basic and diluted | 1,002 | 1,002 | |||||
Basic earnings per share of Class A common stock | $ | 0.01 | 0.02 | ||||
Basic earnings per share of Class B common stock | — | 0.01 | |||||
Diluted earnings per share of Class A common stock | 0.01 | 0.02 | |||||
Diluted earnings per share of Class B common stock | — | 0.01 | |||||
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments | |||||||||||||||||||||||||||
The Company invests primarily in fixed maturity securities, which totaled 84.6% of total cash, cash equivalents and investments at March 31, 2015. | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||||||||||||||||
Value | Carrying Value | Value | Carrying Value | |||||||||||||||||||||||||
($ In thousands) | ||||||||||||||||||||||||||||
Fixed maturity securities | $ | 965,249 | 84.6 | % | $ | 932,159 | 83.6 | % | ||||||||||||||||||||
Equity securities | 70,165 | 6.1 | % | 69,879 | 6.3 | % | ||||||||||||||||||||||
Mortgage loans | 619 | 0.1 | % | 628 | 0.1 | % | ||||||||||||||||||||||
Policy loans | 55,288 | 4.8 | % | 54,032 | 4.8 | % | ||||||||||||||||||||||
Real estate and other long-term investments | 8,164 | 0.7 | % | 8,266 | 0.7 | % | ||||||||||||||||||||||
Cash and cash equivalents | 41,430 | 3.7 | % | 50,708 | 4.5 | % | ||||||||||||||||||||||
Total cash, cash equivalents and investments | $ | 1,140,915 | 100 | % | $ | 1,115,672 | 100 | % | ||||||||||||||||||||
The following tables represent the cost, gross unrealized gains and losses and fair value for fixed maturities and equity securities as of the periods indicated. | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | |||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,041 | 3,126 | — | 13,167 | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 38,085 | 1,919 | — | 40,004 | ||||||||||||||||||||||||
States and political subdivisions | 423,372 | 22,039 | 1,146 | 444,265 | ||||||||||||||||||||||||
Foreign governments | 104 | 32 | — | 136 | ||||||||||||||||||||||||
Corporate | 212,851 | 18,522 | 861 | 230,512 | ||||||||||||||||||||||||
Commercial mortgage-backed | 203 | 8 | — | 211 | ||||||||||||||||||||||||
Residential mortgage-backed | 3,038 | 255 | 1 | 3,292 | ||||||||||||||||||||||||
Total available-for-sale securities | 687,694 | 45,901 | 2,008 | 731,587 | ||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 2,015 | 173 | — | 2,188 | ||||||||||||||||||||||||
States and political subdivisions | 201,716 | 9,117 | 426 | 210,407 | ||||||||||||||||||||||||
Corporate | 29,931 | 935 | 670 | 30,196 | ||||||||||||||||||||||||
Total held-to-maturity securities | 233,662 | 10,225 | 1,096 | 242,791 | ||||||||||||||||||||||||
Total fixed maturities | $ | 921,356 | 56,126 | 3,104 | 974,378 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 16,007 | 1,878 | 33 | 17,852 | |||||||||||||||||||||||
Bond mutual funds | 50,976 | 66 | 640 | 50,402 | ||||||||||||||||||||||||
Common stock | 65 | 1 | 15 | 51 | ||||||||||||||||||||||||
Preferred stock | 1,593 | 267 | — | 1,860 | ||||||||||||||||||||||||
Total equity securities | $ | 68,641 | 2,212 | 688 | 70,165 | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | |||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,056 | 2,924 | — | 12,980 | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 38,312 | 1,937 | — | 40,249 | ||||||||||||||||||||||||
States and political subdivisions | 404,657 | 19,146 | 1,448 | 422,355 | ||||||||||||||||||||||||
Foreign governments | 104 | 31 | — | 135 | ||||||||||||||||||||||||
Corporate | 211,410 | 17,441 | 1,024 | 227,827 | ||||||||||||||||||||||||
Commercial mortgage-backed | 223 | 8 | — | 231 | ||||||||||||||||||||||||
Residential mortgage-backed | 3,204 | 249 | 3 | 3,450 | ||||||||||||||||||||||||
Total available-for-sale securities | 667,966 | 41,736 | 2,475 | 707,227 | ||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 2,017 | 178 | — | 2,195 | ||||||||||||||||||||||||
States and political subdivisions | 192,875 | 7,782 | 388 | 200,269 | ||||||||||||||||||||||||
Corporate | 30,040 | 947 | 560 | 30,427 | ||||||||||||||||||||||||
Total held-to-maturity securities | 224,932 | 8,907 | 948 | 232,891 | ||||||||||||||||||||||||
Total fixed maturity securities | $ | 892,898 | 50,643 | 3,423 | 940,118 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 16,005 | 1,657 | 66 | 17,596 | |||||||||||||||||||||||
Bond mutual funds | 50,976 | 60 | 796 | 50,240 | ||||||||||||||||||||||||
Common stock | 65 | — | 14 | 51 | ||||||||||||||||||||||||
Preferred stock | 1,741 | 253 | 2 | 1,992 | ||||||||||||||||||||||||
Total equity securities | $ | 68,787 | 1,970 | 878 | 69,879 | |||||||||||||||||||||||
Mortgage-backed securities are also referred to as securities not due at a single maturity date throughout this report. The majority of the Company's equity securities are diversified stock and bond mutual funds. | ||||||||||||||||||||||||||||
Valuation of Investments in Fixed Maturity and Equity Securities | ||||||||||||||||||||||||||||
Held-to-maturity securities are reported in the financial statements at amortized cost and available-for-sale securities are reported at fair value. | ||||||||||||||||||||||||||||
The Company monitors all debt and equity securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews. The assessment of whether impairments have occurred is based on a case-by-case evaluation of underlying reasons for the decline in fair value. The Company determines other-than-temporary impairment by reviewing relevant evidence related to the specific security issuer as well as the Company's intent to sell the security, or if it is more likely than not that the Company would be required to sell a security before recovery of its amortized cost. | ||||||||||||||||||||||||||||
When an other-than-temporary impairment has occurred, the amount of the other-than-temporary impairment recognized in earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the investment's cost and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before recovery of its amortized cost basis, the other-than-temporary impairment is separated into the following: (a) the amount representing the credit loss; and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the other-than-temporary impairment recognized in earnings becomes the new amortized cost basis of the investment. The new amortized cost basis is not adjusted for subsequent recoveries in fair value. | ||||||||||||||||||||||||||||
The Company evaluates whether a credit impairment exists for debt securities by considering primarily the following factors: (a) changes in the financial condition of the security's underlying collateral; (b) whether the issuer is current on contractually obligated interest and principal payments; (c) changes in the financial condition, credit rating and near-term prospects of the issuer; (d) the length of time to which the fair value has been less than the amortized cost of the security; and (e) the payment structure of the security. The Company's best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process. Quantitative review includes information received from third party sources such as financial statements, pricing and rating changes, liquidity and other statistical information. Qualitative factors include judgments related to business strategies, economic impacts on the issuer and overall judgment related to estimates and industry factors. The Company's best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. In addition, projections of expected future debt security cash flows may change based upon new information regarding the performance of the issuer. | ||||||||||||||||||||||||||||
The primary factors considered in evaluating whether an impairment exists for an equity security include, but are not limited to: (a) the length of time and the extent to which the fair value has been less than the cost of the security; (b) changes in the financial condition, credit rating and near-term prospects of the issuer; (c) whether the issuer is current on contractually obligated payments; and (d) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery. | ||||||||||||||||||||||||||||
No other-than-temporary impairments were recognized during the three months ended March 31, 2015 or 2014. | ||||||||||||||||||||||||||||
The following tables present the fair values and gross unrealized losses of fixed maturities and equity securities that have remained in a continuous unrealized loss position for the periods indicated. | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | ||||||||||||||||||||
(In thousands, except for # of securities) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
States and political subdivisions | $ | 34,614 | 189 | 34 | 23,089 | 957 | 12 | 57,703 | 1,146 | 46 | ||||||||||||||||||
Corporate | 20,716 | 727 | 11 | 2,640 | 134 | 1 | 23,356 | 861 | 12 | |||||||||||||||||||
Residential mortgage-backed | 115 | 1 | 3 | — | — | — | 115 | 1 | 3 | |||||||||||||||||||
Total available-for-sale securities | 55,445 | 917 | 48 | 25,729 | 1,091 | 13 | 81,174 | 2,008 | 61 | |||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
States and political subdivisions | 29,230 | 242 | 17 | 7,949 | 184 | 9 | 37,179 | 426 | 26 | |||||||||||||||||||
Corporate | 4,942 | 490 | 2 | 2,841 | 180 | 1 | 7,783 | 670 | 3 | |||||||||||||||||||
Total held-to-maturity securities | 34,172 | 732 | 19 | 10,790 | 364 | 10 | 44,962 | 1,096 | 29 | |||||||||||||||||||
