Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ANAT | |
Entity Registrant Name | AMERICAN NATIONAL INSURANCE CO /TX/ | |
Entity Central Index Key | 904,163 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,914,516 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost (Fair value $7,805,540 and $7,755,553) | $ 7,363,132 | $ 7,609,420 |
Fixed maturity, bonds available-for-sale, at fair value (Amortized cost $5,601,668 and $5,427,831) | 5,925,900 | 5,483,916 |
Equity securities, at fair value (Cost $787,119 and $810,826) | 1,546,801 | 1,514,979 |
Mortgage loans on real estate, net of allowance | 4,113,637 | 3,483,280 |
Policy loans | 384,257 | 407,491 |
Investment real estate, net of accumulated depreciation of $226,849 and $212,139 | 592,815 | 581,255 |
Short-term investments | 405,463 | 460,612 |
Other invested assets | 217,781 | 173,042 |
Total investments | 20,549,786 | 19,713,995 |
Cash and cash equivalents | 107,000 | 190,237 |
Investments in unconsolidated affiliates | 465,233 | 379,348 |
Accrued investment income | 180,343 | 177,474 |
Reinsurance recoverables | 422,984 | 413,881 |
Prepaid reinsurance premiums | 69,024 | 77,907 |
Premiums due and other receivables | 308,771 | 285,446 |
Deferred policy acquisition costs | 1,280,951 | 1,324,669 |
Property and equipment, net | 117,638 | 120,680 |
Current tax receivable | 51,974 | 4,091 |
Other assets | 129,416 | 140,788 |
Separate account assets | 913,667 | 918,446 |
Total assets | 24,596,787 | 23,746,962 |
LIABILITIES | ||
Life | 2,895,172 | 2,853,962 |
Annuity | 1,265,903 | 1,113,057 |
Accident and health | 61,179 | 65,034 |
Policyholders' account balances | 11,112,998 | 10,829,173 |
Policy and contract claims | 1,323,311 | 1,280,011 |
Unearned premium reserve | 849,116 | 812,977 |
Other policyholder funds | 316,577 | 305,836 |
Liability for retirement benefits | 196,275 | 207,635 |
Notes payable | 146,068 | 128,436 |
Deferred tax liabilities, net | 348,354 | 219,295 |
Other liabilities | 486,768 | 550,629 |
Separate account liabilities | 913,667 | 918,446 |
Total liabilities | 19,915,388 | 19,284,491 |
STOCKHOLDERS' EQUITY | ||
Common stock, $1.00 par value, - Authorized 50,000,000, Issued 30,832,449 and 30,832,449 Outstanding 26,914,516 and 26,894,456 shares | 30,832 | 30,832 |
Additional paid-in capital | 16,194 | 13,689 |
Accumulated other comprehensive income | 514,399 | 352,620 |
Retained earnings | 4,212,749 | 4,157,184 |
Treasury stock, at cost | (101,777) | (102,043) |
Total American National stockholders' equity | 4,672,397 | 4,452,282 |
Noncontrolling interest | 9,002 | 10,189 |
Total stockholders' equity | 4,681,399 | 4,462,471 |
Total liabilities and stockholders' equity | $ 24,596,787 | $ 23,746,962 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Fair value of bonds held-to-maturity | $ 7,805,540 | $ 7,755,553 |
Amortized cost of bonds available-for-sale | 5,601,668 | 5,427,831 |
Cost of equity securities | 787,119 | 810,826 |
Accumulated depreciation of investment real estate | $ 226,849 | $ 212,139 |
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 | 26,914,516 | 26,894,456 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Premiums | ||||
Life | $ 83,521 | $ 78,397 | $ 235,691 | $ 225,550 |
Annuity | 61,279 | 43,514 | 217,517 | 110,045 |
Accident and health | 43,879 | 45,638 | 131,020 | 148,610 |
Property and casualty | 318,658 | 291,486 | 926,807 | 849,876 |
Other policy revenues | 64,210 | 60,271 | 194,046 | 175,392 |
Net investment income | 227,784 | 184,482 | 634,548 | 597,357 |
Net realized investment gains | 22,181 | 7,528 | 38,209 | 63,598 |
Other-than-temporary impairments | (5,914) | (19,407) | (12,941) | (22,904) |
Other income | 7,544 | 7,950 | 23,663 | 26,408 |
Total premiums and other revenues | 823,142 | 699,859 | 2,388,560 | 2,173,932 |
Policyholder benefits | ||||
Life | 103,873 | 94,087 | 296,398 | 273,275 |
Annuity | 75,132 | 54,720 | 250,034 | 145,237 |
Claims incurred | ||||
Accident and health | 39,375 | 46,236 | 101,994 | 110,289 |
Property and casualty | 233,474 | 179,699 | 676,392 | 583,871 |
Interest credited to policyholders' account balances | 87,973 | 57,509 | 250,401 | 202,477 |
Commissions for acquiring and servicing policies | 122,382 | 111,618 | 350,211 | 308,290 |
Other operating expenses | 118,755 | 121,498 | 378,328 | 368,159 |
Change in deferred policy acquisition costs | (5,544) | (12,168) | (26,708) | (5,092) |
Total benefits, losses and expenses | 775,420 | 653,199 | 2,277,050 | 1,986,506 |
Income before federal income tax and equity in earnings of unconsolidated affiliates | 47,722 | 46,660 | 111,510 | 187,426 |
Less: Provision (benefit) for federal income taxes | ||||
Current | (8,259) | 30,037 | (5,370) | 76,546 |
Deferred | 30,849 | (11,903) | 33,780 | 2,488 |
Total provision for federal income taxes | 22,590 | 18,134 | 28,410 | 79,034 |
Equity in earnings of unconsolidated affiliates | 36,530 | 16,339 | 39,265 | 73,385 |
Net income | 61,662 | 44,865 | 122,365 | 181,777 |
Less: Net income attributable to noncontrolling interest, net of tax | 2,373 | 2,852 | 1,135 | 1,729 |
Net income attributable to American National | $ 59,289 | $ 42,013 | $ 121,230 | $ 180,048 |
Earnings per share | ||||
Basic | $ 2.20 | $ 1.56 | $ 4.51 | $ 6.70 |
Diluted | 2.20 | 1.56 | 4.50 | 6.68 |
Cash dividends to common stockholders | $ 0.82 | $ 0.80 | $ 2.44 | $ 2.34 |
Weighted average common shares outstanding | 26,908,032 | 26,899,683 | 26,908,619 | 26,865,359 |
Weighted average common shares outstanding and dilutive potential common shares | 26,967,331 | 26,963,635 | 26,966,387 | 26,945,386 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,662 | $ 44,865 | $ 122,365 | $ 181,777 |
Other comprehensive income (loss), net of tax | ||||
Change in net unrealized gains (losses) on securities | 25,290 | (70,900) | 156,066 | (117,203) |
Foreign currency transaction and translation adjustments | (1,101) | (1,437) | (671) | (2,087) |
Defined benefit pension plan adjustment | 2,128 | 1,517 | 6,384 | 4,549 |
Other comprehensive income (loss), net of tax | 26,317 | (70,820) | 161,779 | (114,741) |
Total comprehensive income (loss) | 87,979 | (25,955) | 284,144 | 67,036 |
Less: Comprehensive income attributable to noncontrolling interest | 2,373 | 2,852 | 1,135 | 1,729 |
Total comprehensive income (loss) attributable to American National | $ 85,606 | $ (28,807) | $ 283,009 | $ 65,307 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Balance at beginning of the period at Dec. 31, 2014 | $ 30,832 | $ 9,248 | $ 490,782 | $ 3,998,642 | $ (101,941) | $ 12,384 | |
Reissuance (purchase) of treasury shares | 3,032 | (141) | |||||
Contributions | 32 | ||||||
Net income attributable to American National | $ 180,048 | 180,048 | |||||
Other comprehensive income (loss) | (114,741) | (114,741) | |||||
Distributions | (2,874) | ||||||
Cash dividends to common stockholders | (62,933) | ||||||
Amortization of restricted stock | 935 | ||||||
Net gain attributable to noncontrolling interest | 1,729 | ||||||
Balance at end of the period at Sep. 30, 2015 | 4,445,034 | 30,832 | 13,215 | 376,041 | 4,115,757 | (102,082) | 11,271 |
Balance at beginning of the period at Dec. 31, 2015 | 4,462,471 | 30,832 | 13,689 | 352,620 | 4,157,184 | (102,043) | 10,189 |
Reissuance (purchase) of treasury shares | 1,825 | 266 | |||||
Contributions | 1 | ||||||
Net income attributable to American National | 121,230 | 121,230 | |||||
Other comprehensive income (loss) | 161,779 | 161,779 | |||||
Income tax effect from restricted stock arrangement | 49 | ||||||
Distributions | (2,323) | ||||||
Cash dividends to common stockholders | (65,665) | ||||||
Amortization of restricted stock | 631 | ||||||
Net gain attributable to noncontrolling interest | 1,135 | ||||||
Balance at end of the period at Sep. 30, 2016 | $ 4,681,399 | $ 30,832 | $ 16,194 | $ 514,399 | $ 4,212,749 | $ (101,777) | $ 9,002 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 122,365 | $ 181,777 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Net realized investment gains | (38,209) | (63,598) |
Other-than-temporary impairments | 12,941 | 22,904 |
Amortization of premiums, discounts and loan origination fees | (1,301) | 2,043 |
Net capitalized interest on policy loans and mortgage loans | (23,344) | (23,300) |
Depreciation | 36,811 | 32,665 |
Interest credited to policyholders' account balances | 250,401 | 202,477 |
Charges to policyholders' account balances | (194,046) | (175,392) |
Deferred federal income tax expense | 33,780 | 2,488 |
Equity in earnings of unconsolidated affiliates | (39,265) | (73,385) |
Distributions from equity method investments | 827 | 549 |
Changes in Policyholder liabilities | 266,909 | 155,778 |
Deferred policy acquisition costs | (26,708) | (5,092) |
Reinsurance recoverables | (9,103) | 17,741 |
Premiums due and other receivables | (23,532) | (21,814) |
Prepaid reinsurance premiums | 8,883 | (14,962) |
Accrued investment income | (2,869) | 3,763 |
Current tax receivable/payable | (47,883) | 16,277 |
Liability for retirement benefits | (11,360) | (9,164) |
Other, net | 14,463 | 7,361 |
Net cash provided by operating activities | 329,760 | 259,116 |
INVESTING ACTIVITIES | ||
Held-to-maturity securities | 362,950 | 906,026 |
Available-for-sale securities | 394,436 | 380,287 |
Investment real estate | 12,879 | 14,247 |
Mortgage loans | 396,783 | 632,309 |
Policy loans | 46,194 | 42,309 |
Other invested assets | 22,918 | 25,070 |
Disposals of property and equipment | 8,677 | 1,397 |
Distributions from unconsolidated affiliates | 40,464 | 122,162 |
Held-to-maturity securities | (112,679) | (360,768) |
Available-for-sale securities | (575,299) | (883,242) |
Investment real estate | (38,611) | (58,536) |
Mortgage loans | (1,010,671) | (718,410) |
Policy loans | (18,693) | (18,747) |
Other invested assets | (51,516) | (31,078) |
Additions to property and equipment | (24,337) | (28,931) |
Contributions to unconsolidated affiliates | (107,998) | (90,222) |
Change in short-term investments | 55,149 | (63,495) |
Other, net | 9,242 | 17,021 |
Net cash used in investing activities | (590,112) | (112,601) |
FINANCING ACTIVITIES | ||
Policyholders' account deposits | 1,197,460 | 941,340 |
Policyholders' account withdrawals | (969,989) | (1,080,029) |
Change in notes payable | 17,631 | 17,967 |
Dividends to stockholders | (65,665) | (62,933) |
Payments to noncontrolling interest | (2,322) | (2,842) |
Net cash provided by (used in) financing activities | 177,115 | (186,497) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (83,237) | (39,982) |
Beginning of the period | 190,237 | 209,455 |
End of the period | $ 107,000 | $ 169,473 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 – Nature of Operations American National Insurance Company and its consolidated subsidiaries (collectively “American National” or “the Company”) 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 all 50 states, the District of Columbia and Puerto Rico. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | Note 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, 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, 2015. 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 Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 – Recently Issued Accounting Pronouncements Adoption of New Accounting Standards In February 2015, the FASB issued guidance amending the consolidation analysis. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities. The guidance eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs. We adopted the standard on its required effective date of January 1, 2016. The adoption of this standard did not have a material impact to the Company’s results of operations or financial position. Future Adoption of New Accounting Standards— In May 2014, the FASB issued guidance that will supersede most existing revenue recognition requirements in GAAP. Insurance contracts generally are excluded from the scope of the guidance. For those contracts which are impacted, the transaction price is attributed to the underlying performance obligations in the contract and revenue is recognized as the entity satisfies the performance obligations and transfers control of a good or service to the customer. The guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017 and is to be applied retrospectively. The Company is evaluating the impact of adoption, which is not expected to be material to the Company’s results of operations or financial position. In May 2015, the FASB issued guidance to expand the disclosures an insurance entity would provide about its short duration contracts. The disclosure about the liability for unpaid claims and claim adjustment expenses is intended to increase the transparency of significant estimates made in the measuring of those liabilities. It is also intended to provide insight into an insurance entity’s ability to underwrite and anticipate costs associated with claims. The amended guidance is effective for annual periods beginning after December 15, 2015, and for interim periods beginning after December 15, 2016. The guidance affects disclosures only and will not impact the Company’s results of operations or financial position. In January 2016, the FASB issued guidance that will change certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance requires that equity investments be measured at fair value and that changes in fair value are recognized in net income. It also simplifies the impairment assessment of equity investments and eliminates the disclosure requirements for methods and significant assumptions used to estimate fair value of financial instruments that are measured at amortized cost on the balance sheet. The amended guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption to the Company’s results of operations and financial position. In February 2016, the FASB issued guidance that will require most leases to be recognized on the statement of financial position. The guidance defines a lease as a contract, or part of a contract, that conveys the right to control the use of the identified property, plant, or equipment for a period of time in exchange for consideration. The accounting applied by a lessor remains largely unchanged. The amended guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption, which is not expected to be material to the Company’s results of operations or financial position. In June 2016, the FASB issued guidance that will significantly change how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount, as they do under the current other-than-temporary impairment model. The amended guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption to the Company’s results of operations and financial position. |
Investment in Securities
