Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'AMERICAN NATIONAL INSURANCE CO /TX/ | ' |
Entity Central Index Key | '0000904163 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,871,752 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Fixed maturity, bonds held-to-maturity, at amortized cost (Fair Value $8,943,092 and $8,823,068) | $8,498,386 | $8,491,347 |
Fixed maturity, bonds available-for-sale, at fair value (Amortized cost $4,692,767 and $4,456,391) | 4,891,623 | 4,599,673 |
Equity securities, at fair value (Cost $739,098 and $741,080) | 1,424,143 | 1,410,608 |
Mortgage loans on real estate, net of allowance | 3,290,795 | 3,299,242 |
Policy loans | 399,348 | 397,407 |
Investment real estate, net of accumulated depreciation of $208,089 and $211,575 | 491,079 | 507,142 |
Short-term investments | 245,601 | 495,386 |
Other invested assets | 178,727 | 201,442 |
Total investments | 19,419,702 | 19,402,247 |
Cash and cash equivalents | 169,225 | 117,946 |
Investments in unconsolidated affiliates | 348,515 | 341,012 |
Accrued investment income | 204,766 | 194,830 |
Reinsurance recoverables | 410,307 | 414,743 |
Prepaid reinsurance premiums | 54,695 | 57,869 |
Premiums due and other receivables | 275,535 | 279,929 |
Deferred policy acquisition costs | 1,258,671 | 1,277,733 |
Property and equipment, net | 109,237 | 107,070 |
Current tax receivable | 9,638 | 18,507 |
Other assets | 151,237 | 142,043 |
Separate account assets | 981,739 | 970,954 |
Total assets | 23,393,267 | 23,324,883 |
LIABILITIES | ' | ' |
Life | 2,723,063 | 2,677,213 |
Annuity | 938,207 | 903,437 |
Accident and health | 61,520 | 71,941 |
Policyholders' account balances | 11,018,772 | 11,181,650 |
Policy and contract claims | 1,313,157 | 1,297,646 |
Unearned premium reserve | 749,984 | 739,878 |
Other policyholder funds | 330,460 | 326,885 |
Liability for retirement benefits | 147,999 | 160,853 |
Notes payable | 113,066 | 113,849 |
Deferred tax liabilities, net | 254,148 | 220,428 |
Other liabilities | 490,962 | 456,818 |
Separate account liabilities | 981,739 | 970,954 |
Total liabilities | 19,123,077 | 19,121,552 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $1.00 par value, - Authorized 50,000,000 Issued 30,832,449 and 30,832,449, Outstanding 26,911,752 and 26,895,188 shares | 30,832 | 30,832 |
Additional paid-in capital | 6,776 | 4,650 |
Accumulated other comprehensive income | 447,297 | 413,712 |
Retained earnings | 3,870,968 | 3,838,821 |
Treasury stock, at cost | -97,219 | -97,441 |
Total American National stockholders' equity | 4,258,654 | 4,190,574 |
Noncontrolling interest | 11,536 | 12,757 |
Total stockholders' equity | 4,270,190 | 4,203,331 |
Total liabilities and stockholders' equity | $23,393,267 | $23,324,883 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Fair value of bonds held-to-maturity | $8,943,092 | $8,823,068 |
Amortized cost of bonds available-for-sale | 4,692,767 | 4,456,391 |
Cost of equity securities | 739,098 | 741,080 |
Accumulated depreciation of investment real estate | $208,089 | $211,575 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 30,832,449 | 30,832,449 |
Common stock, shares outstanding | 26,911,752 | 26,895,188 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Premiums | ' | ' |
Life | $71,995 | $68,655 |
Annuity | 66,936 | 32,696 |
Accident and health | 55,336 | 52,729 |
Property and casualty | 270,608 | 265,689 |
Other policy revenues | 55,927 | 49,998 |
Net investment income | 218,823 | 251,366 |
Realized investment gains (losses) | 26,446 | 18,538 |
Other-than-temporary impairments | -975 | -1,587 |
Other income | 7,340 | 6,961 |
Total premiums and other revenues | 772,436 | 745,045 |
Policyholder benefits | ' | ' |
Life | 91,280 | 81,502 |
Annuity | 77,452 | 40,695 |
Claims incurred | ' | ' |
Accident and health | 43,929 | 38,968 |
Property and casualty | 178,512 | 189,594 |
Interest credited to policyholders' account balances | 83,412 | 111,106 |
Commissions for acquiring and servicing policies | 98,435 | 85,123 |
Other operating expenses | 118,524 | 124,575 |
Change in deferred policy acquisition costs | 6,424 | 11,334 |
Total benefits, losses and expenses | 697,968 | 682,897 |
Income (loss) before federal income tax and equity in earnings/losses of unconsolidated affiliates | 74,468 | 62,148 |
Less: Provision (benefit) for federal income taxes | ' | ' |
Current | 12,360 | 4,964 |
Deferred | 9,127 | 6,353 |
Total provision (benefit) for federal income taxes | 21,487 | 11,317 |
Equity in earnings (losses) of unconsolidated affiliates, net of tax | -859 | 8,577 |
Net income (loss) | 52,122 | 59,408 |
Less: Net income (loss) attributable to noncontrolling interest, net of tax | -756 | -563 |
Net income (loss) attributable to American National | $52,878 | $59,971 |
Earnings per share | ' | ' |
Basic | $1.97 | $2.24 |
Diluted | $1.96 | $2.23 |
Cash dividends to common stockholders | $0.77 | $0.77 |
Weighted average common shares outstanding | 26,792,281 | 26,763,896 |
Weighted average common shares outstanding and dilutive potential common shares | 26,925,152 | 26,887,151 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $52,122 | $59,408 |
Other comprehensive income (loss), net of tax | ' | ' |
Change in net unrealized gain (loss) on securities | 33,834 | 62,719 |
Foreign currency transaction and translation adjustments | -966 | 149 |
Defined pension benefit plan adjustment | 717 | 2,876 |
Other comprehensive income (loss), net of tax | 33,585 | 65,744 |
Total comprehensive income (loss) | 85,707 | 125,152 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | -756 | -563 |
Total comprehensive income (loss) attributable to American National | $86,463 | $125,715 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
In Thousands | |||||||
Balance at beginning of the period at Dec. 31, 2012 | ' | $30,832 | ' | $242,010 | $3,653,280 | ($98,286) | $11,491 |
Contributions | ' | ' | ' | ' | ' | ' | 1 |
Reissuance of treasury shares | ' | ' | 2,920 | ' | ' | 821 | ' |
Net income (loss) attributable to American National | 59,971 | ' | ' | ' | 59,971 | ' | ' |
Other comprehensive income (loss) | 65,744 | ' | ' | 65,744 | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | -21 |
Income tax effect from restricted stock arrangement | ' | ' | 79 | ' | ' | ' | ' |
Cash dividends to common stockholders | ' | ' | ' | ' | -20,710 | ' | ' |
Gain (loss) attributable to noncontrolling interest | -563 | ' | ' | ' | ' | ' | -563 |
Amortization of restricted stock | ' | ' | -297 | ' | ' | ' | ' |
Balance at end of the period at Mar. 31, 2013 | 3,947,272 | 30,832 | 2,702 | 307,754 | 3,692,541 | -97,465 | 10,908 |
Balance at beginning of the period at Dec. 31, 2013 | 4,203,331 | 30,832 | 4,650 | 413,712 | 3,838,821 | -97,441 | 12,757 |
Contributions | ' | ' | ' | ' | ' | ' | 42 |
Reissuance of treasury shares | ' | ' | 1,621 | ' | ' | 222 | ' |
Net income (loss) attributable to American National | 52,878 | ' | ' | ' | 52,878 | ' | ' |
Other comprehensive income (loss) | 33,585 | ' | ' | 33,585 | ' | ' | ' |
Cash dividends to common stockholders | ' | ' | ' | ' | -20,731 | ' | ' |
Gain (loss) attributable to noncontrolling interest | -756 | ' | ' | ' | ' | ' | -756 |
Amortization of restricted stock | ' | ' | 505 | ' | ' | ' | ' |
Cumulative tax adjustment | ' | ' | ' | ' | ' | ' | -507 |
Balance at end of the period at Mar. 31, 2014 | $4,270,190 | $30,832 | $6,776 | $447,297 | $3,870,968 | ($97,219) | $11,536 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $52,122 | $59,408 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' |
Realized investment (gains) losses | -26,446 | -18,538 |
Other-than-temporary impairments | 975 | 1,587 |
Accretion (amortization) of discounts, premiums and loan origination fees | 3,400 | 389 |
Net capitalized interest on policy loans and mortgage loans | -8,298 | -7,633 |
Depreciation | 7,350 | 8,452 |
Interest credited to policyholders' account balances | 83,412 | 111,106 |
Charges to policyholders' account balances | -55,927 | -49,998 |
Deferred federal income tax (benefit) expense | 9,127 | 6,353 |
Equity in (earnings) losses of unconsolidated affiliates | 859 | -8,577 |
Distributions from equity method investments | 2,688 | 9,760 |
Changes in | ' | ' |
Policyholder liabilities | 94,640 | 23,743 |
Deferred policy acquisition costs | 6,424 | 11,334 |
Reinsurance recoverables | 4,436 | 11,446 |
Premiums due and other receivables | 4,245 | -3,604 |
Prepaid reinsurance premiums | 3,174 | 3,734 |
Accrued investment income | -9,936 | -1,419 |
Current tax receivable/payable | 8,869 | 9,330 |
Liability for retirement benefits | -12,854 | 2,793 |
Other, net | 17,803 | -52,038 |
Net cash provided by (used in) operating activities | 186,063 | 117,628 |
Proceeds from sale/maturity/prepayment of | ' | ' |
Held-to-maturity securities | 176,063 | 448,034 |
Available-for-sale securities | 292,496 | 242,983 |
Investment real estate | 27,650 | 8,597 |
Mortgage loans | 85,094 | 111,110 |
Policy loans | 13,357 | 16,718 |
Other invested assets | 28,700 | 12,263 |
Disposals of property and equipment | 157 | 1,613 |
Distributions from unconsolidated affiliates | 994 | 11,664 |
Payment for the purchase/origination of | ' | ' |
Held-to-maturity securities | -193,554 | -505,265 |
Available-for-sale securities | -487,904 | -363,428 |
Investment real estate | -5,539 | -10,426 |
Mortgage loans | -81,600 | -136,576 |
Policy loans | -5,524 | -5,967 |
Other invested assets | -4,640 | -11,709 |
Additions to property and equipment | -5,449 | -2,838 |
Contributions to unconsolidated affiliates | -17,260 | -23,653 |
Change in short-term investments | 249,785 | 79,985 |
Other, net | 4,225 | 903 |
Net cash provided by (used in) investing activities | 77,051 | -125,992 |
FINANCING ACTIVITIES | ' | ' |
Policyholders' account deposits | 265,636 | 219,078 |
Policyholders' account withdrawals | -455,999 | -381,556 |
Change in notes payable | -783 | 1,743 |
Dividends to stockholders | -20,731 | -20,710 |
Proceeds from (payments to) noncontrolling interest | 42 | -20 |
Net cash provided by (used in) financing activities | -211,835 | -181,465 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 51,279 | -189,829 |
Beginning of the period | 117,946 | 303,008 |
End of period | $169,225 | $113,179 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
1. NATURE OF OPERATIONS | |
American National Insurance Company and its consolidated subsidiaries (collectively “American National”) offer a broad spectrum of insurance products, including individual and group life insurance, annuities, health insurance, and property and casualty insurance. Business is conducted in 50 states, the District of Columbia, Puerto Rico, Guam and American Samoa. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Practices | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies and Practices | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | |
The consolidated financial statements and notes thereto have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and are reported in U.S. currency. American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. Certain amounts in prior years have been reclassified to conform to current year presentation. | |
The interim consolidated financial statements and notes herein are unaudited and reflect all adjustments which management considers necessary for the fair presentation of the interim consolidated statements of financial position, operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows. | |
The interim consolidated financial statements and notes should be read in conjunction with the annual consolidated financial statements and notes thereto included in American National’s Annual Report on Form 10-K as of and for the year ended December 31, 2013. The consolidated results of operations for the interim periods should not be considered indicative of results to be expected for the full year. | |
The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Adoption of New Accounting Standards—The Financial Accounting Standards Board (“FASB”) issued the following accounting guidance relevant to American National, including technical amendments and corrections to make the accounting standards easier to understand and fair value measurement easier to apply. Each became effective for American National on January 1, 2014 and, unless stated otherwise, did not have a material effect on the consolidated financial statements. | |
Guidance that amends the disclosures about offsetting assets and liabilities. This guidance requires disclosures of both gross and net information about offsetting and related arrangements. Subsequently, amendments were issued to clarify the scope of this guidance covering only those derivatives that are either offsets in accordance with the right of setoff conditions, the balance sheet netting criteria or subject to an enforceable master netting arrangement or similar agreement. | |
Amended guidance on presentation of Accumulated Other Comprehensive Income (“AOCI”). The amendments require disclosures about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. | |
Amended guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date. The amended guidance requires the entity to measure obligations resulting from joint and several liability arrangements as the sum of the amount the reporting entity agreed with co-obligors to pay and any additional amounts it expects to pay on behalf of one or more co-obligors. | |
Guidance that allows investors to elect the use of proportional amortization methods to account for investments in qualified affordable housing projects, if certain conditions are met. The new guidance replaces the effective yield method and allows an investor to amortize the cost of its investment, in proportion to the tax credits and other tax benefits it receives, to income tax expense. The guidance requires new disclosure for all investors and for all investments in qualified affordable housing projects, regardless of the accounting method used for those investments. | |
Future Adoption of New Accounting Standards—The FASB issued various accounting guidance through May 2014, none of which was relevant to American National. |
Investments_in_Securities
Investments in Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Securities | ' | ||||||||||||||||||||||||
4. INVESTMENTS IN SECURITIES | |||||||||||||||||||||||||
The cost or amortized cost and fair value of investments in securities are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 340,902 | $ | 21,994 | $ | (185 | ) | $ | 362,711 | ||||||||||||||||
Foreign governments | 29,107 | 2,318 | — | 31,425 | |||||||||||||||||||||
Corporate debt securities | 7,725,136 | 460,202 | (62,822 | ) | 8,122,516 | ||||||||||||||||||||
Residential mortgage-backed securities | 384,034 | 23,142 | (2,014 | ) | 405,162 | ||||||||||||||||||||
Collateralized debt securities | 2,244 | 205 | — | 2,449 | |||||||||||||||||||||
Other debt securities | 16,963 | 1,866 | — | 18,829 | |||||||||||||||||||||
Total bonds held-to-maturity | 8,498,386 | 509,727 | (65,021 | ) | 8,943,092 | ||||||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. treasury and government | 23,430 | 779 | — | 24,209 | |||||||||||||||||||||
U.S. states and political subdivisions | 656,927 | 26,722 | (8,159 | ) | 675,490 | ||||||||||||||||||||
Foreign governments | 5,000 | 1,823 | — | 6,823 | |||||||||||||||||||||
Corporate debt securities | 3,938,393 | 200,597 | (25,628 | ) | 4,113,362 | ||||||||||||||||||||
Residential mortgage-backed securities | 55,475 | 2,629 | (742 | ) | 57,362 | ||||||||||||||||||||
Collateralized debt securities | 13,542 | 1,054 | (219 | ) | 14,377 | ||||||||||||||||||||
Total bonds available-for-sale | 4,692,767 | 233,604 | (34,748 | ) | 4,891,623 | ||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | 716,266 | 669,913 | (3,021 | ) | 1,383,158 | ||||||||||||||||||||
Preferred stock | 22,832 | 18,325 | (172 | ) | 40,985 | ||||||||||||||||||||
Total equity securities | 739,098 | 688,238 | (3,193 | ) | 1,424,143 | ||||||||||||||||||||
Total investments in securities | $ | 13,930,251 | $ | 1,431,569 | $ | (102,962 | ) | $ | 15,258,858 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. treasury and government | $ | 1,738 | $ | 6 | $ | — | $ | 1,744 | |||||||||||||||||
U.S. states and political subdivisions | 346,240 | 16,945 | (529 | ) | 362,656 | ||||||||||||||||||||
Foreign governments | 29,099 | 2,505 | — | 31,604 | |||||||||||||||||||||
Corporate debt securities | 7,700,559 | 410,232 | (116,900 | ) | 7,993,891 | ||||||||||||||||||||
Residential mortgage-backed securities | 400,619 | 20,711 | (2,647 | ) | 418,683 | ||||||||||||||||||||
Collateralized debt securities | 2,366 | 225 | — | 2,591 | |||||||||||||||||||||
Other debt securities | 10,726 | 1,173 | — | 11,899 | |||||||||||||||||||||
Total bonds held-to-maturity | 8,491,347 | 451,797 | (120,076 | ) | 8,823,068 | ||||||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. treasury and government | 21,751 | 725 | — | 22,476 | |||||||||||||||||||||
U.S. states and political subdivisions | 630,199 | 22,118 | (13,756 | ) | 638,561 | ||||||||||||||||||||
Foreign governments | 5,000 | 1,649 | — | 6,649 | |||||||||||||||||||||
Corporate debt securities | 3,689,349 | 171,717 | (54,033 | ) | 3,807,033 | ||||||||||||||||||||
Residential mortgage-backed securities | 61,135 | 2,940 | (1,068 | ) | 63,007 | ||||||||||||||||||||
Commercial mortgage-backed securities | 18,223 | 11,037 | — | 29,260 | |||||||||||||||||||||
Collateralized debt securities | 13,884 | 1,320 | (18 | ) | 15,186 | ||||||||||||||||||||
Other debt securities | 16,850 | 679 | (28 | ) | 17,501 | ||||||||||||||||||||
Total bonds available-for-sale | 4,456,391 | 212,185 | (68,903 | ) | 4,599,673 | ||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | 717,390 | 653,967 | (2,362 | ) | 1,368,995 | ||||||||||||||||||||
Preferred stock | 23,690 | 18,301 | (378 | ) | 41,613 | ||||||||||||||||||||
Total equity securities | 741,080 | 672,268 | (2,740 | ) | 1,410,608 | ||||||||||||||||||||
Total investments in securities | $ | 13,688,818 | $ | 1,336,250 | $ | (191,719 | ) | $ | 14,833,349 | ||||||||||||||||
The amortized costs and fair values, by contractual maturity, of fixed maturity securities are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Bonds Held-to-Maturity | Bonds Available-for-Sale | ||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 606,812 | $ | 623,078 | $ | 477,328 | $ | 486,594 | |||||||||||||||||
Due after one year through five years | 2,224,806 | 2,437,297 | 975,504 | 1,065,243 | |||||||||||||||||||||
Due after five years through ten years | 5,164,391 | 5,358,905 | 2,779,775 | 2,865,769 | |||||||||||||||||||||
Due after ten years | 496,526 | 518,787 | 455,160 | 469,030 | |||||||||||||||||||||
Without single maturity date | 5,851 | 5,025 | 5,000 | 4,987 | |||||||||||||||||||||
Total | $ | 8,498,386 | $ | 8,943,092 | $ | 4,692,767 | $ | 4,891,623 | |||||||||||||||||
Actual maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities, which are not due at a single maturity, have been allocated to their respective categories based on the year of final contractual maturity. | |||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities, with the related gross realized gains and losses, are shown below (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | $ | 81,664 | $ | 76,857 | |||||||||||||||||||||
Gross realized gains | 19,943 | 10,738 | |||||||||||||||||||||||
Gross realized losses | (2,122 | ) | (522 | ) | |||||||||||||||||||||
All gains and losses for securities sold throughout the quarter were determined using specific identification of the securities sold. During the three months ended March 31, 2014 and 2013, bonds with a carrying value of $14,818,000 and $13,492,000, respectively, were transferred from held-to-maturity to available-for-sale after a significant deterioration in the issuers’ creditworthiness became evident. An unrealized gain of $339,000 and loss of $263,000 were established at the time of the transfers in 2014 and 2013, respectively following the transfers at fair value. | |||||||||||||||||||||||||
Change in net unrealized gains (losses) on securities | |||||||||||||||||||||||||
The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Bonds available-for-sale | $ | 55,574 | $ | 2,026 | |||||||||||||||||||||
Equity securities | 15,517 | 101,906 | |||||||||||||||||||||||
Change in net unrealized gains (losses) on securities during the year | 71,091 | 103,932 | |||||||||||||||||||||||
Adjustments for | |||||||||||||||||||||||||
Deferred policy acquisition costs | (12,638 | ) | (2,106 | ) | |||||||||||||||||||||
Participating policyholders’ interest | (4,751 | ) | (5,091 | ) | |||||||||||||||||||||
Deferred federal income tax benefit (expense) | (19,868 | ) | (34,016 | ) | |||||||||||||||||||||
Change in net unrealized gains (losses) on securities, net of tax | $ | 33,834 | $ | 62,719 | |||||||||||||||||||||
The gross unrealized losses and fair value of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 Months or more | Total | |||||||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | ||||||||||||||||||||
(Losses) | (Losses) | (Losses) | |||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | (152 | ) | $ | 6,183 | $ | (33 | ) | $ | 139 | $ | (185 | ) | $ | 6,322 | ||||||||||
Corporate debt securities | (54,480 | ) | 1,326,777 | (8,342 | ) | 106,517 | (62,822 | ) | 1,433,294 | ||||||||||||||||
Residential mortgage-backed securities | (1,304 | ) | 26,922 | (710 | ) | 11,527 | (2,014 | ) | 38,449 | ||||||||||||||||
Total bonds held-to-maturity | (55,936 | ) | 1,359,882 | (9,085 | ) | 118,183 | (65,021 | ) | 1,478,065 | ||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. Treasury & other U.S. Gov corporations and agencies | — | 1,686 | — | — | — | 1,686 | |||||||||||||||||||
U.S. states and political subdivisions | (6,726 | ) | 131,622 | (1,433 | ) | 18,447 | (8,159 | ) | 150,069 | ||||||||||||||||
Corporate debt securities | (21,546 | ) | 742,755 | (4,082 | ) | 109,514 | (25,628 | ) | 852,269 | ||||||||||||||||
Residential mortgage-backed securities | (636 | ) | 12,018 | (106 | ) | 1,801 | (742 | ) | 13,819 | ||||||||||||||||
