Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-08052 | |
Entity Registrant Name | GLOBE LIFE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 63-0780404 | |
Entity Address, Address Line One | 3700 South Stonebridge Drive | |
Entity Address, City or Town | McKinney | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75070 | |
City Area Code | 972 | |
Local Phone Number | 569-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,437,508 | |
Entity Central Index Key | 0000320335 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, $1.00 par value per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, $1.00 par value per share | |
Trading Symbol | GL | |
Security Exchange Name | NYSE | |
4.250% Junior Subordinated Debentures | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 4.250% Junior Subordinated Debentures | |
Trading Symbol | GL PRD | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$17,996,386; 2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387) | $ 17,181,967 | $ 21,305,287 |
Policy loans | 597,187 | 589,634 |
Other long-term investments (includes: 2022—$740,006; 2021—$640,263 under the fair value option) | 898,955 | 793,925 |
Short-term investments | 115,824 | 69,145 |
Total investments | 18,793,933 | 22,757,991 |
Cash | 172,257 | 92,163 |
Accrued investment income | 256,548 | 251,307 |
Other receivables | 478,571 | 487,443 |
Deferred acquisition costs | 5,084,878 | 4,914,728 |
Goodwill | 481,791 | 481,791 |
Other assets | 775,189 | 782,625 |
Total assets | 26,043,167 | 29,768,048 |
Liabilities: | ||
Future policy benefits | 16,403,710 | 16,034,727 |
Unearned and advance premium | 68,451 | 65,472 |
Policy claims and other benefits payable | 431,652 | 412,940 |
Other policyholders' funds | 100,336 | 98,935 |
Total policy liabilities | 17,004,149 | 16,612,074 |
Current and deferred income taxes | 856,101 | 1,765,021 |
Short-term debt | 495,126 | 479,644 |
Long-term debt (estimated fair value: 2022—$1,489,582; 2021—$1,667,009) | 1,627,143 | 1,546,494 |
Other liabilities | 737,538 | 722,009 |
Total liabilities | 20,720,057 | 21,125,242 |
Commitments and Contingencies (Note 5) | ||
Shareholders' equity: | ||
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021 | 0 | 0 |
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—109,218,183 issued; 2021—109,218,183 issued) | 109,218 | 109,218 |
Additional paid-in-capital | 531,516 | 520,564 |
Accumulated other comprehensive income (loss) | (731,493) | 2,677,583 |
Retained earnings | 6,469,956 | 6,182,100 |
Treasury stock, at cost: (2022—11,703,370 shares; 2021—9,650,845 shares) | (1,056,087) | (846,659) |
Total shareholders' equity | 5,323,110 | 8,642,806 |
Total liabilities and shareholders' equity | $ 26,043,167 | $ 29,768,048 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fixed maturities, available for sale, amortized cost | $ 17,996,386 | $ 17,805,309 |
Fixed maturities, available for sale, allowance for credit losses | 0 | 387 |
Other long-term investments under fair value option | 898,955 | 793,925 |
Total long-term debt, fair value | $ 1,489,582 | $ 1,667,009 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 |
Common stock, shares issued (in shares) | 109,218,183 | 109,218,183 |
Common stock, shares outstanding (in shares) | 109,218,183 | 109,218,183 |
Common stock, shares held in treasury (in shares) | 11,703,370 | 9,650,845 |
Partnership Interest - Fair Value Option | Investment in limited partnerships | ||
Other long-term investments under fair value option | $ 740,006 | $ 640,263 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Revenue | $ 1,079,113 | $ 1,023,756 | $ 2,150,715 | $ 2,026,049 |
Net investment income | 243,642 | 238,308 | 487,476 | 474,128 |
Realized gains (losses) | (30,446) | 8,659 | (37,690) | 36,811 |
Other income | 299 | 388 | 463 | 683 |
Total revenue | 1,292,608 | 1,271,111 | 2,600,964 | 2,537,671 |
Benefits and expenses: | ||||
Life policyholder benefits | 511,034 | 498,471 | 1,060,377 | 1,016,102 |
Health policyholder benefits | 197,218 | 188,854 | 394,073 | 376,683 |
Other policyholder benefits | 7,074 | 7,286 | 14,124 | 14,545 |
Total policyholder benefits | 715,326 | 694,611 | 1,468,574 | 1,407,330 |
Amortization of deferred acquisition costs | 155,205 | 148,021 | 313,589 | 301,014 |
Commissions, premium taxes, and non-deferred acquisition costs | 93,595 | 82,312 | 184,408 | 161,978 |
Other operating expense | 89,658 | 79,155 | 174,010 | 160,365 |
Interest expense | 21,828 | 21,769 | 41,772 | 42,947 |
Total benefits and expenses | 1,075,612 | 1,025,868 | 2,182,353 | 2,073,634 |
Income before income taxes | 216,996 | 245,243 | 418,611 | 464,037 |
Income tax benefit (expense) | (39,992) | (45,625) | (77,246) | (85,902) |
Net income | $ 177,004 | $ 199,618 | $ 341,365 | $ 378,135 |
Basic net income per common share (in dollars per share) | $ 1.80 | $ 1.94 | $ 3.46 | $ 3.66 |
Diluted net income per common share (in dollars per share) | $ 1.79 | $ 1.92 | $ 3.43 | $ 3.62 |
Life premium | ||||
Revenue: | ||||
Revenue | $ 759,924 | $ 728,170 | $ 1,514,526 | $ 1,436,289 |
Health premium | ||||
Revenue: | ||||
Revenue | 319,189 | 295,586 | 636,189 | 589,759 |
Other premium | ||||
Revenue: | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 1 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 177,004 | $ 199,618 | $ 341,365 | $ 378,135 |
Unrealized gains (losses) on fixed maturities: | ||||
Unrealized gains (losses) | (2,018,116) | 906,911 | (4,314,784) | (369,848) |
Less applicable tax (expense) benefit | 423,810 | (190,452) | 906,109 | 77,667 |
Unrealized gains (losses) on investments, net of tax | (1,594,306) | 716,459 | (3,408,675) | (292,181) |
Deferred acquisition costs: | ||||
Unrealized gains (losses) attributable to deferred acquisition costs | 6,079 | 408 | 6,455 | 767 |
Less applicable tax (expense) benefit | (1,276) | (86) | (1,355) | (161) |
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | 4,803 | 322 | 5,100 | 606 |
Foreign exchange translation: | ||||
Foreign exchange translation adjustments, other than securities | (17,979) | 6,173 | (13,841) | 5,563 |
Less applicable tax (expense) benefit | 3,776 | (1,296) | 2,907 | (1,168) |
Foreign exchange translation adjustments, other than securities, net of tax | (14,203) | 4,877 | (10,934) | 4,395 |
Pension: | ||||
Pension adjustments | 3,441 | 5,200 | 6,878 | 10,400 |
Less applicable tax (expense) benefit | (723) | (1,094) | (1,445) | (2,185) |
Pension adjustments, net of tax | 2,718 | 4,106 | 5,433 | 8,215 |
Other comprehensive income (loss) | (1,600,988) | 725,764 | (3,409,076) | (278,965) |
Comprehensive income (loss) | (1,423,984) | 925,382 | (3,067,711) | 99,170 |
Securities | ||||
Unrealized gains (losses) on fixed maturities: | ||||
Unrealized holding gains (losses) arising during period | (2,042,210) | 904,048 | (4,335,132) | (358,011) |
Other reclassification adjustments included in net income | 22,259 | 645 | 18,229 | (16,497) |
Foreign exchange adjustment on fixed maturities recorded at fair value | $ 1,835 | $ 2,218 | $ 2,119 | $ 4,660 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock |
Beginning balance at Dec. 31, 2020 | $ 8,771,092 | $ 0 | $ 113,218 | $ 527,435 | $ 3,029,244 | $ 5,874,109 | $ (772,914) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | (826,212) | (1,004,729) | 178,517 | ||||
Common dividends declared | (20,435) | (20,435) | |||||
Acquisition of treasury stock | (132,720) | (132,720) | |||||
Stock-based compensation | 7,888 | (11,422) | 1,168 | 18,142 | |||
Exercise of stock options | 32,724 | (12,807) | 45,531 | ||||
Ending balance at Mar. 31, 2021 | 7,832,337 | 0 | 113,218 | 516,013 | 2,024,515 | 6,020,552 | (841,961) |
Beginning balance at Dec. 31, 2020 | 8,771,092 | 0 | 113,218 | 527,435 | 3,029,244 | 5,874,109 | (772,914) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | 99,170 | ||||||
Ending balance at Jun. 30, 2021 | 8,616,922 | 0 | 113,218 | 524,647 | 2,750,279 | 6,185,966 | (957,188) |
Beginning balance at Mar. 31, 2021 | 7,832,337 | 0 | 113,218 | 516,013 | 2,024,515 | 6,020,552 | (841,961) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | 925,382 | 725,764 | 199,618 | ||||
Common dividends declared | (20,171) | (20,171) | |||||
Acquisition of treasury stock | (162,864) | (162,864) | |||||
Stock-based compensation | 8,634 | 8,634 | |||||
Exercise of stock options | 33,604 | (14,033) | 47,637 | ||||
Ending balance at Jun. 30, 2021 | 8,616,922 | 0 | 113,218 | 524,647 | 2,750,279 | 6,185,966 | (957,188) |
Beginning balance at Dec. 31, 2021 | 8,642,806 | 0 | 109,218 | 520,564 | 2,677,583 | 6,182,100 | (846,659) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | (1,643,727) | (1,808,088) | 164,361 | ||||
Common dividends declared | (20,543) | (20,543) | |||||
Acquisition of treasury stock | (119,482) | (119,482) | |||||
Stock-based compensation | 9,035 | 2,504 | (345) | 6,876 | |||
Exercise of stock options | 25,931 | (9,964) | 35,895 | ||||
Ending balance at Mar. 31, 2022 | 6,894,020 | 0 | 109,218 | 523,068 | 869,495 | 6,315,609 | (923,370) |
Beginning balance at Dec. 31, 2021 | 8,642,806 | 0 | 109,218 | 520,564 | 2,677,583 | 6,182,100 | (846,659) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | (3,067,711) | ||||||
Ending balance at Jun. 30, 2022 | 5,323,110 | 0 | 109,218 | 531,516 | (731,493) | 6,469,956 | (1,056,087) |
Beginning balance at Mar. 31, 2022 | 6,894,020 | 0 | 109,218 | 523,068 | 869,495 | 6,315,609 | (923,370) |
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income (loss) | (1,423,984) | (1,600,988) | 177,004 | ||||
Common dividends declared | (20,238) | (20,238) | |||||
Acquisition of treasury stock | (143,939) | (143,939) | |||||
Stock-based compensation | 8,448 | 8,448 | |||||
Exercise of stock options | 8,803 | (2,419) | 11,222 | ||||
Ending balance at Jun. 30, 2022 | $ 5,323,110 | $ 0 | $ 109,218 | $ 531,516 | $ (731,493) | $ 6,469,956 | $ (1,056,087) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared, per share (in dollars per share) | $ 0.2075 | $ 0.2075 | $ 0.1975 | $ 0.1975 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash provided from (used for) operating activities | $ 693,390 | $ 702,039 |
Investments sold or matured: | ||
Fixed maturities available for sale—sold | 219,027 | 74,710 |
Fixed maturities available for sale—matured or other redemptions | 305,656 | 108,815 |
Other long-term investments | 48,334 | 4,490 |
Total investments sold or matured | 573,017 | 188,015 |
Acquisition of investments: | ||
Fixed maturities—available for sale | (717,994) | (415,134) |
Other long-term investments | (157,913) | (141,975) |
Total investments acquired | (875,907) | (557,109) |
Net (increase) decrease in policy loans | (7,553) | 1,291 |
Net (increase) decrease in short-term investments | (46,679) | (264,140) |
Additions to properties | (13,627) | (23,727) |
Investments in low-income housing interests | (37,181) | (19,732) |
Cash provided from (used for) investing activities | (407,930) | (675,402) |
Cash provided from (used for) financing activities: | ||
Issuance of common stock | 34,734 | 66,328 |
Cash dividends paid to shareholders | (40,208) | (39,891) |
Proceeds from issuance of debt | 250,492 | 325,000 |
Payment for debt issuance costs | (5,272) | (7,639) |
Net borrowing (repayment) of commercial paper | (150,047) | 5,028 |
Acquisition of treasury stock | (263,421) | (295,584) |
Net receipts (payments) from deposit-type products | (33,782) | (30,736) |
Cash provided from (used for) financing activities | (207,504) | 22,506 |
Effect of foreign exchange rate changes on cash | 2,138 | (5,918) |
Net increase (decrease) in cash | 80,094 | 43,225 |
Cash at beginning of year | 92,163 | 94,847 |
Cash at end of period | $ 172,257 | $ 138,072 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1—Significant Accounting Policies Business : (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (the Parent Company). Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments. Basis of Presentation: The accompanying consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. 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 consolidated financial position at June 30, 2022, and the consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2022 and 2021. The interim period 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 24, 2022. Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | Note 2—New Accounting Standards Accounting Pronouncements Yet to be Adopted ASU No. 2018-12 / 2019-09 / 2020-11 , Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020. ASU 2018-12 is a significant change to the accounting and disclosure of long-duration life and health insurance contracts. The guidance was issued primarily to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available; however, the Company will not early adopt the standard and has selected the modified retrospective transition method upon adoption as of the transition date (“Transition Date”) of January 1, 2021. The modified retrospective transition method requires the amended guidance be applied to contracts issued after the beginning of the earliest period presented, or the Transition Date, which will result in the restatement of the 2021 and 2022 consolidated financial statements. In summary, the Company continues to assess the impact the adoption will have on the consolidated financial statements and has determined it will have a significant impact on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Shareholders’ Equity, and the Consolidated Statements of Comprehensive Income (Loss). On a quarterly basis, the Company’s future policy benefits will be remeasured utilizing an upper-medium grade fixed income instrument yield and the effects of the change will be recognized in Accumulated Other Comprehensive Income (“AOCI”), a component of shareholders’ equity. At least annually, the Company will update its estimate of cash flows used for establishing reserves using actual historical experience and updated future cash flow assumptions, such as mortality, morbidity, and persistency. Finally, the adoption requires changes in the future treatment of our Deferred Acquisition Cost (“DAC”) asset and is expected to result in a significant reduction to DAC amortization in the near to intermediate term. On the Transition Date, the Company expects a significant decrease in AOCI due to the requirement to re-measure future policy benefits using a discount rate currently lower than what is used in valuing the future policy benefits under existing guidance. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. Discount rates reflect upper-medium grade fixed-income instrument yields, which generally consist of single-A rated fixed income instruments. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. It is important to note that the impact to AOCI is sensitive to the discount rate assumption and associated fluctuations. On the Transition Date, using current discount rates applicable at that time, we expect the after-tax impact to AOCI to be a decrease in the range of $7.5 billion to $8.5 billion due to a $9.5 billion to $11.0 billion increase in future policy benefits. Holding all else equal but using discount rates as of June 30, 2022, the increase in future policy benefits would have been $3.0 billion to $4.0 billion. The impact on AOCI would reflect the impact of both the change in future policy benefits and the change in the fair value of invested assets. Under the new standard, the future policy benefits recorded on the Consolidated Balance Sheets are different than those used in the determination of net income. Future policy benefits recorded within the Consolidated Balance Sheets are determined using current discount rates as of the valuation date, while future policy benefits used for the determination of net income are determined using locked-in discount rates 1 based on policy issue dates. On the Transition Date, two significant drivers of the increase in future policy benefits and decrease in AOCI within the Consolidated Balance Sheets are the lower level of current discount rates as compared to the locked-in discount rates used under prior guidance and the long average life of the Company’s life insurance cash flows. Another driver of the large increase in future policy benefits is the required use of the same net premium ratio 2 using locked-in discount rates and current discount rates. The new guidance requires a more granular assessment of the net premium ratio. Any blocks of business that require increases in future policy benefits to minimum levels, or that have a net premium ratio greater than 100%, will require an adjustment to the opening balance of retained earnings (decrease). At the Transition Date, we expect a $15 million to $50 million, net of tax, decrease to opening retained earnings related to these items. Under the new standard, the annual amortization of DAC in our Consolidated Statements of Operations will be significantly lower in the near and intermediate term due to: 1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, 2) the requirement to no longer accrue and amortize interest on our DAC balances, and 3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our captive agency channels, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business. In total, we expect the impact on net income from the decrease in amortization to be in the range of $120 million to $145 million, net of tax. As time progresses, we expect this impact to diminish as the deferral of future renewal commissions increases amortization amounts. Policyholder benefits, as reported in our Consolidated Statement of Operations, will be restated in 2021 and 2022 under the new guidance. It is expected to be lower in 2021 and 2022, resulting in higher net income for those respective periods than under the current guidance. Going forward, fluctuations in experience and changes in assumptions will result in changes in both future policy obligations and amortization of DAC as a percent of premium. While the requirements of the new guidance represent a significant change from existing GAAP, the new guidance will not impact capital and surplus or net income under statutory accounting practices, cash flows on our policies, or the underlying economics of our business. ASU No. 2022-03 , Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ASU 2022-03 adds disclosure requirements specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction. This standard is effective for the Company on January 1, 2024, and will be implemented on a prospective basis. Early adoption is available. The Company does not expect the standard will have a material impact on the Consolidated Financial Statements. |
