Globe Life (GL) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	TORCHMARK CORP
Entity Central Index Key	320,335
Trading Symbol	TMK
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		119,768,489

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2016—$13,778,254 ;2015–$13,251,871)	$ 15,440,090	$ 13,758,024
Policy loans	501,555	492,462
Other long-term investments	58,377	38,438
Short-term investments	48,581	54,766
Total investments	16,048,603	14,343,690
Cash	49,678	61,383
Accrued investment income	216,443	209,915
Other receivables	358,686	344,552
Deferred acquisition costs	3,698,449	3,617,135
Goodwill	441,591	441,591
Other assets	509,790	522,104
Assets related to discontinued operations	250,800	312,843
Total assets	21,574,040	19,853,213
Liabilities:
Future policy benefits	12,544,683	12,245,811
Unearned and advance premiums	72,649	67,021
Policy claims and other benefits payable	265,712	272,898
Other policyholders’ funds	96,184	95,988
Total policy liabilities	12,979,228	12,681,718
Current and deferred income taxes payable	1,887,091	1,450,888
Other liabilities	349,631	380,158
Short-term debt	286,011	490,129
Long-term debt (estimated fair value: 2016–$1,278,375; 2015–$856,291)	1,133,928	743,733
Liabilities related to discontinued operations	60,393	51,035
Total liabilities	16,696,282	15,797,661
Commitments and Contingencies
Preferred stock, par value $1 per share–Authorized 5,000,000 shares; outstanding: -0- in 2016 and in 2015	0	0
Common stock, par value $1 per share–Authorized 320,000,000 shares; outstanding: (2016–130,218,183 issued, less 10,365,271 held in treasury and 2015–130,218,183 issued, less 7,848,231 held in treasury)	130,218	130,218
Additional paid-in capital	489,726	482,284
Accumulated other comprehensive income	989,157	231,947
Retained earnings	3,817,666	3,614,369
Treasury stock, at cost	(549,009)	(403,266)
Total shareholders’ equity	4,877,758	4,055,552
Total liabilities and shareholders’ equity	$ 21,574,040	$ 19,853,213

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 13,778,254	$ 13,251,871
Long-term debt, fair value	$ 1,278,375	$ 856,291
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares issued	130,218,183	130,218,183
Common stock, shares held in treasury	10,365,271	7,848,231

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016	[1]	Jun. 30, 2015	[2]	Jun. 30, 2016	[1]	Jun. 30, 2015	[2]
Revenue:
Life premium	$ 548,590		$ 520,038		$ 1,092,741		$ 1,033,380
Health premium	237,252		232,409		472,949		461,082
Other premium	13		37		25		78
Total premium	785,855		752,484		1,565,715		1,494,540
Net investment income	201,642		194,823		398,695		386,419
Realized investment gains	4,005		2,613		4,298		2,732
Other income	382		691		803		1,360
Total revenue	991,884		950,611		1,969,511		1,885,051
Benefits and expenses:
Life policyholder benefits	369,342		347,364		732,202		687,065
Health policyholder benefits	153,261		151,198		306,036		299,227
Other policyholder benefits	8,882		9,754		18,220		19,799
Total policyholder benefits	531,485		508,316		1,056,458		1,006,091
Amortization of deferred acquisition costs	117,245		111,738		236,051		222,398
Commissions, premium taxes, and non-deferred acquisition costs	62,854		59,132		124,456		116,237
Other operating expense	57,846		55,588		115,275		110,951
Interest expense	23,110		19,114		42,479		38,174
Total benefits and expenses	792,540		753,888		1,574,719		1,493,851
Income before income taxes	199,344		196,723		394,792		391,200
Income taxes	(60,050)		(64,196)		(121,924)		(127,895)
Income from continuing operations	139,294		132,527		272,868		263,305
Discontinued operations:
Income (loss) from discontinued operations, net of tax	(865)		(5,417)		(10,406)		(14,547)
Net income	$ 138,429		$ 127,110		$ 262,462		$ 248,758
Basic net income per share:
Continuing operations (in dollars per share)	$ 1.16		$ 1.05		$ 2.26		$ 2.08
Discontinued operations (in dollars per share)	(0.01)		(0.04)		(0.09)		(0.11)
Total basic net income per common share (in dollars per share)	1.15		1.01		2.17		1.97
Diluted net income per share:
Continuing operations (in dollars per share)	1.13		1.04		2.22		2.06
Discontinued operations (in dollars per share)	0		(0.04)		(0.09)		(0.12)
Total diluted net income per common share (in dollars per share)	1.13		1		2.13		1.94
Dividends declared per common share (in dollars per share)	$ 0.14		$ 0.14		$ 0.28		$ 0.27
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Net income	$ 138,429	[1]	$ 127,110	[2]	$ 262,462	[1]	$ 248,758	[2]
Unrealized gains (losses) on securities:
Total unrealized investment gains (losses)	692,615		(940,541)		1,157,208		(677,165)
Less applicable (taxes) benefits	(242,401)		328,996		(404,990)		236,865
Unrealized investment gains (losses), net of tax	450,214		(611,545)		752,218		(440,300)
Unrealized gains (losses) attributable to deferred acquisition costs	(2,681)		2,953		(5,450)		3,605
Less applicable (taxes) benefits	938		(1,034)		1,907		(1,262)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax	(1,743)		1,919		(3,543)		2,343
Foreign exchange translation adjustments, other than securities	5,382		(4,845)		7,142		(13,536)
Less applicable (taxes) benefits	(1,898)		1,774		(2,438)		4,503
Foreign exchange translation adjustments, other than securities, net of tax	3,484		(3,071)		4,704		(9,033)
Pension adjustments	2,656		3,653		5,894		7,472
Less applicable (taxes) benefits	(929)		(1,278)		(2,063)		(2,615)
Pension adjustments, net of tax	1,727		2,375		3,831		4,857
Other comprehensive income (loss)	453,682		(610,322)		757,210		(442,133)
Comprehensive income (loss)	592,111		(483,212)		1,019,672		(193,375)
Securities [Member]
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during period	695,984		(935,288)		1,161,141		(668,706)
Reclassification adjustment for (gains) losses on securities included in net income	(3,983)		(1,479)		(4,296)		(1,598)
Reclassification adjustment for amortization of (discount) and premium	(1,204)		(1,599)		(2,568)		(3,271)
Foreign exchange adjustment on securities recorded at fair value	593		1,295		1,048		(1,263)
Unrealized gains (losses) on securities	691,390		(937,071)		1,155,325		(674,838)
Other Investments [Member]
Unrealized gains (losses) on securities:
Unrealized gains (losses) on other investments	$ 1,225		$ (3,470)		$ 1,883		$ (2,327)
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Stockholders' equity, beginning balance at Dec. 31, 2014	$ 4,697,466	$ 0	$ 134,218	$ 457,613	$ 997,452	$ 3,376,846	$ (268,663)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	(193,375)				(442,133)	248,758
Common dividends declared ($.27 in 2015 and $.28 in 2016)	(34,004)					(34,004)
Acquisition of treasury stock	(211,567)						(211,567)
Stock-based compensation	15,040			8,189		(2,132)	8,983
Exercise of stock options	32,496			10,989		(20,753)	42,260
Stockholders' equity, ending balance at Jun. 30, 2015	4,306,056	0	134,218	476,791	555,319	3,568,715	(428,987)
Stockholders' equity, beginning balance at Mar. 31, 2015					1,165,641
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	(483,212)
Stockholders' equity, ending balance at Jun. 30, 2015	4,306,056	0	134,218	476,791	555,319	3,568,715	(428,987)
Stockholders' equity, beginning balance at Dec. 31, 2015	4,055,552	0	130,218	482,284	231,947	3,614,369	(403,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	1,019,672				757,210	262,462
Common dividends declared ($.27 in 2015 and $.28 in 2016)	(33,766)					(33,766)
Acquisition of treasury stock	(202,975)						(202,975)
Stock-based compensation	13,989			7,442		(2,224)	8,771
Exercise of stock options	25,286					(23,175)	48,461
Stockholders' equity, ending balance at Jun. 30, 2016	4,877,758	0	130,218	489,726	989,157	3,817,666	(549,009)
Stockholders' equity, beginning balance at Mar. 31, 2016					535,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive income (loss)	592,111
Stockholders' equity, ending balance at Jun. 30, 2016	$ 4,877,758	$ 0	$ 130,218	$ 489,726	$ 989,157	$ 3,817,666	$ (549,009)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.14	[1]	$ 0.14	[2]	$ 0.28	[1]	$ 0.27	[2]
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Cash provided from operating activities		$ 604,935	$ 454,121
Investments sold or matured:
Fixed maturities available for sale—sold		51,299	14,287
Fixed maturities available for sale—matured, called, and repaid		92,475	213,989
Other long-term investments		1,394	431
Total long-term investments sold or matured		145,168	228,707
Acquisition of investments:
Fixed maturities—available for sale		(651,267)	(541,875)
Other long-term investments		(21,762)	(1,886)
Total investments acquired		(673,029)	(543,761)
Net (increase) in policy loans		(9,093)	(7,844)
Net (increase) decrease in short-term investments		6,185	(12,813)
Net change in payable or receivable for securities		(711)	4,980
Additions to property and equipment		(6,740)	(13,949)
Investment in low-income housing interests		(9,260)	(11,954)
Cash from (used for) investing activities		(547,480)	(356,634)
Cash provided from (used for) financing activities:
Issuance of common stock		25,286	21,507
Cash dividends paid to shareholders		(33,478)	(33,306)
Repayment of 6.375% Notes		(250,000)	0
Issuance of Term Loan		100,000	0
Issuance of 6.125% Junior Subordinated Debentures		300,000	0
Issue expenses of debt offering		(9,638)	0
Net borrowing (repayment) of commercial paper		45,010	148,970
Excess tax benefit from stock option exercises	[1]	0	10,989
Acquisition of treasury stock		(202,975)	(211,567)
Net receipts (payments) from deposit-type product		(38,193)	(42,815)
Cash provided from (used for) financing activities		(63,988)	(106,222)
Effect of foreign exchange rate changes on cash		(5,172)	5,565
Net increase (decrease) in cash		(11,705)	(3,170)
Cash at beginning of year		61,383	66,019
Cash at end of period		49,678	$ 62,849
New Accounting Pronouncement, Early Adoption, Effect [Member]
Cash provided from (used for) financing activities:
Excess tax benefit from stock option exercises		$ 7,000
[1]	Due to the prospective adoption of ASU 2016-09, the excess tax benefits from stock option exercises of $7 million at June 30, 2016 were presented as a component of operating activities in the same manner as other cash flows related to income taxes. The 2015 balance of $11 million, under the previous guidance, remains in the financing activities section. See further discussion at Note 2—New Accounting Standards.

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	Jun. 30, 2016	Apr. 05, 2016	Jun. 30, 2015
Senior Notes due June 15, 2016 [Member] | Senior Notes [Member]
Stated interest rate (percent)	6.375%	6.375%	6.375%
Junior Subordinated Debentures due 2056 [Member] | Junior Subordinated Debt [Member]
Stated interest rate (percent)	6.125%	6.125%	6.125%

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation: The accompanying condensed consolidated financial statements of Torchmark Corporation (Torchmark or alternatively, the Company) have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the annual disclosures required by accounting principles generally accepted in the United States of America (GAAP). However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at June 30, 2016 , and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2016 and 2015 . The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2016.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Accounting Pronouncements Adopted ASU 2014-15 : In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (ASU 2014-15). This accounting standard requires management to perform interim and annual assessments of the entity's ability to continue its business operations within one year of the date of issuance of its financial statements. The Company must then provide certain disclosure if there is substantial doubt about its ability to continue as a going concern. As of January 1, 2016, the Company adopted this standard with no impact to the financial statements. ASU 2016-09 : In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) to simplify certain aspects of accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification in the statement of cash flows; and (c) accounting for forfeitures. Torchmark elected to early adopt this standard as of January 1, 2016, as permitted. This new accounting standard primarily affects Torchmark's computations of net income and diluted shares outstanding and thus earnings per share. While the intent of the adoption of this guidance is simplification, inherent changes in future share prices and volume of stock option exercises are expected to result in increased volatility in net income and earnings per share in future periods. As provided by the new standard, the adoption is prospective and thus will impact only 2016 and future periods. Below is a listing of the effects of the adoption of this guidance: • Condensed consolidated statement of operations: For the three months ended June 30, 2016 , the Company recorded $5 million in excess tax benefits as a component of income taxes, which resulted in an increase in net income as compared with the three months ended June 30, 2015 when the excess tax benefits of $6 million were recorded as a component of additional paid-in capital on the balance sheet. For the six months ended June 30, 2016 , the Company recorded $7 million in excess tax benefits as a component of income taxes as compared with $11 million recorded as a component of additional paid-in-capital on the balance sheet for the same period in the prior year. • Weighted average diluted shares: The weighted average diluted shares outstanding were adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change resulted in diluted weighted average shares outstanding of 122.7 million for the quarter ended June 30, 2016 , as compared with 121.9 million under the previous guidance. For the six months ended June 30, 2016 , the weighted average diluted shares outstanding were 123.0 million as compared with 122.3 million under the previous guidance. • Earnings per share: The adoption resulted in a $0.03 increase in earnings per share for the three months ended June 30, 2016 and a $0.04 increase for the six months ended June 30, 2016 . • Condensed consolidated statement of cash flows: The excess tax benefits related to share-based payments of $7 million were presented as a component of operating activities in the same manner as other cash flows related to income taxes. In prior years, the excess tax benefits were reclassified from operating activities to financing activities. The prior period amounts were not adjusted. Accounting Pronouncements Not Yet Adopted ASU 2016-02: In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), (ASU 2016-02) which requires all lessees to report a right-of-use asset and a lease liability for most leases. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The standard will become effective for the Company beginning January 1, 2019 and will require recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the standard to determine its impact. ASU 2016-13: In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments as well as to change the loss impairment methodology for available-for-sale debt securities. The standard will become effective on January 1, 2020. The applicable section of the standard related to debt securities requires a prospective transition. The Company does not expect the adoption to have a significant impact on the financial statements.