Collateralized debt securities | (205 | ) | 1,850 | (14 | ) | 560 | (219 | ) | 2,410 | ||||||||||||||||
Total bonds available-for-sale | (29,113 | ) | 889,931 | (5,635 | ) | 130,322 | (34,748 | ) | 1,020,253 | ||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | (3,021 | ) | 40,162 | — | — | (3,021 | ) | 40,162 | |||||||||||||||||
Preferred stock | (172 | ) | 2,828 | — | — | (172 | ) | 2,828 | |||||||||||||||||
Total equity securities | (3,193 | ) | 42,990 | — | — | (3,193 | ) | 42,990 | |||||||||||||||||
Total | $ | (88,242 | ) | $ | 2,292,803 | $ | (14,720 | ) | $ | 248,505 | $ | (102,962 | ) | $ | 2,541,308 | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 Months or more | Total | |||||||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | ||||||||||||||||||||
(Losses) | (Losses) | (Losses) | |||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | (529 | ) | $ | 22,430 | $ | — | $ | — | $ | (529 | ) | $ | 22,430 | |||||||||||
Corporate debt securities | (104,308 | ) | 1,916,758 | (12,592 | ) | 109,603 | (116,900 | ) | 2,026,361 | ||||||||||||||||
Residential mortgage-backed securities | (1,718 | ) | 31,715 | (929 | ) | 13,514 | (2,647 | ) | 45,229 | ||||||||||||||||
Total bonds held-to-maturity | (106,555 | ) | 1,970,903 | (13,521 | ) | 123,117 | (120,076 | ) | 2,094,020 | ||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. Treasury & other U.S. Gov corporations and agencies | — | 725 | — | — | — | 725 | |||||||||||||||||||
U.S. states and political subdivisions | (13,271 | ) | 168,093 | (485 | ) | 2,905 | (13,756 | ) | 170,998 | ||||||||||||||||
Corporate debt securities | (49,198 | ) | 1,083,677 | (4,835 | ) | 92,004 | (54,033 | ) | 1,175,681 | ||||||||||||||||
Residential mortgage-backed securities | (978 | ) | 16,835 | (90 | ) | 1,872 | (1,068 | ) | 18,707 | ||||||||||||||||
Collateralized debt securities | (3 | ) | 205 | (15 | ) | 587 | (18 | ) | 792 | ||||||||||||||||
Other debt securities | (28 | ) | 10,027 | — | — | (28 | ) | 10,027 | |||||||||||||||||
Total bonds available-for-sale | (63,478 | ) | 1,279,562 | (5,425 | ) | 97,368 | (68,903 | ) | 1,376,930 | ||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | (2,362 | ) | 29,978 | — | — | (2,362 | ) | 29,978 | |||||||||||||||||
Preferred stock | (378 | ) | 6,123 | — | — | (378 | ) | 6,123 | |||||||||||||||||
Total equity securities | (2,740 | ) | 36,101 | — | — | (2,740 | ) | 36,101 | |||||||||||||||||
Total | $ | (172,773 | ) | $ | 3,286,566 | $ | (18,946 | ) | $ | 220,485 | $ | (191,719 | ) | $ | 3,507,051 | ||||||||||
As of March 31, 2014, the securities with unrealized losses were not deemed to be other-than-temporarily impaired, including those with the duration of the unrealized losses exceeding one year. American National has the ability and intent to hold those securities until a market price recovery or maturity. Further, it is not more-likely-than-not that American National will be required to sell them prior to recovery, and recovery is expected in a reasonable period of time. It is possible an issuer’s financial circumstances may be different in the future, which may lead to a different impairment conclusion in future periods. | |||||||||||||||||||||||||
Credit Risk Management | |||||||||||||||||||||||||
Bonds distributed by credit quality rating, using both S&P and Moody’s ratings, are shown below: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
AAA | 4.8 | % | 4.9 | % | |||||||||||||||||||||
AA | 11.4 | 11.3 | |||||||||||||||||||||||
A | 40.4 | 40.7 | |||||||||||||||||||||||
BBB | 39.8 | 39.2 | |||||||||||||||||||||||
BB and below | 3.6 | 3.9 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Equity securities by market sector distribution are shown below: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Consumer goods | 19.3 | % | 19.8 | % | |||||||||||||||||||||
Energy and utilities | 15.1 | 15 | |||||||||||||||||||||||
Financials | 19.3 | 19.3 | |||||||||||||||||||||||
Healthcare | 13.1 | 12.7 | |||||||||||||||||||||||
Industrials | 8.8 | 9 | |||||||||||||||||||||||
Information technology | 15.9 | 15.7 | |||||||||||||||||||||||
Other | 8.5 | 8.5 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Mortgage_Loans
Mortgage Loans | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Mortgage Loans | ' | ||||||||||||||||||||||||
5. MORTGAGE LOANS | |||||||||||||||||||||||||
Generally, commercial mortgage loans are secured by first liens on income-producing real estate. American National attempts to maintain a diversified portfolio by considering the property-type and location of the underlying collateral. Mortgage loans by property-type and geographic distribution are as follows: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Hotel and motel | 10.1 | % | 10 | % | |||||||||||||||||||||
Industrial | 24.4 | 24.9 | |||||||||||||||||||||||
Office | 33.8 | 34 | |||||||||||||||||||||||
Retail | 19.2 | 19.6 | |||||||||||||||||||||||
Other | 12.5 | 11.5 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
East North Central | 19.8 | % | 19.3 | % | |||||||||||||||||||||
East South Central | 5.8 | 6.8 | |||||||||||||||||||||||
Mountain | 9.6 | 10 | |||||||||||||||||||||||
Pacific | 12.2 | 12.3 | |||||||||||||||||||||||
South Atlantic | 20 | 19.6 | |||||||||||||||||||||||
West South Central | 27 | 26.4 | |||||||||||||||||||||||
Other | 5.6 | 5.6 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
As of March 31, 2014, American National was in the process of foreclosure on one loan with a recorded investment of $5,945,000; there were no loans foreclosed in the same period in 2013. No loans were sold in the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||
The credit quality of the mortgage loan portfolio is assessed by evaluating the credit risk of each borrower. A loan is classified as performing or non-performing based on whether all of the contractual terms of the loan have been met. | |||||||||||||||||||||||||
The age analysis of past due commercial mortgage loans is shown below (in thousands): | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Total | |||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Mortgage Loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Industrial | $ | — | $ | — | $ | — | $ | — | $ | 803,743 | $ | 803,743 | |||||||||||||
Office | — | — | 5,945 | 5,945 | 1,109,897 | 1,115,842 | |||||||||||||||||||
Retail | — | — | — | — | 636,817 | 636,817 | |||||||||||||||||||
Other | — | — | — | — | 747,301 | 747,301 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 5,945 | $ | 5,945 | $ | 3,297,758 | 3,303,703 | ||||||||||||||
Allowance for loan losses | 12,908 | ||||||||||||||||||||||||
Mortgage loans on real estate, net of allowance | $ | 3,290,795 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Industrial | $ | — | $ | — | $ | 2,739 | $ | 2,739 | $ | 821,741 | $ | 824,480 | |||||||||||||
Office | — | — | — | — | 1,124,818 | 1,124,818 | |||||||||||||||||||
Retail | — | — | — | — | 651,236 | 651,236 | |||||||||||||||||||
Other | — | — | — | — | 710,889 | 710,889 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 2,739 | $ | 2,739 | $ | 3,308,684 | 3,311,423 | ||||||||||||||
Allowance for loan losses | 12,181 | ||||||||||||||||||||||||
Mortgage loans on real estate, net of allowance | $ | 3,299,242 | |||||||||||||||||||||||
Commercial mortgage loans placed on nonaccrual status are shown below (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Industrial | $ | — | $ | 2,739 | |||||||||||||||||||||
Office | 5,945 | — | |||||||||||||||||||||||
Total mortgage loans are net of unamortized discounts of $805,000 and $852,000 and unamortized origination fees of $17,110,000 and $15,709,000 at March 31, 2014 and December 31, 2013, respectively. No unearned income is included in these amounts. | |||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||
Loans not evaluated individually for collectability are segregated by property-type and location, and allowance factors are applied. These factors are developed annually and reviewed quarterly based on our historical loss experience adjusted for the expected trend in the rate of foreclosure losses. Allowance factors are higher for loans of certain property types and in certain regions based on loss experience or a blended historical loss factor. | |||||||||||||||||||||||||
The change in allowance for credit losses in commercial mortgage loans is shown below (in thousands): | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Collectively | Individually | ||||||||||||||||||||||||
Evaluated | Evaluated | ||||||||||||||||||||||||
for Impairment | for Impairment | ||||||||||||||||||||||||
Beginning balance, 2014 | $ | 11,688 | $ | 493 | |||||||||||||||||||||
Change in allowance | 728 | — | |||||||||||||||||||||||
Ending balance, 2014 | $ | 12,416 | $ | 493 | |||||||||||||||||||||
At March 31, 2014 and December 31, 2013, the recorded investment for loans collectively evaluated for impairment was $3,286,891,000 and $3,294,235,000 respectively, and the recorded investment for loans individually evaluated for impairment was $16,813,000 and $17,188,000, respectively. | |||||||||||||||||||||||||
Loans individually evaluated for impairment with and without an allowance are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||
Retail | $ | 493 | $ | — | $ | 493 | $ | — | |||||||||||||||||
Total | $ | 493 | $ | — | $ | 493 | $ | — | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||||||||||
Office | $ | 12,377 | $ | 204 | $ | 36,489 | $ | 613 | |||||||||||||||||
Industrial | 2,721 | 45 | 17,180 | 283 | |||||||||||||||||||||
Other | 1,410 | 17 | 55,272 | 924 | |||||||||||||||||||||
Total | $ | 16,508 | $ | 266 | $ | 108,941 | $ | 1,820 | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||
Recorded | Principal | Recorded | Principal | ||||||||||||||||||||||
Investment | Balance | Investment | Balance | ||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||
Retail | $ | 493 | $ | 493 | $ | 493 | $ | 493 | |||||||||||||||||
Total | $ | 493 | $ | 493 | $ | 493 | $ | 493 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||||||||||
Office | $ | 12,378 | $ | 12,378 | $ | 12,377 | $ | 12,377 | |||||||||||||||||
Industrial | 2,702 | 2,702 | 2,739 | 2,739 | |||||||||||||||||||||
Retail | 1,240 | 1,240 | 1,579 | 1,579 | |||||||||||||||||||||
Total | $ | 16,320 | $ | 16,320 | $ | 16,695 | $ | 16,695 | |||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
American National has granted concessions to mortgage loan borrowers related to their ability to pay the loans which are classified as troubled debt restructurings. Concessions are generally one of, or a combination of, a delay in payment of principal or interest, a reduction of the contractual interest rate or an extension of the maturity date. American National considers the amount, timing and extent of concessions in determining any impairment or changes in the specific allowance for loan losses recorded in connection with a troubled debt restructuring. The carrying value after specific allowance, before and after modification in a troubled debt restructuring, may not decrease significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. | |||||||||||||||||||||||||
The number of mortgage loans and recorded investment in troubled debt restructuring are as follows (in thousands except for number of contracts): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||
Number of | investment pre- | investment post | Number of | investment pre- | investment post | ||||||||||||||||||||
contracts | modification | modification | contracts | modification | modification | ||||||||||||||||||||
Industrial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||
Office | 1 | 6,432 | 6,432 | — | — | — | |||||||||||||||||||
Total | 1 | $ | 6,432 | $ | 6,432 | — | $ | — | $ | — | |||||||||||||||
There were no commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring, and there have been no defaults on modified loans during the period. |
Investment_Real_Estate
Investment Real Estate | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Investment Real Estate | ' | ||||||||||||||||
6. INVESTMENT REAL ESTATE | |||||||||||||||||
Investment real estate by property-type and geographic distribution are as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Industrial | 12.7 | % | 12.3 | % | |||||||||||||
Office | 22.4 | 23.1 | |||||||||||||||
Retail | 41.8 | 43.4 | |||||||||||||||
Other | 23.1 | 21.2 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
East North Central | 4.4 | % | 7.8 | % | |||||||||||||
East South Central | 5.5 | 5.4 | |||||||||||||||
Mountain | 6.1 | 6 | |||||||||||||||
Pacific | 6.2 | 5.5 | |||||||||||||||
South Atlantic | 12 | 13.4 | |||||||||||||||
West South Central | 59.1 | 59 | |||||||||||||||
Other | 6.7 | 2.9 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
American National and its wholly-owned subsidiaries regularly invest in real estate partnerships and joint ventures. American National frequently participates in the design of these entities with the sponsor, but in most cases, its involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary or consolidator of the entity. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third parties that may affect the fair value or risk of its variable interest in the VIEs in 2014 or 2013. | |||||||||||||||||
The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Investment real estate | $ | 124,702 | $ | 123,624 | |||||||||||||
Cash and cash equivalents | 6,522 | 2,154 | |||||||||||||||
Accrued investment income | 179 | 2,197 | |||||||||||||||
Other receivables | 9,112 | 8,488 | |||||||||||||||
Other assets | 7,052 | 6,016 | |||||||||||||||
Total assets of consolidated VIEs | $ | 147,567 | $ | 142,479 | |||||||||||||
Notes payable | $ | 113,066 | $ | 113,849 | |||||||||||||
Other liabilities | 7,827 | 6,680 | |||||||||||||||
Total liabilities of consolidated VIEs | $ | 120,893 | $ | 120,529 | |||||||||||||
The notes payable in the consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National Insurance Company relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $16,537,000 and $12,782,000 at March 31, 2014 and December 31, 2013, respectively. The current portion of notes payable was $3,025,000 and $3,199,000 at March 31, 2014 and December 31, 2013, respectively. The average interest rate on the current portion of the notes payable was 4.25% during 2014. The total long-term portion of notes payable consists of three notes with the following interest rates: 4.0%, and adjusted LIBOR plus 1.0% LIBOR margin. Of the long-term notes payable, $9,375,000 will mature in 2016, with the remainder maturing beyond 5 years. | |||||||||||||||||
For other VIEs in which American National invests, it is not the primary beneficiary and these entities were not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require unanimous consent of all owners. The following table presents the carrying amount and maximum exposure to loss relating to unconsolidated VIEs (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Maximum | Maximum | ||||||||||||||||
Carrying | Exposure | Carrying | Exposure | ||||||||||||||
Amount | to Loss | Amount | to Loss | ||||||||||||||
Investment in unconsolidated affiliates | $ | 198,872 | $ | 198,872 | $ | 195,794 | $ | 195,794 | |||||||||
Mortgage loans | 108,375 | 108,375 | 101,648 | 101,648 | |||||||||||||
Accrued investment income | 493 | 493 | 454 | 454 |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||
7. DERIVATIVE INSTRUMENTS | |||||||||||||||||||||||||||
American National purchases over-the-counter equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed policies are exposed. Equity-indexed policies include a fixed host universal-life insurance or annuity policies and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except the number of instruments): | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives Not Designated | Location in the Consolidated | Number of | Notional | Estimated | Number of | Notional | Estimated | ||||||||||||||||||||
Instruments | Amounts | Fair Value | Instruments | Amounts | Fair Value | ||||||||||||||||||||||
as Hedging Instruments | Statements of Financial Position | ||||||||||||||||||||||||||
Equity-indexed options | Other invested assets | 371 | $ | 924,400 | $ | 146,147 | 394 | $ | 951,400 | $ | 164,753 | ||||||||||||||||
Equity-indexed embedded derivative | Policyholders’ account balances | 35,703 | 863,600 | 155,191 | 33,579 | 819,200 | 148,435 | ||||||||||||||||||||
Gains (Losses) Recognized | |||||||||||||||||||||||||||
in Income on Derivatives | |||||||||||||||||||||||||||
Derivatives Not Designated | Location in the Consolidated | Three months ended March 31, | |||||||||||||||||||||||||
as Hedging Instruments | Statements of Operations | 2014 | 2013 | ||||||||||||||||||||||||
Equity-indexed options | Net investment income | $ | 3,985 | $ | 24,340 | ||||||||||||||||||||||
Equity-indexed embedded derivative | Interest credited to policyholders’ account balances | (2,896 | ) | (20,647 | ) |
Net_Investment_Income_and_Real
Net Investment Income and Realized Investment Gains (Losses) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Net Investment Income and Realized Investment Gains (Losses) | ' | ||||||||
8. NET INVESTMENT INCOME AND REALIZED INVESTMENT GAINS (LOSSES) | |||||||||
Net investment income is shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | 151,516 | $ | 163,433 | |||||
Equity securities | 9,084 | 6,815 | |||||||
Mortgage loans | 51,454 | 51,785 | |||||||
Real estate | (4,971 | ) | (1,421 | ) | |||||
Options | 3,985 | 24,340 | |||||||
Other invested assets | 7,755 | 6,414 | |||||||
Total | $ | 218,823 | $ | 251,366 | |||||
Realized investment gains (losses) are shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | 16,619 | $ | 3,223 | |||||
Equity securities | 6,531 | 8,683 | |||||||
Mortgage loans | (728 | ) | 288 | ||||||
Real estate | 4,963 | 6,383 | |||||||
Other invested assets | (939 | ) | (39 | ) | |||||
Total | $ | 26,446 | $ | 18,538 | |||||
The other-than-temporary-impairment losses are shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | (41 | ) | $ | — | ||||
Equity securities | (934 | ) | (1,587 | ) | |||||
Total | $ | (975 | ) | $ | (1,587 | ) | |||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
9. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
The carrying amount and fair value of financial instruments are shown below (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | $ | 8,498,386 | $ | 8,943,092 | $ | 8,491,347 | $ | 8,823,068 | |||||||||
Fixed maturity securities, bonds available-for-sale | 4,891,623 | 4,891,623 | 4,599,673 | 4,599,673 | |||||||||||||
Equity securities | 1,424,143 | 1,424,143 | 1,410,608 | 1,410,608 | |||||||||||||
Equity-indexed options | 146,147 | 146,147 | 164,753 | 164,753 | |||||||||||||
Mortgage loans on real estate, net of allowance | 3,290,795 | 3,438,727 | 3,299,242 | 3,470,663 | |||||||||||||
Policy loans | 399,348 | 399,348 | 397,407 | 397,407 | |||||||||||||
Short-term investments | 245,601 | 245,601 | 495,386 | 495,386 | |||||||||||||
Separate account assets | 981,739 | 981,739 | 970,954 | 970,954 | |||||||||||||
Total financial assets | $ | 19,877,782 | $ | 20,470,420 | $ | 19,829,370 | $ | 20,332,512 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,236,868 | $ | 9,236,868 | $ | 9,423,122 | $ | 9,423,122 | |||||||||
Embedded derivative liability for equity-indexed contracts | 155,191 | 155,191 | 148,435 | 148,435 | |||||||||||||
Notes payable | 113,066 | 113,066 | 113,849 | 113,849 | |||||||||||||
Separate account liabilities | 981,739 | 981,739 | 970,954 | 970,954 | |||||||||||||
Total financial liabilities | $ | 10,486,864 | $ | 10,486,864 | $ | 10,656,360 | $ | 10,656,360 | |||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||
Fixed Maturity Securities and Equity Options—American National utilizes a pricing service to estimate fair value measurements. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. | |||||||||||||||||
The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. | |||||||||||||||||
The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. | |||||||||||||||||
American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. | |||||||||||||||||
American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent broker (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate that the price is indicative only, American National includes these fair value estimates in Level 3. | |||||||||||||||||
For securities priced using a quote from an independent broker, such as the equity options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received from an independent broker. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. | |||||||||||||||||
Equity Securities—For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimate of fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. These estimates are disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services regularly. | |||||||||||||||||
Mortgage Loans—The estimated fair value of mortgage loans is determined on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property type, lien priority, payment type and current status. | |||||||||||||||||
Embedded Derivative—The embedded derivative liability for equity-indexed contracts is measured at fair value and is recalculated each reporting period using equity option pricing models. To validate the assumptions used to price the embedded derivative liability, American National measures and compares embedded derivative returns against the returns of equity options held to hedge the liability cash flows. | |||||||||||||||||
A significant unobservable input used to calculate the fair value of the embedded derivatives is equity option implied volatility. An increase in implied volatility will result in an increase in the value of the equity-indexed embedded derivatives, all other things being equal. At both March 31, 2014 and December 31, 2013, the one year implied volatility used to estimate embedded derivative value was 15.0%. | |||||||||||||||||