Supplemental Information about
Supplemental Information about Changes to Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Supplemental Information about Changes to Accumulated Other Comprehensive Income | Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income Components 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, 2022 and 2021: Three Months Ended June 30, 2022 Available Deferred Foreign Pension Total Balance at April 1, 2022 $ 950,921 $ (3,121) $ 22,656 $ (100,961) $ 869,495 Other comprehensive income (loss) before reclassifications, net of tax (1,611,891) 4,803 (14,203) — (1,621,291) Reclassifications, net of tax 17,585 — — 2,718 20,303 Other comprehensive income (loss) (1,594,306) 4,803 (14,203) 2,718 (1,600,988) Balance at June 30, 2022 $ (643,385) $ 1,682 $ 8,453 $ (98,243) $ (731,493) Three Months Ended June 30, 2021 Available Deferred Foreign Pension Total Balance at April 1, 2021 $ 2,166,932 $ (4,420) $ 22,820 $ (160,817) $ 2,024,515 Other comprehensive income (loss) before reclassifications, net of tax 715,949 322 4,877 — 721,148 Reclassifications, net of tax 510 — — 4,106 4,616 Other comprehensive income (loss) 716,459 322 4,877 4,106 725,764 Balance at June 30, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 Six Months Ended June 30, 2022 Available Deferred Foreign Pension Total Balance at January 1, 2022 $ 2,765,290 $ (3,418) $ 19,387 $ (103,676) $ 2,677,583 Other comprehensive income (loss) before reclassifications, net of tax (3,423,076) 5,100 (10,934) — (3,428,910) Reclassifications, net of tax 14,401 — — 5,433 19,834 Other comprehensive income (loss) (3,408,675) 5,100 (10,934) 5,433 (3,409,076) Balance at June 30, 2022 $ (643,385) $ 1,682 $ 8,453 $ (98,243) $ (731,493) Six Months Ended June 30, 2021 Available Deferred Foreign Pension Total Balance at January 1, 2021 $ 3,175,572 $ (4,704) $ 23,302 $ (164,926) $ 3,029,244 Other comprehensive income (loss) before reclassifications, net of tax (279,148) 606 4,395 — (274,147) Reclassifications, net of tax (13,033) — — 8,215 (4,818) Other comprehensive income (loss) (292,181) 606 4,395 8,215 (278,965) Balance at June 30, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 Reclassification Adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended June 30, Affected line items in the Statement of Operations Component Line Item 2022 2021 2022 2021 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ 22,422 $ (866) $ 17,485 $ (19,656) Realized (gains) losses Amortization of (discount) premium (163) 1,511 744 3,159 Net investment income Total before tax 22,259 645 18,229 (16,497) Tax (4,674) (135) (3,828) 3,464 Income taxes Total after-tax 17,585 510 14,401 (13,033) Pension adjustments: Amortization of prior service cost 158 158 316 316 Other operating expense Amortization of actuarial (gain) loss 3,283 5,042 6,562 10,084 Other operating expense Total before tax 3,441 5,200 6,878 10,400 Tax (723) (1,094) (1,445) (2,185) Income taxes Total after-tax 2,718 4,106 5,433 8,215 Total reclassification (after-tax) $ 20,303 $ 4,616 $ 19,834 $ (4,818) |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4—Investments Portfolio Composition : Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector." At June 30, 2022 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 386,907 $ — $ 875 $ (8,438) $ 379,344 2 States, municipalities, and political subdivisions 2,614,124 — 54,087 (388,631) 2,279,580 13 Foreign governments 55,302 — 144 (9,683) 45,763 — Corporates, by sector: Financial 4,639,902 — 147,936 (322,283) 4,465,555 26 Utilities 1,916,537 — 102,727 (69,418) 1,949,846 11 Energy 1,497,600 — 53,410 (74,477) 1,476,533 9 Other corporate sectors 6,759,669 — 169,924 (484,110) 6,445,483 38 Total corporates 14,813,708 — 473,997 (950,288) 14,337,417 84 Collateralized debt obligations 36,762 — 15,939 — 52,701 — Other asset-backed securities 89,583 — 9 (2,430) 87,162 1 Total fixed maturities $ 17,996,386 $ — $ 545,051 $ (1,359,470) $ 17,181,967 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 383,083 $ — $ 64,513 $ (164) $ 447,432 2 States, municipalities, and political subdivisions 2,252,997 — 239,135 (2,907) 2,489,225 12 Foreign governments 59,861 — 900 (5,132) 55,629 — Corporates, by sector: Financial 4,569,160 (387) 907,741 (9,349) 5,467,165 26 Utilities 1,931,391 — 490,119 (1,012) 2,420,498 11 Energy 1,587,892 — 346,780 (1,683) 1,932,989 9 Other corporate sectors 6,879,459 — 1,454,464 (13,362) 8,320,561 39 Total corporates 14,967,902 (387) 3,199,104 (25,406) 18,141,213 85 Collateralized debt obligations 36,468 — 27,037 — 63,505 — Other asset-backed securities 104,998 — 3,715 (430) 108,283 1 Total fixed maturities $ 17,805,309 $ (387) $ 3,534,404 $ (34,039) $ 21,305,287 100 (1) Amount reported in the balance sheet. (2) At fair value. A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2022, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At June 30, 2022 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 131,203 $ 132,177 Due after one year through five years 1,015,277 1,045,058 Due after five years through ten years 1,691,289 1,759,932 Due after ten years through twenty years 7,125,279 7,207,999 Due after twenty years 7,906,891 6,896,832 Mortgage-backed and asset-backed securities 126,447 139,969 $ 17,996,386 $ 17,181,967 Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2022 and 2021 is summarized as follows: Three Months Ended Six Months Ended 2022 2021 % Change 2022 2021 % Change Fixed maturities available for sale $ 226,753 $ 223,278 2 $ 452,037 $ 444,997 2 Policy loans 11,580 11,324 2 23,008 22,592 2 Other long-term investments (1) 10,703 8,880 21 23,416 17,042 37 Short-term investments 122 6 1933 124 10 1140 249,158 243,488 2 498,585 484,641 3 Less investment expense (5,516) (5,180) 6 (11,109) (10,513) 6 Net investment income $ 243,642 $ 238,308 2 $ 487,476 $ 474,128 3 (1) For the three months ended June 30, 2022 and 2021, the investment funds, accounted for under the fair value option method, recorded $8.6 million and $6.5 million of distributions, respectively, in net investment income. For the six months ended June 30, 2022 and 2021, the investment funds, accounted for under the fair value option method, recorded $19.3 million and $12.3 million of distributions, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds. Selected information about sales of fixed maturities available for sale is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Fixed maturities available for sale: Proceeds from sales (1) $ 143,911 $ 12,852 $ 219,027 $ 74,710 Gross realized gains — — 773 1,134 Gross realized losses (41,168) (82) (44,847) (12,101) (1) There were no unsettled sales in the periods ended June 30, 2022 and 2021. An analysis of "Realized gains (losses)" is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ (22,421) $ 865 $ (17,872) $ 16,309 Provision for credit losses — — 387 3,346 Fair value option—change in fair value 947 2,543 (4,391) 12,428 Other investments (8,972) 5,251 (15,814) 4,728 Realized gains (losses) from investments (30,446) 8,659 (37,690) 36,811 Applicable tax 6,394 (1,818) 7,915 (7,730) Realized gains (losses), net of tax $ (24,052) $ 6,841 $ (29,775) $ 29,081 (1) During the three months ended June 30, 2022 and 2021, the Company recorded $1.9 million and $22.4 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0, respectively, in realized gains (losses). During the six months ended June 30, 2022 and 2021, the Company recorded $1.9 million and $108.3 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $25.2 million, respectively, in realized gains (losses). Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2022 and December 31, 2021: Fair Value Measurement at June 30, 2022 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 379,344 $ — $ 379,344 States, municipalities, and political subdivisions — 2,279,580 — 2,279,580 Foreign governments — 45,763 — 45,763 Corporates, by sector: Financial — 4,338,871 126,684 4,465,555 Utilities — 1,832,289 117,557 1,949,846 Energy — 1,464,392 12,141 1,476,533 Other corporate sectors — 6,171,890 273,593 6,445,483 Total corporates — 13,807,442 529,975 14,337,417 Collateralized debt obligations — — 52,701 52,701 Other asset-backed securities — 87,162 — 87,162 Total fixed maturities $ — $ 16,599,291 $ 582,676 $ 17,181,967 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2021 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 447,432 $ — $ 447,432 States, municipalities, and political subdivisions — 2,489,225 — 2,489,225 Foreign governments — 55,629 — 55,629 Corporates, by sector: Financial — 5,303,547 163,618 5,467,165 Utilities — 2,266,231 154,267 2,420,498 Energy — 1,919,416 13,573 1,932,989 Other corporate sectors — 8,010,331 310,230 8,320,561 Total corporates — 17,499,525 641,688 18,141,213 Collateralized debt obligations — — 63,505 63,505 Other asset-backed securities — 108,283 — 108,283 Total fixed maturities $ — $ 20,600,094 $ 705,193 $ 21,305,287 Percentage of total — % 97 % 3 % 100 % The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2022 $ — $ 63,505 $ 641,688 $ 705,193 Included in realized gains / losses — — — — Included in other comprehensive income — (11,098) (89,359) (100,457) Acquisitions — — — — Sales — — — — Amortization — 2,248 3 2,251 Other (1) — (1,954) (22,357) (24,311) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at June 30, 2022 $ — $ 52,701 $ 529,975 $ 582,676 Percent of total fixed maturities — % — % 3 % 3 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) 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. Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2021 $ 12,870 $ 71,598 $ 714,505 $ 798,973 Included in realized gains / losses (82) (6,787) 840 (6,029) Included in other comprehensive income 63 13,528 (12,489) 1,102 Acquisitions — — — — Sales (12,851) (13,213) — (26,064) Amortization — 2,270 4 2,274 Other (1) — (2,989) (24,115) (27,104) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at June 30, 2021 $ — $ 64,407 $ 678,745 $ 743,152 Percent of total fixed maturities — % 1 % 3 % 4 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) 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. The following table presents changes in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s: Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period Asset- Collateralized Corporates Total At June 30, 2022 $ — $ (11,098) $ (89,359) $ (100,457) At June 30, 2021 63 13,528 (12,489) 1,102 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 (CUSIPs) held: As of June 30, 2022 1,581 53 1,634 As of December 31, 2021 138 42 180 Globe Life's entire fixed maturity portfolio consisted of 2,177 issues by 923 different issuers at June 30, 2022 and 2,060 issues by 843 different issuers at December 31, 2021. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of June 30, 2022 and December 31, 2021. The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2022 and December 31, 2021. Analysis of Gross Unrealized Investment Losses At June 30, 2022 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 289,383 $ (7,858) $ 3,465 $ (580) $ 292,848 $ (8,438) States, municipalities and political subdivisions 1,674,505 (386,550) 4,066 (2,081) 1,678,571 (388,631) Foreign governments 9,838 (1,254) 23,380 (8,429) 33,218 (9,683) Corporates, by sector: Financial 2,260,544 (284,797) 50,713 (14,674) 2,311,257 (299,471) Utilities 650,822 (65,538) 3,970 (1,530) 654,792 (67,068) Energy 662,038 (57,153) — — 662,038 (57,153) Other corporate sectors 3,859,625 (438,608) 53,633 (21,941) 3,913,258 (460,549) Total corporates 7,433,029 (846,096) 108,316 (38,145) 7,541,345 (884,241) Collateralized debt obligations — — — — — — Other asset-backed securities 74,578 (1,813) — — 74,578 (1,813) Total investment grade securities 9,481,333 (1,243,571) 139,227 (49,235) 9,620,560 (1,292,806) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 79,869 (10,269) 43,105 (12,543) 122,974 (22,812) Utilities 28,547 (2,350) — — 28,547 (2,350) Energy 48,666 (8,428) 19,176 (8,896) 67,842 (17,324) Other corporate sectors 162,448 (19,219) 6,999 (4,342) 169,447 (23,561) Total corporates 319,530 (40,266) 69,280 (25,781) 388,810 (66,047) Collateralized debt obligations — — — — — — Other asset-backed securities — — 12,493 (617) 12,493 (617) Total below investment grade securities 319,530 (40,266) 81,773 (26,398) 401,303 (66,664) Total fixed maturities $ 9,800,863 $ (1,283,837) $ 221,000 $ (75,633) $ 10,021,863 $ (1,359,470) Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is likely that management will not be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations. Analysis of Gross Unrealized Investment Losses At December 31, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 118 $ (1) $ 3,867 $ (163) $ 3,985 $ (164) States, municipalities and political subdivisions 141,310 (2,824) 2,436 (83) 143,746 (2,907) Foreign governments 12,567 (561) 23,144 (4,571) 35,711 (5,132) Corporates, by sector: Financial 133,654 (1,507) 52,864 (1,932) 186,518 (3,439) Utilities 25,447 (692) 2,372 (320) 27,819 (1,012) Energy 6,519 (238) — — 6,519 (238) Other corporate sectors 115,444 (3,566) 40,249 (3,670) 155,693 (7,236) Total corporates 281,064 (6,003) 95,485 (5,922) 376,549 (11,925) Collateralized debt obligations — — — — — — Other asset-backed securities 10,489 (16) 1 — 10,490 (16) Total investment grade securities 445,548 (9,405) 124,933 (10,739) 570,481 (20,144) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 15,695 (272) 56,897 (5,638) 72,592 (5,910) Utilities — — — — — — Energy — — 26,639 (1,445) 26,639 (1,445) Other corporate sectors 700 (11) 26,581 (6,115) 27,281 (6,126) Total corporates 16,395 (283) 110,117 (13,198) 126,512 (13,481) Collateralized debt obligations — — — — — — Other asset-backed securities — — 13,043 (414) 13,043 (414) Total below investment grade securities 16,395 (283) 123,160 (13,612) 139,555 (13,895) Total fixed maturities $ 461,943 $ (9,688) $ 248,093 $ (24,351) $ 710,036 $ (34,039) Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows. Three Months Ended Six Months Ended 2022 2021 2022 2021 Allowance for credit losses beginning balance $ — $ — $ 387 $ 3,346 Additions to allowance for which credit losses were not previously recorded — — — — Additions (reductions) to allowance for fixed maturities that previously had an allowance — — — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period — — (387) (3,346) Allowance for credit losses ending balance $ — $ — $ — $ — As of June 30, 2022 and December 31, 2021, the Company did not have any fixed maturities in non-accrual status. Other Long-Term Investments : Other long-term investments consist of the following assets: June 30, December 31, 2021 Investment funds $ 740,006 $ 640,263 Commercial mortgage loan participations 141,696 141,843 Other 17,253 11,819 Total $ 898,955 $ 793,925 The following table presents additional information about the Company's investment funds as of June 30, 2022 and December 31, 2021 at fair value: Fair Value Unfunded Commitments Investment Category June 30, December 31, 2021 June 30, Redemption Term/Notice Commercial mortgage loans $ 417,442 $ 423,776 $ 363,852 Fully redeemable and non-redeemable with varying terms. Opportunistic credit 168,287 178,215 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Other 154,277 38,272 146,367 Total investment funds $ 740,006 $ 640,263 $ 510,219 The Company had $143 million of capital called during the year from existing investment funds. Our unfunded commitments were $510 million as of June 30, 2022. Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 61,846 44 $ 57,996 41 Hospitality 20,783 15 23,186 16 Retail 19,399 14 19,811 14 Industrial 17,900 12 17,900 13 Multi-family 14,527 10 14,872 11 Office 8,350 6 8,905 6 Total recorded investment 142,805 101 142,670 101 Less allowance for credit losses (1,109) (1) (827) (1) Carrying value, net of allowance for credit losses $ 141,696 100 $ 141,843 100 June 30, 2022 December 31, 2021 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 70,245 50 $ 67,659 48 New York 19,133 14 18,373 13 Pennsylvania 11,672 8 11,673 8 Indiana 9,717 7 9,717 7 Florida 8,263 6 8,213 6 Texas 6,075 4 5,898 4 Other 17,700 12 21,137 15 Total recorded investment 142,805 101 142,670 101 Less allowance for credit losses (1,109) (1) (827) (1) Carrying value, net of allowance for credit losses $ 141,696 100 $ 141,843 100 The following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2020, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project. Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of June 30, 2022 Risk Rating: Number of Loans 2022 2021 2020 2019 2018 2017 Total Low 13 $ — $ — $ 26,403 $ 11,685 $ 41,224 $ 36,000 $ 115,312 Moderate 5 — — 1,195 15,161 — — 16,356 High 2 — — — 4,110 7,027 — 11,137 Total commercial mortgage loans 20 $ — $ — $ 27,598 $ 30,956 $ 48,251 $ 36,000 142,805 Less allowance for credit losses on the investment pool (862) Less allowance for credit losses on individual loans (247) Carrying value, net of valuation allowance $ 141,696 Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of December 31, 2021 Risk Rating: Number of Loans 2021 2020 2019 2018 2017 Total Low 14 $ — $ 23,636 $ 11,925 $ 41,209 $ 35,729 $ 112,499 Moderate 6 — 1,400 17,173 — — 18,573 High 2 — — 4,593 7,005 — 11,598 Total commercial mortgage loans 22 $ — $ 25,036 $ 33,691 $ 48,214 $ 35,729 142,670 Less allowance for credit losses on the investment pool (827) Less allowance for credit losses on individual loans — Carrying value, net of valuation allowance $ 141,843 As of June 30, 2022, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 20 loans in the portfolio. For the six months ended June 30, 2022, the allowance for credit losses increased $282 thousand. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations . Three Months Ended Six Months Ended 2022 2021 2022 2021 Allowance for credit losses beginning balance $ 827 $ 2,147 $ 827 $ 3,505 Provision (reversal) for credit losses 282 (508) 282 (1,866) Allowance for credit losses ending balance $ 1,109 $ 1,639 $ 1,109 $ 1,639 There were no delinquent commercial mortgage loans as of June 30, 2022 and December 31, 2021. As of June 30, 2022 and December 31, 2021, the Company had one commercial mortgage loan in non-accrual status, which went into foreclosure during the quarter. The outstanding principal balance of this loan was $4.1 million as of June 30, 2022 and December 31, 2021. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of June 30, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5—Commitments and Contingencies Guarantees : The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement was amended on September 30, 2021 and now expires in 2026. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount outstanding at June 30, 2022 was $125 million. Litigation : Globe Life Inc. (formerly Torchmark Corporation) and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including putative class action litigation, alleged breaches of contract, torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries, employment discrimination, worker misclassification, and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts. Globe Life's management recognizes that large punitive damage awards bearing little or no relation to actual damages continue to be awarded by juries in jurisdictions in which the Parent Company's insurance subsidiaries have substantial business, creating the potential for unpredictable material adverse judgments in any given punitive damage suit. On July 22, 2022, putative class and collective action litigation was filed against Arias Agencies and American Income Life Insurance Company (“American Income”) (collectively, “Defendants”) in United States District Court for the Western District of Pennsylvania ( David Burkes v. Arias Agencies and American Income Life Insurance Company , Case No. 2:22-cv-1054). The complaint alleges that insurance agent trainees should have been classified as employees, and after contracting should have been classified as employees instead of independent contractors. Plaintiff David Burkes is a former Pennsylvania independent sales agent and asserts claims under Pennsylvania law on behalf of a putative class of all individuals who trained to become and/or worked as sales agents for American Income in the three years prior to July 22, 2022 through case conclusion. Burkes makes claims (a) under the Pennsylvania Minimum Wage Act and the Pennsylvania Wage Payment and Collection Law for the alleged failure to pay minimum wage, alleged failure to pay for time spent in training, alleged failure to pay for missed meals and rest breaks, allegedly requiring putative class members to pay for work-related expenses, and allegedly subjecting putative class members to “chargebacks”; (b) for unjust enrichment for allegedly benefiting from the uncompensated labor of putative class members; and (c) for the rescission of putative class members’ agent contracts. Burkes also asserts a collective action on behalf of the same group of individuals for minimum wage, overtime, liquidated damages, and attorney’s fees and costs under the Fair Labor Standards Act for the three years prior to July 22, 2022 through case conclusion, as well as a claim that American Income allegedly did not keep accurate records of hours worked by sales agents. American Income intends to vigorously dispute the individual and class and collective claims, including enforcing the class action waiver and right to individual arbitration found in agent contracts, which has been recognized by other federal courts in Pennsylvania. |
Liability for Unpaid Claims
Liability for Unpaid Claims | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Liability for Unpaid Claims | Note 6—Liability for Unpaid Claims Activity in the liability for unpaid health claims is summarized as follows: June 30, December 31, Balance at beginning of period $ 167,832 $ 162,261 Incurred related to: Current year 345,294 638,054 Prior year (14,208) (22,477) Total incurred 331,086 615,577 Paid related to: Current year 210,170 487,096 Prior year 112,782 122,910 Total paid 322,952 610,006 Balance at end of period $ 175,966 $ 167,832 Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets . June 30, December 31, Policy claims and other benefits payable: Life insurance $ 255,686 $ 245,108 Health insurance 175,966 167,832 Total $ 431,652 $ 412,940 |
Postretirement Benefits
Postretirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits | Note 7—Postretirement Benefits Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP. Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2022 and December 31, 2021. Pension Assets by Component at June 30, 2022 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 42,594 $ — $ 42,594 9 Utilities — 36,132 — 36,132 7 Energy — 18,653 — 18,653 4 Other corporates — 65,233 — 65,233 13 Total corporate bonds — 162,612 — 162,612 33 Exchange traded fund (1) 251,687 — — 251,687 52 Other bonds — 212 — 212 — Guaranteed annuity contract (2) — 34,986 — 34,986 7 Short-term investments 17,436 — — 17,436 4 Other 5,539 — — 5,539 1 $ 274,662 $ 197,810 $ — 472,472 97 Other long-term investments (3) 14,525 3 Total pension assets $ 486,997 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of June 30, 2022, the expected term of the investment fund is approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 52,522 $ — $ 52,522 9 Utilities — 43,663 — 43,663 7 Energy — 22,719 — 22,719 4 Other corporates — 88,673 — 88,673 15 Total corporate bonds — 207,577 — 207,577 35 Exchange traded fund (1) 315,720 — — 315,720 52 Other bonds — 239 — 239 — Guaranteed annuity contract (2) — 34,743 — 34,743 6 Short-term investments 13,731 — — 13,731 2 Other 10,388 — — 10,388 2 $ 339,839 $ 242,559 $ — 582,398 97 Other long-term investments (3) 15,149 3 Total pension assets $ 597,547 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2021, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. SERP : The following table includes information regarding the SERP. Six Months Ended 2022 2021 Premiums paid for insurance coverage $ 443 $ 443 June 30, December 31, Total investments: Company owned life insurance $ 53,982 $ 52,791 Exchange traded funds 72,401 87,133 $ 126,383 $ 139,924 Pension Plans and SERP Liabilities : The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2022 and December 31, 2021. June 30, December 31, Pension Plans $ 585,944 $ 686,917 SERP 91,861 92,017 Pension benefit obligation $ 677,805 $ 778,934 Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and six months ended June 30, 2022 and 2021. Components of Net Periodic Benefit Cost Three Months Ended Six Months Ended 2022 2021 2022 2021 Service cost $ 8,656 $ 7,918 $ 17,311 $ 15,836 Interest cost 6,121 5,469 12,244 10,936 Expected return on assets (8,885) (8,083) (17,770) (16,166) Amortization: Prior service cost 158 158 316 316 Actuarial (gain) loss 3,208 4,984 6,417 9,969 Net periodic benefit cost $ 9,258 $ 10,446 $ 18,518 $ 20,891 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8—Earnings Per Share Earnings per Share : A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic weighted average shares outstanding 98,222,993 102,895,435 98,745,402 103,187,567 Weighted average dilutive options outstanding 717,686 1,337,911 841,940 1,331,047 Diluted weighted average shares outstanding 98,940,679 104,233,346 99,587,342 104,518,614 Antidilutive shares 3,882,884 31,269 2,232,662 1,326,599 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 9—Debt The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of June 30, December 31, Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (257) $ 165,355 $ 171,168 $ 165,216 Senior notes (1) 9/24/2012 9/15/2022 3.800% 150,000 (74) 149,926 150,251 149,752 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (4,725) 545,275 541,486 544,949 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (4,001) 395,999 327,492 395,778 Senior notes (1) 5/19/2022 6/15/2032 4.800% 250,000 (4,726) 245,274 246,459 — Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,597) 123,403 125,325 123,396 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,808) 317,192 248,820 317,155 1,965,612 (23,188) 1,942,424 1,811,001 1,696,246 Less current maturity of long-term debt (1) 315,612 (331) 315,281 321,419 149,752 Total long-term debt 1,650,000 (22,857) 1,627,143 1,489,582 1,546,494 Current maturity of long-term debt (1) 315,612 (331) 315,281 321,419 149,752 Commercial paper 180,000 (155) 179,845 179,845 329,892 Total short-term debt 495,612 (486) 495,126 501,264 479,644 Total debt $ 2,145,612 $ (23,343) $ 2,122,269 $ 1,990,846 $ 2,026,138 (1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation. The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The senior notes due 2023 are noncallable, the remaining senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures is payable quarterly while all other long-term debt is payable semi-annually. Federal Home Loan Bank (FHLB) Funding : In 2021, four of our insurance subsidiaries became members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owns $11.3 million in FHLB common stock as of June 30, 2022 and $7.9 million as of December 31, 2021. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments " in the Condensed Consolidated Balance Sheets and activity is recorded in "Net receipts (payments) from deposit-type products" in the Condensed Consolidated Statement of Cash Flows . |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 10—Business Segments Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other." Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental 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. There is also an investment segment which manages the investment portfolio, debt, and cash flow for the insurance segments and the corporate function. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments. Life insurance products marketed by Globe Life include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage. Annuities include fixed-benefit contracts. Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (Direct to Consumer). The following tables present segment premium revenue by each of Globe Life's distribution channels. Premium Income by Distribution Channel Three Months Ended June 30, 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 376,419 50 $ 29,392 9 $ — — $ 405,811 38 Direct to Consumer 249,365 33 17,591 6 — — 266,956 25 Liberty National 81,451 11 46,655 15 — — 128,106 12 United American 2,014 — 134,793 42 — — 136,807 13 Family Heritage 1,370 — 90,758 28 — — 92,128 8 Other 49,305 6 — — — — 49,305 4 $ 759,924 100 $ 319,189 100 $ — — $ 1,079,113 100 Premium Income by Distribution Channel Three Months Ended June 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 347,696 48 $ 28,789 10 $ — — $ 376,485 37 Direct to Consumer 249,440 34 18,450 6 — — 267,890 26 Liberty National 77,853 11 47,118 16 — — 124,971 12 United American 2,261 — 116,217 39 — — 118,478 12 Family Heritage 1,226 — 85,012 29 — — 86,238 8 Other 49,694 7 — — — — 49,694 5 $ 728,170 100 $ 295,586 100 $ — — $ 1,023,756 100 Six Months Ended June 30, 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 746,406 49 $ 58,246 9 $ — — $ 804,652 37 Direct to Consumer 500,491 33 36,347 6 — — 536,838 25 Liberty National 162,170 11 93,841 15 — — 256,011 12 United American 4,073 — 267,457 42 — — 271,530 13 Family Heritage 2,739 — 180,298 28 — — 183,037 8 Other 98,647 7 — — — — 98,647 5 $ 1,514,526 100 $ 636,189 100 $ — — $ 2,150,715 100 Six Months Ended June 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 682,591 48 $ 56,140 9 $ — — $ 738,731 37 Direct to Consumer 493,468 34 37,810 6 — — 531,278 26 Liberty National 153,590 11 94,158 16 — — 247,748 12 United American 4,538 — 233,304 40 1 100 237,843 12 Family Heritage 2,344 — 168,347 29 — — 170,691 8 Other 99,758 7 — — — — 99,758 5 $ 1,436,289 100 $ 589,759 100 $ 1 100 $ 2,026,049 100 Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States. The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on net policy liabilities (benefit reserves less deferred acquisition costs) is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the net policy liabilities. The measure of profitability for the Investment segment is excess investment income, representing the income earned on the investment portfolio in excess of net policy requirements and financing costs associated with Globe Life's debt. Other than the above-mentioned interest allocations, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense, are also included in the “Corporate & Other” segment category. Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which is reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations. Management removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results, because accounting guidance requires that operating segment results be presented as management views its business. With the exception of the administrative settlements noted in the paragraphs above, all of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables. The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Three Months Ended June 30, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 759,924 $ 319,189 $ — $ — $ — $ — $ 1,079,113 Net investment income — — — 243,642 — — 243,642 Other income — — — — 299 — 299 Total revenue 759,924 319,189 — 243,642 299 — 1,323,054 Expenses: Policy benefits 511,034 197,218 7,074 — — — 715,326 Required interest on reserves (191,722) (27,238) (9,670) 228,630 — — — Required interest on DAC 56,643 7,562 49 (64,254) — — — Amortization of acquisition costs 122,532 32,221 452 — — — 155,205 Commissions, premium taxes, and non-deferred acquisition costs 63,887 29,703 5 — — — 93,595 Insurance administrative expense (1) — — — — 73,700 4,985 (2) 78,685 Parent expense — — — — 2,893 (368) (2) 2,525 Stock-based compensation expense — — — — 8,448 — 8,448 Interest expense — — — 21,828 — — 21,828 Total expenses 562,374 239,466 (2,090) 186,204 85,041 4,617 1,075,612 Subtotal 197,550 79,723 2,090 57,438 (84,742) (4,617) 247,442 Non-operating items — — — — — 4,617 (2) 4,617 Measure of segment profitability (pretax) $ 197,550 $ 79,723 $ 2,090 $ 57,438 $ (84,742) $ — 252,059 Realized gain (loss)—investments (30,446) Non-operating expenses (4,617) Income before income taxes per Condensed Consolidated Statements of Operations $ 216,996 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. Three Months Ended June 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 728,170 $ 295,586 $ — $ — $ — $ — $ 1,023,756 Net investment income — — — 238,308 — — 238,308 Other income — — — — 388 — 388 Total revenue 728,170 295,586 — 238,308 388 — 1,262,452 Expenses: Policy obligations 498,471 188,854 7,286 — — — 694,611 Required interest on reserves (182,495) (25,434) (10,016) 217,945 — — — Required interest on DAC 54,222 7,077 66 (61,365) — — — Amortization of acquisition costs 120,407 27,132 482 — — — 148,021 Commissions, premium taxes, and non-deferred acquisition costs 58,810 23,496 6 — — — 82,312 Insurance administrative expense (1) — — — — 67,503 261 (2) 67,764 Parent expense — — — — 2,757 — 2,757 Stock-based compensation expense — — — — 8,634 — 8,634 Interest expense — — — 21,769 — — 21,769 Total expenses 549,415 221,125 (2,176) 178,349 78,894 261 1,025,868 Subtotal 178,755 74,461 2,176 59,959 (78,506) (261) 236,584 Non-operating items — — — — — 261 (2) 261 Measure of segment profitability (pretax) $ 178,755 $ 74,461 $ 2,176 $ 59,959 $ (78,506) $ — 236,845 Realized gain (loss)—investments 8,659 Legal proceedings (261) Income before income taxes per Condensed Consolidated Statements of Operations $ 245,243 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings . The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Six Months Ended June 30, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,514,526 $ 636,189 $ — $ — $ — $ — $ 2,150,715 Net investment income — — — 487,476 — — 487,476 Other income — — — — 463 — 463 Total revenue 1,514,526 636,189 — 487,476 463 — 2,638,654 Expenses: Policy obligations 1,060,377 394,073 14,124 — — — 1,468,574 Required interest on reserves (381,431) (54,103) (19,342) 454,876 — — — Required interest on DAC 112,875 15,025 102 (128,002) — — — Amortization of acquisition costs 248,611 64,073 905 — — — 313,589 Commissions, premium taxes, and non-deferred acquisition costs 126,090 58,305 13 — — — 184,408 Insurance administrative expense (1) — — — — 146,265 5,097 (2) 151,362 Parent expense — — — — 5,533 (368) (2) 5,165 Stock-based compensation expense — — — — 17,483 — 17,483 Interest expense — — — 41,772 — — 41,772 Total expenses 1,166,522 477,373 (4,198) 368,646 169,281 4,729 2,182,353 Subtotal 348,004 158,816 4,198 118,830 (168,818) (4,729) 456,301 Non-operating items — — — — — 4,729 (2) 4,729 Measure of segment profitability (pretax) $ 348,004 $ 158,816 $ 4,198 $ 118,830 $ (168,818) $ — 461,030 Realized gain (loss)—investments (37,690) Non-operating expenses (4,729) Income before income taxes per Condensed Consolidated Statements of Operations $ 418,611 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. Six Months Ended June 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,436,289 $ 589,759 $ 1 $ — $ — $ — $ 2,026,049 Net investment income — — — 474,128 — — 474,128 Other income — — — — 683 — 683 Total revenue 1,436,289 589,759 1 474,128 683 — 2,500,860 Expenses: Policy obligations 1,016,102 376,683 14,545 — — — 1,407,330 Required interest on reserves (362,420) (50,429) (20,021) 432,870 — — — Required interest on DAC 108,017 14,039 136 (122,192) — — — Amortization of acquisition costs 243,711 56,339 964 — — — 301,014 Commissions, premium taxes, and non-deferred acquisition costs 115,478 46,486 14 — — — 161,978 Insurance administrative expense (1) — — — — 133,679 5,089 (2) 138,768 Parent expense — — — — 5,075 — 5,075 Stock-based compensation expense — — — — 16,522 — 16,522 Interest expense — — — 42,947 — — 42,947 Total expenses 1,120,888 443,118 (4,362) 353,625 155,276 5,089 2,073,634 Subtotal 315,401 146,641 4,363 120,503 (154,593) (5,089) 427,226 Non-operating items — — — — — 5,089 (2) 5,089 Measure of segment profitability (pretax) $ 315,401 $ 146,641 $ 4,363 $ 120,503 $ (154,593) $ — 432,315 Realized gain (loss)—investments 36,811 Legal proceedings (5,089) Income before income taxes per Condensed Consolidated Statements of Operations $ 464,037 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. 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 consolidated financial position at June 30, 2022, and the consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2022 and 2021. The interim period 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 24, 2022. |