Total fixed maturities | $ | 89,617 | 1,649 | 67 | 36,519 | 1,455 | 23 | 126,136 | 3,104 | 90 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 5,257 | 33 | 4 | — | — | — | 5,257 | 33 | 4 | ||||||||||||||||||
Bond mutual funds | 18,499 | 640 | 3 | — | — | — | 18,499 | 640 | 3 | |||||||||||||||||||
Common stocks | 24 | 2 | 1 | 4 | 13 | 9 | 28 | 15 | 10 | |||||||||||||||||||
Total equities | $ | 23,780 | 675 | 8 | 4 | 13 | 9 | 23,784 | 688 | 17 | ||||||||||||||||||
As of March 31, 2015, the Company had 13 available-for-sale fixed maturity securities and 10 held-to-maturity fixed maturity securities that were in an unrealized loss position for greater than 12 months. We reported 9 common stock holding in an unrealized loss position for greater than 12 months as of March 31, 2015. | ||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | ||||||||||||||||||||
(In thousands, except for # of securities) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
States and political subdivisions | $ | 43,776 | 318 | 47 | 33,716 | 1,130 | 24 | 77,492 | 1,448 | 71 | ||||||||||||||||||
Corporate | 26,671 | 780 | 24 | 2,530 | 244 | 2 | 29,201 | 1,024 | 26 | |||||||||||||||||||
Residential mortgage-backed | 159 | 2 | 5 | 33 | 1 | 1 | 192 | 3 | 6 | |||||||||||||||||||
Total available-for-sale securities | 70,606 | 1,100 | 76 | 36,279 | 1,375 | 27 | 106,885 | 2,475 | 103 | |||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
States and political subdivisions | 21,233 | 74 | 16 | 15,429 | 314 | 21 | 36,662 | 388 | 37 | |||||||||||||||||||
Corporate | 3,866 | 285 | 4 | 2,746 | 275 | 2 | 6,612 | 560 | 6 | |||||||||||||||||||
Total held-to-maturity securities | 25,099 | 359 | 20 | 18,175 | 589 | 23 | 43,274 | 948 | 43 | |||||||||||||||||||
Total fixed maturities | $ | 95,705 | 1,459 | 96 | 54,454 | 1,964 | 50 | 150,159 | 3,423 | 146 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 5,224 | 66 | 4 | — | — | — | 5,224 | 66 | 4 | ||||||||||||||||||
Bond mutual funds | 26,228 | 796 | 4 | — | — | — | 26,228 | 796 | 4 | |||||||||||||||||||
Preferred stocks | 234 | 2 | 4 | — | 234 | 2 | 4 | |||||||||||||||||||||
Common stock | 46 | 1 | 2 | 4 | 13 | 9 | 50 | 14 | 11 | |||||||||||||||||||
Total equities | $ | 31,732 | 865 | 14 | 4 | 13 | 9 | 31,736 | 878 | 23 | ||||||||||||||||||
We have reviewed these securities for the periods ended March 31, 2015 and December 31, 2014 and determined that no other-than-temporary impairment exists that have not been recognized based on our evaluation of the credit worthiness of the issuers and the fact that we do not intend to sell the investments nor is it likely that we will be required to sell the securities before recovery of their amortized cost bases which may be maturity. We continue to monitor all securities on an on-going basis, and future information may become available which could result in impairments being recorded. | ||||||||||||||||||||||||||||
The amortized cost and fair value of fixed maturity securities at March 31, 2015 by contractual maturity are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity. | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Due in one year or less | $ | 26,030 | 26,244 | |||||||||||||||||||||||||
Due after one year through five years | 130,179 | 137,207 | ||||||||||||||||||||||||||
Due after five years through ten years | 97,362 | 104,197 | ||||||||||||||||||||||||||
Due after ten years | 434,123 | 463,939 | ||||||||||||||||||||||||||
Total available-for-sale securities | 687,694 | 731,587 | ||||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Due in one year or less | 13,943 | 14,047 | ||||||||||||||||||||||||||
Due after one year through five years | 22,176 | 23,102 | ||||||||||||||||||||||||||
Due after five years through ten years | 54,648 | 57,543 | ||||||||||||||||||||||||||
Due after ten years | 142,895 | 148,099 | ||||||||||||||||||||||||||
Total held-to-maturity securities | 233,662 | 242,791 | ||||||||||||||||||||||||||
Total fixed maturities | $ | 921,356 | 974,378 | |||||||||||||||||||||||||
The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales. There were no proceeds and gross realized gains and losses from sales of securities for the three months ended March 31, 2015 or 2014. | ||||||||||||||||||||||||||||
There were no sales of available-for-sale securities for the three month period ended March 31, 2015 or 2014. There were no securities sold from the held-to-maturity portfolio for the three months ended March 31, 2015 or 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Measurements | ||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We hold available-for-sale fixed maturity securities and equity securities, which are carried at fair value. | |||||||||||||
Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair value are required to be classified and disclosed in one of the following three categories: | |||||||||||||
• | Level 1 - Quoted prices for identical instruments in active markets. | ||||||||||||
• | Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or whose significant value drivers are observable. | ||||||||||||
• | Level 3 - Instruments whose significant value drivers are unobservable. | ||||||||||||
Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as U.S. Treasury securities and actively traded mutual fund and stock investments. | |||||||||||||
Level 2 includes those financial instruments that are valued by independent pricing services or broker quotes. These models are primarily industry-standard models that consider various inputs, such as interest rates, credit spreads and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include corporate securities, U.S. Government-sponsored enterprise securities, municipal securities and certain mortgage and asset-backed securities. | |||||||||||||
Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information. This category consists of two private placement mortgage-backed securities. | |||||||||||||
The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis as of the dates indicated. | |||||||||||||
March 31, 2015 | |||||||||||||
Available-for-sale investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
Fair Value | |||||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities: | |||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 13,167 | 40,004 | — | 53,171 | ||||||||
States and political subdivisions | — | 444,265 | — | 444,265 | |||||||||
Corporate | — | 230,512 | — | 230,512 | |||||||||
Commercial mortgage-backed | — | — | 211 | 211 | |||||||||
Residential mortgage-backed | — | 3,292 | — | 3,292 | |||||||||
Foreign governments | — | 136 | — | 136 | |||||||||
Total fixed maturities | 13,167 | 718,209 | 211 | 731,587 | |||||||||
Equity securities: | |||||||||||||
Stock mutual funds | 17,852 | — | — | 17,852 | |||||||||
Bond mutual funds | 50,402 | — | — | 50,402 | |||||||||
Common stock | 51 | — | — | 51 | |||||||||
Preferred stock | 1,860 | — | — | 1,860 | |||||||||
Total equity securities | 70,165 | — | — | 70,165 | |||||||||
Total financial assets | $ | 83,332 | 718,209 | 211 | 801,752 | ||||||||
December 31, 2014 | |||||||||||||
Available-for-sale investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
Fair Value | |||||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities: | |||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 12,980 | 40,249 | — | 53,229 | ||||||||
States and political subdivisions | — | 422,355 | — | 422,355 | |||||||||
Corporate | — | 227,827 | — | 227,827 | |||||||||
Commercial mortgage-backed | — | — | 231 | 231 | |||||||||
Residential mortgage-backed | — | 3,450 | — | 3,450 | |||||||||
Foreign governments | — | 135 | — | 135 | |||||||||
Total fixed maturities | 12,980 | 694,016 | 231 | 707,227 | |||||||||
Equity securities: | |||||||||||||
Stock mutual funds | 17,596 | — | — | 17,596 | |||||||||
Bond mutual funds | 50,240 | — | — | 50,240 | |||||||||
Common stock | 51 | — | — | 51 | |||||||||
Preferred stock | 1,992 | — | — | 1,992 | |||||||||
Total equity securities | 69,879 | — | — | 69,879 | |||||||||
Total financial assets | $ | 82,859 | 694,016 | 231 | 777,106 | ||||||||
Financial Instruments Valuation | |||||||||||||
Fixed maturity securities, available-for-sale. At March 31, 2015, our fixed maturity securities, valued using a third-party pricing source, totaled $718.2 million for Level 2 assets and comprised 89.6% of total reported fair value of our financial assets. The Level 1 and Level 2 valuations are reviewed and updated quarterly through random testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades. In addition, we obtain information relative to the third-party pricing models and review model parameters for reasonableness. Fair values for Level 3 assets are based upon unadjusted broker quotes that are non-binding, and consist of two private placement mortgage-backed securities with a total value of $0.2 million. Our Level 3 assets are current relative to principal and interest payments and are considered immaterial to our financial statements. For the three months ended March 31, 2015, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third party prices were changed from the values received. | |||||||||||||
Equity securities, available-for-sale. Our available-for-sale equity securities are classified as Level 1 assets as their fair values are based upon quoted market prices. | |||||||||||||