Other Financial Instruments—Other financial instruments classified as Level 3 measurements, as there is little or no market activity, are as follows: | |||||||||||||||||
Policy loans—The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans that it cannot be separated from the policy contract and the unpredictable timing of repayments and that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value. | |||||||||||||||||
Investment contracts —The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, plus or minus interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset to current rates offered at anniversary. | |||||||||||||||||
Notes payable—Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date. | |||||||||||||||||
Quantitative Disclosures | |||||||||||||||||
The fair value hierarchy measurements of the financial instruments are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement as of March 31, 2014 | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||
U.S. states and political subdivisions | $ | 362,711 | $ | — | $ | 362,711 | $ | — | |||||||||
Foreign governments | 31,424 | — | 31,424 | — | |||||||||||||
Corporate debt securities | 8,122,517 | — | 8,076,602 | 45,915 | |||||||||||||
Residential mortgage-backed securities | 405,162 | — | 404,169 | 993 | |||||||||||||
Collateralized debt securities | 2,449 | — | — | 2,449 | |||||||||||||
Other debt securities | 18,829 | — | 18,829 | — | |||||||||||||
Total bonds held-to-maturity | 8,943,092 | — | 8,893,735 | 49,357 | |||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||
U.S. treasury and government | 24,209 | — | 24,209 | — | |||||||||||||
U.S. states and political subdivisions | 675,490 | — | 672,975 | 2,515 | |||||||||||||
Foreign governments | 6,823 | — | 6,823 | — | |||||||||||||
Corporate debt securities | 4,113,362 | — | 4,107,804 | 5,558 | |||||||||||||
Residential mortgage-backed securities | 57,362 | — | 55,196 | 2,166 | |||||||||||||
Collateralized debt securities | 14,377 | — | 12,643 | 1,734 | |||||||||||||
Total bonds available-for-sale | 4,891,623 | — | 4,879,650 | 11,973 | |||||||||||||
Equity securities | |||||||||||||||||
Common stock | 1,383,158 | 1,383,158 | — | — | |||||||||||||
Preferred stock | 40,985 | 40,985 | — | — | |||||||||||||
Total equity securities | 1,424,143 | 1,424,143 | — | — | |||||||||||||
Options | 146,147 | — | — | 146,147 | |||||||||||||
Mortgage loans on real estate | 3,438,727 | — | 3,438,727 | — | |||||||||||||
Policy loans | 399,348 | — | — | 399,348 | |||||||||||||
Short-term investments | 245,601 | — | 245,601 | — | |||||||||||||
Separate account assets | 981,739 | — | 981,739 | — | |||||||||||||
Total financial assets | $ | 20,470,420 | $ | 1,424,143 | $ | 18,439,452 | $ | 606,825 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,236,868 | $ | — | $ | — | $ | 9,236,868 | |||||||||
Embedded derivative liability for equity-indexed contracts | 155,191 | — | — | 155,191 | |||||||||||||
Notes payable | 113,066 | — | — | 113,066 | |||||||||||||
Separate account liabilities | 981,739 | — | 981,739 | — | |||||||||||||
Total financial liabilities | $ | 10,486,864 | $ | — | $ | 981,739 | $ | 9,505,125 | |||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||
U.S. treasury and government | $ | 1,743 | $ | — | $ | 1,743 | $ | — | |||||||||
U.S. states and political subdivisions | 362,657 | — | 362,657 | — | |||||||||||||
Foreign governments | 31,605 | — | 31,605 | — | |||||||||||||
Corporate debt securities | 7,993,891 | — | 7,950,418 | 43,473 | |||||||||||||
Residential mortgage-backed securities | 418,682 | — | 417,687 | 995 | |||||||||||||
Collateralized debt securities | 2,591 | — | — | 2,591 | |||||||||||||
Other debt securities | 11,899 | — | 11,899 | — | |||||||||||||
Total bonds held-to-maturity | 8,823,068 | — | 8,776,009 | 47,059 | |||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||
U.S. treasury and government | 22,477 | — | 22,477 | — | |||||||||||||
U.S. states and political subdivisions | 638,560 | — | 636,040 | 2,520 | |||||||||||||
Foreign governments | 6,649 | — | 6,649 | — | |||||||||||||
Corporate debt securities | 3,807,033 | — | 3,794,809 | 12,224 | |||||||||||||
Residential mortgage-backed securities | 63,007 | — | 60,841 | 2,166 | |||||||||||||
Commercial mortgage-backed securities | 29,260 | — | — | 29,260 | |||||||||||||
Collateralized debt securities | 15,186 | — | 13,052 | 2,134 | |||||||||||||
Other debt securities | 17,501 | — | 17,501 | — | |||||||||||||
Total bonds available-for-sale | 4,599,673 | — | 4,551,369 | 48,304 | |||||||||||||
Equity securities | |||||||||||||||||
Common stock | 1,368,995 | 1,368,995 | — | — | |||||||||||||
Preferred stock | 41,613 | 41,613 | — | — | |||||||||||||
Total equity securities | 1,410,608 | 1,410,608 | — | — | |||||||||||||
Options | 164,753 | — | — | 164,753 | |||||||||||||
Mortgage loans on real estate | 3,470,663 | — | 3,470,663 | — | |||||||||||||
Policy loans | 397,407 | — | — | 397,407 | |||||||||||||
Short-term investments | 495,386 | — | 495,386 | — | |||||||||||||
Separate account assets | 970,954 | — | 970,954 | — | |||||||||||||
Total financial assets | $ | 20,332,512 | $ | 1,410,608 | $ | 18,264,381 | $ | 657,523 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,423,122 | $ | — | $ | — | $ | 9,423,122 | |||||||||
Embedded derivative liability for equity-indexed contracts | 148,435 | — | — | 148,435 | |||||||||||||
Notes payable | 113,849 | — | — | 113,849 | |||||||||||||
Separate account liabilities | 970,954 | — | 970,954 | — | |||||||||||||
Total financial liabilities | $ | 10,656,360 | $ | — | $ | 970,954 | $ | 9,685,406 | |||||||||
For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): | |||||||||||||||||
Level 3 | |||||||||||||||||
Assets | Liability | ||||||||||||||||
Investment | Equity- | Embedded | |||||||||||||||
Securities | Indexed | Derivative | |||||||||||||||
Options | |||||||||||||||||
Beginning balance, 2014 | $ | 48,304 | $ | 164,753 | $ | 148,435 | |||||||||||
Total realized and unrealized investment gains/losses included in other comprehensive income | (12,194 | ) | — | — | |||||||||||||
Net fair value change included in realized gains/losses | 13,056 | — | — | ||||||||||||||
Net gain (loss) for derivatives included in net investment income | — | 2,112 | — | ||||||||||||||
Net change included in interest credited | — | — | 2,896 | ||||||||||||||
Purchases, sales and settlements or maturities | |||||||||||||||||
Purchases | — | 4,673 | — | ||||||||||||||
Sales | (37,188 | ) | — | — | |||||||||||||
Settlements or maturities | (5 | ) | (25,391 | ) | — | ||||||||||||
Premiums less benefits | — | — | 3,860 | ||||||||||||||
Ending balance March 31, 2014 | $ | 11,973 | $ | 146,147 | $ | 155,191 | |||||||||||
Beginning balance, 2013 | $ | 107,036 | $ | 82,625 | $ | 75,032 | |||||||||||
Total realized and unrealized investment gains/losses Included in other comprehensive income | 8,409 | — | — | ||||||||||||||
Net fair value change included in realized gains/losses | 211 | — | — | ||||||||||||||
Net gain (loss) for derivatives included in net investment income | — | 22,466 | — | ||||||||||||||
Net change included in interest credited | — | — | 20,647 | ||||||||||||||
Purchases, sales and settlements or maturities | |||||||||||||||||
Purchases | 2,005 | 3,290 | — | ||||||||||||||
Sales | (3,288 | ) | — | — | |||||||||||||
Settlements or maturities | — | (3,127 | ) | — | |||||||||||||
Premiums less benefits | — | — | (1,691 | ) | |||||||||||||
Ending balance March 31, 2013 | $ | 114,373 | $ | 105,254 | $ | 93,988 | |||||||||||
Within the net gain (loss) for derivatives included in net investment income were an unrealized gain (loss) of ($11,397,000) and $21,580,000 relating to assets still held at March 31, 2014 and 2013, respectively. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||||||
Deferred Policy Acquisition Costs | ' | ||||||||||||||||||||
10. DEFERRED POLICY ACQUISITION COSTS | |||||||||||||||||||||
Deferred policy acquisition costs are shown below (in thousands): | |||||||||||||||||||||
Life | Annuity | Accident | Property & | Total | |||||||||||||||||
& Health | Casualty | ||||||||||||||||||||
Beginning balance 2014 | $ | 684,084 | $ | 424,158 | $ | 47,220 | $ | 122,271 | $ | 1,277,733 | |||||||||||
Additions | 23,288 | 12,521 | 4,288 | 51,852 | 91,949 | ||||||||||||||||
Amortization | (18,105 | ) | (19,917 | ) | (4,519 | ) | (55,832 | ) | (98,373 | ) | |||||||||||
Effect of change in unrealized gains on available-for-sale securities | (1,775 | ) | (10,863 | ) | — | — | (12,638 | ) | |||||||||||||
Net change | 3,408 | (18,259 | ) | (231 | ) | (3,980 | ) | (19,062 | ) | ||||||||||||
Ending balance at March 31, 2014 | $ | 687,492 | $ | 405,899 | $ | 46,989 | $ | 118,291 | $ | 1,258,671 | |||||||||||
Commissions comprise the majority of the additions to deferred policy acquisition costs for each year. |
Liability_for_Unpaid_Claims_an
Liability for Unpaid Claims and Claim Adjustment Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Insurance [Abstract] | ' | ||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | ' | ||||||||
11. LIABILITY FOR UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES | |||||||||
The liability for unpaid claims and claim adjustment expenses (“claims”) for accident and health, and property and casualty insurance is included in the “Policy and contract claims” in the consolidated statements of financial position and represents the amount estimated for claims that have been reported but not settled and IBNR claims. Liability for unpaid claims are estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation. The effects of the changes are included in the consolidated results of operations in the period in which the changes occur. | |||||||||
Information regarding the liability for unpaid claims is shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Unpaid claims balance, beginning | $ | 1,096,301 | $ | 1,168,047 | |||||
Less reinsurance recoverables | 215,161 | 256,885 | |||||||
Net beginning balance | 881,140 | 911,162 | |||||||
Incurred related to | |||||||||
Current | 229,727 | 254,035 | |||||||
Prior years | (11,369 | ) | (23,037 | ) | |||||
Total incurred claims | 218,358 | 230,998 | |||||||
Paid claims related to | |||||||||
Current | 94,693 | 92,894 | |||||||
Prior years | 121,876 | 133,698 | |||||||
Total paid claims | 216,569 | 226,592 | |||||||
Net balance | 882,929 | 915,568 | |||||||
Plus reinsurance recoverables | 214,505 | 240,844 | |||||||
Unpaid claims balance, ending | $ | 1,097,434 | $ | 1,156,412 | |||||
The net and gross reserve calculations have shown favorable development for the last several years as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $11,369,000 during the first three months of 2014 and $23,037,000 during the same period in 2013. |
Federal_Income_Taxes
Federal Income Taxes | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Federal Income Taxes | ' | ||||||||||||||||
12. FEDERAL INCOME TAXES | |||||||||||||||||
A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
Income tax (benefit) on pre-tax income | $ | 26,064 | 35 | % | $ | 21,752 | 35 | % | |||||||||
Tax-exempt investment income | (1,553 | ) | (2.1 | ) | (1,623 | ) | (2.6 | ) | |||||||||
Dividend exclusion | (1,888 | ) | (2.5 | ) | (1,471 | ) | (2.4 | ) | |||||||||
Miscellaneous tax credits, net | (1,551 | ) | (2.1 | ) | (1,961 | ) | (3.2 | ) | |||||||||
Other items, net | 415 | 0.6 | (5,380 | ) | (8.6 | ) | |||||||||||
$ | 21,487 | 28.9 | % | $ | 11,317 | 18.2 | % | ||||||||||
American National made a federal tax payment of $808,300 during the three months ended March 31, 2014 and made no payment during the first three months ended March 31, 2013. | |||||||||||||||||
Management believes that a sufficient level of taxable income will be achieved over time to utilize the deferred tax assets in the consolidated federal tax return; therefore, no valuation allowance was recorded as of March 31, 2014 and December 31, 2013. However, if not utilized beforehand, approximately $5,396,000 in ordinary loss tax carryforwards will expire on December 31, 2034. | |||||||||||||||||
The statute of limitations for the examination of federal income tax returns by the Internal Revenue Service for years 2006 to 2013 either has been extended or has not expired. In the opinion of management, all prior year deficiencies have been paid or adequate provisions have been made for any tax deficiencies that may be upheld. No provision for penalties was established, and no interest expense was incurred for 2014 or 2013, relating to uncertain tax positions. Management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would decrease American National’s effective tax rate. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
The components of and changes in the accumulated other comprehensive income (loss) (“AOCI”), and the related tax effects, are shown below (in thousands): | |||||||||||||||||
Net Unrealized | Defined | Foreign | |||||||||||||||
Benefit | |||||||||||||||||
Gains/(Losses) | Pension Plan | Currency | |||||||||||||||
on Securities | Adjustments | Adjustments | AOCI | ||||||||||||||
Beginning balance 2014 | $ | 457,937 | $ | (43,884 | ) | $ | (341 | ) | $ | 413,712 | |||||||
Amounts reclassified from AOCI (net of tax benefit $7,289 and expense $386) | (13,536 | ) | 717 | — | (12,819 | ) | |||||||||||
Unrealized holding gains (losses) arising during the period (net of tax expense $32,171) | 59,745 | 59,745 | |||||||||||||||
Unrealized adjustment to DAC (net of tax benefit $3,351) | (9,287 | ) | (9,287 | ) | |||||||||||||
Unrealized (gains) losses on investments attributable to participating policyholders’ interest (net of tax benefit $1,663) | (3,088 | ) | (3,088 | ) | |||||||||||||
Foreign currency adjustment (net of tax benefit $520) | (966 | ) | (966 | ) | |||||||||||||
Ending balance at March 31, 2014 | $ | 491,771 | $ | (43,167 | ) | $ | (1,307 | ) | $ | 447,297 | |||||||
Net Unrealized | Defined | Foreign | |||||||||||||||
Benefit | |||||||||||||||||
Gains/(Losses) | Pension Plan | Currency | |||||||||||||||
on Securities | Adjustments | Adjustments | AOCI | ||||||||||||||
Beginning balance 2013 | $ | 370,842 | $ | (129,003 | ) | $ | 171 | $ | 242,010 | ||||||||
Amounts reclassified from AOCI (net of tax benefit $3,434 and expense $1,549) | (5,979 | ) | 2,876 | — | (3,103 | ) | |||||||||||
Unrealized holding gains (losses) arising during the period (net of tax expense $39,671) | 73,674 | 73,674 | |||||||||||||||
Unrealized adjustment to DAC (net of tax benefit $439) | (1,667 | ) | (1,667 | ) | |||||||||||||
Unrealized (gains) losses on investments attributable to participating policyholders’ interest (net of tax benefit $1,782) | (3,309 | ) | (3,309 | ) | |||||||||||||
Foreign currency adjustment (net of tax expense $80) | 149 | 149 | |||||||||||||||
Ending balance at March 31, 2013 | $ | 433,561 | $ | (126,127 | ) | $ | 320 | $ | 307,754 | ||||||||
Stockholders_Equity_and_Noncon
Stockholders' Equity and Noncontrolling Interests | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity and Noncontrolling Interests | ' | ||||||||||||||||||||||||
14. STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS | |||||||||||||||||||||||||
American National has one class of common stock with a par value of $1.00 per share and 50,000,000 authorized shares. The amounts outstanding at the dates indicated are shown below: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||
Shares issued | 30,832,449 | 30,832,449 | |||||||||||||||||||||||
Treasury shares | (3,920,697 | ) | (3,937,261 | ) | |||||||||||||||||||||
Outstanding shares | 26,911,752 | 26,895,188 | |||||||||||||||||||||||
Restricted shares | (190,667 | ) | (190,667 | ) | |||||||||||||||||||||
Unrestricted outstanding shares | 26,721,085 | 26,704,521 | |||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||
American National has one stock-based compensation plan, which allows for grants of Non-Qualified Stock Options, Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, Restricted Stock Units (“RSU”), Performance Awards, Incentive Awards or any combination thereof. This plan is administered by the American National Board Compensation Committee. The Board Compensation Committee makes incentive awards under this plan to our executives after meeting established performance objectives. All awards are subject to review and approval by the committee and the Board of Directors, both at the time of setting applicable performance objectives and at the time of payment of the awards. The number of shares available for grants under the plan cannot exceed 2,900,000 shares, and no more than 200,000 shares may be granted to any one individual in any calendar year. Grants are made to certain officers and directors as compensation and to align their interests with those of other shareholders. | |||||||||||||||||||||||||
SAR, RS and RSU information for the periods indicated is shown below: | |||||||||||||||||||||||||
SAR | RS Shares | RS Units | |||||||||||||||||||||||
Weighted- | Weighted-Average | Weighted-Average | |||||||||||||||||||||||
Average Grant | Grant Date Fair | Grant Date Fair | |||||||||||||||||||||||
Shares | Date Fair Value | Shares | Value | Units | Value | ||||||||||||||||||||
Outstanding at December 31, 2013 | 74,435 | $ | 114.08 | 190,667 | $ | 107.54 | 121,369 | $ | 76.23 | ||||||||||||||||
Granted | — | — | — | — | 66,383 | 113.49 | |||||||||||||||||||
Exercised | (833 | ) | 94.47 | — | — | (51,433 | ) | 76.17 | |||||||||||||||||
Forfeited | — | — | — | — | (50 | ) | 113.49 | ||||||||||||||||||
Expired | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at March 31, 2014 | 73,602 | $ | 114.3 | 190,667 | $ | 107.54 | 136,269 | $ | 94.83 | ||||||||||||||||
SAR | RS Shares | RS Units | |||||||||||||||||||||||
Weighted-average contractual remaining life (in years) | 2 | 4.2 | 2.4 | ||||||||||||||||||||||
Exercisable shares | 72,674 | N/A | — | ||||||||||||||||||||||
Weighted-average exercise price | $ | 114.3 | $ | 107.54 | $ | 94.83 | |||||||||||||||||||
Weighted-average exercise price exercisable shares | 114.66 | N/A | N/A | ||||||||||||||||||||||
Compensation expense (credits) | |||||||||||||||||||||||||
Three months ended March 31, 2014 | $ | 9,000 | $ | 505,000 | $ | 4,814,000 | |||||||||||||||||||
Three months ended March 31, 2013 | 32,000 | 505,000 | 5,563,000 | ||||||||||||||||||||||
Fair value of liability award | |||||||||||||||||||||||||
March 31, 2014 | $ | 181,000 | N/A | $ | 13,786,000 | ||||||||||||||||||||
December 31, 2013 | 376,000 | N/A | 15,018,000 | ||||||||||||||||||||||
The SARs give the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vest at a rate of 20% per year for five years and expire five years after vesting. | |||||||||||||||||||||||||
Effective December 31, 2012, the settlement provision within outstanding RSU awards was modified to allow the recipient of the awards to settle the vested RSUs in either cash or American National’s common stock. This change in the settlement provision is expected to apply to all future issuance of RSU awards. Prior to the modification, vested RSUs were converted to American National’s common stock on a one-for-one basis. This modification changes the award classification from an equity to a liability award. At the date of modification, American National recorded a liability of $7,974,000 with a corresponding reduction in additional paid-in capital. The liability will be re-measured and adjusted for changes in the fair value each reporting period through the vesting date. RSUs generally vest after a three-year graded vesting requirement. Certain awards vest over a shorter period as a result of retirement provisions. The modification, which was applied consistently to all participants, resulted in an incremental cost of $5,174,000 and $1,408,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
RS Awards entitle the participant to full dividend and voting rights. Each award has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years, and these awards feature a graded vesting schedule in the case of the retirement of an award holder. Restricted stock for 350,334 shares has been granted at an exercise price of zero, of which 190,667 shares are unvested. | |||||||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||
Basic earnings per share were calculated using a weighted average number of shares outstanding. The Restricted Stock awards and units resulted in diluted earnings per share as follows (in thousands, except share-related data): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average shares outstanding | 26,792,281 | 26,763,896 | |||||||||||||||||||||||
Incremental shares from RS awards and RSUs | 132,871 | 123,255 | |||||||||||||||||||||||
Total shares for diluted calculations | 26,925,152 | 26,887,151 | |||||||||||||||||||||||
Net income (loss) attributable to American National | $ | 52,878 | $ | 59,971 | |||||||||||||||||||||
Basic earnings per share | $ | 1.97 | $ | 2.24 | |||||||||||||||||||||
Diluted earnings per share | 1.96 | 2.23 | |||||||||||||||||||||||
Statutory Capital and Surplus | |||||||||||||||||||||||||
Risk Based Capital (“RBC”) requirements are measures insurance regulators use to evaluate the capital adequacy of American National Insurance Company and its insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, risks related to the type and quality of the invested assets, insurance risks associated with an insurer’s products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 200% of the authorized control level RBC are required to take certain actions. At March 31, 2014 and December 31, 2013, American National Insurance Company’s statutory capital and surplus was $2,696,656,000 and $2,667,589,000, respectively. Additionally, each of the insurance subsidiaries had statutory capital and surplus at March 31, 2014 and December 31, 2013, substantially above each subsidiary’s authorized control level RBC. | |||||||||||||||||||||||||
American National’s insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile which include certain components of the National Association of Insurance Commissioners’ Codification of Statutory Accounting Principles (“NAIC Codification”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of American National Insurance Company and its insurance subsidiaries. | |||||||||||||||||||||||||
Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. | |||||||||||||||||||||||||
One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both American National Insurance Company and the Missouri domiciled insurance subsidiary by $59,732,000 and $58,207,000 at March 31, 2014 and 2013, respectively. The statutory capital and surplus of both American National Insurance Company and the Missouri domiciled insurance subsidiary would have remained substantially above the company action level RBC had it not used the permitted practice. | |||||||||||||||||||||||||
The statutory capital and surplus and net income (loss) of our insurance entities in accordance with statutory accounting practices are shown below (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Statutory capital and surplus | |||||||||||||||||||||||||
Life insurance entities | $ | 2,117,917 | $ | 2,094,231 | |||||||||||||||||||||
Property and casualty insurance entities | 578,739 | 573,358 | |||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Statutory net income | |||||||||||||||||||||||||
Life insurance entities | $ | 55,054 | $ | 42,272 | |||||||||||||||||||||
Property and casualty insurance entities | 23,176 | 10,369 | |||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||
American National Insurance Company’s payment of dividends to stockholders is restricted by state laws. The restrictions require life insurance companies to maintain minimum amounts of capital and surplus, and in the absence of special approval, limit the payment of dividends to the greater of prior year statutory net income from operations on an annual, non-cumulative basis, or 10% of prior year statutory surplus. Under Texas insurance law, American National Insurance Company is permitted to pay total dividends of $269,666,000 during 2014 without prior approval of the Texas Department of Insurance. Similar restrictions on amounts that can transfer in the form of dividends, loans, or advances to American National Insurance Company apply to its insurance subsidiaries. | |||||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||||
American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company that is owned by its policyholders. American National has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6,750,000 at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
American National Insurance Company and its subsidiaries exercise significant control or ownership of various joint ventures, resulting in their consolidation into American National’s consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as noncontrolling interests of $4,786,000 and $6,007,000 at March 31, 2014 and December 31, 2013, respectively. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
15. SEGMENT INFORMATION | |||||||||
Management organizes the business into five operating segments: | |||||||||
• | Life—markets whole, term, universal, indexed and variable life insurance on a national basis primarily through career and multiple-line agents, independent agents and direct marketing channels. | ||||||||
• | Annuity—offers fixed, indexed, and variable annuity products. These products are sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. | ||||||||
• | Health—primary lines of business are Medicare supplement, stop loss, other supplemental health products and credit disability insurance. Health products are typically distributed through independent agents and managing general underwriters. | ||||||||
• | Property and Casualty—writes personal, agricultural and commercial coverages and credit-related property insurance. These products are sold through multiple-line and independent agents. | ||||||||
• | Corporate and Other—consists of net investment income from investments not allocated to the insurance segments and revenues from non-insurance operations. | ||||||||
The accounting policies of the segments are the same as those described in Note 2 to American National’s annual report on form 10-K. All revenue and expense amounts specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: | |||||||||
• | Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets. | ||||||||
• | Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other business segment. | ||||||||
• | Expenses are allocated based upon various factors, including premium and commission ratios within the respective operating segments. | ||||||||
The following summarizes results of operations by operating segments (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Income (loss) from continuing operations before federal income taxes, and equity in earnings/losses of unconsolidated affiliates | |||||||||
Life | $ | (1,822 | ) | $ | 6,004 | ||||
Annuity | 17,705 | 27,334 | |||||||
Health | (546 | ) | (686 | ) | |||||
Property and casualty | 29,512 | 12,909 | |||||||
Corporate and other | 29,619 | 16,587 | |||||||
Total | $ | 74,468 | $ | 62,148 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
16. COMMITMENTS AND CONTINGENCIES | |
Commitments | |
American National had aggregate commitments at March 31, 2014, to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $464,057,000 of which $296,391,000 is expected to be funded in 2014. The remaining $167,666,000 will be funded in 2015 and beyond. | |
American National has a $100,000,000 short-term variable rate borrowing facility containing a $55,000,000 sub-feature for the issuance of letters of credit. Borrowings under the facility are at the discretion of the lender and would be used only for funding working capital requirements. The combination of borrowings and outstanding letters of credit cannot exceed $100,000,000 at any time. As of March 31, 2014 and December 31, 2013, the outstanding letters of credit were $14,277,000 and $15,560,000, respectively, and there were no borrowings on this facility to meet liquidity requirements. This facility expires on September 30, 2014. American National expects it will be renewed on substantially equivalent terms upon expiration. | |
Guarantees | |
American National has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by American National. The loans are secured by the cash values of the life insurance policies. If the customer were to default on the bank loan, American National would be obligated to pay off the loans. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of March 31, 2014, was approximately $206,376,000, while the total cash values of the related life insurance policies was approximately $211,401,000. | |
Litigation | |
American National and certain subsidiaries, in common with the insurance industry in general, are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management’s changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our consolidated financial position, liquidity or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote and no estimate of range can be made for loss contingencies that are at least reasonably possible but not accrued. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||
17. RELATED PARTY TRANSACTIONS | |||||||||||||||||||
American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, accident and health insurance contracts and legal services. The impact on the consolidated financial statements of the significant related party transactions is shown below (in thousands): | |||||||||||||||||||
Dollar Amount of | Amount due to/(from) | ||||||||||||||||||
Transactions | American National | ||||||||||||||||||
Three months | March 31, | December 31, | |||||||||||||||||
ended March 31, | |||||||||||||||||||
Related Party | Financial Statement Line Impacted | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gal-Tex Hotel Corporation | Mortgage loan on real estate | $ | 300 | $ | 280 | $ | 7,442 | $ | 7,742 | ||||||||||
Gal-Tex Hotel Corporation | Net investment income | 139 | 159 | 45 | 47 | ||||||||||||||
Greer, Herz and Adams, LLP | Other operating expenses | 2,854 | 2,131 | (474 | ) | (284 | ) | ||||||||||||
Mortgage Loans to Gal-Tex Hotel Corporation (“Gal-Tex”): American National holds a first mortgage loan originated in 1999, with an interest rate of 7.30% and final maturity date of April 1, 2019 issued to Gal-Tex, which is collateralized by a hotel property in San Antonio, Texas. This loan is current as to principal and interest payments. | |||||||||||||||||||
Transactions with Greer, Herz & Adams, L.L.P.: Irwin M. Herz, Jr. is an American National advisory director and a Partner with Greer, Herz Adams, L.L.P., which serves as American National’s General Counsel. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Practices (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting | ' |
The consolidated financial statements and notes thereto have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and are reported in U.S. currency. | |
The interim consolidated financial statements and notes herein are unaudited and reflect all adjustments which management considers necessary for the fair presentation of the interim consolidated statements of financial position, operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows. | |
The interim consolidated financial statements and notes should be read in conjunction with the annual consolidated financial statements and notes thereto included in American National’s Annual Report on Form 10-K as of and for the year ended December 31, 2013. The consolidated results of operations for the interim periods should not be considered indicative of results to be expected for the full year. | |
Consolidation Policy | ' |
American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. | |
Reclassification Policy | ' |
Certain amounts in prior years have been reclassified to conform to current year presentation. | |
Use of Estimates | ' |
The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Investments_in_Securities_Tabl
Investments in Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Securities | ' | ||||||||||||||||||||||||
The cost or amortized cost and fair value of investments in securities are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | 340,902 | $ | 21,994 | $ | (185 | ) | $ | 362,711 | ||||||||||||||||
Foreign governments | 29,107 | 2,318 | — | 31,425 | |||||||||||||||||||||
Corporate debt securities | 7,725,136 | 460,202 | (62,822 | ) | 8,122,516 | ||||||||||||||||||||
Residential mortgage-backed securities | 384,034 | 23,142 | (2,014 | ) | 405,162 | ||||||||||||||||||||
Collateralized debt securities | 2,244 | 205 | — | 2,449 | |||||||||||||||||||||
Other debt securities | 16,963 | 1,866 | — | 18,829 | |||||||||||||||||||||
Total bonds held-to-maturity | 8,498,386 | 509,727 | (65,021 | ) | 8,943,092 | ||||||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. treasury and government | 23,430 | 779 | — | 24,209 | |||||||||||||||||||||
U.S. states and political subdivisions | 656,927 | 26,722 | (8,159 | ) | 675,490 | ||||||||||||||||||||
Foreign governments | 5,000 | 1,823 | — | 6,823 | |||||||||||||||||||||
Corporate debt securities | 3,938,393 | 200,597 | (25,628 | ) | 4,113,362 | ||||||||||||||||||||
Residential mortgage-backed securities | 55,475 | 2,629 | (742 | ) | 57,362 | ||||||||||||||||||||
Collateralized debt securities | 13,542 | 1,054 | (219 | ) | 14,377 | ||||||||||||||||||||
Total bonds available-for-sale | 4,692,767 | 233,604 | (34,748 | ) | 4,891,623 | ||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | 716,266 | 669,913 | (3,021 | ) | 1,383,158 | ||||||||||||||||||||
Preferred stock | 22,832 | 18,325 | (172 | ) | 40,985 | ||||||||||||||||||||
Total equity securities | 739,098 | 688,238 | (3,193 | ) | 1,424,143 | ||||||||||||||||||||
Total investments in securities | $ | 13,930,251 | $ | 1,431,569 | $ | (102,962 | ) | $ | 15,258,858 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | ||||||||||||||||||||||
Amortized Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. treasury and government | $ | 1,738 | $ | 6 | $ | — | $ | 1,744 | |||||||||||||||||
U.S. states and political subdivisions | 346,240 | 16,945 | (529 | ) | 362,656 | ||||||||||||||||||||
Foreign governments | 29,099 | 2,505 | — | 31,604 | |||||||||||||||||||||
Corporate debt securities | 7,700,559 | 410,232 | (116,900 | ) | 7,993,891 | ||||||||||||||||||||
Residential mortgage-backed securities | 400,619 | 20,711 | (2,647 | ) | 418,683 | ||||||||||||||||||||
Collateralized debt securities | 2,366 | 225 | — | 2,591 | |||||||||||||||||||||
Other debt securities | 10,726 | 1,173 | — | 11,899 | |||||||||||||||||||||
Total bonds held-to-maturity | 8,491,347 | 451,797 | (120,076 | ) | 8,823,068 | ||||||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. treasury and government | 21,751 | 725 | — | 22,476 | |||||||||||||||||||||
U.S. states and political subdivisions | 630,199 | 22,118 | (13,756 | ) | 638,561 | ||||||||||||||||||||
Foreign governments | 5,000 | 1,649 | — | 6,649 | |||||||||||||||||||||
Corporate debt securities | 3,689,349 | 171,717 | (54,033 | ) | 3,807,033 | ||||||||||||||||||||
Residential mortgage-backed securities | 61,135 | 2,940 | (1,068 | ) | 63,007 | ||||||||||||||||||||
Commercial mortgage-backed securities | 18,223 | 11,037 | — | 29,260 | |||||||||||||||||||||
Collateralized debt securities | 13,884 | 1,320 | (18 | ) | 15,186 | ||||||||||||||||||||
Other debt securities | 16,850 | 679 | (28 | ) | 17,501 | ||||||||||||||||||||
Total bonds available-for-sale | 4,456,391 | 212,185 | (68,903 | ) | 4,599,673 | ||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | 717,390 | 653,967 | (2,362 | ) | 1,368,995 | ||||||||||||||||||||
Preferred stock | 23,690 | 18,301 | (378 | ) | 41,613 | ||||||||||||||||||||
Total equity securities | 741,080 | 672,268 | (2,740 | ) | 1,410,608 | ||||||||||||||||||||
Total investments in securities | $ | 13,688,818 | $ | 1,336,250 | $ | (191,719 | ) | $ | 14,833,349 | ||||||||||||||||
Maturities of Investments | ' | ||||||||||||||||||||||||
The amortized costs and fair values, by contractual maturity, of fixed maturity securities are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Bonds Held-to-Maturity | Bonds Available-for-Sale | ||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | 606,812 | $ | 623,078 | $ | 477,328 | $ | 486,594 | |||||||||||||||||
Due after one year through five years | 2,224,806 | 2,437,297 | 975,504 | 1,065,243 | |||||||||||||||||||||
Due after five years through ten years | 5,164,391 | 5,358,905 | 2,779,775 | 2,865,769 | |||||||||||||||||||||
Due after ten years | 496,526 | 518,787 | 455,160 | 469,030 | |||||||||||||||||||||
Without single maturity date | 5,851 | 5,025 | 5,000 | 4,987 | |||||||||||||||||||||
Total | $ | 8,498,386 | $ | 8,943,092 | $ | 4,692,767 | $ | 4,891,623 | |||||||||||||||||
Proceeds from Available for Sale Securities and Realized Gain Loss | ' | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities, with the related gross realized gains and losses, are shown below (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Proceeds from sales of available-for-sale securities | $ | 81,664 | $ | 76,857 | |||||||||||||||||||||
Gross realized gains | 19,943 | 10,738 | |||||||||||||||||||||||
Gross realized losses | (2,122 | ) | (522 | ) | |||||||||||||||||||||
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities | ' | ||||||||||||||||||||||||
The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Bonds available-for-sale | $ | 55,574 | $ | 2,026 | |||||||||||||||||||||
Equity securities | 15,517 | 101,906 | |||||||||||||||||||||||
Change in net unrealized gains (losses) on securities during the year | 71,091 | 103,932 | |||||||||||||||||||||||
Adjustments for | |||||||||||||||||||||||||
Deferred policy acquisition costs | (12,638 | ) | (2,106 | ) | |||||||||||||||||||||
Participating policyholders’ interest | (4,751 | ) | (5,091 | ) | |||||||||||||||||||||
Deferred federal income tax benefit (expense) | (19,868 | ) | (34,016 | ) | |||||||||||||||||||||
Change in net unrealized gains (losses) on securities, net of tax | $ | 33,834 | $ | 62,719 | |||||||||||||||||||||
Gross Unrealized Losses and Fair Value of Investment Securities | ' | ||||||||||||||||||||||||
The gross unrealized losses and fair value of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Less than 12 months | 12 Months or more | Total | |||||||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | ||||||||||||||||||||
(Losses) | (Losses) | (Losses) | |||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | (152 | ) | $ | 6,183 | $ | (33 | ) | $ | 139 | $ | (185 | ) | $ | 6,322 | ||||||||||
Corporate debt securities | (54,480 | ) | 1,326,777 | (8,342 | ) | 106,517 | (62,822 | ) | 1,433,294 | ||||||||||||||||
Residential mortgage-backed securities | (1,304 | ) | 26,922 | (710 | ) | 11,527 | (2,014 | ) | 38,449 | ||||||||||||||||
Total bonds held-to-maturity | (55,936 | ) | 1,359,882 | (9,085 | ) | 118,183 | (65,021 | ) | 1,478,065 | ||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. Treasury & other U.S. Gov corporations and agencies | — | 1,686 | — | — | — | 1,686 | |||||||||||||||||||
U.S. states and political subdivisions | (6,726 | ) | 131,622 | (1,433 | ) | 18,447 | (8,159 | ) | 150,069 | ||||||||||||||||
Corporate debt securities | (21,546 | ) | 742,755 | (4,082 | ) | 109,514 | (25,628 | ) | 852,269 | ||||||||||||||||
Residential mortgage-backed securities | (636 | ) | 12,018 | (106 | ) | 1,801 | (742 | ) | 13,819 | ||||||||||||||||
Collateralized debt securities | (205 | ) | 1,850 | (14 | ) | 560 | (219 | ) | 2,410 | ||||||||||||||||
Total bonds available-for-sale | (29,113 | ) | 889,931 | (5,635 | ) | 130,322 | (34,748 | ) | 1,020,253 | ||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | (3,021 | ) | 40,162 | — | — | (3,021 | ) | 40,162 | |||||||||||||||||
Preferred stock | (172 | ) | 2,828 | — | — | (172 | ) | 2,828 | |||||||||||||||||
Total equity securities | (3,193 | ) | 42,990 | — | — | (3,193 | ) | 42,990 | |||||||||||||||||
Total | $ | (88,242 | ) | $ | 2,292,803 | $ | (14,720 | ) | $ | 248,505 | $ | (102,962 | ) | $ | 2,541,308 | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 months | 12 Months or more | Total | |||||||||||||||||||||||
Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | ||||||||||||||||||||
(Losses) | (Losses) | (Losses) | |||||||||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||||||||||
U.S. states and political subdivisions | $ | (529 | ) | $ | 22,430 | $ | — | $ | — | $ | (529 | ) | $ | 22,430 | |||||||||||
Corporate debt securities | (104,308 | ) | 1,916,758 | (12,592 | ) | 109,603 | (116,900 | ) | 2,026,361 | ||||||||||||||||
Residential mortgage-backed securities | (1,718 | ) | 31,715 | (929 | ) | 13,514 | (2,647 | ) | 45,229 | ||||||||||||||||
Total bonds held-to-maturity | (106,555 | ) | 1,970,903 | (13,521 | ) | 123,117 | (120,076 | ) | 2,094,020 | ||||||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||||||||||
U.S. Treasury & other U.S. Gov corporations and agencies | — | 725 | — | — | — | 725 | |||||||||||||||||||
U.S. states and political subdivisions | (13,271 | ) | 168,093 | (485 | ) | 2,905 | (13,756 | ) | 170,998 | ||||||||||||||||
Corporate debt securities | (49,198 | ) | 1,083,677 | (4,835 | ) | 92,004 | (54,033 | ) | 1,175,681 | ||||||||||||||||
Residential mortgage-backed securities | (978 | ) | 16,835 | (90 | ) | 1,872 | (1,068 | ) | 18,707 | ||||||||||||||||
Collateralized debt securities | (3 | ) | 205 | (15 | ) | 587 | (18 | ) | 792 | ||||||||||||||||
Other debt securities | (28 | ) | 10,027 | — | — | (28 | ) | 10,027 | |||||||||||||||||
Total bonds available-for-sale | (63,478 | ) | 1,279,562 | (5,425 | ) | 97,368 | (68,903 | ) | 1,376,930 | ||||||||||||||||
Equity securities | |||||||||||||||||||||||||
Common stock | (2,362 | ) | 29,978 | — | — | (2,362 | ) | 29,978 | |||||||||||||||||
Preferred stock | (378 | ) | 6,123 | — | — | (378 | ) | 6,123 | |||||||||||||||||
Total equity securities | (2,740 | ) | 36,101 | — | — | (2,740 | ) | 36,101 | |||||||||||||||||
Total | $ | (172,773 | ) | $ | 3,286,566 | $ | (18,946 | ) | $ | 220,485 | $ | (191,719 | ) | $ | 3,507,051 | ||||||||||
Bond by Credit Quality Rating Distribution | ' | ||||||||||||||||||||||||
Bonds distributed by credit quality rating, using both S&P and Moody’s ratings, are shown below: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
AAA | 4.8 | % | 4.9 | % | |||||||||||||||||||||
AA | 11.4 | 11.3 | |||||||||||||||||||||||
A | 40.4 | 40.7 | |||||||||||||||||||||||
BBB | 39.8 | 39.2 | |||||||||||||||||||||||
BB and below | 3.6 | 3.9 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Equity Securities by Market Sector Distribution | ' | ||||||||||||||||||||||||
Equity securities by market sector distribution are shown below: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Consumer goods | 19.3 | % | 19.8 | % | |||||||||||||||||||||
Energy and utilities | 15.1 | 15 | |||||||||||||||||||||||
Financials | 19.3 | 19.3 | |||||||||||||||||||||||
Healthcare | 13.1 | 12.7 | |||||||||||||||||||||||
Industrials | 8.8 | 9 | |||||||||||||||||||||||
Information technology | 15.9 | 15.7 | |||||||||||||||||||||||
Other | 8.5 | 8.5 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Mortgage_Loans_Tables
Mortgage Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Mortgage Loans by Property Type and Geographic Distribution | ' | ||||||||||||||||||||||||
Mortgage loans by property-type and geographic distribution are as follows: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Hotel and motel | 10.1 | % | 10 | % | |||||||||||||||||||||
Industrial | 24.4 | 24.9 | |||||||||||||||||||||||
Office | 33.8 | 34 | |||||||||||||||||||||||
Retail | 19.2 | 19.6 | |||||||||||||||||||||||
Other | 12.5 | 11.5 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
East North Central | 19.8 | % | 19.3 | % | |||||||||||||||||||||
East South Central | 5.8 | 6.8 | |||||||||||||||||||||||
Mountain | 9.6 | 10 | |||||||||||||||||||||||
Pacific | 12.2 | 12.3 | |||||||||||||||||||||||
South Atlantic | 20 | 19.6 | |||||||||||||||||||||||
West South Central | 27 | 26.4 | |||||||||||||||||||||||
