Horace Mann Educators (HMN) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	HORACE MANN EDUCATORS CORP /DE/
Entity Central Index Key	850,141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	HMN
Entity Common Stock, Shares Outstanding		40,673,282

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost 2017, $7,161,917; 2016, $7,152,127)	$ 7,578,585	$ 7,456,708
Equity securities, available for sale, at fair value (cost 2017, $140,553; 2016, $134,013)	156,909	141,649
Short-term and other investments	502,443	401,015
Total investments	8,237,937	7,999,372
Cash	16,006	16,670
Deferred policy acquisition costs	256,878	267,580
Goodwill	47,396	47,396
Other assets	341,684	321,874
Separate Account (variable annuity) assets	1,976,234	1,923,932
Total assets	10,876,135	10,576,824
Policy liabilities
Investment contract and life policy reserves	5,480,863	5,447,969
Unpaid claims and claim expenses	352,513	329,888
Unearned premiums	248,123	246,274
Total policy liabilities	6,081,499	6,024,131
Other policyholder funds	713,004	708,950
Other liabilities	495,931	378,620
Long-term debt	247,337	247,209
Separate Account (variable annuity) liabilities	1,976,234	1,923,932
Total liabilities	9,514,005	9,282,842
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued	0	0
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2017, 65,341,779; 2016, 64,917,683	65	65
Additional paid-in capital	459,317	453,479
Retained earnings	1,150,270	1,155,732
Accumulated other comprehensive income (loss), net of taxes:
Net unrealized investment gains on fixed maturity and equity securities	243,510	175,738
Net funded status of benefit plans	(11,817)	(11,817)
Treasury stock, at cost, 2017, 24,672,932 shares; 2016, 24,672,932 shares	(479,215)	(479,215)
Total shareholders’ equity	1,362,130	1,293,982
Total liabilities and shareholders’ equity	$ 10,876,135	$ 10,576,824

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost (in usd)	$ 7,161,917	$ 7,152,127
Equity securities, available for sale, cost (in usd)	$ 140,553	$ 134,013
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	65,341,779	64,917,683
Treasury stock (in shares)	24,672,932	24,672,932

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Insurance premiums and contract charges earned	$ 195,718	$ 188,360	$ 391,440	$ 373,810
Net investment income	91,994	91,179	182,705	175,838
Net realized investment gains	2,072	3,080	1,830	2,926
Other income	1,652	939	2,765	2,287
Total revenues	291,436	283,558	578,740	554,861
Benefits, losses and expenses
Benefits, claims and settlement expenses	165,879	148,408	309,975	267,921
Interest credited	49,348	47,576	98,122	94,266
Policy acquisition expenses amortized	24,808	24,587	49,694	48,639
Operating expenses	46,228	43,345	94,984	86,141
Interest expense	2,945	2,948	5,901	5,883
Total benefits, losses and expenses	289,208	266,864	558,676	502,850
Income before income taxes	2,228	16,694	20,064	52,011
Income tax (benefit) expense	(33)	4,828	2,485	14,992
Net income	$ 2,261	$ 11,866	$ 17,579	$ 37,019
Net income per share
Basic (in usd per share)	$ 0.05	$ 0.29	$ 0.43	$ 0.90
Diluted (in usd per share)	$ 0.05	$ 0.29	$ 0.42	$ 0.89
Weighted average number of shares and equivalent shares (in thousands)
Basic (in shares)	41,368	41,082	41,268	41,200
Diluted (in shares)	41,493	41,314	41,416	41,416
Net realized investment gains (losses)
Total other-than-temporary impairment losses on securities	$ (3,564)	$ (3,853)	$ (6,361)	$ (7,526)
Portion of losses recognized in other comprehensive income	0	(290)	0	(290)
Net other-than-temporary impairment losses on securities recognized in earnings	(3,564)	(3,563)	(6,361)	(7,236)
Realized investment gains, net	5,636	6,643	8,191	10,162
Total	$ 2,072	$ 3,080	$ 1,830	$ 2,926

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Comprehensive income
Net income	$ 2,261	$ 11,866	$ 17,579	$ 37,019
Other comprehensive income, net of taxes:
Change in net unrealized investment gains on fixed maturity and equity securities	45,239	84,996	67,772	154,486
Change in net funded status of benefit plans	0	0	0	0
Other comprehensive income	45,239	84,996	67,772	154,486
Total	$ 47,500	$ 96,862	$ 85,351	$ 191,505

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income, net of taxes	Treasury stock, at cost
Beginning balance at Dec. 31, 2015		$ 65	$ 442,648	$ 1,116,277	$ 163,373	$ (457,702)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised, 2017, 127,774 shares; 2016, 94,225 shares		0
Conversion of common stock units, 2017, 15,981 shares; 2016, 8,538 shares		0
Conversion of restricted stock units, 2017, 280,341 shares; 2016, 171,042 shares		0
Options exercised and conversion of common stock units and restricted stock units			939
Share-based compensation expense			3,917
Net income	$ 37,019			37,019
Cash dividends, 2017, $0.55 per share; 2016, $0.53 per share				(22,174)
Change in net unrealized investment gains and losses on fixed maturity and equity securities	154,486				154,486
Change in net funded status of benefit plans	0				0
Acquisition of shares, 2017, 0 shares; 2016, 701,410 shares						(21,513)
Ending balance at Jun. 30, 2016	1,417,335	65	447,504	1,131,122	317,859	(479,215)
Beginning balance at Mar. 31, 2016					232,863
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,866
Change in net unrealized investment gains and losses on fixed maturity and equity securities	84,996
Change in net funded status of benefit plans	0
Ending balance at Jun. 30, 2016	1,417,335	65	447,504	1,131,122	317,859	(479,215)
Beginning balance at Dec. 31, 2016	1,293,982	65	453,479	1,155,732	163,921	(479,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised, 2017, 127,774 shares; 2016, 94,225 shares		0
Conversion of common stock units, 2017, 15,981 shares; 2016, 8,538 shares		0
Conversion of restricted stock units, 2017, 280,341 shares; 2016, 171,042 shares		0
Options exercised and conversion of common stock units and restricted stock units			1,909
Share-based compensation expense			3,929
Net income	17,579			17,579
Cash dividends, 2017, $0.55 per share; 2016, $0.53 per share				(23,041)
Change in net unrealized investment gains and losses on fixed maturity and equity securities	67,772				67,772
Change in net funded status of benefit plans	0				0
Acquisition of shares, 2017, 0 shares; 2016, 701,410 shares						0
Ending balance at Jun. 30, 2017	1,362,130	65	459,317	1,150,270	231,693	(479,215)
Beginning balance at Mar. 31, 2017					186,454
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,261
Change in net unrealized investment gains and losses on fixed maturity and equity securities	45,239
Change in net funded status of benefit plans	0
Ending balance at Jun. 30, 2017	$ 1,362,130	$ 65	$ 459,317	$ 1,150,270	$ 231,693	$ (479,215)

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Treasury stock (in shares)	24,672,932		24,672,932
Common stock
Common stock, par value (in usd per share)			$ 0.001	$ 0.001
Options exercised (in shares)	127,774	94,225
Conversion of common stock units (in shares)	15,981	8,538
Conversion of restricted stock units (in shares)	280,341	171,042
Retained earnings
Cash dividends (in usd per share)	$ 0.55	$ 0.53
Treasury stock, at cost
Treasury stock (in shares)	24,672,932	24,672,932	24,672,932	23,971,522
Treasury stock, acquisitions (in shares)	0	701,410

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows - operating activities
Premiums collected	$ 392,715	$ 367,182
Policyholder benefits paid	(274,256)	(268,212)
Policy acquisition and other operating expenses paid	(141,913)	(138,612)
Federal income taxes paid	(8,068)	(15,094)
Investment income collected	185,546	175,541
Interest expense paid	(5,738)	(5,989)
Other	6,167	954
Net cash provided by operating activities	154,453	115,770
Fixed maturities
Purchases	(723,354)	(834,114)
Sales	229,690	257,033
Maturities, paydowns, calls and redemptions	491,739	475,532
Purchase of other invested assets	(53,716)	(33,809)
Net cash provided by (used in) short-term and other investments	(32,391)	7,925
Net cash (used in) investing activities	(88,032)	(127,433)
Cash flows - financing activities
Dividends paid to shareholders	(23,041)	(22,174)
Acquisition of treasury stock	0	(21,513)
Proceeds from exercise of stock options	3,130	1,926
Withholding tax payments on RSUs tendered	(2,604)	(3,233)
Annuity contracts: variable, fixed and FHLB funding agreements
Deposits	234,133	237,265
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets	(200,845)	(162,575)
Transfer of Company 401(k) assets to a third-party provider	(77,898)	0
Life policy accounts
Deposits	2,240	1,680
Withdrawals and surrenders	(2,287)	(1,995)
Change in bank overdrafts	87	17,205
Net cash (used in) provided by financing activities	(67,085)	46,586
Net (decrease) increase in cash	(664)	34,923
Cash at beginning of period	16,670	15,509
Cash at end of period	$ 16,006	$ 50,432

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of Horace Mann Educators Corporation (“HMEC”; and together with its subsidiaries, the “Company” or “Horace Mann”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”), specifically Regulation S-X and the instructions to Form 10-Q. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP, but are not required for interim reporting purposes, have been omitted. The Company believes that these consolidated financial statements contain all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to present fairly the Company’s consolidated financial position as of June 30, 2017 , the consolidated results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated changes in shareholders’ equity and cash flows for the six months ended June 30, 2017 and 2016 . The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities, (2) disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The subsidiaries of HMEC market and underwrite personal lines of property and casualty (primarily personal lines automobile and homeowners) insurance, retirement annuities (primarily tax-qualified products) and life insurance, primarily to K-12 teachers, administrators and other employees of public schools and their families. HMEC’s principal operating subsidiaries are Horace Mann Life Insurance Company, Horace Mann Insurance Company, Teachers Insurance Company, Horace Mann Property & Casualty Insurance Company and Horace Mann Lloyds. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. The Company reclassified the presentation of certain prior period information to conform to the 2017 presentation. See “Adopted Accounting Standards”. Investment Contract and Life Policy Reserves This table summarizes the Company’s investment contract and life policy reserves. ($ in thousands) June 30, 2017 December 31, 2016 Investment contract reserves $ 4,377,759 $ 4,360,456 Life policy reserves 1,103,104 1,087,513 Total $ 5,480,863 $ 5,447,969 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents the accumulated change in shareholders’ equity from transactions and other events and circumstances from non-shareholder sources. For the Company, accumulated other comprehensive income (loss) includes the after tax change in net unrealized investment gains and losses on fixed maturity and equity securities and the after tax change in net funded status of benefit plans for the period as shown in the Consolidated Statement of Changes in Shareholders’ Equity. The following tables reconcile these components. ($ in thousands) Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) Benefit Plans (1) Total (1) Beginning balance, April 1, 2017 $ 198,271 $ (11,817 ) $ 186,454 Other comprehensive income (loss) before reclassifications 46,303 — 46,303 Amounts reclassified from accumulated other comprehensive income (loss) (1,064 ) — (1,064 ) Net current period other comprehensive income 45,239 — 45,239 Ending balance, June 30, 2017 $ 243,510 $ (11,817 ) $ 231,693 Beginning balance, January 1, 2017 $ 175,738 $ (11,817 ) $ 163,921 Other comprehensive income (loss) before reclassifications 68,633 — 68,633 Amounts reclassified from accumulated other comprehensive income (loss) (861 ) — (861 ) Net current period other comprehensive income 67,772 — 67,772 Ending balance, June 30, 2017 $ 243,510 $ (11,817 ) $ 231,693 (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $1,638 thousand and $1,325 thousand , are included in net realized investment gains and losses and the related income tax expenses, $574 thousand and $464 thousand are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 , respectively. ($ in thousands) Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) Benefit Plans (1) Total (1) Beginning balance, April 1, 2016 $ 244,657 $ (11,794 ) $ 232,863 Other comprehensive income (loss) before reclassifications 87,809 — 87,809 Amounts reclassified from accumulated other comprehensive income (loss) (2,813 ) — (2,813 ) Net current period other comprehensive income 84,996 — 84,996 Ending balance, June 30, 2016 $ 329,653 $ (11,794 ) $ 317,859 Beginning balance, January 1, 2016 $ 175,167 $ (11,794 ) $ 163,373 Other comprehensive income (loss) before reclassifications 157,780 — 157,780 Amounts reclassified from accumulated other comprehensive income (loss) (3,294 ) — (3,294 ) Net current period other comprehensive income 154,486 — 154,486 Ending balance, June 30, 2016 $ 329,653 $ (11,794 ) $ 317,859 (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $4,327 thousand and $5,067 thousand , are included in net realized investment gains and losses and the related income tax expenses, $1,514 thousand and $1,773 thousand , are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2016 , respectively. Comparative information for elements that are not required to be reclassified in their entirety to net income in the same reporting period is located in “Note 2 -- Investments -- Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities”. Adopted Accounting Standards Employee Share-based Payment Accounting Effective January 1, 2017, the Company adopted new accounting guidance for employee share-based payments which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The recognition and classification of the excess tax benefit provisions were applied prospectively in the results of operations. This adoption resulted in additional excess tax benefits of $2,638 thousand which reduced the current provision for income taxes in the results of operations. The statutory tax withholding classification, which are cash payments made to taxing authorities for withheld taxes funded through tendered shares, were applied retrospectively and the Company reclassified the statutory tax withholding requirements in the statement of cash flows from Other in operating activities to Withholding tax payments on RSUs tendered in financing activities. This statutory withholding reclassification resulted in $2,604 thousand and $3,233 thousand being included in financing activities for the six months ended June 30, 2017 and 2016 , respectively. There were no cumulative effect adjustments upon adoption of the new accounting guidance. Pending Accounting Standards Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to provide a single comprehensive model in accounting for revenue arising from contracts with customers. The guidance applies to all contracts with customers; however, insurance contracts are specifically excluded from this updated guidance. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted only for annual reporting periods beginning after December 15, 2016. The Company plans to adopt the guidance as of January 1, 2018. Management believes the adoption of this accounting guidance will not have a material effect on the results of operations or financial position, and related disclosures, of the Company. Recognition and Measurement of Financial Assets and Liabilities In January 2016, the FASB issued accounting guidance to improve certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. Among other things, this guidance requires public entities to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income and to perform a qualitative assessment to identify impairment for equity investments without readily determinable fair values. Companies are required to apply this guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption and, for the guidance related to equity securities without readily determinable fair values, companies are required to apply a prospective approach to equity investments that exist as of the date of adoption. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. Early application is permitted. The guidance will not have an impact on the Company’s financial position and management is evaluating the impact that this guidance will have on the Company’s results of operations. Statement of Cash Flows -- Classification In August 2016, the FASB issued guidance to reduce diversity in practice in the statement of cash flows between operating, investing and financing activities related to the classification of cash receipts and cash payments for eight specific issues. The FASB acknowledged that current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues: (1) debt prepayment or extinguishment costs; (2) settlement of zero-coupon bonds (pertains to issuers); (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims (pertains to claimants); (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7)beneficial interests in securitization transactions (pertains to transferors) and (8) separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years, using a retrospective approach. The guidance allows prospective adoption for individual issues if it is impracticable to apply the amendments retrospectively for those issues. Early application is permitted. Management believes the adoption of this accounting guidance will not have a material effect on the classifications in the Company’s consolidated statement of cash flows. The adoption of this accounting guidance will not have any effect on the results of operations or financial position of the Company. Accounting for Leases In February 2016, the FASB issued accounting and disclosure guidance to improve financial reporting and comparability among organizations about leasing transactions. Under the new guidance, for leases with lease terms of more than 12 months, a lessee will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. Consistent with current accounting guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or an operating lease. However, while current guidance requires only capital leases to be recognized on the balance sheet, the new guidance will require both operating and capital leases to be recognized on the balance sheet. In transition to the new guidance, companies are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those years. Early application is permitted. Management is evaluating the impact this guidance will have on the results of operations and financial position of the Company. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments, including reinsurance receivables, held by companies. The new guidance replaces the incurred loss impairment methodology and requires an organization to measure and recognize all current expected credit losses (“CECL”) for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will need to utilize forward-looking information to better inform their credit loss estimates. Companies will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Credit losses related to available for sale debt securities -- which represent over 90% of Horace Mann’s total investment portfolio -- will be recorded through an allowance for credit losses with this allowance having a limit equal to the amount by which fair value is below amortized cost. The guidance also requires enhanced qualitative and quantitative disclosures to provide additional information about the amounts recorded in the financial statements. For public business entities that are SEC filers, the guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years, using a modified-retrospective approach. Early application is permitted for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Management is evaluating the impact this guidance will have on the results of operations and financial position of the Company. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill for reporting units with zero or negative carrying amounts. Public business entities should adopt the guidance prospectively for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application is permitted. Management believes the adoption of this accounting guidance will not have a material effect on how it tests goodwill for impairment.