The following table presents additional information about fixed maturity securities measured at fair value on a recurring basis that are classified as Level 3 assets and for which we have utilized significant unobservable inputs to determine fair value. | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of period | $ | 231 | 309 | ||||||||||
Total realized and unrealized gains (losses) | |||||||||||||
Included in net income | — | — | |||||||||||
Included in other comprehensive income | — | (1 | ) | ||||||||||
Principal paydowns | (20 | ) | (77 | ) | |||||||||
Transfer in and (out) of Level 3 | — | — | |||||||||||
Balance at end of period | $ | 211 | 231 | ||||||||||
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. There were no transfers in or out of Level 1 or 2. | |||||||||||||
Financial Instruments not Carried at Fair Value | |||||||||||||
Estimates of fair values are made at a specific point in time, based on relevant market prices and information about the financial instruments. The estimated fair values of financial instruments presented below are not necessarily indicative of the amounts the Company might realize in actual market transactions. | |||||||||||||
The carrying amount and fair value for the financial assets and liabilities on the consolidated balance sheets not otherwise disclosed for the periods indicated are as follows: | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities, held-to-maturity | $ | 233,662 | 242,791 | 224,932 | 232,891 | ||||||||
Mortgage loans | 619 | 642 | 628 | 652 | |||||||||
Policy loans | 55,288 | 55,288 | 54,032 | 54,032 | |||||||||
Cash and cash equivalents | 41,430 | 41,430 | 50,708 | 50,708 | |||||||||
Financial liabilities: | |||||||||||||
Annuity - investment contracts | 43,728 | 40,218 | 42,837 | 37,978 | |||||||||
Fair values for fixed income securities, which are characterized as Level 2 assets in the fair value hierarchy, are based on quoted market prices for the same or similar securities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other assumptions, including a discount rate and estimates of future cash flows. | |||||||||||||
Mortgage loans are secured principally by residential and commercial properties. Weighted average interest rates for these loans were approximately 6.3% as of March 31, 2015 and December 31, 2014, with maturities ranging from 1 to 30 years. Management estimated the fair value using an annual interest rate of 6.25% at March 31, 2015. Our mortgage loans are considered Level 3 assets in the fair value hierarchy. | |||||||||||||
Policy loans had a weighted average annual interest rate of 7.7% as of March 31, 2015 and December 31, 2014, and no specified maturity dates. The aggregate fair value of policy loans approximates the carrying value reflected on the consolidated balance sheets. These loans typically carry an interest rate that is tied to the crediting rate applied to the related policy and contract reserves. Policy loans are an integral part of the life insurance policies we have in force, cannot be valued separately and are not marketable. Therefore, the fair value of policy loans approximates the carrying value and policy loans are considered Level 3 assets in the fair value hierarchy. | |||||||||||||
The fair value of short-term investments approximate carrying value due to their short-term nature. Our short-term investments are considered Level 2 assets in the fair value hierarchy. | |||||||||||||
The fair value of cash and cash equivalents approximate carrying value and are characterized as Level 1 assets in the fair value hierarchy. | |||||||||||||
The fair value of the Company's liabilities under annuity contract policies, which are considered Level 3 assets, was estimated at March 31, 2015 using discounted cash flows based upon a swap rate curve with interest rates ranging from 1.02% to 4.88% based upon swap rates adjusted for various risk adjustments. The fair value of liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Qualification of Life Products | |
In the first quarter of 2015, we announced that we identified that a substantial portion of the life insurance policies issued by our subsidiary insurance companies failed to qualify for the favorable U.S. federal income tax treatment afforded by Sections 7702 and 7702A of the Internal Revenue Code ("IRC") of 1986. This tax code section allows for qualifying products sold to clients to have favorable tax treatment such as the death benefit is not taxable. By identifying certain products that we have sold with the intention of this favorable tax treatment but in fact they do not qualify under the IRC rules, our policyholders may now be subject to additional tax liabilities. The policies at issue were primarily sold to non-U.S. citizens residing abroad. Based upon a review of the options available to the Company we have determined we will not remediate our endowments and endowment like products we have sold to non-U.S. citizens. We do intend to remediate the domestic products we have sold to U.S. citizens. Failure of these policies to qualify under Sections 7702 and 7702A has resulted in additional expenses as described below. The products have been and continue to be appropriately reported under U.S. GAAP for financial reporting. | |
The failure of these policies to qualify under Sections 7702 and 7702A resulted in additional expense recorded as of December 31, 2014 of $11.4 million, after tax, related to projected IRS toll charges and fees of $10.1 million as well as claims liability for past claims and reserves increases to bring policies into compliance totaling $1.3 million. The range of financial estimates relative to this issue is $11.4 million to $40.0 million, after tax. This estimated range includes projected toll charges and fees as well as increased claims liability for past claims, reserves increases to bring policies into compliance and other probable liabilities resulting from this tax compliance matter. Our estimated range reflects the uncertainties with respect to the required course of action and other matters unknown at this time. Currently, management believes there is not a specific estimable amount for these probable liabilities and expenses which is more likely than other specific amounts within our estimated range. The process of determining our estimated range was a complex undertaking and involved management’s judgment based upon a variety of factors known at the time. In addition, it is reasonably possible that we may incur additional costs associated with this issue in 2015 related to system remediation and consulting costs. We believe these costs could be $0.5 million to $0.8 million but due to the uncertainty of actions we cannot reasonably estimate these costs with any reliability. Actual amounts incurred may exceed this estimate and will be recorded as they become probable and can be reasonably estimated. | |
Compliance | |
As part of our efforts to review and improve our compliance controls, we discovered potential non-compliance with Treasury regulations such as Section 7702, described earlier, as well as unrelated applicable Bank Secrecy Act requirements. Although we are not yet able to determine the extent of any oversights or estimate any other potential loss, we cannot assure you that the impact of any non-compliance will not have a material impact upon the company. | |
Unclaimed Property Contingencies | |
The Company is currently performing an internal audit related to unclaimed property for all legal reporting entities. Based upon internal findings to date our exposure appears to be primarily in the state of Louisiana, related to conversion processes surrounding the SPLIC acquisition. The Company had been informed by the Louisiana Department of Treasury, Arkansas Auditor of State and the Texas State Comptroller, that they authorized an audit of Citizens, Inc. and its affiliates for compliance with unclaimed property laws. This audit is being conducted by Verus Financial LLC on behalf of the states. | |
These internal and external audits may result in additional payments to beneficiaries, additional escheatment of funds deemed abandoned under state laws, administrative penalties, interest, and changes to the Company's procedures for the identification and escheatment of abandoned property. The Company believes additional escheatment of funds in Arkansas or Texas will not be material to our financial condition or results. However, additional escheatment of funds in Louisiana, which may subsequently be deemed abandoned under the Louisiana Department of Treasury’s audit, could be substantial for SPLIC if the Louisiana Department of Treasury chooses to disregard recent unclaimed property litigation in favor of the insurance industry. At this time, the Company is not able to estimate any of these possible amounts. For more information about the risks related to these external unclaimed property audits please see the Risk Factor in Item 1A titled “We are a defendant in lawsuits, which may adversely affect our financial condition and detract from the time our management is able to devote to our business, and we are subject to risks related to litigation and regulatory matters.” | |
Litigation | |
