Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-16509 | |
Entity Registrant Name | CITIZENS, INC. | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 84-0755371 | |
Entity Address, Address Line One | 11815 Alterra Pkwy, Floor 15 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78758 | |
City Area Code | 512 | |
Local Phone Number | 837-7100 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | CIA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,617,355 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000024090 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,385,121 and $1,381,318 in 2023 and 2022, respectively) | $ 1,206,483 | $ 1,179,619 |
Equity securities, at fair value | 11,710 | 11,590 |
Policy loans | 77,944 | 78,773 |
Other long-term investments (portion measured at fair value $76,999 and $66,846 in 2023 and 2022, respectively) | 77,262 | 69,558 |
Short-term Investments | 249 | 1,241 |
Total investments | 1,373,648 | 1,340,781 |
Cash and cash equivalents | 20,914 | 22,973 |
Accrued investment income | 17,054 | 17,131 |
Reinsurance recoverable | 4,045 | 4,560 |
Deferred policy acquisition costs | 168,341 | 162,927 |
Cost of insurance acquired | 10,333 | 10,647 |
Current federal income tax receivable | 1,562 | 601 |
Property and equipment, net | 12,188 | 12,926 |
Due premiums | 9,244 | 11,829 |
Other assets (less allowance for losses of $328 and $347 in 2023 and 2022, respectively) | 6,665 | 6,328 |
Total assets | 1,623,994 | 1,590,703 |
Future policy benefits reserves: | ||
Life insurance | 1,211,320 | 1,198,647 |
Accident and health | 926 | 767 |
Total future policy benefit reserves | 1,212,246 | 1,199,414 |
Annuities | 127,485 | 121,422 |
Dividend accumulations | 43,384 | 41,663 |
Premiums paid in advance | 36,432 | 36,384 |
Policy claims payable | 6,569 | 9,884 |
Other policyholders' funds | 7,257 | 7,501 |
Total policyholder funds | 221,127 | 216,854 |
Total policy liabilities | 1,433,373 | 1,416,268 |
Commissions payable | 1,972 | 1,967 |
Deferred federal income tax liability | 4,736 | 3,653 |
Other liabilities | 37,067 | 41,025 |
Total liabilities | 1,477,148 | 1,462,913 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Retained earnings | 27,307 | 16,309 |
Accumulated other comprehensive income (loss) | (128,363) | (137,044) |
Treasury stock, at cost | (23,525) | (22,806) |
Total stockholders' equity | 146,846 | 127,790 |
Total liabilities and stockholders' equity | 1,623,994 | 1,590,703 |
Common Stock Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 268,243 | 268,147 |
Common Stock Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 3,184 | $ 3,184 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Premiums: | ||||
Life insurance | $ 39,292 | $ 40,761 | $ 76,226 | $ 78,507 |
Accident and health insurance | 547 | 280 | 905 | 566 |
Property insurance | (113) | 1,183 | 844 | 2,515 |
Net investment income | 17,241 | 15,892 | 34,315 | 31,379 |
Investment related gains (losses), net | 703 | (5,016) | 415 | (5,598) |
Other income | 857 | 634 | 1,736 | 1,722 |
Total revenues | 58,527 | 53,734 | 114,441 | 109,091 |
Insurance benefits paid or provided: | ||||
Claims and surrenders | 32,776 | 27,097 | 63,075 | 55,531 |
Increase (decrease) in future policy benefit reserves | (944) | 3,730 | (1,922) | 3,844 |
Policyholder liability remeasurement (gain) loss | 956 | 667 | 1,836 | 1,335 |
Policyholders' dividends | 1,261 | 1,515 | 2,369 | 2,868 |
Total insurance benefits paid or provided | 34,049 | 33,009 | 65,358 | 63,578 |
Commissions | 8,883 | 8,924 | 17,896 | 16,597 |
Other general expenses | 12,268 | 10,400 | 23,528 | 21,430 |
Capitalization of deferred policy acquisition costs | (6,544) | (6,184) | (12,902) | (10,965) |
Amortization of deferred policy acquisition costs | 3,674 | 3,468 | 7,488 | 7,027 |
Amortization of cost of insurance acquired | 153 | 151 | 314 | 280 |
Total benefits and expenses | 52,483 | 49,768 | 101,682 | 97,947 |
Net income (loss) before taxes | 6,044 | 3,966 | 12,759 | 11,144 |
Federal income tax expense (benefit) | (82) | 1,474 | 1,761 | 2,203 |
Net income (loss) | 6,126 | 2,492 | 10,998 | 8,941 |
Unrealized gains (losses) on available-for-sale debt securities: | ||||
Unrealized holding gains arising during the period | (20,430) | (119,531) | 23,006 | (252,296) |
Reclassification adjustment for losses (gains) included in net income (loss) | 24 | (24) | 62 | 35 |
Unrealized gains (losses) on fixed maturity securities, net | (20,406) | (119,555) | 23,068 | (252,261) |
Change in current discount rate for liability for future policy benefits | 6,251 | 120,437 | (14,229) | 272,044 |
Income tax expense (benefit) on other comprehensive income items | (1,257) | 4,634 | 158 | 6,346 |
Other comprehensive income (loss) | (12,898) | (3,752) | 8,681 | 13,437 |
Comprehensive income (loss) | $ (6,772) | $ (1,260) | $ 19,679 | $ 22,378 |
Common Stock Class A [Member] | ||||
Earnings Per Share, Basic | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 |
Earnings Per Share, Diluted | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Statement - USD ($) $ in Thousands | Total | Retained Earnings (Accumulated Deficit) | Accumulated other comprehensive income [Member] | Treasury Stock, Common [Member] | Common Stock Class A [Member] Common stock [Member] | Common Stock Class B [Member] Common stock [Member] |
Balance at Dec. 31, 2021 | $ 99,957 | $ (9,698) | $ (138,989) | $ (20,101) | $ 265,561 | $ 3,184 |
Net income (loss) | 6,449 | 6,449 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 17,189 | 0 | 17,189 | 0 | 0 | 0 |
Total comprehensive income (loss) | 23,638 | 6,449 | 17,189 | 0 | 0 | 0 |
Common stock issuance | 1,788 | 0 | 0 | 0 | 1,788 | 0 |
Stock-based compensation | 93 | 0 | 0 | 0 | 93 | 0 |
Balance at Mar. 31, 2022 | 125,476 | (3,249) | (121,800) | (20,101) | 267,442 | 3,184 |
Balance at Dec. 31, 2021 | 99,957 | (9,698) | (138,989) | (20,101) | 265,561 | 3,184 |
Net income (loss) | 8,941 | |||||
Other comprehensive income (loss) | 13,437 | |||||
Total comprehensive income (loss) | 22,378 | |||||
Balance at Jun. 30, 2022 | 123,324 | (757) | (125,552) | (21,401) | 267,850 | 3,184 |
Balance at Mar. 31, 2022 | 125,476 | (3,249) | (121,800) | (20,101) | 267,442 | 3,184 |
Net income (loss) | 2,492 | 2,492 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (3,752) | 0 | (3,752) | 0 | 0 | 0 |
Total comprehensive income (loss) | (1,260) | 2,492 | (3,752) | 0 | 0 | 0 |
Common stock issuance | 455 | 0 | 0 | 0 | 455 | 0 |
Treasury Stock, Value, Acquired, Cost Method | 1,300 | 0 | 0 | (1,300) | 0 | 0 |
Stock-based compensation | (47) | 0 | 0 | 0 | (47) | 0 |
Balance at Jun. 30, 2022 | 123,324 | (757) | (125,552) | (21,401) | 267,850 | 3,184 |
Balance at Dec. 31, 2022 | 127,790 | 16,309 | (137,044) | (22,806) | 268,147 | 3,184 |
Net income (loss) | 4,872 | 4,872 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 21,579 | 0 | 21,579 | 0 | 0 | 0 |
Total comprehensive income (loss) | 26,451 | 4,872 | 21,579 | 0 | 0 | 0 |
Stock-based compensation | 50 | 0 | 0 | 0 | 50 | 0 |
Balance at Mar. 31, 2023 | 154,291 | 21,181 | (115,465) | (22,806) | 268,197 | 3,184 |
Balance at Dec. 31, 2022 | 127,790 | 16,309 | (137,044) | (22,806) | 268,147 | 3,184 |
Net income (loss) | 10,998 | |||||
Other comprehensive income (loss) | 8,681 | |||||
Total comprehensive income (loss) | 19,679 | |||||
Balance at Jun. 30, 2023 | 146,846 | 27,307 | (128,363) | (23,525) | 268,243 | 3,184 |
Balance at Mar. 31, 2023 | 154,291 | 21,181 | (115,465) | (22,806) | 268,197 | 3,184 |
Net income (loss) | 6,126 | 6,126 | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (12,898) | 0 | (12,898) | 0 | 0 | 0 |
Total comprehensive income (loss) | (6,772) | 6,126 | (12,898) | 0 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | 719 | 0 | 0 | (719) | 0 | 0 |
Stock-based compensation | 46 | 0 | 0 | 0 | 46 | 0 |
Balance at Jun. 30, 2023 | $ 146,846 | $ 27,307 | $ (128,363) | $ (23,525) | $ 268,243 | $ 3,184 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 10,998 | $ 8,941 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Investment related (gains) losses on sale of investments and other assets | (415) | 5,598 |
Net deferred policy acquisition cost | (5,414) | (3,938) |
Amortization of cost of insurance acquired | 314 | 280 |
Depreciation | 248 | 288 |
Amortization of premiums and discounts on investments | 2,468 | 2,658 |
Stock-based compensation | 146 | 150 |
Deferred federal income tax expense (benefit) | 924 | 1,353 |
Change in: | ||
Accrued investment income | 77 | (300) |
Reinsurance recoverable | 515 | 2,113 |
Due premiums | 2,585 | 1,210 |
Future policy benefit reserves | (1,397) | 3,639 |
Other policyholders' liabilities | 5,848 | 881 |
Federal income tax receivable | (961) | 558 |
Commissions payable and other liabilities | (3,383) | 246 |
Other, net | (355) | (1,330) |
Net cash provided by (used in) operating activities | 12,198 | 22,347 |
Cash flows from investing activities: | ||
Purchases of fixed maturity securities, available-for-sale | (27,637) | (64,689) |
Sales of fixed maturity securities, available-for-sale | 4,244 | 28,828 |
Maturities and calls of fixed maturity securities, available-for-sale | 17,104 | 18,234 |
Principal payments on mortgage loans | 4 | 95 |
(Increase) decrease in policy loans, net | 829 | 1,721 |
Sales of other long-term investments | 2,538 | 2,699 |
Purchases of other long-term investments | (9,409) | (14,746) |
Purchase of property and equipment | (84) | (51) |
Maturity of short-term investments | 500 | 0 |
Purchase of short-term investments | 0 | (5) |
Net cash provided by (used in) investing activities | (11,911) | (27,914) |
Cash flows from financing activities: | ||
Annuity deposits | 3,813 | 4,160 |
Annuity withdrawals | (5,390) | (4,319) |
Acquisition of treasury stock | (719) | (1,300) |
Issuance of common stock | 0 | 2,244 |
Other | (50) | (105) |
Net cash provided by (used in) financing activities | (2,346) | 680 |
Net increase (decrease) in cash and cash equivalents | (2,059) | (4,887) |
Cash and cash equivalents at beginning of year | 22,973 | 27,294 |
Cash and cash equivalents at end of period | $ 20,914 | $ 22,407 |
Supplemental Disclosure of Nonc
Supplemental Disclosure of Noncash Investing and Financing Activities Statement - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Disclosure of Noncash Investing and Financing Activities [Abstract] | ||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 5,400,000 | $ 6,100,000 |
Lease Obligation Incurred | 0 | 400,000 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Net Unsettled Security Trades | $ 0 | $ (3,300,000) |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturities available-for-sale, cost | $ 1,385,121 | $ 1,381,318 |
Limited partnership | 76,999 | 66,846 |
Due premiums, allowance for doubtful accounts | $ 328 | $ 347 |
Liabilities and Stockholders' Equity | ||
Treasury stock | 5,262,000 | 4,937,000 |
Common Stock Class A [Member] | ||
Liabilities and 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) | 53,864,545 | 53,758,176 |
Common stock, shares outstanding (in shares) | 53,864,545 | 53,758,176 |
Treasury stock | 4,261,005 | 3,935,581 |
Common Stock Class B [Member] | ||
Liabilities and 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 |
Treasury stock | 1,001,714 | 1,001,714 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
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 consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), CICA Life Ltd. ("CICA International"), CICA Life A.I., a Puerto Rico company ("CICA PR"), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), and Nexo Global Services LLC, a Puerto Rico holding company ("Nexo"). All significant inter-company accounts and transactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company," "it," "we," "us" or "our". The consolidated balance sheet as of June 30, 2023, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three and six months ended June 30, 2023 and June 30, 2022 and the consolidated statements of cash flows for the six months ended June 30, 2023 and June 30, 2022 have been prepared by the Company without audit and are not subject to audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at June 30, 2023 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("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 consolidated financial statements do not include all 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 included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Form 10-K"). 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. Our Life Insurance segment operates through CICA International, CICA PR, CICA and CNLIC. Until December 31, 2022, our international life insurance business operated through CICA International. Beginning January 1, 2023, all new international policies are issued by CICA PR. These companies provide U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. Prior to July 1, 2023, our domestic life insurance business operated through CICA and CNLIC. CICA issues ordinary whole life, life products with living benefits, critical illness, credit life and disability policies throughout the U.S. and CNLIC issued ordinary whole life and critical illness policies through June 30, 2023. CNLIC merged into CICA on July 1, 2023. Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as critical illness and property insurance policies, which cover dwelling and contents. As of June 30, 2023, the Company ceased all operations for SPFIC. CTI provides data processing systems and services to the Company. USE OF ESTIMATES The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions and valuation allowance on deferred tax assets. 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. SIGNIFICANT ACCOUNTING POLICIES For a description of all significant accounting policies, see Part IV, Item 15, Note 1. Summary of Significant Accounting Policies in the notes to our consolidated financial statements included in our Form 10-K , which should be read in conjunction with these accompanying consolidated financial statements. DEFERRED POLICY ACQUISITION COSTS Deferred policy acquisition costs (“DAC”) are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees’ total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For the Life Insurance Segment, the constant level basis used is policy count in force. For the Home Service Insurance Segment, the constant level basis used is face amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company’s experience, industry data, and other factors at the end of each reporting period and are consistent with those used for the liability for future policy benefit life reserves. Annually, the Company completes experience studies with respect to mortality and lapse. If those assumptions are updated, the DAC amortization basis is recalculated and the effect of the assumption change will be reflected in the cohort level amortization in future periods. Amortization of DAC is included in the consolidated statements of comprehensive income or loss. The DAC balance on the consolidated balance sheets is reduced for actual experience in excess of expected experience. Changes in future estimates are recognized prospectively over the remaining expected contract term. COST OF INSURANCE ACQUIRED The Company recognizes an intangible asset that arises in the application of U.S. GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations. This intangible asset is referred to as the Cost of Insurance Acquired (“COIA”), which is amortized on a basis consistent with DAC, such that it is amortized in proportion to policies in force for the Life Insurance Segment and face amount in force for the Home Service Insurance Segment to approximate straight-line amortization. FUTURE POLICY BENEFITS AND EXPENSES As premium revenue is recognized, a liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders, is accrued. The liability is estimated using current assumptions that include discount rate, mortality and lapses. These current assumptions are based on judgements that consider the Company’s historical experience, industry data, and other factors. Our traditional and limited-payment contracts are grouped into cohorts by contract type and issue year. Our reporting cohorts are (i) Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and (ii) Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. The liability is adjusted for differences between actual and expected experience. The Company reviews its historical cash flow assumptions quarterly and in the third quarter of the year, the Company reviews its future cash flow assumptions. The net premium ratio used to calculate the liability is updated each quarter based on the current period's actual experience relative to expected experience. The revised net premium ratio is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the locked-in discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. The current period change in the liability is the policyholder liability remeasurement gain or loss and is presented as a separate component of total insurance benefits paid or provided in the consolidated statements of comprehensive income or loss. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions. For traditional and limited-payment contracts, the current discount rate assumption is a yield curve that equals the yield of an upper-medium grade fixed income instrument, based on an A-quality corporate bonds. The Company selects fixed-income instruments that have been A rated by one of the major credit rating agencies, such as Moody’s, Standard & Poor’s, or Fitch. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A credit-rated fixed-income instruments, the Company uses the last market-observable yield level and uses linear interpolation to determine yield assumptions for durations that do not have market observable yields. The locked-in discount rate for policies issued prior to transition equals the rate set at contract issuance. For current year issues, the locked-in discount rate is the average of the current year quarterly discount rates and will change throughout the year as new discount rates are calculated, with the change reflected in net income. DEFERRED PROFIT LIABILITY For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefit life reserves, including discount rate, mortality and lapses. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ACCOUNTING PRONOUNCEMENTS ACCOUNTING STANDARDS RECENTLY ADOPTED Impacts at Transition Date In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The Company adopted ASU 2018-12 for the liability for future policy benefits, DAC and COIA on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 effective January 1, 2021. The following table summarizes the balance of and changes in the liability for future policy benefits, annuity reserves, DAC and COIA due to the adoption of ASU 2018-12. (In thousands) Life Insurance Segment Home Service Insurance Segment Consolidated Liability for Future Policy Benefits Pre-adoption liability as of 12/31/2020 $ 987,373 255,513 1,242,886 Change in discount rate assumptions 261,823 108,468 370,291 Effect of reserve changes 6 96 102 Post-adoption liability as of 1/1/2021 $ 1,249,202 364,077 1,613,279 Fixed Annuity Liability Pre-adoption liability as of 12/31/2020 $ 60,027 18,277 78,304 Adjustments for the removal of shadow adjustments — 3,426 3,426 Post-adoption liability as of 1/1/2021 $ 60,027 21,703 81,730 Deferred Acquisition Costs Pre-adoption balance as of 12/31/2020 $ 94,771 10,142 104,913 Adjustments for the removal of shadow adjustments 8,270 29,905 38,175 Impact of flooring cohorts at zero 23 12 35 Post adoption balance as of 1/1/2021 $ 103,064 40,059 143,123 Cost of Insurance Acquired Pre-adoption balance as of 12/31/2020 $ 1,734 9,807 11,541 Adjustments for the removal of shadow adjustments — 484 484 Post adoption balance as of 1/1/2021 $ 1,734 10,291 12,025 At transition, the Company recorded a charge of $0.1 million to retained earnings, net of tax, primarily from capping net premium ratios for certain policyholder benefit cohorts at 100%, increasing reserves for certain non-premium paying cohorts and flooring certain DAC cohorts at zero. Other comprehensive income ("OCI") was reduced by $316.8 million primarily due to the difference in the discount rate used prior to transition and the discount rate at January 1, 2021. The Company also removed shadow adjustments previously recorded in OCI for the impact of unrealized gains and losses on annuity products that previously amortized unearned revenue, DAC and COIA over expected future gross profits. Impacts to Previously Reported Results Adoption of the standard impacted our previously reported consolidated financial results as follows: (In thousands) As Previously Reported Adoption of New Standard Post Adoption As of December 31, 2022 Consolidated Balance Sheet Deferred policy acquisition costs $ 140,167 22,760 162,927 Cost of insurance acquired 10,260 387 10,647 Deferred tax asset, net 2,414 (2,414) — Total assets 1,569,970 20,733 1,590,703 Future policy benefit reserves: Life insurance 1,305,506 (106,859) 1,198,647 Annuities 91,234 (91,234) — Policyholders' funds: Annuities — 121,422 121,422 Other policyholders' funds 40,497 (32,996) 7,501 Deferred federal income tax liability — 3,653 3,653 Total liabilities 1,568,927 (106,014) 1,462,913 Retained earnings (accumulated deficit) (52,203) 68,512 16,309 Accumulated other comprehensive income (loss) (195,279) 58,235 (137,044) Total stockholders' equity 1,043 126,747 127,790 (In thousands, except per share amounts) As Previously Reported Adoption of New Standard Post Adoption For the Three Months Ended June 30, 2022 Consolidated Statement of Operations Increase (decrease) in future policy benefit reserves $ 9,378 (5,648) 3,730 Policyholder liability remeasurement (gain) loss — 667 667 Amortization of deferred policy acquisition costs 5,970 (2,502) 3,468 Amortization of cost of insurance acquired 263 (112) 151 Federal income tax expense (benefit) (81) 1,555 1,474 Net income (loss) (3,548) 6,040 2,492 Basic and diluted earnings (losses) per share of Class A common stock (0.07) 0.12 0.05 Consolidated Statement of Comprehensive Income (Loss) Unrealized holding gains (losses) arising during period $ (120,934) 1,403 (119,531) Change in current discount rate for liability for future policy benefits — 120,437 120,437 Income tax expense (benefit) on other comprehensive income items (4,735) 9,369 4,634 Other comprehensive income (loss) (116,223) 112,471 (3,752) Total comprehensive income (loss) (119,771) 118,511 (1,260) For the Six Months Ended June 30, 2022 Consolidated Statement of Operations Increase (decrease) in future policy benefit reserves $ 15,947 (12,103) 3,844 Policyholder liability remeasurement (gain) loss — 1,335 1,335 Amortization of deferred policy acquisition costs 11,787 (4,760) 7,027 Amortization of cost of insurance acquired 499 219 280 Federal income tax expense (benefit) 278 1,925 2,203 Net income (loss) (4,881) 13,822 8,941 Basic and diluted earnings (losses) per share of Class A common stock (0.10) 0.28 0.18 Consolidated Statement of Comprehensive Income (Loss) Unrealized holding gains (losses) arising during period $ (254,276) 1,980 (252,296) Change in current discount rate for liability for future policy benefits — 272,044 272,044 Income tax expense (benefit) on other comprehensive income items (13,801) 20,147 6,346 Other comprehensive income (loss) (240,440) 253,877 13,437 Total comprehensive income (loss) (245,321) 267,699 22,378 ACCOUNTING STANDARDS NOT YET ADOPTED On June 30, 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. Early adoption is available. Adoption of this standard will have no impact on our consolidated financial statements. No other new accounting pronouncements issued or effective during the year had, or is expected to have, a material impact on our consolidated financial statements. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