Other | 5.6 | 5.6 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Age Analysis of Past Due Commercial Mortgage Loans | ' | ||||||||||||||||||||||||
The age analysis of past due commercial mortgage loans is shown below (in thousands): | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Total | |||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Mortgage Loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Industrial | $ | — | $ | — | $ | — | $ | — | $ | 803,743 | $ | 803,743 | |||||||||||||
Office | — | — | 5,945 | 5,945 | 1,109,897 | 1,115,842 | |||||||||||||||||||
Retail | — | — | — | — | 636,817 | 636,817 | |||||||||||||||||||
Other | — | — | — | — | 747,301 | 747,301 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 5,945 | $ | 5,945 | $ | 3,297,758 | 3,303,703 | ||||||||||||||
Allowance for loan losses | 12,908 | ||||||||||||||||||||||||
Mortgage loans on real estate, net of allowance | $ | 3,290,795 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Industrial | $ | — | $ | — | $ | 2,739 | $ | 2,739 | $ | 821,741 | $ | 824,480 | |||||||||||||
Office | — | — | — | — | 1,124,818 | 1,124,818 | |||||||||||||||||||
Retail | — | — | — | — | 651,236 | 651,236 | |||||||||||||||||||
Other | — | — | — | — | 710,889 | 710,889 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 2,739 | $ | 2,739 | $ | 3,308,684 | 3,311,423 | ||||||||||||||
Allowance for loan losses | 12,181 | ||||||||||||||||||||||||
Mortgage loans on real estate, net of allowance | $ | 3,299,242 | |||||||||||||||||||||||
Commercial Mortgage Loans Placed on Nonaccrual Status | ' | ||||||||||||||||||||||||
Commercial mortgage loans placed on nonaccrual status are shown below (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Industrial | $ | — | $ | 2,739 | |||||||||||||||||||||
Office | 5,945 | — | |||||||||||||||||||||||
Change in Allowance for Credit Losses in Commercial Mortgage Loans | ' | ||||||||||||||||||||||||
The change in allowance for credit losses in commercial mortgage loans is shown below (in thousands): | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
Collectively | Individually | ||||||||||||||||||||||||
Evaluated | Evaluated | ||||||||||||||||||||||||
for Impairment | for Impairment | ||||||||||||||||||||||||
Beginning balance, 2014 | $ | 11,688 | $ | 493 | |||||||||||||||||||||
Change in allowance | 728 | — | |||||||||||||||||||||||
Ending balance, 2014 | $ | 12,416 | $ | 493 | |||||||||||||||||||||
Loans Individually Evaluated for Impairment With and Without Allowance | ' | ||||||||||||||||||||||||
Loans individually evaluated for impairment with and without an allowance are shown below (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||
Retail | $ | 493 | $ | — | $ | 493 | $ | — | |||||||||||||||||
Total | $ | 493 | $ | — | $ | 493 | $ | — | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||||||||||
Office | $ | 12,377 | $ | 204 | $ | 36,489 | $ | 613 | |||||||||||||||||
Industrial | 2,721 | 45 | 17,180 | 283 | |||||||||||||||||||||
Other | 1,410 | 17 | 55,272 | 924 | |||||||||||||||||||||
Total | $ | 16,508 | $ | 266 | $ | 108,941 | $ | 1,820 | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||
Recorded | Principal | Recorded | Principal | ||||||||||||||||||||||
Investment | Balance | Investment | Balance | ||||||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||
Retail | $ | 493 | $ | 493 | $ | 493 | $ | 493 | |||||||||||||||||
Total | $ | 493 | $ | 493 | $ | 493 | $ | 493 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||||||||||
Office | $ | 12,378 | $ | 12,378 | $ | 12,377 | $ | 12,377 | |||||||||||||||||
Industrial | 2,702 | 2,702 | 2,739 | 2,739 | |||||||||||||||||||||
Retail | 1,240 | 1,240 | 1,579 | 1,579 | |||||||||||||||||||||
Total | $ | 16,320 | $ | 16,320 | $ | 16,695 | $ | 16,695 | |||||||||||||||||
Number of Mortgage Loans and Recorded Investment | ' | ||||||||||||||||||||||||
The number of mortgage loans and recorded investment in troubled debt restructuring are as follows (in thousands except for number of contracts): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||
Number of | investment pre- | investment post | Number of | investment pre- | investment post | ||||||||||||||||||||
contracts | modification | modification | contracts | modification | modification | ||||||||||||||||||||
Industrial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||
Office | 1 | 6,432 | 6,432 | — | — | — | |||||||||||||||||||
Total | 1 | $ | 6,432 | $ | 6,432 | — | $ | — | $ | — | |||||||||||||||
Investment_Real_Estate_Tables
Investment Real Estate (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Investment Real Estate by Property-Type and Geographic Distribution | ' | ||||||||||||||||
Investment real estate by property-type and geographic distribution are as follows: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Industrial | 12.7 | % | 12.3 | % | |||||||||||||
Office | 22.4 | 23.1 | |||||||||||||||
Retail | 41.8 | 43.4 | |||||||||||||||
Other | 23.1 | 21.2 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
East North Central | 4.4 | % | 7.8 | % | |||||||||||||
East South Central | 5.5 | 5.4 | |||||||||||||||
Mountain | 6.1 | 6 | |||||||||||||||
Pacific | 6.2 | 5.5 | |||||||||||||||
South Atlantic | 12 | 13.4 | |||||||||||||||
West South Central | 59.1 | 59 | |||||||||||||||
Other | 6.7 | 2.9 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Assets and Liabilities Related to VIEs | ' | ||||||||||||||||
The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Investment real estate | $ | 124,702 | $ | 123,624 | |||||||||||||
Cash and cash equivalents | 6,522 | 2,154 | |||||||||||||||
Accrued investment income | 179 | 2,197 | |||||||||||||||
Other receivables | 9,112 | 8,488 | |||||||||||||||
Other assets | 7,052 | 6,016 | |||||||||||||||
Total assets of consolidated VIEs | $ | 147,567 | $ | 142,479 | |||||||||||||
Notes payable | $ | 113,066 | $ | 113,849 | |||||||||||||
Other liabilities | 7,827 | 6,680 | |||||||||||||||
Total liabilities of consolidated VIEs | $ | 120,893 | $ | 120,529 | |||||||||||||
Carrying Amount and Maximum Exposure to Loss Related to VIEs | ' | ||||||||||||||||
The following table presents the carrying amount and maximum exposure to loss relating to unconsolidated VIEs (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Maximum | Maximum | ||||||||||||||||
Carrying | Exposure | Carrying | Exposure | ||||||||||||||
Amount | to Loss | Amount | to Loss | ||||||||||||||
Investment in unconsolidated affiliates | $ | 198,872 | $ | 198,872 | $ | 195,794 | $ | 195,794 | |||||||||
Mortgage loans | 108,375 | 108,375 | 101,648 | 101,648 | |||||||||||||
Accrued investment income | 493 | 493 | 454 | 454 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Derivative Instruments Reported in Financial Position | ' | ||||||||||||||||||||||||||
The detail of derivative instruments is shown below (in thousands, except the number of instruments): | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Derivatives Not Designated | Location in the Consolidated | Number of | Notional | Estimated | Number of | Notional | Estimated | ||||||||||||||||||||
Instruments | Amounts | Fair Value | Instruments | Amounts | Fair Value | ||||||||||||||||||||||
as Hedging Instruments | Statements of Financial Position | ||||||||||||||||||||||||||
Equity-indexed options | Other invested assets | 371 | $ | 924,400 | $ | 146,147 | 394 | $ | 951,400 | $ | 164,753 | ||||||||||||||||
Equity-indexed embedded derivative | Policyholders’ account balances | 35,703 | 863,600 | 155,191 | 33,579 | 819,200 | 148,435 | ||||||||||||||||||||
Schedule of Derivative Instruments Reported in Statements of Operations | ' | ||||||||||||||||||||||||||
Gains (Losses) Recognized | |||||||||||||||||||||||||||
in Income on Derivatives | |||||||||||||||||||||||||||
Derivatives Not Designated | Location in the Consolidated | Three months ended March 31, | |||||||||||||||||||||||||
as Hedging Instruments | Statements of Operations | 2014 | 2013 | ||||||||||||||||||||||||
Equity-indexed options | Net investment income | $ | 3,985 | $ | 24,340 | ||||||||||||||||||||||
Equity-indexed embedded derivative | Interest credited to policyholders’ account balances | (2,896 | ) | (20,647 | ) |
Net_Investment_Income_and_Real1
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Net Investment Income | ' | ||||||||
Net investment income is shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | 151,516 | $ | 163,433 | |||||
Equity securities | 9,084 | 6,815 | |||||||
Mortgage loans | 51,454 | 51,785 | |||||||
Real estate | (4,971 | ) | (1,421 | ) | |||||
Options | 3,985 | 24,340 | |||||||
Other invested assets | 7,755 | 6,414 | |||||||
Total | $ | 218,823 | $ | 251,366 | |||||
Summary of Realized Investment Gains (Losses) and Other than Temporary Impairment Losses | ' | ||||||||
Realized investment gains (losses) are shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | 16,619 | $ | 3,223 | |||||
Equity securities | 6,531 | 8,683 | |||||||
Mortgage loans | (728 | ) | 288 | ||||||
Real estate | 4,963 | 6,383 | |||||||
Other invested assets | (939 | ) | (39 | ) | |||||
Total | $ | 26,446 | $ | 18,538 | |||||
The other-than-temporary-impairment losses are shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Bonds | $ | (41 | ) | $ | — | ||||
Equity securities | (934 | ) | (1,587 | ) | |||||
Total | $ | (975 | ) | $ | (1,587 | ) | |||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying Amount and Fair Value of Financial Instruments | ' | ||||||||||||||||
The carrying amount and fair value of financial instruments are shown below (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | $ | 8,498,386 | $ | 8,943,092 | $ | 8,491,347 | $ | 8,823,068 | |||||||||
Fixed maturity securities, bonds available-for-sale | 4,891,623 | 4,891,623 | 4,599,673 | 4,599,673 | |||||||||||||
Equity securities | 1,424,143 | 1,424,143 | 1,410,608 | 1,410,608 | |||||||||||||
Equity-indexed options | 146,147 | 146,147 | 164,753 | 164,753 | |||||||||||||
Mortgage loans on real estate, net of allowance | 3,290,795 | 3,438,727 | 3,299,242 | 3,470,663 | |||||||||||||
Policy loans | 399,348 | 399,348 | 397,407 | 397,407 | |||||||||||||
Short-term investments | 245,601 | 245,601 | 495,386 | 495,386 | |||||||||||||
Separate account assets | 981,739 | 981,739 | 970,954 | 970,954 | |||||||||||||
Total financial assets | $ | 19,877,782 | $ | 20,470,420 | $ | 19,829,370 | $ | 20,332,512 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,236,868 | $ | 9,236,868 | $ | 9,423,122 | $ | 9,423,122 | |||||||||
Embedded derivative liability for equity-indexed contracts | 155,191 | 155,191 | 148,435 | 148,435 | |||||||||||||
Notes payable | 113,066 | 113,066 | 113,849 | 113,849 | |||||||||||||
Separate account liabilities | 981,739 | 981,739 | 970,954 | 970,954 | |||||||||||||
Total financial liabilities | $ | 10,486,864 | $ | 10,486,864 | $ | 10,656,360 | $ | 10,656,360 | |||||||||
Quantitative Disclosures Regarding Fair Value Hierarchy Measurements | ' | ||||||||||||||||
The fair value hierarchy measurements of the financial instruments are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement as of March 31, 2014 | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||
U.S. states and political subdivisions | $ | 362,711 | $ | — | $ | 362,711 | $ | — | |||||||||
Foreign governments | 31,424 | — | 31,424 | — | |||||||||||||
Corporate debt securities | 8,122,517 | — | 8,076,602 | 45,915 | |||||||||||||
Residential mortgage-backed securities | 405,162 | — | 404,169 | 993 | |||||||||||||
Collateralized debt securities | 2,449 | — | — | 2,449 | |||||||||||||
Other debt securities | 18,829 | — | 18,829 | — | |||||||||||||
Total bonds held-to-maturity | 8,943,092 | — | 8,893,735 | 49,357 | |||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||
U.S. treasury and government | 24,209 | — | 24,209 | — | |||||||||||||
U.S. states and political subdivisions | 675,490 | — | 672,975 | 2,515 | |||||||||||||
Foreign governments | 6,823 | — | 6,823 | — | |||||||||||||
Corporate debt securities | 4,113,362 | — | 4,107,804 | 5,558 | |||||||||||||
Residential mortgage-backed securities | 57,362 | — | 55,196 | 2,166 | |||||||||||||
Collateralized debt securities | 14,377 | — | 12,643 | 1,734 | |||||||||||||
Total bonds available-for-sale | 4,891,623 | — | 4,879,650 | 11,973 | |||||||||||||
Equity securities | |||||||||||||||||
Common stock | 1,383,158 | 1,383,158 | — | — | |||||||||||||
Preferred stock | 40,985 | 40,985 | — | — | |||||||||||||
Total equity securities | 1,424,143 | 1,424,143 | — | — | |||||||||||||
Options | 146,147 | — | — | 146,147 | |||||||||||||
Mortgage loans on real estate | 3,438,727 | — | 3,438,727 | — | |||||||||||||
Policy loans | 399,348 | — | — | 399,348 | |||||||||||||
Short-term investments | 245,601 | — | 245,601 | — | |||||||||||||
Separate account assets | 981,739 | — | 981,739 | — | |||||||||||||
Total financial assets | $ | 20,470,420 | $ | 1,424,143 | $ | 18,439,452 | $ | 606,825 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,236,868 | $ | — | $ | — | $ | 9,236,868 | |||||||||
Embedded derivative liability for equity-indexed contracts | 155,191 | — | — | 155,191 | |||||||||||||
Notes payable | 113,066 | — | — | 113,066 | |||||||||||||
Separate account liabilities | 981,739 | — | 981,739 | — | |||||||||||||
Total financial liabilities | $ | 10,486,864 | $ | — | $ | 981,739 | $ | 9,505,125 | |||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value | |||||||||||||||||
Financial assets | |||||||||||||||||
Fixed maturity securities, bonds held-to-maturity | |||||||||||||||||
U.S. treasury and government | $ | 1,743 | $ | — | $ | 1,743 | $ | — | |||||||||
U.S. states and political subdivisions | 362,657 | — | 362,657 | — | |||||||||||||
Foreign governments | 31,605 | — | 31,605 | — | |||||||||||||
Corporate debt securities | 7,993,891 | — | 7,950,418 | 43,473 | |||||||||||||
Residential mortgage-backed securities | 418,682 | — | 417,687 | 995 | |||||||||||||
Collateralized debt securities | 2,591 | — | — | 2,591 | |||||||||||||
Other debt securities | 11,899 | — | 11,899 | — | |||||||||||||
Total bonds held-to-maturity | 8,823,068 | — | 8,776,009 | 47,059 | |||||||||||||
Fixed maturity securities, bonds available-for-sale | |||||||||||||||||
U.S. treasury and government | 22,477 | — | 22,477 | — | |||||||||||||
U.S. states and political subdivisions | 638,560 | — | 636,040 | 2,520 | |||||||||||||
Foreign governments | 6,649 | — | 6,649 | — | |||||||||||||
Corporate debt securities | 3,807,033 | — | 3,794,809 | 12,224 | |||||||||||||
Residential mortgage-backed securities | 63,007 | — | 60,841 | 2,166 | |||||||||||||
Commercial mortgage-backed securities | 29,260 | — | — | 29,260 | |||||||||||||
Collateralized debt securities | 15,186 | — | 13,052 | 2,134 | |||||||||||||
Other debt securities | 17,501 | — | 17,501 | — | |||||||||||||
Total bonds available-for-sale | 4,599,673 | — | 4,551,369 | 48,304 | |||||||||||||
Equity securities | |||||||||||||||||
Common stock | 1,368,995 | 1,368,995 | — | — | |||||||||||||
Preferred stock | 41,613 | 41,613 | — | — | |||||||||||||
Total equity securities | 1,410,608 | 1,410,608 | — | — | |||||||||||||
Options | 164,753 | — | — | 164,753 | |||||||||||||
Mortgage loans on real estate | 3,470,663 | — | 3,470,663 | — | |||||||||||||
Policy loans | 397,407 | — | — | 397,407 | |||||||||||||
Short-term investments | 495,386 | — | 495,386 | — | |||||||||||||
Separate account assets | 970,954 | — | 970,954 | — | |||||||||||||
Total financial assets | $ | 20,332,512 | $ | 1,410,608 | $ | 18,264,381 | $ | 657,523 | |||||||||
Financial liabilities | |||||||||||||||||
Investment contracts | $ | 9,423,122 | $ | — | $ | — | $ | 9,423,122 | |||||||||
Embedded derivative liability for equity-indexed contracts | 148,435 | — | — | 148,435 | |||||||||||||
Notes payable | 113,849 | — | — | 113,849 | |||||||||||||
Separate account liabilities | 970,954 | — | 970,954 | — | |||||||||||||
Total financial liabilities | $ | 10,656,360 | $ | — | $ | 970,954 | $ | 9,685,406 | |||||||||
Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs | ' | ||||||||||||||||
For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): | |||||||||||||||||
Level 3 | |||||||||||||||||
Assets | Liability | ||||||||||||||||
Investment | Equity- | Embedded | |||||||||||||||
Securities | Indexed | Derivative | |||||||||||||||
Options | |||||||||||||||||
Beginning balance, 2014 | $ | 48,304 | $ | 164,753 | $ | 148,435 | |||||||||||
Total realized and unrealized investment gains/losses included in other comprehensive income | (12,194 | ) | — | — | |||||||||||||
Net fair value change included in realized gains/losses | 13,056 | — | — | ||||||||||||||
Net gain (loss) for derivatives included in net investment income | — | 2,112 | — | ||||||||||||||
Net change included in interest credited | — | — | 2,896 | ||||||||||||||
Purchases, sales and settlements or maturities | |||||||||||||||||
Purchases | — | 4,673 | — | ||||||||||||||
Sales | (37,188 | ) | — | — | |||||||||||||
Settlements or maturities | (5 | ) | (25,391 | ) | — | ||||||||||||
Premiums less benefits | — | — | 3,860 | ||||||||||||||
Ending balance March 31, 2014 | $ | 11,973 | $ | 146,147 | $ | 155,191 | |||||||||||
Beginning balance, 2013 | $ | 107,036 | $ | 82,625 | $ | 75,032 | |||||||||||
Total realized and unrealized investment gains/losses Included in other comprehensive income | 8,409 | — | — | ||||||||||||||
Net fair value change included in realized gains/losses | 211 | — | — | ||||||||||||||
Net gain (loss) for derivatives included in net investment income | — | 22,466 | — | ||||||||||||||
Net change included in interest credited | — | — | 20,647 | ||||||||||||||
Purchases, sales and settlements or maturities | |||||||||||||||||
Purchases | 2,005 | 3,290 | — | ||||||||||||||
Sales | (3,288 | ) | — | — | |||||||||||||
Settlements or maturities | — | (3,127 | ) | — | |||||||||||||
Premiums less benefits | — | — | (1,691 | ) | |||||||||||||
Ending balance March 31, 2013 | $ | 114,373 | $ | 105,254 | $ | 93,988 | |||||||||||
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||||||
Deferred Policy Acquisition Costs | ' | ||||||||||||||||||||
Deferred policy acquisition costs are shown below (in thousands): | |||||||||||||||||||||
Life | Annuity | Accident | Property & | Total | |||||||||||||||||
& Health | Casualty | ||||||||||||||||||||
Beginning balance 2014 | $ | 684,084 | $ | 424,158 | $ | 47,220 | $ | 122,271 | $ | 1,277,733 | |||||||||||
Additions | 23,288 | 12,521 | 4,288 | 51,852 | 91,949 | ||||||||||||||||
Amortization | (18,105 | ) | (19,917 | ) | (4,519 | ) | (55,832 | ) | (98,373 | ) | |||||||||||
Effect of change in unrealized gains on available-for-sale securities | (1,775 | ) | (10,863 | ) | — | — | (12,638 | ) | |||||||||||||
Net change | 3,408 | (18,259 | ) | (231 | ) | (3,980 | ) | (19,062 | ) | ||||||||||||
Ending balance at March 31, 2014 | $ | 687,492 | $ | 405,899 | $ | 46,989 | $ | 118,291 | $ | 1,258,671 | |||||||||||
Liability_for_Unpaid_Claims_an1
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Insurance [Abstract] | ' | ||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | ' | ||||||||
Information regarding the liability for unpaid claims is shown below (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Unpaid claims balance, beginning | $ | 1,096,301 | $ | 1,168,047 | |||||
Less reinsurance recoverables | 215,161 | 256,885 | |||||||
Net beginning balance | 881,140 | 911,162 | |||||||
Incurred related to | |||||||||
Current | 229,727 | 254,035 | |||||||
Prior years | (11,369 | ) | (23,037 | ) | |||||
Total incurred claims | 218,358 | 230,998 | |||||||
Paid claims related to | |||||||||
Current | 94,693 | 92,894 | |||||||
Prior years | 121,876 | 133,698 | |||||||
Total paid claims | 216,569 | 226,592 | |||||||
Net balance | 882,929 | 915,568 | |||||||
Plus reinsurance recoverables | 214,505 | 240,844 | |||||||
Unpaid claims balance, ending | $ | 1,097,434 | $ | 1,156,412 | |||||
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Effective Income Tax Reconciliation | ' | ||||||||||||||||
A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
Income tax (benefit) on pre-tax income | $ | 26,064 | 35 | % | $ | 21,752 | 35 | % | |||||||||
Tax-exempt investment income | (1,553 | ) | (2.1 | ) | (1,623 | ) | (2.6 | ) | |||||||||
Dividend exclusion | (1,888 | ) | (2.5 | ) | (1,471 | ) | (2.4 | ) | |||||||||
Miscellaneous tax credits, net | (1,551 | ) | (2.1 | ) | (1,961 | ) | (3.2 | ) | |||||||||
Other items, net | 415 | 0.6 | (5,380 | ) | (8.6 | ) | |||||||||||
$ | 21,487 | 28.9 | % | $ | 11,317 | 18.2 | % | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Other Comprehensive Income (Loss) | ' | ||||||||||||||||
13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
The components of and changes in the accumulated other comprehensive income (loss) (“AOCI”), and the related tax effects, are shown below (in thousands): | |||||||||||||||||
Net Unrealized | Defined | Foreign | |||||||||||||||
Benefit | |||||||||||||||||
Gains/(Losses) | Pension Plan | Currency | |||||||||||||||
on Securities | Adjustments | Adjustments | AOCI | ||||||||||||||
Beginning balance 2014 | $ | 457,937 | $ | (43,884 | ) | $ | (341 | ) | $ | 413,712 | |||||||
Amounts reclassified from AOCI (net of tax benefit $7,289 and expense $386) | (13,536 | ) | 717 | — | (12,819 | ) | |||||||||||
Unrealized holding gains (losses) arising during the period (net of tax expense $32,171) | 59,745 | 59,745 | |||||||||||||||
Unrealized adjustment to DAC (net of tax benefit $3,351) | (9,287 | ) | (9,287 | ) | |||||||||||||
Unrealized (gains) losses on investments attributable to participating policyholders’ interest (net of tax benefit $1,663) | (3,088 | ) | (3,088 | ) | |||||||||||||
Foreign currency adjustment (net of tax benefit $520) | (966 | ) | (966 | ) | |||||||||||||
Ending balance at March 31, 2014 | $ | 491,771 | $ | (43,167 | ) | $ | (1,307 | ) | $ | 447,297 | |||||||
Net Unrealized | Defined | Foreign | |||||||||||||||
Benefit | |||||||||||||||||
Gains/(Losses) | Pension Plan | Currency | |||||||||||||||
on Securities | Adjustments | Adjustments | AOCI | ||||||||||||||