Use of Estimates | Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes. |
Supplemental Information Abou_2
Supplemental Information About Changes to Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule 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, 2022 and 2021: Three Months Ended June 30, 2022 Available Deferred Foreign Pension Total Balance at April 1, 2022 $ 950,921 $ (3,121) $ 22,656 $ (100,961) $ 869,495 Other comprehensive income (loss) before reclassifications, net of tax (1,611,891) 4,803 (14,203) — (1,621,291) Reclassifications, net of tax 17,585 — — 2,718 20,303 Other comprehensive income (loss) (1,594,306) 4,803 (14,203) 2,718 (1,600,988) Balance at June 30, 2022 $ (643,385) $ 1,682 $ 8,453 $ (98,243) $ (731,493) Three Months Ended June 30, 2021 Available Deferred Foreign Pension Total Balance at April 1, 2021 $ 2,166,932 $ (4,420) $ 22,820 $ (160,817) $ 2,024,515 Other comprehensive income (loss) before reclassifications, net of tax 715,949 322 4,877 — 721,148 Reclassifications, net of tax 510 — — 4,106 4,616 Other comprehensive income (loss) 716,459 322 4,877 4,106 725,764 Balance at June 30, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 Six Months Ended June 30, 2022 Available Deferred Foreign Pension Total Balance at January 1, 2022 $ 2,765,290 $ (3,418) $ 19,387 $ (103,676) $ 2,677,583 Other comprehensive income (loss) before reclassifications, net of tax (3,423,076) 5,100 (10,934) — (3,428,910) Reclassifications, net of tax 14,401 — — 5,433 19,834 Other comprehensive income (loss) (3,408,675) 5,100 (10,934) 5,433 (3,409,076) Balance at June 30, 2022 $ (643,385) $ 1,682 $ 8,453 $ (98,243) $ (731,493) Six Months Ended June 30, 2021 Available Deferred Foreign Pension Total Balance at January 1, 2021 $ 3,175,572 $ (4,704) $ 23,302 $ (164,926) $ 3,029,244 Other comprehensive income (loss) before reclassifications, net of tax (279,148) 606 4,395 — (274,147) Reclassifications, net of tax (13,033) — — 8,215 (4,818) Other comprehensive income (loss) (292,181) 606 4,395 8,215 (278,965) Balance at June 30, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2022 and 2021. Three Months Ended Six Months Ended June 30, Affected line items in the Statement of Operations Component Line Item 2022 2021 2022 2021 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ 22,422 $ (866) $ 17,485 $ (19,656) Realized (gains) losses Amortization of (discount) premium (163) 1,511 744 3,159 Net investment income Total before tax 22,259 645 18,229 (16,497) Tax (4,674) (135) (3,828) 3,464 Income taxes Total after-tax 17,585 510 14,401 (13,033) Pension adjustments: Amortization of prior service cost 158 158 316 316 Other operating expense Amortization of actuarial (gain) loss 3,283 5,042 6,562 10,084 Other operating expense Total before tax 3,441 5,200 6,878 10,400 Tax (723) (1,094) (1,445) (2,185) Income taxes Total after-tax 2,718 4,106 5,433 8,215 Total reclassification (after-tax) $ 20,303 $ 4,616 $ 19,834 $ (4,818) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fixed Maturities and Equity Securities Available for Sale by Component | Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector." At June 30, 2022 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 386,907 $ — $ 875 $ (8,438) $ 379,344 2 States, municipalities, and political subdivisions 2,614,124 — 54,087 (388,631) 2,279,580 13 Foreign governments 55,302 — 144 (9,683) 45,763 — Corporates, by sector: Financial 4,639,902 — 147,936 (322,283) 4,465,555 26 Utilities 1,916,537 — 102,727 (69,418) 1,949,846 11 Energy 1,497,600 — 53,410 (74,477) 1,476,533 9 Other corporate sectors 6,759,669 — 169,924 (484,110) 6,445,483 38 Total corporates 14,813,708 — 473,997 (950,288) 14,337,417 84 Collateralized debt obligations 36,762 — 15,939 — 52,701 — Other asset-backed securities 89,583 — 9 (2,430) 87,162 1 Total fixed maturities $ 17,996,386 $ — $ 545,051 $ (1,359,470) $ 17,181,967 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 383,083 $ — $ 64,513 $ (164) $ 447,432 2 States, municipalities, and political subdivisions 2,252,997 — 239,135 (2,907) 2,489,225 12 Foreign governments 59,861 — 900 (5,132) 55,629 — Corporates, by sector: Financial 4,569,160 (387) 907,741 (9,349) 5,467,165 26 Utilities 1,931,391 — 490,119 (1,012) 2,420,498 11 Energy 1,587,892 — 346,780 (1,683) 1,932,989 9 Other corporate sectors 6,879,459 — 1,454,464 (13,362) 8,320,561 39 Total corporates 14,967,902 (387) 3,199,104 (25,406) 18,141,213 85 Collateralized debt obligations 36,468 — 27,037 — 63,505 — Other asset-backed securities 104,998 — 3,715 (430) 108,283 1 Total fixed maturities $ 17,805,309 $ (387) $ 3,534,404 $ (34,039) $ 21,305,287 100 (1) Amount reported in the balance sheet. (2) At fair value. |
Schedule of Fixed Maturities by Contractual Maturity | A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2022, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At June 30, 2022 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 131,203 $ 132,177 Due after one year through five years 1,015,277 1,045,058 Due after five years through ten years 1,691,289 1,759,932 Due after ten years through twenty years 7,125,279 7,207,999 Due after twenty years 7,906,891 6,896,832 Mortgage-backed and asset-backed securities 126,447 139,969 $ 17,996,386 $ 17,181,967 |
Schedule of Analysis of Investment Operations | "Net investment income" for the three and six month periods ended June 30, 2022 and 2021 is summarized as follows: Three Months Ended Six Months Ended 2022 2021 % Change 2022 2021 % Change Fixed maturities available for sale $ 226,753 $ 223,278 2 $ 452,037 $ 444,997 2 Policy loans 11,580 11,324 2 23,008 22,592 2 Other long-term investments (1) 10,703 8,880 21 23,416 17,042 37 Short-term investments 122 6 1933 124 10 1140 249,158 243,488 2 498,585 484,641 3 Less investment expense (5,516) (5,180) 6 (11,109) (10,513) 6 Net investment income $ 243,642 $ 238,308 2 $ 487,476 $ 474,128 3 (1) For the three months ended June 30, 2022 and 2021, the investment funds, accounted for under the fair value option method, recorded $8.6 million and $6.5 million of distributions, respectively, in net investment income. For the six months ended June 30, 2022 and 2021, the investment funds, accounted for under the fair value option method, recorded $19.3 million and $12.3 million of distributions, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds. |
Realized Gains (Losses) on Investments | Selected information about sales of fixed maturities available for sale is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Fixed maturities available for sale: Proceeds from sales (1) $ 143,911 $ 12,852 $ 219,027 $ 74,710 Gross realized gains — — 773 1,134 Gross realized losses (41,168) (82) (44,847) (12,101) (1) There were no unsettled sales in the periods ended June 30, 2022 and 2021. An analysis of "Realized gains (losses)" is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ (22,421) $ 865 $ (17,872) $ 16,309 Provision for credit losses — — 387 3,346 Fair value option—change in fair value 947 2,543 (4,391) 12,428 Other investments (8,972) 5,251 (15,814) 4,728 Realized gains (losses) from investments (30,446) 8,659 (37,690) 36,811 Applicable tax 6,394 (1,818) 7,915 (7,730) Realized gains (losses), net of tax $ (24,052) $ 6,841 $ (29,775) $ 29,081 (1) During the three months ended June 30, 2022 and 2021, the Company recorded $1.9 million and $22.4 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0, respectively, in realized gains (losses). During the six months ended June 30, 2022 and 2021, the Company recorded $1.9 million and $108.3 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $25.2 million, respectively, in realized gains (losses). |
Fair Value of Fixed Maturities Measured on a Recurring Basis | The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2022 and December 31, 2021: Fair Value Measurement at June 30, 2022 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 379,344 $ — $ 379,344 States, municipalities, and political subdivisions — 2,279,580 — 2,279,580 Foreign governments — 45,763 — 45,763 Corporates, by sector: Financial — 4,338,871 126,684 4,465,555 Utilities — 1,832,289 117,557 1,949,846 Energy — 1,464,392 12,141 1,476,533 Other corporate sectors — 6,171,890 273,593 6,445,483 Total corporates — 13,807,442 529,975 14,337,417 Collateralized debt obligations — — 52,701 52,701 Other asset-backed securities — 87,162 — 87,162 Total fixed maturities $ — $ 16,599,291 $ 582,676 $ 17,181,967 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2021 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 447,432 $ — $ 447,432 States, municipalities, and political subdivisions — 2,489,225 — 2,489,225 Foreign governments — 55,629 — 55,629 Corporates, by sector: Financial — 5,303,547 163,618 5,467,165 Utilities — 2,266,231 154,267 2,420,498 Energy — 1,919,416 13,573 1,932,989 Other corporate sectors — 8,010,331 310,230 8,320,561 Total corporates — 17,499,525 641,688 18,141,213 Collateralized debt obligations — — 63,505 63,505 Other asset-backed securities — 108,283 — 108,283 Total fixed maturities $ — $ 20,600,094 $ 705,193 $ 21,305,287 Percentage of total — % 97 % 3 % 100 % The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2022 and December 31, 2021. Analysis of Gross Unrealized Investment Losses At June 30, 2022 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 289,383 $ (7,858) $ 3,465 $ (580) $ 292,848 $ (8,438) States, municipalities and political subdivisions 1,674,505 (386,550) 4,066 (2,081) 1,678,571 (388,631) Foreign governments 9,838 (1,254) 23,380 (8,429) 33,218 (9,683) Corporates, by sector: Financial 2,260,544 (284,797) 50,713 (14,674) 2,311,257 (299,471) Utilities 650,822 (65,538) 3,970 (1,530) 654,792 (67,068) Energy 662,038 (57,153) — — 662,038 (57,153) Other corporate sectors 3,859,625 (438,608) 53,633 (21,941) 3,913,258 (460,549) Total corporates 7,433,029 (846,096) 108,316 (38,145) 7,541,345 (884,241) Collateralized debt obligations — — — — — — Other asset-backed securities 74,578 (1,813) — — 74,578 (1,813) Total investment grade securities 9,481,333 (1,243,571) 139,227 (49,235) 9,620,560 (1,292,806) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 79,869 (10,269) 43,105 (12,543) 122,974 (22,812) Utilities 28,547 (2,350) — — 28,547 (2,350) Energy 48,666 (8,428) 19,176 (8,896) 67,842 (17,324) Other corporate sectors 162,448 (19,219) 6,999 (4,342) 169,447 (23,561) Total corporates 319,530 (40,266) 69,280 (25,781) 388,810 (66,047) Collateralized debt obligations — — — — — — Other asset-backed securities — — 12,493 (617) 12,493 (617) Total below investment grade securities 319,530 (40,266) 81,773 (26,398) 401,303 (66,664) Total fixed maturities $ 9,800,863 $ (1,283,837) $ 221,000 $ (75,633) $ 10,021,863 $ (1,359,470) Analysis of Gross Unrealized Investment Losses At December 31, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 118 $ (1) $ 3,867 $ (163) $ 3,985 $ (164) States, municipalities and political subdivisions 141,310 (2,824) 2,436 (83) 143,746 (2,907) Foreign governments 12,567 (561) 23,144 (4,571) 35,711 (5,132) Corporates, by sector: Financial 133,654 (1,507) 52,864 (1,932) 186,518 (3,439) Utilities 25,447 (692) 2,372 (320) 27,819 (1,012) Energy 6,519 (238) — — 6,519 (238) Other corporate sectors 115,444 (3,566) 40,249 (3,670) 155,693 (7,236) Total corporates 281,064 (6,003) 95,485 (5,922) 376,549 (11,925) Collateralized debt obligations — — — — — — Other asset-backed securities 10,489 (16) 1 — 10,490 (16) Total investment grade securities 445,548 (9,405) 124,933 (10,739) 570,481 (20,144) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 15,695 (272) 56,897 (5,638) 72,592 (5,910) Utilities — — — — — — Energy — — 26,639 (1,445) 26,639 (1,445) Other corporate sectors 700 (11) 26,581 (6,115) 27,281 (6,126) Total corporates 16,395 (283) 110,117 (13,198) 126,512 (13,481) Collateralized debt obligations — — — — — — Other asset-backed securities — — 13,043 (414) 13,043 (414) Total below investment grade securities 16,395 (283) 123,160 (13,612) 139,555 (13,895) Total fixed maturities $ 461,943 $ (9,688) $ 248,093 $ (24,351) $ 710,036 $ (34,039) |
Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs | The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2022 $ — $ 63,505 $ 641,688 $ 705,193 Included in realized gains / losses — — — — Included in other comprehensive income — (11,098) (89,359) (100,457) Acquisitions — — — — Sales — — — — Amortization — 2,248 3 2,251 Other (1) — (1,954) (22,357) (24,311) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at June 30, 2022 $ — $ 52,701 $ 529,975 $ 582,676 Percent of total fixed maturities — % — % 3 % 3 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) 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. Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2021 $ 12,870 $ 71,598 $ 714,505 $ 798,973 Included in realized gains / losses (82) (6,787) 840 (6,029) Included in other comprehensive income 63 13,528 (12,489) 1,102 Acquisitions — — — — Sales (12,851) (13,213) — (26,064) Amortization — 2,270 4 2,274 Other (1) — (2,989) (24,115) (27,104) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at June 30, 2021 $ — $ 64,407 $ 678,745 $ 743,152 Percent of total fixed maturities — % 1 % 3 % 4 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) 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. The following table presents changes in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s: Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period Asset- Collateralized Corporates Total At June 30, 2022 $ — $ (11,098) $ (89,359) $ (100,457) At June 30, 2021 63 13,528 (12,489) 1,102 |
Schedule of Additional 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 (CUSIPs) held: As of June 30, 2022 1,581 53 1,634 As of December 31, 2021 138 42 180 |
Fixed Maturities, Allowance for Credit Loss | A summary of the activity in the allowance for credit losses is as follows. Three Months Ended Six Months Ended 2022 2021 2022 2021 Allowance for credit losses beginning balance $ — $ — $ 387 $ 3,346 Additions to allowance for which credit losses were not previously recorded — — — — Additions (reductions) to allowance for fixed maturities that previously had an allowance — — — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period — — (387) (3,346) Allowance for credit losses ending balance $ — $ — $ — $ — |
Other Long-Term Investments | Other long-term investments consist of the following assets: June 30, December 31, 2021 Investment funds $ 740,006 $ 640,263 Commercial mortgage loan participations 141,696 141,843 Other 17,253 11,819 Total $ 898,955 $ 793,925 |
Schedule of Investment Funds | The following table presents additional information about the Company's investment funds as of June 30, 2022 and December 31, 2021 at fair value: Fair Value Unfunded Commitments Investment Category June 30, December 31, 2021 June 30, Redemption Term/Notice Commercial mortgage loans $ 417,442 $ 423,776 $ 363,852 Fully redeemable and non-redeemable with varying terms. Opportunistic credit 168,287 178,215 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Other 154,277 38,272 146,367 Total investment funds $ 740,006 $ 640,263 $ 510,219 |