Investment in Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | Note 4 – Investment in Securities The cost or amortized cost and fair value of investments in securities are shown below (in thousands): September 30, 2016 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 315,764 $ 25,965 $ (10 ) $ 341,719 Foreign governments 4,069 871 — 4,940 Corporate debt securities 6,795,678 432,891 (35,449 ) 7,193,120 Residential mortgage-backed securities 243,551 18,593 (633 ) 261,511 Collateralized debt securities 1,292 81 — 1,373 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,363,132 478,500 (36,092 ) 7,805,540 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,152 788 (2 ) 24,938 U.S. states and political subdivisions 952,945 59,121 (102 ) 1,011,964 Foreign governments 5,000 1,885 — 6,885 Corporate debt securities 4,594,735 276,261 (17,055 ) 4,853,941 Residential mortgage-backed securities 19,218 2,470 (138 ) 21,550 Collateralized debt securities 5,618 1,007 (3 ) 6,622 Total bonds available-for-sale 5,601,668 341,532 (17,300 ) 5,925,900 Equity securities Common stock 767,488 765,187 (12,322 ) 1,520,353 Preferred stock 19,631 6,817 — 26,448 Total equity securities 787,119 772,004 (12,322 ) 1,546,801 Total investments in securities $ 13,751,919 $ 1,592,036 $ (65,714 ) $ 15,278,241 December 31, 2015 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 324,643 $ 22,318 $ (444 ) $ 346,517 Foreign governments 4,101 867 — 4,968 Corporate debt securities 6,985,844 263,927 (158,101 ) 7,091,670 Residential mortgage-backed securities 277,135 18,351 (1,286 ) 294,200 Collateralized debt securities 1,924 100 — 2,024 Other debt securities 15,773 401 — 16,174 Total bonds held-to-maturity 7,609,420 305,964 (159,831 ) 7,755,553 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,024 702 (34 ) 24,692 U.S. states and political subdivisions 933,958 39,808 (1,275 ) 972,491 Foreign governments 5,000 1,733 — 6,733 Corporate debt securities 4,431,765 120,471 (107,614 ) 4,444,622 Residential mortgage-backed securities 25,629 2,155 (420 ) 27,364 Collateralized debt securities 7,455 629 (70 ) 8,014 Total bonds available-for-sale 5,427,831 165,498 (109,413 ) 5,483,916 Equity securities Common stock 794,839 718,225 (22,035 ) 1,491,029 Preferred stock 15,987 7,964 (1 ) 23,950 Total equity securities 810,826 726,189 (22,036 ) 1,514,979 Total investments in securities $ 13,848,077 $ 1,197,651 $ (291,280 ) $ 14,754,448 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): September 30, 2016 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 410,950 $ 420,567 $ 210,126 $ 213,646 Due after one year through five years 3,347,145 3,592,814 1,355,035 1,456,040 Due after five years through ten years 3,411,875 3,587,225 3,410,678 3,597,976 Due after ten years 187,311 199,909 620,829 653,269 Without single maturity date 5,851 5,025 5,000 4,969 Total $ 7,363,132 $ 7,805,540 $ 5,601,668 $ 5,925,900 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Proceeds from sales of available-for-sale securities $ 36,950 $ 8,876 $ 79,681 $ 48,352 Gross realized gains 12,990 3,982 21,574 17,991 Gross realized losses (244 ) — (582 ) (65 ) Gains and losses are determined using specific identification of the securities sold. During the nine months ended September 30, 2016 there were no bonds transferred from held-to-maturity to available-for-sale. During the nine months ended September 30, 2015 there were bonds with a carrying value of $171,000 transferred from held-to-maturity to available-for-sale after a significant deterioration in the issuers’ credit worthiness became evident. An unrealized loss of $53,000 was recorded in 2015, following the transfer at fair value. The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): Nine months ended September 30, 2016 2015 Bonds available-for-sale $ 268,148 $ (81,173 ) Equity securities 55,529 (135,991 ) Change in net unrealized gains (losses) on securities during the year 323,677 (217,164 ) Adjustments for Deferred policy acquisition costs (70,426 ) 30,491 Participating policyholders’ interest (13,472 ) 7,222 Deferred federal income tax benefit (expense) (83,713 ) 62,248 Change in net unrealized gains (losses) on securities, net of tax $ 156,066 $ (117,203 ) 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): September 30, 2016 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (10 ) $ 1,209 $ — $ — $ (10 ) $ 1,209 Corporate debt securities (2,315 ) 135,170 (33,134 ) 268,473 (35,449 ) 403,643 Residential mortgage-backed securities (32 ) 3,247 (601 ) 11,026 (633 ) 14,273 Total bonds held-to-maturity (2,357 ) 139,626 (33,735 ) 279,499 (36,092 ) 419,125 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (2 ) 4,087 — — (2 ) 4,087 U.S. states and political subdivisions (101 ) 18,061 (1 ) 122 (102 ) 18,183 Corporate debt securities (3,630 ) 218,012 (13,425 ) 179,475 (17,055 ) 397,487 Residential mortgage-backed securities — — (138 ) 4,240 (138 ) 4,240 Collateralized debt securities — — (3 ) 167 (3 ) 167 Total bonds available-for-sale (3,733 ) 240,160 (13,567 ) 184,004 (17,300 ) 424,164 Equity securities Common stock (12,322 ) 84,585 — — (12,322 ) 84,585 Total equity securities (12,322 ) 84,585 — — (12,322 ) 84,585 Total $ (18,412 ) $ 464,371 $ (47,302 ) $ 463,503 $ (65,714 ) $ 927,874 December 31, 2015 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (444 ) $ 19,412 $ — $ — $ (444 ) $ 19,412 Corporate debt securities (93,285 ) 1,912,178 (64,816 ) 283,469 (158,101 ) 2,195,647 Residential mortgage-backed securities (449 ) 21,275 (837 ) 14,721 (1,286 ) 35,996 Total bonds held-to-maturity (94,178 ) 1,952,865 (65,653 ) 298,190 (159,831 ) 2,251,055 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (34 ) 18,802 — — (34 ) 18,802 U.S. states and political subdivisions (1,223 ) 80,807 (52 ) 2,569 (1,275 ) 83,376 Corporate debt securities (81,638 ) 1,796,357 (25,976 ) 90,784 (107,614 ) 1,887,141 Residential mortgage-backed securities (228 ) 15,273 (192 ) 4,984 (420 ) 20,257 Collateralized debt securities (66 ) 2,115 (4 ) 253 (70 ) 2,368 Total bonds available-for-sale (83,189 ) 1,913,354 (26,224 ) 98,590 (109,413 ) 2,011,944 Equity securities Common stock (22,035 ) 136,694 — — (22,035 ) 136,694 Preferred stock — — (1 ) — (1 ) — Total equity securities (22,035 ) 136,694 (1 ) — (22,036 ) 136,694 Total $ (199,402 ) $ 4,002,913 $ (91,878 ) $ 396,780 $ (291,280 ) $ 4,399,693 As of September 30, 2016, the securities with unrealized losses including those exceeding one year were not deemed to be other-than-temporarily impaired. American National has the ability and intent to hold those securities until a market price recovery or maturity. 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. Bonds distributed by credit quality rating, using both Standard & Poor’s and Moody’s ratings, are shown below: September 30, 2016 December 31, 2015 AAA 5.3 % 5.4 % AA 10.9 12.0 A 35.3 36.5 BBB 44.6 43.3 BB and below 3.9 2.8 Total 100.0 % 100.0 % Equity securities by market sector distribution are shown below: September 30, 2016 December 31, 2015 Consumer goods 20.6 % 20.5 % Energy and utilities 11.1 10.3 Finance 20.1 20.0 Healthcare 13.5 14.6 Industrials 8.5 8.2 Information technology 17.9 17.8 Other 8.3 8.6 Total 100.0 % 100.0 % |
Mortgage Loans
Mortgage Loans | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Mortgage Loans | Note 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 location of the underlying collateral. The distribution based on carrying amount of mortgage loans by location are as follows: September 30, 2016 December 31, 2015 East North Central 17.0 % 18.8 % East South Central 3.7 4.8 Mountain 11.0 11.6 Pacific 16.9 10.7 South Atlantic 16.7 18.8 West South Central 29.6 29.0 Other 5.1 6.3 Total 100.0 % 100.0 % For the nine months ended September 30, 2016, American National did not foreclose on any loans, and one loan was in the process of foreclosure with a recorded investment of $1,940,000. For the year ended December 31, 2015, American National foreclosed on three loans with a recorded investment totaling $24,333,000 and one loan was in the process of foreclosure with a recorded investment of $2,450,000. American National sold no loans for the nine months ended September 30, 2016 and one loan with a recorded investment of $2,702,000 resulting in a realized loss of $1,602,000 for the year ended December 31, 2015. The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total Past Due Past Due 90 Days Total Current Amount Percent September 30, 2016 Industrial $ — $ — $ — $ — $ 767,922 $ 767,922 18.6 Office — — 1,940 1,940 1,421,769 1,423,709 34.5 Retail — — — — 723,982 723,982 17.5 Other — — — — 1,210,742 1,210,742 29.4 Total $ — $ — $ 1,940 $ 1,940 $ 4,124,415 $ 4,126,355 100.0 Allowance for loan losses (12,718 ) Total, net of allowance $ 4,113,637 December 31, 2015 Industrial $ — $ — $ — $ — $ 704,426 $ 704,426 20.1 Office — 5,883 2,450 8,333 1,252,484 1,260,817 36.1 Retail 19,088 — — 19,088 583,810 602,898 17.2 Other — — — — 928,034 928,034 26.6 Total $ 19,088 $ 5,883 $ 2,450 $ 27,421 $ 3,468,754 $ 3,496,175 100.0 Allowance for loan losses (12,895 ) Total, net of allowance $ 3,483,280 Total mortgage loans are net of unamortized discounts of $289,000 and $452,000 and unamortized origination fees of $30,008,000 and $22,637,000 at September 30, 2016 and December 31, 2015, respectively. No unearned income is included in these amounts. Allowance for Credit Losses The credit quality of the mortgage loan portfolio is assessed by evaluating the credit risk of the borrowers. A loan is classified as performing or non-performing based on whether all of the contractual terms of the loan have been met. 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 mortgage loans is shown below (in thousands): Nine months ended September 30, Collectively Individually Evaluated Evaluated for Impairment for Impairment Beginning balance 2016 $ 10,716 $ 2,179 Change in allowance 1,000 (1,177 ) Ending balance 2016 $ 11,716 $ 1,002 At September 30, 2016 and December 31, 2015, the recorded investment for loans collectively evaluated for impairment was $4,087,732,000 and $3,442,211,000, respectively. The recorded investment for loans individually evaluated for impairment was $38,623,000 and $53,964,000, respectively. Loans individually evaluated for impairment with and without an allowance recorded are shown below (in thousands): September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Three months ended With an allowance Office $ 2,195 $ 40 $ 18,014 $ 555 Total $ 2,195 $ 40 $ 18,014 $ 555 Without an allowance Office $ 26,442 $ 422 $ 26,639 $ 422 Retail 10,161 135 8,812 134 Total $ 36,603 $ 557 $ 35,451 $ 556 Nine months ended With an allowance Office $ 2,195 $ 119 $ 18,116 $ 1,016 Total $ 2,195 $ 119 $ 18,116 $ 1,016 Without an allowance Office $ 26,590 $ 1,253 $ 26,326 $ 1,262 Retail 10,173 411 8,895 410 Total $ 36,763 $ 1,664 $ 35,221 $ 1,672 September 30, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance With an allowance Office $ 1,940 $ 2,450 $ 16,168 $ 17,855 Total $ 1,940 $ 2,450 $ 16,168 $ 17,855 Without an allowance Office $ 26,539 $ 26,539 $ 29,091 $ 29,091 Retail 10,144 10,144 8,705 8,705 Total $ 36,683 $ 36,683 $ 37,796 $ 37,796 Troubled Debt Restructurings American National has granted concessions which are classified as troubled debt restructurings to certain mortgage loan borrowers. 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 change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of contracts): Nine months ended September 30, 2016 2015 Number of Recorded Recorded Number of Recorded Recorded Office — $ — $ — 2 $ 12,211 $ 12,211 Retail 2 10,189 10,189 — — — Total 2 $ 10,189 $ 10,189 2 $ 12,211 $ 12,211 There are 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 periods presented. |
Investment Real Estate
Investment Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Investment Real Estate | Note 6 – Investment Real Estate Investment real estate by property-type and geographic distribution are as follows: September 30, 2016 December 31, 2015 Industrial 9.3 % 10.9 % Office 38.3 38.1 Retail 37.0 37.0 Other 15.4 14.0 Total 100.0 % 100.0 % September 30, 2016 December 31, 2015 East North Central 7.2 % 11.4 % East South Central 3.4 3.6 Mountain 12.1 12.6 Pacific 5.7 5.6 South Atlantic 12.9 10.1 West South Central 52.5 50.7 Other 6.2 6.0 Total 100.0 % 100.0 % American National regularly invests 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 2016 or 2015. The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): September 30, 2016 December 31, 2015 Investment real estate $ 187,631 $ 174,264 Short-term investments 1 1 Cash and cash equivalents 5,339 3,855 Accrued investment income — 557 Other receivables 5,888 8,101 Other assets 7,902 8,210 Total assets of consolidated VIEs $ 206,761 $ 194,988 Notes payable $ 146,068 $ 128,436 Other liabilities 11,012 19,436 Total liabilities of consolidated VIEs $ 157,080 $ 147,872 The notes payable in the consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National 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 $36,177,000 and $34,699,000 at September 30, 2016 and December 31, 2015, respectively. The long-term portion of notes payable, $136,693,000, consists of five notes with the following interest rates: 4.0%, one note with adjusted LIBOR plus LIBOR margin, one note at LIBOR, one note at LIBOR plus 2.5%, and one note at the lesser of the Prime Rate or the highest rate permitted by law. Of the long-term notes payable, two notes will mature in 2018, one note will mature in 2021, and two notes will mature beyond five years. A sixth note with a balance of $9,375,000 matured and was paid off in October, 2016. For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require unanimous consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): September 30, 2016 December 31, 2015 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 305,100 $ 305,100 $ 236,816 $ 236,816 Mortgage loans 525,403 525,403 212,228 212,228 Accrued investment income 1,971 1,971 661 661 As of September 30, 2016, one real estate investment with a carrying value of $2,825,000 was classified as held for sale. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 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 products are exposed. These options are not designated as hedging instruments for accounting purposes under U.S. GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except number of instruments): Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position September 30, 2016 December 31, 2015 Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 433 $ 1,335,100 $ 145,450 419 $ 1,200,600 $ 123,007 Equity-indexed embedded derivative Policyholders’ account balances 56,789 1,223,700 298,499 51,815 1,067,600 242,412 Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Gains (Losses) Recognized in Income on Derivatives Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Equity-indexed options Net investment income $ 15,040 $ (33,682 ) $ 17,190 $ (34,646 ) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (15,054 ) 16,780 (21,227 ) 19,997 |
Net Investment Income and Reali
Net Investment Income and Realized Investment Gains (Losses) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Net Investment Income and Realized Investment Gains (Losses) | Note 8 – Net Investment Income and Realized Investment Gains (Losses) Net investment income is shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ 137,322 $ 138,707 $ 416,301 $ 421,543 Equity securities 9,094 9,353 28,421 27,869 Mortgage loans 61,277 50,681 158,593 149,682 Real estate 2,395 13,555 950 11,949 Options 15,040 (33,682 ) 17,190 (34,646 ) Other invested assets 2,656 5,868 13,093 20,960 Total $ 227,784 $ 184,482 $ 634,548 $ 597,357 Realized investment gains (losses) are shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ 8,412 $ (34 ) $ 13,005 $ 10,063 Equity securities 17,599 7,669 28,529 44,579 Mortgage loans (883 ) 639 176 (94 ) Real estate (2,928 ) (739 ) (2,655 ) 9,094 Other invested assets (19 ) (7 ) (846 ) (44 ) Total $ 22,181 $ 7,528 $ 38,209 $ 63,598 Other-than-temporary impairment losses are shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ (94 ) $ (286 ) $ (94 ) $ (286 ) Equity securities (5,820 ) (19,121 ) (12,847 ) (22,618 ) Total $ (5,914 ) $ (19,407 ) $ (12,941 ) $ (22,904 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 9 – Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are shown below (in thousands): September 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,363,132 $ 7,805,540 $ 7,609,420 $ 7,755,553 Fixed maturity securities, bonds available-for-sale 5,925,900 5,925,900 5,483,916 5,483,916 Equity securities 1,546,801 1,546,801 1,514,979 1,514,979 Equity-indexed options 145,450 145,450 123,007 123,007 Mortgage loans on real estate, net of allowance 4,113,637 4,279,760 3,483,280 3,621,978 Policy loans 384,257 384,257 407,491 407,491 Short-term investments 405,463 405,463 460,612 460,612 Separate account assets 913,667 913,667 918,446 918,446 Total financial assets $ 20,798,307 $ 21,406,838 $ 20,001,151 $ 20,285,982 Financial liabilities Investment contracts $ 8,830,282 $ 8,830,282 $ 8,787,376 $ 8,787,376 Embedded derivative liability for equity-indexed contracts 298,499 298,499 242,412 242,412 Notes payable 146,068 146,068 128,436 128,436 Separate account liabilities 913,667 913,667 918,446 918,446 Total financial liabilities $ 10,188,516 $ 10,188,516 $ 10,076,670 $ 10,076,670 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 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 Mortgage Loans Embedded Derivative The 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 September 30, 2016 and December 31, 2015, the one year implied volatility used to estimate embedded derivative value was 16.0% and 17.5%, respectively. Other Financial Instruments Policy loans—The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts and the unpredictable timing of repayments and the fact 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 September 30, 2016 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 341,719 $ — $ 341,719 $ — Foreign governments 4,940 — 4,940 — Corporate debt securities 7,193,120 — 7,143,851 49,269 Residential mortgage-backed securities 261,511 — 260,592 919 Collateralized debt securities 1,373 — — 1,373 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,805,540 — 