Beginning balance 2013 | $ | 370,842 | $ | (129,003 | ) | $ | 171 | $ | 242,010 | ||||||||
Amounts reclassified from AOCI (net of tax benefit $3,434 and expense $1,549) | (5,979 | ) | 2,876 | — | (3,103 | ) | |||||||||||
Unrealized holding gains (losses) arising during the period (net of tax expense $39,671) | 73,674 | 73,674 | |||||||||||||||
Unrealized adjustment to DAC (net of tax benefit $439) | (1,667 | ) | (1,667 | ) | |||||||||||||
Unrealized (gains) losses on investments attributable to participating policyholders’ interest (net of tax benefit $1,782) | (3,309 | ) | (3,309 | ) | |||||||||||||
Foreign currency adjustment (net of tax expense $80) | 149 | 149 | |||||||||||||||
Ending balance at March 31, 2013 | $ | 433,561 | $ | (126,127 | ) | $ | 320 | $ | 307,754 | ||||||||
Stockholders_Equity_and_Noncon1
Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Common Stock, Amounts Outstanding | ' | ||||||||||||||||||||||||
The amounts outstanding at the dates indicated are shown below: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||
Shares issued | 30,832,449 | 30,832,449 | |||||||||||||||||||||||
Treasury shares | (3,920,697 | ) | (3,937,261 | ) | |||||||||||||||||||||
Outstanding shares | 26,911,752 | 26,895,188 | |||||||||||||||||||||||
Restricted shares | (190,667 | ) | (190,667 | ) | |||||||||||||||||||||
Unrestricted outstanding shares | 26,721,085 | 26,704,521 | |||||||||||||||||||||||
Stock-Based Compensation Information | ' | ||||||||||||||||||||||||
SAR, RS and RSU information for the periods indicated is shown below: | |||||||||||||||||||||||||
SAR | RS Shares | RS Units | |||||||||||||||||||||||
Weighted- | Weighted-Average | Weighted-Average | |||||||||||||||||||||||
Average Grant | Grant Date Fair | Grant Date Fair | |||||||||||||||||||||||
Shares | Date Fair Value | Shares | Value | Units | Value | ||||||||||||||||||||
Outstanding at December 31, 2013 | 74,435 | $ | 114.08 | 190,667 | $ | 107.54 | 121,369 | $ | 76.23 | ||||||||||||||||
Granted | — | — | — | — | 66,383 | 113.49 | |||||||||||||||||||
Exercised | (833 | ) | 94.47 | — | — | (51,433 | ) | 76.17 | |||||||||||||||||
Forfeited | — | — | — | — | (50 | ) | 113.49 | ||||||||||||||||||
Expired | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at March 31, 2014 | 73,602 | $ | 114.3 | 190,667 | $ | 107.54 | 136,269 | $ | 94.83 | ||||||||||||||||
SAR | RS Shares | RS Units | |||||||||||||||||||||||
Weighted-average contractual remaining life (in years) | 2 | 4.2 | 2.4 | ||||||||||||||||||||||
Exercisable shares | 72,674 | N/A | — | ||||||||||||||||||||||
Weighted-average exercise price | $ | 114.3 | $ | 107.54 | $ | 94.83 | |||||||||||||||||||
Weighted-average exercise price exercisable shares | 114.66 | N/A | N/A | ||||||||||||||||||||||
Compensation expense (credits) | |||||||||||||||||||||||||
Three months ended March 31, 2014 | $ | 9,000 | $ | 505,000 | $ | 4,814,000 | |||||||||||||||||||
Three months ended March 31, 2013 | 32,000 | 505,000 | 5,563,000 | ||||||||||||||||||||||
Fair value of liability award | |||||||||||||||||||||||||
March 31, 2014 | $ | 181,000 | N/A | $ | 13,786,000 | ||||||||||||||||||||
December 31, 2013 | 376,000 | N/A | 15,018,000 | ||||||||||||||||||||||
Summary of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||||
The Restricted Stock awards and units resulted in diluted earnings per share as follows (in thousands, except share-related data): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average shares outstanding | 26,792,281 | 26,763,896 | |||||||||||||||||||||||
Incremental shares from RS awards and RSUs | 132,871 | 123,255 | |||||||||||||||||||||||
Total shares for diluted calculations | 26,925,152 | 26,887,151 | |||||||||||||||||||||||
Net income (loss) attributable to American National | $ | 52,878 | $ | 59,971 | |||||||||||||||||||||
Basic earnings per share | $ | 1.97 | $ | 2.24 | |||||||||||||||||||||
Diluted earnings per share | 1.96 | 2.23 | |||||||||||||||||||||||
Statutory Capital and Surplus and Net Income (Loss) of Insurance Entities in Accordance with Statutory Accounting Practices | ' | ||||||||||||||||||||||||
The statutory capital and surplus and net income (loss) of our insurance entities in accordance with statutory accounting practices are shown below (in thousands): | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Statutory capital and surplus | |||||||||||||||||||||||||
Life insurance entities | $ | 2,117,917 | $ | 2,094,231 | |||||||||||||||||||||
Property and casualty insurance entities | 578,739 | 573,358 | |||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Statutory net income | |||||||||||||||||||||||||
Life insurance entities | $ | 55,054 | $ | 42,272 | |||||||||||||||||||||
Property and casualty insurance entities | 23,176 | 10,369 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Summary of Results of Operations by Operating Segments | ' | ||||||||
The following summarizes results of operations by operating segments (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Income (loss) from continuing operations before federal income taxes, and equity in earnings/losses of unconsolidated affiliates | |||||||||
Life | $ | (1,822 | ) | $ | 6,004 | ||||
Annuity | 17,705 | 27,334 | |||||||
Health | (546 | ) | (686 | ) | |||||
Property and casualty | 29,512 | 12,909 | |||||||
Corporate and other | 29,619 | 16,587 | |||||||
Total | $ | 74,468 | $ | 62,148 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||
The impact on the consolidated financial statements of the significant related party transactions is shown below (in thousands): | |||||||||||||||||||
Dollar Amount of | Amount due to/(from) | ||||||||||||||||||
Transactions | American National | ||||||||||||||||||
Three months | March 31, | December 31, | |||||||||||||||||
ended March 31, | |||||||||||||||||||
Related Party | Financial Statement Line Impacted | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gal-Tex Hotel Corporation | Mortgage loan on real estate | $ | 300 | $ | 280 | $ | 7,442 | $ | 7,742 | ||||||||||
Gal-Tex Hotel Corporation | Net investment income | 139 | 159 | 45 | 47 | ||||||||||||||
Greer, Herz and Adams, LLP | Other operating expenses | 2,854 | 2,131 | (474 | ) | (284 | ) |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | Mar. 31, 2014 |
State | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of states | 50 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) | Mar. 31, 2014 |
Accounting Policies [Abstract] | ' |
Entity ownership percentage | 100.00% |
Investments_in_Securities_Inve
Investments in Securities - Investments in Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | $8,498,386 | $8,491,347 |
Held-to-maturity securities, Gross Unrealized Gains | 509,727 | 451,797 |
Held-to-maturity securities, Gross Unrealized (Losses) | -65,021 | -120,076 |
Held-to-maturity securities, Fair Value | 8,943,092 | 8,823,068 |
Available-for-sale debt securities, Cost or Amortized Cost | 4,692,767 | 4,456,391 |
Available-for-sale debt securities, Gross Unrealized Gains | 233,604 | 212,185 |
Available-for-sale debt securities, Gross Unrealized (Losses) | -34,748 | -68,903 |
Available-for-sale debt securities, Fair Value | 4,891,623 | 4,599,673 |
Available-for-sale equity securities, Cost or Amortized Cost | 739,098 | 741,080 |
Available-for-sale equity securities, Gross Unrealized Gains | 688,238 | 672,268 |
Available-for-sale equity securities, Gross Unrealized (Losses) | -3,193 | -2,740 |
Available-for-sale equity securities, Fair Value | 1,424,143 | 1,410,608 |
Investments in securities, Cost or Amortized cost | 13,930,251 | 13,688,818 |
Investments in securities, Gross Unrealized Gains | 1,431,569 | 1,336,250 |
Investments in securities, Gross Unrealized (Losses) | -102,962 | -191,719 |
Investments in securities, Fair Value | 15,258,858 | 14,833,349 |
U.S. Treasury and Government [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | ' | 1,738 |
Held-to-maturity securities, Gross Unrealized Gains | ' | 6 |
Held-to-maturity securities, Gross Unrealized (Losses) | ' | ' |
Held-to-maturity securities, Fair Value | ' | 1,744 |
Available-for-sale debt securities, Cost or Amortized Cost | 23,430 | 21,751 |
Available-for-sale debt securities, Gross Unrealized Gains | 779 | 725 |
Available-for-sale debt securities, Fair Value | 24,209 | 22,476 |
U.S. States and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 340,902 | 346,240 |
Held-to-maturity securities, Gross Unrealized Gains | 21,994 | 16,945 |
Held-to-maturity securities, Gross Unrealized (Losses) | -185 | -529 |
Held-to-maturity securities, Fair Value | 362,711 | 362,656 |
Available-for-sale debt securities, Cost or Amortized Cost | 656,927 | 630,199 |
Available-for-sale debt securities, Gross Unrealized Gains | 26,722 | 22,118 |
Available-for-sale debt securities, Gross Unrealized (Losses) | -8,159 | -13,756 |
Available-for-sale debt securities, Fair Value | 675,490 | 638,561 |
Foreign Governments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 29,107 | 29,099 |
Held-to-maturity securities, Gross Unrealized Gains | 2,318 | 2,505 |
Held-to-maturity securities, Fair Value | 31,425 | 31,604 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,000 | 5,000 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,823 | 1,649 |
Available-for-sale debt securities, Fair Value | 6,823 | 6,649 |
Corporate Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 7,725,136 | 7,700,559 |
Held-to-maturity securities, Gross Unrealized Gains | 460,202 | 410,232 |
Held-to-maturity securities, Gross Unrealized (Losses) | -62,822 | -116,900 |
Held-to-maturity securities, Fair Value | 8,122,516 | 7,993,891 |
Available-for-sale debt securities, Cost or Amortized Cost | 3,938,393 | 3,689,349 |
Available-for-sale debt securities, Gross Unrealized Gains | 200,597 | 171,717 |
Available-for-sale debt securities, Gross Unrealized (Losses) | -25,628 | -54,033 |
Available-for-sale debt securities, Fair Value | 4,113,362 | 3,807,033 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 384,034 | 400,619 |
Held-to-maturity securities, Gross Unrealized Gains | 23,142 | 20,711 |
Held-to-maturity securities, Gross Unrealized (Losses) | -2,014 | -2,647 |
Held-to-maturity securities, Fair Value | 405,162 | 418,683 |
Available-for-sale debt securities, Cost or Amortized Cost | 55,475 | 61,135 |
Available-for-sale debt securities, Gross Unrealized Gains | 2,629 | 2,940 |
Available-for-sale debt securities, Gross Unrealized (Losses) | -742 | -1,068 |
Available-for-sale debt securities, Fair Value | 57,362 | 63,007 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale debt securities, Cost or Amortized Cost | ' | 18,223 |
Available-for-sale debt securities, Gross Unrealized Gains | ' | 11,037 |
Available-for-sale debt securities, Fair Value | ' | 29,260 |
Collateralized Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 2,244 | 2,366 |
Held-to-maturity securities, Gross Unrealized Gains | 205 | 225 |
Held-to-maturity securities, Fair Value | 2,449 | 2,591 |
Available-for-sale debt securities, Cost or Amortized Cost | 13,542 | 13,884 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,054 | 1,320 |
Available-for-sale debt securities, Gross Unrealized (Losses) | -219 | -18 |
Available-for-sale debt securities, Fair Value | 14,377 | 15,186 |
Other Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-maturity securities, Cost or Amortized Cost | 16,963 | 10,726 |
Held-to-maturity securities, Gross Unrealized Gains | 1,866 | 1,173 |
Held-to-maturity securities, Fair Value | 18,829 | 11,899 |
Available-for-sale debt securities, Cost or Amortized Cost | ' | 16,850 |
Available-for-sale debt securities, Gross Unrealized Gains | ' | 679 |
Available-for-sale debt securities, Gross Unrealized (Losses) | ' | -28 |
Available-for-sale debt securities, Fair Value | ' | 17,501 |
Common Stock [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale equity securities, Cost or Amortized Cost | 716,266 | 717,390 |
Available-for-sale equity securities, Gross Unrealized Gains | 669,913 | 653,967 |
Available-for-sale equity securities, Gross Unrealized (Losses) | -3,021 | -2,362 |
Available-for-sale equity securities, Fair Value | 1,383,158 | 1,368,995 |
Preferred Stocks [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale equity securities, Cost or Amortized Cost | 22,832 | 23,690 |
Available-for-sale equity securities, Gross Unrealized Gains | 18,325 | 18,301 |
Available-for-sale equity securities, Gross Unrealized (Losses) | -172 | -378 |
Available-for-sale equity securities, Fair Value | $40,985 | $41,613 |
Investments_in_Securities_Matu
Investments in Securities - Maturities of Investments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities And Held To Maturity Securities [Abstract] | ' | ' |
Bonds Held-to-Maturity, Amortized Cost, Due in one year or less | $606,812 | ' |
Bonds Held-to-Maturity, Amortized Cost, Due after one year through five years | 2,224,806 | ' |
Bonds Held-to-Maturity, Amortized Cost, Due after five years through ten years | 5,164,391 | ' |
Bonds Held-to-Maturity, Amortized Cost, Due after ten years | 496,526 | ' |
Bonds Held-to-Maturity, Amortized Cost, Without single maturity date | 5,851 | ' |
Bonds Held-to-Maturity, Amortized Cost | 8,498,386 | 8,491,347 |
Bonds Held-to-Maturity, Fair Value, Due in one year or less | 623,078 | ' |
Bonds Held-to-Maturity, Fair Value, Due after one year through five years | 2,437,297 | ' |
Bonds Held-to-Maturity, Fair Value, Due after five years through ten years | 5,358,905 | ' |
Bonds Held-to-Maturity, Fair Value, Due after ten years | 518,787 | ' |
Bonds Held-to-Maturity, Fair Value, Without single maturity date | 5,025 | ' |
Held-to-maturity securities, Fair Value | 8,943,092 | 8,823,068 |
Bonds Available-for-Sale, Amortized Cost, Due in one year or less | 477,328 | ' |
Bonds Available-for-Sale, Amortized Cost, Due after one year through five years | 975,504 | ' |
Bonds Available-for-Sale, Amortized Cost, Due after five years through ten years | 2,779,775 | ' |
Bonds Available-for-Sale, Amortized Cost, Due after ten years | 455,160 | ' |
Bonds Available-for-Sale, Amortized Cost, Without single maturity date | 5,000 | ' |
Bonds Available-for-Sale, Amortized Cost | 4,692,767 | 4,456,391 |
Bonds Available-for-Sale, Fair Value, Due in one year or less | 486,594 | ' |
Bonds Available-for-Sale, Fair Value, Due after one year through five years | 1,065,243 | ' |
Bonds Available-for-Sale, Fair Value, Due after five years through ten years | 2,865,769 | ' |
Bonds Available-for-Sale, Fair Value, Due after ten years | 469,030 | ' |
Bonds Available-for-Sale, Fair Value, Without single maturity date | 4,987 | ' |
Available-for-sale debt securities, Fair Value | $4,891,623 | $4,599,673 |
Investments_in_Securities_Proc
Investments in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | ' | ' |
Proceeds from sales of available-for-sale securities | $81,664 | $76,857 |
Gross realized gains | 19,943 | 10,738 |
Gross realized losses | ($2,122) | ($522) |
Investments_in_Securities_Addi
Investments in Securities - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Held To Maturity Securities Sales Or Transfers Of Investments [Abstract] | ' | ' |
Securities transferred from held-to-maturity to available-for-sale | $14,818,000 | $13,492,000 |
Unrealized gain (loss), transferred securities | $339,000 | ($263,000) |
Investments_in_Securities_Chan
Investments in Securities - Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in net unrealized gains (losses) on securities during the year | $71,091 | $103,932 |
Adjustments for | ' | ' |
Deferred policy acquisition costs | -12,638 | -2,106 |
Participating policyholders' interest | -4,751 | -5,091 |
Deferred federal income tax benefit (expense) | -19,868 | -34,016 |
Change in net unrealized gains (losses) on securities, net of tax | 33,834 | 62,719 |
Bonds Available-for-Sale [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in net unrealized gains (losses) on securities during the year | 55,574 | 2,026 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in net unrealized gains (losses) on securities during the year | $15,517 | $101,906 |
Investments_in_Securities_Gros
Investments in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | ($55,936) | ($106,555) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 1,359,882 | 1,970,903 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | -9,085 | -13,521 |
Bonds held-to-maturity, 12 months or more, Fair Value | 118,183 | 123,117 |
Bonds held-to-maturity, Total, Unrealized (Losses) | -65,021 | -120,076 |
Bonds held-to-maturity, Total, Fair Value | 1,478,065 | 2,094,020 |
Investment in securities, Less than 12 months, Unrealized (Losses) | -88,242 | -172,773 |
Investment in securities, Less than 12 months, Fair Value | 2,292,803 | 3,286,566 |
Investment in securities, More than 12 months, Unrealized (Losses) | -14,720 | -18,946 |
Investment in securities, More than 12 months, Fair Value | 248,505 | 220,485 |
Investment in securities, Total, Unrealized (Losses) | -102,962 | -191,719 |
Investment in securities, Total, Fair Value | 2,541,308 | 3,507,051 |
U.S. Treasury and Government [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Bonds held-to-maturity, Total, Unrealized (Losses) | ' | ' |
Available-for-sale securities, Less than 12 months, Fair Value | 1,686 | 725 |
Available-for-sale securities, Total, Fair Value | 1,686 | 725 |
U.S. States and Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | -152 | -529 |
Bonds held-to-maturity, Less than 12 months, Fair Value | 6,183 | 22,430 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | -33 | ' |
Bonds held-to-maturity, 12 months or more, Fair Value | 139 | ' |
Bonds held-to-maturity, Total, Unrealized (Losses) | -185 | -529 |
Bonds held-to-maturity, Total, Fair Value | 6,322 | 22,430 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -6,726 | -13,271 |
Available-for-sale securities, Less than 12 months, Fair Value | 131,622 | 168,093 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | -1,433 | -485 |
Available-for-sale securities, 12 months or more, Fair Value | 18,447 | 2,905 |
Available-for-sale securities, Total, Unrealized (Losses) | -8,159 | -13,756 |
Available-for-sale securities, Total, Fair Value | 150,069 | 170,998 |
Corporate Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | -54,480 | -104,308 |
Bonds held-to-maturity, Less than 12 months, Fair Value | 1,326,777 | 1,916,758 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | -8,342 | -12,592 |
Bonds held-to-maturity, 12 months or more, Fair Value | 106,517 | 109,603 |
Bonds held-to-maturity, Total, Unrealized (Losses) | -62,822 | -116,900 |
Bonds held-to-maturity, Total, Fair Value | 1,433,294 | 2,026,361 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -21,546 | -49,198 |
Available-for-sale securities, Less than 12 months, Fair Value | 742,755 | 1,083,677 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | -4,082 | -4,835 |
Available-for-sale securities, 12 months or more, Fair Value | 109,514 | 92,004 |
Available-for-sale securities, Total, Unrealized (Losses) | -25,628 | -54,033 |
Available-for-sale securities, Total, Fair Value | 852,269 | 1,175,681 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | -1,304 | -1,718 |
Bonds held-to-maturity, Less than 12 months, Fair Value | 26,922 | 31,715 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | -710 | -929 |
Bonds held-to-maturity, 12 months or more, Fair Value | 11,527 | 13,514 |
Bonds held-to-maturity, Total, Unrealized (Losses) | -2,014 | -2,647 |
Bonds held-to-maturity, Total, Fair Value | 38,449 | 45,229 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -636 | -978 |
Available-for-sale securities, Less than 12 months, Fair Value | 12,018 | 16,835 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | -106 | -90 |
Available-for-sale securities, 12 months or more, Fair Value | 1,801 | 1,872 |
Available-for-sale securities, Total, Unrealized (Losses) | -742 | -1,068 |
Available-for-sale securities, Total, Fair Value | 13,819 | 18,707 |
Collateralized Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -205 | -3 |
Available-for-sale securities, Less than 12 months, Fair Value | 1,850 | 205 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | -14 | -15 |
Available-for-sale securities, 12 months or more, Fair Value | 560 | 587 |
Available-for-sale securities, Total, Unrealized (Losses) | -219 | -18 |
Available-for-sale securities, Total, Fair Value | 2,410 | 792 |
Other Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | ' | -28 |
Available-for-sale securities, Less than 12 months, Fair Value | ' | 10,027 |
Available-for-sale securities, Total, Unrealized (Losses) | ' | -28 |
Available-for-sale securities, Total, Fair Value | ' | 10,027 |
Bonds Available-for-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -29,113 | -63,478 |
Available-for-sale securities, Less than 12 months, Fair Value | 889,931 | 1,279,562 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | -5,635 | -5,425 |
Available-for-sale securities, 12 months or more, Fair Value | 130,322 | 97,368 |
Available-for-sale securities, Total, Unrealized (Losses) | -34,748 | -68,903 |
Available-for-sale securities, Total, Fair Value | 1,020,253 | 1,376,930 |
Common Stock [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -3,021 | -2,362 |
Available-for-sale securities, Less than 12 months, Fair Value | 40,162 | 29,978 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | ' | ' |
Available-for-sale securities, 12 months or more, Fair Value | ' | ' |
Available-for-sale securities, Total, Unrealized (Losses) | -3,021 | -2,362 |
Available-for-sale securities, Total, Fair Value | 40,162 | 29,978 |
Preferred Stocks [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -172 | -378 |
Available-for-sale securities, Less than 12 months, Fair Value | 2,828 | 6,123 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | ' | ' |
Available-for-sale securities, 12 months or more, Fair Value | ' | ' |
Available-for-sale securities, Total, Unrealized (Losses) | -172 | -378 |
Available-for-sale securities, Total, Fair Value | 2,828 | 6,123 |
Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | -3,193 | -2,740 |