Summary of Commercial Mortgage Loan Participations | Summaries of commercial mortgage loans by property type and geographical location at June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 61,846 44 $ 57,996 41 Hospitality 20,783 15 23,186 16 Retail 19,399 14 19,811 14 Industrial 17,900 12 17,900 13 Multi-family 14,527 10 14,872 11 Office 8,350 6 8,905 6 Total recorded investment 142,805 101 142,670 101 Less allowance for credit losses (1,109) (1) (827) (1) Carrying value, net of allowance for credit losses $ 141,696 100 $ 141,843 100 June 30, 2022 December 31, 2021 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 70,245 50 $ 67,659 48 New York 19,133 14 18,373 13 Pennsylvania 11,672 8 11,673 8 Indiana 9,717 7 9,717 7 Florida 8,263 6 8,213 6 Texas 6,075 4 5,898 4 Other 17,700 12 21,137 15 Total recorded investment 142,805 101 142,670 101 Less allowance for credit losses (1,109) (1) (827) (1) Carrying value, net of allowance for credit losses $ 141,696 100 $ 141,843 100 |
Commercial Loan Participations, Credit Quality Indicators | The following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2020, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project. Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of June 30, 2022 Risk Rating: Number of Loans 2022 2021 2020 2019 2018 2017 Total Low 13 $ — $ — $ 26,403 $ 11,685 $ 41,224 $ 36,000 $ 115,312 Moderate 5 — — 1,195 15,161 — — 16,356 High 2 — — — 4,110 7,027 — 11,137 Total commercial mortgage loans 20 $ — $ — $ 27,598 $ 30,956 $ 48,251 $ 36,000 142,805 Less allowance for credit losses on the investment pool (862) Less allowance for credit losses on individual loans (247) Carrying value, net of valuation allowance $ 141,696 Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of December 31, 2021 Risk Rating: Number of Loans 2021 2020 2019 2018 2017 Total Low 14 $ — $ 23,636 $ 11,925 $ 41,209 $ 35,729 $ 112,499 Moderate 6 — 1,400 17,173 — — 18,573 High 2 — — 4,593 7,005 — 11,598 Total commercial mortgage loans 22 $ — $ 25,036 $ 33,691 $ 48,214 $ 35,729 142,670 Less allowance for credit losses on the investment pool (827) Less allowance for credit losses on individual loans — Carrying value, net of valuation allowance $ 141,843 |
Commercial Loan Participations, Allowance for Credit Loss | Three Months Ended Six Months Ended 2022 2021 2022 2021 Allowance for credit losses beginning balance $ 827 $ 2,147 $ 827 $ 3,505 Provision (reversal) for credit losses 282 (508) 282 (1,866) Allowance for credit losses ending balance $ 1,109 $ 1,639 $ 1,109 $ 1,639 |
Liability for Unpaid Claims (Ta
Liability for Unpaid Claims (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Summary of Liability for Unpaid Health Claims | Activity in the liability for unpaid health claims is summarized as follows: June 30, December 31, Balance at beginning of period $ 167,832 $ 162,261 Incurred related to: Current year 345,294 638,054 Prior year (14,208) (22,477) Total incurred 331,086 615,577 Paid related to: Current year 210,170 487,096 Prior year 112,782 122,910 Total paid 322,952 610,006 Balance at end of period $ 175,966 $ 167,832 |
Reconciliation of Policy Claims and Other Benefits Payable | Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets . June 30, December 31, Policy claims and other benefits payable: Life insurance $ 255,686 $ 245,108 Health insurance 175,966 167,832 Total $ 431,652 $ 412,940 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension Assets by Component at Fair Value | Pension Assets by Component at June 30, 2022 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 42,594 $ — $ 42,594 9 Utilities — 36,132 — 36,132 7 Energy — 18,653 — 18,653 4 Other corporates — 65,233 — 65,233 13 Total corporate bonds — 162,612 — 162,612 33 Exchange traded fund (1) 251,687 — — 251,687 52 Other bonds — 212 — 212 — Guaranteed annuity contract (2) — 34,986 — 34,986 7 Short-term investments 17,436 — — 17,436 4 Other 5,539 — — 5,539 1 $ 274,662 $ 197,810 $ — 472,472 97 Other long-term investments (3) 14,525 3 Total pension assets $ 486,997 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of June 30, 2022, the expected term of the investment fund is approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % of Corporate bonds: Financial $ — $ 52,522 $ — $ 52,522 9 Utilities — 43,663 — 43,663 7 Energy — 22,719 — 22,719 4 Other corporates — 88,673 — 88,673 15 Total corporate bonds — 207,577 — 207,577 35 Exchange traded fund (1) 315,720 — — 315,720 52 Other bonds — 239 — 239 — Guaranteed annuity contract (2) — 34,743 — 34,743 6 Short-term investments 13,731 — — 13,731 2 Other 10,388 — — 10,388 2 $ 339,839 $ 242,559 $ — 582,398 97 Other long-term investments (3) 15,149 3 Total pension assets $ 597,547 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan. |
Information Regarding the SERP | The following table includes information regarding the SERP. Six Months Ended 2022 2021 Premiums paid for insurance coverage $ 443 $ 443 June 30, December 31, Total investments: Company owned life insurance $ 53,982 $ 52,791 Exchange traded funds 72,401 87,133 $ 126,383 $ 139,924 |
Pension Liability | The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2022 and December 31, 2021. June 30, December 31, Pension Plans $ 585,944 $ 686,917 SERP 91,861 92,017 Pension benefit obligation $ 677,805 $ 778,934 |
Net Periodic Benefit Cost | The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and six months ended June 30, 2022 and 2021. Components of Net Periodic Benefit Cost Three Months Ended Six Months Ended 2022 2021 2022 2021 Service cost $ 8,656 $ 7,918 $ 17,311 $ 15,836 Interest cost 6,121 5,469 12,244 10,936 Expected return on assets (8,885) (8,083) (17,770) (16,166) Amortization: Prior service cost 158 158 316 316 Actuarial (gain) loss 3,208 4,984 6,417 9,969 Net periodic benefit cost $ 9,258 $ 10,446 $ 18,518 $ 20,891 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Weighted-Average Shares Outstanding | A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic weighted average shares outstanding 98,222,993 102,895,435 98,745,402 103,187,567 Weighted average dilutive options outstanding 717,686 1,337,911 841,940 1,331,047 Diluted weighted average shares outstanding 98,940,679 104,233,346 99,587,342 104,518,614 Antidilutive shares 3,882,884 31,269 2,232,662 1,326,599 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Selected Information about Debt Issues | The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of June 30, December 31, Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (257) $ 165,355 $ 171,168 $ 165,216 Senior notes (1) 9/24/2012 9/15/2022 3.800% 150,000 (74) 149,926 150,251 149,752 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (4,725) 545,275 541,486 544,949 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (4,001) 395,999 327,492 395,778 Senior notes (1) 5/19/2022 6/15/2032 4.800% 250,000 (4,726) 245,274 246,459 — Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,597) 123,403 125,325 123,396 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,808) 317,192 248,820 317,155 1,965,612 (23,188) 1,942,424 1,811,001 1,696,246 Less current maturity of long-term debt (1) 315,612 (331) 315,281 321,419 149,752 Total long-term debt 1,650,000 (22,857) 1,627,143 1,489,582 1,546,494 Current maturity of long-term debt (1) 315,612 (331) 315,281 321,419 149,752 Commercial paper 180,000 (155) 179,845 179,845 329,892 Total short-term debt 495,612 (486) 495,126 501,264 479,644 Total debt $ 2,145,612 $ (23,343) $ 2,122,269 $ 1,990,846 $ 2,026,138 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Premium Income by Distribution Channel | Premium Income by Distribution Channel Three Months Ended June 30, 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 376,419 50 $ 29,392 9 $ — — $ 405,811 38 Direct to Consumer 249,365 33 17,591 6 — — 266,956 25 Liberty National 81,451 11 46,655 15 — — 128,106 12 United American 2,014 — 134,793 42 — — 136,807 13 Family Heritage 1,370 — 90,758 28 — — 92,128 8 Other 49,305 6 — — — — 49,305 4 $ 759,924 100 $ 319,189 100 $ — — $ 1,079,113 100 Premium Income by Distribution Channel Three Months Ended June 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 347,696 48 $ 28,789 10 $ — — $ 376,485 37 Direct to Consumer 249,440 34 18,450 6 — — 267,890 26 Liberty National 77,853 11 47,118 16 — — 124,971 12 United American 2,261 — 116,217 39 — — 118,478 12 Family Heritage 1,226 — 85,012 29 — — 86,238 8 Other 49,694 7 — — — — 49,694 5 $ 728,170 100 $ 295,586 100 $ — — $ 1,023,756 100 Six Months Ended June 30, 2022 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 746,406 49 $ 58,246 9 $ — — $ 804,652 37 Direct to Consumer 500,491 33 36,347 6 — — 536,838 25 Liberty National 162,170 11 93,841 15 — — 256,011 12 United American 4,073 — 267,457 42 — — 271,530 13 Family Heritage 2,739 — 180,298 28 — — 183,037 8 Other 98,647 7 — — — — 98,647 5 $ 1,514,526 100 $ 636,189 100 $ — — $ 2,150,715 100 Six Months Ended June 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 682,591 48 $ 56,140 9 $ — — $ 738,731 37 Direct to Consumer 493,468 34 37,810 6 — — 531,278 26 Liberty National 153,590 11 94,158 16 — — 247,748 12 United American 4,538 — 233,304 40 1 100 237,843 12 Family Heritage 2,344 — 168,347 29 — — 170,691 8 Other 99,758 7 — — — — 99,758 5 $ 1,436,289 100 $ 589,759 100 $ 1 100 $ 2,026,049 100 |
Reconciliation of Segment Operating Information to Consolidated Statement of Operations | The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Three Months Ended June 30, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 759,924 $ 319,189 $ — $ — $ — $ — $ 1,079,113 Net investment income — — — 243,642 — — 243,642 Other income — — — — 299 — 299 Total revenue 759,924 319,189 — 243,642 299 — 1,323,054 Expenses: Policy benefits 511,034 197,218 7,074 — — — 715,326 Required interest on reserves (191,722) (27,238) (9,670) 228,630 — — — Required interest on DAC 56,643 7,562 49 (64,254) — — — Amortization of acquisition costs 122,532 32,221 452 — — — 155,205 Commissions, premium taxes, and non-deferred acquisition costs 63,887 29,703 5 — — — 93,595 Insurance administrative expense (1) — — — — 73,700 4,985 (2) 78,685 Parent expense — — — — 2,893 (368) (2) 2,525 Stock-based compensation expense — — — — 8,448 — 8,448 Interest expense — — — 21,828 — — 21,828 Total expenses 562,374 239,466 (2,090) 186,204 85,041 4,617 1,075,612 Subtotal 197,550 79,723 2,090 57,438 (84,742) (4,617) 247,442 Non-operating items — — — — — 4,617 (2) 4,617 Measure of segment profitability (pretax) $ 197,550 $ 79,723 $ 2,090 $ 57,438 $ (84,742) $ — 252,059 Realized gain (loss)—investments (30,446) Non-operating expenses (4,617) Income before income taxes per Condensed Consolidated Statements of Operations $ 216,996 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. Three Months Ended June 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 728,170 $ 295,586 $ — $ — $ — $ — $ 1,023,756 Net investment income — — — 238,308 — — 238,308 Other income — — — — 388 — 388 Total revenue 728,170 295,586 — 238,308 388 — 1,262,452 Expenses: Policy obligations 498,471 188,854 7,286 — — — 694,611 Required interest on reserves (182,495) (25,434) (10,016) 217,945 — — — Required interest on DAC 54,222 7,077 66 (61,365) — — — Amortization of acquisition costs 120,407 27,132 482 — — — 148,021 Commissions, premium taxes, and non-deferred acquisition costs 58,810 23,496 6 — — — 82,312 Insurance administrative expense (1) — — — — 67,503 261 (2) 67,764 Parent expense — — — — 2,757 — 2,757 Stock-based compensation expense — — — — 8,634 — 8,634 Interest expense — — — 21,769 — — 21,769 Total expenses 549,415 221,125 (2,176) 178,349 78,894 261 1,025,868 Subtotal 178,755 74,461 2,176 59,959 (78,506) (261) 236,584 Non-operating items — — — — — 261 (2) 261 Measure of segment profitability (pretax) $ 178,755 $ 74,461 $ 2,176 $ 59,959 $ (78,506) $ — 236,845 Realized gain (loss)—investments 8,659 Legal proceedings (261) Income before income taxes per Condensed Consolidated Statements of Operations $ 245,243 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings . The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Six Months Ended June 30, 2022 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,514,526 $ 636,189 $ — $ — $ — $ — $ 2,150,715 Net investment income — — — 487,476 — — 487,476 Other income — — — — 463 — 463 Total revenue 1,514,526 636,189 — 487,476 463 — 2,638,654 Expenses: Policy obligations 1,060,377 394,073 14,124 — — — 1,468,574 Required interest on reserves (381,431) (54,103) (19,342) 454,876 — — — Required interest on DAC 112,875 15,025 102 (128,002) — — — Amortization of acquisition costs 248,611 64,073 905 — — — 313,589 Commissions, premium taxes, and non-deferred acquisition costs 126,090 58,305 13 — — — 184,408 Insurance administrative expense (1) — — — — 146,265 5,097 (2) 151,362 Parent expense — — — — 5,533 (368) (2) 5,165 Stock-based compensation expense — — — — 17,483 — 17,483 Interest expense — — — 41,772 — — 41,772 Total expenses 1,166,522 477,373 (4,198) 368,646 169,281 4,729 2,182,353 Subtotal 348,004 158,816 4,198 118,830 (168,818) (4,729) 456,301 Non-operating items — — — — — 4,729 (2) 4,729 Measure of segment profitability (pretax) $ 348,004 $ 158,816 $ 4,198 $ 118,830 $ (168,818) $ — 461,030 Realized gain (loss)—investments (37,690) Non-operating expenses (4,729) Income before income taxes per Condensed Consolidated Statements of Operations $ 418,611 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. Six Months Ended June 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,436,289 $ 589,759 $ 1 $ — $ — $ — $ 2,026,049 Net investment income — — — 474,128 — — 474,128 Other income — — — — 683 — 683 Total revenue 1,436,289 589,759 1 474,128 683 — 2,500,860 Expenses: Policy obligations 1,016,102 376,683 14,545 — — — 1,407,330 Required interest on reserves (362,420) (50,429) (20,021) 432,870 — — — Required interest on DAC 108,017 14,039 136 (122,192) — — — Amortization of acquisition costs 243,711 56,339 964 — — — 301,014 Commissions, premium taxes, and non-deferred acquisition costs 115,478 46,486 14 — — — 161,978 Insurance administrative expense (1) — — — — 133,679 5,089 (2) 138,768 Parent expense — — — — 5,075 — 5,075 Stock-based compensation expense — — — — 16,522 — 16,522 Interest expense — — — 42,947 — — 42,947 Total expenses 1,120,888 443,118 (4,362) 353,625 155,276 5,089 2,073,634 Subtotal 315,401 146,641 4,363 120,503 (154,593) (5,089) 427,226 Non-operating items — — — — — 5,089 (2) 5,089 Measure of segment profitability (pretax) $ 315,401 $ 146,641 $ 4,363 $ 120,503 $ (154,593) $ — 432,315 Realized gain (loss)—investments 36,811 Legal proceedings (5,089) Income before income taxes per Condensed Consolidated Statements of Operations $ 464,037 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. |
Significant Accounting Polici_3
Significant Accounting Policies - Business (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 01, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $ 6,469,956 | $ 6,469,956 | $ 6,182,100 | |||
Amortized during period | $ (155,205) | $ (148,021) | $ (313,589) | $ (301,014) | ||
Cumulative Effect, Period of Adoption, Adjustment | Minimum | Accounting Standards Update 2018-12 | Forecast | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease in AOCI | $ 7,500,000 | |||||
Increase in future policy benefits before discount rate change | 9,500,000 | |||||
Increase in future policy benefits | 3,000,000 | |||||
Retained earnings | (15,000) | |||||
Amortized during period | 120,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Maximum | Accounting Standards Update 2018-12 | Forecast | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease in AOCI | 8,500,000 | |||||
Increase in future policy benefits before discount rate change | 11,000,000 | |||||
Increase in future policy benefits | 4,000,000 | |||||
Retained earnings | (50,000) | |||||
Amortized during period | $ 145,000 |
Supplemental Information abou_3
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Change in Balance by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | $ 6,894,020 | $ 7,832,337 | $ 8,642,806 | $ 8,771,092 |
Other comprehensive income (loss) before reclassifications, net of tax | (1,621,291) | 721,148 | (3,428,910) | (274,147) |
Reclassifications, net of tax | 20,303 | 4,616 | 19,834 | (4,818) |
Other comprehensive income (loss) | (1,600,988) | 725,764 | (3,409,076) | (278,965) |
Ending balance | 5,323,110 | 8,616,922 | 5,323,110 | 8,616,922 |
Total | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 869,495 | 2,024,515 | 2,677,583 | 3,029,244 |
Ending balance | (731,493) | 2,750,279 | (731,493) | 2,750,279 |
Available for Sale Assets | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 950,921 | 2,166,932 | 2,765,290 | 3,175,572 |
Other comprehensive income (loss) before reclassifications, net of tax | (1,611,891) | 715,949 | (3,423,076) | (279,148) |
Reclassifications, net of tax | 17,585 | 510 | 14,401 | (13,033) |
Other comprehensive income (loss) | (1,594,306) | 716,459 | (3,408,675) | (292,181) |
Ending balance | (643,385) | 2,883,391 | (643,385) | 2,883,391 |
Deferred Acquisition Costs | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | (3,121) | (4,420) | (3,418) | (4,704) |
Other comprehensive income (loss) before reclassifications, net of tax | 4,803 | 322 | 5,100 | 606 |
Reclassifications, net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 4,803 | 322 | 5,100 | 606 |
Ending balance | 1,682 | (4,098) | 1,682 | (4,098) |
Foreign Exchange | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 22,656 | 22,820 | 19,387 | 23,302 |
Other comprehensive income (loss) before reclassifications, net of tax | (14,203) | 4,877 | (10,934) | 4,395 |
