Horace Mann Educators (HMN) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		40,893,687

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost 2018, $7,373,552; 2017, $7,302,950)	$ 7,634,682	$ 7,724,075
Equity securities, at fair value (cost 2017, $116,320)	131,023	135,466
Short-term and other investments	458,957	492,807
Total investments	8,224,662	8,352,348
Cash	23,951	7,627
Deferred policy acquisition costs	280,165	257,826
Goodwill	47,396	47,396
Other assets	352,804	381,182
Separate Account (variable annuity) assets	2,139,564	2,151,961
Total assets	11,068,542	11,198,340
Policy liabilities
Investment contract and life policy reserves	5,598,678	5,573,735
Unpaid claims and claim expenses	358,317	347,749
Unearned premiums	254,401	260,539
Total policy liabilities	6,211,396	6,182,023
Other policyholder funds	720,521	724,261
Other liabilities	294,846	341,053
Long-term debt	297,536	297,469
Separate Account (variable annuity) liabilities	2,139,564	2,151,961
Total liabilities	9,663,863	9,696,767
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, 2018, 65,610,067; 2017, 65,439,245	66	65
Additional paid-in capital	466,277	464,246
Retained earnings	1,254,394	1,231,177
Accumulated other comprehensive income (loss), net of taxes:
Net unrealized investment gains on securities	178,040	300,177
Net funded status of benefit plans	(13,217)	(13,217)
Treasury stock, at cost, 2018, 24,721,533 shares; 2017, 24,721,372 shares	(480,881)	(480,875)
Total shareholders’ equity	1,404,679	1,501,573
Total liabilities and shareholders’ equity	$ 11,068,542	$ 11,198,340

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost (in usd)	$ 7,373,552	$ 7,302,950
Equity securities, available for sale, cost (in usd)		$ 116,320
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	65,610,067	65,439,245
Treasury stock (in shares)	24,721,533	24,721,372

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Insurance premiums and contract charges earned	$ 202,998	$ 195,722
Net investment income	91,864	90,711
Net investment losses	(1,654)	(242)
Other income	2,281	1,113
Total revenues	295,489	287,304
Benefits, losses and expenses
Benefits, claims and settlement expenses	143,562	144,096
Interest credited	50,035	48,774
DAC amortization expense	26,705	24,886
Operating expenses	48,169	48,756
Interest expense	3,172	2,956
Total benefits, losses and expenses	271,643	269,468
Income before income taxes	23,846	17,836
Income tax expense	3,691	2,518
Net income	$ 20,155	$ 15,318
Net income per share
Basic (in usd per share)	$ 0.49	$ 0.37
Diluted (in usd per share)	$ 0.48	$ 0.37
Weighted average number of shares and equivalent shares
Basic (in shares)	41,497	41,135
Diluted (in shares)	41,653	41,342
Net investment losses
Total other-than-temporary impairment losses on securities	$ (110)	$ (2,797)
Portion of losses recognized in other comprehensive income	0	0
Net other-than-temporary impairment losses on securities recognized in earnings	0	(1,777)
Net other-than-temporary impairment losses on securities recognized in earnings	(110)	(2,797)
Sales and other	2,203	2,484
Change in fair value - equity securities (1)	(5,186)	0
Change in fair value and gains (losses) realized on settlements - derivative instruments	1,439	71
Net investment losses	$ (1,654)	$ (242)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Comprehensive income
Net income	$ 20,155	$ 15,318
Other comprehensive income, net of tax:
Change in net unrealized investment gains (losses) on securities	(107,096)	22,533
Change in net funded status of benefit plans	0	0
Cumulative effect of change in accounting principle	(15,041)	0
Other comprehensive income (loss)	(122,137)	22,533
Total	$ (101,982)	$ 37,851

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 tax	Treasury stock, at cost
Beginning balance at Dec. 31, 2016		$ 65	$ 453,479	$ 1,155,732	$ 163,921	$ (479,215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised, 2018, 56,614 shares; 2017, 33,764 shares		0
Conversion of common stock units, 2018, 11,804 shares; 2017, 15,981 shares		0
Conversion of restricted stock units, 2018, 105,116 shares; 2017, 247,620 shares		0
Options exercised and conversion of common stock units and restricted stock units			(750)
Share-based compensation expense			2,253
Net income	$ 15,318			15,318
Dividends, 2018, $0.285 per share; 2017, $0.275 per share				(11,518)
Change in net unrealized investment gains (losses) on securities	22,533				22,533
Change in net funded status of benefit plans	0				0
Cumulative effect of change in accounting principle	0			0	0
Acquisition of shares, 2018, 161 shares; 2017, 0 shares						0
Ending balance at Mar. 31, 2017	1,321,818	65	454,982	1,159,532	186,454	(479,215)
Beginning balance at Dec. 31, 2017	1,501,573	65	464,246	1,231,177	286,960	(480,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Options exercised, 2018, 56,614 shares; 2017, 33,764 shares		0
Conversion of common stock units, 2018, 11,804 shares; 2017, 15,981 shares		0
Conversion of restricted stock units, 2018, 105,116 shares; 2017, 247,620 shares		1
Options exercised and conversion of common stock units and restricted stock units			(125)
Share-based compensation expense			2,156
Net income	20,155			20,155
Dividends, 2018, $0.285 per share; 2017, $0.275 per share				(11,979)
Change in net unrealized investment gains (losses) on securities	(107,096)				(107,096)
Change in net funded status of benefit plans	0				0
Cumulative effect of change in accounting principle	(15,041)			15,041	(15,041)
Acquisition of shares, 2018, 161 shares; 2017, 0 shares						(6)
Ending balance at Mar. 31, 2018	$ 1,404,679	$ 66	$ 466,277	$ 1,254,394	$ 164,823	$ (480,881)

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Treasury stock (in shares)	24,721,533		24,721,372
Common stock
Common stock, par value (in usd per share)			$ 0.001	$ 0.001
Options exercised (in shares)	56,614	33,764
Conversion of common stock units (in shares)	11,804	15,981
Conversion of restricted stock units (in shares)	105,116	247,620
Retained earnings
Cash dividends (in usd per share)	$ 0.285	$ 0.275
Treasury stock, at cost
Treasury stock (in shares)	24,721,533	24,672,932	24,721,372	24,672,932
Treasury stock, acquisitions (in shares)	161	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows - operating activities
Premiums collected	$ 179,456	$ 172,588
Policyholder benefits paid	(131,090)	(127,823)
Policy acquisition and other operating expenses paid	(72,592)	(74,763)
Income taxes paid	690	11
Investment income collected	93,426	91,840
Interest expense paid	(256)	(63)
Other	2,492	11,008
Net cash provided by operating activities	72,126	72,798
Fixed maturity securities
Purchases	(308,450)	(318,629)
Sales	89,894	110,872
Maturities, paydowns, calls and redemptions	151,722	190,068
Purchases	(2,208)	(15,502)
Sales and repayments	2,048	5,489
Purchase of other invested assets	(13,856)	(24,177)
Net cash provided by (used in) short-term and other investments	47,146	(32,406)
Net cash used in investing activities	(33,704)	(84,285)
Cash flows - financing activities
Dividends paid to shareholders	(11,638)	(11,518)
Acquisition of treasury stock	(6)	0
Proceeds from exercise of stock options	1,136	723
Withholding tax payments on RSUs tendered	(2,061)	(2,532)
Annuity contracts: variable, fixed and FHLB funding agreements
Deposits	98,837	117,311
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets	(112,272)	(99,757)
Life policy accounts
Deposits	1,111	1,183
Withdrawals and surrenders	(1,329)	(1,066)
Change in bank overdrafts	4,124	(2,934)
Net cash (used in) provided by financing activities	(22,098)	1,410
Net increase (decrease) in cash	16,324	(10,077)
Cash at beginning of period	7,627	16,670
Cash at end of period	$ 23,951	$ 6,593

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the consolidated results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the three month periods ended March 31, 2018 and 2017 . 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 insurance products (primarily personal lines of automobile and property insurance), retirement products (primarily tax-qualified annuities) 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, 2017 . The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. Investment Contract and Life Policy Reserves This table summarizes the Company’s investment contract and life policy reserves. ($ in thousands) March 31, 2018 December 31, 2017 Investment contract reserves $ 4,471,733 $ 4,452,972 Life policy reserves 1,126,945 1,120,763 Total $ 5,598,678 $ 5,573,735 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) represents the accumulated change in shareholders’ equity from transactions and other events and circumstances from non-shareholder sources. For the Company, AOCI includes the after tax change in net unrealized investment gains and losses on securities and the after tax change in net funded status of defined benefit plans for the periods 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 Securities (1)(2) Defined Benefit Plans (1) Total (1) Beginning balance, January 1, 2018 $ 300,177 $ (13,217 ) $ 286,960 Other comprehensive income (loss) before reclassifications (109,539 ) — (109,539 ) Amounts reclassified from accumulated other comprehensive income (loss) 2,443 — 2,443 Cumulative effect of change in accounting principle (3) (15,041 ) — (15,041 ) Net current period other comprehensive income (loss) (122,137 ) — (122,137 ) Ending balance, March 31, 2018 $ 178,040 $ (13,217 ) $ 164,823 Beginning balance, January 1, 2017 $ 175,738 $ (11,817 ) $ 163,921 Other comprehensive income (loss) before reclassifications 22,330 — 22,330 Amounts reclassified from accumulated other comprehensive income (loss) 203 — 203 Net current period other comprehensive income (loss) 22,533 — 22,533 Ending balance, March 31, 2017 $ 198,271 $ (11,817 ) $ 186,454 ________________ (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $(3,092) thousand and $(313) thousand , are included in net investment gains and losses and the related income tax expenses, $(649) thousand and $(110) thousand , are included in income tax expense in the Consolidated Statements of Operations for the three month periods ended March 31, 2018 and 2017 , respectively. (3) The Company adopted guidance on January 1, 2018 that resulted in reclassifying $15,041 thousand of after tax unrealized gains on equity securities from AOCI to Retained earnings. 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 Securities. Adopted Accounting Standards Revenue Recognition In May 2014, the 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, certain insurance contracts are specifically excluded from this updated guidance. The Company adopted the guidance on January 1, 2018, using the modified retrospective transition method. The guidance did not have an impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. 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, the guidance revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The Company adopted the guidance on January 1, 2018 using the modified retrospective approach that resulted in reclassifying $15,041 thousand of after tax unrealized gains on equity securities from AOCI to Retained earnings. The Company's Consolidated Statements of Operations were impacted as changes in fair value of equity securities are now being reported in Net investment gains and losses instead of reported in other comprehensive income (loss) (OCI). 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. The Company adopted the guidance on January 1, 2018 using a retrospective approach which had no impact to the prior year amounts reported in the Consolidated Statement of Cash Flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On February 14, 2018, the FASB issued accounting guidance that permits recognition of a reclassification adjustment between AOCI and Retained earnings for stranded tax amounts related to the reduced corporate tax rate enacted under the Tax Act. As permitted under its provisions, the Company early adopted the accounting guidance effective for the quarterly period that ended December 31, 2017 and elected to reclassify the stranded tax amounts. The impact from early adoption resulted in an increase to AOCI and a reduction to Retained earnings of approximately $47,900 thousand ; representing the stranded deferred tax liabilities of $50,034 thousand and $(2,134) thousand for Net unrealized investment gains and losses on securities and Defined benefit plans, respectively. Pending Accounting Standards 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. While the Company is in the process of evaluating the impact of the guidance, it does not expect the guidance to have a material impact on its consolidated financial statements, except for recognizing lease assets and lease liabilities for its operating leases. The Company's lease obligations under various non-cancellable operating lease agreements amounted to approximately $9,093 thousand at March 31, 2018. 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. Any credit losses related to available for sale debt securities 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