7,751,102 54,438 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,938 — 24,938 — U.S. states and political subdivisions 1,011,964 — 1,009,489 2,475 Foreign governments 6,885 — 6,885 — Corporate debt securities 4,853,941 — 4,839,805 14,136 Residential mortgage-backed securities 21,550 — 19,004 2,546 Collateralized debt securities 6,622 — 4,491 2,131 Total bonds available-for-sale 5,925,900 — 5,904,612 21,288 Equity securities Common stock 1,520,353 1,520,353 — — Preferred stock 26,448 26,448 — — Total equity securities 1,546,801 1,546,801 — — Options 145,450 — — 145,450 Mortgage loans on real estate 4,279,760 — 4,279,760 — Policy loans 384,257 — — 384,257 Short-term investments 405,463 — 405,463 — Separate account assets 913,667 — 913,667 — Total financial assets $ 21,406,838 $ 1,546,801 $ 19,254,604 $ 605,433 Financial liabilities Investment contracts $ 8,830,282 $ — $ — $ 8,830,282 Embedded derivative liability for equity-indexed contracts 298,499 — — 298,499 Notes payable 146,068 — — 146,068 Separate account liabilities 913,667 — 913,667 — Total financial liabilities $ 10,188,516 $ — $ 913,667 $ 9,274,849 Fair Value Measurement as of December 31, 2015 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 346,517 $ — $ 346,517 $ — Foreign governments 4,968 — 4,968 — Corporate debt securities 7,091,670 — 7,010,165 81,505 Residential mortgage-backed securities 294,200 — 293,267 933 Collateralized debt securities 2,024 — 2,024 — Other debt securities 16,174 — 12,355 3,819 Total bonds held-to-maturity 7,755,553 — 7,669,296 86,257 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,692 — 24,692 — U.S. states and political subdivisions 972,491 — 969,996 2,495 Foreign governments 6,733 — 6,733 — Corporate debt securities 4,444,622 — 4,431,263 13,359 Residential mortgage-backed securities 27,364 — 24,958 2,406 Collateralized debt securities 8,014 — 6,144 1,870 Total bonds available-for-sale 5,483,916 — 5,463,786 20,130 Equity securities Common stock 1,491,029 1,491,029 — — Preferred stock 23,950 23,950 — — Total equity securities 1,514,979 1,514,979 — — Options 123,007 — — 123,007 Mortgage loans on real estate 3,621,978 — 3,621,978 — Policy loans 407,491 — — 407,491 Short-term investments 460,612 — 460,612 — Separate account assets 918,446 — 918,446 — Total financial assets $ 20,285,982 $ 1,514,979 $ 18,134,118 $ 636,885 Financial liabilities Investment contracts $ 8,787,376 $ — $ — $ 8,787,376 Embedded derivative liability for equity-indexed contracts 242,412 — — 242,412 Notes payable 128,436 — — 128,436 Separate account liabilities 918,446 — 918,446 — Total financial liabilities $ 10,076,670 $ — $ 918,446 $ 9,158,224 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): Three months ended September 30, Nine months ended September 30, Assets Liability Assets Liability Investment Securities Equity-Indexed Embedded Investment Equity-Indexed Embedded Beginning balance, 2016 $ 21,666 $ 134,575 $ 278,570 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 128 — — 639 — — Net fair value change included in realized losses (2 ) — — (1 ) — — Net gain for derivatives included in net investment income — 14,716 — — 16,866 — Net change included in interest credited — — 15,054 — — 21,227 Purchases, sales and settlements or maturities Purchases — 7,786 — — 20,257 — Sales — — — — — — Settlements or maturities — (11,627 ) — (389 ) (14,680 ) — Premiums less benefits — — 4,875 — — 34,860 Gross transfers into Level 3 — — — 1,413 — — Gross transfers out of Level 3 (504 ) — — (504 ) — — Ending balance September 30, 2016 $ 21,288 $ 145,450 $ 298,499 $ 21,288 $ 145,450 $ 298,499 Beginning balance, 2015 $ 67,200 $ 183,963 $ 208,827 $ 64,433 $ 189,449 $ 208,187 Total realized and unrealized investment gains (losses) included in other comprehensive income 150 — — (18 ) — — Net fair value change included in realized gains (losses) — — — — — — Net loss for derivatives — — included in net investment income — (34,643 ) — — (39,266 ) — Net change included in interest credited — — (16,780 ) — — (19,997 ) Purchases, sales and settlements or maturities Purchases 120 5,725 — — 15,313 — Sales — (11,160 ) — (1 ) (11,160 ) — Settlements or maturities (1 ) (2,500 ) — (343 ) (12,951 ) — Premiums less benefits — — 15,255 — — 19,112 Gross transfers into Level 3 — — — 3,398 — — Gross transfers out of Level 3 (54,478 ) — — (54,478 ) — — Ending balance September 30, 2015 $ 12,991 $ 141,385 $ 207,302 $ 12,991 $ 141,385 $ 207,302 Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $34,146,000 relating to assets still held at September 30, 2016 and unrealized losses of $51,875,000 at September 30, 2015. There were no transfers between Level 1 and Level 2 fair value hierarchies. The transfers into Level 3 were the result of existing securities no longer being priced by the third-party pricing service at the end of the period. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent brokers. The 2016 and 2015 transfers out of Level 3 were securities being priced by the third-party service at the end of the period, using inputs that are observable or derived from market data, which resulted in classification of these assets as Level 2. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 9 Months Ended |
Sep. 30, 2016 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Note 10 – Deferred Policy Acquisition Costs Deferred policy acquisition costs are shown below (in thousands): Accident Property Life Annuity & Health & Casualty Total Beginning balance, 2016 $ 756,023 $ 411,206 $ 44,390 $ 113,050 $ 1,324,669 Additions 80,025 59,750 8,149 198,004 345,928 Amortization (61,273 ) (52,096 ) (11,042 ) (194,809 ) (319,220 ) Effect of change in unrealized gains on available-for-sale securities (16,976 ) (53,450 ) — — (70,426 ) Net change 1,776 (45,796 ) (2,893 ) 3,195 (43,718 ) Ending balance at September 30, 2016 $ 757,799 $ 365,410 $ 41,497 $ 116,245 $ 1,280,951 Commissions comprise the majority of the additions to deferred policy acquisition costs. |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Note 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 “Policy and contract claims” in the consolidated statements of financial position and is the amount estimated for claims that have been reported but not settled and incurred but not reported (“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, offset by 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): Nine months ended September 30, 2016 2015 Unpaid claims balance, beginning $ 1,104,302 $ 1,132,394 Less reinsurance recoverables 217,337 245,906 Net beginning balance 886,965 886,488 Incurred related to Current 804,177 705,988 Prior years (26,632 ) (7,835 ) Total incurred claims 777,545 698,153 Paid claims related to Current 472,413 414,287 Prior years 271,701 284,732 Total paid claims 744,114 699,019 Net balance 920,396 885,622 Plus reinsurance recoverables 247,998 215,464 Unpaid claims balance, ending $ 1,168,394 $ 1,101,086 The net and gross reserve calculations have shown favorable development 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. During the first nine months of 2016, estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $26,632,000 and $7,835,000 during the same period in 2015. This was a reflection of lower-than-anticipated losses in the multi-peril line of business in 2016 and lower-than-anticipated losses in the workers compensation, commercial auto and personal auto liability lines of business in 2015. |
Federal Income Taxes
Federal Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | Note 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Amount Rate Amount Rate Amount Rate Amount Rate Income tax on pre-tax income $ 29,488 35.0 % $ 22,050 35.0 % $ 52,771 35.0 % $ 91,284 35.0 % Tax-exempt investment income (1,980 ) (2.4 ) (1,863 ) (3.0 ) (5,926 ) (3.9 ) (5,688 ) (2.2 ) Deferred tax adjustment — — — — (10,508 ) (7.0 ) — — Dividend exclusion (1,917 ) (2.3 ) (1,841 ) (2.9 ) (6,143 ) (4.1 ) (5,788 ) (2.2 ) Miscellaneous tax credits, net (2,430 ) (2.9 ) (2,256 ) (3.6 ) (7,546 ) (5.0 ) (6,728 ) (2.6 ) Low income housing tax credit expense 1,294 1.5 1,307 2.1 3,883 2.6 3,792 1.5 Other items, net (1,907 ) (2.3 ) 737 1.2 (765 ) (0.5 ) 2,162 0.8 Provision for federal income tax before interest expense 22,548 26.6 18,134 28.8 25,766 17.1 79,034 30.3 Interest expense 42 — — — 2,644 1.8 — — Total $ 22,590 26.6 % $ 18,134 28.8 % $ 28,410 18.9 % $ 79,034 30.3 % American National made income tax payments of $35,458,000 and $52,106,000 during the nine months ended September 30, 2016 and 2015, respectively. During 2016, the Company recognized a $10,508,000 tax benefit associated with the reduction of a deferred tax liability, when a determination was made that no tax would be due on the restructuring of a subsidiary ownership interest. 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 September 30, 2016 and 2015. There are no ordinary loss tax carryforwards that will expire by December 31, 2016. American National’s federal income tax returns for years 2013 to 2015 and years 2006 to 2009 are subject to examination by the Internal Revenue Service. 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; however, management has accrued interest in the amount of $2.6 million, net of tax, in the first quarter of 2016 relating to a dispute with the Internal Revenue Service. 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 Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 13 – Accumulated Other Comprehensive Income The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Foreign AOCI Beginning balance, 2016 $ 453,434 $ (97,889 ) $ (2,925 ) $ 352,620 Amounts reclassified from AOCI (net of tax benefit $7,078 and expense $3,438) (13,145 ) 6,384 — (6,761 ) Unrealized holding gains arising during the period (net of tax expense $120,365) 223,535 — — 223,535 Unrealized adjustment to DAC (net of tax benefit $24,859) (45,567 ) — — (45,567 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $4,715) (8,757 ) — — (8,757 ) Foreign currency adjustment (net of tax benefit $361) — — (671 ) (671 ) Ending balance at September 30, 2016 $ 609,500 $ (91,505 ) $ (3,596 ) $ 514,399 Beginning balance, 2015 568,151 (76,074 ) (1,295 ) 490,782 Amounts reclassified from AOCI (net of tax benefit $8,221 and expense $2,449) (15,268 ) 4,549 — (10,719 ) Unrealized holding losses arising during the period (net of tax benefit $67,787) (125,888 ) — — (125,888 ) Unrealized adjustment to DAC (net of tax expense $11,232) 19,259 — — 19,259 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,528) 4,694 — — 4,694 Foreign currency adjustment (net of tax benefit $1,124) — — (2,087 ) (2,087 ) Ending balance at September 30, 2015 $ 450,948 $ (71,525 ) $ (3,382 ) $ 376,041 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Note 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: September 30, 2016 December 31, 2015 Common stock Shares issued 30,832,449 30,832,449 Treasury shares (3,917,933 ) (3,937,993 ) Outstanding shares 26,914,516 26,894,456 Restricted shares (76,000 ) (76,000 ) Unrestricted outstanding shares 26,838,516 26,818,456 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. Incentive awards under this plan are made to officers meeting established performance objectives. All awards are subject to review and approval both at the time of setting applicable performance objectives and at 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 are shown below: SAR RS Shares RS Units Shares Weighted-Average Fair Value Shares Weighted-Average Fair Value Units Weighted-Average Fair Value Outstanding at December 31, 2015 38,092 $ 115.18 76,000 $ 110.73 135,725 $ 103.73 Granted — — — — 36,849 103.58 Exercised (7,071 ) 111.24 — — (66,581 ) 100.06 Forfeited — — — — (182 ) 105.75 Expired (16,564 ) 116.88 — — — — Outstanding at September 30, 2016 14,457 $ 115.15 76,000 $ 110.73 105,811 $ 105.98 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 1.20 3.04 1.76 Exercisable shares 14,457 N/A N/A Weighted-average exercise price $ 115.15 $ 110.73 $ 105.98 Weighted-average exercise price exercisable shares 115.15 N/A N/A Compensation expense (credit) Three months ended September 30, 2016 $ 98,000 $ 212,000 $ 1,297,000 Three months ended September 30, 2015 (14,000 ) 282,000 1,114,000 Nine months ended September 30, 2016 135,000 631,000 5,744,000 Nine months ended September 30, 2015 (82,000 ) 935,000 5,421,000 Fair value of liability award September 30, 2016 $ 170,000 N/A $ 22,465,000 December 31, 2015 37,000 N/A 19,415,000 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. RS awards entitle the participant to full dividend and voting rights. Each RS share awarded 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 most of these awards feature a graded vesting schedule in the case of the retirement, death or disability of an award holder. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero, of which 76,000 shares are unvested. RSU awards allow the recipient of the awards to settle the vested RSUs in either shares of American National’s common stock or cash. RSUs vest after a three-year graded vesting requirement or over a shorter period as a result of death, disability or retirement after age 65. Earnings per share Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS and RSU award shares. Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Weighted average shares outstanding 26,908,032 26,899,683 26,908,619 26,865,359 Incremental shares from RS awards and RSUs 59,299 63,952 57,768 80,027 Total shares for diluted calculations 26,967,331 26,963,635 26,966,387 26,945,386 Net income attributable to American National (in thousands) $ 59,289 $ 42,013 $ 121,230 $ 180,048 Basic earnings per share $ 2.20 $ 1.56 $ 4.51 $ 6.70 Diluted earnings per share 2.20 1.56 4.50 6.68 Statutory Capital and Surplus Risk Based Capital (“RBC”) is a measure 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, investment risks related to the type and quality of investments, insurance risks associated with 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 September 30, 2016 and December 31, 2015, American National Insurance Company’s statutory capital and surplus was $2,905,490,000 and $2,925,935,000, respectively. American National Insurance Company and each of its insurance subsidiaries had statutory capital and surplus at September 30, 2016 and December 31, 2015, substantially above 200% of the authorized control level. American National and its 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 $66,683,000 and $66,042,000 at September 30, 2016 and September 30, 2015, respectively. Additionally, 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 of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): September 30, 2016 December 31, 2015 Statutory capital and surplus Life insurance entities $ 1,867,243 $ 1,900,939 Property and casualty insurance entities 1,047,488 1,033,942 Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Statutory net income (loss) Life insurance entities $ 22,226 $ 21,990 $ 45,335 $ 101,232 Property and casualty insurance entities 11,417 29,253 14,674 43,190 Dividends 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 the prior year’s statutory net income from operations, or 10% of prior year statutory surplus. American National Insurance Company is permitted to pay total dividends of $292,593,000 during 2016, 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 September 30, 2016 and December 31, 2015. 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 $2,252,000 and $3,439,000 at September 30, 2016 and December 31, 2015, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note 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, multiple-line, and independent agents as well as direct marketing channels. • Annuity—offers fixed, indexed, and variable annuity products. These products are primarily 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 targeted commercial coverages and credit-related property insurance. These products are primarily 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 revenues and expenses 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 of the operating segments. The following summarizes the results of operations measured as the income before federal income taxes, and equity in earnings of unconsolidated affiliates by operating segments (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Life $ 9,547 $ 10,193 $ 22,832 $ 25,523 Annuity 13,567 4,433 49,001 38,668 Health (6,487 ) (11,178 ) (2,702 ) 1,725 Property and Casualty 663 33,980 2,878 42,758 Corporate and Other 30,432 9,232 39,501 78,752 Total $ 47,722 $ 46,660 $ 111,510 $ 187,426 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies Commitments American National had aggregate commitments at September 30, 2016, to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $977,825,000 of which $393,534,000 is expected to be funded in 2016 with the remainder funded in 2017 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 September 30, 2016 and December 31, 2015, the outstanding letters of credit were $9,501,000 and there were no borrowings on this facility. This facility expires on October 30, 2017. 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 September 30, 2016, was approximately $206,376,000, while the total cash value of the related life insurance policies was approximately $208,565,000. 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 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 | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 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 significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due to (from) American National Nine months ended September 30, September 30, December 31, Related Party Financial Statement Line Impacted 2016 2015 2016 2015 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 1,060 $ 986 $ 4,122 $ 5,182 Gal-Tex Hotel Corporation Net investment income 256 330 25 31 Greer, Herz & Adams, LLP Other operating expenses 7,610 6,011 (435 ) (274 ) Mortgage Loans to Gal-Tex Hotel Corporation (“Gal-Tex”) Transactions with Greer, Herz & Adams, LLP |