From time to time we are subject to legal and regulatory actions relating to our business. We defend all claims vigorously. As a result, we incur defense costs, including attorneys' fees, other direct litigation costs and the expenditure of management time that otherwise would be devoted to our business. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rate was (21.4)% and 29.2% for the three months of 2015 and 2014, respectively. In periods where our effective tax rate is lower than the statutory tax rate of 35%, the difference is primarily due to tax-exempt state and local bonds. The effective tax rate in the current year is impacted by the low amount of income before taxes which is resulting in a lower effective rate from year to year while the tax-exempt amounts will remain level. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
The Company has various routine related party transactions in conjunction with our holding company structure, such as a management service agreement related to costs incurred, a tax sharing agreement between entities, and inter-company dividends and capital contributions. There were no changes related to these relationships during the three months ended March 31, 2015. See our Annual Report on Form 10-K as of December 31, 2014 for a comprehensive discussion of related party transactions. |
Financial_Statements_Policies
Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation [Policy Text Block] | Basis of Presentation and Consolidation |
The accompanying consolidated financial statements of Citizens, Inc. and its wholly-owned subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). | |
The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Citizens National Life Insurance Company ("CNLIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI") and Insurance Investors, Inc. ("III"). Citizens and its wholly-owned subsidiaries are collectively referred to as "the Company," "we," "us" or "our." | |
The consolidated statements of financial position for March 31, 2015, and the consolidated statements of comprehensive income and cash flows for the three months ended March 31, 2015 and 2014 and cash flows for the three-month periods ended March 31, 2015 and 2014, have been prepared by the Company without audit. In the opinion of management, all adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2015 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended December 31, 2014. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. | |
We provide primarily life insurance and a small amount of health insurance policies through our insurance subsidiaries: CICA, SPLIC, MGLIC and CNLIC. CICA and CNLIC issue ordinary whole-life policies, credit life and disability, burial insurance, pre-need policies, and accident and health related policies, throughout the Midwest and southern United States. CICA also issues ordinary whole-life and endowment policies to non-U.S. residents. SPLIC offers final expense and home service life insurance in Louisiana, Arkansas and Mississippi, and SPFIC, a wholly-owned subsidiary of SPLIC, writes a limited amount of property insurance in Louisiana. MGLIC provides industrial life policies through independent funeral homes in Mississippi. | |
CTI provides data processing systems and services, as well as furniture and equipment, to the Company. III provides aviation transportation to the Company. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The most significant estimates include those used in the evaluation of other-than-temporary impairments on debt and equity securities and valuation allowances on investments, actuarially determined assets and liabilities and assumptions, goodwill impairment, valuation allowance on deferred tax assets, and contingencies relating to litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the Consolidated Financial Statements. | |
Reclassification, Policy [Policy Text Block] | Reclassification |
Reclassifications have been made in the current year related to certain prior year reported amounts to provide consistent presentation. No individual amounts were material. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2015 | |||||||||||||
Life | Home | Other | Consolidated | ||||||||||
Insurance | Service | Non-Insurance | |||||||||||
Insurance | Enterprises | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Premiums | $ | 32,979 | 11,587 | — | 44,566 | ||||||||
Net investment income | 7,231 | 3,464 | 374 | 11,069 | |||||||||
Realized investment losses, net | (56 | ) | (15 | ) | — | (71 | ) | ||||||
Other income | 214 | 48 | 34 | 296 | |||||||||
Total revenue | 40,368 | 15,084 | 408 | 55,860 | |||||||||
Benefits and expenses: | |||||||||||||
Insurance benefits paid or provided: | |||||||||||||
Claims and surrenders | 13,560 | 5,843 | — | 19,403 | |||||||||
Increase in future policy benefit reserves | 16,137 | 1,161 | — | 17,298 | |||||||||
Policyholders' dividends | 2,295 | 14 | — | 2,309 | |||||||||
Total insurance benefits paid or provided | 31,992 | 7,018 | — | 39,010 | |||||||||
Commissions | 6,026 | 3,833 | — | 9,859 | |||||||||
Other general expenses | 3,159 | 3,830 | 562 | 7,551 | |||||||||
Capitalization of deferred policy acquisition costs | (5,343 | ) | (1,513 | ) | — | (6,856 | ) | ||||||
Amortization of deferred policy acquisition costs | 4,549 | 750 | — | 5,299 | |||||||||
Amortization of cost of customer relationships acquired | 200 | 447 | — | 647 | |||||||||
Total benefits and expenses | 40,583 | 14,365 | 562 | 55,510 | |||||||||
Income (loss) before income tax expense | $ | (215 | ) | 719 | (154 | ) | 350 | ||||||
Three Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
Life | Home | Other | Consolidated | ||||||||||
Insurance | Service | Non-Insurance | |||||||||||
Insurance | Enterprises | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Premiums | $ | 31,811 | 11,202 | — | 43,013 | ||||||||
Net investment income | 6,283 | 3,287 | 336 | 9,906 | |||||||||
Realized investment gains (losses), net | (64 | ) | 8 | — | (56 | ) | |||||||
Other income | 143 | 1 | 25 | 169 | |||||||||
Total revenue | 38,173 | 14,498 | 361 | 53,032 | |||||||||
Benefits and expenses: | |||||||||||||
Insurance benefits paid or provided: | |||||||||||||
Claims and surrenders | 10,815 | 5,642 | — | 16,457 | |||||||||
Increase in future policy benefit reserves | 16,976 | 722 | — | 17,698 | |||||||||
Policyholders' dividends | 2,086 | 16 | — | 2,102 | |||||||||
Total insurance benefits paid or provided | 29,877 | 6,380 | — | 36,257 | |||||||||
Commissions | 6,238 | 3,672 | — | 9,910 | |||||||||
Other general expenses | 2,840 | 3,169 | 493 | 6,502 | |||||||||
Capitalization of deferred policy acquisition costs | (5,659 | ) | (1,409 | ) | — | (7,068 | ) | ||||||
Amortization of deferred policy acquisition costs | 4,407 | 802 | — | 5,209 | |||||||||
Amortization of cost of customer relationships acquired | 171 | 360 | — | 531 | |||||||||
Total benefits and expenses | 37,874 | 12,974 | 493 | 51,341 | |||||||||
Income (loss) before income tax expense | $ | 299 | 1,524 | (132 | ) | 1,691 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables set forth the computation of basic and diluted earnings per share. | ||||||
Three Months Ended | |||||||
March 31, 2015 | March 31, 2014 | ||||||
(In thousands, | |||||||
except per share amounts) | |||||||
Basic and diluted earnings per share: | |||||||
Numerator: | |||||||
Net income | $ | 425 | 1,197 | ||||
Net income allocated to Class A common stock | $ | 421 | 1,185 | ||||
Net income allocated to Class B common stock | 4 | 12 | |||||
Net income | $ | 425 | 1,197 | ||||
Denominator: | |||||||
Weighted average shares of Class A outstanding - basic | 49,080 | 49,080 | |||||
Weighted average shares of Class A outstanding - diluted | 49,080 | 49,080 | |||||
Weighted average shares of Class B outstanding - basic and diluted | 1,002 | 1,002 | |||||
Basic earnings per share of Class A common stock | $ | 0.01 | 0.02 | ||||
Basic earnings per share of Class B common stock | — | 0.01 | |||||
Diluted earnings per share of Class A common stock | 0.01 | 0.02 | |||||
Diluted earnings per share of Class B common stock | — | 0.01 | |||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Investments Including Short Term And Cash And Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||
Investments Including Short Term And Cash And Cash Equivalents [Table Text Block] | The Company invests primarily in fixed maturity securities, which totaled 84.6% of total cash, cash equivalents and investments at March 31, 2015. | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||||||||||||||||
Value | Carrying Value | Value | Carrying Value | |||||||||||||||||||||||||
($ In thousands) | ||||||||||||||||||||||||||||
Fixed maturity securities | $ | 965,249 | 84.6 | % | $ | 932,159 | 83.6 | % | ||||||||||||||||||||
Equity securities | 70,165 | 6.1 | % | 69,879 | 6.3 | % | ||||||||||||||||||||||
Mortgage loans | 619 | 0.1 | % | 628 | 0.1 | % | ||||||||||||||||||||||
Policy loans | 55,288 | 4.8 | % | 54,032 | 4.8 | % | ||||||||||||||||||||||
Real estate and other long-term investments | 8,164 | 0.7 | % | 8,266 | 0.7 | % | ||||||||||||||||||||||
Cash and cash equivalents | 41,430 | 3.7 | % | 50,708 | 4.5 | % | ||||||||||||||||||||||
Total cash, cash equivalents and investments | $ | 1,140,915 | 100 | % | $ | 1,115,672 | 100 | % | ||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables represent the cost, gross unrealized gains and losses and fair value for fixed maturities and equity securities as of the periods indicated. | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | |||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,041 | 3,126 | — | 13,167 | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 38,085 | 1,919 | — | 40,004 | ||||||||||||||||||||||||