Investments

Investments	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Investments	The Company’s investment portfolio includes free-standing derivative financial instruments (currently over the counter (“OTC”) index call option contracts) to economically hedge risk associated with its fixed indexed annuity (“FIA”) and indexed universal life (“IUL”) products’ contingent liabilities. The Company’s FIA and IUL products include embedded derivative features that are discussed in “Note 1 -- Summary of Significant Accounting Policies -- Investment Contract and Life Policy Reserves -- Reserves for Fixed Indexed Annuities and Indexed Universal Life Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The Company’s investment portfolio included no other free-standing derivative financial instruments (futures, forwards, swaps, option contracts or other financial instruments with similar characteristics), and there were no other embedded derivative features related to the Company’s investment or insurance products during the six months ended June 30, 2017 and 2016 . Fixed Maturity and Equity Securities The Company’s investment portfolio is comprised primarily of fixed maturity securities and also includes equity securities. The amortized cost or cost, unrealized investment gains and losses, fair values and other-than-temporary impairment (“OTTI”) included in accumulated other comprehensive income (“AOCI”) of all fixed maturity and equity securities in the portfolio were as follows: ($ in thousands) Amortized Cost or Cost Unrealized Investment Gains Unrealized Investment Losses Fair Value OTTI in AOCI (1) June 30, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations (2): Mortgage-backed securities $ 589,643 $ 36,054 $ 2,633 $ 623,064 $ — Other, including U.S. Treasury securities 588,713 23,550 5,913 606,350 — Municipal bonds 1,659,648 168,001 10,429 1,817,220 — Foreign government bonds 93,779 6,272 5 100,046 — Corporate bonds 2,645,268 186,601 4,261 2,827,608 — Other mortgage-backed securities 1,584,866 26,076 6,645 1,604,297 1,447 Totals $ 7,161,917 $ 446,554 $ 29,886 $ 7,578,585 $ 1,447 Equity securities (3) $ 140,553 $ 17,911 $ 1,555 $ 156,909 $ — December 31, 2016 Fixed maturity securities U.S. Government and federally sponsored agency obligations (2): Mortgage-backed securities $ 587,355 $ 34,256 $ 6,720 $ 614,891 $ — Other, including U.S. Treasury securities 458,745 18,518 10,120 467,143 — Municipal bonds 1,648,252 143,733 22,588 1,769,397 — Foreign government bonds 93,864 5,102 297 98,669 — Corporate bonds 2,672,818 152,229 14,826 2,810,221 — Other mortgage-backed securities 1,691,093 21,153 15,859 1,696,387 1,618 Totals $ 7,152,127 $ 374,991 $ 70,410 $ 7,456,708 $ 1,618 Equity securities (3) $ 134,013 $ 13,210 $ 5,574 $ 141,649 $ — (1) Related to securities for which an unrealized loss was bifurcated to distinguish the credit-related portion and the portion driven by other market factors. Represents the amount of OTTI losses in AOCI which was not included in earnings; amounts also include net unrealized investment gains and losses on such impaired securities relating to changes in the fair value of those securities subsequent to the impairment measurement date. (2) Fair value includes securities issued by Federal National Mortgage Association (“FNMA”) of $310,403 thousand and $272,668 thousand ; Federal Home Loan Mortgage Corporation (“FHLMC”) of $368,396 thousand and $378,683 thousand ; and Government National Mortgage Association (“GNMA”) of $111,458 thousand and $115,627 thousand as of June 30, 2017 and December 31, 2016 , respectively. (3) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds. The following table presents the fair value and gross unrealized losses of fixed maturity and equity securities in an unrealized loss position at June 30, 2017 and December 31, 2016 , respectively. The Company views the decrease in value of all of the securities with unrealized losses at June 30, 2017 -- which was driven largely by changes in interest rates, spread widening, financial market illiquidity and/or market volatility from the date of acquisition -- as temporary. For fixed maturity securities, management does not have the intent to sell the securities and it is not more likely than not the Company will be required to sell the securities before the anticipated recovery of the amortized cost bases, and management expects to recover the entire amortized cost bases of the fixed maturity securities. For equity securities, the Company has the ability and intent to hold the securities for the recovery of cost and recovery of cost is expected within a reasonable period of time. ($ in thousands) 12 Months or Less More than 12 Months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 101,350 $ 2,320 $ 3,480 $ 313 $ 104,830 $ 2,633 Other 223,396 5,913 — — 223,396 5,913 Municipal bonds 179,314 6,893 10,023 3,536 189,337 10,429 Foreign government bonds 1,980 5 — — 1,980 5 Corporate bonds 157,230 2,949 26,907 1,312 184,137 4,261 Other mortgage-backed securities 449,341 4,764 133,899 1,881 583,240 6,645 Total fixed maturity securities 1,112,611 22,844 174,309 7,042 1,286,920 29,886 Equity securities (1) 8,748 727 4,863 828 13,611 1,555 Combined totals $ 1,121,359 $ 23,571 $ 179,172 $ 7,870 $ 1,300,531 $ 31,441 Number of positions with a 413 60 473 Fair value as a percentage of 14.5 % 2.3 % 16.8 % December 31, 2016 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 186,439 $ 6,176 $ 3,235 $ 544 $ 189,674 $ 6,720 Other 219,372 10,120 — — 219,372 10,120 Municipal bonds 408,163 19,006 9,928 3,582 418,091 22,588 Foreign government bonds 24,182 297 — — 24,182 297 Corporate bonds 459,402 11,056 57,261 3,770 516,663 14,826 Other mortgage-backed securities 640,691 10,470 229,106 5,389 869,797 15,859 Total fixed maturity securities 1,938,249 57,125 299,530 13,285 2,237,779 70,410 Equity securities (1) 56,676 4,567 7,956 1,007 64,632 5,574 Combined totals $ 1,994,925 $ 61,692 $ 307,486 $ 14,292 $ 2,302,411 $ 75,984 Number of positions with a gross unrealized loss 629 102 731 Fair value as a percentage of total fixed maturity and equity securities fair value 26.3 % 4.0 % 30.3 % (1) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds. Fixed maturity and equity securities with an investment grade rating represented 82% of the gross unrealized losses as of June 30, 2017 . With respect to fixed maturity securities involving securitized financial assets, the underlying collateral cash flows were stress tested to determine there was no adverse change in the present value of cash flows below the amortized cost basis. Credit Losses The following table summarizes the cumulative amounts related to the Company’s credit loss component of OTTI losses on fixed maturity securities held as of June 30, 2017 and 2016 that the Company did not intend to sell as of those dates, and it was not more likely than not that the Company would be required to sell the securities before the anticipated recovery of the amortized cost bases, for which the non-credit portions of OTTI losses were recognized in other comprehensive income: ($ in thousands) Six Months Ended June 30, 2017 2016 Cumulative credit loss (1) Beginning of period $ 13,703 $ 7,844 New credit losses — 300 Increases to previously recognized credit losses 1,910 2,480 Gains related to securities sold or paid down during the period (2 ) — End of period $ 15,611 $ 10,624 (1) The cumulative credit loss amounts exclude OTTI losses on securities held as of the periods indicated that the Company intended to sell or it was more likely than not that the Company would be required to sell the security before the recovery of the amortized cost basis. Maturities/Sales of Fixed Maturity and Equity Securities The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers’ utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, including mortgage-backed securities and other asset-backed securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments. ($ in thousands) Percent of Total Fair Value June 30, 2017 June 30, 2017 December 31, 2016 Fair Value Amortized Cost Estimated expected maturity: Due in 1 year or less 3.6 % 3.9 % $ 275,005 $ 269,431 Due after 1 year through 5 years 27.4 28.7 2,079,595 1,981,639 Due after 5 years through 10 years 34.1 35.2 2,580,296 2,478,678 Due after 10 years through 20 years 22.8 19.5 1,729,382 1,609,894 Due after 20 years 12.1 12.7 914,307 822,275 Total 100.0 % 100.0 % $ 7,578,585 $ 7,161,917 Average option-adjusted duration, in years 6.0 5.9 Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Fixed maturity securities Proceeds received $ 118,818 $ 174,944 $ 229,690 $ 257,033 Gross gains realized 4,080 8,382 6,569 10,858 Gross losses realized (496 ) (948 ) (1,377 ) (1,440 ) Equity securities Proceeds received $ 11,507 $ 6,474 $ 16,996 $ 12,622 Gross gains realized 1,702 650 2,750 1,170 Gross losses realized (236 ) (195 ) (428 ) (841 ) Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities Net unrealized investment gains and losses are computed as the difference between fair value and amortized cost for fixed maturity securities or cost for equity securities. The following table reconciles the net unrealized investment gains and losses, net of tax, included in accumulated other comprehensive income (loss), before the impact on deferred policy acquisition costs: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net unrealized investment gains and losses on fixed maturity securities, net of tax Beginning of period $ 219,385 $ 276,381 $ 197,978 $ 198,714 Change in net unrealized investment gains and losses 51,523 89,744 73,414 168,085 Reclassification of net realized investment gains to net income (74 ) 5,331 (558 ) 4,657 End of period $ 270,834 $ 371,456 $ 270,834 $ 371,456 Net unrealized investment gains and losses on equity securities, net of tax Beginning of period $ 8,952 $ 5,030 $ 4,963 $ 2,649 Change in net unrealized investment gains and losses 2,670 4,710 5,972 6,898 Reclassification of net realized investment losses to net income (991 ) (1,557 ) (304 ) (1,364 ) End of period $ 10,631 $ 8,183 $ 10,631 $ 8,183 Offsetting of Assets and Liabilities The Company’s derivative instruments (call options) are subject to enforceable master netting arrangements. Collateral support agreements associated with each master netting arrangement provide that the Company will receive or pledge financial collateral in the event minimum thresholds are reached. The following table presents the instruments that were subject to a master netting arrangement for the Company. ($ in thousands) Gross Amounts Offset in the Net Amounts of Assets/ Liabilities Presented in the Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount June 30, 2017 Asset derivatives: Free-standing derivatives $ 9,969 $ — $ 9,969 $ — $ 10,959 $ (990 ) December 31, 2016 Asset derivatives: Free-standing derivatives $ 8,694 $ — $ 8,694 $ — $ 8,824 $ (130 ) Deposits At June 30, 2017 and December 31, 2016 , fixed maturity securities with a fair value of $18,038 thousand and $18,119 thousand , respectively, were on deposit with governmental agencies as required by law in various states in which the insurance subsidiaries of HMEC conduct business. In addition, at June 30, 2017 and December 31, 2016 , fixed maturity securities with a fair value of $621,068 thousand and $620,489 thousand , respectively, were on deposit with the Federal Home Loan Bank of Chicago (“FHLB”) as collateral for amounts subject to funding agreements which were equal to $575,000 thousand at both of the respective dates. The deposited securities are included in Fixed maturity securities on the Company’s Consolidated Balance Sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The Company is required under GAAP to disclose estimated fair values for certain financial and nonfinancial assets and liabilities. Fair values of the Company’s insurance contracts other than annuity contracts are not required to be disclosed. However, the estimated fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk through the matching of investment maturities with amounts due under insurance contracts. Information regarding the three-level hierarchy presented below and the valuation methodologies utilized by the Company to estimate fair values at a point in time is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , specifically in “Note 3 -- Fair Value of Financial Instruments”. Financial Instruments Measured and Carried at Fair Value The following table presents the Company’s fair value hierarchy for those assets and liabilities measured and carried at fair value on a recurring basis. At June 30, 2017 , Level 3 invested assets comprised 3.1% of the Company’s total investment portfolio fair value. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 June 30, 2017 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 623,064 $ 623,064 $ — $ 619,479 $ 3,585 Other, including U.S. Treasury securities 606,350 606,350 14,341 592,009 — Municipal bonds 1,817,220 1,817,220 — 1,768,097 49,123 Foreign government bonds 100,046 100,046 — 100,046 — Corporate bonds 2,827,608 2,827,608 14,976 2,735,580 77,052 Other mortgage-backed securities 1,604,297 1,604,297 — 1,487,558 116,739 Total fixed maturity securities 7,578,585 7,578,585 29,317 7,302,769 246,499 Equity securities 156,909 156,909 101,847 55,056 6 Short-term investments 104,087 104,087 104,087 — — Other investments 21,482 21,482 — 21,482 — Totals $ 7,861,063 $ 7,861,063 $ 235,251 $ 7,379,307 $ 246,505 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 286 $ 286 $ — $ 286 $ — Other policyholder funds, embedded derivatives 67,995 67,995 — — 67,995 December 31, 2016 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 614,891 $ 614,891 $ — $ 611,476 $ 3,415 Other, including U.S. Treasury securities 467,143 467,143 13,631 453,512 — Municipal bonds 1,769,397 1,769,397 — 1,722,900 46,497 Foreign government bonds 98,669 98,669 — 98,669 — Corporate bonds 2,810,221 2,810,221 13,532 2,736,498 60,191 Other mortgage-backed securities 1,696,387 1,696,387 — 1,595,143 101,244 Total fixed maturity securities 7,456,708 7,456,708 27,163 7,218,198 211,347 Equity securities 141,649 141,649 98,632 43,011 6 Short-term investments 44,918 44,918 44,167 — 751 Other investments 20,194 20,194 — 20,194 — Totals $ 7,663,469 $ 7,663,469 $ 169,962 $ 7,281,403 $ 212,104 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 158 $ 158 $ — $ 158 $ — Other policyholder funds, embedded derivatives 59,393 59,393 — — 59,393 During the six months ended June 30, 2017 , an equity security was transferred into Level 1 from Level 2 as a result of increased liquidity in the market and a sustained increase in the market activity for this asset. The following table presents reconciliations for the periods indicated for all Level 3 assets and liabilities measured at fair value on a recurring basis. ($ in thousands) Financial Assets Financial Liabilities(1) Municipal Bonds Corporate Bonds Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, April 1, 2017 $ 53,462 $ 82,495 $ 112,794 $ 248,751 $ 6 $ — $ 248,757 $ 64,261 Transfers into Level 3 (3) — 2,001 9,482 11,483 — — 11,483 — Transfers out of Level 3 (3) (5,557 ) (5,853 ) — (11,410 ) — — (11,410 ) — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — — (1,714 ) (1,714 ) — — (1,714 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,238 Net unrealized investment gains (losses) included in other comprehensive income 1,287 359 3,093 4,739 — — 4,739 — Purchases — — — — — — — — Issuances — — — — — — — 3,397 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (69 ) (1,950 ) (3,331 ) (5,350 ) — — (5,350 ) (901 ) Ending balance, June 30, 2017 $ 49,123 $ 77,052 $ 120,324 $ 246,499 $ 6 $ — $ 246,505 $ 67,995 Beginning balance, January 1, 2017 $ 46,497 $ 60,191 $ 104,659 $ 211,347 $ 6 $ 751 $ 212,104 $ 59,393 Transfers into Level 3 (3) 5,214 31,919 24,521 61,654 — — 61,654 — Transfers out of Level 3 (3) (5,557 ) (11,963 ) — (17,520 ) — (751 ) (18,271 ) — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — — (1,714 ) (1,714 ) — — (1,714 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 3,546 Net unrealized investment gains (losses) included in other comprehensive income 3,158 455 2,322 5,935 — — 5,935 — Purchases — — — — — — — — Issuances — — — — — — — 6,786 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (189 ) (3,550 ) (9,464 ) (13,203 ) — — (13,203 ) (1,730 ) Ending balance, June 30, 2017 $ 49,123 $ 77,052 $ 120,324 $ 246,499 $ 6 $ — $ 246,505 $ 67,995 (1) Represents embedded derivatives, all related to the Company’s FIA products, reported in Other policyholder funds in the Company’s Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other mortgage-backed securities. (3) Transfers into and out of Level 3 during the three and six months ended June 30, 2017 were attributable to changes in the availability of observable market information for individual fixed maturity securities and short-term investments. The Company’s policy is to recognize transfers into and transfers out of the levels as having occurred at the end of the reporting period in which the transfers were determined. ($ in thousands) Financial Assets Financial Liabilities(1) Municipal Bonds Corporate Bonds Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, April 1, 2016 $ 46,493 $ 70,071 $ 83,821 $ 200,385 $ 6 $ — $ 200,391 $ 42,085 Transfers into Level 3 (3) — 5,017 12,984 18,001 — — 18,001 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — (657 ) — (657 ) — — (657 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,324 Net unrealized investment gains (losses) included in other comprehensive income 1,297 1,393 229 2,919 — — 2,919 — Purchases — — — — — — — — Issuances — — — — — — — 4,993 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (143 ) (2,416 ) (453 ) (3,012 ) — — (3,012 ) (696 ) Ending balance, June 30, 2016 $ 47,647 $ 73,408 $ 96,581 $ 217,636 $ 6 $ — $ 217,642 $ 47,706 Beginning balance, January 1, 2016 $ 30,379 $ 67,575 $ 75,466 $ 173,420 $ 6 $ — $ 173,426 $ 39,021 Transfers into Level 3 (3) 14,751 11,076 24,626 50,453 — — 50,453 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — (657 ) — (657 ) — — (657 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,998 Net unrealized investment gains (losses) included in other comprehensive income 2,781 1,781 222 4,784 — — 4,784 — Purchases — — — — — — — — Issuances — — — — — — — 8,484 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (264 ) (6,367 ) (3,733 ) (10,364 ) — — (10,364 ) (1,797 ) Ending balance, June 30, 2016 $ 47,647 $ 73,408 $ 96,581 $ 217,636 $ 6 $ — $ 217,642 $ 47,706 (1) Represents embedded derivatives, all related to the Company’s FIA products, reported in Other policyholder funds in the Company’s Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other mortgage-backed securities. (3) Transfers into and out of Level 3 during the three and six months ended June 30, 2016 were attributable to changes in the availability of observable market information for individual fixed maturity securities. The Company’s policy is to recognize transfers into and transfers out of the levels as having occurred at the end of the reporting period in which the transfers were determined. At June 30, 2017 , the Company impaired two Level 3 securities for a $1,714 thousand realized loss. At June 30, 2016, there were no net realized investment gains or losses included in earnings that were attributable to changes in the fair value of Level 3 assets still held. For the three and six months ended June 30, 2017 , net realized losses of $1,238 thousand and $3,546 thousand , respectively, were included in earnings that were attributable to the changes in the fair value of Level 3 liabilities (embedded derivatives) still held; for the three and six months ended June 30, 2016 , the respective amounts were $1,324 thousand and $1,998 thousand . The valuation techniques and significant unobservable inputs used in the fair value measurement for financial assets classified as Level 3 are subject to the control processes as described in “Note 3 -- Fair Value of Financial Instruments -- Investments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Generally, valuation techniques for fixed maturity securities include spread pricing, matrix pricing and discounted cash flow methodologies; include inputs such as quoted prices for identical or similar securities that are less liquid; and are based on lower levels of trading activity than securities classified as Level 2. The valuation techniques and significant unobservable inputs used in the fair value measurement for equity securities classified as Level 3 use similar valuation techniques and significant unobservable inputs as those used for fixed maturity securities. The sensitivity of the estimated fair values to changes in the significant unobservable inputs for fixed maturity and equity securities included in Level 3 generally relates to interest rate spreads, illiquidity premiums and default rates. Significant spread widening in isolation will adversely impact the overall valuation, while significant spread tightening will lead to substantial valuation increases. Significant increases (decreases) in illiquidity premiums in isolation will result in substantially lower (higher) valuations. Significant increases (decreases) in expected default rates in isolation will result in substantially lower (higher) valuations. Financial Instruments Not Carried at Fair Value; Disclosure Required The Company has various other financial assets and financial liabilities used in the normal course of business that are not carried at fair value, but for which fair value disclosure is required. The following table presents the carrying value, fair value and fair value hierarchy of these financial assets and financial liabilities. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 June 30, 2017 Financial Assets Investments Other investments $ 152,970 $ 157,530 $ — $ — $ 157,530 Financial Liabilities Investment contract and life policy 4,377,759 4,288,095 — — 4,288,095 Investment contract and life policy 80,768 86,175 — — 86,175 Other policyholder funds 645,009 645,009 — 575,475 69,534 Long-term debt 247,337 257,929 257,929 — — December 31, 2016 Financial Assets Investments Other investments $ 151,965 $ 156,536 $ — $ — $ 156,536 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,360,456 4,280,528 — — 4,280,528 Investment contract and life policy reserves, account values on life contracts 79,591 85,066 — — 85,066 Other policyholder funds 649,557 649,557 — 575,253 74,304 Long-term debt 247,209 248,191 248,191 — —

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	The Company offers FIA products, which are deferred fixed annuities that guarantee the return of principal to the contractholder and credit interest based on a percentage of the gain in a specified market index, and IUL products, which also credit interest based on a percentage of the gain in a specified market index. When deposits are received for FIA and IUL contracts, a portion is used to purchase derivatives consisting of OTC call options on the applicable market indices to fund the index credits due to FIA and IUL policyholders. For the Company, substantially all of such call options are one-year options purchased to match the funding requirements of the underlying contracts. The call options are carried at fair value with changes in fair value included in Net realized investment gains and losses, a component of Revenues, in the Consolidated Statements of Operations. The change in fair value of derivatives includes the gains or losses recognized at the expiration of the option term or early termination and the changes in fair value for open positions. Call options are not purchased to fund the index liabilities which may arise after the next deposit anniversary date. On the respective anniversary dates of the indexed deposits, the index used to compute the annual index credit is reset and new one-year call options are purchased to fund the next annual index credit. The cost of these purchases is managed through the terms of the FIA and IUL contracts, which permit changes to index return caps, participation rates and/or asset fees, subject to guaranteed minimums on each contract’s anniversary date. By adjusting the index return caps, participation rates or asset fees, crediting rates generally can be managed except in cases where the contractual features would prevent further modifications. The future annual index credits on FIA contracts are treated as a “series of embedded derivatives” over the expected life of the applicable contract with a corresponding reserve recorded. For the IUL contracts, the embedded derivative represents a single year liability for the index return. The Company carries all derivative instruments as assets or liabilities in the Consolidated Balance Sheets at fair value. The Company elected to not use hedge accounting for derivative transactions related to the FIA and IUL products. As a result, the Company records the purchased call options and the embedded derivatives related to the provision of a contingent return at fair value, with changes in the fair value of the derivatives recognized immediately in the Consolidated Statements of Operations. The fair values of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, presented in the Consolidated Balance Sheets were as follows: ($ in thousands) June 30, 2017 December 31, 2016 Assets Derivative instruments, included in Short-term and other investments $ 9,969 $ 8,694 Liabilities FIA - embedded derivatives, included in Other policyholder funds $ 67,995 $ 59,393 IUL - embedded derivatives, included in Investment contract and life policy reserves 286 158 In general, the change in the fair value of the embedded derivatives related to FIA contracts will not correspond to the change in fair value of the purchased call options because the purchased call options are one-year options while the options valued in those embedded derivatives represent the rights of the policyholder to receive index credits over the entire period the FIA contracts are expected to be in force, which typically exceeds 10 years. The changes in fair value of derivatives included in the Consolidated Statements of Operations were as follows: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Change in fair value of derivatives (1): Revenues Net realized investment gains (losses) $ 1,729 $ 78 $ 4,166 $ (140 ) Change in fair value of embedded derivatives: Revenues Net realized investment losses $ (1,295 ) $ (1,325 ) $ (3,661 ) $ (2,001 ) (1) Includes the gains or losses recognized at the expiration of the option term or early termination and the changes in fair value for open options. The Company’s strategy attempts to mitigate potential risk of loss under these agreements through a regular monitoring process, which evaluates the program’s effectiveness. The Company is exposed to risk of loss in the event of nonperformance by the counterparties and, accordingly, option contracts are purchased from multiple counterparties, which are evaluated for creditworthiness prior to purchase of the contracts. All of these options have been purchased from nationally recognized financial institutions with a Standard and Poor’s Financial Services LLC ("S&P") long-term credit rating of “BBB+” or higher at the time of purchase and the maximum credit exposure to any single counterparty is subject to concentration limits. The Company also obtains credit support agreements that allow it to request the counterparty to provide collateral when the fair value of the exposure to the counterparty exceeds specified amounts. The notional amount and fair value of call options by counterparty and each counterparty’s long-term credit ratings were as follows: ($ in thousands) June 30, 2017 December 31, 2016 Credit Rating Notional Fair Notional Fair Counterparty S&P Amount Value Amount Value Bank of America, N.A. A+ $ 43,000 $ 829 $ 38,500 $ 1,934 Barclays Bank PLC A- 83,700 2,837 66,800 1,543 Citigroup Inc. BBB+ — — — — Credit Suisse International A 50,800 4,762 65,200 4,281 Societe Generale A 44,800 1,541 15,600 936 Total $ 222,300 $ 9,969 $ 186,100 $ 8,694 As of June 30, 2017 and December 31, 2016 , the Company held $10,959 thousand and $8,824 thousand , respectively, of cash received from counterparties for derivative collateral, which is included in Other liabilities on the Consolidated Balance Sheets. This derivative collateral limits the Company’s maximum amount of economic loss due to credit risk that would be incurred if parties to the call options failed completely to perform according to the terms of the contracts to $250 thousand per counterparty.