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	The Company’s investment portfolio includes free-standing derivative financial instruments (currently over the counter 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, 2017 . 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 three month periods ended March 31, 2018 and 2017 . Fixed Maturity Securities The Company’s investment portfolio is comprised primarily of fixed maturity securities. The amortized cost, net unrealized investment gains and losses, fair values and other-than-temporary impairment (OTTI) included in AOCI of all fixed maturity securities in the portfolio were as follows: ($ in thousands) Amortized Cost/Cost Unrealized Investment Gains Unrealized Investment Losses Fair Value OTTI in AOCI (2) March 31, 2018 (1) Fixed maturity securities U.S. Government and federally sponsored agency obligations (3): Mortgage-backed securities $ 699,629 $ 22,930 $ 11,601 $ 710,958 $ — Other, including U.S. Treasury securities 760,390 18,797 17,220 761,967 — Municipal bonds 1,721,046 149,774 9,516 1,861,304 — Foreign government bonds 94,870 4,307 136 99,041 — Corporate bonds 2,383,394 112,451 14,575 2,481,270 — Other mortgage-backed securities 1,714,223 16,621 10,702 1,720,142 — Totals $ 7,373,552 $ 324,880 $ 63,750 $ 7,634,682 $ — December 31, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations (3): Mortgage-backed securities $ 669,297 $ 30,460 $ 3,032 $ 696,725 $ — Other, including U.S. Treasury securities 714,613 26,311 5,516 735,408 — Municipal bonds 1,711,581 184,107 2,435 1,893,253 — Foreign government bonds 96,780 5,958 — 102,738 — Corporate bonds 2,409,426 173,862 4,334 2,578,954 — Other mortgage-backed securities 1,701,253 22,935 7,191 1,716,997 — Totals $ 7,302,950 $ 443,633 $ 22,508 $ 7,724,075 $ — Equity securities (4) $ 116,320 $ 19,425 $ 279 $ 135,466 $ — ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, available for sale equity securities were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018. (2) 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. (3) Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $386,398 thousand and $361,955 thousand ; Federal Home Loan Mortgage Corporation (FHLMC) of $396,957 thousand and $400,001 thousand ; and Government National Mortgage Association (GNMA) of $98,056 thousand and $104,168 thousand as of March 31, 2018 and December 31, 2017 , respectively. (4) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds. The following table presents the fair value and gross unrealized losses of securities in an unrealized loss position at March 31, 2018 and December 31, 2017 , respectively. The Company views the decrease in value of all of the securities with unrealized losses at March 31, 2018 -- which was driven largely by changes in interest rates, spread widening, financial market illiquidity and/or market volatility from the date of acquisition -- as temporary. For fixed maturity securities, management does not have the intent to sell the securities and it is not more likely than not the Company will be required to sell the securities before the anticipated recovery of the amortized cost bases, and management expects to recover the entire amortized cost bases of the fixed maturity securities. Therefore, no impairment of fixed maturity securities was recorded at March 31, 2018 . ($ 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 March 31, 2018 (1) Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 301,927 $ 8,346 $ 39,339 $ 3,255 $ 341,266 $ 11,601 Other 393,555 9,415 118,166 7,805 511,721 17,220 Municipal bonds 224,400 4,614 76,577 4,902 300,977 9,516 Foreign government bonds 6,390 136 — — 6,390 136 Corporate bonds 450,467 11,923 37,572 2,652 488,039 14,575 Other mortgage-backed securities 607,571 6,298 146,659 4,404 754,230 10,702 Total $ 1,984,310 $ 40,732 $ 418,313 $ 23,018 $ 2,402,623 $ 63,750 Number of positions with a gross unrealized loss 837 153 990 Fair value as a percentage of total fixed maturity securities fair value 25.6 % 5.4 % 31.0 % December 31, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 134,032 $ 1,053 $ 40,606 $ 1,979 $ 174,638 $ 3,032 Other 168,634 1,849 122,753 3,667 291,387 5,516 Municipal bonds 29,437 100 79,140 2,335 108,577 2,435 Foreign government bonds — — — — — — Corporate bonds 115,113 2,701 36,081 1,633 151,194 4,334 Other mortgage-backed securities 457,166 2,791 168,972 4,400 626,138 7,191 Total fixed maturity securities 904,382 8,494 447,552 14,014 1,351,934 22,508 Equity securities (2) 6,027 249 1,277 30 7,304 279 Combined totals $ 910,409 $ 8,743 $ 448,829 $ 14,044 $ 1,359,238 $ 22,787 Number of positions with a gross unrealized loss 354 158 512 Fair value as a percentage of total fixed maturity and equity securities fair value 11.6 % 5.7 % 17.3 % ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, available for sale equity securities were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018. (2) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds. Fixed maturity securities with an investment grade rating represented 95.3% of the gross unrealized losses as of March 31, 2018 . 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 March 31, 2018 and 2017 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 OCI: ($ in thousands) Three Months Ended March 31, 2018 2017 Cumulative credit loss (1) Beginning of period $ 3,825 $ 13,703 New credit losses — — Increases to previously recognized credit losses — 726 Gains (losses) related to securities sold or paid down during the period — (2 ) End of period $ 3,825 $ 14,427 ________________ (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 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 March 31, 2018 March 31, 2018 December 31, 2017 Fair Value Amortized Cost Estimated expected maturity: Due in 1 year or less 4.0 % 3.2 % $ 303,914 $ 299,275 Due after 1 year through 5 years 25.4 26.7 1,936,362 1,887,648 Due after 5 years through 10 years 32.7 32.6 2,498,529 2,457,018 Due after 10 years through 20 years 24.7 24.2 1,884,116 1,800,969 Due after 20 years 13.2 13.3 1,011,761 928,642 Total 100.0 % 100.0 % $ 7,634,682 $ 7,373,552 Average option-adjusted duration, in years 6.0 5.9 Sales of Fixed Maturity 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 March 31, 2018 2017 Fixed maturity securities Proceeds received $ 89,894 $ 110,872 Gross gains realized 1,670 2,489 Gross losses realized (53 ) (881 ) Equity securities Proceeds received $ 2,048 $ 5,489 Gross gains realized 616 1,048 Gross losses realized (34 ) (192 ) Net Investment Gains (Losses) The following table reconciles the net investment gains and losses (pretax) by transaction type: ($ in thousands) Three Months Ended March 31, 2018 2017 Impairment write-downs $ — $ (1,777 ) Change in intent write-downs (110 ) (1,020 ) Net other-than-temporary impairment losses recognized in earnings (110 ) — (2,797 ) Sales and other 2,203 2,484 Change in fair value - equity securities (1) (5,186 ) — Change in fair value and gains (losses) realized on settlements - derivative instruments 1,439 71 Net investment gains (losses) $ (1,654 ) — $ (242 ) ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, equity securities are reported at fair value with change in fair value recognized in Net investment gains (losses) and are no longer included in impairment write-downs or change in intent write-downs. Net Unrealized Investment Gains and Losses on Securities The following table reconciles the net unrealized investment gains and losses, net of tax, included in AOCI, before the impact of deferred policy acquisition costs (DAC): ($ in thousands) Three Months Ended March 31, 2018 2017 Net unrealized investment gains and losses on securities, net of tax Beginning of period $ 286,176 $ 202,941 Change in net unrealized investment gains and losses (67,285 ) 25,193 Reclassification of net investments (gains) losses to net income 2,443 203 Reclassification of unrealized gains on equity securities, net of tax, to Retained earnings (1) (15,041 ) — End of period $ 206,293 $ 228,337 ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, available for sale equity securities were reclassified to equity securities at fair value and the related unrealized gains were reclassified from AOCI to Retained earnings. 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 have been 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 March 31, 2018 Asset derivatives: Free-standing derivatives $ 12,630 $ — $ 12,630 $ — $ 13,174 $ (544 ) December 31, 2017 Asset derivatives: Free-standing derivatives $ 15,550 $ — $ 15,550 $ — $ 15,584 $ (34 ) Deposits At March 31, 2018 and December 31, 2017 , fixed maturity securities with a fair value of $17,848 thousand and $17,985 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 March 31, 2018 and December 31, 2017 , fixed maturity securities with a fair value of $686,387 thousand and $686,790 thousand , respectively, were on deposit with the Federal Home Loan Bank of Chicago (FHLB) as collateral for amounts subject to funding agreements, advances and borrowings which were equal to $625,000 thousand