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 86.5% of total cash and invested assets at June 30, 2023, as shown below. Carrying Value (In thousands, except for %) June 30, 2023 December 31, 2022 Amount % Amount % Cash and invested assets: Fixed maturity securities $ 1,206,483 86.5 % 1,179,619 86.5 % Equity securities 11,710 0.8 11,590 0.8 Policy loans 77,944 5.6 78,773 5.8 Other long-term investments 77,262 5.5 69,558 5.1 Short-term investments 249 — 1,241 0.1 Cash and cash equivalents 20,914 1.6 22,973 1.7 Total cash and invested assets $ 1,394,562 100.0 % 1,363,754 100.0 % The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated. Amortized Gross Gross Fair June 30, 2023 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 5,710 88 29 5,769 U.S. Government-sponsored enterprises 3,419 268 3 3,684 States and political subdivisions 331,708 1,581 31,482 301,807 Corporate: Financial 248,462 408 38,843 210,027 Consumer 249,961 1,184 42,172 208,973 Utilities 119,216 98 22,330 96,984 Energy 76,691 13 10,186 66,518 All other 186,470 572 25,439 161,603 Commercial mortgage-backed 171 — 4 167 Residential mortgage-backed 110,439 6 10,062 100,383 Asset-backed 52,774 53 2,359 50,468 Foreign governments 100 — — 100 Total fixed maturity securities $ 1,385,121 4,271 182,909 1,206,483 Amortized Gross Gross Fair December 31, 2022 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,425 152 9 9,568 U.S. Government-sponsored enterprises 3,434 277 1 3,710 States and political subdivisions 344,208 1,114 37,964 307,358 Corporate: Financial 243,758 512 42,383 201,887 Consumer 247,824 758 47,138 201,444 Utilities 115,738 39 23,790 91,987 Energy 76,065 — 11,395 64,670 All other 184,022 683 29,048 155,657 Commercial mortgage-backed 171 — 2 169 Residential mortgage-backed 110,582 9 10,765 99,826 Asset-backed 45,991 18 2,767 43,242 Foreign governments 100 1 — 101 Total fixed maturity securities $ 1,381,318 3,563 205,262 1,179,619 Most of the Company's equity securities are diversified stock and bond mutual funds. Fair Value (In thousands) June 30, 2023 December 31, 2022 Equity securities: Stock mutual funds $ 2,727 2,615 Bond mutual funds 4,348 4,337 Common stock 790 857 Non-redeemable preferred stock 8 8 Non-redeemable preferred stock fund 3,837 3,773 Total equity securities $ 11,710 11,590 VALUATION OF INVESTMENTS Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income (loss). The Company recognized net investment related losses of $0.2 million and gains of $0.1 million on equity securities held for the three and six months ended June 30, 2023 and losses of $1.2 million and $2.0 million for the same periods ended June 30, 2022, respectively. The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit valuation loss exists. For the three and six months ended June 30, 2023 and 2022, the Company recorded no credit valuation losses on fixed maturity securities. The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2023 and December 31, 2022. June 30, 2023 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: U.S. Treasury securities $ 740 20 3 65 9 2 805 29 5 U.S. Government-sponsored enterprises 220 3 1 — — — 220 3 1 States and political subdivisions 94,929 3,360 121 112,451 28,122 141 207,380 31,482 262 Corporate: Financial 38,326 1,768 59 152,433 37,075 195 190,759 38,843 254 Consumer 48,950 2,896 57 139,405 39,276 189 188,355 42,172 246 Utilities 16,392 593 58 75,728 21,737 121 92,120 22,330 179 Energy 12,636 426 17 53,020 9,760 66 65,656 10,186 83 All Other 43,739 1,959 55 108,752 23,480 133 152,491 25,439 188 Commercial mortgage-backed 167 4 2 — — — 167 4 2 Residential mortgage-backed 82,833 7,194 78 17,384 2,868 26 100,217 10,062 104 Asset-backed 11,309 285 20 31,365 2,074 35 42,674 2,359 55 Total fixed maturity securities $ 350,241 18,508 471 690,603 164,401 908 1,040,844 182,909 1,379 December 31, 2022 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: U.S. Treasury securities $ — — — 64 9 2 64 9 2 U.S. Government-sponsored enterprises 223 1 1 — — — 223 1 1 States and political subdivisions 189,084 30,866 242 14,184 7,098 14 203,268 37,964 256 Corporate: Financial 182,447 39,122 237 6,144 3,261 16 188,591 42,383 253 Consumer 164,224 34,823 220 23,417 12,315 30 187,641 47,138 250 Utilities 73,483 15,959 152 16,413 7,831 18 89,896 23,790 170 Energy 59,053 9,601 75 5,617 1,794 8 64,670 11,395 83 All Other 140,955 25,337 171 7,910 3,711 15 148,865 29,048 186 Commercial mortgage-backed 168 2 2 — — — 168 2 2 Residential mortgage-backed 98,758 10,514 95 759 251 5 99,517 10,765 100 Asset-backed 37,067 2,485 41 4,264 282 9 41,331 2,767 50 Total fixed maturity securities $ 945,462 168,710 1,236 78,772 36,552 117 1,024,234 205,262 1,353 In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. As of June 30, 2023 and December 31, 2022, 99% of the fair value of our fixed maturity securities portfolio was rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded. While we experience unrealized losses across several corporate sectors, the financial sector includes exposure to banks which have been impacted the most by recent economic and interest rate pressures. We have assessed our exposure in this sector and believe our investments have access to sufficient liquidity to meet their debt obligations. These unrealized losses on fixed maturity securities are due to noncredit-related factors, including widening credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline. The amortized cost and fair value of fixed maturity securities at June 30, 2023 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. June 30, 2023 Amortized Fair (In thousands) Fixed maturity securities: Due in one year or less $ 15,095 14,965 Due after one year through five years 125,549 122,715 Due after five years through ten years 263,546 251,588 Due after ten years 980,931 817,215 Total fixed maturity securities $ 1,385,121 1,206,483 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. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Fixed maturity securities, available-for-sale: Proceeds $ 1,379 27,728 4,244 28,828 Gross realized gains $ — 101 5 101 Gross realized losses $ 5 102 17 102 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS 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 pricing 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, securities issued by states and political subdivisions 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. We have no investments in this category. The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated. June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale: U.S. Treasury and U.S. Government-sponsored enterprises $ 5,769 3,684 — 9,453 States and political subdivisions — 301,807 — 301,807 Corporate 45 744,060 — 744,105 Commercial mortgage-backed — 167 — 167 Residential mortgage-backed — 100,383 — 100,383 Asset-backed — 50,468 — 50,468 Foreign governments — 100 — 100 Total fixed maturity securities available-for-sale 5,814 1,200,669 — 1,206,483 Equity securities: Stock mutual funds 2,727 — — 2,727 Bond mutual funds 4,348 — — 4,348 Common stock 790 — — 790 Non-redeemable preferred stock 8 — — 8 Non-redeemable preferred stock fund 3,837 — — 3,837 Total equity securities 11,710 — — 11,710 Other long-term investments (1) — — — 76,999 Total financial assets $ 17,524 1,200,669 — 1,295,192 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale: U.S. Treasury and U.S. Government-sponsored enterprises $ 9,567 3,711 — 13,278 States and political subdivisions — 307,358 — 307,358 Corporate 44 715,601 — 715,645 Commercial mortgage-backed — 169 — 169 Residential mortgage-backed — 99,826 — 99,826 Asset-backed — 43,242 — 43,242 Foreign governments — 101 — 101 Total fixed maturity securities available-for-sale 9,611 1,170,008 — 1,179,619 Equity securities: Stock mutual funds 2,615 — — 2,615 Bond mutual funds 4,337 — — 4,337 Common stock 857 — — 857 Non-redeemable preferred stock 8 — — 8 Non-redeemable preferred stock fund 3,773 — — 3,773 Total equity securities 11,590 — — 11,590 Other long-term investments (1) — — — 66,846 Total financial assets $ 21,201 1,170,008 — 1,258,055 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. FINANCIAL INSTRUMENTS VALUATION FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE Fixed maturity securities, available-for-sale. At June 30, 2023, fixed maturity securities, valued using a third-party pricing source, totaled $1.2 billion for Level 2 assets and comprised 93% of total reported fair value of our financial assets. The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades. In addition, we obtain information annually relative to the third-party pricing models and review model parameters for reasonableness. There were no Level 3 assets at June 30, 2023. As of June 30, 2023, 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. Our equity securities are classified as Level 1 assets as their fair values are based upon quoted market prices. Limited partnerships. The Company considers the net asset value ("NAV") to represent the value of the investment fund and is measured by the total value of assets minus the total value of liabilities. The following table includes information related to our investments in limited partnerships that calculate NAV per share. For these investments, which are measured at fair value on a recurring basis, we use the NAV per share to measure fair value. The Company recognized net investment related gains of $0.9 million and $0.3 million and losses of $4.4 million and $5.2 million on limited partnerships held for the three and six months ended June 30, 2023 and June 30, 2022, respectively. These investments are included in other long-term investments on the consolidated balance sheets. June 30, 2023 December 31, 2022 (In thousands, except years) Fair Value Unfunded Commit- Range (In years) Fair Value Unfunded Commit- Range (In years) Description Limited partnerships Middle market Investments in privately-originated, performing senior secured debt primarily in North America-based companies $ 34,996 3,452 4 $ 33,234 6,011 5 Global equity fund Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth 9,758 — 0 9,037 — 0 Late-stage growth Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale 18,705 17,172 5 to 7 16,892 18,444 5 to 7 Infrastructure Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy 13,540 12,416 10 to 12 7,683 4,107 11 Total limited partnerships $ 76,999 33,040 $ 66,846 28,562 The majority of our limited partnership investments are not redeemable because distributions from the funds will be received when the underlying investments of the funds are liquidated. The life spans indicated above may be shortened or extended at the fund manager's discretion, typically in one or two-year increments. The global equity fund is redeemable monthly. 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 financial statements not otherwise disclosed for the periods indicated were as follows: June 30, 2023 December 31, 2022 (In thousands) Carrying Fair Carrying Fair Financial Assets: Policy loans $ 77,944 77,944 78,773 78,773 Residential mortgage loan 45 46 49 50 Cash and cash equivalents 20,914 20,914 22,973 22,973 Financial Liabilities: Annuity - investment contracts 67,136 62,253 67,344 61,701 Policy loans. Policy loans had a weighted average annual interest rate of 7.7% at both June 30, 2023 and December 31, 2022 and no specified maturity dates. The aggregate fair value of policy loans approximates the carrying value reflected on the consolidated balance sheets. 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. Residential mortgage loan. The mortgage loan is secured principally by a residential property. The interest rate for this loan was 7.0% at both June 30, 2023 and December 31, 2022. At June 30, 2023, the remaining loan matures in five years. Management estimated the fair value using an annual interest rate of 6.25% at June 30, 2023. Our mortgage loan is considered a Level 3 asset in the fair value hierarchy and is included in other long-term investments on the consolidated balance sheets. Cash and cash equivalents. The fair value of cash and cash equivalents approximates carrying value and are characterized as Level 1 assets in the fair value hierarchy. Annuity liabilities. The fair value of the Company's liabilities under annuity contract policies, which are considered Level 3 liabilities, was estimated at June 30, 2023 and December 31, 2022 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 4.00% to 4.71% and 4.74% to 5.09%, respectively. 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. Other long-term investments. Financial instruments included in other long-term investments are classified in various levels of the fair value hierarchy. The following table summarizes the carrying amounts of these investments. Carrying Value (In thousands ) June 30, 2023 December 31, 2022 Other long-term investments: Limited partnerships $ 76,999 69,294 FHLB common stock 196 193 Mortgage loans 45 49 All other investments 22 22 Total other long-term investments $ 77,262 69,558 We carried no limited partnership investments at cost at June 30, 2023 while $2.4 million were carried at cost at December 31, 2022. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Cost of Insurance Acquired | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Cost of Insurance Acquired | DEFERRED POLICY ACQUISITION COSTS AND COST OF INSURANCE ACQUIRED DAC The following tables roll forward the DAC asset for the six months ended June 30, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. Six Months Ended June 30, 2023 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 100,926 11,542 1,016 113,484 Capitalizations 7,212 1,436 169 8,817 Amortization expense (5,909) (382) (38) (6,329) Balance, end of period 102,229 12,596 1,147 115,972 Home Service Insurance: Balance, beginning of year 38,793 9,729 921 49,443 Capitalizations 3,340 629 116 4,085 Amortization expense (1,015) (196) 52 (1,159) Balance, end of period 41,118 10,162 1,089 52,369 Consolidated: Balance, beginning of year 139,719 21,271 1,937 162,927 Capitalizations 10,552 2,065 285 12,902 Amortization expense (6,924) (578) 14 (7,488) Balance, end of period $ 143,347 22,758 2,236 168,341 Six Months Ended June 30, 2022 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 97,675 9,001 1,026 107,702 Capitalizations 6,079 1,545 (11) 7,613 Amortization expense (5,607) (309) (54) (5,970) Balance, end of period 98,147 10,237 961 109,345 Home Service Insurance: Balance, beginning of year 35,137 8,723 856 44,716 Capitalizations 2,615 727 10 3,352 Amortization expense (896) (179) 18 (1,057) Balance, end of period 36,856 9,271 884 47,011 Consolidated: Balance, beginning of year 132,812 17,724 1,882 152,418 Capitalizations 8,694 2,272 (1) 10,965 Amortization expense (6,503) (488) (36) (7,027) Balance, end of period $ 135,003 19,508 1,845 156,356 DAC capitalization increased for the six months ended June 30, 2023, compared to the same prior year period mainly from increased commissions from higher first year sales across our business segments. COIA The following tables provide rollforwards of the COIA balances for the six months ended June 30, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. Six Months Ended June 30, 2023 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 267 750 444 1,461 Amortization expense (10) (30) (18) (58) Balance, end of period 257 720 426 1,403 Home Service Insurance: Balance, beginning of year 7,583 176 1,427 9,186 Amortization expense (197) (4) (55) (256) Balance, end of period 7,386 172 1,372 8,930 Consolidated: Balance, beginning of year 7,850 926 1,871 10,647 Amortization expense (207) (34) (73) (314) Balance, end of period $ 7,643 892 1,798 10,333 Six Months Ended June 30, 2022 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 287 812 485 1,584 Amortization expense (10) (31) (21) (62) Balance, end of period 277 781 464 1,522 Home Service Insurance: Balance, beginning of year 7,989 184 1,511 9,684 Amortization expense (205) (4) (9) (218) Balance, end of period 7,784 180 1,502 9,466 Consolidated: Balance, beginning of year 8,276 996 1,996 11,268 Amortization expense (215) (35) (30) (280) Balance, end of period $ 8,061 961 1,966 10,988 |
Policyholders' Liabilities
Policyholders' Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Policyholders' Liabilities | POLICYHOLDERS’ LIABILITIES LIABILITY FOR FUTURE POLICY BENEFITS The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. June 30, 2023 (In thousands) Life Insurance Segment Home Service Insurance Permanent Permanent Limited Pay Total Permanent Permanent Limited Pay Total Present Value of Expected Net Premiums Balance, beginning of year $ 235,228 10,209 245,437 93,508 13,255 106,763 Beginning balance at original discount rate 247,601 10,682 258,283 100,225 14,394 114,619 Effects of actual variances from expected experience 3,081 466 3,547 (2,910) (2,291) (5,201) Adjusted beginning of year balance 250,682 11,148 261,830 97,315 12,103 109,418 Issuances 13,189 1,449 14,638 9,091 2,125 11,216 Interest accrual 4,571 150 4,721 1,996 230 2,226 Net premiums collected (20,049) (1,203) (21,252) (5,919) 948 (4,971) Derecognition and other 293 60 353 272 82 354 Ending balance at original discount rate 248,686 11,604 260,290 102,755 15,488 118,243 Effect of changes in discount rates (10,320) (404) (10,724) (5,247) (927) (6,174) Balance, end of period $ 238,366 11,200 249,566 97,508 14,561 112,069 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 947,415 195,612 1,143,027 200,351 116,356 316,707 Beginning balance at original discount rate 996,169 208,051 1,204,220 214,188 121,908 336,096 Effects of actual variances from expected experience 4,533 2,114 6,647 (2,750) (579) (3,329) Adjusted beginning of year balance 1,000,702 210,165 1,210,867 211,438 121,329 332,767 Issuances 13,442 1,479 14,921 9,090 2,129 11,219 Interest accrual 21,673 4,210 25,883 4,642 2,822 7,464 Benefit payments (39,414) (10,676) (50,090) (8,532) (3,317) (11,849) Derecognition and other 31 29 60 268 80 348 Ending balance at original discount rate 996,434 205,207 1,201,641 216,906 123,043 339,949 Effect of changes in discount rates (38,485) (10,615) (49,100) (10,009) (3,436) (13,445) Balance, end of period $ 957,949 194,592 1,152,541 206,897 119,607 326,504 Net liability for future policy benefits $ 719,583 183,392 902,975 109,389 105,046 214,435 The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits than expected. The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected. June 30, 2022 (In thousands) Life Insurance Home Service Insurance Permanent Permanent Limited Pay Total Permanent Permanent Limited Pay Total Present Value of Expected Net Premiums Balance, beginning of year $ 269,528 4,939 274,467 104,556 10,196 114,752 Beginning balance at original discount rate 246,386 5,093 251,479 90,012 9,532 99,544 Effects of actual variances from expected experience 3,613 539 4,152 2,123 (2,594) (471) Adjusted beginning of year balance 249,999 5,632 255,631 92,135 6,938 99,073 Issuances 15,212 2,100 17,312 8,737 2,695 11,432 Interest accrual 4,189 9 4,198 1,660 98 1,758 Net premiums collected (19,100) 175 (18,925) (5,444) 3,049 (2,395) Derecognition and other 199 62 261 (895) 91 (804) Ending balance at original discount rate 250,499 7,978 258,477 96,193 12,871 109,064 Effect of changes in discount rates (6,258) (436) (6,694) (2,927) (882) (3,809) Balance, end of period $ 244,241 7,542 251,783 93,266 11,989 105,255 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 1,168,282 240,679 1,408,961 266,206 161,715 427,921 Beginning balance at original discount rate 990,921 207,105 1,198,026 205,340 117,425 322,765 Effects of actual variances from expected experience 4,412 2,399 6,811 2,428 659 3,087 Adjusted beginning of year balance 995,333 209,504 1,204,837 207,768 118,084 325,852 Issuances 15,471 2,155 17,626 8,743 2,696 11,439 Interest accrual 21,315 4,243 25,558 4,327 2,702 7,029 Benefit payments (33,133) (8,086) (41,219) (10,216) (3,681) (13,897) Derecognition and other (42) 7 (35) (900) 88 (812) Ending balance at original discount rate 998,944 207,823 1,206,767 209,722 119,889 329,611 Effect of changes in discount rates (6,954) (3,148) (10,102) 672 4,628 5,300 Balance, end of period $ 991,990 204,675 1,196,665 210,394 124,517 334,911 Net liability for future policy benefits $ 747,749 197,133 944,882 117,128 112,528 229,656 Plus: Flooring impact — — — 27 71 98 Net liability for future policy benefits, after flooring impact $ 747,749 197,133 944,882 117,155 112,599 229,754 The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits paid than expected. The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected. Net premiums collected is defined as the transactional gross premiums collected in the current period times the net premium ratio. Issuances are calculated as the present value, using the locked-in discount rate of the expected net premiums or the expected future policy benefits related to new policies issued during the six months ended June 30, 2023 and 2022. Interest accrual is the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the locked-in discount rate. Benefit payments are the transactional benefits (death, lapse, surrenders and maturities) paid in the current period. Derecognition refers to a subset of the issuances or the present value of future premiums released on new issues that lapsed during the six months ended June 30, 2023 and 2022 as well as other reconciling items. The effects of actual variances from expected experience lines are primarily impacted by the actual policy cash flows during the period compared to that which was expected in the reserve assumptions. If the net of the two lines is a positive number, the implication is an unfavorable result with policy cash flows less favorable than assumed while a negative number implies a favorable result compared to assumptions. Our policy experience will vary from