Summary of Significant Accoun25
Summary of Significant Accounting Policies and Practices (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. |
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. |
Investment in Securities (Table
Investment in Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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): September 30, 2016 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 315,764 $ 25,965 $ (10 ) $ 341,719 Foreign governments 4,069 871 — 4,940 Corporate debt securities 6,795,678 432,891 (35,449 ) 7,193,120 Residential mortgage-backed securities 243,551 18,593 (633 ) 261,511 Collateralized debt securities 1,292 81 — 1,373 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,363,132 478,500 (36,092 ) 7,805,540 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,152 788 (2 ) 24,938 U.S. states and political subdivisions 952,945 59,121 (102 ) 1,011,964 Foreign governments 5,000 1,885 — 6,885 Corporate debt securities 4,594,735 276,261 (17,055 ) 4,853,941 Residential mortgage-backed securities 19,218 2,470 (138 ) 21,550 Collateralized debt securities 5,618 1,007 (3 ) 6,622 Total bonds available-for-sale 5,601,668 341,532 (17,300 ) 5,925,900 Equity securities Common stock 767,488 765,187 (12,322 ) 1,520,353 Preferred stock 19,631 6,817 — 26,448 Total equity securities 787,119 772,004 (12,322 ) 1,546,801 Total investments in securities $ 13,751,919 $ 1,592,036 $ (65,714 ) $ 15,278,241 December 31, 2015 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 324,643 $ 22,318 $ (444 ) $ 346,517 Foreign governments 4,101 867 — 4,968 Corporate debt securities 6,985,844 263,927 (158,101 ) 7,091,670 Residential mortgage-backed securities 277,135 18,351 (1,286 ) 294,200 Collateralized debt securities 1,924 100 — 2,024 Other debt securities 15,773 401 — 16,174 Total bonds held-to-maturity 7,609,420 305,964 (159,831 ) 7,755,553 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,024 702 (34 ) 24,692 U.S. states and political subdivisions 933,958 39,808 (1,275 ) 972,491 Foreign governments 5,000 1,733 — 6,733 Corporate debt securities 4,431,765 120,471 (107,614 ) 4,444,622 Residential mortgage-backed securities 25,629 2,155 (420 ) 27,364 Collateralized debt securities 7,455 629 (70 ) 8,014 Total bonds available-for-sale 5,427,831 165,498 (109,413 ) 5,483,916 Equity securities Common stock 794,839 718,225 (22,035 ) 1,491,029 Preferred stock 15,987 7,964 (1 ) 23,950 Total equity securities 810,826 726,189 (22,036 ) 1,514,979 Total investments in securities $ 13,848,077 $ 1,197,651 $ (291,280 ) $ 14,754,448 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): September 30, 2016 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 410,950 $ 420,567 $ 210,126 $ 213,646 Due after one year through five years 3,347,145 3,592,814 1,355,035 1,456,040 Due after five years through ten years 3,411,875 3,587,225 3,410,678 3,597,976 Due after ten years 187,311 199,909 620,829 653,269 Without single maturity date 5,851 5,025 5,000 4,969 Total $ 7,363,132 $ 7,805,540 $ 5,601,668 $ 5,925,900 |
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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Proceeds from sales of available-for-sale securities $ 36,950 $ 8,876 $ 79,681 $ 48,352 Gross realized gains 12,990 3,982 21,574 17,991 Gross realized losses (244 ) — (582 ) (65 ) |
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): Nine months ended September 30, 2016 2015 Bonds available-for-sale $ 268,148 $ (81,173 ) Equity securities 55,529 (135,991 ) Change in net unrealized gains (losses) on securities during the year 323,677 (217,164 ) Adjustments for Deferred policy acquisition costs (70,426 ) 30,491 Participating policyholders’ interest (13,472 ) 7,222 Deferred federal income tax benefit (expense) (83,713 ) 62,248 Change in net unrealized gains (losses) on securities, net of tax $ 156,066 $ (117,203 ) |
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): September 30, 2016 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (10 ) $ 1,209 $ — $ — $ (10 ) $ 1,209 Corporate debt securities (2,315 ) 135,170 (33,134 ) 268,473 (35,449 ) 403,643 Residential mortgage-backed securities (32 ) 3,247 (601 ) 11,026 (633 ) 14,273 Total bonds held-to-maturity (2,357 ) 139,626 (33,735 ) 279,499 (36,092 ) 419,125 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (2 ) 4,087 — — (2 ) 4,087 U.S. states and political subdivisions (101 ) 18,061 (1 ) 122 (102 ) 18,183 Corporate debt securities (3,630 ) 218,012 (13,425 ) 179,475 (17,055 ) 397,487 Residential mortgage-backed securities — — (138 ) 4,240 (138 ) 4,240 Collateralized debt securities — — (3 ) 167 (3 ) 167 Total bonds available-for-sale (3,733 ) 240,160 (13,567 ) 184,004 (17,300 ) 424,164 Equity securities Common stock (12,322 ) 84,585 — — (12,322 ) 84,585 Total equity securities (12,322 ) 84,585 — — (12,322 ) 84,585 Total $ (18,412 ) $ 464,371 $ (47,302 ) $ 463,503 $ (65,714 ) $ 927,874 December 31, 2015 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (444 ) $ 19,412 $ — $ — $ (444 ) $ 19,412 Corporate debt securities (93,285 ) 1,912,178 (64,816 ) 283,469 (158,101 ) 2,195,647 Residential mortgage-backed securities (449 ) 21,275 (837 ) 14,721 (1,286 ) 35,996 Total bonds held-to-maturity (94,178 ) 1,952,865 (65,653 ) 298,190 (159,831 ) 2,251,055 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (34 ) 18,802 — — (34 ) 18,802 U.S. states and political subdivisions (1,223 ) 80,807 (52 ) 2,569 (1,275 ) 83,376 Corporate debt securities (81,638 ) 1,796,357 (25,976 ) 90,784 (107,614 ) 1,887,141 Residential mortgage-backed securities (228 ) 15,273 (192 ) 4,984 (420 ) 20,257 Collateralized debt securities (66 ) 2,115 (4 ) 253 (70 ) 2,368 Total bonds available-for-sale (83,189 ) 1,913,354 (26,224 ) 98,590 (109,413 ) 2,011,944 Equity securities Common stock (22,035 ) 136,694 — — (22,035 ) 136,694 Preferred stock — — (1 ) — (1 ) — Total equity securities (22,035 ) 136,694 (1 ) — (22,036 ) 136,694 Total $ (199,402 ) $ 4,002,913 $ (91,878 ) $ 396,780 $ (291,280 ) $ 4,399,693 |
Bond by Credit Quality Rating Distribution | Bonds distributed by credit quality rating, using both Standard & Poor’s and Moody’s ratings, are shown below: September 30, 2016 December 31, 2015 AAA 5.3 % 5.4 % AA 10.9 12.0 A 35.3 36.5 BBB 44.6 43.3 BB and below 3.9 2.8 Total 100.0 % 100.0 % |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below: September 30, 2016 December 31, 2015 Consumer goods 20.6 % 20.5 % Energy and utilities 11.1 10.3 Finance 20.1 20.0 Healthcare 13.5 14.6 Industrials 8.5 8.2 Information technology 17.9 17.8 Other 8.3 8.6 Total 100.0 % 100.0 % |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Distribution Based on Carrying Amount of Mortgage Loans by Location | The distribution based on carrying amount of mortgage loans by location are as follows: September 30, 2016 December 31, 2015 East North Central 17.0 % 18.8 % East South Central 3.7 4.8 Mountain 11.0 11.6 Pacific 16.9 10.7 South Atlantic 16.7 18.8 West South Central 29.6 29.0 Other 5.1 6.3 Total 100.0 % 100.0 % |
Age Analysis of Past Due Loans | The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total Past Due Past Due 90 Days Total Current Amount Percent September 30, 2016 Industrial $ — $ — $ — $ — $ 767,922 $ 767,922 18.6 Office — — 1,940 1,940 1,421,769 1,423,709 34.5 Retail — — — — 723,982 723,982 17.5 Other — — — — 1,210,742 1,210,742 29.4 Total $ — $ — $ 1,940 $ 1,940 $ 4,124,415 $ 4,126,355 100.0 Allowance for loan losses (12,718 ) Total, net of allowance $ 4,113,637 December 31, 2015 Industrial $ — $ — $ — $ — $ 704,426 $ 704,426 20.1 Office — 5,883 2,450 8,333 1,252,484 1,260,817 36.1 Retail 19,088 — — 19,088 583,810 602,898 17.2 Other — — — — 928,034 928,034 26.6 Total $ 19,088 $ 5,883 $ 2,450 $ 27,421 $ 3,468,754 $ 3,496,175 100.0 Allowance for loan losses (12,895 ) Total, net of allowance $ 3,483,280 |
Change in Allowance for Credit Losses in Mortgage Loans | The change in allowance for credit losses in mortgage loans is shown below (in thousands): Nine months ended September 30, Collectively Individually Evaluated Evaluated for Impairment for Impairment Beginning balance 2016 $ 10,716 $ 2,179 Change in allowance 1,000 (1,177 ) Ending balance 2016 $ 11,716 $ 1,002 |
Loans Individually Evaluated for Impairment With and Without Allowance Recorded | Loans individually evaluated for impairment with and without an allowance recorded are shown below (in thousands): September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Three months ended With an allowance Office $ 2,195 $ 40 $ 18,014 $ 555 Total $ 2,195 $ 40 $ 18,014 $ 555 Without an allowance Office $ 26,442 $ 422 $ 26,639 $ 422 Retail 10,161 135 8,812 134 Total $ 36,603 $ 557 $ 35,451 $ 556 Nine months ended With an allowance Office $ 2,195 $ 119 $ 18,116 $ 1,016 Total $ 2,195 $ 119 $ 18,116 $ 1,016 Without an allowance Office $ 26,590 $ 1,253 $ 26,326 $ 1,262 Retail 10,173 411 8,895 410 Total $ 36,763 $ 1,664 $ 35,221 $ 1,672 September 30, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance With an allowance Office $ 1,940 $ 2,450 $ 16,168 $ 17,855 Total $ 1,940 $ 2,450 $ 16,168 $ 17,855 Without an allowance Office $ 26,539 $ 26,539 $ 29,091 $ 29,091 Retail 10,144 10,144 8,705 8,705 Total $ 36,683 $ 36,683 $ 37,796 $ 37,796 |
Schedule of Troubled Debt Restructuring Mortgage Loan Information | Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of contracts): Nine months ended September 30, 2016 2015 Number of Recorded Recorded Number of Recorded Recorded Office — $ — $ — 2 $ 12,211 $ 12,211 Retail 2 10,189 10,189 — — — Total 2 $ 10,189 $ 10,189 2 $ 12,211 $ 12,211 |
Investment Real Estate (Tables)
Investment Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Investment Real Estate by Property-Type and Geographic Distribution | Investment real estate by property-type and geographic distribution are as follows: September 30, 2016 December 31, 2015 Industrial 9.3 % 10.9 % Office 38.3 38.1 Retail 37.0 37.0 Other 15.4 14.0 Total 100.0 % 100.0 % September 30, 2016 December 31, 2015 East North Central 7.2 % 11.4 % East South Central 3.4 3.6 Mountain 12.1 12.6 Pacific 5.7 5.6 South Atlantic 12.9 10.1 West South Central 52.5 50.7 Other 6.2 6.0 Total 100.0 % 100.0 % |
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): September 30, 2016 December 31, 2015 Investment real estate $ 187,631 $ 174,264 Short-term investments 1 1 Cash and cash equivalents 5,339 3,855 Accrued investment income — 557 Other receivables 5,888 8,101 Other assets 7,902 8,210 Total assets of consolidated VIEs $ 206,761 $ 194,988 Notes payable $ 146,068 $ 128,436 Other liabilities 11,012 19,436 Total liabilities of consolidated VIEs $ 157,080 $ 147,872 |
Carrying Amount and Maximum Exposure to Loss Related to VIEs | The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): September 30, 2016 December 31, 2015 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 305,100 $ 305,100 $ 236,816 $ 236,816 Mortgage loans 525,403 525,403 212,228 212,228 Accrued investment income 1,971 1,971 661 661 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 number of instruments): Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position September 30, 2016 December 31, 2015 Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 433 $ 1,335,100 $ 145,450 419 $ 1,200,600 $ 123,007 Equity-indexed embedded derivative Policyholders’ account balances 56,789 1,223,700 298,499 51,815 1,067,600 242,412 |
Schedule of Derivative Instruments Reported in Statements of Operations | Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Gains (Losses) Recognized in Income on Derivatives Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Equity-indexed options Net investment income $ 15,040 $ (33,682 ) $ 17,190 $ (34,646 ) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (15,054 ) 16,780 (21,227 ) 19,997 |
Net Investment Income and Rea30
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Summary of Net Investment Income | Net investment income is shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ 137,322 $ 138,707 $ 416,301 $ 421,543 Equity securities 9,094 9,353 28,421 27,869 Mortgage loans 61,277 50,681 158,593 149,682 Real estate 2,395 13,555 950 11,949 Options 15,040 (33,682 ) 17,190 (34,646 ) Other invested assets 2,656 5,868 13,093 20,960 Total $ 227,784 $ 184,482 $ 634,548 $ 597,357 |
Summary of Realized Investment Gains (Losses) | Realized investment gains (losses) are shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ 8,412 $ (34 ) $ 13,005 $ 10,063 Equity securities 17,599 7,669 28,529 44,579 Mortgage loans (883 ) 639 176 (94 ) Real estate (2,928 ) (739 ) (2,655 ) 9,094 Other invested assets (19 ) (7 ) (846 ) (44 ) Total $ 22,181 $ 7,528 $ 38,209 $ 63,598 |
Summary of Other Than Temporary Impairment Losses | Other-than-temporary impairment losses are shown below (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Bonds $ (94 ) $ (286 ) $ (94 ) $ (286 ) Equity securities (5,820 ) (19,121 ) (12,847 ) (22,618 ) Total $ (5,914 ) $ (19,407 ) $ (12,941 ) $ (22,904 ) |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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): September 30, 2016 December 31, 2015 Carrying Fair Value Carrying Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,363,132 $ 7,805,540 $ 7,609,420 $ 7,755,553 Fixed maturity securities, bonds available-for-sale 5,925,900 5,925,900 5,483,916 5,483,916 Equity securities 1,546,801 1,546,801 1,514,979 1,514,979 Equity-indexed options 145,450 145,450 123,007 123,007 Mortgage loans on real estate, net of allowance 4,113,637 4,279,760 3,483,280 3,621,978 Policy loans 384,257 384,257 407,491 407,491 Short-term investments 405,463 405,463 460,612 460,612 Separate account assets 913,667 913,667 918,446 918,446 Total financial assets $ 20,798,307 $ 21,406,838 $ 20,001,151 $ 20,285,982 Financial liabilities Investment contracts $ 8,830,282 $ 8,830,282 $ 8,787,376 $ 8,787,376 Embedded derivative liability for equity-indexed contracts 298,499 298,499 242,412 242,412 Notes payable 146,068 146,068 128,436 128,436 Separate account liabilities 913,667 913,667 918,446 918,446 Total financial liabilities $ 10,188,516 $ 10,188,516 $ 10,076,670 $ 10,076,670 |