States and political subdivisions | 423,372 | 22,039 | 1,146 | 444,265 | ||||||||||||||||||||||||
Foreign governments | 104 | 32 | — | 136 | ||||||||||||||||||||||||
Corporate | 212,851 | 18,522 | 861 | 230,512 | ||||||||||||||||||||||||
Commercial mortgage-backed | 203 | 8 | — | 211 | ||||||||||||||||||||||||
Residential mortgage-backed | 3,038 | 255 | 1 | 3,292 | ||||||||||||||||||||||||
Total available-for-sale securities | 687,694 | 45,901 | 2,008 | 731,587 | ||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 2,015 | 173 | — | 2,188 | ||||||||||||||||||||||||
States and political subdivisions | 201,716 | 9,117 | 426 | 210,407 | ||||||||||||||||||||||||
Corporate | 29,931 | 935 | 670 | 30,196 | ||||||||||||||||||||||||
Total held-to-maturity securities | 233,662 | 10,225 | 1,096 | 242,791 | ||||||||||||||||||||||||
Total fixed maturities | $ | 921,356 | 56,126 | 3,104 | 974,378 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 16,007 | 1,878 | 33 | 17,852 | |||||||||||||||||||||||
Bond mutual funds | 50,976 | 66 | 640 | 50,402 | ||||||||||||||||||||||||
Common stock | 65 | 1 | 15 | 51 | ||||||||||||||||||||||||
Preferred stock | 1,593 | 267 | — | 1,860 | ||||||||||||||||||||||||
Total equity securities | $ | 68,641 | 2,212 | 688 | 70,165 | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | |||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,056 | 2,924 | — | 12,980 | |||||||||||||||||||||||
U.S. Government-sponsored enterprises | 38,312 | 1,937 | — | 40,249 | ||||||||||||||||||||||||
States and political subdivisions | 404,657 | 19,146 | 1,448 | 422,355 | ||||||||||||||||||||||||
Foreign governments | 104 | 31 | — | 135 | ||||||||||||||||||||||||
Corporate | 211,410 | 17,441 | 1,024 | 227,827 | ||||||||||||||||||||||||
Commercial mortgage-backed | 223 | 8 | — | 231 | ||||||||||||||||||||||||
Residential mortgage-backed | 3,204 | 249 | 3 | 3,450 | ||||||||||||||||||||||||
Total available-for-sale securities | 667,966 | 41,736 | 2,475 | 707,227 | ||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | 2,017 | 178 | — | 2,195 | ||||||||||||||||||||||||
States and political subdivisions | 192,875 | 7,782 | 388 | 200,269 | ||||||||||||||||||||||||
Corporate | 30,040 | 947 | 560 | 30,427 | ||||||||||||||||||||||||
Total held-to-maturity securities | 224,932 | 8,907 | 948 | 232,891 | ||||||||||||||||||||||||
Total fixed maturity securities | $ | 892,898 | 50,643 | 3,423 | 940,118 | |||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 16,005 | 1,657 | 66 | 17,596 | |||||||||||||||||||||||
Bond mutual funds | 50,976 | 60 | 796 | 50,240 | ||||||||||||||||||||||||
Common stock | 65 | — | 14 | 51 | ||||||||||||||||||||||||
Preferred stock | 1,741 | 253 | 2 | 1,992 | ||||||||||||||||||||||||
Total equity securities | $ | 68,787 | 1,970 | 878 | 69,879 | |||||||||||||||||||||||
Unrealized Continuous Losses on Investments [Abstract] | ||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present the fair values and gross unrealized losses of fixed maturities and equity securities that have remained in a continuous unrealized loss position for the periods indicated. | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | ||||||||||||||||||||
(In thousands, except for # of securities) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
States and political subdivisions | $ | 34,614 | 189 | 34 | 23,089 | 957 | 12 | 57,703 | 1,146 | 46 | ||||||||||||||||||
Corporate | 20,716 | 727 | 11 | 2,640 | 134 | 1 | 23,356 | 861 | 12 | |||||||||||||||||||
Residential mortgage-backed | 115 | 1 | 3 | — | — | — | 115 | 1 | 3 | |||||||||||||||||||
Total available-for-sale securities | 55,445 | 917 | 48 | 25,729 | 1,091 | 13 | 81,174 | 2,008 | 61 | |||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
States and political subdivisions | 29,230 | 242 | 17 | 7,949 | 184 | 9 | 37,179 | 426 | 26 | |||||||||||||||||||
Corporate | 4,942 | 490 | 2 | 2,841 | 180 | 1 | 7,783 | 670 | 3 | |||||||||||||||||||
Total held-to-maturity securities | 34,172 | 732 | 19 | 10,790 | 364 | 10 | 44,962 | 1,096 | 29 | |||||||||||||||||||
Total fixed maturities | $ | 89,617 | 1,649 | 67 | 36,519 | 1,455 | 23 | 126,136 | 3,104 | 90 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 5,257 | 33 | 4 | — | — | — | 5,257 | 33 | 4 | ||||||||||||||||||
Bond mutual funds | 18,499 | 640 | 3 | — | — | — | 18,499 | 640 | 3 | |||||||||||||||||||
Common stocks | 24 | 2 | 1 | 4 | 13 | 9 | 28 | 15 | 10 | |||||||||||||||||||
Total equities | $ | 23,780 | 675 | 8 | 4 | 13 | 9 | 23,784 | 688 | 17 | ||||||||||||||||||
As of March 31, 2015, the Company had 13 available-for-sale fixed maturity securities and 10 held-to-maturity fixed maturity securities that were in an unrealized loss position for greater than 12 months. We reported 9 common stock holding in an unrealized loss position for greater than 12 months as of March 31, 2015. | ||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
Fair | Unrealized | # of | Fair | Unrealized | # of | Fair | Unrealized | # of | ||||||||||||||||||||
Value | Losses | Securities | Value | Losses | Securities | Value | Losses | Securities | ||||||||||||||||||||
(In thousands, except for # of securities) | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
States and political subdivisions | $ | 43,776 | 318 | 47 | 33,716 | 1,130 | 24 | 77,492 | 1,448 | 71 | ||||||||||||||||||
Corporate | 26,671 | 780 | 24 | 2,530 | 244 | 2 | 29,201 | 1,024 | 26 | |||||||||||||||||||
Residential mortgage-backed | 159 | 2 | 5 | 33 | 1 | 1 | 192 | 3 | 6 | |||||||||||||||||||
Total available-for-sale securities | 70,606 | 1,100 | 76 | 36,279 | 1,375 | 27 | 106,885 | 2,475 | 103 | |||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
States and political subdivisions | 21,233 | 74 | 16 | 15,429 | 314 | 21 | 36,662 | 388 | 37 | |||||||||||||||||||
Corporate | 3,866 | 285 | 4 | 2,746 | 275 | 2 | 6,612 | 560 | 6 | |||||||||||||||||||
Total held-to-maturity securities | 25,099 | 359 | 20 | 18,175 | 589 | 23 | 43,274 | 948 | 43 | |||||||||||||||||||
Total fixed maturities | $ | 95,705 | 1,459 | 96 | 54,454 | 1,964 | 50 | 150,159 | 3,423 | 146 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
Stock mutual funds | $ | 5,224 | 66 | 4 | — | — | — | 5,224 | 66 | 4 | ||||||||||||||||||
Bond mutual funds | 26,228 | 796 | 4 | — | — | — | 26,228 | 796 | 4 | |||||||||||||||||||
Preferred stocks | 234 | 2 | 4 | — | 234 | 2 | 4 | |||||||||||||||||||||
Common stock | 46 | 1 | 2 | 4 | 13 | 9 | 50 | 14 | 11 | |||||||||||||||||||
Total equities | $ | 31,732 | 865 | 14 | 4 | 13 | 9 | 31,736 | 878 | 23 | ||||||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales. There were no proceeds and gross realized gains and losses from sales of securities for the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||||||||
Schedule of Fixed Maturities [Abstract] | ||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of fixed maturity securities at March 31, 2015 by contractual maturity are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity. | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Due in one year or less | $ | 26,030 | 26,244 | |||||||||||||||||||||||||
Due after one year through five years | 130,179 | 137,207 | ||||||||||||||||||||||||||
Due after five years through ten years | 97,362 | 104,197 | ||||||||||||||||||||||||||
Due after ten years | 434,123 | 463,939 | ||||||||||||||||||||||||||
Total available-for-sale securities | 687,694 | 731,587 | ||||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Due in one year or less | 13,943 | 14,047 | ||||||||||||||||||||||||||
Due after one year through five years | 22,176 | 23,102 | ||||||||||||||||||||||||||
Due after five years through ten years | 54,648 | 57,543 | ||||||||||||||||||||||||||
Due after ten years | 142,895 | 148,099 | ||||||||||||||||||||||||||
Total held-to-maturity securities | 233,662 | 242,791 | ||||||||||||||||||||||||||
Total fixed maturities | $ | 921,356 | 974,378 | |||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis as of the dates indicated. | ||||||||||||
March 31, 2015 | |||||||||||||
Available-for-sale investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
Fair Value | |||||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities: | |||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 13,167 | 40,004 | — | 53,171 | ||||||||
States and political subdivisions | — | 444,265 | — | 444,265 | |||||||||
Corporate | — | 230,512 | — | 230,512 | |||||||||
Commercial mortgage-backed | — | — | 211 | 211 | |||||||||
Residential mortgage-backed | — | 3,292 | — | 3,292 | |||||||||
Foreign governments | — | 136 | — | 136 | |||||||||
Total fixed maturities | 13,167 | 718,209 | 211 | 731,587 | |||||||||
Equity securities: | |||||||||||||
Stock mutual funds | 17,852 | — | — | 17,852 | |||||||||
Bond mutual funds | 50,402 | — | — | 50,402 | |||||||||
Common stock | 51 | — | — | 51 | |||||||||
Preferred stock | 1,860 | — | — | 1,860 | |||||||||
Total equity securities | 70,165 | — | — | 70,165 | |||||||||
Total financial assets | $ | 83,332 | 718,209 | 211 | 801,752 | ||||||||
December 31, 2014 | |||||||||||||
Available-for-sale investments | Level 1 | Level 2 | Level 3 | Total | |||||||||
Fair Value | |||||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities: | |||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 12,980 | 40,249 | — | 53,229 | ||||||||