Supplemental Information about

Supplemental Information about Changes to Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Supplemental Information about Changes to Accumulated Other Comprehensive Income	Supplemental Information about Changes to Accumulated Other Comprehensive Income An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2016 and 2015 . Components of Accumulated Other Comprehensive Income Three Months Ended June 30, 2016 Available Deferred Foreign Pension Total Balance at April 1, 2016 $ 634,337 $ (6,915 ) $ 4,847 $ (96,794 ) $ 535,475 Other comprehensive income (loss) before reclassifications, net of tax 453,586 (1,743 ) 3,484 69 455,396 Reclassifications, net of tax (3,372 ) — — 1,658 (1,714 ) Other comprehensive income (loss) 450,214 (1,743 ) 3,484 1,727 453,682 Balance at June 30, 2016 $ 1,084,551 $ (8,658 ) $ 8,331 $ (95,067 ) $ 989,157 Three Months Ended June 30, 2015 Available Deferred Foreign Pension Total Balance at April 1, 2015 $ 1,261,518 $ (10,334 ) $ 11,424 $ (96,967 ) $ 1,165,641 Other comprehensive income (loss) before reclassifications, net of tax (609,544 ) 1,919 (3,071 ) — (610,696 ) Reclassifications, net of tax (2,001 ) — — 2,375 374 Other comprehensive income (loss) (611,545 ) 1,919 (3,071 ) 2,375 (610,322 ) Balance at June 30, 2015 $ 649,973 $ (8,415 ) $ 8,353 $ (94,592 ) $ 555,319 Components of Accumulated Other Comprehensive Income Six Months Ended June 30, 2016 Available Deferred Foreign Pension Total Balance at January 1, 2016 $ 332,333 $ (5,115 ) $ 3,627 $ (98,898 ) $ 231,947 Other comprehensive income (loss) before reclassifications, net of tax 756,680 (3,543 ) 4,704 514 758,355 Reclassifications, net of tax (4,462 ) — — 3,317 (1,145 ) Other comprehensive income (loss) 752,218 (3,543 ) 4,704 3,831 757,210 Balance at June 30, 2016 $ 1,084,551 $ (8,658 ) $ 8,331 $ (95,067 ) $ 989,157 Six Months Ended June 30, 2015 Available Deferred Foreign Pension Total Balance at January 1, 2015 $ 1,090,273 $ (10,758 ) $ 17,386 $ (99,449 ) $ 997,452 Other comprehensive income (loss) before reclassifications, net of tax (437,135 ) 2,343 (9,033 ) 117 (443,708 ) Reclassifications, net of tax (3,165 ) — — 4,740 1,575 Other comprehensive income (loss) (440,300 ) 2,343 (9,033 ) 4,857 (442,133 ) Balance at June 30, 2015 $ 649,973 $ (8,415 ) $ 8,353 $ (94,592 ) $ 555,319 Reclassifications out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2016 and 2015 . Reclassification Adjustments Three Months Ended Six Months Ended Affected line items in the Statement of Operations 2016 2015 2016 2015 Unrealized investment gains (losses) on available for sale assets: Realized (gains) losses $ (3,983 ) $ (1,479 ) $ (4,296 ) $ (1,598 ) Realized investment gains (losses) Amortization of (discount) premium (1,204 ) (1,599 ) (2,568 ) (3,271 ) Net investment income Total before tax (5,187 ) (3,078 ) (6,864 ) (4,869 ) Tax 1,815 1,077 2,402 1,704 Income Taxes Total after tax (3,372 ) (2,001 ) (4,462 ) (3,165 ) Pension adjustments: Amortization of prior service cost 120 82 240 163 Other operating expenses Amortization of actuarial gain (loss) 2,431 3,571 4,863 7,128 Other operating expenses Total before tax 2,551 3,653 5,103 7,291 Tax (893 ) (1,278 ) (1,786 ) (2,551 ) Income Taxes Total after tax 1,658 2,375 3,317 4,740 Total reclassifications (after tax) $ (1,714 ) $ 374 $ (1,145 ) $ 1,575

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Portfolio Composition: A summary of fixed maturities available for sale by cost or amortized cost and estimated fair value at June 30, 2016 is as follows: Portfolio Composition as of June 30, 2016 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (1) % of Total Fixed Maturities (2) Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,528 $ 33,040 $ (432 ) $ 413,136 3 States, municipalities, and political subdivisions 1,277,303 184,320 (199 ) 1,461,424 10 Foreign governments 22,468 2,773 — 25,241 — Corporates, by sector: Financial 2,800,108 388,055 (48,336 ) 3,139,827 20 Utilities 1,950,172 377,501 (7,370 ) 2,320,303 15 Energy 1,566,871 114,956 (83,315 ) 1,598,512 10 Other corporate sectors 5,250,898 701,948 (55,123 ) 5,897,723 39 Total corporates 11,568,049 1,582,460 (194,144 ) 12,956,365 84 Collateralized debt obligations 62,174 13,617 (11,728 ) 64,063 — Other asset-backed securities 56,914 1,989 — 58,903 — Redeemable preferred stocks, by sector: Financial 382,195 52,900 (4,754 ) 430,341 3 Utilities 28,623 1,994 — 30,617 — Total redeemable preferred stocks 410,818 54,894 (4,754 ) 460,958 3 Total fixed maturities $ 13,778,254 $ 1,873,093 $ (211,257 ) $ 15,440,090 100 (1) Amounts reported on the balance sheet. (2) At fair value. A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2016 is shown below on an amortized cost basis and on a fair value basis. Actual maturity dates could differ from contractual maturities due to call or prepayment provisions. Amortized Fair Value Fixed maturities available for sale: Due in one year or less $ 48,012 $ 48,366 Due from one to five years 612,267 666,057 Due from five to ten years 1,047,056 1,175,885 Due from ten to twenty years 4,027,521 4,622,554 Due after twenty years 7,922,723 8,802,523 Mortgage-backed and asset-backed securities 120,675 124,705 $ 13,778,254 $ 15,440,090 Selected information about sales of fixed maturities available for sale is as follows. Six Months Ended June 30, 2016 2015 Proceeds from sales $ 51,299 $ 14,287 Gross realized gains 3,556 82 Gross realized losses (214 ) (104 ) Fair Value Measurements : The following table represents the fair value of fixed maturities available for sale measured on a recurring basis. Fair Value Measurements at June 30, 2016 Using: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 18 $ 413,118 $ — $ 413,136 States, municipalities, and political subdivisions — 1,461,424 — 1,461,424 Foreign governments — 25,241 — 25,241 Corporates, by sector: Financial — 3,076,036 63,791 3,139,827 Utilities 12,008 2,168,991 139,304 2,320,303 Energy — 1,569,212 29,300 1,598,512 Other corporate sectors — 5,560,953 336,770 5,897,723 Total corporates 12,008 12,375,192 569,165 12,956,365 Collateralized debt obligations — — 64,063 64,063 Other asset-backed securities — 58,903 — 58,903 Redeemable preferred stocks, by sector: Financial 10,168 420,173 — 430,341 Utilities — 30,617 — 30,617 Total redeemable preferred stocks 10,168 450,790 — 460,958 Total fixed maturities $ 22,194 $ 14,784,668 $ 633,228 $ 15,440,090 Percent of total 0.1 % 95.8 % 4.1 % 100 % The following table represents an analysis of changes in fair value measurements using significant unobservable inputs (Level 3). Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2016 Collateralized Corporates (1) Total Balance at January 1, 2016 $ 70,382 $ 530,806 $ 601,188 Total gains or losses: Included in realized gains/losses — — — Included in other comprehensive income (4,831 ) 24,291 19,460 Acquisitions — 15,800 15,800 Sales — — — Amortization 2,639 8 2,647 Other (2) (4,127 ) (1,740 ) (5,867 ) Transfers in and/or out of Level 3 (3) — — — Balance at June 30, 2016 $ 64,063 $ 569,165 $ 633,228 Percent of total fixed maturities 0.4 % 3.7 % 4.1 % Six Months Ended June 30, 2015 Collateralized Corporates (1) Total Balance at January 1, 2015 $ 63,232 $ 512,714 $ 575,946 Total gains or losses: Included in realized gains/losses — — — Included in other comprehensive income 13,531 (8,426 ) 5,105 Acquisitions — 19,400 19,400 Sales — — — Amortization 2,810 7 2,817 Other (2) (5,905 ) (1,666 ) (7,571 ) Transfers in and/or out of Level 3 (3) — — — Balance at June 30, 2015 $ 73,668 $ 522,029 $ 595,697 Percent of total fixed maturities 0.5 % 3.7 % 4.2 % (1) Includes redeemable preferred stocks. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. Other-Than-Temporary Impairments: Based on the Company's evaluation of its fixed maturities available for sale in an unrealized loss position in accordance with the other-than-temporary impairment (OTTI) policy, the Company concluded that there were no other-than-temporary impairments during the three or six month periods ended June 30, 2016 and 2015 , respectively. As of quarter end, previously written down securities remaining in the portfolio were carried at a fair value of $56 million , or less than 1% of the fair value of the fixed maturity available for sale portfolio. Torchmark is continuously monitoring the market conditions impacting its portfolio. Additionally, Torchmark has the ability and intent to hold these investments to recovery, and does not expect to be required to sell any of its securities. Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIP numbers) held: As of June 30, 2016 43 126 169 As of December 31, 2015 480 75 555 Torchmark’s entire fixed maturity portfolio consisted of 1,573 issues at June 30, 2016 and 1,565 issues at December 31, 2015 . The weighted average quality rating of all unrealized loss positions as of June 30, 2016 was BB+ . The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2016 for the period of time in a loss position. Torchmark considers these investments to be only temporarily impaired. Analysis of Gross Unrealized Investment Losses At June 30, 2016 Less than Twelve Months Twelve Months or Longer Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Investment grade securities: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 39 $ — $ 1,543 $ (432 ) $ 1,582 $ (432 ) States, municipalities and political subdivisions — — 699 (9 ) 699 (9 ) Corporates, by sector: Financial 67,965 (6,462 ) 80,657 (4,848 ) 148,622 (11,310 ) Utilities — — 101,395 (7,370 ) 101,395 (7,370 ) Energy 141,343 (4,750 ) 336,085 (40,163 ) 477,428 (44,913 ) Other corporate sectors 70,799 (3,130 ) 194,464 (11,226 ) 265,263 (14,356 ) Total corporates 280,107 (14,342 ) 712,601 (63,607 ) 992,708 (77,949 ) Redeemable preferred stocks, by sector: Financial 3,995 (5 ) — — 3,995 (5 ) Total redeemable preferred stocks 3,995 (5 ) — — 3,995 (5 ) Total investment grade securities 284,141 (14,347 ) 714,843 (64,048 ) 998,984 (78,395 ) Below investment grade securities: Bonds: States, municipalities and political subdivisions — — 363 (190 ) 363 (190 ) Corporates, by sector: Financial — — 68,751 (37,026 ) 68,751 (37,026 ) Energy 22,465 (1,337 ) 98,134 (37,065 ) 120,599 (38,402 ) Other corporate sectors 77,363 (11,922 ) 159,670 (28,845 ) 237,033 (40,767 ) Total corporates 99,828 (13,259 ) 326,555 (102,936 ) 426,383 (116,195 ) Collateralized debt obligations — — 8,272 (11,728 ) 8,272 (11,728 ) Redeemable preferred stocks, by sector: Financial — — 22,394 (4,749 ) 22,394 (4,749 ) Total redeemable preferred stocks — — 22,394 (4,749 ) 22,394 (4,749 ) Total below investment grade securities 99,828 (13,259 ) 357,584 (119,603 ) 457,412 (132,862 ) Total fixed maturities $ 383,969 $ (27,606 ) $ 1,072,427 $ (183,651 ) $ 1,456,396 $ (211,257 )