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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, 2017 , 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 March 31, 2018 , Level 3 invested assets comprised 3.0% of the Company’s total investment portfolio at fair value. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 March 31, 2018 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 710,958 $ 710,958 $ — $ 707,842 $ 3,116 Other, including U.S. Treasury securities 761,967 761,967 13,249 748,718 — Municipal bonds 1,861,304 1,861,304 — 1,811,556 49,748 Foreign government bonds 99,041 99,041 — 99,041 — Corporate bonds 2,481,270 2,481,270 13,733 2,388,757 78,780 Other mortgage-backed securities 1,720,142 1,720,142 — 1,607,924 112,218 Total fixed maturity securities 7,634,682 7,634,682 26,982 7,363,838 243,862 Equity securities 131,023 131,023 79,870 — 51,147 — 6 Short-term investments 22,194 22,194 22,194 — — Other investments 25,130 25,130 — 25,130 — Totals $ 7,813,029 $ 7,813,029 $ 129,046 $ 7,440,115 $ 243,868 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 518 $ 518 $ — $ 518 $ — Other policyholder funds, embedded derivatives 78,486 78,486 — — 78,486 December 31, 2017 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 696,725 $ 696,725 $ — $ 693,375 $ 3,350 Other, including U.S. Treasury securities 735,408 735,408 13,393 722,015 — Municipal bonds 1,893,253 1,893,253 — 1,843,925 49,328 Foreign government bonds 102,738 102,738 — 102,738 — Corporate bonds 2,578,954 2,578,954 14,345 2,491,630 72,979 Other mortgage-backed securities 1,716,997 1,716,997 — 1,612,403 104,594 Total fixed maturity securities 7,724,075 7,724,075 27,738 7,466,086 230,251 Equity securities 135,466 135,466 82,208 53,252 6 Short-term investments 62,593 62,593 62,593 — — Other investments 28,050 28,050 — 28,050 — Totals $ 7,950,184 $ 7,950,184 $ 172,539 $ 7,547,388 $ 230,257 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 594 $ 594 $ — $ 594 $ — Other policyholder funds, embedded derivatives 80,733 80,733 — — 80,733 During the three month period ended March 31, 2018 , there were no transfers between Level 1 and Level 2. During the three month period ended March 31, 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 Other Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, January 1, 2018 $ 49,328 $ 72,979 $ 107,944 $ 230,251 $ 6 $ — $ 230,257 $ 80,733 Transfers into Level 3 (3) — 10,778 14,822 25,600 — — 25,600 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — 3 — 3 — Net (gains) losses included in net income related to financial liabilities — — — — — — — (2,222 ) Net unrealized investment gains (losses) included in OCI 443 (887 ) (1,022 ) (1,466 ) — — (1,466 ) Purchases — — — — — — — Issuances — — — — — — — 1,332 Sales — — — — (3 ) — (3 ) Settlements — — — — — — — Paydowns, maturities and distributions (23 ) (4,090 ) (6,410 ) (10,523 ) — — (10,523 ) (1,357 ) Ending balance, March 31, 2018 $ 49,748 $ 78,780 $ 115,334 $ 243,862 $ 6 $ — $ 243,868 $ 78,486 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 29,918 15,039 50,171 — — 50,171 — Transfers out of Level 3 (3) — (6,110 ) — (6,110 ) — (751 ) (6,861 ) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — — — — — Net (gains) losses included in net income related to financial liabilities — — — — — — — 2,308 Net unrealized investment gains (losses) included in OCI 1,871 96 (771 ) 1,196 — — 1,196 — Purchases — — — — — — — — Issuances — — — — — — — 3,389 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (120 ) (1,600 ) (6,133 ) (7,853 ) — — (7,853 ) (829 ) Ending balance, March 31, 2017 $ 53,462 $ 82,495 $ 112,794 $ 248,751 $ 6 $ — $ 248,757 $ 64,261 ________________ (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 month periods ended March 31, 2018 and 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. At March 31, 2018 , the Company realized a gain of $3 thousand on one Level 3 security. At March 31, 2017 , there were no net 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 month periods ended March 31, 2018 and 2017 , a net investment gain of $2,222 thousand and a net investment loss of $2,308 thousand , respectively, were included in earnings that were attributable to the changes in the fair value of Level 3 liabilities (embedded derivatives) still held. The valuation techniques and significant unobservable inputs used in the fair value measurement for financial assets and liabilities 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, 2017 . 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 relate 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 March 31, 2018 Financial Assets Investments Other investments $ 154,211 $ 158,891 $ — $ — $ 158,891 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,471,733 4,373,529 — — 4,373,529 Investment contract and life policy reserves, account values on life contracts 83,319 88,968 — — 88,968 Other policyholder funds 642,035 642,035 — 575,784 66,251 Long-term debt 297,536 306,247 — 306,247 — December 31, 2017 Financial Assets Investments Other investments $ 154,898 $ 159,575 $ — $ — $ 159,575 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,452,972 4,366,334 — — 4,366,334 Investment contract and life policy reserves, 82,911 88,620 — — 88,620 Other policyholder funds 643,528 643,528 — 575,622 67,906 Long-term debt 297,469 311,315 — 311,315 —

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
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. The Company also offers IUL products which 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 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 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, the embedded derivative represents a single year liability for the index return. The Company carries all derivative instruments at fair value in the Consolidated Balance Sheets. The Company elected to not use hedge accounting for derivative transactions related to the FIA and IUL products. As a result, the Company recognizes 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 as Net investment gains (losses) in the Consolidated Statements of Operations. The fair values of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, are presented in the Consolidated Balance Sheets as follows: ($ in thousands) March 31, 2018 December 31, 2017 Assets Derivative instruments, included in Short-term and other investments $ 12,630 $ 15,550 Liabilities FIA - embedded derivatives, included in Other policyholder funds $ 78,486 $ 80,733 IUL - embedded derivatives, included in Investment contract and life policy reserves 518 594 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 the 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 March 31, 2018 2017 Change in fair value of derivatives (1): Revenues Net investment gains (losses) $ (849 ) $ 2,437 Change in fair value of embedded derivatives: Revenues Net investment gains (losses) $ 2,288 $ (2,366 ) ________________ (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) and/or Moody's Investors Service (Moody's) 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) March 31, 2018 December 31, 2017 Credit Rating Notional Fair Notional Fair Counterparty S&P Moody's Amount Value Amount Value Bank of America, N.A. A+ Aa3 $ 93,800 $ 6,017 $ 85,100 $ 6,320 Barclays Bank PLC A A2 48,600 902 48,900 1,828 Citigroup Inc. BBB+ — — — — Credit Suisse International A A1 21,100 1,469 21,100 1,444 Societe Generale A 92,400 4,242 91,700 5,958 Total $ 255,900 $ 12,630 $ 246,800 $ 15,550 As of March 31, 2018 and December 31, 2017 , the Company held $13,174 thousand and $15,584 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

Property and Casualty Unpaid Cl

Property and Casualty Unpaid Claims and Claim Expenses	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Property and Casualty Beginning gross reserves (1) $ 319,182 $ 307,757 Less: reinsurance recoverables 57,409 61,199 Net reserves, beginning of period (2) 261,773 246,558 Incurred claims and claim expenses: Claims occurring in the current period 120,988 123,204 Decrease in estimated reserves for claims occurring in prior periods (3) (300 ) (1,000 ) Total claims and claim expenses incurred (4) 120,688 122,204 Claims and claim expense payments for claims occurring during: Current period 47,048 52,380 Prior periods 67,075 62,013 Total claims and claim expense payments 114,123 114,393 Net reserves, end of period (2) 268,338 254,369 Plus: reinsurance recoverables 62,917 61,804 Ending gross reserves (1) $ 331,255 $ 316,173 ________________ (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for Life and Retirement of $27,062 thousand and $23,860 thousand as of March 31, 2018 and 2017 , respectively, in addition to Property and Casualty 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 Life and Retirement of $22,874 thousand and $21,892 thousand for the three month periods ended March 31, 2018 and 2017 , respectively, in addition to Property and Casualty amounts. Net favorable development of total reserves for Property and Casualty claims occurring in prior years was $300 thousand and $1,000 thousand for the three month periods ended March 31, 2018 and 2017 , respectively. The favorable development for both of the three month periods ended March 31, 2018 and 2017

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Indebtedness outstanding was as follows: ($ in thousands) March 31, 2018 December 31, 2017 Short-term debt: Bank Credit Facility, expires July 30, 2019 $ — $ — Long-term debt: 4.50% Senior Notes, due December 1, 2025. Aggregate principal amount of $250,000 thousand less unaccrued discount of $532 thousand and $547 thousand (4.5% imputed rate) and unamortized debt issuance costs of $1,932 thousand and $1,984 thousand 247,536 247,469 Federal Home Loan Bank borrowing 50,000 50,000 Total $ 297,536 $ 297,469 The Credit Agreement with certain financial institutions (Bank Credit Facility), 4.50% Senior Notes due 2025 (Senior Notes due 2025) and FHLB borrowing 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, 2017

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Premiums written and contract deposits (1) $ 288,816 $ 5,514 $ 706 $ 284,008 Premiums and contract charges earned 207,737 5,528 789 202,998 Benefits, claims and settlement expenses 151,968 9,014 608 143,562 Three months ended March 31, 2017 Premiums written and contract deposits (1) $ 301,512 $ 5,510 $ 730 $ 296,732 Premiums and contract charges earned 200,455 5,534 801 195,722 Benefits, claims and settlement expenses 147,271 3,883 708 144,096 ________________ (1)

Commitments

Commitments	3 Months Ended
	Mar. 31, 2018
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 $170,102 thousand and $106,381 thousand at March 31, 2018 and December 31, 2017