Available-for-sale securities, Less than 12 months, Fair Value | 42,990 | 36,101 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | ' | ' |
Available-for-sale securities, 12 months or more, Fair Value | ' | ' |
Available-for-sale securities, Total, Unrealized (Losses) | -3,193 | -2,740 |
Available-for-sale securities, Total, Fair Value | $42,990 | $36,101 |
Investments_in_Securities_Bond
Investments in Securities - Bond by Credit Quality Rating Distribution (Detail) (Credit Concentration Risk [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 100.00% | 100.00% |
AAA [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 4.80% | 4.90% |
AA [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 11.40% | 11.30% |
A [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 40.40% | 40.70% |
BBB [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 39.80% | 39.20% |
BB and Below [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Portfolio of investment by credit quality | 3.60% | 3.90% |
Investments_in_Securities_Equi
Investments in Securities - Equity Securities by Market Sector Distribution (Detail) (Credit Concentration Risk [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 100.00% | 100.00% |
Consumer Goods [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 19.30% | 19.80% |
Energy and Utilities [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 15.10% | 15.00% |
Financials [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 19.30% | 19.30% |
Healthcare [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 13.10% | 12.70% |
Industrials [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 8.80% | 9.00% |
Information Technology [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 15.90% | 15.70% |
Other [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Equity securities with market sector distribution | 8.50% | 8.50% |
Mortgage_Loans_Mortgage_Loans_
Mortgage Loans - Mortgage Loans by Property Type and Geographic Distribution (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Credit Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 100.00% | 100.00% |
Credit Concentration Risk [Member] | Hotel and Motel [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 10.10% | 10.00% |
Credit Concentration Risk [Member] | Industrial [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 24.40% | 24.90% |
Credit Concentration Risk [Member] | Office [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 33.80% | 34.00% |
Credit Concentration Risk [Member] | Retail [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 19.20% | 19.60% |
Credit Concentration Risk [Member] | Other [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 12.50% | 11.50% |
Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 100.00% | 100.00% |
Geographic Concentration Risk [Member] | East North Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 19.80% | 19.30% |
Geographic Concentration Risk [Member] | East South Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 5.80% | 6.80% |
Geographic Concentration Risk [Member] | Mountain [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 9.60% | 10.00% |
Geographic Concentration Risk [Member] | Pacific [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 12.20% | 12.30% |
Geographic Concentration Risk [Member] | South Atlantic [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 20.00% | 19.60% |
Geographic Concentration Risk [Member] | West South Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 27.00% | 26.40% |
Geographic Concentration Risk [Member] | Other [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Mortgage loans | 5.60% | 5.60% |
Mortgage_Loans_Additional_Info
Mortgage Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Defaults | |||
MortgageLoan | |||
Receivables [Abstract] | ' | ' | ' |
Number of mortgage loan foreclosed | 1 | ' | ' |
Mortgage loans foreclosed | $5,945,000 | ' | ' |
Number of mortgage loans sold | 0 | ' | ' |
Unamortized discounts | 805,000 | 852,000 | ' |
Unamortized origination fees, mortgage loans | 17,110,000 | 15,709,000 | ' |
Financing receivable, collectively evaluated for impairment | 3,286,891,000 | ' | 3,294,235,000 |
Financing receivable, individually evaluated for impairment | $16,813,000 | ' | $17,188,000 |
Number of defaults on modified loans | 0 | ' | ' |
Mortgage_Loans_Age_Analysis_of
Mortgage Loans - Age Analysis of Past Due Commercial Mortgage Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 5,945 | 2,739 |
Total Past Due | 5,945 | 2,739 |
Current | 3,297,758 | 3,308,684 |
Mortgage loans on real estate, gross | 3,303,703 | 3,311,423 |
Allowance for loan losses | 12,908 | 12,181 |
Mortgage loans on real estate, net of allowance | 3,290,795 | 3,299,242 |
Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | ' | 2,739 |
Total Past Due | ' | 2,739 |
Current | 803,743 | 821,741 |
Mortgage loans on real estate, gross | 803,743 | 824,480 |
Office [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 5,945 | ' |
Total Past Due | 5,945 | ' |
Current | 1,109,897 | 1,124,818 |
Mortgage loans on real estate, gross | 1,115,842 | 1,124,818 |
Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 636,817 | 651,236 |
Mortgage loans on real estate, gross | 636,817 | 651,236 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 747,301 | 710,889 |
Mortgage loans on real estate, gross | $747,301 | $710,889 |
Mortgage_Loans_Commercial_Mort
Mortgage Loans - Commercial Mortgage Loans Placed on Nonaccrual Status (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Industrial [Member] | Office [Member] |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Amounts of commercial mortgage loans | $2,739 | $5,945 |
Mortgage_Loans_Change_in_Allow
Mortgage Loans - Change in Allowance for Credit Losses in Commercial Mortgage Loans (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Roll Forward] | ' |
Allowance for credit losses, Collectively Evaluated for Impairment, Beginning Balance | $11,688 |
Change in allowance, Collectively Evaluated for Impairment | 728 |
Allowance for credit losses, Collectively Evaluated for Impairment, Ending Balance | 12,416 |
Allowance for credit losses, Individually Evaluated for Impairment, Beginning balance | 493 |
Change in allowance, Individually Evaluated for Impairment | ' |
Allowance for credit losses, Individually Evaluated for Impairment, Ending balance | $493 |
Mortgage_Loans_Loans_Individua
Mortgage Loans - Loans Individually Evaluated for Impairment With and Without Allowance (Average Recorded Investment and Interest Income Recognized) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investments with an Allowance Recorded | $493 | $493 |
Interest Income Recognized with an Allowance Recorded | ' | ' |
Average Recorded Investments with No Allowance Recorded | 16,508 | 108,941 |
Interest Income Recognized with No Allowance Recorded | 266 | 1,820 |
Office [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investments with No Allowance Recorded | 12,377 | 36,489 |
Interest Income Recognized with No Allowance Recorded | 204 | 613 |
Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investments with No Allowance Recorded | 2,721 | 17,180 |
Interest Income Recognized with No Allowance Recorded | 45 | 283 |
Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investments with No Allowance Recorded | 1,410 | 55,272 |
Interest Income Recognized with No Allowance Recorded | 17 | 924 |
Retail [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investments with an Allowance Recorded | 493 | 493 |
Interest Income Recognized with an Allowance Recorded | ' | ' |
Mortgage_Loans_Loans_Individua1
Mortgage Loans - Loans Individually Evaluated for Impairment With and Without Allowance (Recorded Investment and Unpaid Principal Balance) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investments with an Allowance Recorded | $493 | $493 |
Unpaid Principal Balance with an Allowance Recorded | 493 | 493 |
Recorded Investments with No Allowance Recorded | 16,320 | 16,695 |
Unpaid Principal Balance with No Allowance Recorded | 16,320 | 16,695 |
Office [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investments with No Allowance Recorded | 12,378 | 12,377 |
Unpaid Principal Balance with No Allowance Recorded | 12,378 | 12,377 |
Industrial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investments with No Allowance Recorded | 2,702 | 2,739 |
Unpaid Principal Balance with No Allowance Recorded | 2,702 | 2,739 |
Retail [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investments with an Allowance Recorded | 493 | 493 |
Unpaid Principal Balance with an Allowance Recorded | 493 | 493 |
Recorded Investments with No Allowance Recorded | 1,240 | 1,579 |
Unpaid Principal Balance with No Allowance Recorded | $1,240 | $1,579 |
Mortgage_Loans_Number_of_Mortg
Mortgage Loans - Number of Mortgage Loans and Recorded Investment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Number of contracts | 1 |
Recorded investment pre- modification | $6,432 |
Recorded investment post modification | 6,432 |
Industrial [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of contracts | ' |
Recorded investment pre- modification | ' |
Recorded investment post modification | ' |
Office [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of contracts | 1 |
Recorded investment pre- modification | 6,432 |
Recorded investment post modification | $6,432 |
Investment_Real_Estate_Investm
Investment Real Estate - Investment Real Estate by Property-Type and Geographic Distribution (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Property Type Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 100.00% | 100.00% |
Property Type Concentration Risk [Member] | Industrial [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 12.70% | 12.30% |
Property Type Concentration Risk [Member] | Office [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 22.40% | 23.10% |
Property Type Concentration Risk [Member] | Retail [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 41.80% | 43.40% |
Property Type Concentration Risk [Member] | Other [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 23.10% | 21.20% |
Geographic Distribution [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 100.00% | 100.00% |
Geographic Distribution [Member] | East North Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 4.40% | 7.80% |
Geographic Distribution [Member] | East South Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 5.50% | 5.40% |
Geographic Distribution [Member] | Mountain [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 6.10% | 6.00% |
Geographic Distribution [Member] | Pacific [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 6.20% | 5.50% |
Geographic Distribution [Member] | South Atlantic [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 12.00% | 13.40% |
Geographic Distribution [Member] | West South Central [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 59.10% | 59.00% |
Geographic Distribution [Member] | Other [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Investment real estate | 6.70% | 2.90% |
Investment_Real_Estate_Assets_
Investment Real Estate - Assets and Liabilities Related to VIEs (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Investment real estate | $491,079 | $507,142 | ' | ' |
Cash and cash equivalents | 169,225 | 117,946 | 113,179 | 303,008 |
Accrued investment income | 204,766 | 194,830 | ' | ' |
Other assets | 151,237 | 142,043 | ' | ' |
Notes payable | 113,066 | 113,849 | ' | ' |
Other liabilities | 490,962 | 456,818 | ' | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Investment real estate | 124,702 | 123,624 | ' | ' |
Cash and cash equivalents | 6,522 | 2,154 | ' | ' |
Accrued investment income | 179 | 2,197 | ' | ' |
Other receivables | 9,112 | 8,488 | ' | ' |
Other assets | 7,052 | 6,016 | ' | ' |
Total assets of consolidated VIEs | 147,567 | 142,479 | ' | ' |
Notes payable | 113,066 | 113,849 | ' | ' |
Other liabilities | 7,827 | 6,680 | ' | ' |
Total liabilities of consolidated VIEs | $120,893 | $120,529 | ' | ' |
Investment_Real_Estate_Additio
Investment Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Note | |
Debt Instrument [Line Items] | ' |
Maximum amount of investment in long-term notes payable | $16,537,000 |
Current portion of notes payable | 3,025,000 |
Average interest rate on current portion of notes payable | 4.25% |
Number of notes included in notes payable | 3 |
Long-term notes payable due in four and five years | 9,375,000 |
Carrying value of real estate investment | $0 |
Long-Term Notes Payable 1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest rate on long-term notes | 4.00% |
Notes payable maturity period | 'Beyond 5 years |
Long-Term Notes Payable 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest on long-term portion of notes payable | 'Adjusted LIBOR plus 1.0% LIBOR margin |
Notes payable maturity year | '2016 |
Long-Term Notes Payable 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest on long-term portion of notes payable | 'Adjusted LIBOR plus 1.0% LIBOR margin |
Notes payable maturity year | '2016 |
Investment_Real_Estate_Carryin
Investment Real Estate - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Loans on Real Estate [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amount | $108,375 | $101,648 |
Maximum Exposure to Loss | 108,375 | 101,648 |
Investments in Unconsolidated Affiliates [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amount | 198,872 | 195,794 |
Maximum Exposure to Loss | 198,872 | 195,794 |
Accrued Investment Income [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Carrying Amount | 493 | 454 |
Maximum Exposure to Loss | $493 | $454 |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Derivative | Derivative |
Policyholders' Account Balances [Member] | Equity-Indexed Embedded Derivative [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of Instruments | 35,703 | 33,579 |
Derivative Notional Amount, Liability | $863,600 | $819,200 |
Derivative Financial Instruments, Estimated Fair Value | 155,191 | 148,435 |
Other Invested Assets [Member] | Equity-Indexed Options [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of Instruments | 371 | 394 |
Derivative Notional Amount, Asset | 924,400 | 951,400 |
Estimated Fair Value of other invested assets | $146,147 | $164,753 |
Derivative_Instruments_Schedul1
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Investment Income [Member] | Equity-Indexed Options [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Equity-indexed options embedded derivative | $3,985 | $24,340 |
Interest Credited to Policyholders' Account Balances [Member] | Equity-Indexed Embedded Derivative [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Equity-indexed options embedded derivative | ($2,896) | ($20,647) |
Net_Investment_Income_and_Real2
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | $218,823 | $251,366 |
Bonds Available-for-Sale [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | 151,516 | 163,433 |
Equity Securities [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | 9,084 | 6,815 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | 51,454 | 51,785 |
Real Estate [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | -4,971 | -1,421 |
Options [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | 3,985 | 24,340 |
Other Invested Assets [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Net Investment Income, Total | $7,755 | $6,414 |
Net_Investment_Income_and_Real3
Net Investment Income and Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) and Other than Temporary Impairment Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | $26,446 | $18,538 |
Other-than-temporary impairments | -975 | -1,587 |
Bonds Available-for-Sale [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | 16,619 | 3,223 |
Other-than-temporary impairments | -41 | ' |
Equity Securities [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | 6,531 | 8,683 |
Other-than-temporary impairments | -934 | -1,587 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | -728 | 288 |
Real Estate [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | 4,963 | 6,383 |
Other Invested Assets [Member] | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' |
Realized investments gain (losses) | ($939) | ($39) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Held-to-maturity, fair value disclosure | $8,498,386 | $8,491,347 |
Loans receivable, fair value disclosure | 3,290,795 | 3,299,242 |
Separate account assets, fair value disclosure | 981,739 | 970,954 |
Financial liabilities | ' | ' |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
Carrying Amount [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity, fair value disclosure | 8,498,386 | 8,491,347 |
Equity Indexed Options, fair value disclosure | 146,147 | 164,753 |
Short-term investments, fair value disclosure | 245,601 | 495,386 |
Separate account assets, fair value disclosure | 981,739 | 970,954 |
Total financial assets, fair value disclosure | 19,877,782 | 19,829,370 |
Financial liabilities | ' | ' |
Liabilities related to investment contracts, fair value disclosure | 9,236,868 | 9,423,122 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 155,191 | 148,435 |
Notes payable, fair value disclosure | 113,066 | 113,849 |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
Total financial liabilities, fair value disclosure | 10,486,864 | 10,656,360 |
Carrying Amount [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 3,290,795 | 3,299,242 |
Carrying Amount [Member] | Policy Loans [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 399,348 | 397,407 |
Carrying Amount [Member] | Bonds Available-for-Sale [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities fair value disclosure | 4,891,623 | 4,599,673 |
Carrying Amount [Member] | Equity Securities [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities fair value disclosure | 1,424,143 | 1,410,608 |
Fair Value [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity, fair value disclosure | 8,943,092 | 8,823,068 |
Equity Indexed Options, fair value disclosure | 146,147 | 164,753 |
Short-term investments, fair value disclosure | 245,601 | 495,386 |
Separate account assets, fair value disclosure | 981,739 | 970,954 |
Total financial assets, fair value disclosure | 20,470,420 | 20,332,512 |
Financial liabilities | ' | ' |
Liabilities related to investment contracts, fair value disclosure | 9,236,868 | 9,423,122 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 155,191 | 148,435 |
Notes payable, fair value disclosure | 113,066 | 113,849 |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
Total financial liabilities, fair value disclosure | 10,486,864 | 10,656,360 |
Fair Value [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 3,438,727 | 3,470,663 |
Fair Value [Member] | Policy Loans [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 399,348 | 397,407 |
Fair Value [Member] | Bonds Available-for-Sale [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities fair value disclosure | 4,891,623 | 4,599,673 |
Fair Value [Member] | Equity Securities [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities fair value disclosure | $1,424,143 | $1,410,608 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Estimate embedded derivative value ranges | 15.00% | ' | 15.00% |
Net gain (loss) for derivatives included in net investment income | ($11,397,000) | $21,580,000 | ' |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | $8,943,092 | $8,823,068 |
Separate account assets, fair value disclosure | 981,739 | 970,954 |
Financial liabilities | ' | ' |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
U.S. Treasury and Government [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | ' | 1,744 |
U.S. States and Political Subdivisions [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 362,711 | 362,656 |
Foreign Governments [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 31,425 | 31,604 |
Corporate Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 8,122,516 | 7,993,891 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 405,162 | 418,683 |
Collateralized Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 2,449 | 2,591 |
Other Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 18,829 | 11,899 |
Recurring [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 8,943,092 | 8,823,068 |
Equity Indexed Options, fair value disclosure | ' | 164,753 |
Equity Indexed Options, fair value disclosure | 146,147 | ' |
Short-term investments, fair value disclosure | 245,601 | ' |
Short-term investments, fair value disclosure | ' | 495,386 |
Separate account assets, fair value disclosure | 981,739 | ' |
Separate account assets, fair value disclosure | ' | 970,954 |
Total financial assets, fair value disclosure | 20,470,420 | 20,332,512 |
Financial liabilities | ' | ' |
Liabilities related to investment contracts, fair value disclosure | 9,236,868 | 9,423,122 |
Embedded derivative liability for equity-indexed, fair value disclosure | 155,191 | 148,435 |
Notes payable, fair value disclosure | 113,066 | 113,849 |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
Total financial liabilities, fair value disclosure | 10,486,864 | 10,656,360 |
Recurring [Member] | Policy Loans [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 399,348 | ' |
Loans receivable, fair value disclosure | ' | 397,407 |
Recurring [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | ' | 3,470,663 |
Loans receivable, fair value disclosure | 3,438,727 | ' |
Recurring [Member] | Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Total financial assets, fair value disclosure | 1,424,143 | 1,410,608 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 8,893,735 | 8,776,009 |
Short-term investments, fair value disclosure | 245,601 | ' |
Short-term investments, fair value disclosure | ' | 495,386 |
Separate account assets, fair value disclosure | 981,739 | ' |
Separate account assets, fair value disclosure | ' | 970,954 |
Total financial assets, fair value disclosure | 18,439,452 | 18,264,381 |
Financial liabilities | ' | ' |