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations At December 31, 2015, Torchmark met the criteria to account for its Medicare Part D Prescription Drug Plan business as a discontinued operation. Historically, the business was a reportable segment. Subsequent to the end of the quarter and effective July 1, 2016, Torchmark entered into an agreement to sell its Medicare Part D Prescription Drug Plan business to SilverScript Insurance Company, a subsidiary of CVS Health Corporation (collectively, the "Buyer"). Management believes this sale will allow the Company to better focus on its core protection life and health insurance businesses, and provide additional capital. The initial purchase price was based on the number of enrollees as of the end of the second quarter and will be adjusted based on the number of enrollees as of January 1, 2017 as determined by Center for Medicare Services (CMS) in March 2017. The net proceeds from the sale, including selling costs, are expected to approximate the $17 million of deferred acquisition costs related to the Medicare Part D business as of June 30, 2016 . Accordingly, the net impact of the sale on Torchmark’s financial statements is expected to be insignificant. Torchmark will retain certain assets and liabilities related to the Medicare Part D business including all corresponding profits or losses for the 2016 plan year. The Buyer will assume the rights and obligations related to the business for all subsequent plan years. To ensure an orderly transition, Torchmark will administer the plans for the remainder of 2016, and the Buyer will be responsible for administration of the plans beginning in 2017. The remaining assets and liabilities reflected on the Torchmark balance sheet related to discontinued operations are receivables and payables that are expected to be settled in the ordinary course of business during 2016 and 2017. At June 30, 2016 , Torchmark recorded the business as a discontinued operation. The net assets related to discontinued operations at June 30, 2016 and December 31, 2015 were as follows: June 30, December 31, 2015 Assets: Due premiums $ 8,107 $ 8,041 Risk sharing receivable 301 — Other receivables (1) 225,708 287,765 Deferred acquisition costs 16,684 17,037 Total assets related to discontinued operations 250,800 312,843 Liabilities: Unearned and advance premiums 3,150 806 Policy claims and other benefits payable 12,751 12,309 Risk sharing payable 23,536 23,837 Current and deferred income taxes payable 18,155 13,604 Other 2,801 479 Total liabilities related to discontinued operations 60,393 51,035 Net assets $ 190,407 $ 261,808 (1) At June 30, 2016 , receivables included $201 million from Centers for Medicare and Medicaid Services (CMS) and $25 million from drug manufacturer rebates. At December 31, 2015 , the comparable amounts were $193 million and $95 million , respectively. Income from discontinued operations for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenue: Health premium $ 56,774 $ 83,083 $ 111,473 $ 171,175 Benefits and expenses: Health policyholder benefits 51,871 83,977 113,352 178,099 Amortization of deferred acquisition costs 932 1,166 1,940 1,769 Commissions, premium taxes, and non-deferred acquisition expenses 3,792 4,886 8,901 11,049 Other operating expense 1,510 1,389 3,290 2,638 Total benefits and expenses 58,105 91,418 127,483 193,555 Income (loss) before income taxes for discontinued operations (1,331 ) (8,335 ) (16,010 ) (22,380 ) Income taxes 466 2,918 5,604 7,833 Income (loss) from discontinued operations $ (865 ) $ (5,417 ) $ (10,406 ) $ (14,547 ) Operating cash flows of the discontinued operations for the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended 2016 2015 Net cash provided from (used for) discontinued operations $ 60,995 $ (86,112 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax differed from the expected 35% rate as shown below: Three Months Ended June 30, 2016 % 2015 % Expected income taxes $ 69,770 35.0 $ 68,853 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (4,829 ) (2.4 ) (4,724 ) (2.4 ) Share-based awards (4,194 ) (2.2 ) — — Other (697 ) (0.4 ) 67 — Income tax expense from continuing operations $ 60,050 30.0 $ 64,196 32.6 Six Months Ended June 30, 2016 % 2015 % Expected income taxes $ 138,177 35.0 $ 136,920 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (9,657 ) (2.4 ) (9,447 ) (2.4 ) Share-based awards (6,166 ) (1.6 ) — — Other (430 ) (0.1 ) 422 0.1 Income tax expense from continuing operations $ 121,924 30.9 $ 127,895 32.7 The effective income tax rates for the three and six months ended June 30, 2016 differed from the effective income tax rates for the same periods ended June 30, 2015 primarily as a result of the Company adopting ASU 2016-09 as of January 1, 2016. As a result of the adoption, the excess tax benefits related to share-based awards are now recorded through income tax expense rather than additional paid-in capital. See Note 2—New Accounting Standards for further discussion.

Debt Transactions

Debt Transactions	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Transactions	Debt Transactions Issuance of long term debt. On April 5, 2016, Torchmark completed the issuance and sale of $300 million in aggregate principal of Torchmark’s 6.125% Junior Subordinated Debentures due 2056. The debentures were sold pursuant to Torchmark’s shelf registration statement on Form S-3, filed September 25, 2015. The net proceeds from the sale of the debentures were $290 million , after giving effect to the underwriting discount and estimated expenses of the offering of the debentures. Torchmark used the net proceeds from the offering of the debentures to repay the $250 million outstanding principal, plus accrued interest of $8 million , on the 6.375% Senior Notes that were due June 15, 2016. The remaining proceeds will be used for general corporate purposes, including capital or other financing at our insurance subsidiaries, if necessary. Term loan agreement. On May 17, 2016, Torchmark amended its credit facility to include, as a part of the facility, the issuance of a $100 million term loan and to extend the maturity date of the entire credit facility to May 2021. The term loan will be repaid on a redemption schedule which provides for quarterly installments that escalate each annual period with a balloon payment of $75 million due in May 2021. Interest is computed and paid monthly at 125 basis points plus 1 month LIBOR. In accordance with the agreement, Torchmark is subject to certain covenants regarding capitalization. As of June 30, 2016 , the Company was in full compliance with these covenants.

Postretirement Benefit Plans

Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Postretirement Benefit Plans	Postretirement Benefit Plans The following tables present a summary of post-retirement benefit costs by component. Components of Post-Retirement Benefit Costs Three Months Ended June 30, Pension Benefits Other Benefits 2016 2015 2016 2015 Service cost $ 3,894 $ 3,991 $ — $ — Interest cost 5,432 5,004 212 204 Expected return on assets (5,782 ) (5,323 ) — — Amortization: Prior service cost 120 82 — — Actuarial (gain) loss 2,423 3,534 8 37 Direct recognition of expense — — 20 151 Net periodic benefit cost $ 6,087 $ 7,288 $ 240 $ 392 Six Months Ended June 30, Pension Benefits Other Benefits 2016 2015 2016 2015 Service cost $ 7,788 $ 7,981 $ — $ — Interest cost 10,864 10,006 424 407 Expected return on assets (11,564 ) (10,646 ) — — Amortization: Prior service cost 240 163 — — Actuarial (gain)/loss 4,847 7,068 16 60 Direct recognition of expense — — 54 327 Net periodic benefit cost $ 12,175 $ 14,572 $ 494 $ 794 The following table presents assets at fair value for the defined-benefit pension plans at June 30, 2016 and the prior-year end. Pension Assets by Component June 30, 2016 December 31, 2015 Amount % Amount % Corporate debt $ 156,603 48 $ 146,381 47 Other fixed maturities 281 — 270 — Equity securities 124,419 38 123,428 40 Short-term investments 22,540 7 15,593 5 Guaranteed annuity contract 17,313 5 17,082 6 Other 5,593 2 4,842 2 Total $ 326,749 100 $ 307,596 100 The liability for the funded defined-benefit pension plans was $412 million at June 30, 2016 and $406 million at December 31, 2015 . During the six months ended June 30, 2016 , the Company made $12 million in cash contributions to the qualified pension plans. Torchmark expects to make total cash contributions to these plans during 2016 in an amount not to exceed $20 million . With respect to the Company’s non-qualified supplemental retirement plan, life insurance policies on the lives of plan participants have been established with an unaffiliated carrier to fund a portion of the Company’s obligations under the plan. These policies, as well as investments deposited with an unaffiliated trustee, were previously placed in a Rabbi Trust to provide for payment of the plan obligations. At June 30, 2016 , the combined value of the insurance policies and investments in the Rabbi Trust to support plan liabilities were $84 million , compared with $79 million at year end 2015 . Since this plan is non-qualified, the values of the insurance policies and investments are recorded as Other assets in the Condensed Consolidated Balance Sheets and are not included in the chart of plan assets above. The liability for the non-qualified pension plan was $69 million at June 30, 2016 and $67 million at December 31, 2015 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A reconciliation of basic and diluted weighted-average shares outstanding is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic weighted average shares outstanding 120,479,938 125,816,943 120,980,372 126,465,420 Weighted average dilutive options outstanding 2,267,910 1,622,698 2,055,407 1,553,309 Diluted weighted average shares outstanding 122,747,848 127,439,641 123,035,779 128,018,729 Antidilutive shares — — 18,158 — As discussed earlier in Note 2—New Accounting Standards , the Company adopted ASU 2016-09 on January 1, 2016. The adoption resulted in an adjustment to the weighted average diluted shares outstanding to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change has been applied prospectively and resulted in diluted weighted average shares outstanding of 122.7 million for the quarter ended June 30, 2016 , as compared with 121.9 million under the previous guidance. For the six months ended June 30, 2016 , the diluted weighted average shares outstanding were 123.0 million as compared with 122.3 million under the previous guidance.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business Segments	Business Segments Torchmark's reportable segments are based on the insurance product lines it markets and administers: life insurance, health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. Torchmark's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments. Annuity revenue is classified as “Other premium.” Management’s measure of profitability for each insurance segment is insurance underwriting margin, which is underwriting income before other income and insurance administrative expenses. It represents the profit margin on insurance products before administrative expenses, and is calculated by deducting net policy obligations (claims incurred and change in reserves), commissions and other acquisition expenses from premium revenue. Torchmark further views the profitability of each insurance product segment by the marketing groups that distribute the products of that segment: direct response, independent agencies, or captive agencies. Torchmark’s management prefers to evaluate the performance of its underwriting and investment activities separately, rather than allocating investment income to the underwriting results. As such, the investment function is presented as a stand-alone segment. The investment segment includes the management of the investment portfolio, debt, and cash flow. Management’s measure of profitability for this segment is excess investment income, which is the income earned on the investment portfolio less the required interest on net policy liabilities and financing costs. Financing costs include the interest on Torchmark’s debt. Other income and insurance administrative expense are classified in a separate Other segment. The majority of the Company’s required interest on net policy liabilities (benefit reserves less the deferred acquisition cost asset) is not credited to policyholder accounts. Instead, it is an actuarial assumption for discounting cash flows in the computation of benefit reserves and the amortization of the deferred acquisition cost asset. Investment income required to fund the required interest on net policy liabilities is removed from the investment segment and applied to the insurance segments to eliminate the effect of the required interest from the insurance segments. As a result, the investment segment measures net investment income against the required interest on net policy liabilities and financing costs, while the insurance segments simply measure premiums against benefits and expenses. We believe this presentation facilitates a more meaningful analysis of the Company’s underwriting and investment performance as the underwriting results are based on premiums, claims, and expenses and are not affected by unanticipated fluctuations in investment yields. As noted, Torchmark’s “core operations” are insurance and investment management. The insurance segments issue policies for which premiums are collected for the eventual payment of policy benefits. In addition to policy benefits, operating expenses are incurred including acquisition costs, administrative expenses, and taxes. Because life and health contracts can be long term, premium receipts in excess of current expenses are invested. Investment activities, conducted by the investment segment, focus on seeking quality investments with a yield and term appropriate to support the insurance product obligations. These investments generally consist of fixed maturities, and, over the long term, the expected yields are taken into account when setting insurance premium rates and product profitability expectations. As a result, fixed maturities are generally held for long periods to support the liabilities, and Torchmark generally expects to hold investments until maturity. Dispositions of investments occur from time to time, generally for reasons such as credit concerns, calls by issuers, or other factors. Dispositions are sometimes required in order to maintain the Company’s investment policies and objectives. Investments are also occasionally written down as a result of other-than-temporary impairment, as discussed in Note 4—Investments . Torchmark does not actively trade investments. As a result, realized gains and losses from the disposition and write down of investments are generally incidental to operations and are not considered a material factor in insurance pricing or product profitability. While from time to time these realized gains and losses could be significant to net income in the period in which they occur, they generally have a limited effect on the yield of the total investment portfolio. Further, because the proceeds of the disposals are reinvested in the portfolio, the disposals have little effect on the size of the portfolio and the income from the reinvestments is included in net investment income. Therefore, management removes realized investment gains and losses from results of core operations when evaluating the performance of the Company. For this reason, these gains and losses are excluded from Torchmark’s operating segments. Torchmark accounts for its stock options and restricted stock under current accounting guidance requiring stock options and stock grants to be expensed based on fair value at the time of grant. Management considers stock compensation expense to be an expense of the Parent Company. Therefore, stock compensation expense is treated as a corporate expense in Torchmark’s segment analysis. The following tables set forth a reconciliation of Torchmark’s revenues and operations by segment to its pretax income and each significant line item in its Condensed Consolidated Statements of Operations . Reconciliation of Segment Operating Information to the Consolidated Statement of Operations Three Months Ended June 30, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 548,590 $ 237,252 $ 13 $ 785,855 Net investment income $ 201,642 201,642 Other income $ 422 $ (40 ) (2) 382 Total revenue 548,590 237,252 13 201,642 422 (40 ) 987,879 Expenses: Policy benefits 369,342 153,261 8,882 531,485 Required interest on reserves (143,625 ) (18,251 ) (12,506 ) 174,382 — Required interest on DAC 44,476 5,766 205 (50,447 ) — Amortization of acquisition costs 93,663 22,102 1,480 117,245 Commissions, premium taxes, and non-deferred acquisition costs 41,130 21,753 11 (40 ) (2) 62,854 Insurance administrative expense (1) 48,413 48,413 Parent expense 2,379 2,379 Stock compensation expense 7,054 7,054 Interest expense 23,110 23,110 Total expenses 404,986 184,631 (1,928 ) 147,045 57,846 (40 ) 792,540 Subtotal 143,604 52,621 1,941 54,597 (57,424 ) — 195,339 Nonoperating items — — Measure of segment profitability (pretax) $ 143,604 $ 52,621 $ 1,941 $ 54,597 $ (57,424 ) $ — 195,339 Deduct applicable income taxes (58,649 ) Segment profits after tax 136,690 Add back income taxes applicable to segment profitability 58,649 Add (deduct) realized investment gains (losses) 4,005 Pretax income per Consolidated Statements of Operations $ 199,344 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Three Months Ended June 30, 2015 (3) Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 520,038 $ 232,409 $ 37 $ 752,484 Net investment income $ 194,823 194,823 Other income $ 742 $ (51 ) (2) 691 Total revenue 520,038 232,409 37 194,823 742 (51 ) 947,998 Expenses: Policy benefits 347,364 151,198 9,754 508,316 Required interest on reserves (137,430 ) (17,151 ) (13,387 ) 167,968 — Required interest on DAC 43,139 5,690 294 (49,123 ) — Amortization of acquisition costs 88,737 20,740 2,261 111,738 Commissions, premium taxes, and non-deferred acquisition costs 38,851 20,320 12 (51 ) (2) 59,132 Insurance administrative expense (1) 45,474 45,474 Parent expense 2,312 2,312 Stock compensation expense 7,802 7,802 Interest expense 19,114 19,114 Total expenses 380,661 180,797 (1,066 ) 137,959 55,588 (51 ) 753,888 Subtotal 139,377 51,612 1,103 56,864 (54,846 ) — 194,110 Nonoperating items — — Measure of segment profitability (pretax) $ 139,377 $ 51,612 $ 1,103 $ 56,864 $ (54,846 ) $ — 194,110 Deduct applicable income taxes (63,282 ) Segment profits after tax 130,828 Add back income taxes applicable to segment profitability 63,282 Add (deduct) realized investment gains (losses) 2,613 Pretax income per Consolidated Statements of Operations $ 196,723 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations . Six Months Ended June 30, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 1,092,741 $ 472,949 $ 25 $ 1,565,715 Net investment income $ 398,695 398,695 Other income $ 887 $ (84 ) (2) 803 Total revenue 1,092,741 472,949 25 398,695 887 (84 ) 1,965,213 Expenses: Policy benefits 732,202 306,036 18,220 1,056,458 Required interest on reserves (285,636 ) (36,327 ) (25,598 ) 347,561 — Required interest on DAC 88,678 11,508 429 (100,615 ) — Amortization of acquisition costs 188,202 44,467 3,382 236,051 Commissions, premium taxes, and non-deferred acquisition costs 81,391 43,129 20 (84 ) (2) 124,456 Insurance administrative expense (1) 96,881 96,881 Parent expense 4,405 4,405 Stock compensation expense 13,989 13,989 Interest expense 42,479 42,479 Total expenses 804,837 368,813 (3,547 ) 289,425 115,275 (84 ) 1,574,719 Subtotal 287,904 104,136 3,572 109,270 (114,388 ) — 390,494 Nonoperating items — — Measure of segment profitability (pretax) $ 287,904 $ 104,136 $ 3,572 $ 109,270 $ (114,388 ) $ — 390,494 Deduct applicable income taxes (120,420 ) Segment profits after tax 270,074 Add back income taxes applicable to segment profitability 120,420 Add (deduct) realized investment gains (losses) 4,298 Pretax income per Consolidated Statements of Operations $ 394,792 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Six Months Ended June 30, 2015 (3) Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 1,033,380 $ 461,082 $ 78 $ 1,494,540 Net investment income $ 386,419 386,419 Other income $ 1,464 $ (104 ) (2) 1,360 Total revenue 1,033,380 461,082 78 386,419 1,464 (104 ) 1,882,319 Expenses: Policy benefits 687,065 299,227 19,799 1,006,091 Required interest on reserves (273,615 ) (34,034 ) (26,756 ) 334,405 — Required interest on DAC 85,985 11,358 607 (97,950 ) — Amortization of acquisition costs 177,265 40,924 4,209 222,398 Commissions, premium taxes, and non-deferred acquisition costs 75,900 40,418 23 (104 ) (2) 116,237 Insurance administrative expense (1) 91,425 91,425 Parent expense 4,485 4,485 Stock compensation expense 15,041 15,041 Interest expense 38,174 38,174 Total expenses 752,600 357,893 (2,118 ) 274,629 110,951 (104 ) 1,493,851 Subtotal 280,780 103,189 2,196 111,790 (109,487 ) — 388,468 Nonoperating items — — Measure of segment profitability (pretax) $ 280,780 $ 103,189 $ 2,196 $ 111,790 $ (109,487 ) $ — 388,468 Deduct applicable income taxes (126,939 ) Segment profits after tax 261,529 Add back income taxes applicable to segment profitability 126,939 Add (deduct) realized investment gains (losses) 2,732 Pretax income per Consolidated Statements of Operations $ 391,200 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations . The following table summarizes the measures of segment profitability for comparison. It also reconciles segment profits to net income. Analysis of Profitability by Segment Three Months Ended Six Months Ended 2016 2015 2016 2015 Life insurance underwriting margin $ 143,604 $ 139,377 $ 287,904 $ 280,780 Health insurance underwriting margin 52,621 51,612 104,136 103,189 Annuity underwriting margin 1,941 1,103 3,572 2,196 Excess investment income 54,597 56,864 109,270 111,790 Other and corporate: Other income 422 742 887 1,464 Administrative expense (48,413 ) (45,474 ) (96,881 ) (91,425 ) Corporate and adjustments (9,433 ) (10,114 ) (18,394 ) (19,526 ) Pre-tax total 195,339 194,110 390,494 388,468 Applicable taxes (58,649 ) (63,282 ) (120,420 ) (126,939 ) After-tax total, before discontinued operations 136,690 130,828 270,074 261,529 Discontinued operations (after tax) (1) (865 ) (5,417 ) (10,406 ) (14,547 ) After-tax total, after discontinued operations 135,825 125,411 259,668 246,982 Reconciling items, net of tax: Realized gains (losses) - Investments 2,604 1,699 2,794 1,776 Net income $ 138,429 $ 127,110 $ 262,462 $ 248,758 (1) Income (loss) from discontinued operations (after tax) is included for purpose of reconciling to net income.