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	The Company conducts and manages its business through four segments. The three operating segments, representing the major lines of insurance business, are: Property and Casualty, primarily personal lines automobile and property insurance products; Retirement, primarily tax-qualified fixed and variable annuities; and Life, 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 investment gains and losses and certain public company expenses, such items also have included corporate debt retirement costs, when applicable. Summarized financial information for these segments is as follows: ($ in thousands) Three Months Ended March 31, 2018 2017 Insurance premiums and contract charges earned Property and Casualty $ 165,458 $ 158,318 Retirement 8,068 6,601 Life 29,472 30,803 Total $ 202,998 $ 195,722 Net investment income Property and Casualty $ 9,516 $ 9,177 Retirement 64,169 63,442 Life 18,340 18,288 Corporate and Other 36 12 Intersegment eliminations (197 ) (208 ) Total $ 91,864 $ 90,711 Net income (loss) Property and Casualty $ 9,722 $ 2,735 Retirement 11,421 11,530 Life 3,787 3,885 Corporate and Other (4,775 ) (2,832 ) Total $ 20,155 $ 15,318 ($ in thousands) March 31, 2018 December 31, 2017 Assets Property and Casualty $ 1,202,791 $ 1,217,394 Retirement 7,969,848 8,063,912 Life 1,785,912 1,815,732 Corporate and Other 140,526 143,784 Intersegment eliminations (30,535 ) (42,482 ) Total $ 11,068,542 $ 11,198,340

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	On December 22, 2017, comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Act) was enacted by the U.S. government. The Tax Act is generally effective January 1, 2018, and among other changes, reduced the federal corporate income tax rate from 35% to 21%, eliminated the corporate Alternative Minimum Tax, modified numerous insurance-specific provisions, and further limited deductions for executive compensation. The Tax Act reduced the Company’s effective tax rate by 9.5%

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the consolidated results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the three month periods ended March 31, 2018 and 2017 . 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 insurance products (primarily personal lines of automobile and property insurance), retirement products (primarily tax-qualified annuities) 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, 2017 . The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)
Adopted and Pending Accounting Standards	Adopted Accounting Standards Revenue Recognition In May 2014, the 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, certain insurance contracts are specifically excluded from this updated guidance. The Company adopted the guidance on January 1, 2018, using the modified retrospective transition method. The guidance did not have an impact on the Company’s consolidated financial position, results of operations, cash flows, or disclosures. 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, the guidance revises the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The Company adopted the guidance on January 1, 2018 using the modified retrospective approach that resulted in reclassifying $15,041 thousand of after tax unrealized gains on equity securities from AOCI to Retained earnings. The Company's Consolidated Statements of Operations were impacted as changes in fair value of equity securities are now being reported in Net investment gains and losses instead of reported in other comprehensive income (loss) (OCI). 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. The Company adopted the guidance on January 1, 2018 using a retrospective approach which had no impact to the prior year amounts reported in the Consolidated Statement of Cash Flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On February 14, 2018, the FASB issued accounting guidance that permits recognition of a reclassification adjustment between AOCI and Retained earnings for stranded tax amounts related to the reduced corporate tax rate enacted under the Tax Act. As permitted under its provisions, the Company early adopted the accounting guidance effective for the quarterly period that ended December 31, 2017 and elected to reclassify the stranded tax amounts. The impact from early adoption resulted in an increase to AOCI and a reduction to Retained earnings of approximately $47,900 thousand ; representing the stranded deferred tax liabilities of $50,034 thousand and $(2,134) thousand for Net unrealized investment gains and losses on securities and Defined benefit plans, respectively. Pending Accounting Standards 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. While the Company is in the process of evaluating the impact of the guidance, it does not expect the guidance to have a material impact on its consolidated financial statements, except for recognizing lease assets and lease liabilities for its operating leases. The Company's lease obligations under various non-cancellable operating lease agreements amounted to approximately $9,093 thousand at March 31, 2018. 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. Any credit losses related to available for sale debt securities 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

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
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) March 31, 2018 December 31, 2017 Investment contract reserves $ 4,471,733 $ 4,452,972 Life policy reserves 1,126,945 1,120,763 Total $ 5,598,678 $ 5,573,735
Accumulated Other Comprehensive Income (Loss)	The following tables reconcile these components. ($ in thousands) Net Unrealized Investment Gains and Losses on Securities (1)(2) Defined Benefit Plans (1) Total (1) Beginning balance, January 1, 2018 $ 300,177 $ (13,217 ) $ 286,960 Other comprehensive income (loss) before reclassifications (109,539 ) — (109,539 ) Amounts reclassified from accumulated other comprehensive income (loss) 2,443 — 2,443 Cumulative effect of change in accounting principle (3) (15,041 ) — (15,041 ) Net current period other comprehensive income (loss) (122,137 ) — (122,137 ) Ending balance, March 31, 2018 $ 178,040 $ (13,217 ) $ 164,823 Beginning balance, January 1, 2017 $ 175,738 $ (11,817 ) $ 163,921 Other comprehensive income (loss) before reclassifications 22,330 — 22,330 Amounts reclassified from accumulated other comprehensive income (loss) 203 — 203 Net current period other comprehensive income (loss) 22,533 — 22,533 Ending balance, March 31, 2017 $ 198,271 $ (11,817 ) $ 186,454 ________________ (1) All amounts are net of tax. (2) The pretax amounts reclassified from accumulated other comprehensive income (loss), $(3,092) thousand and $(313) thousand , are included in net investment gains and losses and the related income tax expenses, $(649) thousand and $(110) thousand , are included in income tax expense in the Consolidated Statements of Operations for the three month periods ended March 31, 2018 and 2017 , respectively. (3) The Company adopted guidance on January 1, 2018 that resulted in reclassifying $15,041 thousand

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized gains and losses on fixed maturities and equity securities	The amortized cost, net unrealized investment gains and losses, fair values and other-than-temporary impairment (OTTI) included in AOCI of all fixed maturity securities in the portfolio were as follows: ($ in thousands) Amortized Cost/Cost Unrealized Investment Gains Unrealized Investment Losses Fair Value OTTI in AOCI (2) March 31, 2018 (1) Fixed maturity securities U.S. Government and federally sponsored agency obligations (3): Mortgage-backed securities $ 699,629 $ 22,930 $ 11,601 $ 710,958 $ — Other, including U.S. Treasury securities 760,390 18,797 17,220 761,967 — Municipal bonds 1,721,046 149,774 9,516 1,861,304 — Foreign government bonds 94,870 4,307 136 99,041 — Corporate bonds 2,383,394 112,451 14,575 2,481,270 — Other mortgage-backed securities 1,714,223 16,621 10,702 1,720,142 — Totals $ 7,373,552 $ 324,880 $ 63,750 $ 7,634,682 $ — December 31, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations (3): Mortgage-backed securities $ 669,297 $ 30,460 $ 3,032 $ 696,725 $ — Other, including U.S. Treasury securities 714,613 26,311 5,516 735,408 — Municipal bonds 1,711,581 184,107 2,435 1,893,253 — Foreign government bonds 96,780 5,958 — 102,738 — Corporate bonds 2,409,426 173,862 4,334 2,578,954 — Other mortgage-backed securities 1,701,253 22,935 7,191 1,716,997 — Totals $ 7,302,950 $ 443,633 $ 22,508 $ 7,724,075 $ — Equity securities (4) $ 116,320 $ 19,425 $ 279 $ 135,466 $ — ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, available for sale equity securities were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018. (2) 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. (3) Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $386,398 thousand and $361,955 thousand ; Federal Home Loan Mortgage Corporation (FHLMC) of $396,957 thousand and $400,001 thousand ; and Government National Mortgage Association (GNMA) of $98,056 thousand and $104,168 thousand as of March 31, 2018 and December 31, 2017 , respectively. (4) Includes nonredeemable (perpetual) preferred stocks, common stocks and closed-end funds.
Summary of fair value and gross unrealized losses of fixed maturity securities and equity securities in an unrealized loss position	The following table presents the fair value and gross unrealized losses of securities in an unrealized loss position at March 31, 2018 and December 31, 2017 , respectively. The Company views the decrease in value of all of the securities with unrealized losses at March 31, 2018 -- which was driven largely by changes in interest rates, spread widening, financial market illiquidity and/or market volatility from the date of acquisition -- as temporary. For fixed maturity securities, management does not have the intent to sell the securities and it is not more likely than not the Company will be required to sell the securities before the anticipated recovery of the amortized cost bases, and management expects to recover the entire amortized cost bases of the fixed maturity securities. Therefore, no impairment of fixed maturity securities was recorded at March 31, 2018 . ($ 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 March 31, 2018 (1) Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 301,927 $ 8,346 $ 39,339 $ 3,255 $ 341,266 $ 11,601 Other 393,555 9,415 118,166 7,805 511,721 17,220 Municipal bonds 224,400 4,614 76,577 4,902 300,977 9,516 Foreign government bonds 6,390 136 — — 6,390 136 Corporate bonds 450,467 11,923 37,572 2,652 488,039 14,575 Other mortgage-backed securities 607,571 6,298 146,659 4,404 754,230 10,702 Total $ 1,984,310 $ 40,732 $ 418,313 $ 23,018 $ 2,402,623 $ 63,750 Number of positions with a gross unrealized loss 837 153 990 Fair value as a percentage of total fixed maturity securities fair value 25.6 % 5.4 % 31.0 % December 31, 2017 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 134,032 $ 1,053 $ 40,606 $ 1,979 $ 174,638 $ 3,032 Other 168,634 1,849 122,753 3,667 291,387 5,516 Municipal bonds 29,437 100 79,140 2,335 108,577 2,435 Foreign government bonds — — — — — — Corporate bonds 115,113 2,701 36,081 1,633 151,194 4,334 Other mortgage-backed securities 457,166 2,791 168,972 4,400 626,138 7,191 Total fixed maturity securities 904,382 8,494 447,552 14,014 1,351,934 22,508 Equity securities (2) 6,027 249 1,277 30 7,304 279 Combined totals $ 910,409 $ 8,743 $ 448,829 $ 14,044 $ 1,359,238 $ 22,787 Number of positions with a gross unrealized loss 354 158 512 Fair value as a percentage of total fixed maturity and equity securities fair value 11.6 % 5.7 % 17.3 % ________________ (1) Effective January 1, 2018, with the adoption of new accounting guidance for recognition and measurement of financial instruments, available for sale equity securities were reclassified to equity securities at fair value and are excluded from the table above as of March 31, 2018. (2) 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 March 31, 2018 and 2017 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 OCI: ($ in thousands) Three Months Ended March 31, 2018 2017 Cumulative credit loss (1) Beginning of period $ 3,825 $ 13,703 New credit losses — — Increases to previously recognized credit losses — 726 Gains (losses) related to securities sold or paid down during the period — (2 ) End of period $ 3,825 $ 14,427 ________________ (1)
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 March 31, 2018 March 31, 2018 December 31, 2017 Fair Value Amortized Cost Estimated expected maturity: Due in 1 year or less 4.0 % 3.2 % $ 303,914 $ 299,275 Due after 1 year through 5 years 25.4 26.7 1,936,362 1,887,648 Due after 5 years through 10 years 32.7 32.6 2,498,529 2,457,018 Due after 10 years through 20 years 24.7 24.2 1,884,116 1,800,969 Due after 20 years 13.2 13.3 1,011,761 928,642 Total 100.0 % 100.0 % $ 7,634,682 $ 7,373,552 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 March 31, 2018 2017 Fixed maturity securities Proceeds received $ 89,894 $ 110,872 Gross gains realized 1,670 2,489 Gross losses realized (53 ) (881 ) Equity securities Proceeds received $ 2,048 $ 5,489 Gross gains realized 616 1,048 Gross losses realized (34 ) (192 )
Net Realized Investment Gains (Losses)	The following table reconciles the net investment gains and losses (pretax) by transaction type: ($ in thousands) Three Months Ended March 31, 2018 2017 Impairment write-downs $ — $ (1,777 ) Change in intent write-downs (110 ) (1,020 ) Net other-than-temporary impairment losses recognized in earnings (110 ) — (2,797 ) Sales and other 2,203 2,484 Change in fair value - equity securities (1) (5,186 ) — Change in fair value and gains (losses) realized on settlements - derivative instruments 1,439 71 Net investment gains (losses) $ (1,654 ) — $ (242 ) ________________ (1)
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 AOCI, before the impact of deferred policy acquisition costs (DAC): ($ in thousands) Three Months Ended March 31, 2018 2017 Net unrealized investment gains and losses on securities, net of tax Beginning of period $ 286,176 $ 202,941 Change in net unrealized investment gains and losses (67,285 ) 25,193 Reclassification of net investments (gains) losses to net income 2,443 203 Reclassification of unrealized gains on equity securities, net of tax, to Retained earnings (1) (15,041 ) — End of period $ 206,293 $ 228,337 ________________ (1)
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 March 31, 2018 Asset derivatives: Free-standing derivatives $ 12,630 $ — $ 12,630 $ — $ 13,174 $ (544 ) December 31, 2017 Asset derivatives: Free-standing derivatives $ 15,550 $ — $ 15,550 $ — $ 15,584 $ (34 )