actual experience in any one period, either favorably or unfavorably. The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets. June 30, 2023 June 30, 2022 (In thousands) Life Home Service Consolidated Life Home Service Consolidated Life Insurance Permanent $ 719,583 109,389 828,972 747,749 117,155 864,904 Permanent limited pay 183,392 105,046 288,438 197,133 112,599 309,732 Deferred profit liability 26,602 25,667 52,269 23,379 23,394 46,773 Other 27,781 13,860 41,641 28,286 13,651 41,937 Total life insurance 957,358 253,962 1,211,320 996,547 266,799 1,263,346 Accident & Health Other 662 264 926 502 243 745 Total future policy benefit reserves $ 958,020 254,226 1,212,246 997,049 267,042 1,264,091 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts. June 30, 2023 June 30, 2022 (In thousands) Life Home Service Life Home Service Undiscounted: Permanent Expected future gross premiums $ 603,067 464,108 620,766 465,996 Expected future benefit payments 1,478,283 482,298 1,474,632 460,674 Permanent Limited Pay Expected future gross premiums 46,441 78,064 48,280 70,669 Expected future benefit payments 319,604 319,950 322,842 308,976 Discounted: Permanent Expected future gross premiums $ 467,315 275,847 496,865 288,122 Expected future benefit payments 957,949 206,897 991,990 210,394 Permanent Limited Pay Expected future gross premiums 41,200 53,518 43,534 52,999 Expected future benefit payments 194,592 119,607 204,675 124,517 The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense Life Insurance Segment: Life Insurance Permanent $ 22,507 8,532 22,818 8,556 44,965 17,102 45,075 17,126 Permanent Limited Pay 3,610 2,167 3,336 2,305 7,778 4,503 6,992 4,655 Other 2,738 — 3,845 — 2,815 — 5,270 — Less: Reinsurance 412 — 253 — 1,060 — 753 — Total, net of reinsurance 28,443 10,699 29,746 10,861 54,498 21,605 56,584 21,781 Accident & Health Other 332 — 89 — 484 — 183 — Less: Reinsurance 2 — 1 — 2 — 2 — Total, net of reinsurance 330 — 88 — 482 — 181 — Total $ 28,773 10,699 29,834 10,861 54,980 21,605 56,765 21,781 Home Service Insurance Segment: Life Insurance Permanent $ 8,268 1,322 8,292 1,325 16,640 2,646 16,748 2,667 Permanent Limited Pay 2,117 1,592 2,102 1,561 4,271 3,178 4,143 3,120 Other 466 — 1,051 — 834 — 1,051 — Less: Reinsurance 2 — 5 — 17 — 19 — Total, net of reinsurance 10,849 2,914 11,440 2,886 21,728 5,824 21,923 5,787 Accident & Health Other 217 — 192 — 423 — 385 — Less: Reinsurance — — — — — — — — Total, net of reinsurance 217 — 192 — 423 — 385 — Total $ 11,066 2,914 11,632 2,886 22,151 5,824 22,308 5,787 The following table provides the weighted-average durations of the liability for future policy benefits. June 30, 2023 June 30, 2022 (In years) Life Home Service Life Home Service Permanent Duration at original discount rate 8.1 16.2 8.1 15.4 Duration at current discount rate 8.4 16.5 8.7 16.4 Permanent Limited Pay Duration at original discount rate 7.7 14.7 7.6 14.4 Duration at current discount rate 7.6 15.3 7.9 15.7 The following table provides the weighted-average interest rates for the liability for future policy benefits. June 30, 2023 June 30, 2022 Life Home Service Life Home Service Permanent Interest rate at original discount rate 4.91 % 4.98 % 4.95 % 5.02 % Interest rate at current discount rate 5.02 % 5.09 % 4.40 % 4.60 % Permanent Limited Pay Interest rate at original discount rate 4.30 % 5.04 % 4.32 % 5.06 % Interest rate at current discount rate 4.99 % 5.09 % 4.36 % 4.59 % LIABILITY FOR POLICYHOLDERS’ ACCOUNT BALANCES The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums. At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total June 30, 2023 (In thousands) Range of Guaranteed Minimum Crediting Rates 0.00% - 1.49% $ 749 — 1,131 37,814 39,694 1.50% - 2.99% 28,207 616 62 — 28,885 3.00% - 4.49% 103,006 10 — — 103,016 Greater or equal to 4.50% 31,560 — — — 31,560 Total $ 163,522 626 1,193 37,814 203,155 At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total June 30, 2022 (In thousands) Range of Guaranteed Minimum Crediting Rates 0.00% - 1.49% $ 715 — 768 41,087 42,570 1.50% - 2.99% 20,857 592 23 — 21,472 3.00% - 4.49% 94,093 10 — — 94,103 Greater or equal to 4.50% 31,750 — — — 31,750 Total $ 147,415 602 791 41,087 189,895 The following tables summarize balances of and changes in policyholders' account balances. June 30, 2023 (In thousands, except for %) Supplemental Contracts Without Life Contingencies Fixed Annuity Dividend Premiums Paid in Advance Balance, beginning of year $ 32,995 86,807 41,663 34,603 Issuances 10,989 1,515 298 2,043 Premiums received 49 2,147 2,816 515 Interest credited 724 1,335 670 998 Less: Surrenders and withdrawals — 5,246 2,063 4,339 Benefit payments 5,364 — — — Balance, end of period $ 39,393 86,558 43,384 33,820 Weighted-average crediting rates 4.03 % 3.57 % 3.05 % 2.97 % Cash surrender value $ 39,393 86,558 43,384 33,820 June 30, 2022 (In thousands, except for %) Supplemental Contracts Without Life Contingencies Fixed Annuity Dividend Premiums Paid in Advance Balance, beginning of year $ 23,950 83,917 37,760 38,875 Issuances 5,499 1,577 267 1,138 Premiums received 26 2,352 2,694 332 Interest credited 490 1,314 591 521 Less: Surrenders and withdrawals — 3,981 1,690 3,911 Benefit payments 1,826 — — — Balance, end of period $ 28,139 85,179 39,622 36,955 Weighted-average crediting rates 4.08 % 3.60 % 3.08 % 3.07 % Cash surrender value $ 28,139 85,179 39,622 36,955 The following table reconciles policyholders' account balances shown above to the policyholders' account balances liability in the consolidated balance sheets. As of June 30, (In thousands) 2023 2022 Annuities: Supplemental contracts without life contingencies $ 39,393 28,139 Fixed annuity 86,558 85,179 Unearned revenue reserve 1,534 1,605 Total annuities $ 127,485 114,923 Premiums Paid in Advance: Premiums paid in advance $ 33,820 36,955 Other 2,612 2,681 Total premiums paid in advance $ 36,432 39,636 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES LITIGATION AND REGULATORY ACTIONS From time to time, we are subject to legal and regulatory actions relating to our business. We may incur defense costs, including attorneys' fees, and other direct litigation costs associated with defending claims. If we suffer an adverse judgment as a result of litigation claims, it could have a material adverse effect on our business, results of operations and financial condition. CONTRACTUAL OBLIGATIONS As of June 30, 2023, CICA International is committed to fund investments up to $33.0 million related to limited partnerships previously described. CREDIT FACILITY On May 5, 2021, the Company entered into a $20 million senior secured revolving credit facility (the “Credit Facility”) with Regions Bank ("Regions"). The Credit Facility has a three-year term, maturing on May 5, 2024, and allows the Company to borrow up to $20 million for working capital purposes, capital expenditures and other corporate purposes. Revolving loans may be requested by the Company in aggregate minimum principal amounts of $0.5 million per loan. At the Company's election, the revolving loans may either bear a base rate, which is 1.75% plus a base rate (a fluctuating rate per annum) equal to the greatest of (a) Regions' prime rate, (b) the federal funds rate plus 0.50%, or (c) 0.75%. The Company is required to pay Regions an annual commitment fee of 0.375% of the unused portion of the Credit Facility in quarterly installments, which the Company expenses as it is incurred. Obligations under the Credit Facility are secured by substantially all of the assets of the Company other than the equity interests in all of the regulated insurance subsidiaries, real estate owned by the Company, and other limited exceptions. The Credit Facility contains customary events of default and financial, affirmative and negative covenants, including but not limited to restrictions on indebtedness, liens, investments, asset dispositions and restricted payments. As of June 30, 2023, the Company had not borrowed any funds against the Credit Facility and was not in violation of any covenants. |
Stockholders' Equity and Restri
Stockholders' Equity and Restrictions | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Stockholders' Equity Note Disclosure | STOCKHOLDERS' EQUITY AND RESTRICTIONS STOCK Our Restated and Amended Articles of Incorporation authorize the issuance of 127,000,000 shares, of which 100,000,000 shares shall be Class A common stock, 2,000,000 shares shall be Class B common stock, and 25,000,000 shall be preferred stock. The two authorized classes of common stock are equal in all respects, except (a) each share of Class A common stock is entitled to receive twice the cash dividends paid on a per share basis to the Class B common stock, if any; and (b) the holders of the Class B common stock have the exclusive right to elect a simple majority of the Board of Directors of Citizens. In April 2021, we repurchased all of the outstanding Class B common stock, which is now classified as treasury stock. As a result, all of the directors are elected by the holders of the Class A common stock. Citizens has never issued any preferred stock. A summary of the change in number of shares of Class A and Class B common stock and treasury stock issued is as follows: Six Months Ended June 30, 2023 2022 (In thousands) Common Stock Treasury Common Stock Treasury Class A Class B Stock Class A Class B Stock Balance at beginning of year 53,758 1,002 4,937 53,170 1,002 4,138 Stock issued under stock investment plan — — — 475 — — Stock issued for compensation 106 — — 81 — — Acquisition of Class A shares — — 325 — — 392 Other share issuance — — — 16 — — Balance at end of period 53,864 1,002 5,262 53,742 1,002 4,530 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share. Three Months Ended June 30, 2023 2022 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ 6,126 2,492 Net income (loss) allocated to Class A common stock $ 6,126 2,492 Denominator: Weighted average shares of Class A outstanding - basic 49,758 50,373 Weighted average shares of Class A outstanding - diluted 50,552 51,065 Basic and diluted earnings (loss) per share of Class A common stock $ 0.12 0.05 Six Months Ended June 30, 2023 2022 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ 10,998 8,941 Net income (loss) allocated to Class A common stock $ 10,998 8,941 Denominator: Weighted average shares of Class A outstanding - basic 49,791 50,278 Weighted average shares of Class A outstanding - diluted 50,584 50,970 Basic and diluted earnings (loss) per share of Class A common stock $ 0.22 0.18 CAPITAL AND SURPLUS Each of our regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements. These include capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC") and the Bermuda Monetary Authority ("BMA"). All domestic insurance subsidiaries exceeded the minimum capital requirements at June 30, 2023. In order to minimize the risk of a shortfall in capital arising from an unexpected adverse deviation or excess risk, the BMA has established a threshold capital level (termed the Target Capital Level ("TCL")), which is set at 120% of a company’s enhanced capital requirement. The TCL serves as an early warning tool for the BMA. As of June 30, 2023, CICA International was above the TCL threshold. At the request of the BMA, on April 15, 2021, Citizens and CICA International entered into a Keep Well Agreement. The Keep Well Agreement requires Citizens to contribute up to $10 million in capital to CICA International as necessary to ensure that CICA International has a minimum capital level of 120% (equal to the TCL). Since CICA International’s capital level currently exceeds 120%, Citizens is not required to make a capital contribution. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our policies are sold and serviced through funeral homes and independent agents who sell policies, collect premiums and service policyholders. Our Home Service Insurance segment also sold property insurance policies in Louisiana and Arkansas until operations were ceased effective June 30, 2023. The Life Insurance and Home Service Insurance portions of the Company constitute separate businesses. In addition to the Life Insurance and Home Service Insurance businesses, the Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and corporate-support functions. The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S. GAAP and are the same as those described in the summary of significant accounting policies in our Form 10-K . The Company evaluates profit and loss performance based on U.S. GAAP net income (loss) before federal income taxes for its two reportable segments. The Company's Other Non-Insurance Enterprises is the only reportable difference between segments and consolidated operations. Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended June 30, 2023 (In thousands) Revenues: Premiums $ 28,773 10,953 — 39,726 Net investment income 13,498 3,450 293 17,241 Investment related gains (losses), net 738 (12) (23) 703 Other income 856 1 — 857 Total revenues 43,865 14,392 270 58,527 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 26,968 5,808 — 32,776 Increase (decrease) in future policy benefit reserves (1,863) 919 — (944) Policyholder liability remeasurement (gain) loss 885 71 — 956 Policyholders' dividends 1,255 6 — 1,261 Total insurance benefits paid or provided 27,245 6,804 — 34,049 Commissions 4,765 4,118 — 8,883 Other general expenses 5,646 4,299 2,323 12,268 Capitalization of deferred policy acquisition costs (4,457) (2,087) — (6,544) Amortization of deferred policy acquisition costs 3,167 507 — 3,674 Amortization of cost of insurance acquired 26 127 — 153 Total benefits and expenses 36,392 13,768 2,323 52,483 Income (loss) before federal income tax $ 7,473 624 (2,053) 6,044 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Six Months Ended June 30, 2023 (In thousands) Revenues: Premiums $ 54,980 22,995 — 77,975 Net investment income 26,809 6,920 586 34,315 Investment related gains (losses), net 301 87 27 415 Other income 1,735 1 — 1,736 Total revenues 83,825 30,003 613 114,441 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 51,407 11,668 — 63,075 Increase (decrease) in future policy benefit reserves (3,683) 1,761 — (1,922) Policyholder liability remeasurement (gain) loss 1,701 135 — 1,836 Policyholders' dividends 2,356 13 — 2,369 Total insurance benefits paid or provided 51,781 13,577 — 65,358 Commissions 9,524 8,372 — 17,896 Other general expenses 11,105 8,767 3,656 23,528 Capitalization of deferred policy acquisition costs (8,817) (4,085) — (12,902) Amortization of deferred policy acquisition costs 6,329 1,159 — 7,488 Amortization of cost of insurance acquired 58 256 — 314 Total benefits and expenses 69,980 28,046 3,656 101,682 Income (loss) before federal income tax $ 13,845 1,957 (3,043) 12,759 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended June 30, 2022 (In thousands) Revenues: Premiums $ 29,834 12,390 — 42,224 Net investment income 12,347 3,283 262 15,892 Investment related gains (losses), net (3,984) (925) (107) (5,016) Other income 633 1 — 634 Total revenues 38,830 14,749 155 53,734 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 21,568 5,529 — 27,097 Increase (decrease) in future policy benefit reserves 3,006 724 — 3,730 Policyholder liability remeasurement (gain) loss 580 87 — 667 Policyholders' dividends 1,509 6 — 1,515 Total insurance benefits paid or provided 26,663 6,346 — 33,009 Commissions 4,792 4,132 — 8,924 Other general expenses 5,358 3,515 1,527 10,400 Capitalization of deferred policy acquisition costs (4,307) (1,877) — (6,184) Amortization of deferred policy acquisition costs 2,950 518 — 3,468 Amortization of cost of insurance acquired 38 113 — 151 Total benefits and expenses 35,494 12,747 1,527 49,768 Income (loss) before federal income tax $ 3,336 2,002 (1,372) 3,966 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Six Months Ended June 30, 2022 (In thousands) Revenues: Premiums $ 56,765 24,823 — 81,588 Net investment income 24,318 6,527 534 31,379 Investment related gains (losses), net (4,277) (1,167) (154) (5,598) Other income 1,721 1 — 1,722 Total revenues 78,527 30,184 380 109,091 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 43,026 12,505 — 55,531 Increase (decrease) in future policy benefit reserves 4,382 (538) — 3,844 Policyholder liability remeasurement (gain) loss 994 341 — 1,335 Policyholders' dividends 2,859 9 — 2,868 Total insurance benefits paid or provided 51,261 12,317 — 63,578 Commissions 8,598 7,999 — 16,597 Other general expenses 11,049 7,865 2,516 21,430 Capitalization of deferred policy acquisition costs (7,613) (3,352) — (10,965) Amortization of deferred policy acquisition costs 5,970 1,057 — 7,027 Amortization of cost of insurance acquired 62 218 — 280 Total benefits and expenses 69,327 26,104 2,516 97,947 Income (loss) before federal income tax $ 9,200 4,080 (2,136) 11,144 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was (1.4)% and 13.8% for the three and six months ended June 30, 2023, compared to 37.2% and 19.8% for the same periods in 2022, respectively. CICA International is considered a controlled foreign corporation for federal tax purposes. As a result, the insurance activity of CICA International is subject to Subpart F of the Internal Revenue Code and is included in Citizens’ taxable income. Due to the 0% enacted tax rate in Bermuda, there are no deferred taxes recorded for CICA International's temporary differences. The effective tax rate varies from the prevailing corporate federal income tax rate of 21.0% mainly due to the impact of Subpart F and uncertain tax positions. At June 30, 2023, we determined it was more likely than not that a portion of our capital deferred tax assets would not be realized in their entirety. The Company recorded a valuation allowance of $3.9 million through Other Comprehensive Income (Loss). |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | OTHER COMPREHENSIVE INCOME (LOSS) The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% as of the three and six months ended June 30, 2023 and 2022, as indicated below. Three Months Ended June 30, 2023 2022 (In thousands) Amount Tax Effect Total Amount Tax Effect Total Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (20,430) 1,111 (19,319) (119,531) 4,435 (115,096) Reclassification adjustment for (gains) losses included in net income 24 (5) 19 (24) 5 (19) Unrealized holding gains (losses), net (20,406) 1,106 (19,300) (119,555) 4,440 (115,115) Change in current discount rate for liability for future policy benefits 6,251 151 6,402 120,437 (9,074) 111,363 Other comprehensive income (loss) $ (14,155) 1,257 (12,898) 882 (4,634) (3,752) Six Months Ended June 30, 2023 2022 (In thousands) Amount Tax Effect Total Amount Tax Effect Total Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ 23,006 (1,169) 21,837 (252,296) 13,392 (238,904) Reclassification adjustment for (gains) losses included in net income 62 (13) 49 35 (7) 28 Unrealized holding gains (losses), net 23,068 (1,182) 21,886 (252,261) 13,385 (238,876) Change in current discount rate for liability for future policy benefits (14,229) 1,024 (13,205) 272,044 (19,731) 252,313 Other comprehensive income (loss) $ 8,839 (158) 8,681 19,783 (6,346) 13,437 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023. See our Form 10-K |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Company has evaluated the impact of subsequent events as defined by the accounting guidance through the date this report was issued and determined that no other significant subsequent events need to be recognized or disclosed at this time. |
Financial Statements (Policies)
Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation [Policy Text Block] | The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), CICA Life Ltd. ("CICA International"), CICA Life A.I., a Puerto Rico company ("CICA PR"), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), and Nexo Global Services LLC, a Puerto Rico holding company ("Nexo"). All significant inter-company accounts and transactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company," "it," "we," "us" or "our". The consolidated balance sheet as of June 30, 2023, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three and six months ended June 30, 2023 and June 30, 2022 and the consolidated statements of cash flows for the six months ended June 30, 2023 and June 30, 2022 have been prepared by the Company without audit and are not subject to audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at June 30, 2023 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("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 consolidated financial statements do not include all 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 included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Form 10-K"). 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. Our Life Insurance segment operates through CICA International, CICA PR, CICA and CNLIC. Until December 31, 2022, our international life insurance business operated through CICA International. Beginning January 1, 2023, all new international policies are issued by CICA PR. These companies provide U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. Prior to July 1, 2023, our domestic life insurance business operated through CICA and CNLIC. CICA issues ordinary whole life, life products with living benefits, critical illness, credit life and disability policies throughout the U.S. and CNLIC issued ordinary whole life and critical illness policies through June 30, 2023. CNLIC merged into CICA on July 1, 2023. Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as critical illness and property insurance policies, which cover dwelling and contents. As of June 30, 2023, the Company ceased all operations for SPFIC. CTI provides data processing systems and services to the Company. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions and valuation allowance on deferred tax assets. 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. |
Deferred Policy Acquisition Costs, Policy | DEFERRED POLICY ACQUISITION COSTS Deferred policy acquisition costs (“DAC”) are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees’ total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For the Life Insurance Segment, the constant level basis used is policy count in force. For the Home Service Insurance Segment, the constant level basis used is face amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company’s experience, industry data, and other factors at the end of each reporting period and are consistent with those used for the liability for future policy benefit life reserves. Annually, the Company completes experience studies with respect to mortality and lapse. If those assumptions are updated, the DAC amortization basis is recalculated and the effect of the assumption change will be reflected in the cohort level amortization in future periods. Amortization of DAC is included in the consolidated statements of comprehensive income or loss. The DAC balance on the consolidated balance sheets is reduced for actual experience in excess of expected experience. Changes in future estimates are recognized prospectively over the remaining expected contract term. COST OF INSURANCE ACQUIRED |