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 September 30, 2016 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 341,719 $ — $ 341,719 $ — Foreign governments 4,940 — 4,940 — Corporate debt securities 7,193,120 — 7,143,851 49,269 Residential mortgage-backed securities 261,511 — 260,592 919 Collateralized debt securities 1,373 — — 1,373 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,805,540 — 7,751,102 54,438 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,938 — 24,938 — U.S. states and political subdivisions 1,011,964 — 1,009,489 2,475 Foreign governments 6,885 — 6,885 — Corporate debt securities 4,853,941 — 4,839,805 14,136 Residential mortgage-backed securities 21,550 — 19,004 2,546 Collateralized debt securities 6,622 — 4,491 2,131 Total bonds available-for-sale 5,925,900 — 5,904,612 21,288 Equity securities Common stock 1,520,353 1,520,353 — — Preferred stock 26,448 26,448 — — Total equity securities 1,546,801 1,546,801 — — Options 145,450 — — 145,450 Mortgage loans on real estate 4,279,760 — 4,279,760 — Policy loans 384,257 — — 384,257 Short-term investments 405,463 — 405,463 — Separate account assets 913,667 — 913,667 — Total financial assets $ 21,406,838 $ 1,546,801 $ 19,254,604 $ 605,433 Financial liabilities Investment contracts $ 8,830,282 $ — $ — $ 8,830,282 Embedded derivative liability for equity-indexed contracts 298,499 — — 298,499 Notes payable 146,068 — — 146,068 Separate account liabilities 913,667 — 913,667 — Total financial liabilities $ 10,188,516 $ — $ 913,667 $ 9,274,849 Fair Value Measurement as of December 31, 2015 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 346,517 $ — $ 346,517 $ — Foreign governments 4,968 — 4,968 — Corporate debt securities 7,091,670 — 7,010,165 81,505 Residential mortgage-backed securities 294,200 — 293,267 933 Collateralized debt securities 2,024 — 2,024 — Other debt securities 16,174 — 12,355 3,819 Total bonds held-to-maturity 7,755,553 — 7,669,296 86,257 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 24,692 — 24,692 — U.S. states and political subdivisions 972,491 — 969,996 2,495 Foreign governments 6,733 — 6,733 — Corporate debt securities 4,444,622 — 4,431,263 13,359 Residential mortgage-backed securities 27,364 — 24,958 2,406 Collateralized debt securities 8,014 — 6,144 1,870 Total bonds available-for-sale 5,483,916 — 5,463,786 20,130 Equity securities Common stock 1,491,029 1,491,029 — — Preferred stock 23,950 23,950 — — Total equity securities 1,514,979 1,514,979 — — Options 123,007 — — 123,007 Mortgage loans on real estate 3,621,978 — 3,621,978 — Policy loans 407,491 — — 407,491 Short-term investments 460,612 — 460,612 — Separate account assets 918,446 — 918,446 — Total financial assets $ 20,285,982 $ 1,514,979 $ 18,134,118 $ 636,885 Financial liabilities Investment contracts $ 8,787,376 $ — $ — $ 8,787,376 Embedded derivative liability for equity-indexed contracts 242,412 — — 242,412 Notes payable 128,436 — — 128,436 Separate account liabilities 918,446 — 918,446 — Total financial liabilities $ 10,076,670 $ — $ 918,446 $ 9,158,224 |
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): Three months ended September 30, Nine months ended September 30, Assets Liability Assets Liability Investment Securities Equity-Indexed Embedded Investment Equity-Indexed Embedded Beginning balance, 2016 $ 21,666 $ 134,575 $ 278,570 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 128 — — 639 — — Net fair value change included in realized losses (2 ) — — (1 ) — — Net gain for derivatives included in net investment income — 14,716 — — 16,866 — Net change included in interest credited — — 15,054 — — 21,227 Purchases, sales and settlements or maturities Purchases — 7,786 — — 20,257 — Sales — — — — — — Settlements or maturities — (11,627 ) — (389 ) (14,680 ) — Premiums less benefits — — 4,875 — — 34,860 Gross transfers into Level 3 — — — 1,413 — — Gross transfers out of Level 3 (504 ) — — (504 ) — — Ending balance September 30, 2016 $ 21,288 $ 145,450 $ 298,499 $ 21,288 $ 145,450 $ 298,499 Beginning balance, 2015 $ 67,200 $ 183,963 $ 208,827 $ 64,433 $ 189,449 $ 208,187 Total realized and unrealized investment gains (losses) included in other comprehensive income 150 — — (18 ) — — Net fair value change included in realized gains (losses) — — — — — — Net loss for derivatives — — included in net investment income — (34,643 ) — — (39,266 ) — Net change included in interest credited — — (16,780 ) — — (19,997 ) Purchases, sales and settlements or maturities Purchases 120 5,725 — — 15,313 — Sales — (11,160 ) — (1 ) (11,160 ) — Settlements or maturities (1 ) (2,500 ) — (343 ) (12,951 ) — Premiums less benefits — — 15,255 — — 19,112 Gross transfers into Level 3 — — — 3,398 — — Gross transfers out of Level 3 (54,478 ) — — (54,478 ) — — Ending balance September 30, 2015 $ 12,991 $ 141,385 $ 207,302 $ 12,991 $ 141,385 $ 207,302 |
Deferred Policy Acquisition C32
Deferred Policy Acquisition Costs (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Accident Property Life Annuity & Health & Casualty Total Beginning balance, 2016 $ 756,023 $ 411,206 $ 44,390 $ 113,050 $ 1,324,669 Additions 80,025 59,750 8,149 198,004 345,928 Amortization (61,273 ) (52,096 ) (11,042 ) (194,809 ) (319,220 ) Effect of change in unrealized gains on available-for-sale securities (16,976 ) (53,450 ) — — (70,426 ) Net change 1,776 (45,796 ) (2,893 ) 3,195 (43,718 ) Ending balance at September 30, 2016 $ 757,799 $ 365,410 $ 41,497 $ 116,245 $ 1,280,951 |
Liability for Unpaid Claims a33
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Information regarding the liability for unpaid claims is shown below (in thousands): Nine months ended September 30, 2016 2015 Unpaid claims balance, beginning $ 1,104,302 $ 1,132,394 Less reinsurance recoverables 217,337 245,906 Net beginning balance 886,965 886,488 Incurred related to Current 804,177 705,988 Prior years (26,632 ) (7,835 ) Total incurred claims 777,545 698,153 Paid claims related to Current 472,413 414,287 Prior years 271,701 284,732 Total paid claims 744,114 699,019 Net balance 920,396 885,622 Plus reinsurance recoverables 247,998 215,464 Unpaid claims balance, ending $ 1,168,394 $ 1,101,086 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Amount Rate Amount Rate Amount Rate Amount Rate Income tax on pre-tax income $ 29,488 35.0 % $ 22,050 35.0 % $ 52,771 35.0 % $ 91,284 35.0 % Tax-exempt investment income (1,980 ) (2.4 ) (1,863 ) (3.0 ) (5,926 ) (3.9 ) (5,688 ) (2.2 ) Deferred tax adjustment — — — — (10,508 ) (7.0 ) — — Dividend exclusion (1,917 ) (2.3 ) (1,841 ) (2.9 ) (6,143 ) (4.1 ) (5,788 ) (2.2 ) Miscellaneous tax credits, net (2,430 ) (2.9 ) (2,256 ) (3.6 ) (7,546 ) (5.0 ) (6,728 ) (2.6 ) Low income housing tax credit expense 1,294 1.5 1,307 2.1 3,883 2.6 3,792 1.5 Other items, net (1,907 ) (2.3 ) 737 1.2 (765 ) (0.5 ) 2,162 0.8 Provision for federal income tax before interest expense 22,548 26.6 18,134 28.8 25,766 17.1 79,034 30.3 Interest expense 42 — — — 2,644 1.8 — — Total $ 22,590 26.6 % $ 18,134 28.8 % $ 28,410 18.9 % $ 79,034 30.3 % |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Foreign AOCI Beginning balance, 2016 $ 453,434 $ (97,889 ) $ (2,925 ) $ 352,620 Amounts reclassified from AOCI (net of tax benefit $7,078 and expense $3,438) (13,145 ) 6,384 — (6,761 ) Unrealized holding gains arising during the period (net of tax expense $120,365) 223,535 — — 223,535 Unrealized adjustment to DAC (net of tax benefit $24,859) (45,567 ) — — (45,567 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $4,715) (8,757 ) — — (8,757 ) Foreign currency adjustment (net of tax benefit $361) — — (671 ) (671 ) Ending balance at September 30, 2016 $ 609,500 $ (91,505 ) $ (3,596 ) $ 514,399 Beginning balance, 2015 568,151 (76,074 ) (1,295 ) 490,782 Amounts reclassified from AOCI (net of tax benefit $8,221 and expense $2,449) (15,268 ) 4,549 — (10,719 ) Unrealized holding losses arising during the period (net of tax benefit $67,787) (125,888 ) — — (125,888 ) Unrealized adjustment to DAC (net of tax expense $11,232) 19,259 — — 19,259 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,528) 4,694 — — 4,694 Foreign currency adjustment (net of tax benefit $1,124) — — (2,087 ) (2,087 ) Ending balance at September 30, 2015 $ 450,948 $ (71,525 ) $ (3,382 ) $ 376,041 |
Stockholders' Equity and Nonc36
Stockholders' Equity and Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The amounts outstanding at the dates indicated are shown below: September 30, 2016 December 31, 2015 Common stock Shares issued 30,832,449 30,832,449 Treasury shares (3,917,933 ) (3,937,993 ) Outstanding shares 26,914,516 26,894,456 Restricted shares (76,000 ) (76,000 ) Unrestricted outstanding shares 26,838,516 26,818,456 |
Stock-Based Compensation Information | SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RS Units Shares Weighted-Average Fair Value Shares Weighted-Average Fair Value Units Weighted-Average Fair Value Outstanding at December 31, 2015 38,092 $ 115.18 76,000 $ 110.73 135,725 $ 103.73 Granted — — — — 36,849 103.58 Exercised (7,071 ) 111.24 — — (66,581 ) 100.06 Forfeited — — — — (182 ) 105.75 Expired (16,564 ) 116.88 — — — — Outstanding at September 30, 2016 14,457 $ 115.15 76,000 $ 110.73 105,811 $ 105.98 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 1.20 3.04 1.76 Exercisable shares 14,457 N/A N/A Weighted-average exercise price $ 115.15 $ 110.73 $ 105.98 Weighted-average exercise price exercisable shares 115.15 N/A N/A Compensation expense (credit) Three months ended September 30, 2016 $ 98,000 $ 212,000 $ 1,297,000 Three months ended September 30, 2015 (14,000 ) 282,000 1,114,000 Nine months ended September 30, 2016 135,000 631,000 5,744,000 Nine months ended September 30, 2015 (82,000 ) 935,000 5,421,000 Fair value of liability award September 30, 2016 $ 170,000 N/A $ 22,465,000 December 31, 2015 37,000 N/A 19,415,000 |
Summary of Basic and Diluted Earnings Per Share | Diluted earnings per share include RS and RSU award shares. Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Weighted average shares outstanding 26,908,032 26,899,683 26,908,619 26,865,359 Incremental shares from RS awards and RSUs 59,299 63,952 57,768 80,027 Total shares for diluted calculations 26,967,331 26,963,635 26,966,387 26,945,386 Net income attributable to American National (in thousands) $ 59,289 $ 42,013 $ 121,230 $ 180,048 Basic earnings per share $ 2.20 $ 1.56 $ 4.51 $ 6.70 Diluted earnings per share 2.20 1.56 4.50 6.68 |
Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices | The statutory capital and surplus and net income of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): September 30, 2016 December 31, 2015 Statutory capital and surplus Life insurance entities $ 1,867,243 $ 1,900,939 Property and casualty insurance entities 1,047,488 1,033,942 Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Statutory net income (loss) Life insurance entities $ 22,226 $ 21,990 $ 45,335 $ 101,232 Property and casualty insurance entities 11,417 29,253 14,674 43,190 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments | The following summarizes the results of operations measured as the income before federal income taxes, and equity in earnings of unconsolidated affiliates by operating segments (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Life $ 9,547 $ 10,193 $ 22,832 $ 25,523 Annuity 13,567 4,433 49,001 38,668 Health (6,487 ) (11,178 ) (2,702 ) 1,725 Property and Casualty 663 33,980 2,878 42,758 Corporate and Other 30,432 9,232 39,501 78,752 Total $ 47,722 $ 46,660 $ 111,510 $ 187,426 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The impact on the consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due to (from) American National Nine months ended September 30, September 30, December 31, Related Party Financial Statement Line Impacted 2016 2015 2016 2015 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 1,060 $ 986 $ 4,122 $ 5,182 Gal-Tex Hotel Corporation Net investment income 256 330 25 31 Greer, Herz & Adams, LLP Other operating expenses 7,610 6,011 (435 ) (274 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Sep. 30, 2016State |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states | 50 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) | Sep. 30, 2016 |
Maximum [Member] | |
Schedule Of Significant Accounting Policies [Line Items] | |
Entity ownership percentage | 100.00% |
Investments in Securities - Inv
Investments in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | $ 7,363,132 | $ 7,609,420 |
Held-to-maturity securities, Gross Unrealized Gains | 478,500 | 305,964 |
Held-to-maturity securities, Gross Unrealized (Losses) | (36,092) | (159,831) |
Held-to-maturity securities, Fair Value | 7,805,540 | 7,755,553 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,601,668 | 5,427,831 |
Available-for-sale debt securities, Gross Unrealized Gains | 341,532 | 165,498 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (17,300) | (109,413) |
Available-for-sale debt securities, Fair Value | 5,925,900 | 5,483,916 |
Available-for-sale equity securities, Cost or Amortized Cost | 787,119 | 810,826 |
Available-for-sale equity securities, Gross Unrealized Gains | 772,004 | 726,189 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (12,322) | (22,036) |
Available-for-sale equity securities, Fair Value | 1,546,801 | 1,514,979 |
Investments in securities, Cost or Amortized cost | 13,751,919 | 13,848,077 |
Investments in securities, Gross Unrealized Gains | 1,592,036 | 1,197,651 |
Investments in securities, Gross Unrealized (Losses) | (65,714) | (291,280) |
Investments in securities, Fair Value | 15,278,241 | 14,754,448 |
Foreign Governments [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 4,069 | 4,101 |
Held-to-maturity securities, Gross Unrealized Gains | 871 | 867 |
Held-to-maturity securities, Fair Value | 4,940 | 4,968 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,000 | 5,000 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,885 | 1,733 |
Available-for-sale debt securities, Fair Value | 6,885 | 6,733 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 6,795,678 | 6,985,844 |
Held-to-maturity securities, Gross Unrealized Gains | 432,891 | 263,927 |
Held-to-maturity securities, Gross Unrealized (Losses) | (35,449) | (158,101) |
Held-to-maturity securities, Fair Value | 7,193,120 | 7,091,670 |
Available-for-sale debt securities, Cost or Amortized Cost | 4,594,735 | 4,431,765 |
Available-for-sale debt securities, Gross Unrealized Gains | 276,261 | 120,471 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (17,055) | (107,614) |
Available-for-sale debt securities, Fair Value | 4,853,941 | 4,444,622 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 19,631 | 15,987 |
Available-for-sale equity securities, Gross Unrealized Gains | 6,817 | 7,964 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (1) | |
Available-for-sale equity securities, Fair Value | 26,448 | 23,950 |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 767,488 | 794,839 |
Available-for-sale equity securities, Gross Unrealized Gains | 765,187 | 718,225 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (12,322) | (22,035) |
Available-for-sale equity securities, Fair Value | 1,520,353 | 1,491,029 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 24,152 | 24,024 |
Available-for-sale debt securities, Gross Unrealized Gains | 788 | 702 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (2) | (34) |
Available-for-sale debt securities, Fair Value | 24,938 | 24,692 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 315,764 | 324,643 |
Held-to-maturity securities, Gross Unrealized Gains | 25,965 | 22,318 |
Held-to-maturity securities, Gross Unrealized (Losses) | (10) | (444) |
Held-to-maturity securities, Fair Value | 341,719 | 346,517 |
Available-for-sale debt securities, Cost or Amortized Cost | 952,945 | 933,958 |
Available-for-sale debt securities, Gross Unrealized Gains | 59,121 | 39,808 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (102) | (1,275) |
Available-for-sale debt securities, Fair Value | 1,011,964 | 972,491 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 243,551 | 277,135 |
Held-to-maturity securities, Gross Unrealized Gains | 18,593 | 18,351 |
Held-to-maturity securities, Gross Unrealized (Losses) | (633) | (1,286) |
Held-to-maturity securities, Fair Value | 261,511 | 294,200 |
Available-for-sale debt securities, Cost or Amortized Cost | 19,218 | 25,629 |
Available-for-sale debt securities, Gross Unrealized Gains | 2,470 | 2,155 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (138) | (420) |
Available-for-sale debt securities, Fair Value | 21,550 | 27,364 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 1,292 | 1,924 |
Held-to-maturity securities, Gross Unrealized Gains | 81 | 100 |
Held-to-maturity securities, Fair Value | 1,373 | 2,024 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,618 | 7,455 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,007 | 629 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (3) | (70) |
Available-for-sale debt securities, Fair Value | 6,622 | 8,014 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 2,778 | 15,773 |
Held-to-maturity securities, Gross Unrealized Gains | 99 | 401 |
Held-to-maturity securities, Fair Value | $ 2,877 | $ 16,174 |
Investments in Securities - Mat
Investments in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Bonds Held-to-Maturity, Amortized Cost, Due in one year or less | $ 410,950 | |