Significant Accounting Polici20

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying condensed consolidated financial statements of Torchmark Corporation (Torchmark or alternatively, the Company) have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the annual disclosures required by accounting principles generally accepted in the United States of America (GAAP). However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at June 30, 2016 , and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2016 and 2015 . The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2016.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncements Adopted ASU 2014-15 : In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (ASU 2014-15). This accounting standard requires management to perform interim and annual assessments of the entity's ability to continue its business operations within one year of the date of issuance of its financial statements. The Company must then provide certain disclosure if there is substantial doubt about its ability to continue as a going concern. As of January 1, 2016, the Company adopted this standard with no impact to the financial statements. ASU 2016-09 : In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) to simplify certain aspects of accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification in the statement of cash flows; and (c) accounting for forfeitures. Torchmark elected to early adopt this standard as of January 1, 2016, as permitted. This new accounting standard primarily affects Torchmark's computations of net income and diluted shares outstanding and thus earnings per share. While the intent of the adoption of this guidance is simplification, inherent changes in future share prices and volume of stock option exercises are expected to result in increased volatility in net income and earnings per share in future periods. As provided by the new standard, the adoption is prospective and thus will impact only 2016 and future periods. Below is a listing of the effects of the adoption of this guidance: • Condensed consolidated statement of operations: For the three months ended June 30, 2016 , the Company recorded $5 million in excess tax benefits as a component of income taxes, which resulted in an increase in net income as compared with the three months ended June 30, 2015 when the excess tax benefits of $6 million were recorded as a component of additional paid-in capital on the balance sheet. For the six months ended June 30, 2016 , the Company recorded $7 million in excess tax benefits as a component of income taxes as compared with $11 million recorded as a component of additional paid-in-capital on the balance sheet for the same period in the prior year. • Weighted average diluted shares: The weighted average diluted shares outstanding were adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change resulted in diluted weighted average shares outstanding of 122.7 million for the quarter ended June 30, 2016 , as compared with 121.9 million under the previous guidance. For the six months ended June 30, 2016 , the weighted average diluted shares outstanding were 123.0 million as compared with 122.3 million under the previous guidance. • Earnings per share: The adoption resulted in a $0.03 increase in earnings per share for the three months ended June 30, 2016 and a $0.04 increase for the six months ended June 30, 2016 . • Condensed consolidated statement of cash flows: The excess tax benefits related to share-based payments of $7 million were presented as a component of operating activities in the same manner as other cash flows related to income taxes. In prior years, the excess tax benefits were reclassified from operating activities to financing activities. The prior period amounts were not adjusted. Accounting Pronouncements Not Yet Adopted ASU 2016-02: In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), (ASU 2016-02) which requires all lessees to report a right-of-use asset and a lease liability for most leases. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The standard will become effective for the Company beginning January 1, 2019 and will require recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the standard to determine its impact. ASU 2016-13: In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13) to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments as well as to change the loss impairment methodology for available-for-sale debt securities. The standard will become effective on January 1, 2020. The applicable section of the standard related to debt securities requires a prospective transition. The Company does not expect the adoption to have a significant impact on the financial statements.

Supplemental Information abou21

Supplemental Information about Changes to Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Analysis of Change in Balance by Component of Accumulated Other Comprehensive Income	An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2016 and 2015 . Components of Accumulated Other Comprehensive Income Three Months Ended June 30, 2016 Available Deferred Foreign Pension Total Balance at April 1, 2016 $ 634,337 $ (6,915 ) $ 4,847 $ (96,794 ) $ 535,475 Other comprehensive income (loss) before reclassifications, net of tax 453,586 (1,743 ) 3,484 69 455,396 Reclassifications, net of tax (3,372 ) — — 1,658 (1,714 ) Other comprehensive income (loss) 450,214 (1,743 ) 3,484 1,727 453,682 Balance at June 30, 2016 $ 1,084,551 $ (8,658 ) $ 8,331 $ (95,067 ) $ 989,157 Three Months Ended June 30, 2015 Available Deferred Foreign Pension Total Balance at April 1, 2015 $ 1,261,518 $ (10,334 ) $ 11,424 $ (96,967 ) $ 1,165,641 Other comprehensive income (loss) before reclassifications, net of tax (609,544 ) 1,919 (3,071 ) — (610,696 ) Reclassifications, net of tax (2,001 ) — — 2,375 374 Other comprehensive income (loss) (611,545 ) 1,919 (3,071 ) 2,375 (610,322 ) Balance at June 30, 2015 $ 649,973 $ (8,415 ) $ 8,353 $ (94,592 ) $ 555,319 Components of Accumulated Other Comprehensive Income Six Months Ended June 30, 2016 Available Deferred Foreign Pension Total Balance at January 1, 2016 $ 332,333 $ (5,115 ) $ 3,627 $ (98,898 ) $ 231,947 Other comprehensive income (loss) before reclassifications, net of tax 756,680 (3,543 ) 4,704 514 758,355 Reclassifications, net of tax (4,462 ) — — 3,317 (1,145 ) Other comprehensive income (loss) 752,218 (3,543 ) 4,704 3,831 757,210 Balance at June 30, 2016 $ 1,084,551 $ (8,658 ) $ 8,331 $ (95,067 ) $ 989,157 Six Months Ended June 30, 2015 Available Deferred Foreign Pension Total Balance at January 1, 2015 $ 1,090,273 $ (10,758 ) $ 17,386 $ (99,449 ) $ 997,452 Other comprehensive income (loss) before reclassifications, net of tax (437,135 ) 2,343 (9,033 ) 117 (443,708 ) Reclassifications, net of tax (3,165 ) — — 4,740 1,575 Other comprehensive income (loss) (440,300 ) 2,343 (9,033 ) 4,857 (442,133 ) Balance at June 30, 2015 $ 649,973 $ (8,415 ) $ 8,353 $ (94,592 ) $ 555,319
Summary of Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2016 and 2015 . Reclassification Adjustments Three Months Ended Six Months Ended Affected line items in the Statement of Operations 2016 2015 2016 2015 Unrealized investment gains (losses) on available for sale assets: Realized (gains) losses $ (3,983 ) $ (1,479 ) $ (4,296 ) $ (1,598 ) Realized investment gains (losses) Amortization of (discount) premium (1,204 ) (1,599 ) (2,568 ) (3,271 ) Net investment income Total before tax (5,187 ) (3,078 ) (6,864 ) (4,869 ) Tax 1,815 1,077 2,402 1,704 Income Taxes Total after tax (3,372 ) (2,001 ) (4,462 ) (3,165 ) Pension adjustments: Amortization of prior service cost 120 82 240 163 Other operating expenses Amortization of actuarial gain (loss) 2,431 3,571 4,863 7,128 Other operating expenses Total before tax 2,551 3,653 5,103 7,291 Tax (893 ) (1,278 ) (1,786 ) (2,551 ) Income Taxes Total after tax 1,658 2,375 3,317 4,740 Total reclassifications (after tax) $ (1,714 ) $ 374 $ (1,145 ) $ 1,575