Separate account liabilities, fair value disclosure | 981,739 | 970,954 |
Total financial liabilities, fair value disclosure | 981,739 | 970,954 |
Recurring [Member] | Level 2 [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | ' | 3,470,663 |
Loans receivable, fair value disclosure | 3,438,727 | ' |
Recurring [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 49,357 | 47,059 |
Equity Indexed Options, fair value disclosure | ' | 164,753 |
Equity Indexed Options, fair value disclosure | 146,147 | ' |
Total financial assets, fair value disclosure | 606,825 | 657,523 |
Financial liabilities | ' | ' |
Liabilities related to investment contracts, fair value disclosure | 9,236,868 | 9,423,122 |
Embedded derivative liability for equity-indexed, fair value disclosure | 155,191 | 148,435 |
Notes payable, fair value disclosure | 113,066 | 113,849 |
Total financial liabilities, fair value disclosure | 9,505,125 | 9,685,406 |
Recurring [Member] | Level 3 [Member] | Policy Loans [Member] | ' | ' |
Financial assets | ' | ' |
Loans receivable, fair value disclosure | 399,348 | ' |
Loans receivable, fair value disclosure | ' | 397,407 |
Recurring [Member] | U.S. Treasury and Government [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | ' | 1,743 |
Available-for-sale securities, fair value disclosure | 24,209 | 22,477 |
Recurring [Member] | U.S. Treasury and Government [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | ' | 1,743 |
Available-for-sale securities, fair value disclosure | 24,209 | 22,477 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 362,711 | 362,657 |
Available-for-sale securities, fair value disclosure | 675,490 | 638,560 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 362,711 | 362,657 |
Available-for-sale securities, fair value disclosure | 672,975 | 636,040 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 2,515 | 2,520 |
Recurring [Member] | Foreign Governments [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 31,424 | 31,605 |
Available-for-sale securities, fair value disclosure | 6,823 | 6,649 |
Recurring [Member] | Foreign Governments [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 31,424 | 31,605 |
Available-for-sale securities, fair value disclosure | 6,823 | 6,649 |
Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 8,122,517 | 7,993,891 |
Available-for-sale securities, fair value disclosure | 4,113,362 | 3,807,033 |
Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 8,076,602 | 7,950,418 |
Available-for-sale securities, fair value disclosure | 4,107,804 | 3,794,809 |
Recurring [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 45,915 | 43,473 |
Available-for-sale securities, fair value disclosure | 5,558 | 12,224 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 405,162 | 418,682 |
Available-for-sale securities, fair value disclosure | 57,362 | 63,007 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 404,169 | 417,687 |
Available-for-sale securities, fair value disclosure | 55,196 | 60,841 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 993 | 995 |
Available-for-sale securities, fair value disclosure | 2,166 | 2,166 |
Recurring [Member] | Collateralized Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 2,449 | 2,591 |
Available-for-sale securities, fair value disclosure | 14,377 | 15,186 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 12,643 | 13,052 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 2,449 | 2,591 |
Available-for-sale securities, fair value disclosure | 1,734 | 2,134 |
Recurring [Member] | Other Debt Securities [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 18,829 | 11,899 |
Available-for-sale securities, fair value disclosure | ' | 17,501 |
Recurring [Member] | Other Debt Securities [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Held-to-maturity securities, fair value disclosure | 18,829 | 11,899 |
Available-for-sale securities, fair value disclosure | ' | 17,501 |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | ' | 29,260 |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | ' | 29,260 |
Recurring [Member] | Bonds Available-for-Sale [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 4,891,623 | 4,599,673 |
Recurring [Member] | Bonds Available-for-Sale [Member] | Level 2 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 4,879,650 | 4,551,369 |
Recurring [Member] | Bonds Available-for-Sale [Member] | Level 3 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 11,973 | 48,304 |
Recurring [Member] | Common Stock [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 1,383,158 | 1,368,995 |
Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 1,383,158 | 1,368,995 |
Recurring [Member] | Preferred Stocks [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 40,985 | 41,613 |
Recurring [Member] | Preferred Stocks [Member] | Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 40,985 | 41,613 |
Recurring [Member] | Equity Securities [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | 1,424,143 | 1,410,608 |
Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | ' | ' |
Financial assets | ' | ' |
Available-for-sale securities, fair value disclosure | $1,424,143 | $1,410,608 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $148,435 | $75,032 |
Total realized and unrealized investment gains/losses included in other comprehensive income | ' | ' |
Net fair value change included in realized gains/losses | ' | ' |
Net gain (loss) for derivatives included in net investment income | ' | ' |
Net change included in interest credited | 2,896 | 20,647 |
Purchases | ' | ' |
Sales | ' | ' |
Settlements or maturities | ' | ' |
Premiums less benefits | 3,860 | 1,691 |
Ending balance | 155,191 | 93,988 |
Investment Securities [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 48,304 | 107,036 |
Total realized and unrealized investment gains/losses Included in other comprehensive income | -12,194 | 8,409 |
Net fair value change included in realized gains/losses | 13,056 | 211 |
Net change included in interest credited | ' | ' |
Purchases | ' | 2,005 |
Sales | -37,188 | -3,288 |
Settlements or maturities | -5 | ' |
Premiums less benefits | ' | ' |
Ending balance | 11,973 | 114,373 |
Equity-Indexed Options [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 164,753 | 82,625 |
Net gain (loss) for derivatives included in net investment income | 2,112 | 22,466 |
Net change included in interest credited | ' | ' |
Purchases | 4,673 | 3,290 |
Settlements or maturities | -25,391 | -3,127 |
Premiums less benefits | ' | ' |
Ending balance | $146,147 | $105,254 |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Beginning balance | $1,277,733 | ' |
Additions | 91,949 | ' |
Amortization | -98,373 | ' |
Effect of change in unrealized gains on available-for-sale securities | -12,638 | -2,106 |
Net change | -19,062 | ' |
Ending balance | 1,258,671 | ' |
Life [Member] | ' | ' |
Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Beginning balance | 684,084 | ' |
Additions | 23,288 | ' |
Amortization | -18,105 | ' |
Effect of change in unrealized gains on available-for-sale securities | -1,775 | ' |
Net change | 3,408 | ' |
Ending balance | 687,492 | ' |
Annuity [Member] | ' | ' |
Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Beginning balance | 424,158 | ' |
Additions | 12,521 | ' |
Amortization | -19,917 | ' |
Effect of change in unrealized gains on available-for-sale securities | -10,863 | ' |
Net change | -18,259 | ' |
Ending balance | 405,899 | ' |
Accident and Health [Member] | ' | ' |
Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Beginning balance | 47,220 | ' |
Additions | 4,288 | ' |
Amortization | -4,519 | ' |
Net change | -231 | ' |
Ending balance | 46,989 | ' |
Property and Casualty [Member] | ' | ' |
Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Beginning balance | 122,271 | ' |
Additions | 51,852 | ' |
Amortization | -55,832 | ' |
Net change | -3,980 | ' |
Ending balance | $118,291 | ' |
Liability_for_Unpaid_Claims_an2
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Property and Casualty Accident and Health [Member] | Property and Casualty Accident and Health [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net | ' | ' | ' | ' |
Unpaid claims balance, beginning | ' | ' | $1,096,301 | $1,168,047 |
Less reinsurance recoverables | 410,307 | 414,743 | 215,161 | 256,885 |
Net beginning balance | ' | ' | 881,140 | 911,162 |
Incurred related to | ' | ' | ' | ' |
Current | ' | ' | 229,727 | 254,035 |
Prior years | ' | ' | -11,369 | -23,037 |
Total incurred claims | ' | ' | 218,358 | 230,998 |
Paid claims related to | ' | ' | ' | ' |
Current | ' | ' | 94,693 | 92,894 |
Prior years | ' | ' | 121,876 | 133,698 |
Total paid claims | ' | ' | 216,569 | 226,592 |
Net balance | ' | ' | 882,929 | 915,568 |
Plus reinsurance recoverables | 410,307 | 414,743 | 214,505 | 240,844 |
Unpaid claims balance, ending | ' | ' | $1,097,434 | $1,156,412 |
Liability_for_Unpaid_Claims_an3
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Insurance [Abstract] | ' | ' |
Description of increase (decrease) in claims and claim adjustment expenses | 'The net and gross reserve calculations have shown favorable development for the last several years as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. | 'The net and gross reserve calculations have shown favorable development for the last several years as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. |
Increase (decrease) in claims and claim adjustments expenses amount | $11,369,000 | $23,037,000 |
Federal_Income_Taxes_Effective
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax (benefit) on pre-tax income | $26,064 | $21,752 |
Tax-exempt investment income | -1,553 | -1,623 |
Dividend exclusion | -1,888 | -1,471 |
Miscellaneous tax credits, net | -1,551 | -1,961 |
Other items, net | 415 | -5,380 |
Total provision (benefit) for federal income taxes | $21,487 | $11,317 |
Income tax (benefit) on pre-tax income | 35.00% | 35.00% |
Tax-exempt investment income | -2.10% | -2.60% |
Dividend exclusion | -2.50% | -2.40% |
Miscellaneous tax credits, net | -2.10% | -3.20% |
Other items, net | 0.60% | -8.60% |
Total, Rate | 28.90% | 18.20% |
Federal_Income_Taxes_Additiona
Federal Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income taxes paid or refunded, net | $808,300 | $0 | ' |
Valuation allowance | 0 | ' | 0 |
Ordinary loss tax carryforwards subject to expiration | 5,396,000 | ' | ' |
Operating loss carryforwards expiration dates | 31-Dec-34 | ' | ' |
Interest or penalties recognized | $0 | $0 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, Beginning balance | $413,712 | $242,010 |
Amounts reclassified from AOCI, net of tax benefit (expense) | -12,819 | -3,103 |
Unrealized holding gains (losses) arising during the period, net of tax expense | 59,745 | 73,674 |
Unrealized adjustment to DAC, net of tax benefit | -9,287 | -1,667 |
Unrealized (gains) losses on investments attributable to participating policyholders' interest, net of tax benefit | -3,088 | -3,309 |
Foreign currency adjustment, net of tax benefit expense | -966 | 149 |
Accumulated Other Comprehensive Income, Ending balance | 447,297 | 307,754 |
Net Unrealized Gains/(Losses) on Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, Beginning balance | 457,937 | 370,842 |
Amounts reclassified from AOCI, net of tax benefit (expense) | -13,536 | -5,979 |
Unrealized holding gains (losses) arising during the period, net of tax expense | 59,745 | 73,674 |
Unrealized adjustment to DAC, net of tax benefit | -9,287 | -1,667 |
Unrealized (gains) losses on investments attributable to participating policyholders' interest, net of tax benefit | -3,088 | -3,309 |
Accumulated Other Comprehensive Income, Ending balance | 491,771 | 433,561 |
Defined Benefit Pension Plan Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, Beginning balance | -43,884 | -129,003 |
Amounts reclassified from AOCI, net of tax benefit (expense) | 717 | 2,876 |
Accumulated Other Comprehensive Income, Ending balance | -43,167 | -126,127 |
Foreign Currency Adjustments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, Beginning balance | -341 | 171 |
Foreign currency adjustment, net of tax benefit expense | -966 | 149 |
Accumulated Other Comprehensive Income, Ending balance | ($1,307) | $320 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Amounts reclassified from AOCI, sale of securities tax benefit (expense) | $7,289 | $3,434 |
Amounts reclassified from AOCI, pension tax benefit (expense) | 386 | 1,549 |
Unrealized holding gains (losses) arising during the period, tax expense | 32,171 | 39,671 |
Unrealized adjustment to deferred policy acquisition costs, tax benefit | 3,351 | 439 |
Unrealized (gains) losses on investments attributable to participating policyholders' interest, tax benefit | 1,663 | 1,782 |
Foreign currency adjustment, tax expense (benefit) | ($520) | $80 |
Stockholders_Equity_and_Noncon2
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | |
Parent Company [Member] | Parent Company [Member] | County Mutual [Member] | County Mutual [Member] | Other Subsidiaries [Member] | Other Subsidiaries [Member] | Missouri Domiciled Insurance Subsidiary [Member] | Missouri Domiciled Insurance Subsidiary [Member] | Stock Appreciation Rights [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Awards [Member] | ||||
Graded Vesting [Member] | Graded Vesting [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $1 | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum limit of shares available for grants under stock-based compensation plan | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum limit of shares granted to any one individual in any calendar year | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting rate per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '3 years | ' | '10 years |
Expiration of vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Conversion of RSUs into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Reclassification of equity to liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,974,000 | ' |
Incremental cost of modification | 5,174,000 | 1,408,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,334 |
Exercise price of Restricted shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
Number of shares unvested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,667 |
Lapse restrictions on restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Risk based capital action level percentage | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's statutory capital and surplus | ' | ' | ' | 2,696,656,000 | 2,667,589,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory accounting practices permitted practice amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,732,000 | 58,207,000 | ' | ' | ' | ' | ' |
Description of regulatory capital requirement | 'American National Insurance Company's payment of dividends to stockholders is restricted by statutory regulations. The restrictions require life insurance companies to maintain minimum amounts of capital and surplus, and in the absence of special approval, limit the payment of dividends to the greater of prior year statutory net income from operations on an annual, non-cumulative basis, or 10% of prior year statutory surplus. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory amount available for dividend payments without regulatory approval | 269,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest | $11,536,000 | ' | $12,757,000 | ' | ' | $6,750,000 | $6,750,000 | $4,786,000 | $6,007,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_and_Noncon3
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders Equity Note [Abstract] | ' | ' |
Shares issued | 30,832,449 | 30,832,449 |
Treasury shares | -3,920,697 | -3,937,261 |
Outstanding shares | 26,911,752 | 26,895,188 |
Restricted shares | -190,667 | -190,667 |
Unrestricted outstanding shares | 26,721,085 | 26,704,521 |
Stockholders_Equity_and_Noncon4
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Stock Appreciation Rights [Member] | ' | ' | ' |
Authorized Classes Of Cumulative Preferred And Preference Stocks [Line Items] | ' | ' | ' |
Beginning balance, Shares | 74,435 | ' | ' |
Exercised, Shares | -833 | ' | ' |
Expired, Shares | ' | ' | ' |
Ending balance, Shares | 73,602 | ' | ' |
Weighted-Average Grant Date Fair Value, Beginning balance | $114.08 | ' | ' |
Weighted-Average Grant Date Fair Value, Exercised | $94.47 | ' | ' |
Weighted-Average Grant Date Fair Value, Expired | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Ending balance | $114.30 | ' | ' |
Weighted-average contractual remaining life | '2 years | ' | ' |
Exercisable shares | 72,674 | ' | ' |
Weighted-average exercise price | $114.30 | ' | ' |
Weighted-average exercise price exercisable shares | $114.66 | ' | ' |
Compensation expense (credits) | $9,000 | $32,000 | ' |
Fair value of liability award | 181,000 | ' | 376,000 |
Restricted Stock Awards [Member] | ' | ' | ' |
Authorized Classes Of Cumulative Preferred And Preference Stocks [Line Items] | ' | ' | ' |
Beginning balance, Shares | 190,667 | ' | ' |
Expired, Shares | ' | ' | ' |
Ending balance, Shares | 190,667 | ' | ' |
Weighted-Average Grant Date Fair Value, Beginning balance | $107.54 | ' | ' |
Weighted-Average Grant Date Fair Value, Expired | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Ending balance | $107.54 | ' | ' |
Weighted-average contractual remaining life | '4 years 2 months 12 days | ' | ' |
Weighted-average exercise price | $107.54 | ' | ' |
Compensation expense (credits) | 505,000 | 505,000 | ' |
Restricted Stock Units [Member] | ' | ' | ' |
Authorized Classes Of Cumulative Preferred And Preference Stocks [Line Items] | ' | ' | ' |
Beginning balance, Shares | 121,369 | ' | ' |
Granted, Shares | 66,383 | ' | ' |
Exercised, Shares | -51,433 | ' | ' |
Forfeited, Shares | -50 | ' | ' |
Expired, Shares | ' | ' | ' |
Ending balance, Shares | 136,269 | ' | ' |
Weighted-Average Grant Date Fair Value, Beginning balance | $76.23 | ' | ' |
Weighted-Average Grant Date Fair Value, Granted | $113.49 | ' | ' |
Weighted-Average Grant Date Fair Value, Exercised | $76.17 | ' | ' |
Weighted-Average Grant Date Fair Value, Forfeited | $113.49 | ' | ' |
Weighted-Average Grant Date Fair Value, Expired | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Ending balance | $94.83 | ' | ' |
Weighted-average contractual remaining life | '2 years 4 months 24 days | ' | ' |
Weighted-average exercise price | $94.83 | ' | ' |
Compensation expense (credits) | 4,814,000 | 5,563,000 | ' |
Fair value of liability award | $13,786,000 | ' | $15,018,000 |
Stockholders_Equity_and_Noncon5
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted average shares outstanding | 26,792,281 | 26,763,896 |
Incremental shares from RS awards and RSUs | 132,871 | 123,255 |
Total shares for diluted calculations | 26,925,152 | 26,887,151 |
Net income (loss) attributable to American National | $52,878 | $59,971 |
Basic earnings per share | $1.97 | $2.24 |
Diluted earnings per share | $1.96 | $2.23 |
Stockholders_Equity_and_Noncon6
Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income (Loss) of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Life [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory capital and surplus | $2,117,917,000 | ' | $2,094,231,000 |
Statutory net income | 55,054,000 | 42,272,000 | ' |
Property and Casualty [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory capital and surplus | 578,739,000 | ' | 573,358,000 |
Statutory net income | $23,176,000 | $10,369,000 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Segment information, number of operating segments | 5 |
Segment_Information_Summary_of
Segment Information - Summary of Results of Operations by Operating Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | $74,468 | $62,148 |
Life [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | -1,822 | 6,004 |
Annuity [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | 17,705 | 27,334 |
Accident and Health [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | -546 | -686 |
Property and Casualty [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | 29,512 | 12,909 |
Corporate and Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations | $29,619 | $16,587 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Commitments outstanding, aggregate amount | $464,057,000 | ' | ' |
Commitments expected to be funded in 2014 | 296,391,000 | ' | ' |
Commitments expected to be funded in 2015 and beyond | 167,666,000 | ' | ' |
Short-term borrowing facility, maximum capacity | ' | ' | 100,000,000 |
Short-term borrowing facility, letters of credit | ' | ' | 55,000,000 |
Letters of credit outstanding, amount | 14,277,000 | 15,560,000 | ' |
Short-term borrowing facility, expiration date | 30-Sep-14 | ' | ' |
Short-term borrowing, liquidity requirement | 100,000,000 | ' | ' |
Total amount of guarantees outstanding | 206,376,000 | ' | ' |
Life insurance policies with guarantees, cash value | $211,401,000 | ' | ' |
Related_Party_Transactions_Rel
Related Party Transactions - Related Party Transactions (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Gal-Tex Hotel Corporation [Member] | Mortgage Loans on Real Estate [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Dollar Amount of Transactions | $300 | $280 | ' |
Amount due to/(from) American National | 7,442 | ' | 7,742 |
Gal-Tex Hotel Corporation [Member] | Net Investment Income [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Dollar Amount of Transactions | 139 | 159 | ' |
Amount due to/(from) American National | 45 | ' | 47 |
Greer, Herz and Adams, LLP [Member] | Other Operating Expenses [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Dollar Amount of Transactions | 2,854 | 2,131 | ' |
Amount due to/(from) American National | $474 | ' | ($284) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Gal-Tex Hotel Corporation [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Gal-Tex Hotel Corporation [Member] | ' |
Related Party Transaction [Line Items] | ' |
Interest rate on mortgage loans | 7.30% |
Due date of mortgage loans receivable | 1-Apr-19 |