Bonds Held-to-Maturity, Amortized Cost, Due after one year through five years | 3,347,145 | |
Bonds Held-to-Maturity, Amortized Cost, Due after five years through ten years | 3,411,875 | |
Bonds Held-to-Maturity, Amortized Cost, Due after ten years | 187,311 | |
Bonds Held-to-Maturity, Amortized Cost, Without single maturity date | 5,851 | |
Held-to-maturity securities, Cost or Amortized Cost | 7,363,132 | $ 7,609,420 |
Bonds Held-to-Maturity, Fair Value, Due in one year or less | 420,567 | |
Bonds Held-to-Maturity, Fair Value, Due after one year through five years | 3,592,814 | |
Bonds Held-to-Maturity, Fair Value, Due after five years through ten years | 3,587,225 | |
Bonds Held-to-Maturity, Fair Value, Due after ten years | 199,909 | |
Bonds Held-to-Maturity, Fair Value, Without single maturity date | 5,025 | |
Held-to-maturity securities, Fair Value | 7,805,540 | 7,755,553 |
Bonds Available-for-Sale, Amortized Cost, Due in one year or less | 210,126 | |
Bonds Available-for-Sale, Amortized Cost, Due after one year through five years | 1,355,035 | |
Bonds Available-for-Sale, Amortized Cost, Due after five years through ten years | 3,410,678 | |
Bonds Available-for-Sale, Amortized Cost, Due after ten years | 620,829 | |
Bonds Available-for-Sale, Amortized Cost, Without single maturity date | 5,000 | |
Bonds Available-for-Sale, Amortized Cost | 5,601,668 | 5,427,831 |
Bonds Available-for-Sale, Fair Value, Due in one year or less | 213,646 | |
Bonds Available-for-Sale, Fair Value, Due after one year through five years | 1,456,040 | |
Bonds Available-for-Sale, Fair Value, Due after five years through ten years | 3,597,976 | |
Bonds Available-for-Sale, Fair Value, Due after ten years | 653,269 | |
Bonds Available-for-Sale, Fair Value, Without single maturity date | 4,969 | |
Available-for-sale debt securities, Fair Value | $ 5,925,900 | $ 5,483,916 |
Investments in Securities - Pro
Investments in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | ||||
Proceeds from sales of available-for-sale securities | $ 36,950 | $ 8,876 | $ 79,681 | $ 48,352 |
Gross realized gains | 12,990 | $ 3,982 | 21,574 | 17,991 |
Gross realized losses | $ (244) | $ (582) | $ (65) |
Investments in securities - Add
Investments in securities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Amortized Cost and Fair Value Debt Securities [Abstract] | |
Securities transferred from held-to-maturity to available-for-sale | $ 171,000 |
Unrealized loss, transferred securities | $ (53,000) |
Investments in Securities - Cha
Investments in Securities - Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains (losses) on securities during the year | $ 323,677 | $ (217,164) | ||
Adjustments for | ||||
Deferred policy acquisition costs | (70,426) | 30,491 | ||
Participating policyholders' interest | (13,472) | 7,222 | ||
Deferred federal income tax benefit (expense) | (83,713) | 62,248 | ||
Change in net unrealized gains (losses) on securities, net of tax | $ 25,290 | $ (70,900) | 156,066 | (117,203) |
Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains (losses) on securities during the year | 268,148 | (81,173) | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains (losses) on securities during the year | $ 55,529 | $ (135,991) |
Investments in Securities - Gro
Investments in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | $ (2,357) | $ (94,178) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 139,626 | 1,952,865 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (33,735) | (65,653) |
Bonds held-to-maturity, 12 months or more, Fair Value | 279,499 | 298,190 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (36,092) | (159,831) |
Bonds held-to-maturity, Total, Fair Value | 419,125 | 2,251,055 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (3,733) | (83,189) |
Available-for-sale securities, Less than 12 months, Fair Value | 240,160 | 1,913,354 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (13,567) | (26,224) |
Available-for-sale securities, 12 months or more, Fair Value | 184,004 | 98,590 |
Available-for-sale securities, Total, Unrealized (Losses) | (17,300) | (109,413) |
Available-for-sale securities, Total, Fair Value | 424,164 | 2,011,944 |
Investment in securities, Less than 12 months, Unrealized (Losses) | (18,412) | (199,402) |
Investment in securities, Less than 12 months, Fair Value | 464,371 | 4,002,913 |
Investment in securities, More than 12 months, Unrealized (Losses) | (47,302) | (91,878) |
Investment in securities, More than 12 months, Fair Value | 463,503 | 396,780 |
Investment in securities, Total, Unrealized (Losses) | (65,714) | (291,280) |
Investment in securities, Total, Fair Value | 927,874 | 4,399,693 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (2,315) | (93,285) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 135,170 | 1,912,178 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (33,134) | (64,816) |
Bonds held-to-maturity, 12 months or more, Fair Value | 268,473 | 283,469 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (35,449) | (158,101) |
Bonds held-to-maturity, Total, Fair Value | 403,643 | 2,195,647 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (3,630) | (81,638) |
Available-for-sale securities, Less than 12 months, Fair Value | 218,012 | 1,796,357 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (13,425) | (25,976) |
Available-for-sale securities, 12 months or more, Fair Value | 179,475 | 90,784 |
Available-for-sale securities, Total, Unrealized (Losses) | (17,055) | (107,614) |
Available-for-sale securities, Total, Fair Value | 397,487 | 1,887,141 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (1) | |
Available-for-sale securities, Total, Unrealized (Losses) | (1) | |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (12,322) | (22,035) |
Available-for-sale securities, Less than 12 months, Fair Value | 84,585 | 136,694 |
Available-for-sale securities, Total, Unrealized (Losses) | (12,322) | (22,035) |
Available-for-sale securities, Total, Fair Value | 84,585 | 136,694 |
Equity Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (12,322) | (22,035) |
Available-for-sale securities, Less than 12 months, Fair Value | 84,585 | 136,694 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (1) | |
Available-for-sale securities, Total, Unrealized (Losses) | (12,322) | (22,036) |
Available-for-sale securities, Total, Fair Value | 84,585 | 136,694 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (2) | (34) |
Available-for-sale securities, Less than 12 months, Fair Value | 4,087 | 18,802 |
Available-for-sale securities, Total, Unrealized (Losses) | (2) | (34) |
Available-for-sale securities, Total, Fair Value | 4,087 | 18,802 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (10) | (444) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 1,209 | 19,412 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (10) | (444) |
Bonds held-to-maturity, Total, Fair Value | 1,209 | 19,412 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (101) | (1,223) |
Available-for-sale securities, Less than 12 months, Fair Value | 18,061 | 80,807 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (1) | (52) |
Available-for-sale securities, 12 months or more, Fair Value | 122 | 2,569 |
Available-for-sale securities, Total, Unrealized (Losses) | (102) | (1,275) |
Available-for-sale securities, Total, Fair Value | 18,183 | 83,376 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (32) | (449) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 3,247 | 21,275 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (601) | (837) |
Bonds held-to-maturity, 12 months or more, Fair Value | 11,026 | 14,721 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (633) | (1,286) |
Bonds held-to-maturity, Total, Fair Value | 14,273 | 35,996 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (228) | |
Available-for-sale securities, Less than 12 months, Fair Value | 15,273 | |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (138) | (192) |
Available-for-sale securities, 12 months or more, Fair Value | 4,240 | 4,984 |
Available-for-sale securities, Total, Unrealized (Losses) | (138) | (420) |
Available-for-sale securities, Total, Fair Value | 4,240 | 20,257 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (66) | |
Available-for-sale securities, Less than 12 months, Fair Value | 2,115 | |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (3) | (4) |
Available-for-sale securities, 12 months or more, Fair Value | 167 | 253 |
Available-for-sale securities, Total, Unrealized (Losses) | (3) | (70) |
Available-for-sale securities, Total, Fair Value | $ 167 | $ 2,368 |
Investments in Securities - Bon
Investments in Securities - Bond by Credit Quality Rating Distribution (Detail) - Bonds [Member] - Credit Risk Financial Instruments [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | 5.30% | 5.40% |
AA [Member] | ||
Concentration Risk [Line Items] | ||
Portfolio of investment by credit quality | 10.90% | 12.00% |
A [Member] | ||
Concentration Risk [Line Items] | ||
Portfolio of investment by credit quality | 35.30% | 36.50% |
BBB [Member] | ||
Concentration Risk [Line Items] | ||
Portfolio of investment by credit quality | 44.60% | 43.30% |
BB and Below [Member] | ||
Concentration Risk [Line Items] | ||
Portfolio of investment by credit quality | 3.90% | 2.80% |
Investments in Securities - Equ
Investments in Securities - Equity Securities by Market Sector Distribution (Detail) - Equity Securities [Member] - Credit Concentration Risk [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | 20.60% | 20.50% |
Energy and Utilities [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 11.10% | 10.30% |
Finance [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 20.10% | 20.00% |
Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 13.50% | 14.60% |
Industrials [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 8.50% | 8.20% |
Information Technology [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 17.90% | 17.80% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 8.30% | 8.60% |
Mortgage Loans - Distribution B
Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - Mortgage Loans On Real Estate Concentration Risk [Member] - Geographic Concentration Risk [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Mortgage loans | 100.00% | 100.00% |
East North Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 17.00% | 18.80% |
East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 3.70% | 4.80% |
Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 11.00% | 11.60% |
Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 16.90% | 10.70% |
South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 16.70% | 18.80% |
West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 29.60% | 29.00% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 5.10% | 6.30% |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)MortgageLoan | Dec. 31, 2015USD ($)MortgageLoan | |
Receivables [Abstract] | ||
Number of mortgage loan foreclosed | MortgageLoan | 3 | |
Mortgage loans foreclosed | $ 24,333,000 | |
Mortgage loans foreclosure process | $ 1,940,000 | $ 2,450,000 |
Number of loans in foreclosure process | MortgageLoan | 1 | 1 |
Number of mortgage loans sold | MortgageLoan | 0 | 1 |
Loan sold with recorded investment | $ 0 | $ 2,702,000 |
Realized loss on sale of loan | 1,602,000 | |
Unamortized discounts | 289,000 | 452,000 |
Unamortized origination fees, mortgage loans | 30,008,000 | 22,637,000 |
Financing receivable, collectively evaluated for impairment | 4,087,732,000 | 3,442,211,000 |
Financing receivable, individually evaluated for impairment | 38,623,000 | $ 53,964,000 |
Commitment to lend additional funds to debtors with modified loans as TDRs | $ 0 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 100.00% | 100.00% |
Total Past Due | $ 1,940 | $ 27,421 |
Current | 4,124,415 | 3,468,754 |
Total | 4,126,355 | 3,496,175 |
Allowance for loan losses | (12,718) | (12,895) |
Total, net of allowance | $ 4,113,637 | $ 3,483,280 |
Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 18.60% | 20.10% |
Current | $ 767,922 | $ 704,426 |
Total | $ 767,922 | $ 704,426 |
Office [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 34.50% | 36.10% |
Total Past Due | $ 1,940 | $ 8,333 |
Current | 1,421,769 | 1,252,484 |
Total | $ 1,423,709 | $ 1,260,817 |
Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 17.50% | 17.20% |
Total Past Due | $ 19,088 | |
Current | $ 723,982 | 583,810 |
Total | $ 723,982 | $ 602,898 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 29.40% | 26.60% |
Current | $ 1,210,742 | $ 928,034 |
Total | 1,210,742 | 928,034 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,088 | |
30-59 Days Past Due [Member] | Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,088 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,883 | |
60-89 Days Past Due [Member] | Office [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,883 | |
More Than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,940 | 2,450 |
More Than 90 Days [Member] | Office [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,940 | $ 2,450 |
Mortgage Loans - Change in Allo
Mortgage Loans - Change in Allowance for Credit Losses in Mortgage Loans (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Allowance for credit losses, Collectively Evaluated for Impairment, Beginning Balance | $ 10,716 |
Change in allowance, Collectively Evaluated for Impairment | 1,000 |
Allowance for credit losses, Collectively Evaluated for Impairment, Ending Balance | 11,716 |
Allowance for credit losses, Individually Evaluated for Impairment, Beginning balance | 2,179 |
Change in allowance, Individually Evaluated for Impairment | (1,177) |
Allowance for credit losses, Individually Evaluated for Impairment, Ending balance | $ 1,002 |
Mortgage Loans - Loans Individu
Mortgage Loans - Loans Individually Evaluated for Impairment With and Without Allowance Recorded (Average Recorded Investment and Interest Income Recognized) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investments with an Allowance | $ 2,195 | $ 18,014 | $ 2,195 | $ 18,116 | |
Interest Income Recognized with an Allowance | 40 | 555 | 119 | 1,016 | |
Average Recorded Investments with No Allowance | 36,603 | 35,451 | 36,763 | 35,221 | |
Recorded Investment | 1,940 | 1,940 | $ 16,168 | ||
Interest Income Recognized with No Allowance | 557 | 556 | 1,664 | 1,672 | |
Unpaid Principal Balance | 2,450 | 2,450 | 17,855 | ||
Recorded Investments with No Allowance | 36,683 | 36,683 | 37,796 | ||
Unpaid Principal Balance with No Allowance | 36,683 | 36,683 | 37,796 | ||
Office [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investments with an Allowance | 2,195 | 18,014 | 2,195 | 18,116 | |
Interest Income Recognized with an Allowance | 40 | 555 | 119 | 1,016 | |
Average Recorded Investments with No Allowance | 26,442 | 26,639 | 26,590 | 26,326 | |
Recorded Investment | 1,940 | 1,940 | 16,168 | ||
Interest Income Recognized with No Allowance | 422 | 422 | 1,253 | 1,262 | |
Unpaid Principal Balance | 2,450 | 2,450 | 17,855 | ||
Recorded Investments with No Allowance | 26,539 | 26,539 | 29,091 | ||
Unpaid Principal Balance with No Allowance | 26,539 | 26,539 | 29,091 | ||
Retail [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investments with No Allowance | 10,161 | 8,812 | 10,173 | 8,895 | |
Interest Income Recognized with No Allowance | 135 | $ 134 | 411 | $ 410 | |
Recorded Investments with No Allowance | 10,144 | 10,144 | 8,705 | ||
Unpaid Principal Balance with No Allowance | $ 10,144 | $ 10,144 | $ 8,705 |
Mortgage Loans - Schedule of Tr
Mortgage Loans - Schedule of Troubled Debt Restructuring Mortgage Loan Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 2 | 2 |
Recorded investment pre- modification | $ 10,189 | $ 12,211 |
Recorded investment post modification | $ 10,189 | $ 12,211 |
Office [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 2 | |
Recorded investment pre- modification | $ 12,211 | |
Recorded investment post modification | $ 12,211 | |
Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 2 | |
Recorded investment pre- modification | $ 10,189 | |
Recorded investment post modification | $ 10,189 |
Investment Real Estate - Invest
Investment Real Estate - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real Estate [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | 9.30% | 10.90% |
Property Type Concentration Risk [Member] | Office [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 38.30% | 38.10% |