Property and Casualty Unpaid Cl

Property and Casualty Unpaid Claims and Claim Expenses	6 Months Ended
	Jun. 30, 2017
Insurance Loss Reserves [Abstract]
Property and Casualty Unpaid Claims and Claim Expenses	The following table is a summary reconciliation of the beginning and ending Property and Casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both gross and net (after reinsurance) bases. The total net Property and Casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations. The end of the period gross reserve (before reinsurance) balances and the reinsurance recoverable balances are reflected on a gross basis in the Consolidated Balance Sheets. ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Property and Casualty segment Beginning Gross reserves (1) $ 316,173 $ 319,276 $ 307,757 $ 301,569 Less: reinsurance recoverables 61,804 60,429 61,199 50,332 Net reserves, beginning of period (2) 254,369 258,847 246,558 251,237 Incurred claims and claim expenses: Claims occurring in the current period 148,348 131,355 271,552 234,561 Decrease in estimated reserves for claims occurring in prior periods (3) (600 ) (1,600 ) (1,600 ) (3,600 ) Total claims and claim expenses incurred (4) 147,748 129,755 269,952 230,961 Claims and claim expense payments for claims occurring during: Current period 95,645 89,549 148,025 128,630 Prior periods 35,538 38,591 97,551 93,106 Total claims and claim expense payments 131,183 128,140 245,576 221,736 Net reserves, end of period (2) 270,934 260,462 270,934 260,462 Plus: reinsurance recoverables 58,897 60,499 58,897 60,499 Ending Gross reserves (1) $ 329,831 $ 320,961 $ 329,831 $ 320,961 (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for the Life and Retirement segments of $22,682 thousand and $23,783 thousand as of June 30, 2017 and 2016 , respectively, in addition to Property and Casualty segment reserves. (2) Reserves net of anticipated reinsurance recoverables. (3) Shows the amounts by which the Company decreased its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs. (4) Benefits, claims and settlement expenses as reported in the Consolidated Statements of Operations also include amounts for the Life and Retirement segments of $18,131 thousand and $40,023 thousand for the three and six months ended June 30, 2017 , respectively, in addition to the Property and Casualty segment amounts. The Life and Retirement segments for the three and six months ended June 30, 2016 were $18,653 thousand and $36,960 thousand , respectively. Net favorable development of total reserves for Property and Casualty claims occurring in prior years was $1,600 thousand and $3,600 thousand for the six month periods ended June 30, 2017 and 2016 , respectively. The favorable development for both of the six month periods ended June 30, 2017 and 2016 was predominantly the result of favorable severity trends in homeowners loss emergence. This favorable development was for accident years 2015 and prior for the six months ended June 30, 2017 and accident years 2014 and prior for the six months ended June 30, 2016.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Indebtedness outstanding was as follows: ($ in thousands) June 30, 2017 December 31, 2016 Short-term debt: Bank Credit Facility, expires July 30, 2019 $ — $ — Long-term debt: 4.50% Senior Notes, due December 1, 2025. Aggregate 247,337 247,209 The Credit Agreement with Financial Institutions (“Bank Credit Facility”) and 4.50% Senior Notes due 2025 (“Senior Notes due 2025”) are described in “Notes to Consolidated Financial Statements -- Note 7 -- Debt” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2017
Insurance [Abstract]
Reinsurance	The Company recognizes the cost of reinsurance premiums over the contract periods for such premiums in proportion to the insurance protection provided. Amounts recoverable from reinsurers for unpaid claims and claim settlement expenses, including estimated amounts for unsettled claims, claims incurred but not yet reported and policy benefits, are estimated in a manner consistent with the insurance liability associated with the policy. The effects of reinsurance on premiums written and contract deposits; premiums and contract charges earned; and benefits, claims and settlement expenses were as follows: ($ in thousands) Gross Amount Ceded to Other Companies Assumed from Other Companies Net Amount Three months ended June 30, 2017 Premiums written and contract deposits $ 316,123 $ 5,643 $ 1,134 $ 311,614 Premiums and contract charges earned 200,351 5,665 1,032 195,718 Benefits, claims and settlement expenses 168,218 3,185 846 165,879 Three months ended June 30, 2016 Premiums written and contract deposits $ 316,798 $ 5,921 $ 1,002 $ 311,879 Premiums and contract charges earned 193,396 5,952 916 188,360 Benefits, claims and settlement expenses 151,998 4,444 854 148,408 Six months ended June 30, 2017 Premiums written and contract deposits $ 617,635 $ 11,153 $ 1,864 $ 608,346 Premiums and contract charges earned 400,806 11,199 1,833 391,440 Benefits, claims and settlement expenses 315,489 7,068 1,554 309,975 Six months ended June 30, 2016 Premiums written and contract deposits $ 604,790 $ 11,689 $ 1,947 $ 595,048 Premiums and contract charges earned 383,629 11,721 1,902 373,810 Benefits, claims and settlement expenses 283,238 17,106 1,789 267,921

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments	Investment Commitments From time to time, the Company has outstanding commitments to purchase investments and/or commitments to lend funds under bridge loans. Unfunded commitments to purchase investments were $139,737 thousand and $135,054 thousand at June 30, 2017 and December 31, 2016 , respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	The Company conducts and manages its business through four segments. The three operating segments, representing the major lines of business, are: Property and Casualty segment, primarily personal lines automobile and homeowners insurance products; Retirement segment, primarily tax-qualified fixed and variable annuities; and Life segment, life insurance. The Company does not allocate the impact of corporate-level transactions to these operating segments, consistent with the basis for management’s evaluation of the results of those segments, but classifies those items in the fourth segment, Corporate and Other. In addition to ongoing transactions such as corporate debt service, net realized investment gains and losses and certain public company expenses, such items also have included corporate debt retirement costs/gains, when applicable. Summarized financial information for these segments is as follows: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Insurance premiums and contract charges earned Property and Casualty $ 160,460 $ 153,673 $ 318,778 $ 305,793 Retirement 6,759 6,098 13,360 12,166 Life 28,499 28,589 59,302 55,851 Total $ 195,718 $ 188,360 $ 391,440 $ 373,810 Net investment income Property and Casualty $ 8,113 $ 10,151 $ 17,290 $ 18,979 Retirement 65,139 62,727 128,581 120,776 Life 18,928 18,502 37,216 36,486 Corporate and Other 18 14 30 29 Intersegment eliminations (204 ) (215 ) (412 ) (432 ) Total $ 91,994 $ 91,179 $ 182,705 $ 175,838 Net income (loss) Property and Casualty $ (13,956 ) $ (4,463 ) $ (11,221 ) $ 9,332 Retirement 11,800 13,063 23,330 23,616 Life 5,610 4,622 9,495 8,489 Corporate and Other (1,193 ) (1,356 ) (4,025 ) (4,418 ) Total $ 2,261 $ 11,866 $ 17,579 $ 37,019 ($ in thousands) June 30, 2017 December 31, 2016 Assets Property and Casualty $ 1,133,015 $ 1,110,958 Retirement 7,671,701 7,449,777 Life 1,972,540 1,912,771 Corporate and Other 128,101 140,104 Intersegment eliminations (29,222 ) (36,786 ) Total $ 10,876,135 $ 10,576,824