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , Level 3 invested assets comprised 3.0% of the Company’s total investment portfolio at fair value. ($ in thousands) Fair Value Measurements at Carrying Fair Reporting Date Using Amount Value Level 1 Level 2 Level 3 March 31, 2018 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 710,958 $ 710,958 $ — $ 707,842 $ 3,116 Other, including U.S. Treasury securities 761,967 761,967 13,249 748,718 — Municipal bonds 1,861,304 1,861,304 — 1,811,556 49,748 Foreign government bonds 99,041 99,041 — 99,041 — Corporate bonds 2,481,270 2,481,270 13,733 2,388,757 78,780 Other mortgage-backed securities 1,720,142 1,720,142 — 1,607,924 112,218 Total fixed maturity securities 7,634,682 7,634,682 26,982 7,363,838 243,862 Equity securities 131,023 131,023 79,870 — 51,147 — 6 Short-term investments 22,194 22,194 22,194 — — Other investments 25,130 25,130 — 25,130 — Totals $ 7,813,029 $ 7,813,029 $ 129,046 $ 7,440,115 $ 243,868 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 518 $ 518 $ — $ 518 $ — Other policyholder funds, embedded derivatives 78,486 78,486 — — 78,486 December 31, 2017 Financial Assets Investments Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 696,725 $ 696,725 $ — $ 693,375 $ 3,350 Other, including U.S. Treasury securities 735,408 735,408 13,393 722,015 — Municipal bonds 1,893,253 1,893,253 — 1,843,925 49,328 Foreign government bonds 102,738 102,738 — 102,738 — Corporate bonds 2,578,954 2,578,954 14,345 2,491,630 72,979 Other mortgage-backed securities 1,716,997 1,716,997 — 1,612,403 104,594 Total fixed maturity securities 7,724,075 7,724,075 27,738 7,466,086 230,251 Equity securities 135,466 135,466 82,208 53,252 6 Short-term investments 62,593 62,593 62,593 — — Other investments 28,050 28,050 — 28,050 — Totals $ 7,950,184 $ 7,950,184 $ 172,539 $ 7,547,388 $ 230,257 Financial Liabilities Investment contract and life policy reserves, embedded derivatives $ 594 $ 594 $ — $ 594 $ — Other policyholder funds, embedded derivatives 80,733 80,733 — — 80,733
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 Other Mortgage- Backed Securities (2) Total Fixed Maturity Securities Equity Securities Short-term Investments Total Beginning balance, January 1, 2018 $ 49,328 $ 72,979 $ 107,944 $ 230,251 $ 6 $ — $ 230,257 $ 80,733 Transfers into Level 3 (3) — 10,778 14,822 25,600 — — 25,600 — Transfers out of Level 3 (3) — — — — — — — — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — 3 — 3 — Net (gains) losses included in net income related to financial liabilities — — — — — — — (2,222 ) Net unrealized investment gains (losses) included in OCI 443 (887 ) (1,022 ) (1,466 ) — — (1,466 ) Purchases — — — — — — — Issuances — — — — — — — 1,332 Sales — — — — (3 ) — (3 ) Settlements — — — — — — — Paydowns, maturities and distributions (23 ) (4,090 ) (6,410 ) (10,523 ) — — (10,523 ) (1,357 ) Ending balance, March 31, 2018 $ 49,748 $ 78,780 $ 115,334 $ 243,862 $ 6 $ — $ 243,868 $ 78,486 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 29,918 15,039 50,171 — — 50,171 — Transfers out of Level 3 (3) — (6,110 ) — (6,110 ) — (751 ) (6,861 ) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — — — — — Net (gains) losses included in net income related to financial liabilities — — — — — — — 2,308 Net unrealized investment gains (losses) included in OCI 1,871 96 (771 ) 1,196 — — 1,196 — Purchases — — — — — — — — Issuances — — — — — — — 3,389 Sales — — — — — — — — Settlements — — — — — — — — Paydowns, maturities and distributions (120 ) (1,600 ) (6,133 ) (7,853 ) — — (7,853 ) (829 ) Ending balance, March 31, 2017 $ 53,462 $ 82,495 $ 112,794 $ 248,751 $ 6 $ — $ 248,757 $ 64,261 ________________ (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 month periods ended March 31, 2018 and 2017
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 March 31, 2018 Financial Assets Investments Other investments $ 154,211 $ 158,891 $ — $ — $ 158,891 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,471,733 4,373,529 — — 4,373,529 Investment contract and life policy reserves, account values on life contracts 83,319 88,968 — — 88,968 Other policyholder funds 642,035 642,035 — 575,784 66,251 Long-term debt 297,536 306,247 — 306,247 — December 31, 2017 Financial Assets Investments Other investments $ 154,898 $ 159,575 $ — $ — $ 159,575 Financial Liabilities Investment contract and life policy reserves, fixed annuity contracts 4,452,972 4,366,334 — — 4,366,334 Investment contract and life policy reserves, 82,911 88,620 — — 88,620 Other policyholder funds 643,528 643,528 — 575,622 67,906 Long-term debt 297,469 311,315 — 311,315 —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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, are presented in the Consolidated Balance Sheets as follows: ($ in thousands) March 31, 2018 December 31, 2017 Assets Derivative instruments, included in Short-term and other investments $ 12,630 $ 15,550 Liabilities FIA - embedded derivatives, included in Other policyholder funds $ 78,486 $ 80,733 IUL - embedded derivatives, included in Investment contract and life policy reserves 518 594
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 March 31, 2018 2017 Change in fair value of derivatives (1): Revenues Net investment gains (losses) $ (849 ) $ 2,437 Change in fair value of embedded derivatives: Revenues Net investment gains (losses) $ 2,288 $ (2,366 ) ________________ (1)
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) March 31, 2018 December 31, 2017 Credit Rating Notional Fair Notional Fair Counterparty S&P Moody's Amount Value Amount Value Bank of America, N.A. A+ Aa3 $ 93,800 $ 6,017 $ 85,100 $ 6,320 Barclays Bank PLC A A2 48,600 902 48,900 1,828 Citigroup Inc. BBB+ — — — — Credit Suisse International A A1 21,100 1,469 21,100 1,444 Societe Generale A 92,400 4,242 91,700 5,958 Total $ 255,900 $ 12,630 $ 246,800 $ 15,550