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of Fixed Maturities and Equity Securities Available for Sale by Cost or Amortized Cost and Estimated Fair Value	A summary of fixed maturities available for sale by cost or amortized cost and estimated fair value at June 30, 2016 is as follows: Portfolio Composition as of June 30, 2016 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (1) % of Total Fixed Maturities (2) Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,528 $ 33,040 $ (432 ) $ 413,136 3 States, municipalities, and political subdivisions 1,277,303 184,320 (199 ) 1,461,424 10 Foreign governments 22,468 2,773 — 25,241 — Corporates, by sector: Financial 2,800,108 388,055 (48,336 ) 3,139,827 20 Utilities 1,950,172 377,501 (7,370 ) 2,320,303 15 Energy 1,566,871 114,956 (83,315 ) 1,598,512 10 Other corporate sectors 5,250,898 701,948 (55,123 ) 5,897,723 39 Total corporates 11,568,049 1,582,460 (194,144 ) 12,956,365 84 Collateralized debt obligations 62,174 13,617 (11,728 ) 64,063 — Other asset-backed securities 56,914 1,989 — 58,903 — Redeemable preferred stocks, by sector: Financial 382,195 52,900 (4,754 ) 430,341 3 Utilities 28,623 1,994 — 30,617 — Total redeemable preferred stocks 410,818 54,894 (4,754 ) 460,958 3 Total fixed maturities $ 13,778,254 $ 1,873,093 $ (211,257 ) $ 15,440,090 100 (1) Amounts reported on the balance sheet. (2) At fair value.
Schedule of Fixed Maturities by Contractual Maturity Date	A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2016 is shown below on an amortized cost basis and on a fair value basis. Actual maturity dates could differ from contractual maturities due to call or prepayment provisions. Amortized Fair Value Fixed maturities available for sale: Due in one year or less $ 48,012 $ 48,366 Due from one to five years 612,267 666,057 Due from five to ten years 1,047,056 1,175,885 Due from ten to twenty years 4,027,521 4,622,554 Due after twenty years 7,922,723 8,802,523 Mortgage-backed and asset-backed securities 120,675 124,705 $ 13,778,254 $ 15,440,090
Schedule of Selected Information about Sales of Fixed Maturities	Selected information about sales of fixed maturities available for sale is as follows. Six Months Ended June 30, 2016 2015 Proceeds from sales $ 51,299 $ 14,287 Gross realized gains 3,556 82 Gross realized losses (214 ) (104 )
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table represents the fair value of fixed maturities available for sale measured on a recurring basis. Fair Value Measurements at June 30, 2016 Using: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 18 $ 413,118 $ — $ 413,136 States, municipalities, and political subdivisions — 1,461,424 — 1,461,424 Foreign governments — 25,241 — 25,241 Corporates, by sector: Financial — 3,076,036 63,791 3,139,827 Utilities 12,008 2,168,991 139,304 2,320,303 Energy — 1,569,212 29,300 1,598,512 Other corporate sectors — 5,560,953 336,770 5,897,723 Total corporates 12,008 12,375,192 569,165 12,956,365 Collateralized debt obligations — — 64,063 64,063 Other asset-backed securities — 58,903 — 58,903 Redeemable preferred stocks, by sector: Financial 10,168 420,173 — 430,341 Utilities — 30,617 — 30,617 Total redeemable preferred stocks 10,168 450,790 — 460,958 Total fixed maturities $ 22,194 $ 14,784,668 $ 633,228 $ 15,440,090 Percent of total 0.1 % 95.8 % 4.1 % 100 %
Schedule of Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs	The following table represents an analysis of changes in fair value measurements using significant unobservable inputs (Level 3). Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Six Months Ended June 30, 2016 Collateralized Corporates (1) Total Balance at January 1, 2016 $ 70,382 $ 530,806 $ 601,188 Total gains or losses: Included in realized gains/losses — — — Included in other comprehensive income (4,831 ) 24,291 19,460 Acquisitions — 15,800 15,800 Sales — — — Amortization 2,639 8 2,647 Other (2) (4,127 ) (1,740 ) (5,867 ) Transfers in and/or out of Level 3 (3) — — — Balance at June 30, 2016 $ 64,063 $ 569,165 $ 633,228 Percent of total fixed maturities 0.4 % 3.7 % 4.1 % Six Months Ended June 30, 2015 Collateralized Corporates (1) Total Balance at January 1, 2015 $ 63,232 $ 512,714 $ 575,946 Total gains or losses: Included in realized gains/losses — — — Included in other comprehensive income 13,531 (8,426 ) 5,105 Acquisitions — 19,400 19,400 Sales — — — Amortization 2,810 7 2,817 Other (2) (5,905 ) (1,666 ) (7,571 ) Transfers in and/or out of Level 3 (3) — — — Balance at June 30, 2015 $ 73,668 $ 522,029 $ 595,697 Percent of total fixed maturities 0.5 % 3.7 % 4.2 % (1) Includes redeemable preferred stocks. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
Schedule of Information About Investments in Unrealized Loss Position	The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIP numbers) held: As of June 30, 2016 43 126 169 As of December 31, 2015 480 75 555
Schedule of Unrealized Investment Losses by Class of Investment	The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2016 for the period of time in a loss position. Torchmark considers these investments to be only temporarily impaired. Analysis of Gross Unrealized Investment Losses At June 30, 2016 Less than Twelve Months Twelve Months or Longer Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Investment grade securities: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 39 $ — $ 1,543 $ (432 ) $ 1,582 $ (432 ) States, municipalities and political subdivisions — — 699 (9 ) 699 (9 ) Corporates, by sector: Financial 67,965 (6,462 ) 80,657 (4,848 ) 148,622 (11,310 ) Utilities — — 101,395 (7,370 ) 101,395 (7,370 ) Energy 141,343 (4,750 ) 336,085 (40,163 ) 477,428 (44,913 ) Other corporate sectors 70,799 (3,130 ) 194,464 (11,226 ) 265,263 (14,356 ) Total corporates 280,107 (14,342 ) 712,601 (63,607 ) 992,708 (77,949 ) Redeemable preferred stocks, by sector: Financial 3,995 (5 ) — — 3,995 (5 ) Total redeemable preferred stocks 3,995 (5 ) — — 3,995 (5 ) Total investment grade securities 284,141 (14,347 ) 714,843 (64,048 ) 998,984 (78,395 ) Below investment grade securities: Bonds: States, municipalities and political subdivisions — — 363 (190 ) 363 (190 ) Corporates, by sector: Financial — — 68,751 (37,026 ) 68,751 (37,026 ) Energy 22,465 (1,337 ) 98,134 (37,065 ) 120,599 (38,402 ) Other corporate sectors 77,363 (11,922 ) 159,670 (28,845 ) 237,033 (40,767 ) Total corporates 99,828 (13,259 ) 326,555 (102,936 ) 426,383 (116,195 ) Collateralized debt obligations — — 8,272 (11,728 ) 8,272 (11,728 ) Redeemable preferred stocks, by sector: Financial — — 22,394 (4,749 ) 22,394 (4,749 ) Total redeemable preferred stocks — — 22,394 (4,749 ) 22,394 (4,749 ) Total below investment grade securities 99,828 (13,259 ) 357,584 (119,603 ) 457,412 (132,862 ) Total fixed maturities $ 383,969 $ (27,606 ) $ 1,072,427 $ (183,651 ) $ 1,456,396 $ (211,257 )

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Income and Operating Cash Flows of Discontinued Operations	The net assets related to discontinued operations at June 30, 2016 and December 31, 2015 were as follows: June 30, December 31, 2015 Assets: Due premiums $ 8,107 $ 8,041 Risk sharing receivable 301 — Other receivables (1) 225,708 287,765 Deferred acquisition costs 16,684 17,037 Total assets related to discontinued operations 250,800 312,843 Liabilities: Unearned and advance premiums 3,150 806 Policy claims and other benefits payable 12,751 12,309 Risk sharing payable 23,536 23,837 Current and deferred income taxes payable 18,155 13,604 Other 2,801 479 Total liabilities related to discontinued operations 60,393 51,035 Net assets $ 190,407 $ 261,808 (1) At June 30, 2016 , receivables included $201 million from Centers for Medicare and Medicaid Services (CMS) and $25 million from drug manufacturer rebates. At December 31, 2015 , the comparable amounts were $193 million and $95 million , respectively. Income from discontinued operations for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenue: Health premium $ 56,774 $ 83,083 $ 111,473 $ 171,175 Benefits and expenses: Health policyholder benefits 51,871 83,977 113,352 178,099 Amortization of deferred acquisition costs 932 1,166 1,940 1,769 Commissions, premium taxes, and non-deferred acquisition expenses 3,792 4,886 8,901 11,049 Other operating expense 1,510 1,389 3,290 2,638 Total benefits and expenses 58,105 91,418 127,483 193,555 Income (loss) before income taxes for discontinued operations (1,331 ) (8,335 ) (16,010 ) (22,380 ) Income taxes 466 2,918 5,604 7,833 Income (loss) from discontinued operations $ (865 ) $ (5,417 ) $ (10,406 ) $ (14,547 ) Operating cash flows of the discontinued operations for the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended 2016 2015 Net cash provided from (used for) discontinued operations $ 60,995 $ (86,112 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Summary of Effective Income Tax Rate	The effective income tax differed from the expected 35% rate as shown below: Three Months Ended June 30, 2016 % 2015 % Expected income taxes $ 69,770 35.0 $ 68,853 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (4,829 ) (2.4 ) (4,724 ) (2.4 ) Share-based awards (4,194 ) (2.2 ) — — Other (697 ) (0.4 ) 67 — Income tax expense from continuing operations $ 60,050 30.0 $ 64,196 32.6 Six Months Ended June 30, 2016 % 2015 % Expected income taxes $ 138,177 35.0 $ 136,920 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (9,657 ) (2.4 ) (9,447 ) (2.4 ) Share-based awards (6,166 ) (1.6 ) — — Other (430 ) (0.1 ) 422 0.1 Income tax expense from continuing operations $ 121,924 30.9 $ 127,895 32.7

Postretirement Benefit Plans (T

Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Summary of Post-Retirement Benefit Costs by Component	The following tables present a summary of post-retirement benefit costs by component. Components of Post-Retirement Benefit Costs Three Months Ended June 30, Pension Benefits Other Benefits 2016 2015 2016 2015 Service cost $ 3,894 $ 3,991 $ — $ — Interest cost 5,432 5,004 212 204 Expected return on assets (5,782 ) (5,323 ) — — Amortization: Prior service cost 120 82 — — Actuarial (gain) loss 2,423 3,534 8 37 Direct recognition of expense — — 20 151 Net periodic benefit cost $ 6,087 $ 7,288 $ 240 $ 392 Six Months Ended June 30, Pension Benefits Other Benefits 2016 2015 2016 2015 Service cost $ 7,788 $ 7,981 $ — $ — Interest cost 10,864 10,006 424 407 Expected return on assets (11,564 ) (10,646 ) — — Amortization: Prior service cost 240 163 — — Actuarial (gain)/loss 4,847 7,068 16 60 Direct recognition of expense — — 54 327 Net periodic benefit cost $ 12,175 $ 14,572 $ 494 $ 794
Schedule of Assets at Fair Value for Defined-Benefit Pension Plans	The following table presents assets at fair value for the defined-benefit pension plans at June 30, 2016 and the prior-year end. Pension Assets by Component June 30, 2016 December 31, 2015 Amount % Amount % Corporate debt $ 156,603 48 $ 146,381 47 Other fixed maturities 281 — 270 — Equity securities 124,419 38 123,428 40 Short-term investments 22,540 7 15,593 5 Guaranteed annuity contract 17,313 5 17,082 6 Other 5,593 2 4,842 2 Total $ 326,749 100 $ 307,596 100

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Weighted-Average Shares Outstanding	A reconciliation of basic and diluted weighted-average shares outstanding is as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic weighted average shares outstanding 120,479,938 125,816,943 120,980,372 126,465,420 Weighted average dilutive options outstanding 2,267,910 1,622,698 2,055,407 1,553,309 Diluted weighted average shares outstanding 122,747,848 127,439,641 123,035,779 128,018,729 Antidilutive shares — — 18,158 —