States and political subdivisions | — | 422,355 | — | 422,355 | |||||||||
Corporate | — | 227,827 | — | 227,827 | |||||||||
Commercial mortgage-backed | — | — | 231 | 231 | |||||||||
Residential mortgage-backed | — | 3,450 | — | 3,450 | |||||||||
Foreign governments | — | 135 | — | 135 | |||||||||
Total fixed maturities | 12,980 | 694,016 | 231 | 707,227 | |||||||||
Equity securities: | |||||||||||||
Stock mutual funds | 17,596 | — | — | 17,596 | |||||||||
Bond mutual funds | 50,240 | — | — | 50,240 | |||||||||
Common stock | 51 | — | — | 51 | |||||||||
Preferred stock | 1,992 | — | — | 1,992 | |||||||||
Total equity securities | 69,879 | — | — | 69,879 | |||||||||
Total financial assets | $ | 82,859 | 694,016 | 231 | 777,106 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents additional information about fixed maturity securities measured at fair value on a recurring basis that are classified as Level 3 assets and for which we have utilized significant unobservable inputs to determine fair value. | ||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Balance at beginning of period | $ | 231 | 309 | ||||||||||
Total realized and unrealized gains (losses) | |||||||||||||
Included in net income | — | — | |||||||||||
Included in other comprehensive income | — | (1 | ) | ||||||||||
Principal paydowns | (20 | ) | (77 | ) | |||||||||
Transfer in and (out) of Level 3 | — | — | |||||||||||
Balance at end of period | $ | 211 | 231 | ||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and fair value for the financial assets and liabilities on the consolidated balance sheets not otherwise disclosed for the periods indicated are as follows: | ||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Fixed maturities, held-to-maturity | $ | 233,662 | 242,791 | 224,932 | 232,891 | ||||||||
Mortgage loans | 619 | 642 | 628 | 652 | |||||||||
Policy loans | 55,288 | 55,288 | 54,032 | 54,032 | |||||||||
Cash and cash equivalents | 41,430 | 41,430 | 50,708 | 50,708 | |||||||||
Financial liabilities: | |||||||||||||
Annuity - investment contracts | 43,728 | 40,218 | 42,837 | 37,978 | |||||||||
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss) | The Company has no reportable differences between segments and consolidated operations. | |
Premiums | $44,566 | $43,013 |
Net investment income | 11,069 | 9,906 |
Realized investment gains (losses), net | -71 | -56 |
Other income | 296 | 169 |
Total revenue | 55,860 | 53,032 |
Claims and surrenders | 19,403 | 16,457 |
Increase in future policy benefit reserves | 17,298 | 17,698 |
Policyholders' dividends | 2,309 | 2,102 |
Total insurance benefits paid or provided | 39,010 | 36,257 |
Commissions | 9,859 | 9,910 |
Other general expenses | 7,551 | 6,502 |
Capitalization of deferred policy acquisition costs | -6,856 | -7,068 |
Amortization of deferred policy acquisition costs | 5,299 | 5,209 |
Amortization of cost of customer relationships acquired | 647 | 531 |
Total benefits and expenses | 55,510 | 51,341 |
Income (loss) before income tax expense | 350 | 1,691 |
Life Insurance Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums | 32,979 | 31,811 |
Net investment income | 7,231 | 6,283 |
Realized investment gains (losses), net | -56 | -64 |
Other income | 214 | 143 |
Total revenue | 40,368 | 38,173 |
Claims and surrenders | 13,560 | 10,815 |
Increase in future policy benefit reserves | 16,137 | 16,976 |
Policyholders' dividends | 2,295 | 2,086 |
Total insurance benefits paid or provided | 31,992 | 29,877 |
Commissions | 6,026 | 6,238 |
Other general expenses | 3,159 | 2,840 |
Capitalization of deferred policy acquisition costs | -5,343 | -5,659 |
Amortization of deferred policy acquisition costs | 4,549 | 4,407 |
Amortization of cost of customer relationships acquired | 200 | 171 |
Total benefits and expenses | 40,583 | 37,874 |
Income (loss) before income tax expense | -215 | 299 |
Home Service Insurance Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums | 11,587 | 11,202 |
Net investment income | 3,464 | 3,287 |
Realized investment gains (losses), net | -15 | 8 |
Other income | 48 | 1 |
Total revenue | 15,084 | 14,498 |
Claims and surrenders | 5,843 | 5,642 |
Increase in future policy benefit reserves | 1,161 | 722 |
Policyholders' dividends | 14 | 16 |
Total insurance benefits paid or provided | 7,018 | 6,380 |
Commissions | 3,833 | 3,672 |
Other general expenses | 3,830 | 3,169 |
Capitalization of deferred policy acquisition costs | -1,513 | -1,409 |
Amortization of deferred policy acquisition costs | 750 | 802 |
Amortization of cost of customer relationships acquired | 447 | 360 |
Total benefits and expenses | 14,365 | 12,974 |
Income (loss) before income tax expense | 719 | 1,524 |
Other Non-Insurance Enterprise Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums | 0 | 0 |
Net investment income | 374 | 336 |
Realized investment gains (losses), net | 0 | 0 |
Other income | 34 | 25 |
Total revenue | 408 | 361 |
Claims and surrenders | 0 | 0 |
Increase in future policy benefit reserves | 0 | 0 |
Policyholders' dividends | 0 | 0 |
Total insurance benefits paid or provided | 0 | 0 |
Commissions | 0 | 0 |
Other general expenses | 562 | 493 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of cost of customer relationships acquired | 0 | 0 |
Total benefits and expenses | 562 | 493 |
Income (loss) before income tax expense | ($154) | ($132) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $425 | $1,197 |
Net Income Allocated to Class A Common Stock | 421 | 1,185 |
Net Income Allocated to Class B Common Stock | $4 | $12 |
Common Class A [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Shares Outstanding, Basic | 49,080 | 49,080 |
Weighted Average Shares Outstanding, Diluted | 49,080 | 49,080 |
Basic earnings per share | $0.01 | $0.02 |
Diluted earnings per share | $0.01 | $0.02 |
Common Stock Class B [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Shares Outstanding, Basic and Diluted | 1,002 | 1,002 |
Basic earnings per share | $0 | $0.01 |
Diluted earnings per share | $0 | $0.01 |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments Including Short Term And Cash And Cash Equivalents [Abstract] | ||||
Fixed maturity securities | $965,249,000 | $932,159,000 | ||
Fixed maturity securities percent | 84.60% | 83.60% | ||
Equity securities | 70,165,000 | 69,879,000 | ||
Equity securities percent | 6.10% | 6.30% | ||
Mortgage loans | 619,000 | 628,000 | ||
Mortgage loans percent | 0.10% | 0.10% | ||
Policy loans | 55,288,000 | 54,032,000 | ||
Policy loans percent | 4.80% | 4.80% | ||
Real estate and other long-term investments | 8,164,000 | 8,266,000 | ||
Real estate and other long-term investments percent | 0.70% | 0.70% | ||
Cash and cash equivalents | 41,430,000 | 52,307,000 | 50,708,000 | 54,593,000 |
Cash and cash equivalents percent | 3.70% | 4.50% | ||
Total cash, cash equivalents and investments | 1,140,915,000 | 1,115,672,000 | ||
Total cash, cash equivalents and investments percent | 100.00% | 100.00% | ||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 687,694,000 | 667,966,000 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 68,641,000 | 68,787,000 | ||
Available-for-sale Securities, Fair Value | 801,752,000 | 777,106,000 | ||
Fixed maturities available-for-sale, cost | 687,694,000 | 667,966,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Gains, Total | 45,901,000 | 41,736,000 | ||
Available-for-sale Debt Securities, Gross Unrealized Losses, Total | 2,008,000 | 2,475,000 | ||
Available-for-sale Debt Securities, Fair Value | 731,587,000 | 707,227,000 | ||
Held-to-maturity Securities, Debt Securities, Net Carrying Amount | 233,662,000 | 224,932,000 | ||
Held-to-maturity Securities, Unrecognized Holding Gain | 10,225,000 | 8,907,000 | ||
Held-to-maturity Securities, Unrecognized Holding Loss | 1,096,000 | 948,000 | ||
Held-to-maturity Securities, Fair Value | 242,791,000 | 232,891,000 | ||
Total Fixed Maturity Securities, Amortized Cost | 921,356,000 | |||
Total Fixed Maturity Securities, Fair Value | 974,378,000 | |||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 61 | 103 | ||
Debt Securities In Continuous Loss Less Than 12 Months Fair Value | 89,617,000 | 25,099,000 | ||
Debt Securities Continuous Loss Position Less Than 12 Months Unrealized Losses | 1,649,000 | 359,000 | ||
Number of Debt Securities In Continuous Loss Less Than 12 Months | 67 | 20 | ||
Debt Securities In Continuous Loss Position 12 Months Or Longer, Fair Value | 36,519,000 | 18,175,000 | ||
Debt Securities In Continuous Loss Position 12 Months Or Longer, Unrealized Losses | 1,455,000 | 589,000 | ||
Number of Debt Securities In Continuous Loss Position 12 Months or Longer | 23 | 23 | ||
Debt Securities In Continuous Loss Position, Aggregate Fair Value | 126,136,000 | 43,274,000 | ||
Debt Securities In Continuous Loss Position, Aggregate Unrealized Losses | 3,104,000 | 948,000 | ||
Number of Debt Securities In Continuous Loss Position, Aggregate | 90 | 43 | ||
Schedule of Fixed Maturities [Abstract] | ||||
Available-for-sale Securities, Debt Maturities, Due in One Year or Less, Amortized Cost Basis | 26,030,000 | |||
Available-for-sale Securities, Debt Maturities, Due in One Year or Less, Fair Value | 26,244,000 | |||
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Amortized Cost Basis | 130,179,000 | |||
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Fair Value | 137,207,000 | |||