Reclassifications, net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (14,203) | 4,877 | (10,934) | 4,395 |
Ending balance | 8,453 | 27,697 | 8,453 | 27,697 |
Pension Adjustments | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | (100,961) | (160,817) | (103,676) | (164,926) |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 0 | 0 | 0 |
Reclassifications, net of tax | 2,718 | 4,106 | 5,433 | 8,215 |
Other comprehensive income (loss) | 2,718 | 4,106 | 5,433 | 8,215 |
Ending balance | $ (98,243) | $ (156,711) | $ (98,243) | $ (156,711) |
Supplemental Information abou_4
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Summary of Reclassifications (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Unrealized investment (gains) losses on available for sale assets: | ||||
Realized (gains) losses | $ 30,446 | $ (8,659) | $ 37,690 | $ (36,811) |
Net investment income | (243,642) | (238,308) | (487,476) | (474,128) |
Total before tax | (216,996) | (245,243) | (418,611) | (464,037) |
Tax | 39,992 | 45,625 | 77,246 | 85,902 |
Total after-tax | (177,004) | (199,618) | (341,365) | (378,135) |
Other operating expense | 89,658 | 79,155 | 174,010 | 160,365 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Total after-tax | 20,303 | 4,616 | 19,834 | (4,818) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Available for Sale Assets | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Realized (gains) losses | 22,422 | (866) | 17,485 | (19,656) |
Net investment income | (163) | 1,511 | 744 | 3,159 |
Total before tax | 22,259 | 645 | 18,229 | (16,497) |
Tax | (4,674) | (135) | (3,828) | 3,464 |
Total after-tax | 17,585 | 510 | 14,401 | (13,033) |
Reclassification out of Accumulated Other Comprehensive Income | Pension Adjustments | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Total before tax | 3,441 | 5,200 | 6,878 | 10,400 |
Tax | (723) | (1,094) | (1,445) | (2,185) |
Total after-tax | 2,718 | 4,106 | 5,433 | 8,215 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Other operating expense | 158 | 158 | 316 | 316 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial (gain) loss | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Other operating expense | $ 3,283 | $ 5,042 | $ 6,562 | $ 10,084 |
Investments - Summary of Fixed
Investments - Summary of Fixed Maturities Available for Sale by Component (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Fair Value | $ 17,181,967 | $ 21,305,287 | ||||
Fixed maturities available for sale | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 17,996,386 | 17,805,309 | ||||
Allowance for Credit Losses | 0 | (387) | ||||
Gross Unrealized Gains | 545,051 | 3,534,404 | ||||
Gross Unrealized Losses | (1,359,470) | (34,039) | ||||
Fair Value | $ 17,181,967 | $ 21,305,287 | ||||
Percentage of Fixed Maturities at Fair Value | 100% | 100% | ||||
Fixed maturities available for sale | U.S. Government direct, guaranteed, and government-sponsored enterprises | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 386,907 | $ 383,083 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 875 | 64,513 | ||||
Gross Unrealized Losses | (8,438) | (164) | ||||
Fair Value | $ 379,344 | $ 447,432 | ||||
Percentage of Fixed Maturities at Fair Value | 2% | 2% | ||||
Fixed maturities available for sale | States, municipalities, and political subdivisions | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 2,614,124 | $ 2,252,997 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 54,087 | 239,135 | ||||
Gross Unrealized Losses | (388,631) | (2,907) | ||||
Fair Value | $ 2,279,580 | $ 2,489,225 | ||||
Percentage of Fixed Maturities at Fair Value | 13% | 12% | ||||
Fixed maturities available for sale | Foreign governments | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 55,302 | $ 59,861 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 144 | 900 | ||||
Gross Unrealized Losses | (9,683) | (5,132) | ||||
Fair Value | $ 45,763 | $ 55,629 | ||||
Percentage of Fixed Maturities at Fair Value | 0% | 0% | ||||
Fixed maturities available for sale | Corporates | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 14,813,708 | $ 14,967,902 | ||||
Allowance for Credit Losses | 0 | $ 0 | (387) | $ 0 | $ 0 | $ (3,346) |
Gross Unrealized Gains | 473,997 | 3,199,104 | ||||
Gross Unrealized Losses | (950,288) | (25,406) | ||||
Fair Value | $ 14,337,417 | $ 18,141,213 | ||||
Percentage of Fixed Maturities at Fair Value | 84% | 85% | ||||
Fixed maturities available for sale | Corporates | Financial | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 4,639,902 | $ 4,569,160 | ||||
Allowance for Credit Losses | 0 | (387) | ||||
Gross Unrealized Gains | 147,936 | 907,741 | ||||
Gross Unrealized Losses | (322,283) | (9,349) | ||||
Fair Value | $ 4,465,555 | $ 5,467,165 | ||||
Percentage of Fixed Maturities at Fair Value | 26% | 26% | ||||
Fixed maturities available for sale | Corporates | Utilities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 1,916,537 | $ 1,931,391 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 102,727 | 490,119 | ||||
Gross Unrealized Losses | (69,418) | (1,012) | ||||
Fair Value | $ 1,949,846 | $ 2,420,498 | ||||
Percentage of Fixed Maturities at Fair Value | 11% | 11% | ||||
Fixed maturities available for sale | Corporates | Energy | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 1,497,600 | $ 1,587,892 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 53,410 | 346,780 | ||||
Gross Unrealized Losses | (74,477) | (1,683) | ||||
Fair Value | $ 1,476,533 | $ 1,932,989 | ||||
Percentage of Fixed Maturities at Fair Value | 9% | 9% | ||||
Fixed maturities available for sale | Corporates | Other corporate sectors | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 6,759,669 | $ 6,879,459 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 169,924 | 1,454,464 | ||||
Gross Unrealized Losses | (484,110) | (13,362) | ||||
Fair Value | $ 6,445,483 | $ 8,320,561 | ||||
Percentage of Fixed Maturities at Fair Value | 38% | 39% | ||||
Fixed maturities available for sale | Collateralized debt obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 36,762 | $ 36,468 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 15,939 | 27,037 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Fair Value | $ 52,701 | $ 63,505 | ||||
Percentage of Fixed Maturities at Fair Value | 0% | 0% | ||||
Fixed maturities available for sale | Other asset-backed securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 89,583 | $ 104,998 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Gross Unrealized Gains | 9 | 3,715 | ||||
Gross Unrealized Losses | (2,430) | (430) | ||||
Fair Value | $ 87,162 | $ 108,283 | ||||
Percentage of Fixed Maturities at Fair Value | 1% | 1% |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost, net | ||
Due in one year or less | $ 131,203 | |
Due after one year through five years | 1,015,277 | |
Due after five years through ten years | 1,691,289 | |
Due after ten years through twenty years | 7,125,279 | |
Due after twenty years | 7,906,891 | |
Mortgage-backed and asset-backed securities | 126,447 | |
Fixed maturities, net of allowance for credit losses | 17,996,386 | |
Fair Value | ||
Due in one year or less | 132,177 | |
Due after one year through five years | 1,045,058 | |
Due after five years through ten years | 1,759,932 | |
Due after ten years through twenty years | 7,207,999 | |
Due after twenty years | 6,896,832 | |
Mortgage-backed and asset-backed securities | 139,969 | |
Fixed maturities, fair value | $ 17,181,967 | $ 21,305,287 |
Investments - Schedule of Analy
Investments - Schedule of Analysis of Investment Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 249,158 | $ 243,488 | $ 498,585 | $ 484,641 |
Less investment expense | (5,516) | (5,180) | (11,109) | (10,513) |
Net investment income | $ 243,642 | 238,308 | $ 487,476 | 474,128 |
Percentage change in investment income, gross | 2% | 3% | ||
Percentage change in investment expense | 6% | 6% | ||
Percentage change in net investment income | 2% | 3% | ||
Investment distribution | $ 8,600 | 6,500 | $ 19,300 | 12,300 |
Fixed maturities available for sale | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 226,753 | 223,278 | $ 452,037 | 444,997 |
Percentage change in investment income, gross | 2% | 2% | ||
Policy loans | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 11,580 | 11,324 | $ 23,008 | 22,592 |
Percentage change in investment income, gross | 2% | 2% | ||
Other long-term investments | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 10,703 | 8,880 | $ 23,416 | 17,042 |
Percentage change in investment income, gross | 21% | 37% | ||
Short-term investments | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 122 | $ 6 | $ 124 | $ 10 |
Percentage change in investment income, gross | 1,933% | 1,140% |
Investments - Schedule of Selec
Investments - Schedule of Selected Information about Sales of Fixed Maturities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales | $ 219,027 | $ 74,710 | ||
Fixed maturities available for sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales | $ 143,911 | $ 12,852 | 219,027 | 74,710 |
Gross realized gains | 0 | 0 | 773 | 1,134 |
Gross realized losses | $ (41,168) | $ (82) | $ (44,847) | $ (12,101) |
Investments - Realized Gain (Lo
Investments - Realized Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales and other | $ (22,421) | $ 865 | $ (17,872) | $ 16,309 |
Provision for credit losses | 0 | 0 | 387 | 3,346 |
Fair value option—change in fair value | 947 | 2,543 | (4,391) | 12,428 |
Other investments | (8,972) | 5,251 | (15,814) | 4,728 |
Realized gains (losses) from investments | (30,446) | 8,659 | (37,690) | 36,811 |
Applicable tax | 6,394 | (1,818) | 7,915 | (7,730) |
Realized gains (losses), net of tax | (24,052) | 6,841 | (29,775) | 29,081 |
Exchanges of fixed maturities | 1,900 | 22,400 | 1,900 | 108,300 |
Exchanges of fixed maturities, net realized gains | $ 0 | $ 0 | $ 0 | $ 25,200 |
Investments - Assets Measured a
Investments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 17,181,967 | $ 21,305,287 | |
Percentage of total | 3% | 4% | |
Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of total | 3% | 3% | |
Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of total | 0% | 1% | |
Fixed maturities available for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 17,181,967 | $ 21,305,287 | |
Percentage of total | 100% | 100% | |
Fixed maturities available for sale | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 379,344 | $ 447,432 | |
Fixed maturities available for sale | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,279,580 | 2,489,225 | |
Fixed maturities available for sale | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 45,763 | 55,629 | |
Fixed maturities available for sale | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 14,337,417 | 18,141,213 | |
Fixed maturities available for sale | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 4,465,555 | 5,467,165 | |
Fixed maturities available for sale | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,949,846 | 2,420,498 | |
Fixed maturities available for sale | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,476,533 | 1,932,989 | |
Fixed maturities available for sale | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 6,445,483 | 8,320,561 | |
Fixed maturities available for sale | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 52,701 | 63,505 | |
Fixed maturities available for sale | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 87,162 | 108,283 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Percentage of total | 0% | 0% | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 16,599,291 | $ 20,600,094 | |
Percentage of total | 97% | 97% | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 379,344 | $ 447,432 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,279,580 | 2,489,225 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 45,763 | 55,629 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 13,807,442 | 17,499,525 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 4,338,871 | 5,303,547 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,832,289 | 2,266,231 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,464,392 | 1,919,416 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 6,171,890 | 8,010,331 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 87,162 | 108,283 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 582,676 | $ 705,193 | |
Percentage of total | 3% | 3% | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 529,975 | 641,688 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 126,684 | 163,618 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 117,557 | 154,267 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 12,141 | 13,573 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 273,593 | 310,230 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 52,701 | 63,505 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 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) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 705,193 | $ 798,973 |
Included in realized gains/losses | 0 | (6,029) |
Included in other comprehensive income | (100,457) | 1,102 |
Acquisitions | 0 | 0 |
Sales | 0 | (26,064) |
Amortization | 2,251 | 2,274 |
Other | (24,311) | (27,104) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 582,676 | $ 743,152 |
Percentage of total | 3% | 4% |
Asset- backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 0 | $ 12,870 |
Included in realized gains/losses | 0 | (82) |
Included in other comprehensive income | 0 | 63 |
Acquisitions | 0 | 0 |
Sales | 0 | (12,851) |
Amortization | 0 | 0 |
Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
Percentage of total | 0% | 0% |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 63,505 | $ 71,598 |
Included in realized gains/losses | 0 | (6,787) |
Included in other comprehensive income | (11,098) | 13,528 |
Acquisitions | 0 | 0 |
Sales | 0 | (13,213) |
Amortization | 2,248 | 2,270 |
Other | (1,954) | (2,989) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 52,701 | $ 64,407 |
Percentage of total | 0% | 1% |
Corporates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 641,688 | $ 714,505 |
Included in realized gains/losses | 0 | 840 |
Included in other comprehensive income | (89,359) | (12,489) |
Acquisitions | 0 | 0 |
Sales | 0 | 0 |
Amortization | 3 | 4 |
Other | (22,357) | (24,115) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 529,975 | $ 678,745 |
Percentage of total | 3% | 3% |
Investments - Unrealized Gains
Investments - Unrealized Gains or (Losses) Included in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | $ (100,457) | $ 1,102 |
Asset- backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | 0 | 63 |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | (11,098) | 13,528 |
Corporates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | $ (89,359) | $ (12,489) |
Investments - Information about
Investments - Information about Investments in Unrealized Loss Position (Detail) | Jun. 30, 2022 Issue issuer | Dec. 31, 2021 Issue issuer |
Investments, Debt and Equity Securities [Abstract] | ||
Less than Twelve Months | 1,581 | 138 |
Twelve Months or Longer | 53 | 42 |
Total | 1,634 | 180 |
Fixed maturity, portfolio issues | 2,177 | 2,060 |
Fixed portfolio, number of issuers | issuer | 923 | 843 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Investment Losses by Class of Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | $ 9,800,863 | $ 461,943 |
Unrealized Loss, Less than Twelve Months | (1,283,837) | (9,688) |
Fair Value, Twelve Months or Longer | 221,000 | 248,093 |
Unrealized Loss, Twelve Months or Longer | (75,633) | (24,351) |
Fair Value | 10,021,863 | 710,036 |
Unrealized Loss | (1,359,470) | (34,039) |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 9,481,333 | 445,548 |
Unrealized Loss, Less than Twelve Months | (1,243,571) | (9,405) |
Fair Value, Twelve Months or Longer | 139,227 | 124,933 |
Unrealized Loss, Twelve Months or Longer | (49,235) | (10,739) |
Fair Value | 9,620,560 | 570,481 |
Unrealized Loss | (1,292,806) | (20,144) |
Investment Grade | U.S. Government direct, guaranteed, and government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 289,383 | 118 |
Unrealized Loss, Less than Twelve Months | (7,858) | (1) |
Fair Value, Twelve Months or Longer | 3,465 | 3,867 |
Unrealized Loss, Twelve Months or Longer | (580) | (163) |
Fair Value | 292,848 | 3,985 |
Unrealized Loss | (8,438) | (164) |
Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 1,674,505 | 141,310 |
Unrealized Loss, Less than Twelve Months | (386,550) | (2,824) |
Fair Value, Twelve Months or Longer | 4,066 | 2,436 |
Unrealized Loss, Twelve Months or Longer | (2,081) | (83) |
Fair Value | 1,678,571 | 143,746 |
Unrealized Loss | (388,631) | (2,907) |
Investment Grade | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 9,838 | 12,567 |
Unrealized Loss, Less than Twelve Months | (1,254) | (561) |
Fair Value, Twelve Months or Longer | 23,380 | 23,144 |
Unrealized Loss, Twelve Months or Longer | (8,429) | (4,571) |
Fair Value | 33,218 | 35,711 |
Unrealized Loss | (9,683) | (5,132) |
Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 7,433,029 | 281,064 |
Unrealized Loss, Less than Twelve Months | (846,096) | (6,003) |
Fair Value, Twelve Months or Longer | 108,316 | 95,485 |
Unrealized Loss, Twelve Months or Longer | (38,145) | (5,922) |
Fair Value | 7,541,345 | 376,549 |
Unrealized Loss | (884,241) | (11,925) |
Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 74,578 | 10,489 |
Unrealized Loss, Less than Twelve Months | (1,813) | (16) |