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Segment Operating Information to Consolidated Statement of Operations	The following tables set forth a reconciliation of Torchmark’s revenues and operations by segment to its pretax income and each significant line item in its Condensed Consolidated Statements of Operations . Reconciliation of Segment Operating Information to the Consolidated Statement of Operations Three Months Ended June 30, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 548,590 $ 237,252 $ 13 $ 785,855 Net investment income $ 201,642 201,642 Other income $ 422 $ (40 ) (2) 382 Total revenue 548,590 237,252 13 201,642 422 (40 ) 987,879 Expenses: Policy benefits 369,342 153,261 8,882 531,485 Required interest on reserves (143,625 ) (18,251 ) (12,506 ) 174,382 — Required interest on DAC 44,476 5,766 205 (50,447 ) — Amortization of acquisition costs 93,663 22,102 1,480 117,245 Commissions, premium taxes, and non-deferred acquisition costs 41,130 21,753 11 (40 ) (2) 62,854 Insurance administrative expense (1) 48,413 48,413 Parent expense 2,379 2,379 Stock compensation expense 7,054 7,054 Interest expense 23,110 23,110 Total expenses 404,986 184,631 (1,928 ) 147,045 57,846 (40 ) 792,540 Subtotal 143,604 52,621 1,941 54,597 (57,424 ) — 195,339 Nonoperating items — — Measure of segment profitability (pretax) $ 143,604 $ 52,621 $ 1,941 $ 54,597 $ (57,424 ) $ — 195,339 Deduct applicable income taxes (58,649 ) Segment profits after tax 136,690 Add back income taxes applicable to segment profitability 58,649 Add (deduct) realized investment gains (losses) 4,005 Pretax income per Consolidated Statements of Operations $ 199,344 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Three Months Ended June 30, 2015 (3) Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 520,038 $ 232,409 $ 37 $ 752,484 Net investment income $ 194,823 194,823 Other income $ 742 $ (51 ) (2) 691 Total revenue 520,038 232,409 37 194,823 742 (51 ) 947,998 Expenses: Policy benefits 347,364 151,198 9,754 508,316 Required interest on reserves (137,430 ) (17,151 ) (13,387 ) 167,968 — Required interest on DAC 43,139 5,690 294 (49,123 ) — Amortization of acquisition costs 88,737 20,740 2,261 111,738 Commissions, premium taxes, and non-deferred acquisition costs 38,851 20,320 12 (51 ) (2) 59,132 Insurance administrative expense (1) 45,474 45,474 Parent expense 2,312 2,312 Stock compensation expense 7,802 7,802 Interest expense 19,114 19,114 Total expenses 380,661 180,797 (1,066 ) 137,959 55,588 (51 ) 753,888 Subtotal 139,377 51,612 1,103 56,864 (54,846 ) — 194,110 Nonoperating items — — Measure of segment profitability (pretax) $ 139,377 $ 51,612 $ 1,103 $ 56,864 $ (54,846 ) $ — 194,110 Deduct applicable income taxes (63,282 ) Segment profits after tax 130,828 Add back income taxes applicable to segment profitability 63,282 Add (deduct) realized investment gains (losses) 2,613 Pretax income per Consolidated Statements of Operations $ 196,723 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations . Six Months Ended June 30, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 1,092,741 $ 472,949 $ 25 $ 1,565,715 Net investment income $ 398,695 398,695 Other income $ 887 $ (84 ) (2) 803 Total revenue 1,092,741 472,949 25 398,695 887 (84 ) 1,965,213 Expenses: Policy benefits 732,202 306,036 18,220 1,056,458 Required interest on reserves (285,636 ) (36,327 ) (25,598 ) 347,561 — Required interest on DAC 88,678 11,508 429 (100,615 ) — Amortization of acquisition costs 188,202 44,467 3,382 236,051 Commissions, premium taxes, and non-deferred acquisition costs 81,391 43,129 20 (84 ) (2) 124,456 Insurance administrative expense (1) 96,881 96,881 Parent expense 4,405 4,405 Stock compensation expense 13,989 13,989 Interest expense 42,479 42,479 Total expenses 804,837 368,813 (3,547 ) 289,425 115,275 (84 ) 1,574,719 Subtotal 287,904 104,136 3,572 109,270 (114,388 ) — 390,494 Nonoperating items — — Measure of segment profitability (pretax) $ 287,904 $ 104,136 $ 3,572 $ 109,270 $ (114,388 ) $ — 390,494 Deduct applicable income taxes (120,420 ) Segment profits after tax 270,074 Add back income taxes applicable to segment profitability 120,420 Add (deduct) realized investment gains (losses) 4,298 Pretax income per Consolidated Statements of Operations $ 394,792 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Six Months Ended June 30, 2015 (3) Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 1,033,380 $ 461,082 $ 78 $ 1,494,540 Net investment income $ 386,419 386,419 Other income $ 1,464 $ (104 ) (2) 1,360 Total revenue 1,033,380 461,082 78 386,419 1,464 (104 ) 1,882,319 Expenses: Policy benefits 687,065 299,227 19,799 1,006,091 Required interest on reserves (273,615 ) (34,034 ) (26,756 ) 334,405 — Required interest on DAC 85,985 11,358 607 (97,950 ) — Amortization of acquisition costs 177,265 40,924 4,209 222,398 Commissions, premium taxes, and non-deferred acquisition costs 75,900 40,418 23 (104 ) (2) 116,237 Insurance administrative expense (1) 91,425 91,425 Parent expense 4,485 4,485 Stock compensation expense 15,041 15,041 Interest expense 38,174 38,174 Total expenses 752,600 357,893 (2,118 ) 274,629 110,951 (104 ) 1,493,851 Subtotal 280,780 103,189 2,196 111,790 (109,487 ) — 388,468 Nonoperating items — — Measure of segment profitability (pretax) $ 280,780 $ 103,189 $ 2,196 $ 111,790 $ (109,487 ) $ — 388,468 Deduct applicable income taxes (126,939 ) Segment profits after tax 261,529 Add back income taxes applicable to segment profitability 126,939 Add (deduct) realized investment gains (losses) 2,732 Pretax income per Consolidated Statements of Operations $ 391,200 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations .
Analysis of Profitability By Segment	The following table summarizes the measures of segment profitability for comparison. It also reconciles segment profits to net income. Analysis of Profitability by Segment Three Months Ended Six Months Ended 2016 2015 2016 2015 Life insurance underwriting margin $ 143,604 $ 139,377 $ 287,904 $ 280,780 Health insurance underwriting margin 52,621 51,612 104,136 103,189 Annuity underwriting margin 1,941 1,103 3,572 2,196 Excess investment income 54,597 56,864 109,270 111,790 Other and corporate: Other income 422 742 887 1,464 Administrative expense (48,413 ) (45,474 ) (96,881 ) (91,425 ) Corporate and adjustments (9,433 ) (10,114 ) (18,394 ) (19,526 ) Pre-tax total 195,339 194,110 390,494 388,468 Applicable taxes (58,649 ) (63,282 ) (120,420 ) (126,939 ) After-tax total, before discontinued operations 136,690 130,828 270,074 261,529 Discontinued operations (after tax) (1) (865 ) (5,417 ) (10,406 ) (14,547 ) After-tax total, after discontinued operations 135,825 125,411 259,668 246,982 Reconciling items, net of tax: Realized gains (losses) - Investments 2,604 1,699 2,794 1,776 Net income $ 138,429 $ 127,110 $ 262,462 $ 248,758 (1) Income (loss) from discontinued operations (after tax) is included for purpose of reconciling to net income.

New Accounting Standards (Detai

New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Diluted weighted average shares outstanding	122,747,848	127,439,641	123,035,779	128,018,729
New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits	$ 5		$ 7
Diluted weighted average shares outstanding	122,700,000		123,000,000
Increase in earnings per share as a result of the adoption (in dollars per share)	$ 0.03		$ 0.04
Excess tax benefit from stock option exercises			$ 7
Previous Accounting Guidance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits		$ 6		$ 11
Diluted weighted average shares outstanding	121,900,000		122,300,000

Supplemental Information abou29

Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Analysis of Change in Balance by Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance			$ 4,055,552	$ 4,697,466
Reclassifications, net of tax	$ (1,714)	$ 374	(1,145)	1,575
Other comprehensive income (loss)	453,682	(610,322)	757,210	(442,133)
Stockholders' equity, ending balance	4,877,758	4,306,056	4,877,758	4,306,056
Available for Sale Assets [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	634,337	1,261,518	332,333	1,090,273
Other comprehensive income (loss) before reclassifications, net of tax	453,586	(609,544)	756,680	(437,135)
Reclassifications, net of tax	(3,372)	(2,001)	(4,462)	(3,165)
Other comprehensive income (loss)	450,214	(611,545)	752,218	(440,300)
Stockholders' equity, ending balance	1,084,551	649,973	1,084,551	649,973
Deferred Acquisition Costs [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	(6,915)	(10,334)	(5,115)	(10,758)
Other comprehensive income (loss) before reclassifications, net of tax	(1,743)	1,919	(3,543)	2,343
Reclassifications, net of tax	0	0	0	0
Other comprehensive income (loss)	(1,743)	1,919	(3,543)	2,343
Stockholders' equity, ending balance	(8,658)	(8,415)	(8,658)	(8,415)
Foreign Exchange [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	4,847	11,424	3,627	17,386
Other comprehensive income (loss) before reclassifications, net of tax	3,484	(3,071)	4,704	(9,033)
Reclassifications, net of tax	0	0	0	0
Other comprehensive income (loss)	3,484	(3,071)	4,704	(9,033)
Stockholders' equity, ending balance	8,331	8,353	8,331	8,353
Pension Adjustments [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	(96,794)	(96,967)	(98,898)	(99,449)
Other comprehensive income (loss) before reclassifications, net of tax	69	0	514	117
Reclassifications, net of tax	1,658	2,375	3,317	4,740
Other comprehensive income (loss)	1,727	2,375	3,831	4,857
Stockholders' equity, ending balance	(95,067)	(94,592)	(95,067)	(94,592)
Total [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	535,475	1,165,641	231,947	997,452
Other comprehensive income (loss) before reclassifications, net of tax	455,396	(610,696)	758,355	(443,708)
Reclassifications, net of tax	(1,714)	374	(1,145)	1,575
Other comprehensive income (loss)	453,682	(610,322)	757,210	(442,133)
Stockholders' equity, ending balance	$ 989,157	$ 555,319	$ 989,157	$ 555,319

Supplemental Information abou30

Supplemental Information about Changes to Accumulated Other Comprehensive Income - Summary of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Unrealized investment gains (losses) on available for sale assets:
Realized (gains) losses	$ (4,005)	[1]	$ (2,613)	[2]	$ (4,298)	[1]	$ (2,732)	[2]
Amortization of (discount) premium	(201,642)	[1]	(194,823)	[2]	(398,695)	[1]	(386,419)	[2]
Total before tax	(199,344)	[1]	(196,723)	[2]	(394,792)	[1]	(391,200)	[2]
Tax	60,050	[1]	64,196	[2]	121,924	[1]	127,895	[2]
Net income	(138,429)	[1]	(127,110)	[2]	(262,462)	[1]	(248,758)	[2]
Pension adjustments:
Total reclassifications (after tax)	(1,714)		374		(1,145)		1,575
Unrealized Investment Gains (Losses) on Available for Sale Assets [Member]
Pension adjustments:
Total reclassifications (after tax)	(3,372)		(2,001)		(4,462)		(3,165)
Unrealized Investment Gains (Losses) on Available for Sale Assets [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized investment gains (losses) on available for sale assets:
Realized (gains) losses	(3,983)		(1,479)		(4,296)		(1,598)
Amortization of (discount) premium	(1,204)		(1,599)		(2,568)		(3,271)
Total before tax	(5,187)		(3,078)		(6,864)		(4,869)
Tax	1,815		1,077		2,402		1,704
Available for Sale Assets [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized investment gains (losses) on available for sale assets:
Net income	(3,372)		(2,001)		(4,462)		(3,165)
Amortization of Prior Service Cost [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	120		82		240		163
Amortization of Actuarial Gain (Loss) [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	2,431		3,571		4,863		7,128
Pension Adjustments [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	2,551		3,653		5,103		7,291
Tax	(893)		(1,278)		(1,786)		(2,551)
Total reclassifications (after tax)	$ 1,658		$ 2,375		$ 3,317		$ 4,740
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Investments - Summary of Fixed

Investments - Summary of Fixed Maturities Available for Sale by Component (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 13,778,254	$ 13,251,871
Debt Securities Fair Value	15,440,090	$ 13,758,024
Fixed maturities available for sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	13,778,254
Gross Unrealized Gains	1,873,093
Gross Unrealized Losses	(211,257)
Debt Securities Fair Value	$ 15,440,090
Percentage of Total Fixed Maturities At Fair Value	100.00%
Fixed maturities available for sale [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 380,528
Gross Unrealized Gains	33,040
Gross Unrealized Losses	(432)
Debt Securities Fair Value	$ 413,136
Percentage of Total Fixed Maturities At Fair Value	3.00%
Fixed maturities available for sale [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,277,303
Gross Unrealized Gains	184,320
Gross Unrealized Losses	(199)
Debt Securities Fair Value	$ 1,461,424
Percentage of Total Fixed Maturities At Fair Value	10.00%
Fixed maturities available for sale [Member] | Foreign governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 22,468
Gross Unrealized Gains	2,773
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 25,241
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 11,568,049
Gross Unrealized Gains	1,582,460
Gross Unrealized Losses	(194,144)
Debt Securities Fair Value	$ 12,956,365
Percentage of Total Fixed Maturities At Fair Value	84.00%
Fixed maturities available for sale [Member] | Corporates [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 2,800,108
Gross Unrealized Gains	388,055
Gross Unrealized Losses	(48,336)
Debt Securities Fair Value	$ 3,139,827
Percentage of Total Fixed Maturities At Fair Value	20.00%
Fixed maturities available for sale [Member] | Corporates [Member] | Utilities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,950,172
Gross Unrealized Gains	377,501
Gross Unrealized Losses	(7,370)
Debt Securities Fair Value	$ 2,320,303
Percentage of Total Fixed Maturities At Fair Value	15.00%
Fixed maturities available for sale [Member] | Corporates [Member] | Energy [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,566,871
Gross Unrealized Gains	114,956
Gross Unrealized Losses	(83,315)
Debt Securities Fair Value	$ 1,598,512
Percentage of Total Fixed Maturities At Fair Value	10.00%
Fixed maturities available for sale [Member] | Corporates [Member] | Other corporate sectors [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 5,250,898
Gross Unrealized Gains	701,948
Gross Unrealized Losses	(55,123)
Debt Securities Fair Value	$ 5,897,723
Percentage of Total Fixed Maturities At Fair Value	39.00%
Fixed maturities available for sale [Member] | Collateralized debt obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 62,174
Gross Unrealized Gains	13,617
Gross Unrealized Losses	(11,728)
Debt Securities Fair Value	$ 64,063
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 56,914
Gross Unrealized Gains	1,989
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 58,903
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 410,818
Gross Unrealized Gains	54,894
Gross Unrealized Losses	(4,754)
Debt Securities Fair Value	$ 460,958
Percentage of Total Fixed Maturities At Fair Value	3.00%
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 382,195
Gross Unrealized Gains	52,900
Gross Unrealized Losses	(4,754)
Debt Securities Fair Value	$ 430,341
Percentage of Total Fixed Maturities At Fair Value	3.00%
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member] | Utilities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 28,623
Gross Unrealized Gains	1,994
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 30,617
Percentage of Total Fixed Maturities At Fair Value	0.00%