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of Horace Mann Educators Corporation (“HMEC”; and together with its subsidiaries, the “Company” or “Horace Mann”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”), specifically Regulation S-X and the instructions to Form 10-Q. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP, but are not required for interim reporting purposes, have been omitted. The Company believes that these consolidated financial statements contain all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to present fairly the Company’s consolidated financial position as of June 30, 2017 , the consolidated results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated changes in shareholders’ equity and cash flows for the six months ended June 30, 2017 and 2016 . The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities, (2) disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The subsidiaries of HMEC market and underwrite personal lines of property and casualty (primarily personal lines automobile and homeowners) insurance, retirement annuities (primarily tax-qualified products) and life insurance, primarily to K-12 teachers, administrators and other employees of public schools and their families. HMEC’s principal operating subsidiaries are Horace Mann Life Insurance Company, Horace Mann Insurance Company, Teachers Insurance Company, Horace Mann Property & Casualty Insurance Company and Horace Mann Lloyds. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year. The Company reclassified the presentation of certain prior period information to conform to the 2017 presentation. See “Adopted Accounting Standards”.
Accumulated Other Comprehensive Income (Loss)	Comparative information for elements that are not required to be reclassified in their entirety to net income in the same reporting period is located in “Note 2 -- Investments -- Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities”. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents the accumulated change in shareholders’ equity from transactions and other events and circumstances from non-shareholder sources. For the Company, accumulated other comprehensive income (loss) includes the after tax change in net unrealized investment gains and losses on fixed maturity and equity securities and the after tax change in net funded status of benefit plans for the period as shown in the Consolidated Statement of Changes in Shareholders’ Equity. The following tables reconcile these components.
Adopted and Pending Accounting Standards	Adopted Accounting Standards Employee Share-based Payment Accounting Effective January 1, 2017, the Company adopted new accounting guidance for employee share-based payments which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The recognition and classification of the excess tax benefit provisions were applied prospectively in the results of operations. This adoption resulted in additional excess tax benefits of $2,638 thousand which reduced the current provision for income taxes in the results of operations. The statutory tax withholding classification, which are cash payments made to taxing authorities for withheld taxes funded through tendered shares, were applied retrospectively and the Company reclassified the statutory tax withholding requirements in the statement of cash flows from Other in operating activities to Withholding tax payments on RSUs tendered in financing activities. This statutory withholding reclassification resulted in $2,604 thousand and $3,233 thousand being included in financing activities for the six months ended June 30, 2017 and 2016 , respectively. There were no cumulative effect adjustments upon adoption of the new accounting guidance. Pending Accounting Standards Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to provide a single comprehensive model in accounting for revenue arising from contracts with customers. The guidance applies to all contracts with customers; however, insurance contracts are specifically excluded from this updated guidance. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted only for annual reporting periods beginning after December 15, 2016. The Company plans to adopt the guidance as of January 1, 2018. Management believes the adoption of this accounting guidance will not have a material effect on the results of operations or financial position, and related disclosures, of the Company. Recognition and Measurement of Financial Assets and Liabilities In January 2016, the FASB issued accounting guidance to improve certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. Among other things, this guidance requires public entities to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income and to perform a qualitative assessment to identify impairment for equity investments without readily determinable fair values. Companies are required to apply this guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption and, for the guidance related to equity securities without readily determinable fair values, companies are required to apply a prospective approach to equity investments that exist as of the date of adoption. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. Early application is permitted. The guidance will not have an impact on the Company’s financial position and management is evaluating the impact that this guidance will have on the Company’s results of operations. Statement of Cash Flows -- Classification In August 2016, the FASB issued guidance to reduce diversity in practice in the statement of cash flows between operating, investing and financing activities related to the classification of cash receipts and cash payments for eight specific issues. The FASB acknowledged that current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues: (1) debt prepayment or extinguishment costs; (2) settlement of zero-coupon bonds (pertains to issuers); (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims (pertains to claimants); (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7)beneficial interests in securitization transactions (pertains to transferors) and (8) separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years, using a retrospective approach. The guidance allows prospective adoption for individual issues if it is impracticable to apply the amendments retrospectively for those issues. Early application is permitted. Management believes the adoption of this accounting guidance will not have a material effect on the classifications in the Company’s consolidated statement of cash flows. The adoption of this accounting guidance will not have any effect on the results of operations or financial position of the Company. Accounting for Leases In February 2016, the FASB issued accounting and disclosure guidance to improve financial reporting and comparability among organizations about leasing transactions. Under the new guidance, for leases with lease terms of more than 12 months, a lessee will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. Consistent with current accounting guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or an operating lease. However, while current guidance requires only capital leases to be recognized on the balance sheet, the new guidance will require both operating and capital leases to be recognized on the balance sheet. In transition to the new guidance, companies are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those years. Early application is permitted. Management is evaluating the impact this guidance will have on the results of operations and financial position of the Company. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments, including reinsurance receivables, held by companies. The new guidance replaces the incurred loss impairment methodology and requires an organization to measure and recognize all current expected credit losses (“CECL”) for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will need to utilize forward-looking information to better inform their credit loss estimates. Companies will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Credit losses related to available for sale debt securities -- which represent over 90% of Horace Mann’s total investment portfolio -- will be recorded through an allowance for credit losses with this allowance having a limit equal to the amount by which fair value is below amortized cost. The guidance also requires enhanced qualitative and quantitative disclosures to provide additional information about the amounts recorded in the financial statements. For public business entities that are SEC filers, the guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years, using a modified-retrospective approach. Early application is permitted for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Management is evaluating the impact this guidance will have on the results of operations and financial position of the Company. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill for reporting units with zero or negative carrying amounts. Public business entities should adopt the guidance prospectively for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application is permitted. Management believes the adoption of this accounting guidance will not have a material effect on how it tests goodwill for impairment.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment Contract And Life Policy Reserves	This table summarizes the Company’s investment contract and life policy reserves. ($ in thousands) June 30, 2017 December 31, 2016 Investment contract reserves $ 4,377,759 $ 4,360,456 Life policy reserves 1,103,104 1,087,513 Total $ 5,480,863 $ 5,447,969
Accumulated Other Comprehensive Income (Loss)	The following tables reconcile these components. ($ in thousands) Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) Benefit Plans (1) Total (1) Beginning balance, April 1, 2017 $ 198,271 $ (11,817 ) $ 186,454 Other comprehensive income (loss) before reclassifications 46,303 — 46,303 Amounts reclassified from accumulated other comprehensive income (loss) (1,064 ) — (1,064 ) Net current period other comprehensive income 45,239 — 45,239 Ending balance, June 30, 2017 $ 243,510 $ (11,817 ) $ 231,693 Beginning balance, January 1, 2017 $ 175,738 $ (11,817 ) $ 163,921 Other comprehensive income (loss) before reclassifications 68,633 — 68,633 Amounts reclassified from accumulated other comprehensive income (loss) (861 ) — (861 ) Net current period other comprehensive income 67,772 — 67,772 Ending balance, June 30, 2017 $ 243,510 $ (11,817 ) $ 231,693 (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $1,638 thousand and $1,325 thousand , are included in net realized investment gains and losses and the related income tax expenses, $574 thousand and $464 thousand are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 , respectively. ($ in thousands) Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) Benefit Plans (1) Total (1) Beginning balance, April 1, 2016 $ 244,657 $ (11,794 ) $ 232,863 Other comprehensive income (loss) before reclassifications 87,809 — 87,809 Amounts reclassified from accumulated other comprehensive income (loss) (2,813 ) — (2,813 ) Net current period other comprehensive income 84,996 — 84,996 Ending balance, June 30, 2016 $ 329,653 $ (11,794 ) $ 317,859 Beginning balance, January 1, 2016 $ 175,167 $ (11,794 ) $ 163,373 Other comprehensive income (loss) before reclassifications 157,780 — 157,780 Amounts reclassified from accumulated other comprehensive income (loss) (3,294 ) — (3,294 ) Net current period other comprehensive income 154,486 — 154,486 Ending balance, June 30, 2016 $ 329,653 $ (11,794 ) $ 317,859 (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $4,327 thousand and $5,067 thousand , are included in net realized investment gains and losses and the related income tax expenses, $1,514 thousand and $1,773 thousand , are included in income tax expense in the Consolidated Statements of Operations for the three and six months ended June 30, 2016 , respectively.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Unrealized gains and losses on fixed maturities and equity securities	The amortized cost or cost, unrealized investment gains and losses, fair values and other-than-temporary impairment (“OTTI”) included in accumulated other comprehensive income (“AOCI”) of all fixed maturity and equity securities in the portfolio were as follows: ($ in thousands) Amortized Cost or Cost Unrealized Investment Gains Unrealized Investment Losses Fair Value OTTI in AOCI (1) June 30, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations (2): Mortgage-backed securities $ 589,643 $ 36,054 $ 2,633 $ 623,064 $ — Other, including U.S. Treasury securities 588,713 23,550 5,913 606,350 — Municipal bonds 1,659,648 168,001 10,429 1,817,220 — Foreign government bonds 93,779 6,272 5 100,046 — Corporate bonds 2,645,268 186,601 4,261 2,827,608 — Other mortgage-backed securities 1,584,866 26,076 6,645 1,604,297 1,447 Totals $ 7,161,917 $ 446,554 $ 29,886 $ 7,578,585 $ 1,447 Equity securities (3) $ 140,553 $ 17,911 $ 1,555 $ 156,909 $ — December 31, 2016 Fixed maturity securities U.S. Government and federally sponsored agency obligations (2): Mortgage-backed securities $ 587,355 $ 34,256 $ 6,720 $ 614,891 $ — Other, including U.S. Treasury securities 458,745 18,518 10,120 467,143 — Municipal bonds 1,648,252 143,733 22,588 1,769,397 — Foreign government bonds 93,864 5,102 297 98,669 — Corporate bonds 2,672,818 152,229 14,826 2,810,221 — Other mortgage-backed securities 1,691,093 21,153 15,859 1,696,387 1,618 Totals $ 7,152,127 $ 374,991 $ 70,410 $ 7,456,708 $ 1,618 Equity securities (3) $ 134,013 $ 13,210 $ 5,574 $ 141,649 $ — (1) Related to securities for which an unrealized loss was bifurcated to distinguish the credit-related portion and the portion driven by other market factors. Represents the amount of OTTI losses in AOCI which was not included in earnings; amounts also include net unrealized investment gains and losses on such impaired securities relating to changes in the fair value of those securities subsequent to the impairment measurement date. (2) Fair value includes securities issued by Federal National Mortgage Association (“FNMA”) of $310,403 thousand and $272,668 thousand ; Federal Home Loan Mortgage Corporation (“FHLMC”) of $368,396 thousand and $378,683 thousand ; and Government National Mortgage Association (“GNMA”) of $111,458 thousand and $115,627 thousand as of June 30, 2017 and December 31, 2016 , respectively. (3) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds.
Summary of fair value and gross unrealized losses of fixed maturity securities and equity securities in an unrealized loss position	For equity securities, the Company has the ability and intent to hold the securities for the recovery of cost and recovery of cost is expected within a reasonable period of time. ($ in thousands) 12 Months or Less More than 12 Months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 101,350 $ 2,320 $ 3,480 $ 313 $ 104,830 $ 2,633 Other 223,396 5,913 — — 223,396 5,913 Municipal bonds 179,314 6,893 10,023 3,536 189,337 10,429 Foreign government bonds 1,980 5 — — 1,980 5 Corporate bonds 157,230 2,949 26,907 1,312 184,137 4,261 Other mortgage-backed securities 449,341 4,764 133,899 1,881 583,240 6,645 Total fixed maturity securities 1,112,611 22,844 174,309 7,042 1,286,920 29,886 Equity securities (1) 8,748 727 4,863 828 13,611 1,555 Combined totals $ 1,121,359 $ 23,571 $ 179,172 $ 7,870 $ 1,300,531 $ 31,441 Number of positions with a 413 60 473 Fair value as a percentage of 14.5 % 2.3 % 16.8 % December 31, 2016 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 186,439 $ 6,176 $ 3,235 $ 544 $ 189,674 $ 6,720 Other 219,372 10,120 — — 219,372 10,120 Municipal bonds 408,163 19,006 9,928 3,582 418,091 22,588 Foreign government bonds 24,182 297 — — 24,182 297 Corporate bonds 459,402 11,056 57,261 3,770 516,663 14,826 Other mortgage-backed securities 640,691 10,470 229,106 5,389 869,797 15,859 Total fixed maturity securities 1,938,249 57,125 299,530 13,285 2,237,779 70,410 Equity securities (1) 56,676 4,567 7,956 1,007 64,632 5,574 Combined totals $ 1,994,925 $ 61,692 $ 307,486 $ 14,292 $ 2,302,411 $ 75,984 Number of positions with a gross unrealized loss 629 102 731 Fair value as a percentage of total fixed maturity and equity securities fair value 26.3 % 4.0 % 30.3 % (1) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds.
Summary of cumulative credit losses	The following table summarizes the cumulative amounts related to the Company’s credit loss component of OTTI losses on fixed maturity securities held as of June 30, 2017 and 2016 that the Company did not intend to sell as of those dates, and it was not more likely than not that the Company would be required to sell the securities before the anticipated recovery of the amortized cost bases, for which the non-credit portions of OTTI losses were recognized in other comprehensive income: ($ in thousands) Six Months Ended June 30, 2017 2016 Cumulative credit loss (1) Beginning of period $ 13,703 $ 7,844 New credit losses — 300 Increases to previously recognized credit losses 1,910 2,480 Gains related to securities sold or paid down during the period (2 ) — End of period $ 15,611 $ 10,624 (1) The cumulative credit loss amounts exclude OTTI losses on securities held as of the periods indicated that the Company intended to sell or it was more likely than not that the Company would be required to sell the security before the recovery of the amortized cost basis.
Distribution of the Company's fixed maturity portfolio by estimated expected maturity	The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers’ utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, including mortgage-backed securities and other asset-backed securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments. ($ in thousands) Percent of Total Fair Value June 30, 2017 June 30, 2017 December 31, 2016 Fair Value Amortized Cost Estimated expected maturity: Due in 1 year or less 3.6 % 3.9 % $ 275,005 $ 269,431 Due after 1 year through 5 years 27.4 28.7 2,079,595 1,981,639 Due after 5 years through 10 years 34.1 35.2 2,580,296 2,478,678 Due after 10 years through 20 years 22.8 19.5 1,729,382 1,609,894 Due after 20 years 12.1 12.7 914,307 822,275 Total 100.0 % 100.0 % $ 7,578,585 $ 7,161,917 Average option-adjusted duration, in years 6.0 5.9
Proceeds received from sales of fixed maturities and equity securities	Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Fixed maturity securities Proceeds received $ 118,818 $ 174,944 $ 229,690 $ 257,033 Gross gains realized 4,080 8,382 6,569 10,858 Gross losses realized (496 ) (948 ) (1,377 ) (1,440 ) Equity securities Proceeds received $ 11,507 $ 6,474 $ 16,996 $ 12,622 Gross gains realized 1,702 650 2,750 1,170 Gross losses realized (236 ) (195 ) (428 ) (841 )
Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities	The following table reconciles the net unrealized investment gains and losses, net of tax, included in accumulated other comprehensive income (loss), before the impact on deferred policy acquisition costs: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net unrealized investment gains and losses on fixed maturity securities, net of tax Beginning of period $ 219,385 $ 276,381 $ 197,978 $ 198,714 Change in net unrealized investment gains and losses 51,523 89,744 73,414 168,085 Reclassification of net realized investment gains to net income (74 ) 5,331 (558 ) 4,657 End of period $ 270,834 $ 371,456 $ 270,834 $ 371,456 Net unrealized investment gains and losses on equity securities, net of tax Beginning of period $ 8,952 $ 5,030 $ 4,963 $ 2,649 Change in net unrealized investment gains and losses 2,670 4,710 5,972 6,898 Reclassification of net realized investment losses to net income (991 ) (1,557 ) (304 ) (1,364 ) End of period $ 10,631 $ 8,183 $ 10,631 $ 8,183
Offsetting assets and liability	The following table presents the instruments that were subject to a master netting arrangement for the Company. ($ in thousands) Gross Amounts Offset in the Net Amounts of Assets/ Liabilities Presented in the Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts Consolidated Balance Sheets Consolidated Balance Sheets Financial Instruments Cash Collateral Received Net Amount June 30, 2017 Asset derivatives: Free-standing derivatives $ 9,969 $ — $ 9,969 $ — $ 10,959 $ (990 ) December 31, 2016 Asset derivatives: Free-standing derivatives $ 8,694 $ — $ 8,694 $ — $ 8,824 $ (130 )