Liability for Future Policy Benefit | FUTURE POLICY BENEFITS AND EXPENSES As premium revenue is recognized, a liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders, is accrued. The liability is estimated using current assumptions that include discount rate, mortality and lapses. These current assumptions are based on judgements that consider the Company’s historical experience, industry data, and other factors. Our traditional and limited-payment contracts are grouped into cohorts by contract type and issue year. Our reporting cohorts are (i) Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and (ii) Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. The liability is adjusted for differences between actual and expected experience. The Company reviews its historical cash flow assumptions quarterly and in the third quarter of the year, the Company reviews its future cash flow assumptions. The net premium ratio used to calculate the liability is updated each quarter based on the current period's actual experience relative to expected experience. The revised net premium ratio is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the locked-in discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. The current period change in the liability is the policyholder liability remeasurement gain or loss and is presented as a separate component of total insurance benefits paid or provided in the consolidated statements of comprehensive income or loss. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions. For traditional and limited-payment contracts, the current discount rate assumption is a yield curve that equals the yield of an upper-medium grade fixed income instrument, based on an A-quality corporate bonds. The Company selects fixed-income instruments that have been A rated by one of the major credit rating agencies, such as Moody’s, Standard & Poor’s, or Fitch. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A credit-rated fixed-income instruments, the Company uses the last market-observable yield level and uses linear interpolation to determine yield assumptions for durations that do not have market observable yields. The locked-in discount rate for policies issued prior to transition equals the rate set at contract issuance. For current year issues, the locked-in discount rate is the average of the current year quarterly discount rates and will change throughout the year as new discount rates are calculated, with the change reflected in net income. DEFERRED PROFIT LIABILITY For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefit life reserves, including discount rate, mortality and lapses. |
Accounting Pronouncements (Tabl
Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | (In thousands) Life Insurance Segment Home Service Insurance Segment Consolidated Liability for Future Policy Benefits Pre-adoption liability as of 12/31/2020 $ 987,373 255,513 1,242,886 Change in discount rate assumptions 261,823 108,468 370,291 Effect of reserve changes 6 96 102 Post-adoption liability as of 1/1/2021 $ 1,249,202 364,077 1,613,279 Fixed Annuity Liability Pre-adoption liability as of 12/31/2020 $ 60,027 18,277 78,304 Adjustments for the removal of shadow adjustments — 3,426 3,426 Post-adoption liability as of 1/1/2021 $ 60,027 21,703 81,730 Deferred Acquisition Costs Pre-adoption balance as of 12/31/2020 $ 94,771 10,142 104,913 Adjustments for the removal of shadow adjustments 8,270 29,905 38,175 Impact of flooring cohorts at zero 23 12 35 Post adoption balance as of 1/1/2021 $ 103,064 40,059 143,123 Cost of Insurance Acquired Pre-adoption balance as of 12/31/2020 $ 1,734 9,807 11,541 Adjustments for the removal of shadow adjustments — 484 484 Post adoption balance as of 1/1/2021 $ 1,734 10,291 12,025 At transition, the Company recorded a charge of $0.1 million to retained earnings, net of tax, primarily from capping net premium ratios for certain policyholder benefit cohorts at 100%, increasing reserves for certain non-premium paying cohorts and flooring certain DAC cohorts at zero. Other comprehensive income ("OCI") was reduced by $316.8 million primarily due to the difference in the discount rate used prior to transition and the discount rate at January 1, 2021. The Company also removed shadow adjustments previously recorded in OCI for the impact of unrealized gains and losses on annuity products that previously amortized unearned revenue, DAC and COIA over expected future gross profits. Impacts to Previously Reported Results Adoption of the standard impacted our previously reported consolidated financial results as follows: (In thousands) As Previously Reported Adoption of New Standard Post Adoption As of December 31, 2022 Consolidated Balance Sheet Deferred policy acquisition costs $ 140,167 22,760 162,927 Cost of insurance acquired 10,260 387 10,647 Deferred tax asset, net 2,414 (2,414) — Total assets 1,569,970 20,733 1,590,703 Future policy benefit reserves: Life insurance 1,305,506 (106,859) 1,198,647 Annuities 91,234 (91,234) — Policyholders' funds: Annuities — 121,422 121,422 Other policyholders' funds 40,497 (32,996) 7,501 Deferred federal income tax liability — 3,653 3,653 Total liabilities 1,568,927 (106,014) 1,462,913 Retained earnings (accumulated deficit) (52,203) 68,512 16,309 Accumulated other comprehensive income (loss) (195,279) 58,235 (137,044) Total stockholders' equity 1,043 126,747 127,790 (In thousands, except per share amounts) As Previously Reported Adoption of New Standard Post Adoption For the Three Months Ended June 30, 2022 Consolidated Statement of Operations Increase (decrease) in future policy benefit reserves $ 9,378 (5,648) 3,730 Policyholder liability remeasurement (gain) loss — 667 667 Amortization of deferred policy acquisition costs 5,970 (2,502) 3,468 Amortization of cost of insurance acquired 263 (112) 151 Federal income tax expense (benefit) (81) 1,555 1,474 Net income (loss) (3,548) 6,040 2,492 Basic and diluted earnings (losses) per share of Class A common stock (0.07) 0.12 0.05 Consolidated Statement of Comprehensive Income (Loss) Unrealized holding gains (losses) arising during period $ (120,934) 1,403 (119,531) Change in current discount rate for liability for future policy benefits — 120,437 120,437 Income tax expense (benefit) on other comprehensive income items (4,735) 9,369 4,634 Other comprehensive income (loss) (116,223) 112,471 (3,752) Total comprehensive income (loss) (119,771) 118,511 (1,260) For the Six Months Ended June 30, 2022 Consolidated Statement of Operations Increase (decrease) in future policy benefit reserves $ 15,947 (12,103) 3,844 Policyholder liability remeasurement (gain) loss — 1,335 1,335 Amortization of deferred policy acquisition costs 11,787 (4,760) 7,027 Amortization of cost of insurance acquired 499 219 280 Federal income tax expense (benefit) 278 1,925 2,203 Net income (loss) (4,881) 13,822 8,941 Basic and diluted earnings (losses) per share of Class A common stock (0.10) 0.28 0.18 Consolidated Statement of Comprehensive Income (Loss) Unrealized holding gains (losses) arising during period $ (254,276) 1,980 (252,296) Change in current discount rate for liability for future policy benefits — 272,044 272,044 Income tax expense (benefit) on other comprehensive income items (13,801) 20,147 6,346 Other comprehensive income (loss) (240,440) 253,877 13,437 Total comprehensive income (loss) (245,321) 267,699 22,378 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 86.5% of total cash and invested assets at June 30, 2023, as shown below. Carrying Value (In thousands, except for %) June 30, 2023 December 31, 2022 Amount % Amount % Cash and invested assets: Fixed maturity securities $ 1,206,483 86.5 % 1,179,619 86.5 % Equity securities 11,710 0.8 11,590 0.8 Policy loans 77,944 5.6 78,773 5.8 Other long-term investments 77,262 5.5 69,558 5.1 Short-term investments 249 — 1,241 0.1 Cash and cash equivalents 20,914 1.6 22,973 1.7 Total cash and invested assets $ 1,394,562 100.0 % 1,363,754 100.0 % |
Debt and Equity Securities, Unrealized Gain (Loss) | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated. Amortized Gross Gross Fair June 30, 2023 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 5,710 88 29 5,769 U.S. Government-sponsored enterprises 3,419 268 3 3,684 States and political subdivisions 331,708 1,581 31,482 301,807 Corporate: Financial 248,462 408 38,843 210,027 Consumer 249,961 1,184 42,172 208,973 Utilities 119,216 98 22,330 96,984 Energy 76,691 13 10,186 66,518 All other 186,470 572 25,439 161,603 Commercial mortgage-backed 171 — 4 167 Residential mortgage-backed 110,439 6 10,062 100,383 Asset-backed 52,774 53 2,359 50,468 Foreign governments 100 — — 100 Total fixed maturity securities $ 1,385,121 4,271 182,909 1,206,483 Amortized Gross Gross Fair December 31, 2022 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,425 152 9 9,568 U.S. Government-sponsored enterprises 3,434 277 1 3,710 States and political subdivisions 344,208 1,114 37,964 307,358 Corporate: Financial 243,758 512 42,383 201,887 Consumer 247,824 758 47,138 201,444 Utilities 115,738 39 23,790 91,987 Energy 76,065 — 11,395 64,670 All other 184,022 683 29,048 155,657 Commercial mortgage-backed 171 — 2 169 Residential mortgage-backed 110,582 9 10,765 99,826 Asset-backed 45,991 18 2,767 43,242 Foreign governments 100 1 — 101 Total fixed maturity securities $ 1,381,318 3,563 205,262 1,179,619 |
Equity Securities, Restricted | |
Schedule of Equity Securities [Table Text Block] | Most of the Company's equity securities are diversified stock and bond mutual funds. Fair Value (In thousands) June 30, 2023 December 31, 2022 Equity securities: Stock mutual funds $ 2,727 2,615 Bond mutual funds 4,348 4,337 Common stock 790 857 Non-redeemable preferred stock 8 8 Non-redeemable preferred stock fund 3,837 3,773 Total equity securities $ 11,710 11,590 |
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 maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2023 and December 31, 2022. June 30, 2023 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: U.S. Treasury securities $ 740 20 3 65 9 2 805 29 5 U.S. Government-sponsored enterprises 220 3 1 — — — 220 3 1 States and political subdivisions 94,929 3,360 121 112,451 28,122 141 207,380 31,482 262 Corporate: Financial 38,326 1,768 59 152,433 37,075 195 190,759 38,843 254 Consumer 48,950 2,896 57 139,405 39,276 189 188,355 42,172 246 Utilities 16,392 593 58 75,728 21,737 121 92,120 22,330 179 Energy 12,636 426 17 53,020 9,760 66 65,656 10,186 83 All Other 43,739 1,959 55 108,752 23,480 133 152,491 25,439 188 Commercial mortgage-backed 167 4 2 — — — 167 4 2 Residential mortgage-backed 82,833 7,194 78 17,384 2,868 26 100,217 10,062 104 Asset-backed 11,309 285 20 31,365 2,074 35 42,674 2,359 55 Total fixed maturity securities $ 350,241 18,508 471 690,603 164,401 908 1,040,844 182,909 1,379 December 31, 2022 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: U.S. Treasury securities $ — — — 64 9 2 64 9 2 U.S. Government-sponsored enterprises 223 1 1 — — — 223 1 1 States and political subdivisions 189,084 30,866 242 14,184 7,098 14 203,268 37,964 256 Corporate: Financial 182,447 39,122 237 6,144 3,261 16 188,591 42,383 253 Consumer 164,224 34,823 220 23,417 12,315 30 187,641 47,138 250 Utilities 73,483 15,959 152 16,413 7,831 18 89,896 23,790 170 Energy 59,053 9,601 75 5,617 1,794 8 64,670 11,395 83 All Other 140,955 25,337 171 7,910 3,711 15 148,865 29,048 186 Commercial mortgage-backed 168 2 2 — — — 168 2 2 Residential mortgage-backed 98,758 10,514 95 759 251 5 99,517 10,765 100 Asset-backed 37,067 2,485 41 4,264 282 9 41,331 2,767 50 Total fixed maturity securities $ 945,462 168,710 1,236 78,772 36,552 117 1,024,234 205,262 1,353 |
Debt and Equity Securities, Realized Gain (Loss) | |
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. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Fixed maturity securities, available-for-sale: Proceeds $ 1,379 27,728 4,244 28,828 Gross realized gains $ — 101 5 101 Gross realized losses $ 5 102 17 102 |
Schedule of Maturities by Contractual Maturity Date [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of fixed maturity securities at June 30, 2023 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. June 30, 2023 Amortized Fair (In thousands) Fixed maturity securities: Due in one year or less $ 15,095 14,965 Due after one year through five years 125,549 122,715 Due after five years through ten years 263,546 251,588 Due after ten years 980,931 817,215 Total fixed maturity securities $ 1,385,121 1,206,483 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 that are measured at fair value on a recurring basis as of the dates indicated. June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale: U.S. Treasury and U.S. Government-sponsored enterprises $ 5,769 3,684 — 9,453 States and political subdivisions — 301,807 — 301,807 Corporate 45 744,060 — 744,105 Commercial mortgage-backed — 167 — 167 Residential mortgage-backed — 100,383 — 100,383 Asset-backed — 50,468 — 50,468 Foreign governments — 100 — 100 Total fixed maturity securities available-for-sale 5,814 1,200,669 — 1,206,483 Equity securities: Stock mutual funds 2,727 — — 2,727 Bond mutual funds 4,348 — — 4,348 Common stock 790 — — 790 Non-redeemable preferred stock 8 — — 8 Non-redeemable preferred stock fund 3,837 — — 3,837 Total equity securities 11,710 — — 11,710 Other long-term investments (1) — — — 76,999 Total financial assets $ 17,524 1,200,669 — 1,295,192 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale: U.S. Treasury and U.S. Government-sponsored enterprises $ 9,567 3,711 — 13,278 States and political subdivisions — 307,358 — 307,358 Corporate 44 715,601 — 715,645 Commercial mortgage-backed — 169 — 169 Residential mortgage-backed — 99,826 — 99,826 Asset-backed — 43,242 — 43,242 Foreign governments — 101 — 101 Total fixed maturity securities available-for-sale 9,611 1,170,008 — 1,179,619 Equity securities: Stock mutual funds 2,615 — — 2,615 Bond mutual funds 4,337 — — 4,337 Common stock 857 — — 857 Non-redeemable preferred stock 8 — — 8 Non-redeemable preferred stock fund 3,773 — — 3,773 Total equity securities 11,590 — — 11,590 Other long-term investments (1) — — — 66,846 Total financial assets $ 21,201 1,170,008 — 1,258,055 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Fair Value Measurements, Recurring and Nonrecurring | These investments are included in other long-term investments on the consolidated balance sheets. June 30, 2023 December 31, 2022 (In thousands, except years) Fair Value Unfunded Commit- Range (In years) Fair Value Unfunded Commit- Range (In years) Description Limited partnerships Middle market Investments in privately-originated, performing senior secured debt primarily in North America-based companies $ 34,996 3,452 4 $ 33,234 6,011 5 Global equity fund Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth 9,758 — 0 9,037 — 0 Late-stage growth Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale 18,705 17,172 5 to 7 16,892 18,444 5 to 7 Infrastructure Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy 13,540 12,416 10 to 12 7,683 4,107 11 Total limited partnerships $ 76,999 33,040 $ 66,846 28,562 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and fair value for the financial assets and liabilities on the consolidated financial statements not otherwise disclosed for the periods indicated were as follows: June 30, 2023 December 31, 2022 (In thousands) Carrying Fair Carrying Fair Financial Assets: Policy loans $ 77,944 77,944 78,773 78,773 Residential mortgage loan 45 46 49 50 Cash and cash equivalents 20,914 20,914 22,973 22,973 Financial Liabilities: Annuity - investment contracts 67,136 62,253 67,344 61,701 |
Fair Value Option, Disclosures | The following table summarizes the carrying amounts of these investments. Carrying Value (In thousands ) June 30, 2023 December 31, 2022 Other long-term investments: Limited partnerships $ 76,999 69,294 FHLB common stock 196 193 Mortgage loans 45 49 All other investments 22 22 Total other long-term investments $ 77,262 69,558 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Cost of Insurance Acquired (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | The following tables roll forward the DAC asset for the six months ended June 30, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. Six Months Ended June 30, 2023 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 100,926 11,542 1,016 113,484 Capitalizations 7,212 1,436 169 8,817 Amortization expense (5,909) (382) (38) (6,329) Balance, end of period 102,229 12,596 1,147 115,972 Home Service Insurance: Balance, beginning of year 38,793 9,729 921 49,443 Capitalizations 3,340 629 116 4,085 Amortization expense (1,015) (196) 52 (1,159) Balance, end of period 41,118 10,162 1,089 52,369 Consolidated: Balance, beginning of year 139,719 21,271 1,937 162,927 Capitalizations 10,552 2,065 285 12,902 Amortization expense (6,924) (578) 14 (7,488) Balance, end of period $ 143,347 22,758 2,236 168,341 Six Months Ended June 30, 2022 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 97,675 9,001 1,026 107,702 Capitalizations 6,079 1,545 (11) 7,613 Amortization expense (5,607) (309) (54) (5,970) Balance, end of period 98,147 10,237 961 109,345 Home Service Insurance: Balance, beginning of year 35,137 8,723 856 44,716 Capitalizations 2,615 727 10 3,352 Amortization expense (896) (179) 18 (1,057) Balance, end of period 36,856 9,271 884 47,011 Consolidated: Balance, beginning of year 132,812 17,724 1,882 152,418 Capitalizations 8,694 2,272 (1) 10,965 Amortization expense (6,503) (488) (36) (7,027) Balance, end of period $ 135,003 19,508 1,845 156,356 |
Cost of Insurance Acquired | The following tables provide rollforwards of the COIA balances for the six months ended June 30, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. Six Months Ended June 30, 2023 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 267 750 444 1,461 Amortization expense (10) (30) (18) (58) Balance, end of period 257 720 426 1,403 Home Service Insurance: Balance, beginning of year 7,583 176 1,427 9,186 Amortization expense (197) (4) (55) (256) Balance, end of period 7,386 172 1,372 8,930 Consolidated: Balance, beginning of year 7,850 926 1,871 10,647 Amortization expense (207) (34) (73) (314) Balance, end of period $ 7,643 892 1,798 10,333 Six Months Ended June 30, 2022 (In thousands) Permanent Permanent Limited Pay Other Business Total Life Insurance: Balance, beginning of year $ 287 812 485 1,584 Amortization expense (10) (31) (21) (62) Balance, end of period 277 781 464 1,522 Home Service Insurance: Balance, beginning of year 7,989 184 1,511 9,684 Amortization expense (205) (4) (9) (218) Balance, end of period 7,784 180 1,502 9,466 Consolidated: Balance, beginning of year 8,276 996 1,996 11,268 Amortization expense (215) (35) (30) (280) Balance, end of period $ 8,061 961 1,966 10,988 |
Policyholders' Liabilities (Tab
Policyholders' Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. June 30, 2023 (In thousands) Life Insurance Segment Home Service Insurance Permanent Permanent Limited Pay Total Permanent Permanent Limited Pay Total Present Value of Expected Net Premiums Balance, beginning of year $ 235,228 10,209 245,437 93,508 13,255 106,763 Beginning balance at original discount rate 247,601 10,682 258,283 100,225 14,394 114,619 Effects of actual variances from expected experience 3,081 466 3,547 (2,910) (2,291) (5,201) Adjusted beginning of year balance 250,682 11,148 261,830 97,315 12,103 109,418 Issuances 13,189 1,449 14,638 9,091 2,125 11,216 Interest accrual 4,571 150 4,721 1,996 230 2,226 Net premiums collected (20,049) (1,203) (21,252) (5,919) 948 (4,971) Derecognition and other 293 60 353 272 82 354 Ending balance at original discount rate 248,686 11,604 260,290 102,755 15,488 118,243 Effect of changes in discount rates (10,320) (404) (10,724) (5,247) (927) (6,174) Balance, end of period $ 238,366 11,200 249,566 97,508 14,561 112,069 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 947,415 195,612 1,143,027 200,351 116,356 316,707 Beginning balance at original discount rate 996,169 208,051 1,204,220 214,188 121,908 336,096 Effects of actual variances from expected experience 4,533 2,114 6,647 (2,750) (579) (3,329) Adjusted beginning of year balance 1,000,702 210,165 1,210,867 211,438 121,329 332,767 Issuances 13,442 1,479 14,921 9,090 2,129 11,219 Interest accrual 21,673 4,210 25,883 4,642 2,822 7,464 Benefit payments (39,414) (10,676) (50,090) (8,532) (3,317) (11,849) Derecognition and other 31 29 60 268 80 348 Ending balance at original discount rate 996,434 205,207 1,201,641 216,906 123,043 339,949 Effect of changes in discount rates (38,485) (10,615) (49,100) (10,009) (3,436) (13,445) Balance, end of period $ 957,949 194,592 1,152,541 206,897 119,607 326,504 Net liability for future policy benefits $ 719,583 183,392 902,975 109,389 105,046 214,435 June 30, 2022 (In thousands) Life Insurance Home Service Insurance Permanent Permanent Limited Pay Total Permanent Permanent Limited Pay Total Present Value of Expected Net Premiums Balance, beginning of year $ 269,528 4,939 274,467 104,556 10,196 114,752 Beginning balance at original discount rate 246,386 5,093 251,479 90,012 9,532 99,544 Effects of actual variances from expected experience 3,613 539 4,152 2,123 (2,594) (471) Adjusted beginning of year balance 249,999 5,632 255,631 92,135 6,938 99,073 Issuances 15,212 2,100 17,312 8,737 2,695 11,432 Interest accrual 4,189 9 4,198 1,660 98 1,758 Net premiums collected (19,100) 175 (18,925) (5,444) 3,049 (2,395) Derecognition and other 199 62 261 (895) 91 (804) Ending balance at original discount rate 250,499 7,978 258,477 96,193 12,871 109,064 Effect of changes in discount rates (6,258) (436) (6,694) (2,927) (882) (3,809) Balance, end of period $ 244,241 7,542 251,783 93,266 11,989 105,255 Present Value of Expected Future Policy Benefits Balance, beginning of year $ 1,168,282 240,679 1,408,961 266,206 161,715 427,921 Beginning balance at original discount rate 990,921 207,105 1,198,026 205,340 117,425 322,765 Effects of actual variances from expected experience 4,412 2,399 6,811 2,428 659 3,087 Adjusted beginning of year balance 995,333 209,504 1,204,837 207,768 118,084 325,852 Issuances 15,471 2,155 17,626 8,743 2,696 11,439 Interest accrual 21,315 4,243 25,558 4,327 2,702 7,029 Benefit payments (33,133) (8,086) (41,219) (10,216) (3,681) (13,897) Derecognition and other (42) 7 (35) (900) 88 (812) Ending balance at original discount rate 998,944 207,823 1,206,767 209,722 119,889 329,611 Effect of changes in discount rates (6,954) (3,148) (10,102) 