Fair Value, Twelve Months or Longer | 0 | 1 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 74,578 | 10,490 |
Unrealized Loss | (1,813) | (16) |
Investment Grade | Financial | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 2,260,544 | 133,654 |
Unrealized Loss, Less than Twelve Months | (284,797) | (1,507) |
Fair Value, Twelve Months or Longer | 50,713 | 52,864 |
Unrealized Loss, Twelve Months or Longer | (14,674) | (1,932) |
Fair Value | 2,311,257 | 186,518 |
Unrealized Loss | (299,471) | (3,439) |
Investment Grade | Utilities | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 650,822 | 25,447 |
Unrealized Loss, Less than Twelve Months | (65,538) | (692) |
Fair Value, Twelve Months or Longer | 3,970 | 2,372 |
Unrealized Loss, Twelve Months or Longer | (1,530) | (320) |
Fair Value | 654,792 | 27,819 |
Unrealized Loss | (67,068) | (1,012) |
Investment Grade | Energy | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 662,038 | 6,519 |
Unrealized Loss, Less than Twelve Months | (57,153) | (238) |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 662,038 | 6,519 |
Unrealized Loss | (57,153) | (238) |
Investment Grade | Other corporate sectors | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 3,859,625 | 115,444 |
Unrealized Loss, Less than Twelve Months | (438,608) | (3,566) |
Fair Value, Twelve Months or Longer | 53,633 | 40,249 |
Unrealized Loss, Twelve Months or Longer | (21,941) | (3,670) |
Fair Value | 3,913,258 | 155,693 |
Unrealized Loss | (460,549) | (7,236) |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 319,530 | 16,395 |
Unrealized Loss, Less than Twelve Months | (40,266) | (283) |
Fair Value, Twelve Months or Longer | 81,773 | 123,160 |
Unrealized Loss, Twelve Months or Longer | (26,398) | (13,612) |
Fair Value | 401,303 | 139,555 |
Unrealized Loss | (66,664) | (13,895) |
Below Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 319,530 | 16,395 |
Unrealized Loss, Less than Twelve Months | (40,266) | (283) |
Fair Value, Twelve Months or Longer | 69,280 | 110,117 |
Unrealized Loss, Twelve Months or Longer | (25,781) | (13,198) |
Fair Value | 388,810 | 126,512 |
Unrealized Loss | (66,047) | (13,481) |
Below Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 12,493 | 13,043 |
Unrealized Loss, Twelve Months or Longer | (617) | (414) |
Fair Value | 12,493 | 13,043 |
Unrealized Loss | (617) | (414) |
Below Investment Grade | Financial | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 79,869 | 15,695 |
Unrealized Loss, Less than Twelve Months | (10,269) | (272) |
Fair Value, Twelve Months or Longer | 43,105 | 56,897 |
Unrealized Loss, Twelve Months or Longer | (12,543) | (5,638) |
Fair Value | 122,974 | 72,592 |
Unrealized Loss | (22,812) | (5,910) |
Below Investment Grade | Utilities | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 28,547 | 0 |
Unrealized Loss, Less than Twelve Months | (2,350) | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 28,547 | 0 |
Unrealized Loss | (2,350) | 0 |
Below Investment Grade | Energy | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 48,666 | 0 |
Unrealized Loss, Less than Twelve Months | (8,428) | 0 |
Fair Value, Twelve Months or Longer | 19,176 | 26,639 |
Unrealized Loss, Twelve Months or Longer | (8,896) | (1,445) |
Fair Value | 67,842 | 26,639 |
Unrealized Loss | (17,324) | (1,445) |
Below Investment Grade | Other corporate sectors | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 162,448 | 700 |
Unrealized Loss, Less than Twelve Months | (19,219) | (11) |
Fair Value, Twelve Months or Longer | 6,999 | 26,581 |
Unrealized Loss, Twelve Months or Longer | (4,342) | (6,115) |
Fair Value | 169,447 | 27,281 |
Unrealized Loss | $ (23,561) | $ (6,126) |
Investments - Fixed Maturities,
Investments - Fixed Maturities, Allowance for Credit Loss (Details) - Fixed maturities available for sale - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | $ 387 | |||
Allowance for credit losses ending balance | $ 0 | 0 | ||
Corporates | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | 0 | $ 0 | 387 | $ 3,346 |
Additions to allowance for which credit losses were not previously recorded | 0 | 0 | 0 | 0 |
Additions (reductions) to allowance for fixed maturities that previously had an allowance | 0 | 0 | 0 | 0 |
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | 0 | 0 | (387) | (3,346) |
Allowance for credit losses ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Investments - Schedule of Other
Investments - Schedule of Other Long-Term Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 898,955 | $ 793,925 |
Commercial mortgage participations | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 141,696 | 141,843 |
Other | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 17,253 | 11,819 |
Partnership Interest - Fair Value Option | Investment funds | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 740,006 | $ 640,263 |
Investments - Schedule of Inves
Investments - Schedule of Investment Funds (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Alternative Investment [Line Items] | ||
Investment funds, unfunded commitments | $ 510,000 | |
Investment funds | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 740,006 | $ 640,263 |
Investment funds, unfunded commitments | 510,219 | |
Capital called from investment funds | 143,000 | |
Investment funds | Commercial mortgage loans | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 417,442 | 423,776 |
Investment funds, unfunded commitments | 363,852 | |
Investment funds | Opportunistic credit | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 168,287 | 178,215 |
Investment funds, unfunded commitments | $ 0 | |
Initial lock period | 2 years | |
Redemption period | 36 months | |
Investment funds | Other investments | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | $ 154,277 | $ 38,272 |
Investment funds, unfunded commitments | $ 146,367 |
Investments - Commercial Mortga
Investments - Commercial Mortgage Loan Participations (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ (282) | |||||
Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 142,805 | $ 142,670 | ||||
Carrying value, gross, percent | 101% | 101% | ||||
Allowance for credit losses | $ (1,109) | $ (827) | $ (827) | $ (1,639) | $ (2,147) | $ (3,505) |
Allowance for credit losses, percent | (1.00%) | (1.00%) | ||||
Carrying value, net of allowance | $ 141,696 | $ 141,843 | ||||
Carrying value, net, percent | 100% | 100% | ||||
California | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 70,245 | $ 67,659 | ||||
Carrying value, gross, percent | 50% | 48% | ||||
New York | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 19,133 | $ 18,373 | ||||
Carrying value, gross, percent | 14% | 13% | ||||
Pennsylvania | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 11,672 | $ 11,673 | ||||
Carrying value, gross, percent | 8% | 8% | ||||
Indiana | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 9,717 | $ 9,717 | ||||
Carrying value, gross, percent | 7% | 7% | ||||
Florida | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 8,263 | $ 8,213 | ||||
Carrying value, gross, percent | 6% | 6% | ||||
Texas | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 6,075 | $ 5,898 | ||||
Carrying value, gross, percent | 4% | 4% | ||||
Other | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 17,700 | $ 21,137 | ||||
Carrying value, gross, percent | 12% | 15% | ||||
Mixed use | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 61,846 | $ 57,996 | ||||
Carrying value, gross, percent | 44% | 41% | ||||
Hospitality | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 20,783 | $ 23,186 | ||||
Carrying value, gross, percent | 15% | 16% | ||||
Retail | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 19,399 | $ 19,811 | ||||
Carrying value, gross, percent | 14% | 14% | ||||
Industrial | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 17,900 | $ 17,900 | ||||
Carrying value, gross, percent | 12% | 13% | ||||
Multi-family | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 14,527 | $ 14,872 | ||||
Carrying value, gross, percent | 10% | 11% | ||||
Office | Commercial mortgage participations | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 8,350 | $ 8,905 | ||||
Carrying value, gross, percent | 6% | 6% |
Investments - Commercial Mort_2
Investments - Commercial Mortgage Loan Participations, Internal Credit Assessment (Details) $ in Thousands | Jun. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Less allowance for credit losses on the investment pool | $ (862) | $ (827) |
Less allowance for credit losses on individual loans | $ (247) | $ 0 |
Commercial mortgage participations | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 20 | 22 |
Current Fiscal Year | $ 0 | $ 0 |
Fiscal Year before Current Fiscal Year | 0 | 25,036 |
Two Years before Current Fiscal Year | 27,598 | 33,691 |
Three Years before Current Fiscal Year | 30,956 | 48,214 |
Four Years before Current Fiscal Year | 48,251 | 35,729 |
More than Five Years before Current Fiscal Year | 36,000 | |
Commercial mortgage loans receivable | 142,805 | 142,670 |
Carrying value, net of allowance | $ 141,696 | $ 141,843 |
Commercial mortgage participations | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 13 | 14 |
Current Fiscal Year | $ 0 | $ 0 |
Fiscal Year before Current Fiscal Year | 0 | 23,636 |
Two Years before Current Fiscal Year | 26,403 | 11,925 |
Three Years before Current Fiscal Year | 11,685 | 41,209 |
Four Years before Current Fiscal Year | 41,224 | 35,729 |
More than Five Years before Current Fiscal Year | 36,000 | |
Commercial mortgage loans receivable | $ 115,312 | $ 112,499 |
Commercial mortgage participations | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 5 | 6 |
Current Fiscal Year | $ 0 | $ 0 |
Fiscal Year before Current Fiscal Year | 0 | 1,400 |
Two Years before Current Fiscal Year | 1,195 | 17,173 |
Three Years before Current Fiscal Year | 15,161 | 0 |
Four Years before Current Fiscal Year | 0 | 0 |
More than Five Years before Current Fiscal Year | 0 | |
Commercial mortgage loans receivable | $ 16,356 | $ 18,573 |
Commercial mortgage participations | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Current Fiscal Year | $ 0 | $ 0 |
Fiscal Year before Current Fiscal Year | 0 | 0 |
Two Years before Current Fiscal Year | 0 | 4,593 |
Three Years before Current Fiscal Year | 4,110 | 7,005 |
Four Years before Current Fiscal Year | 7,027 | 0 |
More than Five Years before Current Fiscal Year | 0 | |
Commercial mortgage loans receivable | $ 11,137 | $ 11,598 |
Investments - Commercial Mort_3
Investments - Commercial Mortgage Loan Participations, Allowance for Credit Loss (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses ending balance | $ 282 | $ 282 | ||
Commercial mortgage participations | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of loans | loan | 20 | 20 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | $ 827 | $ 2,147 | $ 827 | $ 3,505 |
Provision (reversal) for credit losses | 282 | (508) | 282 | (1,866) |
Allowance for credit losses ending balance | $ 1,109 | $ 1,639 | $ 1,109 | $ 1,639 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Jun. 30, 2022 USD ($) loan | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||||||
Allowance for credit losses | $ 282 | |||||
Outstanding principal on nonaccrual loan | 4,100 | $ 4,100 | ||||
Unfunded loan commitment | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Unfunded commitment balance to commercial loan borrowers | $ 23,000 | |||||
Commercial mortgage participations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of loans | loan | 20 | |||||
Allowance for credit losses | $ 1,109 | $ 827 | 827 | $ 1,639 | $ 2,147 | $ 3,505 |
Unfunded commitment balance to commercial loan borrowers | $ 141,696 | $ 141,843 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Short-term Debt [Line Items] | |
Letters of credit facility outstanding | $ 125 |
Letter of Credit | |
Short-term Debt [Line Items] | |
Letter of credit maximum available amount | $ 250 |
Liability for Unpaid Claims - S
Liability for Unpaid Claims - Summary of Liability for Unpaid Health Claims (Details) - Health claims - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Activity in the Liability for Unpaid Health Claims | ||
Beginning balance | $ 167,832 | $ 162,261 |
Incurred related to: | ||
Current year | 345,294 | 638,054 |
Prior years | (14,208) | (22,477) |
Total incurred | 331,086 | 615,577 |
Paid related to: | ||
Current year | 210,170 | 487,096 |
Prior year | 112,782 | 122,910 |
Total paid | 322,952 | 610,006 |
Ending balance | $ 175,966 | $ 167,832 |
Liability for Unpaid Claims - R
Liability for Unpaid Claims - Reconciliation of Net Incurred and Paid Claims Development to Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 431,652 | $ 412,940 |
Life insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | 255,686 | 245,108 |
Health insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 175,966 | $ 167,832 |
Postretirement Benefits - Pensi
Postretirement Benefits - Pension Assets by Components at Fair Value (Detail) - Pension plan - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 486,997 | $ 597,547 |
Percentage of plan assets | 100% | 100% |
Investment funds, percentage ownership by pension plan | 1% | 1% |
Expected life of investment | 3 years | 3 years |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 472,472 | $ 582,398 |
Percentage of plan assets | 97% | 97% |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 274,662 | $ 339,839 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 197,810 | 242,559 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 14,525 | $ 15,149 |
Percentage of plan assets | 3% | 3% |
Total corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 162,612 | $ 207,577 |
Percentage of total plan assets, within plan asset category | 33% | 35% |
Total corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Total corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 162,612 | 207,577 |
Total corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Financial | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 42,594 | $ 52,522 |
Percentage of total plan assets, within plan asset category | 9% | 9% |
Financial | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Financial | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 42,594 | 52,522 |
Financial | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 36,132 | $ 43,663 |
Percentage of total plan assets, within plan asset category | 7% | 7% |
Utilities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Utilities | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 36,132 | 43,663 |
Utilities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Energy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 18,653 | $ 22,719 |
Percentage of total plan assets, within plan asset category | 4% | 4% |
Energy | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Energy | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 18,653 | 22,719 |
Energy | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other corporates | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 65,233 | $ 88,673 |
Percentage of total plan assets, within plan asset category | 13% | 15% |
Other corporates | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Other corporates | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 65,233 | 88,673 |
Other corporates | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 251,687 | $ 315,720 |
Percentage of total plan assets, within plan asset category | 52% | 52% |
Exchange traded funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 251,687 | $ 315,720 |
Exchange traded funds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Exchange traded funds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 212 | $ 239 |
Percentage of total plan assets, within plan asset category | 0% | 0% |
Other bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Other bonds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 212 | 239 |
Other bonds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Guaranteed annuity contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 34,986 | $ 34,743 |
Percentage of total plan assets, within plan asset category | 7% | 6% |
Guaranteed annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Guaranteed annuity contract | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 34,986 | 34,743 |
Guaranteed annuity contract | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 17,436 | $ 13,731 |
Percentage of total plan assets, within plan asset category | 4% | 2% |
Short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 17,436 | $ 13,731 |
Short-term investments | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Short-term investments | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 5,539 | $ 10,388 |
Percentage of total plan assets, within plan asset category | 1% | 2% |
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 5,539 | $ 10,388 |
Other | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Postretirement Benefits - Activ
Postretirement Benefits - Activity for the SERP (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Premiums paid for insurance coverage | $ 443 | $ 443 | |
Total investments: | |||
Company owned life insurance | 53,982 | $ 52,791 | |
Exchange traded funds | 72,401 | 87,133 | |
Total investments of SERP | $ 126,383 | $ 139,924 |
Postretirement Benefits - Pen_2
Postretirement Benefits - Pension and SERP Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | $ 677,805 | $ 778,934 |
Nonqualified Plan | SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | 91,861 | 92,017 |