Investments - Schedule of Fixed

Investments - Schedule of Fixed Maturities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Amortized Cost
Due in one year or less	$ 48,012
Due from one to five years	612,267
Due from five to ten years	1,047,056
Due from ten to twenty years	4,027,521
Due after twenty years	7,922,723
Mortgage-backed and asset-backed securities	120,675
Fixed Maturities, Available for Sale, Amortized Cost	13,778,254	$ 13,251,871
Fair Value
Due in one year or less	48,366
Due from one to five years	666,057
Due from five to ten years	1,175,885
Due from ten to twenty years	4,622,554
Due after twenty years	8,802,523
Mortgage-backed and asset-backed securities	124,705
Fixed Maturities, Available for Sale, Fair Value	$ 15,440,090	$ 13,758,024

Investments - Schedule of Selec

Investments - Schedule of Selected Information about Sales of Fixed Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales	$ 51,299	$ 14,287
Fixed Maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales	51,299	14,287
Gross realized gains	3,556	82
Gross realized losses	$ (214)	$ (104)

Investments - Assets Measured a

Investments - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 15,440,090	$ 13,758,024
Percent of total	100.00%
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of total	0.10%
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of total	95.80%
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of total	4.10%
Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 15,440,090
Fixed maturities available for sale [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	413,136
Fixed maturities available for sale [Member] | States, municipalities, and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,461,424
Fixed maturities available for sale [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	25,241
Fixed maturities available for sale [Member] | Corporates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	12,956,365
Fixed maturities available for sale [Member] | Corporates [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	3,139,827
Fixed maturities available for sale [Member] | Corporates [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,320,303
Fixed maturities available for sale [Member] | Corporates [Member] | Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,598,512
Fixed maturities available for sale [Member] | Corporates [Member] | Other corporate sectors [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	5,897,723
Fixed maturities available for sale [Member] | Collateralized debt obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	64,063
Fixed maturities available for sale [Member] | Other asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	58,903
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	460,958
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	430,341
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	30,617
Fixed maturities available for sale [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	22,194
Fixed maturities available for sale [Member] | Level 1 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	18
Fixed maturities available for sale [Member] | Level 1 [Member] | States, municipalities, and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Corporates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	12,008
Fixed maturities available for sale [Member] | Level 1 [Member] | Corporates [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Corporates [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	12,008
Fixed maturities available for sale [Member] | Level 1 [Member] | Corporates [Member] | Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Corporates [Member] | Other corporate sectors [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Collateralized debt obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Other asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 1 [Member] | Redeemable preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	10,168
Fixed maturities available for sale [Member] | Level 1 [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	10,168
Fixed maturities available for sale [Member] | Level 1 [Member] | Redeemable preferred stocks [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	14,784,668
Fixed maturities available for sale [Member] | Level 2 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	413,118
Fixed maturities available for sale [Member] | Level 2 [Member] | States, municipalities, and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,461,424
Fixed maturities available for sale [Member] | Level 2 [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	25,241
Fixed maturities available for sale [Member] | Level 2 [Member] | Corporates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	12,375,192
Fixed maturities available for sale [Member] | Level 2 [Member] | Corporates [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	3,076,036
Fixed maturities available for sale [Member] | Level 2 [Member] | Corporates [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,168,991
Fixed maturities available for sale [Member] | Level 2 [Member] | Corporates [Member] | Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,569,212
Fixed maturities available for sale [Member] | Level 2 [Member] | Corporates [Member] | Other corporate sectors [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	5,560,953
Fixed maturities available for sale [Member] | Level 2 [Member] | Collateralized debt obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 2 [Member] | Other asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	58,903
Fixed maturities available for sale [Member] | Level 2 [Member] | Redeemable preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	450,790
Fixed maturities available for sale [Member] | Level 2 [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	420,173
Fixed maturities available for sale [Member] | Level 2 [Member] | Redeemable preferred stocks [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	30,617
Fixed maturities available for sale [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	633,228
Fixed maturities available for sale [Member] | Level 3 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | States, municipalities, and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | Corporates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	569,165
Fixed maturities available for sale [Member] | Level 3 [Member] | Corporates [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	63,791
Fixed maturities available for sale [Member] | Level 3 [Member] | Corporates [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	139,304
Fixed maturities available for sale [Member] | Level 3 [Member] | Corporates [Member] | Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	29,300
Fixed maturities available for sale [Member] | Level 3 [Member] | Corporates [Member] | Other corporate sectors [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	336,770
Fixed maturities available for sale [Member] | Level 3 [Member] | Collateralized debt obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	64,063
Fixed maturities available for sale [Member] | Level 3 [Member] | Other asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | Redeemable preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Fixed maturities available for sale [Member] | Level 3 [Member] | Redeemable preferred stocks [Member] | Utilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 0

Investments - Schedule of Chang

Investments - Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 601,188	$ 575,946
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	19,460	5,105
Acquisitions	15,800	19,400
Sales	0	0
Amortization	2,647	2,817
Other	(5,867)	(7,571)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 633,228	$ 595,697
Percent of total fixed maturities	4.10%	4.20%
Collateralized debt obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 70,382	$ 63,232
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	(4,831)	13,531
Acquisitions	0	0
Sales	0	0
Amortization	2,639	2,810
Other	(4,127)	(5,905)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 64,063	$ 73,668
Percent of total fixed maturities	0.40%	0.50%
Corporates [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 530,806	$ 512,714
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	24,291	(8,426)
Acquisitions	15,800	19,400
Sales	0	0
Amortization	8	7
Other	(1,740)	(1,666)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 569,165	$ 522,029
Percent of total fixed maturities	3.70%	3.70%

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Issue	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Issue	Jun. 30, 2015USD ($)	Dec. 31, 2015Issue
Gain (Loss) on Investments [Line Items]
Total issues of fixed maturity portfolio | Issue	1,573		1,573		1,565
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Other than-temporary impairment, available for sale securities	$ 0	$ 0	$ 0	$ 0
Fair value of securities previously impaired	$ 56,000,000		$ 56,000,000
Percentage of investments previously impaired (less than)	1.00%		1.00%

Investments - Schedule of Infor

Investments - Schedule of Information about Investments in Unrealized Loss Position (Details) - Issue	Jun. 30, 2016	Dec. 31, 2015
Number of issues (Cusip numbers) held:
Less than Twelve Months	43	480
Twelve Months or Longer	126	75
Total	169	555

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Investment Losses by Class of Investment (Details) - Fixed maturities available for sale [Member] $ in Thousands	Jun. 30, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	$ 383,969
Unrealized Loss, Less Than Twelve Months	(27,606)
Fair Value, Twelve Months or Longer	1,072,427
Unrealized Loss, Twelve Months or Longer	(183,651)
Fair Value, Total	1,456,396
Unrealized Loss Total	(211,257)
Investment grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	284,141
Unrealized Loss, Less Than Twelve Months	(14,347)
Fair Value, Twelve Months or Longer	714,843
Unrealized Loss, Twelve Months or Longer	(64,048)
Fair Value, Total	998,984
Unrealized Loss Total	(78,395)
Investment grade [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	39
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	1,543
Unrealized Loss, Twelve Months or Longer	(432)
Fair Value, Total	1,582
Unrealized Loss Total	(432)
Investment grade [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	699
Unrealized Loss, Twelve Months or Longer	(9)
Fair Value, Total	699
Unrealized Loss Total	(9)
Investment grade [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	280,107
Unrealized Loss, Less Than Twelve Months	(14,342)
Fair Value, Twelve Months or Longer	712,601
Unrealized Loss, Twelve Months or Longer	(63,607)
Fair Value, Total	992,708
Unrealized Loss Total	(77,949)
Investment grade [Member] | Corporates [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	67,965
Unrealized Loss, Less Than Twelve Months	(6,462)
Fair Value, Twelve Months or Longer	80,657
Unrealized Loss, Twelve Months or Longer	(4,848)
Fair Value, Total	148,622
Unrealized Loss Total	(11,310)
Investment grade [Member] | Corporates [Member] | Utilities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	101,395
Unrealized Loss, Twelve Months or Longer	(7,370)
Fair Value, Total	101,395
Unrealized Loss Total	(7,370)
Investment grade [Member] | Corporates [Member] | Energy [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	141,343
Unrealized Loss, Less Than Twelve Months	(4,750)
Fair Value, Twelve Months or Longer	336,085
Unrealized Loss, Twelve Months or Longer	(40,163)
Fair Value, Total	477,428
Unrealized Loss Total	(44,913)
Investment grade [Member] | Corporates [Member] | Other corporate sectors [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	70,799
Unrealized Loss, Less Than Twelve Months	(3,130)
Fair Value, Twelve Months or Longer	194,464
Unrealized Loss, Twelve Months or Longer	(11,226)
Fair Value, Total	265,263
Unrealized Loss Total	(14,356)
Investment grade [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	3,995
Unrealized Loss, Less Than Twelve Months	(5)
Fair Value, Twelve Months or Longer	0
Unrealized Loss, Twelve Months or Longer	0
Fair Value, Total	3,995
Unrealized Loss Total	(5)
Investment grade [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	3,995
Unrealized Loss, Less Than Twelve Months	(5)
Fair Value, Twelve Months or Longer	0
Unrealized Loss, Twelve Months or Longer	0
Fair Value, Total	3,995
Unrealized Loss Total	(5)
Below investment grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	99,828
Unrealized Loss, Less Than Twelve Months	(13,259)
Fair Value, Twelve Months or Longer	357,584
Unrealized Loss, Twelve Months or Longer	(119,603)
Fair Value, Total	457,412
Unrealized Loss Total	(132,862)
Below investment grade [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	363
Unrealized Loss, Twelve Months or Longer	(190)
Fair Value, Total	363
Unrealized Loss Total	(190)
Below investment grade [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	99,828
Unrealized Loss, Less Than Twelve Months	(13,259)
Fair Value, Twelve Months or Longer	326,555
Unrealized Loss, Twelve Months or Longer	(102,936)
Fair Value, Total	426,383
Unrealized Loss Total	(116,195)
Below investment grade [Member] | Corporates [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	68,751
Unrealized Loss, Twelve Months or Longer	(37,026)
Fair Value, Total	68,751
Unrealized Loss Total	(37,026)
Below investment grade [Member] | Corporates [Member] | Energy [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	22,465
Unrealized Loss, Less Than Twelve Months	(1,337)
Fair Value, Twelve Months or Longer	98,134
Unrealized Loss, Twelve Months or Longer	(37,065)
Fair Value, Total	120,599
Unrealized Loss Total	(38,402)
Below investment grade [Member] | Corporates [Member] | Other corporate sectors [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	77,363
Unrealized Loss, Less Than Twelve Months	(11,922)
Fair Value, Twelve Months or Longer	159,670
Unrealized Loss, Twelve Months or Longer	(28,845)
Fair Value, Total	237,033
Unrealized Loss Total	(40,767)
Below investment grade [Member] | Collateralized debt obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	8,272
Unrealized Loss, Twelve Months or Longer	(11,728)
Fair Value, Total	8,272
Unrealized Loss Total	(11,728)
Below investment grade [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	22,394
Unrealized Loss, Twelve Months or Longer	(4,749)
Fair Value, Total	22,394
Unrealized Loss Total	(4,749)
Below investment grade [Member] | Redeemable preferred stocks [Member] | Financial [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	22,394
Unrealized Loss, Twelve Months or Longer	(4,749)
Fair Value, Total	22,394
Unrealized Loss Total	$ (4,749)