Property and Casualty Unpaid 24

Property and Casualty Unpaid Claims and Claim Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Property and Casualty Beginning gross reserves (1) $ 319,182 $ 307,757 Less: reinsurance recoverables 57,409 61,199 Net reserves, beginning of period (2) 261,773 246,558 Incurred claims and claim expenses: Claims occurring in the current period 120,988 123,204 Decrease in estimated reserves for claims occurring in prior periods (3) (300 ) (1,000 ) Total claims and claim expenses incurred (4) 120,688 122,204 Claims and claim expense payments for claims occurring during: Current period 47,048 52,380 Prior periods 67,075 62,013 Total claims and claim expense payments 114,123 114,393 Net reserves, end of period (2) 268,338 254,369 Plus: reinsurance recoverables 62,917 61,804 Ending gross reserves (1) $ 331,255 $ 316,173 ________________ (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for Life and Retirement of $27,062 thousand and $23,860 thousand as of March 31, 2018 and 2017 , respectively, in addition to Property and Casualty 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 Life and Retirement of $22,874 thousand and $21,892 thousand for the three month periods ended March 31, 2018 and 2017 , respectively, in addition to Property and Casualty amounts.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Indebtedness outstanding	Indebtedness outstanding was as follows: ($ in thousands) March 31, 2018 December 31, 2017 Short-term debt: Bank Credit Facility, expires July 30, 2019 $ — $ — Long-term debt: 4.50% Senior Notes, due December 1, 2025. Aggregate principal amount of $250,000 thousand less unaccrued discount of $532 thousand and $547 thousand (4.5% imputed rate) and unamortized debt issuance costs of $1,932 thousand and $1,984 thousand 247,536 247,469 Federal Home Loan Bank borrowing 50,000 50,000 Total $ 297,536 $ 297,469

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Premiums written and contract deposits (1) $ 288,816 $ 5,514 $ 706 $ 284,008 Premiums and contract charges earned 207,737 5,528 789 202,998 Benefits, claims and settlement expenses 151,968 9,014 608 143,562 Three months ended March 31, 2017 Premiums written and contract deposits (1) $ 301,512 $ 5,510 $ 730 $ 296,732 Premiums and contract charges earned 200,455 5,534 801 195,722 Benefits, claims and settlement expenses 147,271 3,883 708 144,096 ________________ (1)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summarized financial information for these segments	Summarized financial information for these segments is as follows: ($ in thousands) Three Months Ended March 31, 2018 2017 Insurance premiums and contract charges earned Property and Casualty $ 165,458 $ 158,318 Retirement 8,068 6,601 Life 29,472 30,803 Total $ 202,998 $ 195,722 Net investment income Property and Casualty $ 9,516 $ 9,177 Retirement 64,169 63,442 Life 18,340 18,288 Corporate and Other 36 12 Intersegment eliminations (197 ) (208 ) Total $ 91,864 $ 90,711 Net income (loss) Property and Casualty $ 9,722 $ 2,735 Retirement 11,421 11,530 Life 3,787 3,885 Corporate and Other (4,775 ) (2,832 ) Total $ 20,155 $ 15,318 ($ in thousands) March 31, 2018 December 31, 2017 Assets Property and Casualty $ 1,202,791 $ 1,217,394 Retirement 7,969,848 8,063,912 Life 1,785,912 1,815,732 Corporate and Other 140,526 143,784 Intersegment eliminations (30,535 ) (42,482 ) Total $ 11,068,542 $ 11,198,340

Basis of Presentation - Investm

Basis of Presentation - Investment Contract and Life Policy Reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment contract reserves	$ 4,471,733	$ 4,452,972
Life policy reserves	1,126,945	1,120,763
Total	$ 5,598,678	$ 5,573,735

Basis of Presentation - Accumul

Basis of Presentation - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,501,573
Other comprehensive income (loss) before reclassifications	(109,539)	$ 22,330
Amounts reclassified from accumulated other comprehensive income (loss)	2,443	203
Cumulative effect of change in accounting principle (3)	(15,041)	0
Other comprehensive income (loss)	(122,137)	22,533
Ending balance	1,404,679	1,321,818
Other income tax expense (benefit)	(649)	(110)
Reclassification of unrealized gains on equity securities, net of tax	15,041	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	286,960	163,921
Cumulative effect of change in accounting principle (3)	(15,041)	0
Ending balance	164,823	186,454
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	300,177	175,738
Other comprehensive income (loss) before reclassifications	(109,539)	22,330
Amounts reclassified from accumulated other comprehensive income (loss)	2,443	203
Cumulative effect of change in accounting principle (3)	(15,041)
Other comprehensive income (loss)	(122,137)	22,533
Ending balance	178,040	198,271
Pretax reclassification amounts from accumulated other comprehensive income (loss)	(3,092)	(313)
Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13,217)	(11,817)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Cumulative effect of change in accounting principle (3)	0
Other comprehensive income (loss)	0	0
Ending balance	$ (13,217)	$ (11,817)

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Basis of Presentation [Line Items]
Cumulative effect of change in accounting principle (3)	$ (15,041)	$ 0
Future lease commitments			$ 9,093
Retained earnings
Basis of Presentation [Line Items]
Cumulative effect of change in accounting principle (3)	15,041	0
Accumulated other comprehensive income, net of tax
Basis of Presentation [Line Items]
Cumulative effect of change in accounting principle (3)	(15,041)	$ 0
Stranded Tax Amounts Reclassified	47,900
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities
Basis of Presentation [Line Items]
Cumulative effect of change in accounting principle (3)	(15,041)
Stranded Tax Amounts Reclassified	50,034
Benefit Plans
Basis of Presentation [Line Items]
Cumulative effect of change in accounting principle (3)	0
Stranded Tax Amounts Reclassified	$ (2,134)

Investments - Summary of Fair V

Investments - Summary of Fair Value and Amortized Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	$ 7,373,552	$ 7,302,950
Amortized Cost/Cost		116,320
Fair Value	7,634,682	7,724,075
Fair Value	131,023	135,466
Federal National Mortgage Association Certificates and Obligations (FNMA)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	386,398	361,955
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	396,957	400,001
Government National Mortgage Association Certificates and Obligations (GNMA)
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	98,056	104,168
Total Fixed Maturity Securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	7,373,552	7,302,950
Unrealized Investment Gains	324,880	443,633
Unrealized Investment Losses	63,750	22,508
Fair Value	7,634,682	7,724,075
OTTI in AOCI	0	0
Mortgage-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	699,629	669,297
Unrealized Investment Gains	22,930	30,460
Unrealized Investment Losses	11,601	3,032
Fair Value	710,958	696,725
OTTI in AOCI	0	0
Other, including U.S. Treasury securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	760,390	714,613
Unrealized Investment Gains	18,797	26,311
Unrealized Investment Losses	17,220	5,516
Fair Value	761,967	735,408
OTTI in AOCI	0	0
Municipal bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	1,721,046	1,711,581
Unrealized Investment Gains	149,774	184,107
Unrealized Investment Losses	9,516	2,435
Fair Value	1,861,304	1,893,253
OTTI in AOCI	0	0
Foreign government bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	94,870	96,780
Unrealized Investment Gains	4,307	5,958
Unrealized Investment Losses	136	0
Fair Value	99,041	102,738
OTTI in AOCI	0	0
Corporate bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	2,383,394	2,409,426
Unrealized Investment Gains	112,451	173,862
Unrealized Investment Losses	14,575	4,334
Fair Value	2,481,270	2,578,954
OTTI in AOCI	0	0
Other mortgage-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost	1,714,223	1,701,253
Unrealized Investment Gains	16,621	22,935
Unrealized Investment Losses	10,702	7,191
Fair Value	1,720,142	1,716,997
OTTI in AOCI	$ 0	0
Equity securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost/Cost		116,320
Unrealized Investment Gains		19,425
Unrealized Investment Losses		279
Fair Value		135,466
OTTI in AOCI		$ 0

Investments - Fair Value and Gr

Investments - Fair Value and Gross Unrealized Losses (Details) $ in Thousands	Mar. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	$ 1,984,310	$ 910,409
Fixed maturity securities, Fair Value, More than 12 Months	418,313	448,829
Fixed maturity securities, Fair Value, Total	2,402,623	1,359,238
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	40,732	8,743
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	23,018	14,044
Fixed maturity securities, Gross Unrealized Losses, Total	$ 63,750	$ 22,787
Number of positions with a gross unrealized loss, 12 Months or Less | security	837	354
Number of position with a gross unrealized loss, more than 12 months | security	153	158
Number of position with a gross unrealized loss, Total | security	990	512
Fair value as a percentage of total fixed maturities and equity securities fair value, 12 Months or Less	25.60%	11.60%
Fair value as a percentage of total fixed maturities and equity securities fair value, more than 12 months	5.40%	5.70%
Fair value as a percentage of total fixed maturities and equity securities fair value, Total	31.00%	17.30%
Mortgage-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	$ 301,927	$ 134,032
Fixed maturity securities, Fair Value, More than 12 Months	39,339	40,606
Fixed maturity securities, Fair Value, Total	341,266	174,638
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	8,346	1,053
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	3,255	1,979
Fixed maturity securities, Gross Unrealized Losses, Total	11,601	3,032
Other
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	393,555	168,634
Fixed maturity securities, Fair Value, More than 12 Months	118,166	122,753
Fixed maturity securities, Fair Value, Total	511,721	291,387
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	9,415	1,849
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	7,805	3,667
Fixed maturity securities, Gross Unrealized Losses, Total	17,220	5,516
Municipal bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	224,400	29,437
Fixed maturity securities, Fair Value, More than 12 Months	76,577	79,140
Fixed maturity securities, Fair Value, Total	300,977	108,577
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	4,614	100
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	4,902	2,335
Fixed maturity securities, Gross Unrealized Losses, Total	9,516	2,435
Foreign government bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	6,390	0
Fixed maturity securities, Fair Value, More than 12 Months	0	0
Fixed maturity securities, Fair Value, Total	6,390	0
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	136	0
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	0	0
Fixed maturity securities, Gross Unrealized Losses, Total	136	0
Corporate bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	450,467	115,113
Fixed maturity securities, Fair Value, More than 12 Months	37,572	36,081
Fixed maturity securities, Fair Value, Total	488,039	151,194
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	11,923	2,701
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	2,652	1,633
Fixed maturity securities, Gross Unrealized Losses, Total	14,575	4,334
Other mortgage-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	607,571	457,166
Fixed maturity securities, Fair Value, More than 12 Months	146,659	168,972
Fixed maturity securities, Fair Value, Total	754,230	626,138
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	6,298	2,791
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	4,404	4,400
Fixed maturity securities, Gross Unrealized Losses, Total	$ 10,702	7,191
Total Fixed Maturity Securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less		904,382
Fixed maturity securities, Fair Value, More than 12 Months		447,552
Fixed maturity securities, Fair Value, Total		1,351,934
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less		8,494
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months		14,014
Fixed maturity securities, Gross Unrealized Losses, Total		22,508
Equity securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less		6,027
Fixed maturity securities, Fair Value, More than 12 Months		1,277
Fixed maturity securities, Fair Value, Total		7,304
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less		249
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months		30
Fixed maturity securities, Gross Unrealized Losses, Total		$ 279