Funded defined benefit pension | Qualified Plan | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | $ 585,944 | $ 686,917 |
Postretirement Benefits - Compo
Postretirement Benefits - Components of Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 8,656 | $ 7,918 | $ 17,311 | $ 15,836 |
Interest cost | 6,121 | 5,469 | 12,244 | 10,936 |
Expected return on assets | (8,885) | (8,083) | (17,770) | (16,166) |
Prior service cost | 158 | 158 | 316 | 316 |
Actuarial (gain) loss | 3,208 | 4,984 | 6,417 | 9,969 |
Net periodic benefit cost | $ 9,258 | $ 10,446 | $ 18,518 | $ 20,891 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding (in shares) | 98,222,993 | 102,895,435 | 98,745,402 | 103,187,567 |
Weighted average dilutive options outstanding (in shares) | 717,686 | 1,337,911 | 841,940 | 1,331,047 |
Diluted weighted average shares outstanding (in shares) | 98,940,679 | 104,233,346 | 99,587,342 | 104,518,614 |
Antidilutive shares (in shares) | 3,882,884 | 31,269 | 2,232,662 | 1,326,599 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 6 Months Ended | ||
May 19, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Par Value | $ 1,650,000,000 | ||
FHLB stock | 11,300,000 | $ 7,900,000 | |
Long-term debt, net, book value | 1,942,424,000 | $ 1,696,246,000 | |
Estimate of Fair Value Measurement | Asset Pledged as Collateral | |||
Debt Instrument [Line Items] | |||
Fair value of pledged assets | $ 638,000,000 | ||
Junior Subordinated Debentures Due 2056 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.25% | ||
Senior notes | |||
Debt Instrument [Line Items] | |||
Optional redemption, period from issuance date | 5 years | ||
Senior notes | 4.80% Senior Notes Due June 15, 2032 | |||
Debt Instrument [Line Items] | |||
Debt, principal amount | $ 400,000,000 | ||
Interest rate | 4.80% | ||
Par acquired by affiliates | $ 150,000,000 | ||
Total proceeds from issuance of debt to parent | 395,000,000 | ||
Federal Home Loan Bank Borrowings | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 545,000,000 | ||
Long-term debt, net, book value | $ 0 | ||
Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.80% | ||
Debt repayment | $ 300,000,000 |
Debt - Selected Information abo
Debt - Selected Information about Debt Issues (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, par value, gross | $ 1,965,612,000 | |
Current maturity of long-term debt, par value | 315,612,000 | |
Par Value | 1,650,000,000 | |
Total short-term debt, par value | 495,612,000 | |
Total debt, par value | 2,145,612,000 | |
Unamortized discount & issuance costs, noncurrent | (23,188,000) | |
Unamortized discount & issuance costs, current maturities | (331,000) | |
Unamortized discount & issuance costs, long-term debt | (22,857,000) | |
Unamortized discount & issuance costs, current | (486,000) | |
Total debt, unamortized discount & issuance costs, | (23,343,000) | |
Long-term debt, net, book value | 1,942,424,000 | $ 1,696,246,000 |
Current maturity of long-term debt, book value | 315,281,000 | 149,752,000 |
Long-term debt | 1,627,143,000 | 1,546,494,000 |
Total short-term debt, book value | 495,126,000 | 479,644,000 |
Total debt, book value | 2,122,269,000 | 2,026,138,000 |
Long-term debt, gross, fair value | 1,811,001,000 | |
Current maturity of term loan, fair value | 321,419,000 | |
Long-term debt, net, fair value | 1,489,582,000 | |
Total short-term debt, fair value | 501,264,000 | |
Total debt, fair value | 1,990,846,000 | |
Commercial Paper | ||
Debt Instrument [Line Items] | ||
Total short-term debt, par value | 180,000,000 | |
Unamortized discount & issuance costs, current | (155,000) | |
Total short-term debt, book value | 179,845,000 | 329,892,000 |
Total short-term debt, fair value | $ 179,845,000 | |
Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 7.875% | |
Long-term debt, par value, gross | $ 165,612,000 | |
Unamortized discount & issuance costs, noncurrent | (257,000) | |
Debt | 165,355,000 | 165,216,000 |
Long-term debt, gross, fair value | $ 171,168,000 | |
Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 3.80% | |
Long-term debt, par value, gross | $ 150,000,000 | |
Unamortized discount & issuance costs, noncurrent | (74,000) | |
Debt | 149,926,000 | 149,752,000 |
Long-term debt, gross, fair value | 150,251,000 | |
Senior Notes Due 2022 | Consolidation eliminations | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term debt, net, book value | $ 150,000,000 | |
Senior Notes Due 2028 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 4.55% | |
Long-term debt, par value, gross | $ 550,000,000 | |
Unamortized discount & issuance costs, noncurrent | (4,725,000) | |
Debt | 545,275,000 | 544,949,000 |
Long-term debt, gross, fair value | $ 541,486,000 | |
Senior Notes Due 2030 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 2.15% | |
Long-term debt, par value, gross | $ 400,000,000 | |
Unamortized discount & issuance costs, noncurrent | (4,001,000) | |
Debt | 395,999,000 | 395,778,000 |
Long-term debt, gross, fair value | $ 327,492,000 | |
Senior Notes Due June 15 2032 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 4.80% | |
Long-term debt, par value, gross | $ 250,000,000 | |
Unamortized discount & issuance costs, noncurrent | (4,726,000) | |
Debt | 245,274,000 | 0 |
Long-term debt, gross, fair value | $ 246,459,000 | |
Junior Subordinated Debentures Due 2057 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 5.275% | |
Long-term debt, par value, gross | $ 125,000,000 | |
Unamortized discount & issuance costs, noncurrent | (1,597,000) | |
Debt | 123,403,000 | 123,396,000 |
Long-term debt, gross, fair value | $ 125,325,000 | |
Junior Subordinated Debentures Due 2061 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 4.25% | |
Long-term debt, par value, gross | $ 325,000,000 | |
Unamortized discount & issuance costs, noncurrent | (7,808,000) | |
Debt | 317,192,000 | $ 317,155,000 |
Long-term debt, gross, fair value | $ 248,820,000 |
Business Segments - Segment Pre
Business Segments - Segment Premium Income by Distribution Channel and Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of segments | segment | 4 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,079,113 | $ 1,023,756 | $ 2,150,715 | $ 2,026,049 |
% of Total | 100% | 100% | 100% | 100% |
Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 759,924 | $ 728,170 | $ 1,514,526 | $ 1,436,289 |
% of Total | 100% | 100% | 100% | 100% |
Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 319,189 | $ 295,586 | $ 636,189 | $ 589,759 |
% of Total | 100% | 100% | 100% | 100% |
Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 1 |
% of Total | 0% | 0% | 0% | 100% |
American Income | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 405,811 | $ 376,485 | $ 804,652 | $ 738,731 |
% of Total | 38% | 37% | 37% | 37% |
American Income | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 376,419 | $ 347,696 | $ 746,406 | $ 682,591 |
% of Total | 50% | 48% | 49% | 48% |
American Income | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 29,392 | $ 28,789 | $ 58,246 | $ 56,140 |
% of Total | 9% | 10% | 9% | 9% |
American Income | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
Direct to Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 266,956 | $ 267,890 | $ 536,838 | $ 531,278 |
% of Total | 25% | 26% | 25% | 26% |
Direct to Consumer | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 249,365 | $ 249,440 | $ 500,491 | $ 493,468 |
% of Total | 33% | 34% | 33% | 34% |
Direct to Consumer | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 17,591 | $ 18,450 | $ 36,347 | $ 37,810 |
% of Total | 6% | 6% | 6% | 6% |
Direct to Consumer | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
Liberty National | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 128,106 | $ 124,971 | $ 256,011 | $ 247,748 |
% of Total | 12% | 12% | 12% | 12% |
Liberty National | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 81,451 | $ 77,853 | $ 162,170 | $ 153,590 |
% of Total | 11% | 11% | 11% | 11% |
Liberty National | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 46,655 | $ 47,118 | $ 93,841 | $ 94,158 |
% of Total | 15% | 16% | 15% | 16% |
Liberty National | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
United American | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 136,807 | $ 118,478 | $ 271,530 | $ 237,843 |
% of Total | 13% | 12% | 13% | 12% |
United American | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,014 | $ 2,261 | $ 4,073 | $ 4,538 |
% of Total | 0% | 0% | 0% | 0% |
United American | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 134,793 | $ 116,217 | $ 267,457 | $ 233,304 |
% of Total | 42% | 39% | 42% | 40% |
United American | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 1 |
% of Total | 0% | 0% | 0% | 100% |
Family Heritage | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 92,128 | $ 86,238 | $ 183,037 | $ 170,691 |
% of Total | 8% | 8% | 8% | 8% |
Family Heritage | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,370 | $ 1,226 | $ 2,739 | $ 2,344 |
% of Total | 0% | 0% | 0% | 0% |
Family Heritage | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 90,758 | $ 85,012 | $ 180,298 | $ 168,347 |
% of Total | 28% | 29% | 28% | 29% |
Family Heritage | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 49,305 | $ 49,694 | $ 98,647 | $ 99,758 |
% of Total | 4% | 5% | 5% | 5% |
Other | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 49,305 | $ 49,694 | $ 98,647 | $ 99,758 |
% of Total | 6% | 7% | 7% | 7% |
Other | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
Other | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0% | 0% | 0% | 0% |
Business Segments - Reconciliat
Business Segments - Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Premium | $ 1,079,113,000 | $ 1,023,756,000 | $ 2,150,715,000 | $ 2,026,049,000 |
Net investment income | 243,642,000 | 238,308,000 | 487,476,000 | 474,128,000 |
Other income | 299,000 | 388,000 | 463,000 | 683,000 |
Total revenue | 1,323,054,000 | 1,262,452,000 | 2,638,654,000 | 2,500,860,000 |
Expenses: | ||||
Policy obligations | 715,326,000 | 694,611,000 | 1,468,574,000 | 1,407,330,000 |
Required interest on reserves | 0 | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 | 0 |
Amortization of acquisition costs | 155,205,000 | 148,021,000 | 313,589,000 | 301,014,000 |
Commissions, premium taxes, and non-deferred acquisition costs | 93,595,000 | 82,312,000 | 184,408,000 | 161,978,000 |
Insurance administrative expense | 78,685,000 | 67,764,000 | 151,362,000 | 138,768,000 |
Parent expense | 2,525,000 | 2,757,000 | 5,165,000 | 5,075,000 |
Stock-based compensation expense | 8,448,000 | 8,634,000 | 17,483,000 | 16,522,000 |
Interest expense | 21,828,000 | 21,769,000 | 41,772,000 | 42,947,000 |
Total benefits and expenses | 1,075,612,000 | 1,025,868,000 | 2,182,353,000 | 2,073,634,000 |
Subtotal | 247,442,000 | 236,584,000 | 456,301,000 | 427,226,000 |
Non-operating items | 4,617,000 | 261,000 | 4,729,000 | 5,089,000 |
Measure of segment profitability (pretax) | 252,059,000 | 236,845,000 | 461,030,000 | 432,315,000 |
Realized gain (loss)—investments | (30,446,000) | 8,659,000 | (37,690,000) | 36,811,000 |
Legal proceedings | (261,000) | (5,089,000) | ||
Non-operating expenses | (4,617,000) | (4,729,000) | ||
Income before income taxes | 216,996,000 | 245,243,000 | 418,611,000 | 464,037,000 |
Par Value | $ 1,650,000,000 | $ 1,650,000,000 | ||
Junior Subordinated Debentures Due 2056 | ||||
Expenses: | ||||
Coupon Rate | 4.25% | 4.25% | ||
Life | ||||
Revenue: | ||||
Premium | $ 759,924,000 | 728,170,000 | $ 1,514,526,000 | 1,436,289,000 |
Health | ||||
Revenue: | ||||
Premium | 319,189,000 | 295,586,000 | 636,189,000 | 589,759,000 |
Annuity | ||||
Revenue: | ||||
Premium | 0 | 0 | 0 | 1,000 |
Operating Segments | ||||
Expenses: | ||||
Non-operating items | 0 | 0 | ||
Operating Segments | Life | ||||
Revenue: | ||||
Premium | 759,924,000 | 728,170,000 | 1,514,526,000 | 1,436,289,000 |
Net investment income | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Total revenue | 759,924,000 | 728,170,000 | 1,514,526,000 | 1,436,289,000 |
Expenses: | ||||
Policy obligations | 511,034,000 | 498,471,000 | 1,060,377,000 | 1,016,102,000 |
Required interest on reserves | (191,722,000) | (182,495,000) | (381,431,000) | (362,420,000) |
Required interest on DAC | 56,643,000 | 54,222,000 | 112,875,000 | 108,017,000 |
Amortization of acquisition costs | 122,532,000 | 120,407,000 | 248,611,000 | 243,711,000 |
Commissions, premium taxes, and non-deferred acquisition costs | 63,887,000 | 58,810,000 | 126,090,000 | 115,478,000 |
Insurance administrative expense | 0 | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | 562,374,000 | 549,415,000 | 1,166,522,000 | 1,120,888,000 |
Subtotal | 197,550,000 | 178,755,000 | 348,004,000 | 315,401,000 |
Measure of segment profitability (pretax) | 197,550,000 | 178,755,000 | 348,004,000 | 315,401,000 |
Operating Segments | Health | ||||
Revenue: | ||||
Premium | 319,189,000 | 295,586,000 | 636,189,000 | 589,759,000 |
Net investment income | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Total revenue | 319,189,000 | 295,586,000 | 636,189,000 | 589,759,000 |
Expenses: | ||||
Policy obligations | 197,218,000 | 188,854,000 | 394,073,000 | 376,683,000 |
Required interest on reserves | (27,238,000) | (25,434,000) | (54,103,000) | (50,429,000) |
Required interest on DAC | 7,562,000 | 7,077,000 | 15,025,000 | 14,039,000 |
Amortization of acquisition costs | 32,221,000 | 27,132,000 | 64,073,000 | 56,339,000 |
Commissions, premium taxes, and non-deferred acquisition costs | 29,703,000 | 23,496,000 | 58,305,000 | 46,486,000 |
Insurance administrative expense | 0 | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | 239,466,000 | 221,125,000 | 477,373,000 | 443,118,000 |
Subtotal | 79,723,000 | 74,461,000 | 158,816,000 | 146,641,000 |
Measure of segment profitability (pretax) | 79,723,000 | 74,461,000 | 158,816,000 | 146,641,000 |
Operating Segments | Annuity | ||||
Revenue: | ||||
Premium | 0 | 0 | 0 | 1,000 |
Net investment income | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 1,000 |
Expenses: | ||||
Policy obligations | 7,074,000 | 7,286,000 | 14,124,000 | 14,545,000 |
Required interest on reserves | (9,670,000) | (10,016,000) | (19,342,000) | (20,021,000) |
Required interest on DAC | 49,000 | 66,000 | 102,000 | 136,000 |
Amortization of acquisition costs | 452,000 | 482,000 | 905,000 | 964,000 |
Commissions, premium taxes, and non-deferred acquisition costs | 5,000 | 6,000 | 13,000 | 14,000 |
Insurance administrative expense | 0 | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | (2,090,000) | (2,176,000) | (4,198,000) | (4,362,000) |
Subtotal | 2,090,000 | 2,176,000 | 4,198,000 | 4,363,000 |
Measure of segment profitability (pretax) | 2,090,000 | 2,176,000 | 4,198,000 | 4,363,000 |
Operating Segments | Investment | ||||
Revenue: | ||||
Premium | 0 | 0 | 0 | 0 |
Net investment income | 243,642,000 | 238,308,000 | 487,476,000 | 474,128,000 |
Other income | 0 | 0 | 0 | 0 |
Total revenue | 243,642,000 | 238,308,000 | 487,476,000 | 474,128,000 |
Expenses: | ||||
Policy obligations | 0 | 0 | 0 | 0 |
Required interest on reserves | 228,630,000 | 217,945,000 | 454,876,000 | 432,870,000 |
Required interest on DAC | (64,254,000) | (61,365,000) | (128,002,000) | (122,192,000) |
Amortization of acquisition costs | 0 | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 |
Insurance administrative expense | 0 | 0 | 0 | 0 |
Parent expense | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Interest expense | 21,828,000 | 21,769,000 | 41,772,000 | 42,947,000 |
Total benefits and expenses | 186,204,000 | 178,349,000 | 368,646,000 | 353,625,000 |
Subtotal | 57,438,000 | 59,959,000 | 118,830,000 | 120,503,000 |
Measure of segment profitability (pretax) | 57,438,000 | 59,959,000 | 118,830,000 | 120,503,000 |
Corporate & Other | ||||
Revenue: | ||||
Premium | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Other income | 299,000 | 388,000 | 463,000 | 683,000 |
Total revenue | 299,000 | 388,000 | 463,000 | 683,000 |
Expenses: | ||||
Policy obligations | 0 | 0 | 0 | 0 |
Required interest on reserves | 0 | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 | 0 |
Amortization of acquisition costs | 0 | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 |
Insurance administrative expense | 73,700,000 | 67,503,000 | 146,265,000 | 133,679,000 |
Parent expense | 2,893,000 | 2,757,000 | 5,533,000 | 5,075,000 |
Stock-based compensation expense | 8,448,000 | 8,634,000 | 17,483,000 | 16,522,000 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | 85,041,000 | 78,894,000 | 169,281,000 | 155,276,000 |
Subtotal | (84,742,000) | (78,506,000) | (168,818,000) | (154,593,000) |
Non-operating items | 0 | 0 | ||
Measure of segment profitability (pretax) | (84,742,000) | (78,506,000) | (168,818,000) | (154,593,000) |
Adjustments | ||||
Revenue: | ||||
Premium | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
Expenses: | ||||
Policy obligations | 0 | 0 | 0 | 0 |
Required interest on reserves | 0 | 0 | 0 | 0 |
Required interest on DAC | 0 | 0 | 0 | 0 |
Amortization of acquisition costs | 0 | 0 | 0 | 0 |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 |
Insurance administrative expense | 4,985,000 | 261,000 | 5,097,000 | 5,089,000 |
Parent expense | (368,000) | 0 | (368,000) | 0 |
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total benefits and expenses | 4,617,000 | 261,000 | 4,729,000 | 5,089,000 |
Subtotal | (4,617,000) | (261,000) | (4,729,000) | (5,089,000) |
Non-operating items | 4,617,000 | 261,000 | 4,729,000 | 5,089,000 |
Measure of segment profitability (pretax) | $ 0 | $ 0 | $ 0 | $ 0 |