672 4,628 5,300 Balance, end of period $ 991,990 204,675 1,196,665 210,394 124,517 334,911 Net liability for future policy benefits $ 747,749 197,133 944,882 117,128 112,528 229,656 Plus: Flooring impact — — — 27 71 98 Net liability for future policy benefits, after flooring impact $ 747,749 197,133 944,882 117,155 112,599 229,754 The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets. June 30, 2023 June 30, 2022 (In thousands) Life Home Service Consolidated Life Home Service Consolidated Life Insurance Permanent $ 719,583 109,389 828,972 747,749 117,155 864,904 Permanent limited pay 183,392 105,046 288,438 197,133 112,599 309,732 Deferred profit liability 26,602 25,667 52,269 23,379 23,394 46,773 Other 27,781 13,860 41,641 28,286 13,651 41,937 Total life insurance 957,358 253,962 1,211,320 996,547 266,799 1,263,346 Accident & Health Other 662 264 926 502 243 745 Total future policy benefit reserves $ 958,020 254,226 1,212,246 997,049 267,042 1,264,091 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts. June 30, 2023 June 30, 2022 (In thousands) Life Home Service Life Home Service Undiscounted: Permanent Expected future gross premiums $ 603,067 464,108 620,766 465,996 Expected future benefit payments 1,478,283 482,298 1,474,632 460,674 Permanent Limited Pay Expected future gross premiums 46,441 78,064 48,280 70,669 Expected future benefit payments 319,604 319,950 322,842 308,976 Discounted: Permanent Expected future gross premiums $ 467,315 275,847 496,865 288,122 Expected future benefit payments 957,949 206,897 991,990 210,394 Permanent Limited Pay Expected future gross premiums 41,200 53,518 43,534 52,999 Expected future benefit payments 194,592 119,607 204,675 124,517 The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense Life Insurance Segment: Life Insurance Permanent $ 22,507 8,532 22,818 8,556 44,965 17,102 45,075 17,126 Permanent Limited Pay 3,610 2,167 3,336 2,305 7,778 4,503 6,992 4,655 Other 2,738 — 3,845 — 2,815 — 5,270 — Less: Reinsurance 412 — 253 — 1,060 — 753 — Total, net of reinsurance 28,443 10,699 29,746 10,861 54,498 21,605 56,584 21,781 Accident & Health Other 332 — 89 — 484 — 183 — Less: Reinsurance 2 — 1 — 2 — 2 — Total, net of reinsurance 330 — 88 — 482 — 181 — Total $ 28,773 10,699 29,834 10,861 54,980 21,605 56,765 21,781 Home Service Insurance Segment: Life Insurance Permanent $ 8,268 1,322 8,292 1,325 16,640 2,646 16,748 2,667 Permanent Limited Pay 2,117 1,592 2,102 1,561 4,271 3,178 4,143 3,120 Other 466 — 1,051 — 834 — 1,051 — Less: Reinsurance 2 — 5 — 17 — 19 — Total, net of reinsurance 10,849 2,914 11,440 2,886 21,728 5,824 21,923 5,787 Accident & Health Other 217 — 192 — 423 — 385 — Less: Reinsurance — — — — — — — — Total, net of reinsurance 217 — 192 — 423 — 385 — Total $ 11,066 2,914 11,632 2,886 22,151 5,824 22,308 5,787 The following table provides the weighted-average durations of the liability for future policy benefits. June 30, 2023 June 30, 2022 (In years) Life Home Service Life Home Service Permanent Duration at original discount rate 8.1 16.2 8.1 15.4 Duration at current discount rate 8.4 16.5 8.7 16.4 Permanent Limited Pay Duration at original discount rate 7.7 14.7 7.6 14.4 Duration at current discount rate 7.6 15.3 7.9 15.7 The following table provides the weighted-average interest rates for the liability for future policy benefits. June 30, 2023 June 30, 2022 Life Home Service Life Home Service Permanent Interest rate at original discount rate 4.91 % 4.98 % 4.95 % 5.02 % Interest rate at current discount rate 5.02 % 5.09 % 4.40 % 4.60 % Permanent Limited Pay Interest rate at original discount rate 4.30 % 5.04 % 4.32 % 5.06 % Interest rate at current discount rate 4.99 % 5.09 % 4.36 % 4.59 % |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums. At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total June 30, 2023 (In thousands) Range of Guaranteed Minimum Crediting Rates 0.00% - 1.49% $ 749 — 1,131 37,814 39,694 1.50% - 2.99% 28,207 616 62 — 28,885 3.00% - 4.49% 103,006 10 — — 103,016 Greater or equal to 4.50% 31,560 — — — 31,560 Total $ 163,522 626 1,193 37,814 203,155 At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total June 30, 2022 (In thousands) Range of Guaranteed Minimum Crediting Rates 0.00% - 1.49% $ 715 — 768 41,087 42,570 1.50% - 2.99% 20,857 592 23 — 21,472 3.00% - 4.49% 94,093 10 — — 94,103 Greater or equal to 4.50% 31,750 — — — 31,750 Total $ 147,415 602 791 41,087 189,895 |
Policyholder Account Balance | The following tables summarize balances of and changes in policyholders' account balances. June 30, 2023 (In thousands, except for %) Supplemental Contracts Without Life Contingencies Fixed Annuity Dividend Premiums Paid in Advance Balance, beginning of year $ 32,995 86,807 41,663 34,603 Issuances 10,989 1,515 298 2,043 Premiums received 49 2,147 2,816 515 Interest credited 724 1,335 670 998 Less: Surrenders and withdrawals — 5,246 2,063 4,339 Benefit payments 5,364 — — — Balance, end of period $ 39,393 86,558 43,384 33,820 Weighted-average crediting rates 4.03 % 3.57 % 3.05 % 2.97 % Cash surrender value $ 39,393 86,558 43,384 33,820 June 30, 2022 (In thousands, except for %) Supplemental Contracts Without Life Contingencies Fixed Annuity Dividend Premiums Paid in Advance Balance, beginning of year $ 23,950 83,917 37,760 38,875 Issuances 5,499 1,577 267 1,138 Premiums received 26 2,352 2,694 332 Interest credited 490 1,314 591 521 Less: Surrenders and withdrawals — 3,981 1,690 3,911 Benefit payments 1,826 — — — Balance, end of period $ 28,139 85,179 39,622 36,955 Weighted-average crediting rates 4.08 % 3.60 % 3.08 % 3.07 % Cash surrender value $ 28,139 85,179 39,622 36,955 The following table reconciles policyholders' account balances shown above to the policyholders' account balances liability in the consolidated balance sheets. As of June 30, (In thousands) 2023 2022 Annuities: Supplemental contracts without life contingencies $ 39,393 28,139 Fixed annuity 86,558 85,179 Unearned revenue reserve 1,534 1,605 Total annuities $ 127,485 114,923 Premiums Paid in Advance: Premiums paid in advance $ 33,820 36,955 Other 2,612 2,681 Total premiums paid in advance $ 36,432 39,636 |
Stock and Earnings Per Share (T
Stock and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Stock by Class | A summary of the change in number of shares of Class A and Class B common stock and treasury stock issued is as follows: Six Months Ended June 30, 2023 2022 (In thousands) Common Stock Treasury Common Stock Treasury Class A Class B Stock Class A Class B Stock Balance at beginning of year 53,758 1,002 4,937 53,170 1,002 4,138 Stock issued under stock investment plan — — — 475 — — Stock issued for compensation 106 — — 81 — — Acquisition of Class A shares — — 325 — — 392 Other share issuance — — — 16 — — Balance at end of period 53,864 1,002 5,262 53,742 1,002 4,530 |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per share. Three Months Ended June 30, 2023 2022 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ 6,126 2,492 Net income (loss) allocated to Class A common stock $ 6,126 2,492 Denominator: Weighted average shares of Class A outstanding - basic 49,758 50,373 Weighted average shares of Class A outstanding - diluted 50,552 51,065 Basic and diluted earnings (loss) per share of Class A common stock $ 0.12 0.05 Six Months Ended June 30, 2023 2022 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ 10,998 8,941 Net income (loss) allocated to Class A common stock $ 10,998 8,941 Denominator: Weighted average shares of Class A outstanding - basic 49,791 50,278 Weighted average shares of Class A outstanding - diluted 50,584 50,970 Basic and diluted earnings (loss) per share of Class A common stock $ 0.22 0.18 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company's Other Non-Insurance Enterprises is the only reportable difference between segments and consolidated operations. Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended June 30, 2023 (In thousands) Revenues: Premiums $ 28,773 10,953 — 39,726 Net investment income 13,498 3,450 293 17,241 Investment related gains (losses), net 738 (12) (23) 703 Other income 856 1 — 857 Total revenues 43,865 14,392 270 58,527 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 26,968 5,808 — 32,776 Increase (decrease) in future policy benefit reserves (1,863) 919 — (944) Policyholder liability remeasurement (gain) loss 885 71 — 956 Policyholders' dividends 1,255 6 — 1,261 Total insurance benefits paid or provided 27,245 6,804 — 34,049 Commissions 4,765 4,118 — 8,883 Other general expenses 5,646 4,299 2,323 12,268 Capitalization of deferred policy acquisition costs (4,457) (2,087) — (6,544) Amortization of deferred policy acquisition costs 3,167 507 — 3,674 Amortization of cost of insurance acquired 26 127 — 153 Total benefits and expenses 36,392 13,768 2,323 52,483 Income (loss) before federal income tax $ 7,473 624 (2,053) 6,044 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Six Months Ended June 30, 2023 (In thousands) Revenues: Premiums $ 54,980 22,995 — 77,975 Net investment income 26,809 6,920 586 34,315 Investment related gains (losses), net 301 87 27 415 Other income 1,735 1 — 1,736 Total revenues 83,825 30,003 613 114,441 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 51,407 11,668 — 63,075 Increase (decrease) in future policy benefit reserves (3,683) 1,761 — (1,922) Policyholder liability remeasurement (gain) loss 1,701 135 — 1,836 Policyholders' dividends 2,356 13 — 2,369 Total insurance benefits paid or provided 51,781 13,577 — 65,358 Commissions 9,524 8,372 — 17,896 Other general expenses 11,105 8,767 3,656 23,528 Capitalization of deferred policy acquisition costs (8,817) (4,085) — (12,902) Amortization of deferred policy acquisition costs 6,329 1,159 — 7,488 Amortization of cost of insurance acquired 58 256 — 314 Total benefits and expenses 69,980 28,046 3,656 101,682 Income (loss) before federal income tax $ 13,845 1,957 (3,043) 12,759 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended June 30, 2022 (In thousands) Revenues: Premiums $ 29,834 12,390 — 42,224 Net investment income 12,347 3,283 262 15,892 Investment related gains (losses), net (3,984) (925) (107) (5,016) Other income 633 1 — 634 Total revenues 38,830 14,749 155 53,734 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 21,568 5,529 — 27,097 Increase (decrease) in future policy benefit reserves 3,006 724 — 3,730 Policyholder liability remeasurement (gain) loss 580 87 — 667 Policyholders' dividends 1,509 6 — 1,515 Total insurance benefits paid or provided 26,663 6,346 — 33,009 Commissions 4,792 4,132 — 8,924 Other general expenses 5,358 3,515 1,527 10,400 Capitalization of deferred policy acquisition costs (4,307) (1,877) — (6,184) Amortization of deferred policy acquisition costs 2,950 518 — 3,468 Amortization of cost of insurance acquired 38 113 — 151 Total benefits and expenses 35,494 12,747 1,527 49,768 Income (loss) before federal income tax $ 3,336 2,002 (1,372) 3,966 Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Six Months Ended June 30, 2022 (In thousands) Revenues: Premiums $ 56,765 24,823 — 81,588 Net investment income 24,318 6,527 534 31,379 Investment related gains (losses), net (4,277) (1,167) (154) (5,598) Other income 1,721 1 — 1,722 Total revenues 78,527 30,184 380 109,091 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 43,026 12,505 — 55,531 Increase (decrease) in future policy benefit reserves 4,382 (538) — 3,844 Policyholder liability remeasurement (gain) loss 994 341 — 1,335 Policyholders' dividends 2,859 9 — 2,868 Total insurance benefits paid or provided 51,261 12,317 — 63,578 Commissions 8,598 7,999 — 16,597 Other general expenses 11,049 7,865 2,516 21,430 Capitalization of deferred policy acquisition costs (7,613) (3,352) — (10,965) Amortization of deferred policy acquisition costs 5,970 1,057 — 7,027 Amortization of cost of insurance acquired 62 218 — 280 Total benefits and expenses 69,327 26,104 2,516 97,947 Income (loss) before federal income tax $ 9,200 4,080 (2,136) 11,144 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% as of the three and six months ended June 30, 2023 and 2022, as indicated below. Three Months Ended June 30, 2023 2022 (In thousands) Amount Tax Effect Total Amount Tax Effect Total Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (20,430) 1,111 (19,319) (119,531) 4,435 (115,096) Reclassification adjustment for (gains) losses included in net income 24 (5) 19 (24) 5 (19) Unrealized holding gains (losses), net (20,406) 1,106 (19,300) (119,555) 4,440 (115,115) Change in current discount rate for liability for future policy benefits 6,251 151 6,402 120,437 (9,074) 111,363 Other comprehensive income (loss) $ (14,155) 1,257 (12,898) 882 (4,634) (3,752) Six Months Ended June 30, 2023 2022 (In thousands) Amount Tax Effect Total Amount Tax Effect Total Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ 23,006 (1,169) 21,837 (252,296) 13,392 (238,904) Reclassification adjustment for (gains) losses included in net income 62 (13) 49 35 (7) 28 Unrealized holding gains (losses), net 23,068 (1,182) 21,886 (252,261) 13,385 (238,876) Change in current discount rate for liability for future policy benefits (14,229) 1,024 (13,205) 272,044 (19,731) 252,313 Other comprehensive income (loss) $ 8,839 (158) 8,681 19,783 (6,346) 13,437 |
Accounting Changes in Assets an
Accounting Changes in Assets and Liabilities under ASU 2018-12 (Details) - USD ($) | 6 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Liability for Future Policy Benefits | ||||
Post-adoption liability, ending balance | $ 1,613,279,000 | |||
Fixed Annuity Liability | ||||
Beginning balance | $ 0 | |||
Ending balance | 81,730,000 | |||
Deferred Acquisition Costs | ||||
Beginning balance | 162,927,000 | $ 152,418,000 | ||
Ending balance | 143,123,000 | 168,341,000 | 156,356,000 | |
Cost of Insurance Acquired | ||||
Beginning balance | 10,647,000 | 11,268,000 | ||
Ending balance | 12,025,000 | |||
Retained earnings (accumulated deficit) | 27,307,000 | $ 16,309,000 | ||
Accumulated other comprehensive income (loss), net of tax | (128,363,000) | (137,044,000) | ||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | ||||
Cost of Insurance Acquired | ||||
Retained earnings (accumulated deficit) | (100,000) | |||
Accumulated other comprehensive income (loss), net of tax | (316,800,000) | |||
Life Insurance: | ||||
Liability for Future Policy Benefits | ||||
Pre-adoption liability, beginning balance | 1,143,027,000 | 1,408,961,000 | ||
Change in discount rate assumptions | (10,724,000) | (6,694,000) | ||
Effect of reserve changes | (21,252,000) | (18,925,000) | ||
Post-adoption liability, ending balance | 1,249,202,000 | 1,152,541,000 | 1,196,665,000 | |
Fixed Annuity Liability | ||||
Ending balance | 60,027,000 | |||
Deferred Acquisition Costs | ||||
Beginning balance | 113,484,000 | 107,702,000 | ||
Ending balance | 103,064,000 | 115,972,000 | 109,345,000 | |
Cost of Insurance Acquired | ||||
Beginning balance | 1,461,000 | 1,584,000 | ||
Ending balance | 1,734,000 | |||
Home Service Insurance: | ||||
Liability for Future Policy Benefits | ||||
Pre-adoption liability, beginning balance | 316,707,000 | 427,921,000 | ||
Change in discount rate assumptions | (6,174,000) | (3,809,000) | ||
Effect of reserve changes | (4,971,000) | (2,395,000) | ||
Post-adoption liability, ending balance | 364,077,000 | 326,504,000 | 334,911,000 | |
Fixed Annuity Liability | ||||
Ending balance | 21,703,000 | |||
Deferred Acquisition Costs | ||||
Beginning balance | 49,443,000 | 44,716,000 | ||
Ending balance | 40,059,000 | 52,369,000 | 47,011,000 | |
Cost of Insurance Acquired | ||||
Beginning balance | 9,186,000 | $ 9,684,000 | ||
Ending balance | 10,291,000 | |||
Previously Reported | ||||
Liability for Future Policy Benefits | ||||
Post-adoption liability, ending balance | 1,242,886,000 | |||
Fixed Annuity Liability | ||||
Beginning balance | 91,234,000 | |||
Ending balance | 78,304,000 | |||
Deferred Acquisition Costs | ||||
Beginning balance | 140,167,000 | |||
Ending balance | 104,913,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | 11,541,000 | |||
Retained earnings (accumulated deficit) | (52,203,000) | |||
Accumulated other comprehensive income (loss), net of tax | (195,279,000) | |||
Previously Reported | Life Insurance: | ||||
Liability for Future Policy Benefits | ||||
Post-adoption liability, ending balance | 987,373,000 | |||
Fixed Annuity Liability | ||||
Ending balance | 60,027,000 | |||
Deferred Acquisition Costs | ||||
Ending balance | 94,771,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | 1,734,000 | |||
Previously Reported | Home Service Insurance: | ||||
Liability for Future Policy Benefits | ||||
Post-adoption liability, ending balance | 255,513,000 | |||
Fixed Annuity Liability | ||||
Ending balance | 18,277,000 | |||
Deferred Acquisition Costs | ||||
Ending balance | 10,142,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | 9,807,000 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Liability for Future Policy Benefits | ||||
Change in discount rate assumptions | 370,291,000 | |||
Effect of reserve changes | 102,000 | |||
Fixed Annuity Liability | ||||
Beginning balance | (91,234,000) | |||
Ending balance | 3,426,000 | |||
Deferred Acquisition Costs | ||||
Beginning balance | $ 22,760,000 | |||
Impact of flooring cohorts at zero | 35,000 | |||
Ending balance | 38,175,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | 484,000 | |||
Retained earnings (accumulated deficit) | 68,512,000 | |||
Accumulated other comprehensive income (loss), net of tax | $ 58,235,000 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment | Life Insurance: | ||||
Liability for Future Policy Benefits | ||||
Change in discount rate assumptions | 261,823,000 | |||
Effect of reserve changes | 6,000 | |||
Fixed Annuity Liability | ||||
Ending balance | 0 | |||
Deferred Acquisition Costs | ||||
Impact of flooring cohorts at zero | 23,000 | |||
Ending balance | 8,270,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | 0 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment | Home Service Insurance: | ||||
Liability for Future Policy Benefits | ||||
Change in discount rate assumptions | 108,468,000 | |||
Effect of reserve changes | 96,000 | |||
Fixed Annuity Liability | ||||
Ending balance | 3,426,000 | |||
Deferred Acquisition Costs | ||||
Impact of flooring cohorts at zero | 12,000 | |||
Ending balance | 29,905,000 | |||
Cost of Insurance Acquired | ||||
Ending balance | $ 484,000 |
Accounting Impacts to Previousl
Accounting Impacts to Previously Reported Results (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | |||||||||
Deferred policy acquisition costs | $ 168,341,000 | $ 156,356,000 | $ 168,341,000 | $ 156,356,000 | $ 162,927,000 | $ 152,418,000 | $ 143,123,000 | ||
Cost of insurance acquired | 10,333,000 | 10,988,000 | 10,333,000 | 10,988,000 | 10,647,000 | ||||
Deferred tax asset, net | 0 | 0 | 0 | ||||||
Assets | 1,623,994,000 | 1,623,994,000 | 1,590,703,000 | ||||||
Life insurance | 1,211,320,000 | 1,263,346,000 | 1,211,320,000 | 1,263,346,000 | 1,198,647,000 | ||||
Annuities (future policy benefit reserves) | 0 | 81,730,000 | |||||||
Annuities (policyholders' funds) | 127,485,000 | 114,923,000 | 127,485,000 | 114,923,000 | 121,422,000 | ||||
Other policyholders' funds | 7,257,000 | 7,257,000 | 7,501,000 | ||||||
Deferred federal income tax liability | 4,736,000 | 4,736,000 | 3,653,000 | ||||||
Liabilities | 1,477,148,000 | 1,477,148,000 | 1,462,913,000 | ||||||
Retained earnings (accumulated deficit) | 27,307,000 | 27,307,000 | 16,309,000 | ||||||
Accumulated other comprehensive income (loss) | (128,363,000) | (128,363,000) | (137,044,000) | ||||||
Stockholders' equity | 146,846,000 | $ 154,291,000 | 123,324,000 | $ 125,476,000 | 146,846,000 | 123,324,000 | 127,790,000 | $ 99,957,000 | |
Income Statement [Abstract] | |||||||||
Increase (decrease) in future policy benefit reserves | (944,000) | 3,730,000 | (1,922,000) | 3,844,000 | |||||
Policyholder liability remeasurement (gain) loss | 956,000 | 667,000 | 1,836,000 | 1,335,000 | |||||
Amortization of deferred policy acquisition costs | 3,674,000 | 3,468,000 | 7,488,000 | 7,027,000 | |||||
Amortization of cost of insurance acquired | 153,000 | 151,000 | 314,000 | 280,000 | |||||
Federal income tax expense (benefit) | (82,000) | 1,474,000 | 1,761,000 | 2,203,000 | |||||
Net income (loss) | 6,126,000 | 4,872,000 | 2,492,000 | 6,449,000 | 10,998,000 | 8,941,000 | |||
Unrealized holding gains arising during the period | (20,430,000) | (119,531,000) | 23,006,000 | (252,296,000) | |||||
Change in current discount rate for liability for future policy benefits | 6,251,000 | 120,437,000 | (14,229,000) | 272,044,000 | |||||
Income tax expense (benefit) on other comprehensive income items | (1,257,000) | 4,634,000 | 158,000 | 6,346,000 | |||||
Other comprehensive income (loss) | (12,898,000) | 21,579,000 | (3,752,000) | 17,189,000 | 8,681,000 | 13,437,000 | |||
Total comprehensive income (loss) | $ (6,772,000) | $ 26,451,000 | $ (1,260,000) | $ 23,638,000 | $ 19,679,000 | $ 22,378,000 | |||
Common Stock Class A [Member] | |||||||||
Income Statement [Abstract] | |||||||||
Earnings Per Share, Basic | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 | |||||
Earnings Per Share, Diluted | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 | |||||
Previously Reported | |||||||||
Statement of Financial Position [Abstract] | |||||||||
Deferred policy acquisition costs | 140,167,000 | 104,913,000 | |||||||
Cost of insurance acquired | 10,260,000 | ||||||||
Deferred tax asset, net | 2,414,000 | ||||||||
Assets | 1,569,970,000 | ||||||||
Life insurance | 1,305,506,000 | ||||||||
Annuities (future policy benefit reserves) | 91,234,000 | 78,304,000 | |||||||
Annuities (policyholders' funds) | 0 | ||||||||
Other policyholders' funds | 40,497,000 | ||||||||
Deferred federal income tax liability | 0 | ||||||||
Liabilities | 1,568,927,000 | ||||||||
Retained earnings (accumulated deficit) | (52,203,000) | ||||||||
Accumulated other comprehensive income (loss) | (195,279,000) | ||||||||
Stockholders' equity | 1,043,000 | ||||||||
Income Statement [Abstract] | |||||||||
Increase (decrease) in future policy benefit reserves | $ 9,378,000 | $ 15,947,000 | |||||||
Policyholder liability remeasurement (gain) loss | 0 | 0 | |||||||
Amortization of deferred policy acquisition costs | 5,970,000 | 11,787,000 | |||||||
Amortization of cost of insurance acquired | 263,000 | 499,000 | |||||||
Federal income tax expense (benefit) | (81,000) | 278,000 | |||||||
Net income (loss) | (3,548,000) | (4,881,000) | |||||||
Unrealized holding gains arising during the period | (120,934,000) | (254,276,000) | |||||||
Change in current discount rate for liability for future policy benefits | 0 | 0 | |||||||
Income tax expense (benefit) on other comprehensive income items | 4,735,000 | 13,801,000 | |||||||
Other comprehensive income (loss) | (116,223,000) | (240,440,000) | |||||||