Property Type Concentration Risk [Member] | Retail [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 37.00% | 37.00% |
Property Type Concentration Risk [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 15.40% | 14.00% |
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 | 7.20% | 11.40% |
Geographic Distribution [Member] | East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 3.40% | 3.60% |
Geographic Distribution [Member] | Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 12.10% | 12.60% |
Geographic Distribution [Member] | Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 5.70% | 5.60% |
Geographic Distribution [Member] | South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 12.90% | 10.10% |
Geographic Distribution [Member] | West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 52.50% | 50.70% |
Geographic Distribution [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 6.20% | 6.00% |
Investment Real Estate - Assets
Investment Real Estate - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||
Investment real estate | $ 592,815 | $ 581,255 | ||
Short-term investments | 405,463 | 460,612 | ||
Cash and cash equivalents | 107,000 | 190,237 | $ 169,473 | $ 209,455 |
Accrued investment income | 180,343 | 177,474 | ||
Other assets | 129,416 | 140,788 | ||
Notes payable | 146,068 | 128,436 | ||
Other liabilities | 486,768 | 550,629 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investment real estate | 187,631 | 174,264 | ||
Short-term investments | 1 | 1 | ||
Cash and cash equivalents | 5,339 | 3,855 | ||
Accrued investment income | 557 | |||
Other receivables | 5,888 | 8,101 | ||
Other assets | 7,902 | 8,210 | ||
Total assets of consolidated VIEs | 206,761 | 194,988 | ||
Notes payable | 146,068 | 128,436 | ||
Other liabilities | 11,012 | 19,436 | ||
Total liabilities of consolidated VIEs | $ 157,080 | $ 147,872 |
Investment Real Estate - Additi
Investment Real Estate - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2016USD ($)InvestmentNote | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Maximum amount of investment in long-term notes payable | $ | $ 36,177,000 | $ 34,699,000 |
Long-term portion of notes payable | $ | $ 136,693,000 | |
Number of notes included in notes payable | Note | 5 | |
Current portion of notes payable | $ | $ 9,375,000 | |
Notes payable maturity month and year | 2016-10 | |
Number of real estate investment held for sale | Investment | 1 | |
Carrying value of real estate investments | $ | $ 2,825,000 | |
Long-Term Notes Payable 1 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on long-term notes | 4.00% | |
Long-Term Notes Payable 2 [Member] | ||
Debt Instrument [Line Items] | ||
Interest on notes payable | Adjusted LIBOR plus LIBOR margin | |
Long-Term Notes Payable 3 [Member] | ||
Debt Instrument [Line Items] | ||
Interest on notes payable | LIBOR | |
Long-Term Notes Payable 4 [Member] | ||
Debt Instrument [Line Items] | ||
Interest on notes payable | LIBOR plus 2.5% | |
Long-Term Notes Payable 4 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Long-Term Notes Payable 5 [Member] | ||
Debt Instrument [Line Items] | ||
Interest on notes payable | The lesser of the Prime Rate or the highest rate permitted by law | |
Long Term Notes Payable Maturing Two Thousand Eighteen [Member] | ||
Debt Instrument [Line Items] | ||
Number of notes included in notes payable | Note | 2 | |
Notes payable maturity year | 2,018 | |
Long Term Notes Payable Maturing 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Number of notes included in notes payable | Note | 1 | |
Notes payable maturity year | 2,021 | |
Long Term Notes Payable Maturing Beyond Five Years [Member] | ||
Debt Instrument [Line Items] | ||
Number of notes included in notes payable | Note | 2 | |
Notes payable maturity period | Beyond five years |
Investment Real Estate - Carryi
Investment Real Estate - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Mortgage Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 525,403 | $ 212,228 |
Maximum Exposure to Loss | 525,403 | 212,228 |
Investments in Unconsolidated Affiliates [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 305,100 | 236,816 |
Maximum Exposure to Loss | 305,100 | 236,816 |
Accrued Investment Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 1,971 | 661 |
Maximum Exposure to Loss | $ 1,971 | $ 661 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) $ in Thousands | Sep. 30, 2016USD ($)Derivative | Dec. 31, 2015USD ($)Derivative |
Derivatives, Fair Value [Line Items] | ||
Estimated Fair Value of other invested assets | $ 145,450 | $ 123,007 |
Derivative Financial Instruments, Estimated Fair Value | $ 298,499 | $ 242,412 |
Derivatives Not Designated as Hedging Instruments [Member] | Equity-Indexed Options [Member] | Other Invested Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 433 | 419 |
Derivative Notional Amount, Asset | $ 1,335,100 | $ 1,200,600 |
Estimated Fair Value of other invested assets | $ 145,450 | $ 123,007 |
Derivatives Not Designated as Hedging Instruments [Member] | Equity-Indexed Embedded Derivative [Member] | Policyholders' Account Balances [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 56,789 | 51,815 |
Derivative Notional Amount, Liability | $ 1,223,700 | $ 1,067,600 |
Derivative Financial Instruments, Estimated Fair Value | $ 298,499 | $ 242,412 |
Derivative Instruments - Sche60
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Investment Income [Member] | Equity-Indexed Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 15,040 | $ (33,682) | $ 17,190 | $ (34,646) |
Interest Credited to Policyholders' Account Balances [Member] | Equity-Indexed Embedded Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ (15,054) | $ 16,780 | $ (21,227) | $ 19,997 |
Net Investment Income and Rea61
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | $ 227,784 | $ 184,482 | $ 634,548 | $ 597,357 |
Debt Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 137,322 | 138,707 | 416,301 | 421,543 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 9,094 | 9,353 | 28,421 | 27,869 |
Mortgage Loans [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 61,277 | 50,681 | 158,593 | 149,682 |
Real Estate [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 2,395 | 13,555 | 950 | 11,949 |
Other Invested Assets [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 2,656 | 5,868 | 13,093 | 20,960 |
Options [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | $ 15,040 | $ (33,682) | $ 17,190 | $ (34,646) |
Net Investment Income and Rea62
Net Investment Income and Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) and Other Than Temporary Impairment Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | $ 22,181 | $ 7,528 | $ 38,209 | $ 63,598 |
Other-than-temporary impairment losses | (5,914) | (19,407) | (12,941) | (22,904) |
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | 8,412 | (34) | 13,005 | 10,063 |
Other-than-temporary impairment losses | (94) | (286) | (94) | (286) |
Equity Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | 17,599 | 7,669 | 28,529 | 44,579 |
Other-than-temporary impairment losses | (5,820) | (19,121) | (12,847) | (22,618) |
Mortgage Loans [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | (883) | 639 | 176 | (94) |
Real Estate [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | (2,928) | (739) | (2,655) | 9,094 |
Other Invested Assets [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | $ (19) | $ (7) | $ (846) | $ (44) |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | $ 7,363,132 | $ 7,609,420 |
Fixed maturity securities, bonds held-to-maturity | 7,805,540 | 7,755,553 |
Fixed maturity securities, bonds available-for-sale | 5,925,900 | 5,483,916 |
Equity securities | 1,546,801 | 1,514,979 |
Equity-indexed options | 145,450 | 123,007 |
Mortgage loans on real estate, net of allowance | 4,113,637 | 3,483,280 |
Policy loans | 384,257 | 407,491 |
Short-term investments | 405,463 | 460,612 |
Separate account assets | 913,667 | 918,446 |
Total financial assets | 20,798,307 | 20,001,151 |
Financial liabilities | ||
Investment contracts | 8,830,282 | 8,787,376 |
Embedded derivative liability for equity-indexed contracts | 298,499 | 242,412 |
Notes payable | 146,068 | 128,436 |
Separate account liabilities | 913,667 | 918,446 |
Total financial liabilities | 10,188,516 | 10,076,670 |
Fair Value [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | 7,805,540 | 7,755,553 |
Fixed maturity securities, bonds available-for-sale | 5,925,900 | 5,483,916 |
Equity securities | 1,546,801 | 1,514,979 |
Equity-indexed options | 145,450 | 123,007 |
Mortgage loans on real estate, net of allowance | 4,279,760 | 3,621,978 |
Policy loans | 384,257 | 407,491 |
Short-term investments | 405,463 | 460,612 |
Separate account assets | 913,667 | 918,446 |
Total financial assets | 21,406,838 | 20,285,982 |
Financial liabilities | ||
Investment contracts | 8,830,282 | 8,787,376 |
Embedded derivative liability for equity-indexed contracts | 298,499 | 242,412 |
Notes payable | 146,068 | 128,436 |
Separate account liabilities | 913,667 | 918,446 |
Total financial liabilities | $ 10,188,516 | $ 10,076,670 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Volatility rate used to estimate derivative values | 16.00% | 17.50% | |
Unrealized gain (losses) relating to assets still held and included in net investment income | $ 34,146,000 | $ (51,875,000) | |
Transfer between Level 1 and Level 2 fair value hierarchies | $ 0 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | $ 7,805,540 | $ 7,755,553 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,925,900 | 5,483,916 |
Equity securities, fair value disclosure | 1,546,801 | 1,514,979 |
Equity Indexed Options, fair value disclosure | 145,450 | 123,007 |
Policy loans, fair value disclosure | 384,257 | 407,491 |
Short-term investments, fair value disclosure | 405,463 | 460,612 |
Separate account assets, fair value disclosure | 913,667 | 918,446 |
Financial liabilities | ||
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 298,499 | 242,412 |
Separate account liabilities, fair value disclosure | 913,667 | 918,446 |
Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 26,448 | 23,950 |
Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,940 | 4,968 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,885 | 6,733 |
Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,193,120 | 7,091,670 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,853,941 | 4,444,622 |
U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 341,719 | 346,517 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 1,011,964 | 972,491 |
Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 261,511 | 294,200 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 21,550 | 27,364 |
Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,373 | 2,024 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,622 | 8,014 |
Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,877 | 16,174 |
U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 24,938 | 24,692 |
Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,520,353 | 1,491,029 |
Recurring [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,805,540 | 7,755,553 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,925,900 | 5,483,916 |
Equity securities, fair value disclosure | 1,546,801 | 1,514,979 |
Equity Indexed Options, fair value disclosure | 145,450 | 123,007 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,279,760 | 3,621,978 |
Policy loans, fair value disclosure | 384,257 | 407,491 |
Short-term investments, fair value disclosure | 405,463 | 460,612 |
Separate account assets, fair value disclosure | 913,667 | 918,446 |
Total financial assets, fair value disclosure | 21,406,838 | 20,285,982 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,830,282 | 8,787,376 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 298,499 | 242,412 |
Notes payable, fair value disclosure | 146,068 | 128,436 |
Separate account liabilities, fair value disclosure | 913,667 | 918,446 |
Total financial liabilities, fair value disclosure | 10,188,516 | 10,076,670 |
Recurring [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 26,448 | 23,950 |
Recurring [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,940 | 4,968 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,885 | 6,733 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,193,120 | 7,091,670 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,853,941 | 4,444,622 |
Recurring [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,546,801 | 1,514,979 |
Total financial assets, fair value disclosure | 1,546,801 | 1,514,979 |
Recurring [Member] | Level 1 [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 26,448 | 23,950 |
Recurring [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,751,102 | 7,669,296 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,904,612 | 5,463,786 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,279,760 | 3,621,978 |
Short-term investments, fair value disclosure | 405,463 | 460,612 |
Separate account assets, fair value disclosure | 913,667 | 918,446 |
Total financial assets, fair value disclosure | 19,254,604 | 18,134,118 |
Financial liabilities | ||
Separate account liabilities, fair value disclosure | 913,667 | 918,446 |
Total financial liabilities, fair value disclosure | 913,667 | 918,446 |
Recurring [Member] | Level 2 [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,940 | 4,968 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,885 | 6,733 |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,143,851 | 7,010,165 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,839,805 | 4,431,263 |
Recurring [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 54,438 | 86,257 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 21,288 | 20,130 |
Equity Indexed Options, fair value disclosure | 145,450 | 123,007 |
Policy loans, fair value disclosure | 384,257 | 407,491 |
Total financial assets, fair value disclosure | 605,433 | 636,885 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,830,282 | 8,787,376 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 298,499 | 242,412 |
Notes payable, fair value disclosure | 146,068 | 128,436 |
Total financial liabilities, fair value disclosure | 9,274,849 | 9,158,224 |
Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 49,269 | 81,505 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 14,136 | 13,359 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 341,719 | 346,517 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 1,011,964 | 972,491 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 341,719 | 346,517 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 1,009,489 | 969,996 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,475 | 2,495 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 261,511 | 294,200 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 21,550 | 27,364 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 260,592 | 293,267 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 19,004 | 24,958 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 919 | 933 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,546 | 2,406 |
Recurring [Member] | Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,373 | 2,024 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,622 | 8,014 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,024 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,491 | 6,144 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,373 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,131 | 1,870 |
Recurring [Member] | Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,877 | 16,174 |
Recurring [Member] | Other Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 12,355 | |
Recurring [Member] | Other Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,877 | 3,819 |
Recurring [Member] | U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 24,938 | 24,692 |
Recurring [Member] | U.S. Treasury and Government [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 24,938 | 24,692 |
Recurring [Member] | Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,520,353 | 1,491,029 |
Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | $ 1,520,353 | $ 1,491,029 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity-Indexed Embedded Derivative [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 278,570 | $ 208,827 | $ 242,412 | $ 208,187 |