Investments - Rollforward of OT

Investments - Rollforward of OTTI Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cumulative credit loss
Beginning of period	$ 3,825	$ 13,703
New credit losses	0	0
Increases to previously recognized credit losses	0	726
Gains (losses) related to securities sold or paid down during the period	0	(2)
End of period	$ 3,825	$ 14,427

Investments - Distribution of F

Investments - Distribution of Fixed Maturity Securities by Expected Maturity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Percent of Total Fair Value
Due in 1 year or less, Percent of Total Fair Value	4.00%	3.20%
Due after 1 year through 5 years, Percent of Total Fair Value	25.40%	26.70%
Due after 5 years through 10 years, Percent of Total Fair Value	32.70%	32.60%
Due after 10 years through 20 years, Percent of Total Fair Value	24.70%	24.20%
Due after 20 years, Percent of Total Fair Value	13.20%	13.30%
Total, Percent of Total Fair Value	100.00%	100.00%
Fair Value
Due in 1 year or less, Fair Value	$ 303,914
Due after 1 year through 5 years, Fair Value	1,936,362
Due after 5 years through 10 years, Fair Value	2,498,529
Due after 10 years through 20 years, Fair Value	1,884,116
Due after 20 years, Fair Value	1,011,761
Total, Fair Value	7,634,682	$ 7,724,075
Amortized Cost
Due in 1 year or less, Amortized Cost	299,275
Due after 1 year through 5 years, Amortized Cost	1,887,648
Due after 5 years through 10 years, Amortized Cost	2,457,018
Due after 10 years through 20 years, Amortized Cost	1,800,969
Due after 20 years, Amortized Cost	928,642
Total, Amortized Cost	$ 7,373,552	$ 7,302,950
Average option-adjusted duration, in years	6 years	5 years 10 months 24 days

Investments - Summary of Procee

Investments - Summary of Proceeds and Gains (Losses) Realized on Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Proceeds received from sales of fixed maturities and equity securities
Proceeds received, Fixed maturity securities	$ 89,894	$ 110,872
Proceeds received, Equity securities	2,048	5,489
Fixed maturity securities
Proceeds received from sales of fixed maturities and equity securities
Gross gains realized	1,670	2,489
Gross losses realized	(53)	(881)
Equity securities
Proceeds received from sales of fixed maturities and equity securities
Gross gains realized	616	1,048
Gross losses realized	$ (34)	$ (192)

Investments - Reconciliation of

Investments - Reconciliation of Net Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,501,573
Cumulative effect of change in accounting principle	(15,041)	$ 0
Ending balance	1,404,679	1,321,818
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	300,177	175,738
Cumulative effect of change in accounting principle	(15,041)
Ending balance	178,040	198,271
Net Unrealized Investment Gains and Losses on Fixed Maturity and Equity Securities | Fixed maturity securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	286,176	202,941
Change in net unrealized investment gains and losses	(67,285)	25,193
Reclassification of net investments (gains) losses to net income	2,443	203
Ending balance	$ 206,293	$ 228,337

Investments - Offsetting of Ass

Investments - Offsetting of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Asset derivatives:
Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets	$ 12,630	$ 15,550
Free-standing derivatives
Asset derivatives:
Gross Amounts	12,630	15,550
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets	12,630	15,550
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	13,174	15,584
Net Amount	$ (544)	$ (34)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Investment Grade Rate	95.30%
Fair value of issued securities	$ 7,634,682	$ 7,724,075
Federal Home Loan Bank Funding Agreements	625,000	625,000
Federal Home Loans Bank Of Chicago
Investment Holdings [Line Items]
Fair value of issued securities	686,387	686,790
Governmental Agencies as Required by Law in Various States
Investment Holdings [Line Items]
Fair value of issued securities	$ 17,848	$ 17,985

Investments - Net Realized Gain

Investments - Net Realized Gain (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Impairment write-downs	$ 0	$ (1,777)
Change in intent write-downs	(110)	(1,020)
Net other-than-temporary impairment losses recognized in earnings	(110)	(2,797)
Sales and other	2,203	2,484
Change in fair value - equity securities (1)	(5,186)	0
Change in fair value and gains (losses) realized on settlements - derivative instruments	1,439	71
Net investment losses	$ (1,654)	$ (242)

Fair Value of Financial Instr40

Fair Value of Financial Instruments - Financial Instruments Measured and Carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	$ (1,466)	$ 1,196
Net unrealized investment gains (losses) included in other comprehensive income		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Purchases		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances	0	0
Issuances	1,332	3,389
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	243,868	248,757	$ 230,257	$ 212,104
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	78,486	64,261	80,733	59,393
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	25,600	50,171
Transfers into Level 3	0	0
Net realized investment gains (losses) included in net income related to financial assets	3	0
Net realized gains (losses) included in net income related to financial liabilities	(2,222)	2,308
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	6,861
Transfers out of Level 3	0	0
Financial Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	3	0
Sales		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Settlements		0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPaydownsAndMaturities	1,357	829
Paydowns, maturities and distributions	10,523	7,853
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0	0	0	751
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Net realized investment gains (losses) included in net income related to financial assets	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	751
Financial Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Paydowns, maturities and distributions	0	0
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	443	1,871
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	49,748	53,462	49,328	46,497
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	5,214
Net realized investment gains (losses) included in net income related to financial assets	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0
Financial Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Paydowns, maturities and distributions	23	120
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	(887)	96
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	78,780	82,495	72,979	60,191
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	10,778	29,918
Net realized investment gains (losses) included in net income related to financial assets	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	6,110
Financial Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Paydowns, maturities and distributions	4,090	1,600
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	6	6	6	$ 6
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Net realized investment gains (losses) included in net income related to financial assets	3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0
Financial Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	3	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	0	0
Paydowns, maturities and distributions	0	$ 0
Carrying Amount
U.S. Government and federally sponsored agency obligations:
Investments	7,813,029		7,950,184
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	518		594
Other policyholder funds, embedded derivatives	78,486		80,733
Carrying Amount | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,634,682		7,724,075
Carrying Amount | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	22,194		62,593
Carrying Amount | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	710,958		696,725
Carrying Amount | Other, including U.S. Treasury securities
U.S. Government and federally sponsored agency obligations:
Investments	761,967		735,408
Carrying Amount | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,861,304		1,893,253
Carrying Amount | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	99,041		102,738
Carrying Amount | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,481,270		2,578,954
Carrying Amount | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,720,142		1,716,997
Carrying Amount | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	131,023		135,466
Carrying Amount | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	25,130		28,050
Fair Value
U.S. Government and federally sponsored agency obligations:
Investments	7,813,029		7,950,184
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	518		594
Other policyholder funds, embedded derivatives	78,486		80,733
Fair Value | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,634,682		7,724,075
Fair Value | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	22,194		62,593
Fair Value | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	710,958		696,725
Fair Value | Other, including U.S. Treasury securities
U.S. Government and federally sponsored agency obligations:
Investments	761,967		735,408
Fair Value | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,861,304		1,893,253
Fair Value | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	99,041		102,738
Fair Value | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,481,270		2,578,954
Fair Value | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,720,142		1,716,997
Fair Value | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	131,023		135,466
Fair Value | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	25,130		28,050
Fair Value | Level 1
U.S. Government and federally sponsored agency obligations:
Investments	129,046		172,539
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	26,982		27,738
Fair Value | Level 1 | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	22,194		62,593
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	13,249		13,393
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	13,733		14,345
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	79,870		82,208
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	7,440,115		7,547,388
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	518		594
Other policyholder funds, embedded derivatives	0		0
Fair Value | Level 2 | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	7,363,838		7,466,086
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	707,842		693,375
Fair Value | Level 2 | Other, including U.S. Treasury securities
U.S. Government and federally sponsored agency obligations:
Investments	748,718		722,015
Fair Value | Level 2 | Municipal bonds
U.S. Government and federally sponsored agency obligations:
Investments	1,811,556		1,843,925
Fair Value | Level 2 | Foreign government bonds
U.S. Government and federally sponsored agency obligations:
Investments	99,041		102,738
Fair Value | Level 2 | Corporate bonds
U.S. Government and federally sponsored agency obligations:
Investments	2,388,757		2,491,630
Fair Value | Level 2 | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	1,607,924		1,612,403
Fair Value | Level 2 | Equity securities
U.S. Government and federally sponsored agency obligations:
Investments	51,147		53,252
Fair Value | Level 2 | Other investments
U.S. Government and federally sponsored agency obligations:
Investments	25,130		28,050
Fair Value | Level 3
U.S. Government and federally sponsored agency obligations:
Investments	243,868		230,257
Financial Liabilities
Investment contract and life policy reserves, embedded derivatives	0		0
Other policyholder funds, embedded derivatives	78,486		80,733
Fair Value | Level 3 | Recurring
U.S. Government and federally sponsored agency obligations:
Investments	243,862		230,251
Fair Value | Level 3 | Short-term investments
U.S. Government and federally sponsored agency obligations:
Investments	0		0
Fair Value | Level 3 | Mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	3,116		3,350
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	49,748		49,328
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	78,780		72,979
Fair Value | Level 3 | Other mortgage-backed securities
U.S. Government and federally sponsored agency obligations:
Investments	112,218		104,594
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 Instr41