Total comprehensive income (loss) | $ (119,771,000) | $ (245,321,000) | |||||||
Previously Reported | Common Stock Class A [Member] | |||||||||
Income Statement [Abstract] | |||||||||
Earnings Per Share, Basic | $ (0.07) | $ (0.10) | |||||||
Earnings Per Share, Diluted | $ (0.07) | $ (0.10) | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||||||
Statement of Financial Position [Abstract] | |||||||||
Deferred policy acquisition costs | 22,760,000 | 38,175,000 | |||||||
Cost of insurance acquired | 387,000 | ||||||||
Deferred tax asset, net | (2,414,000) | ||||||||
Assets | 20,733,000 | ||||||||
Life insurance | (106,859,000) | ||||||||
Annuities (future policy benefit reserves) | (91,234,000) | $ 3,426,000 | |||||||
Annuities (policyholders' funds) | 121,422,000 | ||||||||
Other policyholders' funds | (32,996,000) | ||||||||
Deferred federal income tax liability | 3,653,000 | ||||||||
Liabilities | (106,014,000) | ||||||||
Retained earnings (accumulated deficit) | 68,512,000 | ||||||||
Accumulated other comprehensive income (loss) | 58,235,000 | ||||||||
Stockholders' equity | $ 126,747,000 | ||||||||
Income Statement [Abstract] | |||||||||
Increase (decrease) in future policy benefit reserves | $ (5,648,000) | $ (12,103,000) | |||||||
Policyholder liability remeasurement (gain) loss | 667,000 | 1,335,000 | |||||||
Amortization of deferred policy acquisition costs | (2,502,000) | (4,760,000) | |||||||
Amortization of cost of insurance acquired | (112,000) | 219,000 | |||||||
Federal income tax expense (benefit) | 1,555,000 | 1,925,000 | |||||||
Net income (loss) | 6,040,000 | 13,822,000 | |||||||
Unrealized holding gains arising during the period | 1,403,000 | 1,980,000 | |||||||
Change in current discount rate for liability for future policy benefits | 120,437,000 | 272,044,000 | |||||||
Income tax expense (benefit) on other comprehensive income items | 9,369,000 | 20,147,000 | |||||||
Other comprehensive income (loss) | 112,471,000 | 253,877,000 | |||||||
Total comprehensive income (loss) | $ 118,511,000 | $ 267,699,000 | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock Class A [Member] | |||||||||
Income Statement [Abstract] | |||||||||
Earnings Per Share, Basic | $ 0.12 | $ 0.28 | |||||||
Earnings Per Share, Diluted | $ 0.12 | $ 0.28 |
Investments (Cash, Cash Equival
Investments (Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Fixed maturity securities, available-for-sale | $ 1,206,483 | $ 1,179,619 |
Fixed maturity securities, percent | 86.50% | 86.50% |
Equity securities, at fair value | $ 11,710 | $ 11,590 |
Equity securities, percent | 0.80% | 0.80% |
Policy loans | $ 77,944 | $ 78,773 |
Policy loans, percent | 5.60% | 5.80% |
Other long-term investments | $ 77,262 | $ 69,558 |
Other long-term investments, percent | 5.50% | 5.10% |
Short-term Investments | $ 249 | $ 1,241 |
Short-term investments, percent | 0% | 0.10% |
Cash and cash equivalents | $ 20,914 | $ 22,973 |
Cash and cash equivalents, percent | 1.60% | 1.70% |
Total invested assets | $ 1,394,562 | $ 1,363,754 |
Total invested assets, percent | 100% | 100% |
Investments (Investment Gains a
Investments (Investment Gains and Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,385,121 | $ 1,381,318 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4,271 | 3,563 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 182,909 | 205,262 |
Fixed maturity securities, available-for-sale | 1,206,483 | 1,179,619 |
US Treasury Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 5,710 | 9,425 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 88 | 152 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 29 | 9 |
Fixed maturity securities, available-for-sale | 5,769 | 9,568 |
US Government Agencies Debt Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,419 | 3,434 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 268 | 277 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3 | 1 |
Fixed maturity securities, available-for-sale | 3,684 | 3,710 |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 331,708 | 344,208 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,581 | 1,114 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 31,482 | 37,964 |
Fixed maturity securities, available-for-sale | 301,807 | 307,358 |
Corporate Debt Securities Financial Sector Member [Domain] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 248,462 | 243,758 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 408 | 512 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 38,843 | 42,383 |
Fixed maturity securities, available-for-sale | 210,027 | 201,887 |
Corporate Debt Security Consumer Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 249,961 | 247,824 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,184 | 758 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 42,172 | 47,138 |
Fixed maturity securities, available-for-sale | 208,973 | 201,444 |
Corporate Debt Security Utilities Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 119,216 | 115,738 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 98 | 39 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 22,330 | 23,790 |
Fixed maturity securities, available-for-sale | 96,984 | 91,987 |
Corporate Debt Security Energy Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 76,691 | 76,065 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 13 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,186 | 11,395 |
Fixed maturity securities, available-for-sale | 66,518 | 64,670 |
Corporate Debt Security All Other Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 186,470 | 184,022 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 572 | 683 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 25,439 | 29,048 |
Fixed maturity securities, available-for-sale | 161,603 | 155,657 |
Commercial Mortgage Backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 171 | 171 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4 | 2 |
Fixed maturity securities, available-for-sale | 167 | 169 |
Residential Mortgage Backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 110,439 | 110,582 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6 | 9 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,062 | 10,765 |
Fixed maturity securities, available-for-sale | 100,383 | 99,826 |
Asset-backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 52,774 | 45,991 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 53 | 18 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,359 | 2,767 |
Fixed maturity securities, available-for-sale | 50,468 | 43,242 |
Foreign Government, Non-US [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 100 | 100 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Fixed maturity securities, available-for-sale | $ 100 | $ 101 |
Investments (Equity Securities)
Investments (Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | $ 11,710 | $ 11,710 | $ 11,590 | ||
Investment related gains (losses), net | 703 | $ (5,016) | 415 | $ (5,598) | |
Stock Mutual Funds [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | 2,727 | 2,727 | 2,615 | ||
Bond Mutual Funds [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | 4,348 | 4,348 | 4,337 | ||
Common stock [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | 790 | 790 | 857 | ||
Non-redeemable Preferred Stock [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | 8 | 8 | 8 | ||
Nonredeemable Preferred Stock Fund Member [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities, at fair value | 3,837 | 3,837 | $ 3,773 | ||
Equity Securities [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Investment related gains (losses), net | $ (200) | $ (1,200) | $ 100 | $ (2,000) |
Investments (Unrealized Losses)
Investments (Unrealized Losses) (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt security maturities rated investment grade, percent | 99% | 99% |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 740 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 20 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 65 | $ 64 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 9 | $ 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 2 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 805 | $ 64 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 29 | $ 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5 | 2 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 220 | $ 223 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 3 | $ 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 220 | $ 223 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3 | $ 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1 | 1 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 94,929 | $ 189,084 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 3,360 | $ 30,866 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 121 | 242 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 112,451 | $ 14,184 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 28,122 | $ 7,098 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 141 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 207,380 | $ 203,268 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 31,482 | $ 37,964 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 262 | 256 |
Corporate Debt Securities Financial Sector Member [Domain] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 38,326 | $ 182,447 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,768 | $ 39,122 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 59 | 237 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 152,433 | $ 6,144 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 37,075 | $ 3,261 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 195 | 16 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 190,759 | $ 188,591 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 38,843 | $ 42,383 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 254 | 253 |
Corporate Debt Security Consumer Sector | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 48,950 | $ 164,224 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 2,896 | $ 34,823 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 57 | 220 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 139,405 | $ 23,417 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 39,276 | $ 12,315 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 189 | 30 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 188,355 | $ 187,641 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 42,172 | $ 47,138 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 246 | 250 |
Corporate Debt Security Utilities Sector | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 16,392 | $ 73,483 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 593 | $ 15,959 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 58 | 152 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 75,728 | $ 16,413 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 21,737 | $ 7,831 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 121 | 18 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 92,120 | $ 89,896 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 22,330 | $ 23,790 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 179 | 170 |
Corporate Debt Security Energy Sector | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 12,636 | $ 59,053 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 426 | $ 9,601 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 17 | 75 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 53,020 | $ 5,617 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 9,760 | $ 1,794 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 66 | 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 65,656 | $ 64,670 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 10,186 | $ 11,395 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 83 | 83 |
Corporate Debt Security All Other Sector | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 43,739 | $ 140,955 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,959 | $ 25,337 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 55 | 171 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 108,752 | $ 7,910 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 23,480 | $ 3,711 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 133 | 15 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 152,491 | $ 148,865 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 25,439 | $ 29,048 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 188 | 186 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 167 | $ 168 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 4 | $ 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 2 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 167 | $ 168 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 4 | $ 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | 2 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 82,833 | $ 98,758 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 7,194 | $ 10,514 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 78 | 95 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 17,384 | $ 759 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,868 | $ 251 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 26 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 100,217 | $ 99,517 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 10,062 | $ 10,765 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 104 | 100 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 11,309 | $ 37,067 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 285 | $ 2,485 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 20 | 41 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 31,365 | $ 4,264 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,074 | $ 282 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 35 | 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 42,674 | $ 41,331 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2,359 | $ 2,767 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 55 | 50 |
Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 350,241 | $ 945,462 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 18,508 | $ 168,710 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 471 | 1,236 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 690,603 | $ 78,772 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 164,401 | $ 36,552 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 908 | 117 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,040,844 | $ 1,024,234 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 182,909 | $ 205,262 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,379 | 1,353 |
Investments (Maturity Distribut
Investments (Maturity Distribution) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 15,095 | |
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Amortized Cost Basis | 125,549 | |
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Amortized Cost Basis | 263,546 | |
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Amortized Cost Basis | 980,931 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,385,121 | $ 1,381,318 |
Debt Securities, Available-for-sale, Fair Value | ||
Due in one year or less | 14,965 | |
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Fair Value | 122,715 | |
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Fair Value | 251,588 | |
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Fair Value | 817,215 | |
Fixed maturity securities, available-for-sale | $ 1,206,483 | $ 1,179,619 |
Investments (Realized Gains (Lo
Investments (Realized Gains (Losses)) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 4,244,000 | $ 28,828,000 | ||
Debt Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 1,379,000 | $ 27,728,000 | 4,244,000 | 28,828,000 |
Debt Securities, Available-for-sale, Realized Gain | 0 | 101,000 | 5,000 | 101,000 |
Debt Securities, Available-for-sale, Realized Loss | $ 5,000 | $ 102,000 | $ 17,000 | $ 102,000 |
Fair Value Measurements Financi
Fair Value Measurements Financial Instruments Carried at Fair Value (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 1,206,483,000 | $ 1,179,619,000 |
Equity securities, at fair value | 11,710,000 | 11,590,000 |
Other long-term investments | 77,262,000 | 69,558,000 |
Assets, Fair Value Disclosure | $ 1,295,192,000 | 1,258,055,000 |
Debt Instrument, Change in Valuation Technique [true false] | false | |
Number of Third Party Pricing Changes | 0 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 17,524,000 | 21,201,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,200,669,000 | 1,170,008,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 9,453,000 | 13,278,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 5,769,000 | 9,567,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 3,684,000 | 3,711,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 301,807,000 | 307,358,000 |
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] | ||
Fixed maturity securities, available-for-sale | 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] | ||
Fixed maturity securities, available-for-sale | 301,807,000 | 307,358,000 |
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] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 744,105,000 | 715,645,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 45,000 | 44,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 744,060,000 | 715,601,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 167,000 | 169,000 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 167,000 | 169,000 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 100,383,000 | 99,826,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 100,383,000 | 99,826,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 50,468,000 | 43,242,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 50,468,000 | 43,242,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Foreign Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 100,000 | 101,000 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 100,000 | 101,000 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 0 | 0 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 1,206,483,000 | 1,179,619,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | 5,814,000 | 9,611,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 1,200,669,000 | 1,170,008,000 |
Percent of Level 2 Debt Maturity to Total Reported Fair Value of Financial Assets | 93% | |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities, available-for-sale | $ 0 | 0 |
Stock Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 2,727,000 | 2,615,000 |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 2,727,000 | 2,615,000 |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 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] | ||
Equity securities, at fair value | 0 | 0 |
Bond Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 4,348,000 | 4,337,000 |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 4,348,000 | 4,337,000 |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 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] | ||
Equity securities, at fair value | 0 | 0 |
Common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 790,000 | 857,000 |
Common stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 790,000 | 857,000 |
Common stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Common stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Non-redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 8,000 | 8,000 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 8,000 | 8,000 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
CIA_Non-redeemable Preferred Stock Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 3,837,000 | 3,773,000 |
CIA_Non-redeemable Preferred Stock Fund | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 3,837,000 | 3,773,000 |
CIA_Non-redeemable Preferred Stock Fund | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
CIA_Non-redeemable Preferred Stock Fund | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 11,710,000 | 11,590,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 11,710,000 | 11,590,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | 0 |
Other Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term investments | 76,999,000 | 66,846,000 |
Other Long-term Investments | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term investments | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term investments | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term investments | $ 0 | $ 0 |
Fair Value Measurements - Ltd P
Fair Value Measurements - Ltd Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | $ 77,262 | $ 77,262 | $ 69,558 | ||
Investment related gains (losses), net | 703 | $ (5,016) | $ 415 | $ (5,598) | |
Limited Partnership Funds - Middle Market | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 4 years | 5 years | |||
Limited Partnership Funds - Middle Market | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 34,996 | $ 34,996 | $ 33,234 | ||
Limited Partnership Funds - Middle Market | Unfunded Loan Commitment | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 3,452 | $ 3,452 | $ 6,011 | ||
Limited Partnership Funds - Global | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 0 years | 0 years | |||
Limited Partnership Funds - Global | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 9,758 | $ 9,758 | $ 9,037 | ||
Limited Partnership Funds - Global | Unfunded Loan Commitment | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 0 | 0 | 0 | ||
Limited Partnership Funds - Late-Stage Growth | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 18,705 | $ 18,705 | $ 16,892 | ||
Limited Partnership Funds - Late-Stage Growth | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 5 years | 5 years | |||
Limited Partnership Funds - Late-Stage Growth | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 7 years | 7 years | |||
Limited Partnership Funds - Late-Stage Growth | Unfunded Loan Commitment | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 17,172 | $ 17,172 | $ 18,444 | ||
Limited Partnership Funds - Infrastructure | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 11 years | ||||
Limited Partnership Funds - Infrastructure | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 13,540 | $ 13,540 | $ 7,683 | ||
Limited Partnership Funds - Infrastructure | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 10 years | ||||
Limited Partnership Funds - Infrastructure | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated Maturity Timeframe of Other Long-Term Investments | 12 years | ||||
Limited Partnership Funds - Infrastructure | Unfunded Loan Commitment | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 12,416 | $ 12,416 | 4,107 | ||