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Amortized Cost Basis | 97,362,000 | |||
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Fair Value | 104,197,000 | |||
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Amortized Cost Basis | 434,123,000 | |||
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Fair Value | 463,939,000 | |||
Held-to-maturity Securities, Debt Maturities, Due in One Year or Less, Amortized Cost Basis | 13,943,000 | |||
Held-to-maturity Securities, Debt Maturities, Due in One Year or Less, Fair Value | 14,047,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After One Year Through Five Years, Amortized Cost Basis | 22,176,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After One Year Through Five Years, Fair Value | 23,102,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After Five Years Through Ten Years, Amortized Cost Basis | 54,648,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After Five Years Through Ten Years, Fair Value | 57,543,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After Ten Years, Amortized Cost Basis | 142,895,000 | |||
Held-to-maturity Securities, Debt Maturities, Due After Ten Years, Fair Value | 148,099,000 | |||
Sale of bonds, number of securities sold at a loss | 0 | |||
Sale of bonds, number of held-to-maturity bonds sold | 0 | 0 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 300,000 | 0 | ||
US Treasury Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 10,041,000 | 10,056,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 3,126,000 | 2,924,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities, Fair Value | 13,167,000 | 12,980,000 | ||
Fixed maturities available-for-sale, cost | 10,041,000 | 10,056,000 | ||
US Government Agencies Debt Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 38,085,000 | 38,312,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 1,919,000 | 1,937,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities, Fair Value | 40,004,000 | 40,249,000 | ||
Fixed maturities available-for-sale, cost | 38,085,000 | 38,312,000 | ||
Held-to-maturity Securities, Debt Securities, Net Carrying Amount | 2,015,000 | 2,017,000 | ||
Held-to-maturity Securities, Unrecognized Holding Gain | 173,000 | 178,000 | ||
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | 0 | ||
Held-to-maturity Securities, Fair Value | 2,188,000 | 2,195,000 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 423,372,000 | 404,657,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 22,039,000 | 19,146,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 1,146,000 | 1,448,000 | ||
Available-for-sale Securities, Fair Value | 444,265,000 | 422,355,000 | ||
Fixed maturities available-for-sale, cost | 423,372,000 | 404,657,000 | ||
Held-to-maturity Securities, Debt Securities, Net Carrying Amount | 201,716,000 | 192,875,000 | ||
Held-to-maturity Securities, Unrecognized Holding Gain | 9,117,000 | 7,782,000 | ||
Held-to-maturity Securities, Unrecognized Holding Loss | 426,000 | 388,000 | ||
Held-to-maturity Securities, Fair Value | 210,407,000 | 200,269,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 34,614,000 | 43,776,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 189,000 | 318,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 34 | 47 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 23,089,000 | 33,716,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 957,000 | 1,130,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 12 | 24 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 57,703,000 | 77,492,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,146,000 | 1,448,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 46 | 71 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 29,230,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 242,000 | |||
Number of Held-to-maturity Securities In Continuous Loss Position Less Than 12 Months | 17 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 7,949,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 184,000 | |||
Number of Held-to-maturity Securities In Continuous Loss Position 12 Months or Greater | 9 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 37,179,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | 426,000 | |||
Number of Held-to-maturity Securities In Continuous Loss Position Aggregate | 26 | |||
Foreign Government Debt Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 104,000 | 104,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 32,000 | 31,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities, Fair Value | 136,000 | 135,000 | ||
Fixed maturities available-for-sale, cost | 104,000 | 104,000 | ||
Corporate Debt Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 212,851,000 | 211,410,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 18,522,000 | 17,441,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 861,000 | 1,024,000 | ||
Available-for-sale Securities, Fair Value | 230,512,000 | 227,827,000 | ||
Fixed maturities available-for-sale, cost | 212,851,000 | 211,410,000 | ||
Held-to-maturity Securities, Debt Securities, Net Carrying Amount | 29,931,000 | 30,040,000 | ||
Held-to-maturity Securities, Unrecognized Holding Gain | 935,000 | 947,000 | ||
Held-to-maturity Securities, Unrecognized Holding Loss | 670,000 | 560,000 | ||
Held-to-maturity Securities, Fair Value | 30,196,000 | 30,427,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,716,000 | 26,671,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 727,000 | 780,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 11 | 24 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,640,000 | 2,530,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 134,000 | 244,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 1 | 2 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,356,000 | 29,201,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 861,000 | 1,024,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 12 | 26 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,942,000 | 21,233,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 490,000 | 74,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position Less Than 12 Months | 2 | 16 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,841,000 | 15,429,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 180,000 | 314,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position 12 Months or Greater | 1 | 21 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 7,783,000 | 36,662,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | 670,000 | 388,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position Aggregate | 3 | 37 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 203,000 | 223,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 8,000 | 8,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities, Fair Value | 211,000 | 231,000 | ||
Fixed maturities available-for-sale, cost | 203,000 | 223,000 | ||
Residential Mortgage Backed Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,038,000 | 3,204,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 255,000 | 249,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 1,000 | 3,000 | ||
Available-for-sale Securities, Fair Value | 3,292,000 | 3,450,000 | ||
Fixed maturities available-for-sale, cost | 3,038,000 | 3,204,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 115,000 | 159,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 1,000 | 2,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 3 | 5 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 33,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 1,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 0 | 1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 115,000 | 192,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,000 | 3,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 3 | 6 | ||
Debt Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Total Fixed Maturity Securities, Amortized Cost | 921,356,000 | 892,898,000 | ||
Total Fixed Maturity Securities, Gross Unrealized Gains | 56,126,000 | 50,643,000 | ||
Total Fixed Maturity Securities, Gross Unrealized Losses | 3,104,000 | 3,423,000 | ||
Total Fixed Maturity Securities, Fair Value | 974,378,000 | 940,118,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 55,445,000 | 70,606,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 917,000 | 1,100,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 48 | 76 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 25,729,000 | 36,279,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,091,000 | 1,375,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 13 | 27 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 81,174,000 | 106,885,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 2,008,000 | 2,475,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 34,172,000 | 3,866,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 732,000 | 285,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position Less Than 12 Months | 19 | 4 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,790,000 | 2,746,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 364,000 | 275,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position 12 Months or Greater | 10 | 2 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 44,962,000 | 6,612,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses | 1,096,000 | 560,000 | ||