Fair Value of Financial Instruments - Rollforward of Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Financial Assets
Beginning balance	$ 230,257	$ 212,104
Transfers into Level 3	25,600	50,171
Transfers out of Level 3	0	(6,861)
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	3	0
Net unrealized investment gains (losses) included in other comprehensive income	(1,466)	1,196
Purchases	0	0
Issuances	0	0
Sales	(3)	0
Settlements	0	0
Paydowns, maturities and distributions	(10,523)	(7,853)
Ending balance	243,868	248,757
Financial Liabilities
Beginning balance	80,733	59,393
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Total gains or losses
Net realized gains (losses) included in net income related to financial liabilities	(2,222)	2,308
Net unrealized investment gains (losses) included in other comprehensive income		0
Purchases		0
Issuances	1,332	3,389
Sales		0
Settlements		0
Paydowns, maturities and distributions	(1,357)	(829)
Ending balance	78,486	64,261
Short-term Investments
Financial Assets
Beginning balance	0	751
Transfers into Level 3	0	0
Transfers out of Level 3	0	(751)
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in other comprehensive income	0	0
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	0	0
Ending balance	0	0
Municipal bonds
Financial Assets
Beginning balance	49,328	46,497
Transfers into Level 3	0	5,214
Transfers out of Level 3	0	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in other comprehensive income	443	1,871
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(23)	(120)
Ending balance	49,748	53,462
Corporate bonds
Financial Assets
Beginning balance	72,979	60,191
Transfers into Level 3	10,778	29,918
Transfers out of Level 3	0	(6,110)
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in other comprehensive income	(887)	96
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(4,090)	(1,600)
Ending balance	78,780	82,495
Mortgage-Backed Securities
Financial Assets
Beginning balance	107,944	104,659
Transfers into Level 3	14,822	15,039
Transfers out of Level 3	0	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in other comprehensive income	(1,022)	(771)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(6,410)	(6,133)
Ending balance	115,334	112,794
Total Fixed Maturity Securities
Financial Assets
Beginning balance	230,251	211,347
Transfers into Level 3	25,600	50,171
Transfers out of Level 3	0	(6,110)
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in other comprehensive income	(1,466)	1,196
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(10,523)	(7,853)
Ending balance	243,862	248,751
Equity securities
Financial Assets
Beginning balance	6	6
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Total gains or losses
Net realized investment gains (losses) included in net income related to financial assets	3	0
Net unrealized investment gains (losses) included in other comprehensive income	0	0
Purchases	0	0
Issuances	0	0
Sales	(3)	0
Settlements	0	0
Paydowns, maturities and distributions	0	0
Ending balance	$ 6	$ 6

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Financial Instrument Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
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	0	0
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	575,784	575,622
Long-term debt	306,247	311,315
Level 3
Investments
Other investments	158,891	159,575
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,373,529	4,366,334
Investment contract and life policy reserves, account values on life contracts	88,968	88,620
Other policyholder funds	66,251	67,906
Long-term debt	0	0
Carrying Amount
Investments
Other investments	154,211	154,898
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,471,733	4,452,972
Investment contract and life policy reserves, account values on life contracts	83,319	82,911
Other policyholder funds	642,035	643,528
Long-term debt	297,536	297,469
Fair Value
Investments
Other investments	158,891	159,575
Financial Liabilities
Investment contract and life policy reserves, fixed annuity contracts	4,373,529	4,366,334
Investment contract and life policy reserves, account values on life contracts	88,968	88,620
Other policyholder funds	642,035	643,528
Long-term debt	$ 306,247	$ 311,315

Fair Value of Financial Instr43

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value of Financial Instruments (Textual) [Abstract]
Net realized investment gains (losses) included in net income related to financial assets	$ 3	$ 0
Level 3
Fair Value of Financial Instruments (Textual) [Abstract]
Percentage of invested assets in total investment portfolio Level 3 recurring	3.00%
Net realized investment losses	$ (2,222)	$ (2,308)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivatives in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Derivative instruments, included in Short-term and other investments	$ 12,630	$ 15,550
Short-term and other investments
Assets
Derivative instruments, included in Short-term and other investments	12,630	15,550
Other policyholder funds
Liabilities
FIA - embedded derivatives, included in Other policyholder funds	78,486	80,733
Investment contract and life policy reserves
Liabilities
IUL - embedded derivatives, included in Investment contract and life policy reserves	$ 518	$ 594

Derivative Instruments - Fair45

Derivative Instruments - Fair Value of Derivatives Included in Consolidated Statements of Operations (Details) - Revenues - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Change in fair value of derivatives:
Net investment gains (losses)	$ (849)	$ 2,437
Change in fair value of embedded derivatives:
Net investment gains (losses)	$ 2,288	$ (2,366)

Derivative Instruments - Notion

Derivative Instruments - Notional and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional Amount	$ 255,900	$ 246,800
Fair Value	12,630	15,550
Bank of America, N.A.
Derivative [Line Items]
Notional Amount	93,800	85,100
Fair Value	6,017	6,320
Barclays Bank PLC
Derivative [Line Items]
Notional Amount	48,600	48,900
Fair Value	902	1,828
Citigroup Inc.
Derivative [Line Items]
Notional Amount	0	0
Fair Value	0	0
Credit Suisse International
Derivative [Line Items]
Notional Amount	21,100	21,100
Fair Value	1,469	1,444
Societe Generale
Derivative [Line Items]
Notional Amount	92,400	91,700
Fair Value	$ 4,242	$ 5,958

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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	$ 13,174,000	$ 15,584,000

Property and Casualty Unpaid 48

Property and Casualty Unpaid Claims and Claim Expenses - Summary of Reinsurance Reserve Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Segment Reporting Information [Line Items]
Beginning Gross reserves	$ 347,749
Claims and claim expense payments for claims occurring during:
Ending Gross reserves	358,317
Benefits, claims and settlement expenses	143,562		$ 144,096
Property and Casualty
Segment Reporting Information [Line Items]
Beginning Gross reserves	319,182		307,757
Less: reinsurance recoverables	57,409		61,199
Net reserves, beginning of year	261,773		246,558
Incurred claims and claim expenses:
Claims occurring in the current period	120,988		123,204
Decrease in estimated reserves for claims occurring in prior years	(300)		(1,000)
Total claims and claim expenses incurred	120,688		122,204
Claims and claim expense payments for claims occurring during:
Current period	47,048		52,380
Prior periods	67,075		62,013
Total claims and claim expense payments	114,123		114,393
Net reserves, end of year	268,338		254,369
Plus: reinsurance recoverables	62,917		61,804
Ending Gross reserves	331,255		316,173
Life and Annuity segments
Claims and claim expense payments for claims occurring during:
Net reserves, end of year	27,062		$ 23,860
Benefits, claims and settlement expenses	$ 21,892	$ 22,874

Property and Casualty Unpaid 49

Property and Casualty Unpaid Claims and Claim Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Insurance Loss Reserves [Abstract]
Favorable development of total reserves for property and casualty claims occurring in prior years	$ 300	$ 1,000

Debt - Summary of Indebtedness

Debt - Summary of Indebtedness (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Short-term debt:
Bank Credit Facility, expires July 30, 2019	$ 0	$ 0
Long-term debt:
Long-term debt	297,536,000	297,469,000
Debt and Capital Lease Obligations	297,536,000	297,469,000
Senior Notes 4.50% [Member]
Long-term debt:
Long-term debt	247,536,000	247,469,000
Unamortized discount	$ 532,000	547,000
Stated rate	4.50%
Face amount	$ 250,000,000
Unamortized debt issuance costs	1,932,000	1,984,000
Federal Home Loan Bank Advances [Member]
Long-term debt:
Long-term debt	$ 50,000,000	$ 50,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Mar. 31, 2018
Senior Notes 4.50% [Member]
Debt Instrument [Line Items]
Stated rate	4.50%

Reinsurance - Summary of Reinsu

Reinsurance - Summary of Reinsurance Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gross Amount
Premiums written and contract deposits, Gross Amount	$ 288,816	$ 301,512
Premiums and contract charges earned, Gross Amount	207,737	200,455
Benefits, claims and settlement expenses, Gross Amount	151,968	147,271
Ceded to Other Companies
Premiums written and contract deposits, Ceded to Other Companies	5,514	5,510
Premiums and contract charges earned, Ceded to Other Companies	5,528	5,534
Benefits, claims and settlement expenses, Ceded to Other Companies	9,014	3,883
Assumed from Other Companies
Premiums written and contract deposits, Assumed from Other Companies	706	730
Premiums and contract charges earned, Assumed from Other Companies	789	801
Benefits, claims and settlement expenses, Assumed from Other Companies	608	708
Net Amount
Premiums written and contract deposits, Net Amount	284,008	296,732
Premiums and contract charges earned, Net Amount	202,998	195,722
Benefits, claims and settlement expenses, Net Amount	$ 143,562	$ 144,096

Commitments - Narrative (Detail

Commitments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments to purchase investments	$ 170,102	$ 106,381

Segment Information - Summary o

Segment Information - Summary of Segment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
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	$ 202,998	$ 195,722
Net investment income	91,864	90,711
Net income (loss)	20,155	15,318
Assets	11,068,542		$ 11,198,340
Intersegment eliminations
Summarized financial information for these segments
Net investment income	(197)	(208)
Assets	(30,535)		(42,482)
Property and Casualty
Summarized financial information for these segments
Insurance premiums and contract charges earned	165,458	158,318
Property and Casualty | Operating segments
Summarized financial information for these segments
Net investment income	9,516	9,177
Net income (loss)	9,722	2,735
Assets	1,202,791		1,217,394
Retirement
Summarized financial information for these segments
Insurance premiums and contract charges earned	8,068	6,601
Retirement | Operating segments
Summarized financial information for these segments
Net investment income	64,169	63,442
Net income (loss)	11,421	11,530
Assets	7,969,848		8,063,912
Life
Summarized financial information for these segments
Insurance premiums and contract charges earned	29,472	30,803
Life | Operating segments
Summarized financial information for these segments
Net investment income	18,340	18,288
Net income (loss)	3,787	3,885
Assets	1,785,912		1,815,732
Corporate and Other
Summarized financial information for these segments
Net investment income	36	12
Net income (loss)	(4,775)	$ (2,832)
Assets	$ 140,526		$ 143,784

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
TCJA effect on tax rate	9.50%