Total realized and unrealized investment gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Net fair value change included in realized gains (losses) | 0 | 0 | 0 | 0 |
Net gain (loss) for derivatives included in net investment income | 0 | 0 | 0 | 0 |
Net change included in interest credited | 15,054 | (16,780) | 21,227 | (19,997) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 | 0 |
Premiums less benefits | 4,875 | 15,255 | 34,860 | 19,112 |
Gross transfers into Level 3 | 0 | 0 | 0 | 0 |
Gross transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 298,499 | 207,302 | 298,499 | 207,302 |
Investment Securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 21,666 | 67,200 | 20,130 | 64,433 |
Total realized and unrealized investment gains (losses) included in other comprehensive income | 128 | 150 | 639 | (18) |
Net fair value change included in realized gains (losses) | (2) | (1) | ||
Net change included in interest credited | 0 | 0 | 0 | 0 |
Purchases | 120 | |||
Sales | (1) | |||
Settlements or maturities | (1) | (389) | (343) | |
Premiums less benefits | 0 | 0 | 0 | 0 |
Gross transfers into Level 3 | 1,413 | 3,398 | ||
Gross transfers out of Level 3 | (504) | (54,478) | (504) | (54,478) |
Ending balance | 21,288 | 12,991 | 21,288 | 12,991 |
Equity-Indexed Options [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 134,575 | 183,963 | 123,007 | 189,449 |
Net gain (loss) for derivatives included in net investment income | 14,716 | (34,643) | 16,866 | (39,266) |
Net change included in interest credited | 0 | 0 | 0 | 0 |
Purchases | 7,786 | 5,725 | 20,257 | 15,313 |
Sales | (11,160) | (11,160) | ||
Settlements or maturities | (11,627) | (2,500) | (14,680) | (12,951) |
Premiums less benefits | 0 | 0 | 0 | 0 |
Ending balance | $ 145,450 | $ 141,385 | $ 145,450 | $ 141,385 |
Deferred Policy Acquisition C67
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | $ 1,324,669 | |
Additions | 345,928 | |
Amortization | (319,220) | |
Effect of change in unrealized gains on available-for-sale securities | (70,426) | $ 30,491 |
Net change | (43,718) | |
Ending balance | 1,280,951 | |
Life [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 756,023 | |
Additions | 80,025 | |
Amortization | (61,273) | |
Effect of change in unrealized gains on available-for-sale securities | (16,976) | |
Net change | 1,776 | |
Ending balance | 757,799 | |
Annuity [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 411,206 | |
Additions | 59,750 | |
Amortization | (52,096) | |
Effect of change in unrealized gains on available-for-sale securities | (53,450) | |
Net change | (45,796) | |
Ending balance | 365,410 | |
Accident and Health [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 44,390 | |
Additions | 8,149 | |
Amortization | (11,042) | |
Net change | (2,893) | |
Ending balance | 41,497 | |
Property and Casualty [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 113,050 | |
Additions | 198,004 | |
Amortization | (194,809) | |
Net change | 3,195 | |
Ending balance | $ 116,245 |
Liability for Unpaid Claims a68
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | $ 1,280,011 | |
Less reinsurance recoverables | 413,881 | |
Paid claims related to | ||
Plus reinsurance recoverables | 422,984 | |
Unpaid claims balance, ending | 1,323,311 | |
Property and Casualty Accident and Health [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | 1,104,302 | $ 1,132,394 |
Less reinsurance recoverables | 217,337 | 245,906 |
Net beginning balance | 886,965 | 886,488 |
Incurred related to | ||
Current | 804,177 | 705,988 |
Prior years | (26,632) | (7,835) |
Total incurred claims | 777,545 | 698,153 |
Paid claims related to | ||
Current | 472,413 | 414,287 |
Prior years | 271,701 | 284,732 |
Total paid claims | 744,114 | 699,019 |
Net balance | 920,396 | 885,622 |
Net balance | 920,396 | 885,622 |
Plus reinsurance recoverables | 247,998 | 215,464 |
Unpaid claims balance, ending | $ 1,168,394 | $ 1,101,086 |
Liability for Unpaid Claims a69
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Insurance [Abstract] | ||
Description of increase (decrease) in claims and claim adjustment expenses | The net and gross reserve calculations have shown favorable development 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. | |
Decrease in claims and claim adjustments expenses amount | $ 26,632,000 | $ 7,835,000 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax on pre-tax income | $ 29,488 | $ 22,050 | $ 52,771 | $ 91,284 |
Tax-exempt investment income | (1,980) | (1,863) | (5,926) | (5,688) |
Deferred tax adjustment | (10,508) | |||
Dividend exclusion | (1,917) | (1,841) | (6,143) | (5,788) |
Miscellaneous tax credits, net | (2,430) | (2,256) | (7,546) | (6,728) |
Low income housing tax credit expense | 1,294 | 1,307 | 3,883 | 3,792 |
Other items, net | (1,907) | 737 | (765) | 2,162 |
Provision for federal income tax before interest expense | 22,548 | 18,134 | 25,766 | 79,034 |
Interest expense | 42 | 2,644 | ||
Total provision for federal income taxes | $ 22,590 | $ 18,134 | $ 28,410 | $ 79,034 |
Income tax on pre-tax income | 35.00% | 35.00% | 35.00% | 35.00% |
Tax-exempt investment income | (2.40%) | (3.00%) | (3.90%) | (2.20%) |
Deferred tax adjustment | (7.00%) | |||
Dividend exclusion | (2.30%) | (2.90%) | (4.10%) | (2.20%) |
Miscellaneous tax credits, net | (2.90%) | (3.60%) | (5.00%) | (2.60%) |
Low income housing tax credit expense | 1.50% | 2.10% | 2.60% | 1.50% |
Other items, net | (2.30%) | 1.20% | (0.50%) | 0.80% |
Provision for federal income tax before interest expense | 26.60% | 28.80% | 17.10% | 30.30% |
Interest expense | 1.80% | |||
Total, Rate | 26.60% | 28.80% | 18.90% | 30.30% |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income taxes paid or refunded, net | $ 35,458,000 | $ 52,106,000 | |
Recognized tax benefit | 10,508,000 | ||
Valuation allowance | 0 | $ 0 | |
Ordinary loss tax carryforwards subject to expiration | $ 0 | ||
Ordinary loss tax carryforwards expiration date | Dec. 31, 2016 | ||
Provision for penalties recognized relating to dispute with Internal Revenue Service | $ 0 | ||
Accrued interest | $ 2,600,000 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income, Beginning balance | $ 352,620 | $ 490,782 | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | (6,761) | (10,719) | ||
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | 223,535 | (125,888) | ||
Unrealized adjustment to DAC, net of tax expense (benefit) | (45,567) | 19,259 | ||
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (8,757) | 4,694 | ||
Foreign currency adjustment, net of tax benefit | $ (1,101) | $ (1,437) | (671) | (2,087) |
Accumulated Other Comprehensive Income, Ending balance | 514,399 | 376,041 | 514,399 | 376,041 |
Net Unrealized Gains (Losses) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income, Beginning balance | 453,434 | 568,151 | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | (13,145) | (15,268) | ||
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | 223,535 | (125,888) | ||
Unrealized adjustment to DAC, net of tax expense (benefit) | (45,567) | 19,259 | ||
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (8,757) | 4,694 | ||
Accumulated Other Comprehensive Income, Ending balance | 609,500 | 450,948 | 609,500 | 450,948 |
Defined Benefit Pension Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income, Beginning balance | (97,889) | (76,074) | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | 6,384 | 4,549 | ||
Accumulated Other Comprehensive Income, Ending balance | (91,505) | (71,525) | (91,505) | (71,525) |
Foreign Currency Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income, Beginning balance | (2,925) | (1,295) | ||
Foreign currency adjustment, net of tax benefit | (671) | (2,087) | ||
Accumulated Other Comprehensive Income, Ending balance | $ (3,596) | $ (3,382) | $ (3,596) | $ (3,382) |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | ||
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | $ (7,078) | $ (8,221) |
Amounts reclassified from AOCI, pension tax expense (benefit) | 3,438 | 2,449 |
Unrealized holding gains (losses) arising during the period, tax expense (benefit) | 120,365 | (67,787) |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | (24,859) | 11,232 |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit) | (4,715) | 2,528 |
Foreign currency adjustment, tax expense (benefit) | $ (361) | $ (1,124) |
Stockholders' Equity and Nonc74
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | ||
Risk based capital action level percentage | 200.00% | ||
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 the prior year's statutory net income from operations, or 10% of prior year statutory surplus. | ||
Statutory amount available for dividend payments without regulatory approval | $ 292,593,000 | ||
Noncontrolling interest | $ 9,002,000 | $ 10,189,000 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk based capital action level percentage | 200.00% | 200.00% | |
Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory capital and surplus | $ 2,905,490,000 | $ 2,925,935,000 | |
Insurance Subsidiary [Member] | Missouri [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory accounting practices permitted practice amount | 66,683,000 | $ 66,042,000 | |
County Mutual [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncontrolling interest | 6,750,000 | 6,750,000 | |
Subsidiaries [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncontrolling interest | $ 2,252,000 | $ 3,439,000 | |
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Expiration of vesting period | 5 years | ||
Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rate per year | 20.00% | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 10 years | ||
Shares granted | 350,334 | ||
Exercise price of Restricted shares granted | $ 0 | ||
Number of shares unvested | 76,000 | ||
Lapse restrictions on restricted stock awards | 10 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period description | RSUs vest after a three-year graded vesting requirement or over a shorter period as a result of death, disability or retirement after age 65. | ||
Restricted Stock Units [Member] | Graded Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stockholders' Equity and Nonc75
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Sep. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Shares issued | 30,832,449 | 30,832,449 |
Treasury shares | (3,917,933) | (3,937,993) |
Outstanding shares | 26,914,516 | 26,894,456 |
Restricted shares | (76,000) | (76,000) |
Unrestricted outstanding shares | 26,838,516 | 26,818,456 |
Stockholders' Equity and Nonc76
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Stock Appreciation Rights [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 38,092 | ||||
Exercised, Shares | (7,071) | ||||
Expired, Shares | (16,564) | ||||
Ending balance, Shares | 14,457 | 14,457 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 115.18 | ||||
Weighted-Average Grant Date Fair Value, Exercised | 111.24 | ||||
Weighted-Average Grant Date Fair Value, Expired | 116.88 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 115.15 | $ 115.15 | |||
Weighted-average contractual remaining life (in years) | 1 year 2 months 12 days | ||||
Exercisable shares | 14,457 | 14,457 | |||
Weighted-average exercise price | $ 115.15 | ||||
Weighted-average exercise price exercisable shares | $ 115.15 | $ 115.15 | |||
Compensation expense (credit) | $ 98,000 | $ (14,000) | $ 135,000 | $ (82,000) | |
Fair value of liability award | $ 170,000 | $ 170,000 | $ 37,000 | ||
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 76,000 | ||||
Ending balance, Shares | 76,000 | 76,000 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 110.73 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 110.73 | $ 110.73 | |||
Weighted-average contractual remaining life (in years) | 3 years 15 days | ||||
Exercisable shares | 0 | 0 | |||
Weighted-average exercise price | $ 110.73 | ||||
Weighted-average exercise price exercisable shares | $ 0 | $ 0 | |||
Compensation expense (credit) | $ 212,000 | 282,000 | $ 631,000 | 935,000 | |
Fair value of liability award | $ 0 | $ 0 | 0 | ||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 135,725 | ||||
Granted, Shares | 36,849 | ||||
Exercised, Shares | (66,581) | ||||
Forfeited, Shares | (182) | ||||
Ending balance, Shares | 105,811 | 105,811 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 103.73 | ||||
Weighted-Average Grant Date Fair Value, Granted | 103.58 | ||||
Weighted-Average Grant Date Fair Value, Exercised | 100.06 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | 105.75 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 105.98 | $ 105.98 | |||
Weighted-average contractual remaining life (in years) | 1 year 9 months 4 days | ||||
Exercisable shares | 0 | 0 | |||
Weighted-average exercise price | $ 105.98 | ||||
Weighted-average exercise price exercisable shares | $ 0 | $ 0 | |||
Compensation expense (credit) | $ 1,297,000 | $ 1,114,000 | $ 5,744,000 | $ 5,421,000 | |
Fair value of liability award | $ 22,465,000 | $ 22,465,000 | $ 19,415,000 |
Stockholders' Equity and Nonc77
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding | 26,908,032 | 26,899,683 | 26,908,619 | 26,865,359 |
Incremental shares from RS awards and RSUs | 59,299 | 63,952 | 57,768 | 80,027 |
Total shares for diluted calculations | 26,967,331 | 26,963,635 | 26,966,387 | 26,945,386 |
Net income attributable to American National (in thousands) | $ 59,289 | $ 42,013 | $ 121,230 | $ 180,048 |
Basic earnings per share | $ 2.20 | $ 1.56 | $ 4.51 | $ 6.70 |
Diluted earnings per share | $ 2.20 | $ 1.56 | $ 4.50 | $ 6.68 |
Stockholders' Equity and Nonc78
Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Life [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory capital and surplus | $ 1,867,243 | $ 1,867,243 | $ 1,900,939 | ||
Statutory net income (loss) | 22,226 | $ 21,990 | 45,335 | $ 101,232 | |
Property and Casualty [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory capital and surplus | 1,047,488 | 1,047,488 | $ 1,033,942 | ||
Statutory net income (loss) | $ 11,417 | $ 29,253 | $ 14,674 | $ 43,190 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Segment information, number of operating segments | 5 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | $ 47,722 | $ 46,660 | $ 111,510 | $ 187,426 |
Life [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 9,547 | 10,193 | 22,832 | 25,523 |
Annuity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 13,567 | 4,433 | 49,001 | 38,668 |
Accident and Health [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | (6,487) | (11,178) | (2,702) | 1,725 |
Property and Casualty [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 663 | 33,980 | 2,878 | 42,758 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | $ 30,432 | $ 9,232 | $ 39,501 | $ 78,752 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments outstanding, aggregate amount | $ 977,825,000 | |
Commitments expected to be funded in 2016 | 393,534,000 | |
Short-term borrowing facility, maximum capacity | 100,000,000 | |
Short-term borrowing facility, letters of credit | 55,000,000 | |
Letters of credit outstanding, amount | $ 9,501,000 | $ 9,501,000 |
Short-term borrowing facility, expiration date | Oct. 30, 2017 | |
Total amount of guarantees outstanding | $ 206,376,000 | |
Life insurance policies with guarantees, cash value | $ 208,565,000 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Gal-Tex Hotel Corporation [Member] | Mortgage Loan On Real Estate Income Statement Effect [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | $ 1,060 | $ 986 | |
Gal-Tex Hotel Corporation [Member] | Net Investment Income [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 256 | 330 | |
Gal-Tex Hotel Corporation [Member] | Mortgage Loans On Real Estate Financial Statement Caption [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to (from) American National | 4,122 | $ 5,182 | |
Gal-Tex Hotel Corporation [Member] | Net Investment Income Accrual [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to (from) American National | 25 | 31 | |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 7,610 | $ 6,011 | |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses Accrual [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to (from) American National | $ (435) | $ (274) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Gal-Tex Hotel Corporation [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |
Interest rate on mortgage loans | 7.25% |
Due date of mortgage loans receivable | Apr. 1, 2019 |