Number of Held-to-maturity Securities In Continuous Loss Position Aggregate | 29 | 6 | ||
Stock Mutual Funds [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 16,007,000 | 16,005,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 1,878,000 | 1,657,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 33,000 | 66,000 | ||
Available-for-sale Securities, Fair Value | 17,852,000 | 17,596,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,257,000 | 5,224,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 33,000 | 66,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 4 | 4 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,257,000 | 5,224,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 33,000 | 66,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | 4 | ||
Bond Mutual Funds [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 50,976,000 | 50,976,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 66,000 | 60,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 640,000 | 796,000 | ||
Available-for-sale Securities, Fair Value | 50,402,000 | 50,240,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,499,000 | 26,228,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 640,000 | 796,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 3 | 4 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18,499,000 | 26,228,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 640,000 | 796,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 3 | 4 | ||
Common Stock [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 65,000 | 65,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 1,000 | 0 | ||
Available-for-sale Securities, Gross Unrealized Losses | 15,000 | 14,000 | ||
Available-for-sale Securities, Fair Value | 51,000 | 51,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 24,000 | 46,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2,000 | 1,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 1 | 2 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,000 | 4,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 13,000 | 13,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 9 | 9 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 28,000 | 50,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 15,000 | 14,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 10 | 11 | ||
Preferred Stock [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,593,000 | 1,741,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 267,000 | 253,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 2,000 | ||
Available-for-sale Securities, Fair Value | 1,860,000 | 1,992,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 234,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 4 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 234,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | 2,000 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | |||
Equity Securities [Member] | ||||
Unrealized Gain (Loss) on Investments [Abstract] | ||||
Available-for-sale Equity Securities, Amortized Cost Basis | 68,641,000 | 68,787,000 | ||
Available-for-sale Securities, Gross Unrealized Gains | 2,212,000 | 1,970,000 | ||
Available-for-sale Securities, Gross Unrealized Losses | 688,000 | 878,000 | ||
Available-for-sale Securities, Fair Value | 70,165,000 | 69,879,000 | ||
Unrealized Continuous Losses on Investments [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 23,780,000 | 31,732,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 675,000 | 865,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Less Than 12 Months | 8 | 14 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,000 | 4,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 13,000 | 13,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position For 12 months or Greater | 9 | 9 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 23,784,000 | 31,736,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $688,000 | $878,000 | ||
Number of Available-for-sale Securities In Continuous Loss Position Aggregate | 17 | 23 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | $801,752 | $777,106 | |
Percent of Level 2 Debt Maturity to Total Reported Fair Value of Financial Assets | 89.60% | ||
Number of Private Placement Mortgage Backed Debt Securities in Level 3 | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 211 | 231 | 309 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 83,332 | 82,859 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 718,209 | 694,016 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 211 | 231 | |
US Treasury and Government [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 53,171 | 53,229 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 13,167 | 12,980 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 40,004 | 40,249 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 444,265 | 422,355 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 444,265 | 422,355 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 230,512 | 227,827 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 230,512 | 227,827 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 211 | 231 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 211 | 231 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 3,292 | 3,450 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 3,292 | 3,450 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Foreign Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 136 | 135 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 136 | 135 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 731,587 | 707,227 | |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 13,167 | 12,980 | |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 718,209 | 694,016 | |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 211 | 231 | |
Stock Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 17,852 | 17,596 | |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 17,852 | 17,596 | |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Bond Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 50,402 | 50,240 | |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 50,402 | 50,240 | |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 51 | 51 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 51 | 51 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 1,860 | 1,992 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 1,860 | 1,992 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 70,165 | 69,879 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 70,165 | 69,879 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements Schedule of Fair Value Unobservable Input Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||
Balance at beginning of period | $231 | $309 |
Total realized and unrealized gains (losses) | ||
Included in net income | 0 | 0 |
Included in other comprehensive income | 0 | -1 |
Principal paydowns | -20 | -77 |
Transfers in and (out) of Level 3 | 0 | 0 |
Balance at end of period | $211 | $231 |
Fair_Value_Measurements_Financ
Fair Value Measurements Financial Instruments not Carried at Fair Value (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed maturities held-to-maturity | $242,791 | $232,891 | ||
Mortgage loans | 619 | 628 | ||
Policy loans | 55,288 | 54,032 | ||
Cash and cash equivalents, at carrying value | 41,430 | 52,307 | 50,708 | 54,593 |
Liability for future policy benefits individual and group annuities | 60,828 | 59,727 | ||
Mortgage Loans on Real Estate, Interest Rate | 6.30% | 6.40% | ||
Mortgage loan maturity lower end range | 1 year | 1 year | ||
Mortgage loan maturity higher end range | 30 years | 30 years | ||
Mortgage loans interest rate used to estimate fair value | 6.25% | |||
Insurance policy loans interest rate | 7.70% | 7.70% | ||
Fair value minimum interest rate of investment contract | 1.02% | |||
Fair value maximum rate of investment contract | 4.88% | |||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed maturities held-to-maturity | 233,662 | 224,932 | ||
Mortgage loans | 619 | 628 | ||
Policy loans | 55,288 | 54,032 | ||
Cash and cash equivalents, at carrying value | 41,430 | 50,708 | ||
Liability for future policy benefits individual and group annuities | 43,728 | 42,837 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed maturities held-to-maturity | 242,791 | 232,891 | ||
Mortgage loans | 642 | 652 | ||
Policy loans | 55,288 | 54,032 | ||
Cash and cash equivalents, fair value disclosure | 41,430 | 50,708 | ||
Liability for future policy benefits individual and group annuities | $40,218 | $37,978 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 |
Loss Contingencies [Line Items] | ||
Total costs to remediate IRC Section 7702 issue | $11.40 | |
Toll charges and fees to remediate IRC Section 7702 issue | 10.1 | |
Cost of claim and reserve liabilities to remediate IRC Section 7702 issue | 1.3 | |
IRC Section 7702 remediation costs [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Minimum | 0.5 | |
Loss Contingency, Range of Possible Loss, Maximum | 0.8 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Cost Range to Remediate IRC Section 7702 Issue | 11.4 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Cost Range to Remediate IRC Section 7702 Issue | $40 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate | -21.40% | 29.20% |
Federal Statutory Income Tax Rate | 35.00% | 35.00% |