Limited Partnership Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment related gains (losses), net | 900 | $ (4,400) | 300 | $ (5,200) | |
Limited Partnership Funds [Member] | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | 76,999 | 76,999 | 66,846 | ||
Limited Partnership Funds [Member] | Unfunded Loan Commitment | Fair Value Measured at Net Asset Value Per Share | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other long-term investments | $ 33,040 | $ 33,040 | $ 28,562 |
Fair Value Measurements Finan_2
Fair Value Measurements Financial Instruments not Carried at Fair Value (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Policy loans | $ 77,944,000 | $ 78,773,000 |
Mortgage loans | 45,000 | 49,000 |
Cash and cash equivalents | 20,914,000 | 22,973,000 |
Annuity - investment contracts | 67,136,000 | 67,344,000 |
Limited partnership | 76,999,000 | 69,294,000 |
FHLB common stocks | 196,000 | 193,000 |
All other investments | 22,000 | 22,000 |
Other long-term investments | 77,262,000 | 69,558,000 |
Reported Value Measurement [Member] | Single Family | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 45,000 | 49,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Policy loans | 77,944,000 | 78,773,000 |
Cash and Cash Equivalents, Fair Value Disclosure | 20,914,000 | 22,973,000 |
Annuity - investment contracts | 62,253,000 | 61,701,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Single Family | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 46,000 | 50,000 |
Policy loans | 77,944,000 | 78,773,000 |
Cash and cash equivalents | $ 20,914,000 | $ 22,973,000 |
Insurance policy loans interest rate | 7.70% | 7.70% |
Fair value maximum rate of investment contract | 4.71% | 5.09% |
Fair value minimum interest rate of investment contract | 4% | 4.74% |
Limited partnership | $ 76,999,000 | $ 66,846,000 |
Other long-term investments | 77,262,000 | 69,558,000 |
Limited Partnership Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets, carried at amortized cost basis | $ 0 | $ 2,400,000 |
Single Family | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans on real estate, interest rate | 7% | 7% |
Mortgage loan maturity higher end range | 5 years | |
Mortgage loans interest rate used to estimate fair value | 6.25% |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Cost of Insurance Acquired - Schedule of Deferred Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | $ 162,927 | $ 152,418 | ||
Capitalizations | 12,902 | 10,965 | ||
Amortization expense | $ (3,674) | $ (3,468) | (7,488) | (7,027) |
Ending balance | 168,341 | 156,356 | 168,341 | 156,356 |
Permanent | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 139,719 | 132,812 | ||
Capitalizations | 10,552 | 8,694 | ||
Amortization expense | (6,924) | (6,503) | ||
Ending balance | 143,347 | 135,003 | 143,347 | 135,003 |
Permanent Limited Pay | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 21,271 | 17,724 | ||
Capitalizations | 2,065 | 2,272 | ||
Amortization expense | (578) | (488) | ||
Ending balance | 22,758 | 19,508 | 22,758 | 19,508 |
Other Business | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 1,937 | 1,882 | ||
Capitalizations | 285 | (1) | ||
Amortization expense | 14 | (36) | ||
Ending balance | 2,236 | 1,845 | 2,236 | 1,845 |
Life Insurance: | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 113,484 | 107,702 | ||
Capitalizations | 8,817 | 7,613 | ||
Amortization expense | (3,167) | (2,950) | (6,329) | (5,970) |
Ending balance | 115,972 | 109,345 | 115,972 | 109,345 |
Life Insurance: | Permanent | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 100,926 | 97,675 | ||
Capitalizations | 7,212 | 6,079 | ||
Amortization expense | (5,909) | (5,607) | ||
Ending balance | 102,229 | 98,147 | 102,229 | 98,147 |
Life Insurance: | Permanent Limited Pay | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 11,542 | 9,001 | ||
Capitalizations | 1,436 | 1,545 | ||
Amortization expense | (382) | (309) | ||
Ending balance | 12,596 | 10,237 | 12,596 | 10,237 |
Life Insurance: | Other Business | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 1,016 | 1,026 | ||
Capitalizations | 169 | (11) | ||
Amortization expense | (38) | (54) | ||
Ending balance | 1,147 | 961 | 1,147 | 961 |
Home Service Insurance: | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 49,443 | 44,716 | ||
Capitalizations | 4,085 | 3,352 | ||
Amortization expense | (507) | (518) | (1,159) | (1,057) |
Ending balance | 52,369 | 47,011 | 52,369 | 47,011 |
Home Service Insurance: | Permanent | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 38,793 | 35,137 | ||
Capitalizations | 3,340 | 2,615 | ||
Amortization expense | (1,015) | (896) | ||
Ending balance | 41,118 | 36,856 | 41,118 | 36,856 |
Home Service Insurance: | Permanent Limited Pay | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 9,729 | 8,723 | ||
Capitalizations | 629 | 727 | ||
Amortization expense | (196) | (179) | ||
Ending balance | 10,162 | 9,271 | 10,162 | 9,271 |
Home Service Insurance: | Other Business | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 921 | 856 | ||
Capitalizations | 116 | 10 | ||
Amortization expense | 52 | 18 | ||
Ending balance | $ 1,089 | $ 884 | $ 1,089 | $ 884 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs and Cost of Insurance Acquired - Schedule of COIA (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | $ 10,647 | $ 11,268 | $ 12,025 | ||
Amortization expense | $ (314) | $ (280) | |||
Cost of insurance acquired | 10,333 | 10,988 | 10,647 | ||
Permanent | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 7,850 | 8,276 | |||
Amortization expense | (207) | (215) | |||
Cost of insurance acquired | 7,643 | 8,061 | |||
Permanent Limited Pay | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 926 | 996 | |||
Amortization expense | (34) | (35) | |||
Cost of insurance acquired | 892 | 961 | |||
Other Business | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 1,871 | 1,996 | |||
Amortization expense | (73) | (30) | |||
Cost of insurance acquired | 1,798 | 1,966 | |||
Life Insurance: | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 1,461 | 1,584 | 1,734 | ||
Amortization expense | (58) | (62) | |||
Cost of insurance acquired | 1,403 | 1,522 | |||
Life Insurance: | Permanent | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 267 | 287 | |||
Amortization expense | (10) | (10) | |||
Cost of insurance acquired | 257 | 277 | |||
Life Insurance: | Permanent Limited Pay | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 750 | 812 | |||
Amortization expense | (30) | (31) | |||
Cost of insurance acquired | 720 | 781 | |||
Life Insurance: | Other Business | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 444 | 485 | |||
Amortization expense | (18) | (21) | |||
Cost of insurance acquired | 426 | 464 | |||
Home Service Insurance: | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 9,186 | 9,684 | $ 10,291 | ||
Amortization expense | (256) | (218) | |||
Cost of insurance acquired | 8,930 | 9,466 | |||
Home Service Insurance: | Permanent | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 7,583 | 7,989 | |||
Amortization expense | (197) | (205) | |||
Cost of insurance acquired | 7,386 | 7,784 | |||
Home Service Insurance: | Permanent Limited Pay | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | 176 | 184 | |||
Amortization expense | (4) | (4) | |||
Cost of insurance acquired | 172 | 180 | |||
Home Service Insurance: | Other Business | |||||
Present Value of Future Insurance Profit [Line Items] | |||||
Balance, beginning of year | $ 1,427 | $ 1,511 | |||
Amortization expense | (55) | (9) | |||
Cost of insurance acquired | $ 1,372 | $ 1,502 |
Policyholders' Liabilities - Sc
Policyholders' Liabilities - Schedule of Liability for Future Policy Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Dec. 31, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Post-adoption liability, ending balance | $ 1,613,279 | ||||
Life Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 245,437 | $ 274,467 | |||
Beginning balance at original discount rate | 258,283 | 251,479 | |||
Effects of actual variances from expected experience | $ 3,547 | $ 4,152 | |||
Adjusted beginning of year balance | 261,830 | 255,631 | |||
Issuances | 14,638 | 17,312 | |||
Interest accrual | 4,721 | 4,198 | |||
Net premiums collected | (21,252) | (18,925) | |||
Derecognition and other | 353 | 261 | |||
Ending balance at original discount rate | 260,290 | 258,477 | |||
Change in discount rate assumptions | (10,724) | (6,694) | |||
Balance, end of period | 249,566 | 251,783 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 1,143,027 | 1,408,961 | |||
Beginning balance at original discount rate | 1,204,220 | 1,198,026 | |||
Effects of actual variances from expected experience | 6,647 | 6,811 | |||
Adjusted beginning of year balance | 1,210,867 | 1,204,837 | |||
Issuances | 14,921 | 17,626 | |||
Interest accrual | 25,883 | 25,558 | |||
Benefit payments | (50,090) | (41,219) | |||
Derecognition and other | 60 | (35) | |||
Ending balance at original discount rate | 1,201,641 | 1,206,767 | |||
Effect of changes in discount rates | (49,100) | (10,102) | |||
Post-adoption liability, ending balance | 1,249,202 | 1,152,541 | 1,196,665 | ||
Net liability for future policy benefits | 902,975 | 944,882 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 0 | ||||
Net liability for future policy benefits, after reinsurance recoverable | 944,882 | ||||
Home Service Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 106,763 | 114,752 | |||
Beginning balance at original discount rate | 114,619 | 99,544 | |||
Effects of actual variances from expected experience | (5,201) | (471) | |||
Adjusted beginning of year balance | 109,418 | 99,073 | |||
Issuances | 11,216 | 11,432 | |||
Interest accrual | 2,226 | 1,758 | |||
Net premiums collected | (4,971) | (2,395) | |||
Derecognition and other | 354 | (804) | |||
Ending balance at original discount rate | 118,243 | 109,064 | |||
Change in discount rate assumptions | (6,174) | (3,809) | |||
Balance, end of period | 112,069 | 105,255 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 316,707 | 427,921 | |||
Beginning balance at original discount rate | 336,096 | 322,765 | |||
Effects of actual variances from expected experience | (3,329) | 3,087 | |||
Adjusted beginning of year balance | 332,767 | 325,852 | |||
Issuances | 11,219 | 11,439 | |||
Interest accrual | 7,464 | 7,029 | |||
Benefit payments | (11,849) | (13,897) | |||
Derecognition and other | 348 | (812) | |||
Ending balance at original discount rate | 339,949 | 329,611 | |||
Effect of changes in discount rates | (13,445) | 5,300 | |||
Post-adoption liability, ending balance | $ 364,077 | 326,504 | 334,911 | ||
Net liability for future policy benefits | 214,435 | 229,656 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 98 | ||||
Net liability for future policy benefits, after reinsurance recoverable | 229,754 | ||||
Permanent | Life Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 235,228 | 269,528 | |||
Beginning balance at original discount rate | 247,601 | 246,386 | |||
Effects of actual variances from expected experience | 3,081 | 3,613 | |||
Adjusted beginning of year balance | 250,682 | 249,999 | |||
Issuances | 13,189 | 15,212 | |||
Interest accrual | 4,571 | 4,189 | |||
Net premiums collected | (20,049) | (19,100) | |||
Derecognition and other | 293 | 199 | |||
Ending balance at original discount rate | 248,686 | 250,499 | |||
Change in discount rate assumptions | (10,320) | (6,258) | |||
Balance, end of period | 238,366 | 244,241 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 947,415 | 1,168,282 | |||
Beginning balance at original discount rate | 996,169 | 990,921 | |||
Effects of actual variances from expected experience | 4,533 | 4,412 | |||
Adjusted beginning of year balance | 1,000,702 | 995,333 | |||
Issuances | 13,442 | 15,471 | |||
Interest accrual | 21,673 | 21,315 | |||
Benefit payments | (39,414) | (33,133) | |||
Derecognition and other | 31 | (42) | |||
Ending balance at original discount rate | 996,434 | 998,944 | |||
Effect of changes in discount rates | (38,485) | (6,954) | |||
Post-adoption liability, ending balance | 957,949 | 991,990 | |||
Net liability for future policy benefits | 719,583 | 747,749 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 0 | ||||
Net liability for future policy benefits, after reinsurance recoverable | 747,749 | ||||
Permanent | Home Service Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 93,508 | 104,556 | |||
Beginning balance at original discount rate | 100,225 | 90,012 | |||
Effects of actual variances from expected experience | (2,910) | 2,123 | |||
Adjusted beginning of year balance | 97,315 | 92,135 | |||
Issuances | 9,091 | 8,737 | |||
Interest accrual | 1,996 | 1,660 | |||
Net premiums collected | (5,919) | (5,444) | |||
Derecognition and other | 272 | (895) | |||
Ending balance at original discount rate | 102,755 | 96,193 | |||
Change in discount rate assumptions | (5,247) | (2,927) | |||
Balance, end of period | 97,508 | 93,266 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 200,351 | 266,206 | |||
Beginning balance at original discount rate | 214,188 | 205,340 | |||
Effects of actual variances from expected experience | (2,750) | 2,428 | |||
Adjusted beginning of year balance | 211,438 | 207,768 | |||
Issuances | 9,090 | 8,743 | |||
Interest accrual | 4,642 | 4,327 | |||
Benefit payments | (8,532) | (10,216) | |||
Derecognition and other | 268 | (900) | |||
Ending balance at original discount rate | 216,906 | 209,722 | |||
Effect of changes in discount rates | (10,009) | 672 | |||
Post-adoption liability, ending balance | 206,897 | 210,394 | |||
Net liability for future policy benefits | 109,389 | 117,128 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 27 | ||||
Net liability for future policy benefits, after reinsurance recoverable | 117,155 | ||||
Permanent Limited Pay | Life Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 10,209 | 4,939 | |||
Beginning balance at original discount rate | 10,682 | 5,093 | |||
Effects of actual variances from expected experience | 466 | 539 | |||
Adjusted beginning of year balance | 11,148 | 5,632 | |||
Issuances | 1,449 | 2,100 | |||
Interest accrual | 150 | 9 | |||
Net premiums collected | (1,203) | 175 | |||
Derecognition and other | 60 | 62 | |||
Ending balance at original discount rate | 11,604 | 7,978 | |||
Change in discount rate assumptions | (404) | (436) | |||
Balance, end of period | 11,200 | 7,542 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 195,612 | 240,679 | |||
Beginning balance at original discount rate | 208,051 | 207,105 | |||
Effects of actual variances from expected experience | 2,114 | 2,399 | |||
Adjusted beginning of year balance | 210,165 | 209,504 | |||
Issuances | 1,479 | 2,155 | |||
Interest accrual | 4,210 | 4,243 | |||
Benefit payments | (10,676) | (8,086) | |||
Derecognition and other | 29 | 7 | |||
Ending balance at original discount rate | 205,207 | 207,823 | |||
Effect of changes in discount rates | (10,615) | (3,148) | |||
Post-adoption liability, ending balance | 194,592 | 204,675 | |||
Net liability for future policy benefits | 183,392 | 197,133 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 0 | ||||
Net liability for future policy benefits, after reinsurance recoverable | 197,133 | ||||
Permanent Limited Pay | Home Service Insurance: | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 13,255 | 10,196 | |||
Beginning balance at original discount rate | 14,394 | 9,532 | |||
Effects of actual variances from expected experience | (2,291) | (2,594) | |||
Adjusted beginning of year balance | 12,103 | 6,938 | |||
Issuances | 2,125 | 2,695 | |||
Interest accrual | 230 | 98 | |||
Net premiums collected | 948 | 3,049 | |||
Derecognition and other | 82 | 91 | |||
Ending balance at original discount rate | 15,488 | 12,871 | |||
Change in discount rate assumptions | (927) | (882) | |||
Balance, end of period | 14,561 | 11,989 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Pre-adoption liability, beginning balance | 116,356 | 161,715 | |||
Beginning balance at original discount rate | 121,908 | 117,425 | |||
Effects of actual variances from expected experience | (579) | 659 | |||
Adjusted beginning of year balance | $ 121,329 | $ 118,084 | |||
Issuances | 2,129 | 2,696 | |||
Interest accrual | 2,822 | 2,702 | |||
Benefit payments | (3,317) | (3,681) | |||
Derecognition and other | 80 | 88 | |||
Ending balance at original discount rate | 123,043 | 119,889 | |||
Effect of changes in discount rates | (3,436) | 4,628 | |||
Post-adoption liability, ending balance | 119,607 | 124,517 | |||
Net liability for future policy benefits | $ 105,046 | 112,528 | |||
Liability for Future Policy Benefits Net Premium Flooring Impact | 71 | ||||
Net liability for future policy benefits, after reinsurance recoverable | $ 112,599 |
Policyholders' Liabilities - Re
Policyholders' Liabilities - Reconciliation to Liability for Future policy Benefits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | $ 1,211,320 | $ 1,198,647 | $ 1,263,346 |
Accident and health | 926 | 767 | |
Total future policy benefit reserves, Life and Disability and Accident Benefits | 1,212,246 | $ 1,199,414 | 1,264,091 |
Life Insurance, Permanent | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 719,583 | 747,749 | |
Home Service Insurance, Life Insurance, Permanent | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 109,389 | 117,155 | |
Permanent | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 828,972 | 864,904 | |
Life Insurance, Permanent Limited Pay | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 183,392 | 197,133 | |
Home Service Insurance, Life Insurance, Permanent Limited Pay | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 105,046 | 112,599 | |
Permanent Limited Pay | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 288,438 | 309,732 | |
Life Insurance, Deferred Profit Liability | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 26,602 | 23,379 | |
Home Service Insurance, Life Insurance, Deferred Profit Liability | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 25,667 | 23,394 | |
Deferred Profit Liability | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 52,269 | 46,773 | |
Life Insurance, Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 27,781 | 28,286 | |
Home Service Insurance, Life Insurance, Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 13,860 | 13,651 | |
Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 41,641 | 41,937 | |
Life Insurance, Net of Reinsurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 957,358 | 996,547 | |
Home Service Insurance, Life Insurance, Net of Reinsurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Life insurance | 253,962 | 266,799 | |
Life Insurance, Accident And Health, Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Accident and health | 662 | 502 | |
Home Service Insurance, Accident And Health, Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Accident and health | 264 | 243 | |
Accident And Health, Other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Accident and health | 926 | 745 | |
Life Insurance And Accident And Health | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Total future policy benefit reserves, Life and Disability and Accident Benefits | 958,020 | 997,049 | |
Home Service Insurance, Life Insurance And Home Service Insurance, Accident And Health | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Total future policy benefit reserves, Life and Disability and Accident Benefits | $ 254,226 | $ 267,042 |
Policyholders' Liabilities - Li
Policyholders' Liabilities - Liability for Future Policy Benefit, Discounted Undiscounted Activity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 1,613,279 | ||
Life Insurance, Permanent | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | $ 603,067 | $ 620,766 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 1,478,283 | 1,474,632 | |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 467,315 | 496,865 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 957,949 | 991,990 | |
Life Insurance, Permanent Limited Pay | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 46,441 | 48,280 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 319,604 | 322,842 | |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 41,200 | 43,534 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 194,592 | 204,675 | |
Home Service Insurance, Life Insurance, Permanent | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 464,108 | 465,996 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 482,298 | 460,674 | |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 275,847 | 288,122 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 206,897 | 210,394 | |
Home Service Insurance, Life Insurance, Permanent Limited Pay | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance | 78,064 | 70,669 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted, before Reinsurance | 319,950 | 308,976 | |
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance | 53,518 | 52,999 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | $ 119,607 | $ 124,517 |
Policyholders' LIabilities - _2
Policyholders' LIabilities - Liability for Future Policy Benefits, Revenue and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Life Insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | $ 28,773 | $ 29,834 | $ 54,980 | $ 56,765 |
Liability for Future Policy Benefit, Interest Expense | 10,699 | 10,861 | 21,605 | 21,781 |
Home Service Insurance: | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 11,066 | 11,632 | 22,151 | 22,308 |
Liability for Future Policy Benefit, Interest Expense | 2,914 | 2,886 | 5,824 | 5,787 |
Life Insurance, Permanent | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 22,507 | 22,818 | 44,965 | 45,075 |
Liability for Future Policy Benefit, Interest Expense | 8,532 | 8,556 | 17,102 | 17,126 |
Life Insurance, Permanent Limited Pay | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 3,610 | 3,336 | 7,778 | 6,992 |
Liability for Future Policy Benefit, Interest Expense | 2,167 | 2,305 | 4,503 | 4,655 |
Life Insurance, Other | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 2,738 | 3,845 | 2,815 | 5,270 |
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Life Insurance, Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Liability for Future Policy Benefit, Reinsurance | 412 | 253 | 1,060 | 753 |
Life Insurance, Net of Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 28,443 | 29,746 | 54,498 | 56,584 |
Liability for Future Policy Benefit, Interest Expense | 10,699 | 10,861 | 21,605 | 21,781 |
Life Insurance, Accident And Health, Other | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 332 | 89 | 484 | 183 |
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Life Insurance, Accident And Health, Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Liability for Future Policy Benefit, Reinsurance | 2 | 1 | 2 | 2 |