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Company's fair value hierarchy measured at recurring basis	The following table presents the Company’s fair value hierarchy for those assets and liabilities measured and carried at fair value on a recurring basis. At June 30, 2017 , Level 3 invested assets comprised 3.1% of the Company’s total investment portfolio fair value. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 June 30, 2017 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 623,064 $ 623,064 $ — $ 619,479 $ 3,585 Other, including U.S. Treasury securities 606,350 606,350 14,341 592,009 — Municipal bonds 1,817,220 1,817,220 — 1,768,097 49,123 Foreign government bonds 100,046 100,046 — 100,046 — Corporate bonds 2,827,608 2,827,608 14,976 2,735,580 77,052 Other mortgage-backed securities 1,604,297 1,604,297 — 1,487,558 116,739 Total fixed maturity securities 7,578,585 7,578,585 29,317 7,302,769 246,499 Equity securities 156,909 156,909 101,847 55,056 6 Short-term investments 104,087 104,087 104,087 — — Other investments 21,482 21,482 — 21,482 — Totals $ 7,861,063 $ 7,861,063 $ 235,251 $ 7,379,307 $ 246,505 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 286 $ 286 $ — $ 286 $ — Other policyholder funds, embedded derivatives 67,995 67,995 — — 67,995 December 31, 2016 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 614,891 $ 614,891 $ — $ 611,476 $ 3,415 Other, including U.S. Treasury securities 467,143 467,143 13,631 453,512 — Municipal bonds 1,769,397 1,769,397 — 1,722,900 46,497 Foreign government bonds 98,669 98,669 — 98,669 — Corporate bonds 2,810,221 2,810,221 13,532 2,736,498 60,191 Other mortgage-backed securities 1,696,387 1,696,387 — 1,595,143 101,244 Total fixed maturity securities 7,456,708 7,456,708 27,163 7,218,198 211,347 Equity securities 141,649 141,649 98,632 43,011 6 Short-term investments 44,918 44,918 44,167 — 751 Other investments 20,194 20,194 — 20,194 — Totals $ 7,663,469 $ 7,663,469 $ 169,962 $ 7,281,403 $ 212,104 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 158 $ 158 $ — $ 158 $ — Other policyholder funds, embedded derivatives 59,393 59,393 — — 59,393
Table for reconciliations for all Level 3 assets measured at fair value on a recurring basis	The following table presents reconciliations for the periods indicated for all Level 3 assets and liabilities measured at fair value on a recurring basis. ($ in thousands) Financial Assets Financial Liabilities(1) Municipal Bonds Corporate Bonds Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, April 1, 2017 $ 53,462 $ 82,495 $ 112,794 $ 248,751 $ 6 $ — $ 248,757 $ 64,261 Transfers into Level 3 (3) — 2,001 9,482 11,483 — — 11,483 — Transfers out of Level 3 (3) (5,557 ) (5,853 ) — (11,410 ) — — (11,410 ) — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — — (1,714 ) (1,714 ) — — (1,714 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,238 Net unrealized investment gains (losses) included in other comprehensive income 1,287 359 3,093 4,739 — — 4,739 — Purchases — — — — — — — — Issuances — — — — — — — 3,397 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (69 ) (1,950 ) (3,331 ) (5,350 ) — — (5,350 ) (901 ) Ending balance, June 30, 2017 $ 49,123 $ 77,052 $ 120,324 $ 246,499 $ 6 $ — $ 246,505 $ 67,995 Beginning balance, January 1, 2017 $ 46,497 $ 60,191 $ 104,659 $ 211,347 $ 6 $ 751 $ 212,104 $ 59,393 Transfers into Level 3 (3) 5,214 31,919 24,521 61,654 — — 61,654 — Transfers out of Level 3 (3) (5,557 ) (11,963 ) — (17,520 ) — (751 ) (18,271 ) — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — — (1,714 ) (1,714 ) — — (1,714 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 3,546 Net unrealized investment gains (losses) included in other comprehensive income 3,158 455 2,322 5,935 — — 5,935 — Purchases — — — — — — — — Issuances — — — — — — — 6,786 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (189 ) (3,550 ) (9,464 ) (13,203 ) — — (13,203 ) (1,730 ) Ending balance, June 30, 2017 $ 49,123 $ 77,052 $ 120,324 $ 246,499 $ 6 $ — $ 246,505 $ 67,995 (1) Represents embedded derivatives, all related to the Company’s FIA products, reported in Other policyholder funds in the Company’s Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other mortgage-backed securities. (3) Transfers into and out of Level 3 during the three and six months ended June 30, 2017 were attributable to changes in the availability of observable market information for individual fixed maturity securities and short-term investments. The Company’s policy is to recognize transfers into and transfers out of the levels as having occurred at the end of the reporting period in which the transfers were determined. ($ in thousands) Financial Assets Financial Liabilities(1) Municipal Bonds Corporate Bonds Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, April 1, 2016 $ 46,493 $ 70,071 $ 83,821 $ 200,385 $ 6 $ — $ 200,391 $ 42,085 Transfers into Level 3 (3) — 5,017 12,984 18,001 — — 18,001 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — (657 ) — (657 ) — — (657 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,324 Net unrealized investment gains (losses) included in other comprehensive income 1,297 1,393 229 2,919 — — 2,919 — Purchases — — — — — — — — Issuances — — — — — — — 4,993 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (143 ) (2,416 ) (453 ) (3,012 ) — — (3,012 ) (696 ) Ending balance, June 30, 2016 $ 47,647 $ 73,408 $ 96,581 $ 217,636 $ 6 $ — $ 217,642 $ 47,706 Beginning balance, January 1, 2016 $ 30,379 $ 67,575 $ 75,466 $ 173,420 $ 6 $ — $ 173,426 $ 39,021 Transfers into Level 3 (3) 14,751 11,076 24,626 50,453 — — 50,453 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net realized investment gains (losses) included in net income related to financial assets — (657 ) — (657 ) — — (657 ) — Net realized (gains) losses included in net income related to financial liabilities — — — — — — — 1,998 Net unrealized investment gains (losses) included in other comprehensive income 2,781 1,781 222 4,784 — — 4,784 — Purchases — — — — — — — — Issuances — — — — — — — 8,484 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (264 ) (6,367 ) (3,733 ) (10,364 ) — — (10,364 ) (1,797 ) Ending balance, June 30, 2016 $ 47,647 $ 73,408 $ 96,581 $ 217,636 $ 6 $ — $ 217,642 $ 47,706 (1) Represents embedded derivatives, all related to the Company’s FIA products, reported in Other policyholder funds in the Company’s Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other mortgage-backed securities. (3) Transfers into and out of Level 3 during the three and six months ended June 30, 2016 were attributable to changes in the availability of observable market information for individual fixed maturity securities. The Company’s policy is to recognize transfers into and transfers out of the levels as having occurred at the end of the reporting period in which the transfers were determined.
Summary of fair value assets and liabilities measured on nonrecurring basis	The Company has various other financial assets and financial liabilities used in the normal course of business that are not carried at fair value, but for which fair value disclosure is required. The following table presents the carrying value, fair value and fair value hierarchy of these financial assets and financial liabilities. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 June 30, 2017 Financial Assets Investments Other investments $ 152,970 $ 157,530 $ — $ — $ 157,530 Financial Liabilities Investment contract and life policy 4,377,759 4,288,095 — — 4,288,095 Investment contract and life policy 80,768 86,175 — — 86,175 Other policyholder funds 645,009 645,009 — 575,475 69,534 Long-term debt 247,337 257,929 257,929 — — December 31, 2016 Financial Assets Investments Other investments $ 151,965 $ 156,536 $ — $ — $ 156,536 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,360,456 4,280,528 — — 4,280,528 Investment contract and life policy reserves, account values on life contracts 79,591 85,066 — — 85,066 Other policyholder funds 649,557 649,557 — 575,253 74,304 Long-term debt 247,209 248,191 248,191 — —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, presented in the Consolidated Balance Sheets were as follows: ($ in thousands) June 30, 2017 December 31, 2016 Assets Derivative instruments, included in Short-term and other investments $ 9,969 $ 8,694 Liabilities FIA - embedded derivatives, included in Other policyholder funds $ 67,995 $ 59,393 IUL - embedded derivatives, included in Investment contract and life policy reserves 286 158
Derivative Instruments, Gain (Loss)	The changes in fair value of derivatives included in the Consolidated Statements of Operations were as follows: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Change in fair value of derivatives (1): Revenues Net realized investment gains (losses) $ 1,729 $ 78 $ 4,166 $ (140 ) Change in fair value of embedded derivatives: Revenues Net realized investment losses $ (1,295 ) $ (1,325 ) $ (3,661 ) $ (2,001 ) (1) Includes the gains or losses recognized at the expiration of the option term or early termination and the changes in fair value for open options.
Financing Receivable Credit Quality Indicators	The notional amount and fair value of call options by counterparty and each counterparty’s long-term credit ratings were as follows: ($ in thousands) June 30, 2017 December 31, 2016 Credit Rating Notional Fair Notional Fair Counterparty S&P Amount Value Amount Value Bank of America, N.A. A+ $ 43,000 $ 829 $ 38,500 $ 1,934 Barclays Bank PLC A- 83,700 2,837 66,800 1,543 Citigroup Inc. BBB+ — — — — Credit Suisse International A 50,800 4,762 65,200 4,281 Societe Generale A 44,800 1,541 15,600 936 Total $ 222,300 $ 9,969 $ 186,100 $ 8,694

Property and Casualty Unpaid 23

Property and Casualty Unpaid Claims and Claim Expenses (Tables)	6 Months Ended
	Jun. 30, 2017
Insurance Loss Reserves [Abstract]
Reconciliation of property and casualty unpaid claims and claim expenses	The end of the period gross reserve (before reinsurance) balances and the reinsurance recoverable balances are reflected on a gross basis in the Consolidated Balance Sheets. ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Property and Casualty segment Beginning Gross reserves (1) $ 316,173 $ 319,276 $ 307,757 $ 301,569 Less: reinsurance recoverables 61,804 60,429 61,199 50,332 Net reserves, beginning of period (2) 254,369 258,847 246,558 251,237 Incurred claims and claim expenses: Claims occurring in the current period 148,348 131,355 271,552 234,561 Decrease in estimated reserves for claims occurring in prior periods (3) (600 ) (1,600 ) (1,600 ) (3,600 ) Total claims and claim expenses incurred (4) 147,748 129,755 269,952 230,961 Claims and claim expense payments for claims occurring during: Current period 95,645 89,549 148,025 128,630 Prior periods 35,538 38,591 97,551 93,106 Total claims and claim expense payments 131,183 128,140 245,576 221,736 Net reserves, end of period (2) 270,934 260,462 270,934 260,462 Plus: reinsurance recoverables 58,897 60,499 58,897 60,499 Ending Gross reserves (1) $ 329,831 $ 320,961 $ 329,831 $ 320,961 (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for the Life and Retirement segments of $22,682 thousand and $23,783 thousand as of June 30, 2017 and 2016 , respectively, in addition to Property and Casualty segment reserves. (2) Reserves net of anticipated reinsurance recoverables. (3) Shows the amounts by which the Company decreased its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs. (4) Benefits, claims and settlement expenses as reported in the Consolidated Statements of Operations also include amounts for the Life and Retirement segments of $18,131 thousand and $40,023 thousand for the three and six months ended June 30, 2017 , respectively, in addition to the Property and Casualty segment amounts. The Life and Retirement segments for the three and six months ended June 30, 2016 were $18,653 thousand and $36,960 thousand , respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Indebtedness outstanding	Indebtedness outstanding was as follows: ($ in thousands) June 30, 2017 December 31, 2016 Short-term debt: Bank Credit Facility, expires July 30, 2019 $ — $ — Long-term debt: 4.50% Senior Notes, due December 1, 2025. Aggregate 247,337 247,209

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2017
Insurance [Abstract]
Effects of reinsurance on premiums and benefits	The effects of reinsurance on premiums written and contract deposits; premiums and contract charges earned; and benefits, claims and settlement expenses were as follows: ($ in thousands) Gross Amount Ceded to Other Companies Assumed from Other Companies Net Amount Three months ended June 30, 2017 Premiums written and contract deposits $ 316,123 $ 5,643 $ 1,134 $ 311,614 Premiums and contract charges earned 200,351 5,665 1,032 195,718 Benefits, claims and settlement expenses 168,218 3,185 846 165,879 Three months ended June 30, 2016 Premiums written and contract deposits $ 316,798 $ 5,921 $ 1,002 $ 311,879 Premiums and contract charges earned 193,396 5,952 916 188,360 Benefits, claims and settlement expenses 151,998 4,444 854 148,408 Six months ended June 30, 2017 Premiums written and contract deposits $ 617,635 $ 11,153 $ 1,864 $ 608,346 Premiums and contract charges earned 400,806 11,199 1,833 391,440 Benefits, claims and settlement expenses 315,489 7,068 1,554 309,975 Six months ended June 30, 2016 Premiums written and contract deposits $ 604,790 $ 11,689 $ 1,947 $ 595,048 Premiums and contract charges earned 383,629 11,721 1,902 373,810 Benefits, claims and settlement expenses 283,238 17,106 1,789 267,921

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summarized financial information for these segments	Summarized financial information for these segments is as follows: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Insurance premiums and contract charges earned Property and Casualty $ 160,460 $ 153,673 $ 318,778 $ 305,793 Retirement 6,759 6,098 13,360 12,166 Life 28,499 28,589 59,302 55,851 Total $ 195,718 $ 188,360 $ 391,440 $ 373,810 Net investment income Property and Casualty $ 8,113 $ 10,151 $ 17,290 $ 18,979 Retirement 65,139 62,727 128,581 120,776 Life 18,928 18,502 37,216 36,486 Corporate and Other 18 14 30 29 Intersegment eliminations (204 ) (215 ) (412 ) (432 ) Total $ 91,994 $ 91,179 $ 182,705 $ 175,838 Net income (loss) Property and Casualty $ (13,956 ) $ (4,463 ) $ (11,221 ) $ 9,332 Retirement 11,800 13,063 23,330 23,616 Life 5,610 4,622 9,495 8,489 Corporate and Other (1,193 ) (1,356 ) (4,025 ) (4,418 ) Total $ 2,261 $ 11,866 $ 17,579 $ 37,019 ($ in thousands) June 30, 2017 December 31, 2016 Assets Property and Casualty $ 1,133,015 $ 1,110,958 Retirement 7,671,701 7,449,777 Life 1,972,540 1,912,771 Corporate and Other 128,101 140,104 Intersegment eliminations (29,222 ) (36,786 ) Total $ 10,876,135 $ 10,576,824

Basis of Presentation - Investm

Basis of Presentation - Investment Contract and Life Policy Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment contract reserves	$ 4,377,759	$ 4,360,456
Life policy reserves	1,103,104	1,087,513
Total	$ 5,480,863	$ 5,447,969

Basis of Presentation - Accumul

Basis of Presentation - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,293,982
Other comprehensive income (loss) before reclassifications	$ 46,303	$ 87,809	68,633	$ 157,780
Amounts reclassified from accumulated other comprehensive income (loss)	(1,064)	(2,813)	(861)	(3,294)
Other comprehensive income	45,239	84,996	67,772	154,486
Ending balance	1,362,130	1,417,335	1,362,130	1,417,335
Other income tax expense (benefit)	574	1,514	464	1,773
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	186,454	232,863	163,921	163,373
Ending balance	231,693	317,859	231,693	317,859
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	198,271	244,657	175,738	175,167
Other comprehensive income (loss) before reclassifications	46,303	87,809	68,633	157,780
Amounts reclassified from accumulated other comprehensive income (loss)	(1,064)	(2,813)	(861)	(3,294)
Other comprehensive income	45,239	84,996	67,772	154,486
Ending balance	243,510	329,653	243,510	329,653
Pretax reclassification amounts from accumulated other comprehensive income (loss)	1,638	4,327	1,325	5,067
Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,817)	(11,794)	(11,817)	(11,794)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Other comprehensive income	0	0	0	0
Ending balance	$ (11,817)	$ (11,794)	$ (11,817)	$ (11,794)