Discontinued Operations - Net A

Discontinued Operations - Net Assets Held for Sale (Details) - USD ($) $ in Thousands	18 Months Ended
	Dec. 31, 2017	Jun. 30, 2016	Dec. 31, 2015
Assets:
Due premiums		$ 8,107	$ 8,041
Risk sharing receivable		301	0
Other receivables		225,708	287,765
Deferred acquisition costs		16,684	17,037
Total assets related to discontinued operations		250,800	312,843
Liabilities:
Unearned and advance premiums		3,150	806
Policy claims and other benefits payable		12,751	12,309
Risk sharing payable		23,536	23,837
Current and deferred income taxes payable		18,155	13,604
Other		2,801	479
Total liabilities related to discontinued operations		60,393	51,035
Net assets		190,407	261,808
Centers for Medicare and Medicaid Services [Member]
Assets:
Other receivables		201,000	193,000
Drug Manufacturers [Member]
Assets:
Other receivables		$ 25,000	$ 95,000
Forecast [Member] | Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred acquisition costs	$ 17,000

Discontinued Operations - Incom

Discontinued Operations - Income from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Revenue:
Health premium	$ 56,774		$ 83,083		$ 111,473		$ 171,175
Benefits and expenses:
Health policyholder benefits	51,871		83,977		113,352		178,099
Amortization of deferred acquisition costs	932		1,166		1,940		1,769
Commissions, premium taxes, and non-deferred acquisition expenses	3,792		4,886		8,901		11,049
Other operating expense	1,510		1,389		3,290		2,638
Total benefits and expenses	58,105		91,418		127,483		193,555
Income (loss) before income taxes for discontinued operations	(1,331)		(8,335)		(16,010)		(22,380)
Income taxes	466		2,918		5,604		7,833
Income (loss) from discontinued operations	$ (865)	[1]	$ (5,417)	[2]	$ (10,406)	[1]	$ (14,547)	[2]
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Discontinued Operations - Opera

Discontinued Operations - Operating Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided from (used for) discontinued operations	$ 60,995	$ (86,112)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Income Tax Disclosure [Abstract]
Expected income taxes	$ 69,770		$ 68,853		$ 138,177		$ 136,920
Increase (reduction) in income taxes resulting from:
Low income housing investments	(4,829)		(4,724)		(9,657)		(9,447)
Share-based awards	(4,194)		0		(6,166)		0
Other	(697)		67		(430)		422
Income tax expense from continuing operations	$ 60,050	[1]	$ 64,196	[2]	$ 121,924	[1]	$ 127,895	[2]
Expected income taxes	35.00%		35.00%		35.00%		35.00%
Increase (reduction) in income taxes resulting from:
Low income housing investments	(2.40%)		(2.40%)		(2.40%)		(2.40%)
Share-based awards	(2.20%)		(0.00%)		(1.60%)		(0.00%)
Other	(0.40%)		0.00%		(0.10%)		0.10%
Income tax expense from continuing operations	30.00%		32.60%		30.90%		32.70%
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Debt Transactions (Details)

Debt Transactions (Details) - USD ($)	May 17, 2016	Apr. 05, 2016	Jun. 30, 2016	Jun. 30, 2015
Junior Subordinated Debt [Member] | Junior Subordinated Debentures due 2056 [Member]
Debt Instrument [Line Items]
Principal amount		$ 300,000,000
Stated interest rate (percent)		6.125%	6.125%	6.125%
Proceeds from sale of debentures net of underwriting discount and offering expenses		$ 290,000,000
Senior Notes [Member] | Senior Notes due June 15, 2016 [Member]
Debt Instrument [Line Items]
Principal amount		$ 250,000,000
Stated interest rate (percent)		6.375%	6.375%	6.375%
Accrued interest		$ 8,000,000
Unsecured Debt [Member] | Term Loan due May 2021 [Member]
Debt Instrument [Line Items]
Principal amount	$ 100,000,000
Balloon payment to be paid	$ 75,000,000
Unsecured Debt [Member] | Term Loan due May 2021 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%

Postretirement Benefit Plans -

Postretirement Benefit Plans - Summary of Post-Retirement Benefit Costs by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,894	$ 3,991	$ 7,788	$ 7,981
Interest cost	5,432	5,004	10,864	10,006
Expected return on assets	(5,782)	(5,323)	(11,564)	(10,646)
Amortization:
Prior service cost	120	82	240	163
Actuarial (gain) loss	2,423	3,534	4,847	7,068
Direct recognition of expense	0	0	0	0
Net periodic benefit cost	6,087	7,288	12,175	14,572
Other Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	212	204	424	407
Expected return on assets	0	0	0	0
Amortization:
Prior service cost	0	0	0	0
Actuarial (gain) loss	8	37	16	60
Direct recognition of expense	20	151	54	327
Net periodic benefit cost	$ 240	$ 392	$ 494	$ 794

Postretirement Benefit Plans 45

Postretirement Benefit Plans - Schedule of Assets at Fair Value for Defined-Benefit Pension Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 326,749	$ 307,596
Percent of total pension assets	100.00%	100.00%
Other fixed maturities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 281	$ 270
Percent of total pension assets	0.00%	0.00%
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 124,419	$ 123,428
Percent of total pension assets	38.00%	40.00%
Guaranteed annuity contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 17,313	$ 17,082
Percent of total pension assets	5.00%	6.00%
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 5,593	$ 4,842
Percent of total pension assets	2.00%	2.00%
Corporate debt [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 156,603	$ 146,381
Percent of total pension assets	48.00%	47.00%
Short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 22,540	$ 15,593
Percent of total pension assets	7.00%	5.00%

Postretirement Benefit Plans 46

Postretirement Benefit Plans - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability related to funded defined-benefit pension plans	$ 412,000,000	$ 406,000,000
Cash contributions made to benefit plans	12,000,000
Insurance cash value and Rabbi Trust investments supporting supplemental pension plan liability	84,000,000	79,000,000
Non-qualified supplemental retirement pension plan liability	69,000,000	$ 67,000,000
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions	$ 20,000,000

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted Weighted - Average Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding	120,479,938	125,816,943	120,980,372	126,465,420
Weighted average dilutive options outstanding	2,267,910	1,622,698	2,055,407	1,553,309
Diluted weighted average shares outstanding	122,747,848	127,439,641	123,035,779	128,018,729
Antidilutive shares	0	0	18,158	0
New Accounting Pronouncement, Early Adoption, Effect [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	122,700,000		123,000,000
Previous Accounting Guidance [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	121,900,000		122,300,000

Business Segments - Reconciliat

Business Segments - Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Revenue:
Premium	$ 785,855	[1]	$ 752,484	[2]	$ 1,565,715	[1]	$ 1,494,540	[2]
Net investment income	201,642	[1]	194,823	[2]	398,695	[1]	386,419	[2]
Other income	382	[1]	691	[2]	803	[1]	1,360	[2]
Total revenue	987,879		947,998		1,965,213		1,882,319
Expenses:
Policy benefits	531,485	[1]	508,316	[2]	1,056,458	[1]	1,006,091	[2]
Required interest on reserves	0		0		0		0
Required interest on DAC	0		0		0		0
Amortization of acquisition costs	117,245	[1]	111,738	[2]	236,051	[1]	222,398	[2]
Commissions, premium taxes, and non-deferred acquisition costs	62,854	[1]	59,132	[2]	124,456	[1]	116,237	[2]
Insurance administrative expense	48,413		45,474		96,881		91,425
Parent expense	2,379		2,312		4,405		4,485
Stock compensation expense	7,054		7,802		13,989		15,041
Interest expense	23,110	[1]	19,114	[2]	42,479	[1]	38,174	[2]
Total benefits and expenses	792,540	[1]	753,888	[2]	1,574,719	[1]	1,493,851	[2]
Subtotal	195,339		194,110		390,494		388,468
Nonoperating items	0		0		0		0
Measure of segment profitability (pretax)	195,339		194,110		390,494		388,468
Deduct applicable income taxes	(58,649)		(63,282)		(120,420)		(126,939)
Segment profits after tax	136,690		130,828		270,074		261,529
Add (deduct) realized investment gains (losses)	4,005		2,613		4,298		2,732
Income before income taxes	199,344	[1]	196,723	[2]	394,792	[1]	391,200	[2]
Operating Segments [Member] | Life [Member]
Revenue:
Premium	548,590		520,038		1,092,741		1,033,380
Total revenue	548,590		520,038		1,092,741		1,033,380
Expenses:
Policy benefits	369,342		347,364		732,202		687,065
Required interest on reserves	(143,625)		(137,430)		(285,636)		(273,615)
Required interest on DAC	44,476		43,139		88,678		85,985
Amortization of acquisition costs	93,663		88,737		188,202		177,265
Commissions, premium taxes, and non-deferred acquisition costs	41,130		38,851		81,391		75,900
Total benefits and expenses	404,986		380,661		804,837		752,600
Subtotal	143,604		139,377		287,904		280,780
Measure of segment profitability (pretax)	143,604		139,377		287,904		280,780
Operating Segments [Member] | Health [Member]
Revenue:
Premium	237,252		232,409		472,949		461,082
Total revenue	237,252		232,409		472,949		461,082
Expenses:
Policy benefits	153,261		151,198		306,036		299,227
Required interest on reserves	(18,251)		(17,151)		(36,327)		(34,034)
Required interest on DAC	5,766		5,690		11,508		11,358
Amortization of acquisition costs	22,102		20,740		44,467		40,924
Commissions, premium taxes, and non-deferred acquisition costs	21,753		20,320		43,129		40,418
Total benefits and expenses	184,631		180,797		368,813		357,893
Subtotal	52,621		51,612		104,136		103,189
Measure of segment profitability (pretax)	52,621		51,612		104,136		103,189
Operating Segments [Member] | Annuity [Member]
Revenue:
Premium	13		37		25		78
Total revenue	13		37		25		78
Expenses:
Policy benefits	8,882		9,754		18,220		19,799
Required interest on reserves	(12,506)		(13,387)		(25,598)		(26,756)
Required interest on DAC	205		294		429		607
Amortization of acquisition costs	1,480		2,261		3,382		4,209
Commissions, premium taxes, and non-deferred acquisition costs	11		12		20		23
Total benefits and expenses	(1,928)		(1,066)		(3,547)		(2,118)
Subtotal	1,941		1,103		3,572		2,196
Measure of segment profitability (pretax)	1,941		1,103		3,572		2,196
Operating Segments [Member] | Investment [Member]
Revenue:
Net investment income	201,642		194,823		398,695		386,419
Total revenue	201,642		194,823		398,695		386,419
Expenses:
Required interest on reserves	174,382		167,968		347,561		334,405
Required interest on DAC	(50,447)		(49,123)		(100,615)		(97,950)
Interest expense	23,110		19,114		42,479		38,174
Total benefits and expenses	147,045		137,959		289,425		274,629
Subtotal	54,597		56,864		109,270		111,790
Measure of segment profitability (pretax)	54,597		56,864		109,270		111,790
Operating Segments [Member] | Other & Corporate [Member]
Revenue:
Other income	422		742		887		1,464
Total revenue	422		742		887		1,464
Expenses:
Insurance administrative expense	48,413		45,474		96,881		91,425
Parent expense	2,379		2,312		4,405		4,485
Stock compensation expense	7,054		7,802		13,989		15,041
Total benefits and expenses	57,846		55,588		115,275		110,951
Subtotal	(57,424)		(54,846)		(114,388)		(109,487)
Measure of segment profitability (pretax)	(57,424)		(54,846)		(114,388)		(109,487)
Adjustments [Member]
Revenue:
Other income	(40)		(51)		(84)		(104)
Total revenue	(40)		(51)		(84)		(104)
Expenses:
Commissions, premium taxes, and non-deferred acquisition costs	(40)		(51)		(84)		(104)
Total benefits and expenses	(40)		(51)		(84)		(104)
Subtotal	0		0		0		0
Nonoperating items	0		0		0		0
Measure of segment profitability (pretax)	$ 0		$ 0		$ 0		$ 0
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Business Segments - Analysis of

Business Segments - Analysis of Profitability by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Segment Reporting Information [Line Items]
Pretax operating income	$ 195,339		$ 194,110		$ 390,494		$ 388,468
Applicable taxes	(58,649)		(63,282)		(120,420)		(126,939)
Segment profits after tax	136,690		130,828		270,074		261,529
Discontinued operations (after tax)	(865)		(5,417)		(10,406)		(14,547)
After-tax total, after discontinued operations	135,825		125,411		259,668		246,982
Reconciling items, net of tax:
Realized gains (losses)-Investments	2,604		1,699		2,794		1,776
Net income	138,429	[1]	127,110	[2]	262,462	[1]	248,758	[2]
Operating Segments [Member] | Life insurance underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	143,604		139,377		287,904		280,780
Operating Segments [Member] | Health insurance underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	52,621		51,612		104,136		103,189
Operating Segments [Member] | Annuity underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	1,941		1,103		3,572		2,196
Operating Segments [Member] | Excessive investment income [Member]
Segment Reporting Information [Line Items]
Pretax operating income	54,597		56,864		109,270		111,790
Operating Segments [Member] | Other and corporate [Member]
Segment Reporting Information [Line Items]
Pretax operating income	(57,424)		(54,846)		(114,388)		(109,487)
Operating Segments [Member] | Other and corporate [Member] | Other income [Member]
Segment Reporting Information [Line Items]
Pretax operating income	422		742		887		1,464
Operating Segments [Member] | Other and corporate [Member] | Administrative expense [Member]
Segment Reporting Information [Line Items]
Pretax operating income	(48,413)		(45,474)		(96,881)		(91,425)
Operating Segments [Member] | Other and corporate [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ (9,433)		$ (10,114)		$ (18,394)		$ (19,526)
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.