Life Insurance, Accident And Health, Net Of Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 330 | 88 | 482 | 181 |
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Home Service Insurance, Life Insurance, Permanent | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 8,268 | 8,292 | 16,640 | 16,748 |
Liability for Future Policy Benefit, Interest Expense | 1,322 | 1,325 | 2,646 | 2,667 |
Home Service Insurance, Life Insurance, Permanent Limited Pay | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 2,117 | 2,102 | 4,271 | 4,143 |
Liability for Future Policy Benefit, Interest Expense | 1,592 | 1,561 | 3,178 | 3,120 |
Home Service Insurance, Life Insurance, Other | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 466 | 1,051 | 834 | 1,051 |
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Home Service Insurance, Life Insurance, Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Liability for Future Policy Benefit, Reinsurance | 2 | 5 | 17 | 19 |
Home Service Insurance, Life Insurance, Net of Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 10,849 | 11,440 | 21,728 | 21,923 |
Liability for Future Policy Benefit, Interest Expense | 2,914 | 2,886 | 5,824 | 5,787 |
Home Service Insurance, Accident And Health, Other | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 217 | 192 | 423 | 385 |
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Home Service Insurance, Accident And Health, Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Interest Expense | 0 | 0 | 0 | 0 |
Liability for Future Policy Benefit, Reinsurance | 0 | 0 | 0 | 0 |
Home Service Insurance, Accident And Health, Net Of Reinsurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 217 | 192 | 423 | 385 |
Liability for Future Policy Benefit, Interest Expense | $ 0 | $ 0 | $ 0 | $ 0 |
Policyholders' Liabilities - _3
Policyholders' Liabilities - Liabilities for Future Policy Benefits, Weighted Average (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Life Insurance, Permanent | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 8 years 1 month 6 days | 8 years 1 month 6 days |
Liability for Future Policy Benefit, Current Weighted-Average Duration | 8 years 4 months 24 days | 8 years 8 months 12 days |
Liability for Future Policy Benefit, Original Weighted-Average Discount Rate | 4.91% | 4.95% |
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.02% | 4.40% |
Life Insurance, Permanent Limited Pay | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 7 years 8 months 12 days | 7 years 7 months 6 days |
Liability for Future Policy Benefit, Current Weighted-Average Duration | 7 years 7 months 6 days | 7 years 10 months 24 days |
Liability for Future Policy Benefit, Original Weighted-Average Discount Rate | 4.30% | 4.32% |
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 4.99% | 4.36% |
Home Service Insurance, Life Insurance, Permanent | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 16 years 2 months 12 days | 15 years 4 months 24 days |
Liability for Future Policy Benefit, Current Weighted-Average Duration | 16 years 6 months | 16 years 4 months 24 days |
Liability for Future Policy Benefit, Original Weighted-Average Discount Rate | 4.98% | 5.02% |
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.09% | 4.60% |
Home Service Insurance, Life Insurance, Permanent Limited Pay | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for Future Policy Benefit, Weighted-Average Duration | 14 years 8 months 12 days | 14 years 4 months 24 days |
Liability for Future Policy Benefit, Current Weighted-Average Duration | 15 years 3 months 18 days | 15 years 8 months 12 days |
Liability for Future Policy Benefit, Original Weighted-Average Discount Rate | 5.04% | 5.06% |
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate | 5.09% | 4.59% |
Policyholders' Liabilities - Gu
Policyholders' Liabilities - Guaranteed Minimum Crediting Rate (Details) $ in Thousands | Jun. 30, 2023 USD ($) rate | Jun. 30, 2022 USD ($) rate |
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 203,155 | $ 189,895 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 39,694 | $ 42,570 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | Minimum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 0% | 0% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | Maximum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1.49% | 1.49% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 28,885 | $ 21,472 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | Minimum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 1.50% | 1.50% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | Maximum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 2.99% | 2.99% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 103,016 | $ 94,103 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | Minimum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 3% | 3% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | Maximum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.49% | 4.49% |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From Greater Than Or Equal To 0450 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, Guaranteed Minimum Credit Rating | 4.50% | 4.50% |
Policyholder Account Balance | $ 31,560 | $ 31,750 |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 163,522 | 147,415 |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 749 | 715 |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 28,207 | 20,857 |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 103,006 | 94,093 |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From Greater Than Or Equal To 0450 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 31,560 | 31,750 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 626 | $ 602 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Minimum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | rate | 0.0001 | 0.0001 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Maximum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | rate | 0.0050 | 0.0050 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 616 | 592 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 10 | 10 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From Greater Than Or Equal To 0450 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 1,193 | $ 791 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Minimum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | rate | 0.0051 | 0.0051 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Maximum [Member] | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | rate | 0.0150 | 0.0150 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 1,131 | $ 768 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 62 | 23 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From Greater Than Or Equal To 0450 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Policyholder Account Balance, Above Guaranteed Minimum Crediting Rate, Range From 0150 And Greater | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate | rate | 0.0150 | 0.0150 |
Policyholder Account Balance | $ 37,814 | $ 41,087 |
Policyholder Account Balance, Above Guaranteed Minimum Crediting Rate, Range From 0150 And Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0000 To 0149 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 37,814 | 41,087 |
Policyholder Account Balance, Above Guaranteed Minimum Crediting Rate, Range From 0150 And Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0150 To 0299 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Policyholder Account Balance, Above Guaranteed Minimum Crediting Rate, Range From 0150 And Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 0300 To 0449 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Policyholder Account Balance, Above Guaranteed Minimum Crediting Rate, Range From 0150 And Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From Greater Than Or Equal To 0450 | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Policyholders' Liabilities - Po
Policyholders' Liabilities - Policyholder Account Balance (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Policyholder Account Balance [Roll Forward] | ||
Policyholder Account Balance, Ending Balance | $ 203,155 | $ 189,895 |
Supplemental Contracts Without Life Contingencies | ||
Policyholder Account Balance [Roll Forward] | ||
Policyholder Account Balance, Beginning Balance | 32,995 | 23,950 |
Policyholder Account Balance, Issuance | 10,989 | 5,499 |
Policyholder Account Balance, Premium Received | 49 | 26 |
Policyholder Account Balance, Interest Credited | 724 | 490 |
Policyholder Account Balance, Surrender and Withdrawal | 0 | 0 |
Policyholder Account Balance, Benefit Payment | $ 5,364 | $ 1,826 |
Weighted-average crediting rates | 4.03% | 4.08% |
Policyholder Account Balance, Ending Balance | $ 39,393 | $ 28,139 |
Policyholder Account Balance, Cash Surrender Value | 39,393 | 28,139 |
Fixed Annuity | ||
Policyholder Account Balance [Roll Forward] | ||
Policyholder Account Balance, Beginning Balance | 86,807 | 83,917 |
Policyholder Account Balance, Issuance | 1,515 | 1,577 |
Policyholder Account Balance, Premium Received | 2,147 | 2,352 |
Policyholder Account Balance, Interest Credited | 1,335 | 1,314 |
Policyholder Account Balance, Surrender and Withdrawal | 5,246 | 3,981 |
Policyholder Account Balance, Benefit Payment | $ 0 | $ 0 |
Weighted-average crediting rates | 3.57% | 3.60% |
Policyholder Account Balance, Ending Balance | $ 86,558 | $ 85,179 |
Policyholder Account Balance, Cash Surrender Value | 86,558 | 85,179 |
Dividend Accumulations | ||
Policyholder Account Balance [Roll Forward] | ||
Policyholder Account Balance, Beginning Balance | 41,663 | 37,760 |
Policyholder Account Balance, Issuance | 298 | 267 |
Policyholder Account Balance, Premium Received | 2,816 | 2,694 |
Policyholder Account Balance, Interest Credited | 670 | 591 |
Policyholder Account Balance, Surrender and Withdrawal | 2,063 | 1,690 |
Policyholder Account Balance, Benefit Payment | $ 0 | $ 0 |
Weighted-average crediting rates | 3.05% | 3.08% |
Policyholder Account Balance, Ending Balance | $ 43,384 | $ 39,622 |
Policyholder Account Balance, Cash Surrender Value | 43,384 | 39,622 |
Premiums Paid In Advance | ||
Policyholder Account Balance [Roll Forward] | ||
Policyholder Account Balance, Beginning Balance | 34,603 | 38,875 |
Policyholder Account Balance, Issuance | 2,043 | 1,138 |
Policyholder Account Balance, Premium Received | 515 | 332 |
Policyholder Account Balance, Interest Credited | 998 | 521 |
Policyholder Account Balance, Surrender and Withdrawal | 4,339 | 3,911 |
Policyholder Account Balance, Benefit Payment | $ 0 | $ 0 |
Weighted-average crediting rates | 2.97% | 3.07% |
Policyholder Account Balance, Ending Balance | $ 33,820 | $ 36,955 |
Policyholder Account Balance, Cash Surrender Value | $ 33,820 | $ 36,955 |
Policyholders' Account Balance
Policyholders' Account Balance - Reconciliation to Policyholders' Account Balances To The Policyholders' Account Balances' Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Policyholder Account Balance [Line Items] | |||
Annuities | $ 127,485 | $ 121,422 | $ 114,923 |
Premiums paid in advance | 36,432 | $ 36,384 | 39,636 |
Supplemental Contracts Without Life Contingencies | |||
Policyholder Account Balance [Line Items] | |||
Annuities | 39,393 | 28,139 | |
Fixed Annuity | |||
Policyholder Account Balance [Line Items] | |||
Annuities | 86,558 | 85,179 | |
Unearned Revenue Reserve | |||
Policyholder Account Balance [Line Items] | |||
Annuities | 1,534 | 1,605 | |
Premiums Paid In Advance | |||
Policyholder Account Balance [Line Items] | |||
Premiums paid in advance | 33,820 | 36,955 | |
Other | |||
Policyholder Account Balance [Line Items] | |||
Premiums paid in advance | $ 2,612 | $ 2,681 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | |
May 05, 2021 | Jun. 30, 2023 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Initiation Date | May 05, 2021 | |
Line of credit facility term | 3 years | |
Line of Credit Facility, Expiration Date | May 05, 2024 | |
Line of Credit Facility, Current Borrowing Capacity | $ 500,000 | |
Fed Funds Effective Rate Overnight Index Swap Rate | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |
Line of Credit Facility, Commitment Fee Percentage | 0.375% | |
Line of Credit, Current | $ 0 | |
Base Rate | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |
Unfunded Loan Commitment | ||
Financing Receivable, Loan in Process | $ 33,000,000 |
Stockholders' Equity and Rest_2
Stockholders' Equity and Restrictions (Details) | 6 Months Ended | ||
Jun. 30, 2023 shares | Dec. 31, 2022 shares | Mar. 04, 2004 shares | |
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 127,000,000 | ||
class of common stock | 2 | ||
Common Stock Class B [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
Common Stock Class A [Member] | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 25,000,000 |
Changes in Stock (Details)
Changes in Stock (Details) - shares | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 5,262,000 | 4,530,000 | 4,937,000 | 4,138,000 |
Common Stock Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 4,261,005 | 3,935,581 | ||
Stock Issued During Period, Shares, New Issues | 0 | 16,000 | ||
Stock issued for compensation | 106,000 | 81,000 | ||
Acquisition of Class A shares | 0 | 0 | ||
Treasury Stock, Shares, Acquired | 325,000 | 392,000 | ||
Shares, Issued | 53,864,000 | 53,742,000 | 53,758,000 | 53,170,000 |
Common Stock Class A [Member] | Stock Investment Plan | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | 475,000 | ||
Common Stock Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 1,001,714 | 1,001,714 | ||
Stock Issued During Period, Shares, New Issues | 0 | 0 | ||
Stock issued for compensation | 0 | 0 | ||
Acquisition of Class A shares | 0 | 0 | ||
Shares, Issued | 1,002,000 | 1,002,000 | 1,002,000 | 1,002,000 |
Common Stock Class B [Member] | Stock Investment Plan | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | ||
Treasury Stock, Common [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | ||
Stock issued for compensation | 0 | 0 | ||
Treasury Stock, Common [Member] | Stock Investment Plan | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator [Abstract] | ||||||
Net income (loss) | $ 6,126 | $ 4,872 | $ 2,492 | $ 6,449 | $ 10,998 | $ 8,941 |
Common Stock Class A [Member] | ||||||
Numerator [Abstract] | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | 6,126 | 2,492 | 10,998 | 8,941 | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 6,126 | $ 2,492 | $ 10,998 | $ 8,941 | ||
Denominator [Abstract] | ||||||
Weighted Average Number of Shares Outstanding, Basic | 49,758 | 50,373 | 49,791 | 50,278 | ||
Weighted Average Number of Shares Outstanding, Diluted | 50,552 | 51,065 | 50,584 | 50,970 | ||
Earnings Per Share, Basic | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 | ||
Earnings Per Share, Diluted | $ 0.12 | $ 0.05 | $ 0.22 | $ 0.18 |
Capital and Surplus (Details)
Capital and Surplus (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Apr. 15, 2021 | |
Statutory Accounting Practices [Line Items] | ||
Description of Regulatory Capital Requirements under Insurance Regulations | All domestic insurance subsidiaries exceeded the minimum capital requirements | |
Minimum Capital Level, Percent | 120% | |
Maximum Capital Contribution | $ 10 | |
PUERTO RICO | ||
Statutory Accounting Practices [Line Items] | ||
Description of Regulatory Capital Requirements under Insurance Regulations | CICA PR is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1 | |
BERMUDA | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | CICA International’s capital level currently exceeds 120% |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 2 | |||
Segment reporting, measurement differences between segment and consolidated income (loss) | The Company's Other Non-Insurance Enterprises is the only reportable difference between segments and consolidated operations. | |||
Revenues: | ||||
Premiums | $ 39,726 | $ 42,224 | $ 77,975 | $ 81,588 |
Net investment income | 17,241 | 15,892 | 34,315 | 31,379 |
Investment related gains (losses), net | 703 | (5,016) | 415 | (5,598) |
Other income | 857 | 634 | 1,736 | 1,722 |
Total revenues | 58,527 | 53,734 | 114,441 | 109,091 |
Insurance benefits paid or provided: | ||||
Claims and surrenders | 32,776 | 27,097 | 63,075 | 55,531 |
Increase (decrease) in future policy benefit reserves | (944) | 3,730 | (1,922) | 3,844 |
Policyholder liability remeasurement (gain) loss | 956 | 667 | 1,836 | 1,335 |
Policyholders' dividends | 1,261 | 1,515 | 2,369 | 2,868 |
Total insurance benefits paid or provided | 34,049 | 33,009 | 65,358 | 63,578 |
Commissions | 8,883 | 8,924 | 17,896 | 16,597 |
Other general expenses | 12,268 | 10,400 | 23,528 | 21,430 |
Capitalization of deferred policy acquisition costs | (6,544) | (6,184) | (12,902) | (10,965) |
Amortization of deferred policy acquisition costs | 3,674 | 3,468 | 7,488 | 7,027 |
Amortization of cost of insurance acquired | 153 | 151 | 314 | 280 |
Total benefits and expenses | 52,483 | 49,768 | 101,682 | 97,947 |
Net income (loss) before taxes | 6,044 | 3,966 | 12,759 | 11,144 |
Life Insurance: | ||||
Revenues: | ||||
Premiums | 28,773 | 29,834 | 54,980 | 56,765 |
Net investment income | 13,498 | 12,347 | 26,809 | 24,318 |
Investment related gains (losses), net | 738 | (3,984) | 301 | (4,277) |
Other income | 856 | 633 | 1,735 | 1,721 |
Total revenues | 43,865 | 38,830 | 83,825 | 78,527 |
Insurance benefits paid or provided: | ||||
Claims and surrenders | 26,968 | 21,568 | 51,407 | 43,026 |
Increase (decrease) in future policy benefit reserves | (1,863) | 3,006 | (3,683) | 4,382 |
Policyholder liability remeasurement (gain) loss | 885 | 580 | 1,701 | 994 |
Policyholders' dividends | 1,255 | 1,509 | 2,356 | 2,859 |
Total insurance benefits paid or provided | 27,245 | 26,663 | 51,781 | 51,261 |
Commissions | 4,765 | 4,792 | 9,524 | 8,598 |
Other general expenses | 5,646 | 5,358 | 11,105 | 11,049 |
Capitalization of deferred policy acquisition costs | (4,457) | (4,307) | (8,817) | (7,613) |
Amortization of deferred policy acquisition costs | 3,167 | 2,950 | 6,329 | 5,970 |
Amortization of cost of insurance acquired | 26 | 38 | 58 | 62 |
Total benefits and expenses | 36,392 | 35,494 | 69,980 | 69,327 |
Net income (loss) before taxes | 7,473 | 3,336 | 13,845 | 9,200 |
Home Service Insurance: | ||||
Revenues: | ||||
Premiums | 10,953 | 12,390 | 22,995 | 24,823 |
Net investment income | 3,450 | 3,283 | 6,920 | 6,527 |
Investment related gains (losses), net | (12) | (925) | 87 | (1,167) |
Other income | 1 | 1 | 1 | 1 |
Total revenues | 14,392 | 14,749 | 30,003 | 30,184 |
Insurance benefits paid or provided: | ||||
Claims and surrenders | 5,808 | 5,529 | 11,668 | 12,505 |
Increase (decrease) in future policy benefit reserves | 919 | 724 | 1,761 | (538) |
Policyholder liability remeasurement (gain) loss | 71 | 87 | 135 | 341 |
Policyholders' dividends | 6 | 6 | 13 | 9 |
Total insurance benefits paid or provided | 6,804 | 6,346 | 13,577 | 12,317 |
Commissions | 4,118 | 4,132 | 8,372 | 7,999 |
Other general expenses | 4,299 | 3,515 | 8,767 | 7,865 |
Capitalization of deferred policy acquisition costs | (2,087) | (1,877) | (4,085) | (3,352) |
Amortization of deferred policy acquisition costs | 507 | 518 | 1,159 | 1,057 |
Amortization of cost of insurance acquired | 127 | 113 | 256 | 218 |
Total benefits and expenses | 13,768 | 12,747 | 28,046 | 26,104 |
Net income (loss) before taxes | 624 | 2,002 | 1,957 | 4,080 |
Other Non-Insurance Enterprise [Member] | ||||
Revenues: | ||||
Premiums | 0 | 0 | 0 | 0 |
Net investment income | 293 | 262 | 586 | 534 |
Investment related gains (losses), net | (23) | (107) | 27 | (154) |
Other income | 0 | 0 | 0 | 0 |
Total revenues | 270 | 155 | 613 | 380 |
Insurance benefits paid or provided: | ||||
Claims and surrenders | 0 | 0 | 0 | 0 |
Increase (decrease) in future policy benefit reserves | 0 | 0 | 0 | 0 |
Policyholder liability remeasurement (gain) loss | 0 | 0 | 0 | 0 |
Policyholders' dividends | 0 | 0 | 0 | 0 |
Total insurance benefits paid or provided | 0 | 0 | 0 | 0 |
Commissions | 0 | 0 | 0 | 0 |
Other general expenses | 2,323 | 1,527 | 3,656 | 2,516 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Amortization of cost of insurance acquired | 0 | 0 | 0 | 0 |
Total benefits and expenses | 2,323 | 1,527 | 3,656 | 2,516 |
Net income (loss) before taxes | $ (2,053) | $ (1,372) | $ (3,043) | $ (2,136) |
Income Taxes (Current) (Details
Income Taxes (Current) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Federal Statutory Income Tax Rate | (1.40%) | 37.20% | 13.80% | 19.80% |
Effective income tax rate, foreign income tax rate, percent | 0% | |||
Other Comprehensive Income (Loss) | ||||
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 3.9 | $ 3.9 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Reclassification adjustment for losses (gains) included in net income (loss) | $ 24 | $ (24) | $ 62 | $ 35 | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (20,406) | (119,555) | 23,068 | (252,261) | ||
Change in current discount rate for liability for future policy benefits | 6,251 | 120,437 | (14,229) | 272,044 | ||
Income tax expense (benefit) on other comprehensive income items | (1,257) | 4,634 | 158 | 6,346 | ||
Other comprehensive income (loss) | (12,898) | $ 21,579 | (3,752) | $ 17,189 | 8,681 | 13,437 |
AOCI Including Portion Attributable to Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Unrealized holding gains (losses) arising during period | (20,430) | (119,531) | 23,006 | (252,296) | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | (1,111) | (4,435) | 1,169 | (13,392) | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (19,319) | (115,096) | 21,837 | (238,904) | ||
Reclassification adjustment for losses (gains) included in net income (loss) | 24 | (24) | 62 | 35 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (5) | 5 | (13) | (7) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 19 | (19) | 49 | 28 | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (20,406) | (119,555) | 23,068 | (252,261) | ||
Income tax expense (benefit) on other comprehensive income items | (1,106) | (4,440) | 1,182 | (13,385) | ||
Unrealized investment gains (losses), net | (19,300) | (115,115) | 21,886 | (238,876) | ||
Change in current discount rate for liability for future policy benefits | 6,251 | 120,437 | (14,229) | 272,044 | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax | (151) | 9,074 | (1,024) | 19,731 | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 6,402 | 111,363 | (13,205) | 252,313 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (14,155) | 882 | 8,839 | 19,783 | ||
Income tax expense (benefit) on other comprehensive income items | (1,257) | 4,634 | 158 | 6,346 | ||
Other comprehensive income (loss) | $ (12,898) | $ (3,752) | $ 8,681 | $ 13,437 |