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Basis of Presentation [Line Items]
Additional excess tax benefits	$ 2,638
Net cash provided by financing activities	67,085	$ (46,586)
Net cash provided by operating activities	$ 154,453	115,770
Percentage of credit losses on available-for-sale deb securities to total investment portfolio	90.00%
Accounting Standards Update 2016-09, Statutory Tax Withholding Component
Basis of Presentation [Line Items]
Net cash provided by financing activities	$ 2,604	3,233
Net cash provided by operating activities	$ 2,604	$ 3,233

Investments - Summary of Fair V

Investments - Summary of Fair Value and Amortized Costs (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	$ 7,161,917	$ 7,152,127
Amortized Cost or Cost	140,553	134,013
Fair Value	7,578,585	7,456,708
Fair Value	156,909	141,649
Total Fixed Maturity Securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	7,161,917	7,152,127
Unrealized Investment Gains	446,554	374,991
Unrealized Investment Losses	29,886	70,410
Fair Value	7,578,585	7,456,708
OTTI in AOCI	1,447	1,618
Mortgage-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	589,643	587,355
Unrealized Investment Gains	36,054	34,256
Unrealized Investment Losses	2,633	6,720
Fair Value	623,064	614,891
OTTI in AOCI	0	0
Other, including U.S. Treasury Securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	588,713	458,745
Unrealized Investment Gains	23,550	18,518
Unrealized Investment Losses	5,913	10,120
Fair Value	606,350	467,143
OTTI in AOCI	0	0
Municipal bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	1,659,648	1,648,252
Unrealized Investment Gains	168,001	143,733
Unrealized Investment Losses	10,429	22,588
Fair Value	1,817,220	1,769,397
OTTI in AOCI	0	0
Foreign government bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	93,779	93,864
Unrealized Investment Gains	6,272	5,102
Unrealized Investment Losses	5	297
Fair Value	100,046	98,669
OTTI in AOCI	0	0
Corporate bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	2,645,268	2,672,818
Unrealized Investment Gains	186,601	152,229
Unrealized Investment Losses	4,261	14,826
Fair Value	2,827,608	2,810,221
OTTI in AOCI	0	0
Other mortgage-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	1,584,866	1,691,093
Unrealized Investment Gains	26,076	21,153
Unrealized Investment Losses	6,645	15,859
Fair Value	1,604,297	1,696,387
OTTI in AOCI	1,447	1,618
Equity securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost or Cost	140,553	134,013
Unrealized Investment Gains	17,911	13,210
Unrealized Investment Losses	1,555	5,574
Fair Value	156,909	141,649
OTTI in AOCI	0	0
Federal National Mortgage Association Certificates and Obligations (FNMA)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	310,403	272,668
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	368,396	378,683
Government National Mortgage Association Certificates and Obligations (GNMA)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	$ 111,458	$ 115,627

Investments - Fair Value and Gr

Investments - Fair Value and Gross Unrealized Losses (Details) $ in Thousands	Jun. 30, 2017USD ($)security	Dec. 31, 2016USD ($)security
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	$ 1,121,359	$ 1,994,925
Fixed maturity securities, Fair Value, More than 12 Months	179,172	307,486
Fixed maturity securities, Fair Value, Total	1,300,531	2,302,411
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	23,571	61,692
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	7,870	14,292
Fixed maturity securities, Gross Unrealized Losses, Total	$ 31,441	$ 75,984
Number of positions with a gross unrealized loss, 12 Months or Less | security	413	629
Number of position with a gross unrealized loss, more than 12 months | security	60	102
Number of position with a gross unrealized loss, Total | security	473	731
Fair value as a percentage of total fixed maturities and equity securities fair value, 12 Months or Less	14.50%	26.30%
Fair value as a percentage of total fixed maturities and equity securities fair value, more than 12 months	2.30%	4.00%
Fair value as a percentage of total fixed maturities and equity securities fair value, Total	16.80%	30.30%
Mortgage-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	$ 101,350	$ 186,439
Fixed maturity securities, Fair Value, More than 12 Months	3,480	3,235
Fixed maturity securities, Fair Value, Total	104,830	189,674
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	2,320	6,176
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	313	544
Fixed maturity securities, Gross Unrealized Losses, Total	2,633	6,720
Other
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	223,396	219,372
Fixed maturity securities, Fair Value, More than 12 Months	0	0
Fixed maturity securities, Fair Value, Total	223,396	219,372
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	5,913	10,120
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	0	0
Fixed maturity securities, Gross Unrealized Losses, Total	5,913	10,120
Municipal bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	179,314	408,163
Fixed maturity securities, Fair Value, More than 12 Months	10,023	9,928
Fixed maturity securities, Fair Value, Total	189,337	418,091
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	6,893	19,006
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	3,536	3,582
Fixed maturity securities, Gross Unrealized Losses, Total	10,429	22,588
Foreign government bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	1,980	24,182
Fixed maturity securities, Fair Value, More than 12 Months	0	0
Fixed maturity securities, Fair Value, Total	1,980	24,182
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	5	297
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	0	0
Fixed maturity securities, Gross Unrealized Losses, Total	5	297
Corporate bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	157,230	459,402
Fixed maturity securities, Fair Value, More than 12 Months	26,907	57,261
Fixed maturity securities, Fair Value, Total	184,137	516,663
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	2,949	11,056
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	1,312	3,770
Fixed maturity securities, Gross Unrealized Losses, Total	4,261	14,826
Other mortgage-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	449,341	640,691
Fixed maturity securities, Fair Value, More than 12 Months	133,899	229,106
Fixed maturity securities, Fair Value, Total	583,240	869,797
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	4,764	10,470
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	1,881	5,389
Fixed maturity securities, Gross Unrealized Losses, Total	6,645	15,859
Total Fixed Maturity Securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	1,112,611	1,938,249
Fixed maturity securities, Fair Value, More than 12 Months	174,309	299,530
Fixed maturity securities, Fair Value, Total	1,286,920	2,237,779
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	22,844	57,125
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	7,042	13,285
Fixed maturity securities, Gross Unrealized Losses, Total	29,886	70,410
Equity securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	8,748	56,676
Fixed maturity securities, Fair Value, More than 12 Months	4,863	7,956
Fixed maturity securities, Fair Value, Total	13,611	64,632
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	727	4,567
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	828	1,007
Fixed maturity securities, Gross Unrealized Losses, Total	$ 1,555	$ 5,574

Investments - Rollforward of OT

Investments - Rollforward of OTTI Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cumulative credit loss
Beginning of period	$ 13,703	$ 7,844
New credit losses	0	300
Increases to previously recognized credit losses	1,910	2,480
Gains related to securities sold or paid down during the period	(2)	0
End of period	$ 15,611	$ 10,624

Investments - Distribution of F

Investments - Distribution of Fixed Maturity Securities by Expected Maturity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Percent of Total Fair Value
Due in 1 year or less, Percent of Total Fair Value	3.60%	3.90%
Due after 1 year through 5 years, Percent of Total Fair Value	27.40%	28.70%
Due after 5 years through 10 years, Percent of Total Fair Value	34.10%	35.20%
Due after 10 years through 20 years, Percent of Total Fair Value	22.80%	19.50%
Due after 20 years, Percent of Total Fair Value	12.10%	12.70%
Total, Percent of Total Fair Value	100.00%	100.00%
Fair Value
Due in 1 year or less, Fair Value	$ 275,005
Due after 1 year through 5 years, Fair Value	2,079,595
Due after 5 years through 10 years, Fair Value	2,580,296
Due after 10 years through 20 years, Fair Value	1,729,382
Due after 20 years, Fair Value	914,307
Total, Fair Value	7,578,585	$ 7,456,708
Amortized Cost
Due in 1 year or less, Amortized Cost	269,431
Due after 1 year through 5 years, Amortized Cost	1,981,639
Due after 5 years through 10 years, Amortized Cost	2,478,678
Due after 10 years through 20 years, Amortized Cost	1,609,894
Due after 20 years, Amortized Cost	822,275
Total, Amortized Cost	$ 7,161,917	$ 7,152,127
Average option-adjusted duration, in years	6 years	5 years 10 months 25 days

Investments - Summary of Procee

Investments - Summary of Proceeds and Gains (Losses) Realized on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Proceeds received from sales of fixed maturities and equity securities
Proceeds received, Fixed maturity securities	$ 118,818	$ 174,944	$ 229,690	$ 257,033
Proceeds received, Equity securities	11,507	6,474	16,996	12,622
Fixed maturity securities
Proceeds received from sales of fixed maturities and equity securities
Gross gains realized	4,080	8,382	6,569	10,858
Gross losses realized	(496)	(948)	(1,377)	(1,440)
Equity securities
Proceeds received from sales of fixed maturities and equity securities
Gross gains realized	1,702	650	2,750	1,170
Gross losses realized	$ (236)	$ (195)	$ (428)	$ (841)

Investments - Reconciliation of

Investments - Reconciliation of Net Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,293,982
Ending balance	$ 1,362,130	$ 1,417,335	1,362,130	$ 1,417,335
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	198,271	244,657	175,738	175,167
Ending balance	243,510	329,653	243,510	329,653
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) | Fixed maturity securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	219,385	276,381	197,978	198,714
Change in net unrealized investment gains and losses	51,523	89,744	73,414	168,085
Reclassification of net realized investment gains to net income	(74)	5,331	(558)	4,657
Ending balance	270,834	371,456	270,834	371,456
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities (1)(2) | Equity securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	8,952	5,030	4,963	2,649
Change in net unrealized investment gains and losses	2,670	4,710	5,972	6,898
Reclassification of net realized investment gains to net income	(991)	(1,557)	(304)	(1,364)
Ending balance	$ 10,631	$ 8,183	$ 10,631	$ 8,183

Investments - Offsetting of Ass

Investments - Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Asset derivatives:
Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets	$ 9,969	$ 8,694
Free-standing derivatives
Asset derivatives:
Gross Amounts	9,969	8,694
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets	9,969	8,694
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	10,959	8,824
Net Amount	$ (990)	$ (130)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Investment Grade Rate	82.00%
Fair value of issued securities	$ 7,578,585	$ 7,456,708
Federal Home Loan Bank Funding Agreements	575,000	575,000
Federal Home Loans Bank Of Chicago
Investment Holdings [Line Items]
Fair value of issued securities	621,068	620,489
Governmental Agencies as Required by Law in Various States
Investment Holdings [Line Items]
Fair value of issued securities	$ 18,038	$ 18,119

Fair Value of Financial Instr38

Fair Value of Financial Instruments - Financial Instruments Measured and Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount
U.S. Government and federally sponsored agency obligations:
Investments	$ 7,861,063	$ 7,663,469
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	286	158
Other policyholder funds, embedded derivatives	67,995	59,393
Carrying Amount | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,578,585	7,456,708
Carrying Amount | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	104,087	44,918
Carrying Amount | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	623,064	614,891
Carrying Amount | Other, including U.S. Treasury Securities
U.S. Government and federally sponsored agency obligations:
Investments	606,350	467,143
Carrying Amount | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,817,220	1,769,397
Carrying Amount | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	100,046	98,669
Carrying Amount | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,827,608	2,810,221
Carrying Amount | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,604,297	1,696,387
Carrying Amount | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	156,909	141,649
Carrying Amount | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	21,482	20,194
Fair Value
U.S. Government and federally sponsored agency obligations:
Investments	7,861,063	7,663,469
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	286	158
Other policyholder funds, embedded derivatives	67,995	59,393
Fair Value | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,578,585	7,456,708
Fair Value | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	104,087	44,918
Fair Value | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	623,064	614,891
Fair Value | Other, including U.S. Treasury Securities
U.S. Government and federally sponsored agency obligations:
Investments	606,350	467,143
Fair Value | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,817,220	1,769,397
Fair Value | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	100,046	98,669
Fair Value | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,827,608	2,810,221
Fair Value | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,604,297	1,696,387
Fair Value | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	156,909	141,649
Fair Value | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	21,482	20,194
Fair Value | Level 1
U.S. Government and federally sponsored agency obligations:
Investments	235,251	169,962
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	0	0
Other policyholder funds, embedded derivatives	0	0
Fair Value | Level 1 | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	29,317	27,163
Fair Value | Level 1 | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	104,087	44,167
Fair Value | Level 1 | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 1 | Other, including U.S. Treasury Securities
U.S. Government and federally sponsored agency obligations:
Investments	14,341	13,631
Fair Value | Level 1 | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 1 | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 1 | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	14,976	13,532
Fair Value | Level 1 | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 1 | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	101,847	98,632
Fair Value | Level 1 | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 2
U.S. Government and federally sponsored agency obligations:
Investments	7,379,307	7,281,403
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	286	158
Other policyholder funds, embedded derivatives	0	0
Fair Value | Level 2 | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,302,769	7,218,198
Fair Value | Level 2 | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 2 | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	619,479	611,476
Fair Value | Level 2 | Other, including U.S. Treasury Securities
U.S. Government and federally sponsored agency obligations:
Investments	592,009	453,512
Fair Value | Level 2 | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,768,097	1,722,900
Fair Value | Level 2 | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	100,046	98,669
Fair Value | Level 2 | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,735,580	2,736,498
Fair Value | Level 2 | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,487,558	1,595,143
Fair Value | Level 2 | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	55,056	43,011
Fair Value | Level 2 | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	21,482	20,194
Fair Value | Level 3
U.S. Government and federally sponsored agency obligations:
Investments	246,505	212,104
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	0	0
Other policyholder funds, embedded derivatives	67,995	59,393
Fair Value | Level 3 | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	246,499	211,347
Fair Value | Level 3 | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	0	751
Fair Value | Level 3 | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	3,585	3,415
Fair Value | Level 3 | Other, including U.S. Treasury Securities
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 3 | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	49,123	46,497
Fair Value | Level 3 | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	0	0
Fair Value | Level 3 | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	77,052	60,191
Fair Value | Level 3 | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	116,739	101,244
Fair Value | Level 3 | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	6	6
Fair Value | Level 3 | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	$ 0	$ 0

Fair Value of Financial Instr39

Fair Value of Financial Instruments - Rollforward of Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Financial Assets
Beginning balance	$ 248,757	$ 200,391	$ 212,104	$ 173,426
Transfers into Level 3	11,483	18,001	61,654	50,453
Transfers out of Level 3	(11,410)	0	(18,271)	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	(1,714)	(657)	(1,714)	(657)
Net unrealized investment gains (losses) included in other comprehensive income	4,739	2,919	5,935	4,784
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(5,350)	(3,012)	(13,203)	(10,364)
Ending balance	246,505	217,642	246,505	217,642
Financial Liabilities
Beginning balance	64,261	42,085	59,393	39,021
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Total gains or losses
Net realized gains (losses) included in net income related to financial liabilities	1,238	1,324	3,546	1,998
Net unrealized investment gains (losses) included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Issuances	3,397	4,993	6,786	8,484
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(901)	(696)	(1,730)	(1,797)
Ending balance	67,995	47,706	67,995	47,706
Short-term Investments
Financial Assets
Beginning balance	0	0	751	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	(751)	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0	0	0
Net unrealized investment gains (losses) included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	0	0	0	0
Ending balance	0	0	0	0
Municipal bonds
Financial Assets
Beginning balance	53,462	46,493	46,497	30,379
Transfers into Level 3	0	0	5,214	14,751
Transfers out of Level 3	(5,557)	0	(5,557)	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0	0	0
Net unrealized investment gains (losses) included in other comprehensive income	1,287	1,297	3,158	2,781
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(69)	(143)	(189)	(264)
Ending balance	49,123	47,647	49,123	47,647
Corporate bonds
Financial Assets
Beginning balance	82,495	70,071	60,191	67,575
Transfers into Level 3	2,001	5,017	31,919	11,076
Transfers out of Level 3	(5,853)	0	(11,963)	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	(657)	0	(657)
Net unrealized investment gains (losses) included in other comprehensive income	359	1,393	455	1,781
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(1,950)	(2,416)	(3,550)	(6,367)
Ending balance	77,052	73,408	77,052	73,408
Mortgage-Backed Securities
Financial Assets
Beginning balance	112,794	83,821	104,659	75,466
Transfers into Level 3	9,482	12,984	24,521	24,626
Transfers out of Level 3	0	0	0	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	(1,714)	0	(1,714)	0
Net unrealized investment gains (losses) included in other comprehensive income	3,093	229	2,322	222
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(3,331)	(453)	(9,464)	(3,733)
Ending balance	120,324	96,581	120,324	96,581
Total Fixed Maturity Securities
Financial Assets
Beginning balance	248,751	200,385	211,347	173,420
Transfers into Level 3	11,483	18,001	61,654	50,453
Transfers out of Level 3	(11,410)	0	(17,520)	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	(1,714)	(657)	(1,714)	(657)
Net unrealized investment gains (losses) included in other comprehensive income	4,739	2,919	5,935	4,784
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	(5,350)	(3,012)	(13,203)	(10,364)
Ending balance	246,499	217,636	246,499	217,636
Equity securities
Financial Assets
Beginning balance	6	6	6	6
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0	0	0
Net unrealized investment gains (losses) included in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Paydowns, maturities and distributions	0	0	0	0
Ending balance	$ 6	$ 6	$ 6	$ 6

Fair Value of Financial Instr40

Fair Value of Financial Instruments - Financial Instrument Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Level 1
Investments
Other investments	$ 0	$ 0
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	0	0
Investment contract and life policy reserves, account values on life contracts	0	0
Other policyholder funds	0	0
Long-term debt	257,929	248,191
Level 2
Investments
Other investments	0	0
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	0	0
Investment contract and life policy reserves, account values on life contracts	0	0
Other policyholder funds	575,475	575,253
Long-term debt	0	0
Level 3
Investments
Other investments	157,530	156,536
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,288,095	4,280,528
Investment contract and life policy reserves, account values on life contracts	86,175	85,066
Other policyholder funds	69,534	74,304
Long-term debt	0	0
Carrying Amount
Investments
Other investments	152,970	151,965
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,377,759	4,360,456
Investment contract and life policy reserves, account values on life contracts	80,768	79,591
Other policyholder funds	645,009	649,557
Long-term debt	247,337	247,209
Fair Value
Investments
Other investments	157,530	156,536
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,288,095	4,280,528
Investment contract and life policy reserves, account values on life contracts	86,175	85,066
Other policyholder funds	645,009	649,557
Long-term debt	$ 257,929	$ 248,191

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value of Financial Instruments (Textual) [Abstract]
Realized loss on impairment of securities			$ 1,714
Level 3
Fair Value of Financial Instruments (Textual) [Abstract]
Percentage of invested assets in total investment portfolio Level 3 recurring	3.10%		3.10%
Net realized investment losses	$ 1,238	$ 1,324	$ 3,546	$ 1,998

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivatives in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Derivative instruments, included in Short-term and other investments	$ 9,969	$ 8,694
Short-term and other investments
Assets
Derivative instruments, included in Short-term and other investments	9,969	8,694
Other policyholder funds
Liabilities
FIA - embedded derivatives, included in Other policyholder funds	67,995	59,393
Investment contract and life policy reserves
Liabilities
IUL - embedded derivatives, included in Investment contract and life policy reserves	$ 286	$ 158

Derivative Instruments - Fair43

Derivative Instruments - Fair Value of Derivatives Included in Consolidated Statements of Operations (Details) - Revenues - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Change in fair value of derivatives:
Net realized investment gains (losses)	$ 1,729	$ 78	$ 4,166	$ (140)
Change in fair value of embedded derivatives:
Net realized investment losses	$ (1,295)	$ (1,325)	$ (3,661)	$ (2,001)

Derivative Instruments - Notion

Derivative Instruments - Notional and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional Amount	$ 222,300	$ 186,100
Fair Value	9,969	8,694
Bank of America, N.A.
Derivative [Line Items]
Notional Amount	43,000	38,500
Fair Value	829	1,934
Barclays Bank PLC
Derivative [Line Items]
Notional Amount	83,700	66,800
Fair Value	2,837	1,543
Citigroup Inc.
Derivative [Line Items]
Notional Amount	0	0
Fair Value	0	0
Credit Suisse International
Derivative [Line Items]
Notional Amount	50,800	65,200
Fair Value	4,762	4,281
Societe Generale
Derivative [Line Items]
Notional Amount	44,800	15,600
Fair Value	$ 1,541	$ 936
S&P | Bank of America, N.A.
Derivative [Line Items]
Credit Rating	A+
S&P | Barclays Bank PLC
Derivative [Line Items]
Credit Rating	A-
S&P | Citigroup Inc.
Derivative [Line Items]
Credit Rating	BBB+
S&P | Credit Suisse International
Derivative [Line Items]
Credit Rating	A
S&P | Societe Generale
Derivative [Line Items]
Credit Rating	A

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Expected contract term	10 years
Maximum exposure	$ 250,000
Other liabilities
Derivatives, Fair Value [Line Items]
Fair value of collateral	$ 10,959,000	$ 8,824,000

Property and Casualty Unpaid 46

Property and Casualty Unpaid Claims and Claim Expenses - Summary of Reinsurance Reserve Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Beginning Gross reserves			$ 329,888
Claims and claim expense payments for claims occurring during:
Ending Gross reserves	$ 352,513		352,513
Benefits, claims and settlement expenses	165,879	$ 148,408	309,975	$ 267,921
Property and Casualty segment
Segment Reporting Information [Line Items]
Beginning Gross reserves	316,173	319,276	307,757	301,569
Less: reinsurance recoverables	61,804	60,429	61,199	50,332
Net reserves, beginning of year	254,369	258,847	246,558	251,237
Incurred claims and claim expenses:
Claims occurring in the current period	148,348	131,355	271,552	234,561
Decrease in estimated reserves for claims occurring in prior years	(600)	(1,600)	(1,600)	(3,600)
Total claims and claim expenses incurred	147,748	129,755	269,952	230,961
Claims and claim expense payments for claims occurring during:
Current period	95,645	89,549	148,025	128,630
Prior periods	35,538	38,591	97,551	93,106
Total claims and claim expense payments	131,183	128,140	245,576	221,736
Net reserves, end of year	270,934	260,462	270,934	260,462
Plus: reinsurance recoverables	58,897	60,499	58,897	60,499
Ending Gross reserves	329,831	320,961	329,831	320,961
Life and Annuity segments
Claims and claim expense payments for claims occurring during:
Net reserves, end of year	22,682	23,783	22,682	23,783
Benefits, claims and settlement expenses	$ 18,131	$ 18,653	$ 40,023	$ 36,960

Property and Casualty Unpaid 47

Property and Casualty Unpaid Claims and Claim Expenses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Insurance Loss Reserves [Abstract]
Favorable development of total reserves for property and casualty claims occurring in prior years	$ 1,600	$ 3,600

Debt - Summary of Indebtedness

Debt - Summary of Indebtedness (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Short-term debt:
Bank Credit Facility, expires July 30, 2019	$ 0	$ 0
Long-term debt:
Long-term debt	$ 247,337,000	247,209,000
Expiration date	Jul. 30, 2019
4.50% Senior Notes
Long-term debt:
Long-term debt	$ 247,337,000	247,209,000
Senior Notes 2025 | 4.50% Senior Notes
Long-term debt:
Unamortized discount	$ 575,000	603,000
Stated rate	4.50%
Face amount	$ 250,000,000
Maturity date	Dec. 1, 2025
Unamortized debt issuance costs	$ 2,088,000	$ 2,188,000

Reinsurance - Summary of Reinsu

Reinsurance - Summary of Reinsurance Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Gross Amount
Premiums written and contract deposits, Gross Amount	$ 316,123	$ 316,798	$ 617,635	$ 604,790
Premiums and contract charges earned, Gross Amount	200,351	193,396	400,806	383,629
Benefits, claims and settlement expenses, Gross Amount	168,218	151,998	315,489	283,238
Ceded to Other Companies
Premiums written and contract deposits, Ceded to Other Companies	5,643	5,921	11,153	11,689
Premiums and contract charges earned, Ceded to Other Companies	5,665	5,952	11,199	11,721
Benefits, claims and settlement expenses, Ceded to Other Companies	3,185	4,444	7,068	17,106
Assumed from Other Companies
Premiums written and contract deposits, Assumed from Other Companies	1,134	1,002	1,864	1,947
Premiums and contract charges earned, Assumed from Other Companies	1,032	916	1,833	1,902
Benefits, claims and settlement expenses, Assumed from Other Companies	846	854	1,554	1,789
Net Amount
Premiums written and contract deposits, Net Amount	311,614	311,879	608,346	595,048
Premiums and contract charges earned, Net Amount	195,718	188,360	391,440	373,810
Benefits, claims and settlement expenses, Net Amount	$ 165,879	$ 148,408	$ 309,975	$ 267,921

Commitments - Narrative (Detail

Commitments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments to purchase investments	$ 139,737	$ 135,054

Segment Information - Summary o

Segment Information - Summary of Segment Activity (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Reportable segments | segment			4
Operating segments | segment			3
Summarized financial information for these segments
Insurance premiums and contract charges earned	$ 195,718	$ 188,360	$ 391,440	$ 373,810
Net investment income	91,994	91,179	182,705	175,838
Net income (loss)	2,261	11,866	17,579	37,019
Assets	10,876,135		10,876,135		$ 10,576,824
Intersegment eliminations
Summarized financial information for these segments
Net investment income	(204)	(215)	(412)	(432)
Assets	(29,222)		(29,222)		(36,786)
Property and Casualty
Summarized financial information for these segments
Insurance premiums and contract charges earned	160,460	153,673	318,778	305,793
Property and Casualty | Operating segments
Summarized financial information for these segments
Net investment income	8,113	10,151	17,290	18,979
Net income (loss)	(13,956)	(4,463)	(11,221)	9,332
Assets	1,133,015		1,133,015		1,110,958
Retirement
Summarized financial information for these segments
Insurance premiums and contract charges earned	6,759	6,098	13,360	12,166
Retirement | Operating segments
Summarized financial information for these segments
Net investment income	65,139	62,727	128,581	120,776
Net income (loss)	11,800	13,063	23,330	23,616
Assets	7,671,701		7,671,701		7,449,777
Life
Summarized financial information for these segments
Insurance premiums and contract charges earned	28,499	28,589	59,302	55,851
Life | Operating segments
Summarized financial information for these segments
Net investment income	18,928	18,502	37,216	36,486
Net income (loss)	5,610	4,622	9,495	8,489
Assets	1,972,540		1,972,540		1,912,771
Corporate and Other
Summarized financial information for these segments
Net investment income	18	14	30	29
Net income (loss)	(1,193)	$ (1,356)	(4,025)	$ (4,418)
Assets	$ 128,101		$ 128,101		$ 140,104