Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 26,931,884 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost (Fair value $7,426,776 and $7,496,692) | $ 7,149,494 | $ 7,251,385 |
Fixed maturity, bonds available-for-sale, at fair value (Amortized cost $5,711,068 and $5,668,984) | 5,918,462 | 5,803,276 |
Equity securities, at fair value (Cost $740,613 and $732,433) | 1,641,900 | 1,541,676 |
Mortgage loans on real estate, net of allowance | 4,647,426 | 4,348,046 |
Policy loans | 383,928 | 384,376 |
Investment real estate, net of accumulated depreciation of $259,626 and $259,578 | 555,797 | 593,417 |
Short-term investments | 576,878 | 192,226 |
Other invested assets | 108,985 | 113,550 |
Total investments | 20,982,870 | 20,227,952 |
Cash and cash equivalents | 442,933 | 289,338 |
Investments in unconsolidated affiliates | 501,986 | 490,476 |
Accrued investment income | 179,713 | 180,323 |
Reinsurance recoverables | 377,480 | 401,709 |
Prepaid reinsurance premiums | 64,062 | 63,026 |
Premiums due and other receivables | 326,503 | 296,930 |
Deferred policy acquisition costs | 1,322,924 | 1,294,443 |
Property and equipment, net | 118,192 | 116,028 |
Current tax receivable | 68,819 | 61,423 |
Other assets | 140,344 | 169,962 |
Separate account assets | 922,496 | 941,612 |
Total assets | 25,448,322 | 24,533,222 |
LIABILITIES | ||
Life | 2,970,379 | 2,939,308 |
Annuity | 1,327,925 | 1,277,220 |
Accident and health | 58,302 | 60,308 |
Policyholders' account balances | 11,540,166 | 11,068,775 |
Policy and contract claims | 1,320,925 | 1,303,925 |
Unearned premium reserve | 878,248 | 823,938 |
Other policyholder funds | 324,986 | 318,620 |
Liability for retirement benefits | 137,840 | 152,496 |
Notes payable | 140,216 | 136,080 |
Deferred tax liabilities, net | 445,959 | 367,487 |
Other liabilities | 581,535 | 481,958 |
Separate account liabilities | 922,496 | 941,612 |
Total liabilities | 20,648,977 | 19,871,727 |
American National stockholders' equity: | ||
Common stock, $1.00 par value,-Authorized 50,000,000, Issued 30,832,449 and 30,832,449 Outstanding 26,931,884 and 26,914,516 shares | 30,832 | 30,832 |
Additional paid-in capital | 18,782 | 16,406 |
Accumulated other comprehensive income | 560,511 | 455,899 |
Retained earnings | 4,282,449 | 4,250,818 |
Treasury stock, at cost | (101,616) | (101,777) |
Total American National stockholders' equity | 4,790,958 | 4,652,178 |
Noncontrolling interest | 8,387 | 9,317 |
Total equity | 4,799,345 | 4,661,495 |
Total liabilities and equity | $ 25,448,322 | $ 24,533,222 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fair value of bonds held-to-maturity | $ 7,426,776 | $ 7,496,692 |
Amortized cost of bonds available-for-sale | 5,711,068 | 5,668,984 |
Cost of equity securities | 740,613 | 732,433 |
Accumulated depreciation of investment real estate | $ 259,626 | $ 259,578 |
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 | 26,931,884 | 26,914,516 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Premiums | ||||
Life | $ 79,287 | $ 77,053 | $ 156,761 | $ 152,170 |
Annuity | 65,389 | 86,030 | 95,198 | 156,238 |
Accident and health | 36,593 | 44,828 | 73,632 | 87,141 |
Property and casualty | 333,250 | 304,788 | 660,700 | 608,149 |
Other policy revenues | 66,076 | 65,489 | 129,528 | 129,836 |
Net investment income | 234,618 | 210,710 | 463,121 | 406,764 |
Net realized investment gains | 11,401 | 6,966 | 25,409 | 16,028 |
Other-than-temporary impairments | (1,469) | (3,551) | (8,252) | (7,027) |
Other income | 8,948 | 8,135 | 17,793 | 16,119 |
Total premiums and other revenues | 834,093 | 800,448 | 1,613,890 | 1,565,418 |
Policyholder benefits | ||||
Life | 98,909 | 91,754 | 198,017 | 192,525 |
Annuity | 77,798 | 93,655 | 121,460 | 174,902 |
Claims incurred | ||||
Accident and health | 23,258 | 30,327 | 47,786 | 62,619 |
Property and casualty | 254,180 | 230,960 | 481,710 | 442,918 |
Interest credited to policyholders' account balances | 94,548 | 85,901 | 190,556 | 162,428 |
Commissions for acquiring and servicing policies | 141,440 | 114,945 | 266,931 | 227,829 |
Other operating expenses | 137,754 | 129,197 | 267,948 | 259,573 |
Change in deferred policy acquisition costs | (27,695) | (16,571) | (37,182) | (21,164) |
Total benefits, losses and expenses | 800,192 | 760,168 | 1,537,226 | 1,501,630 |
Income before federal income tax and equity in earnings of unconsolidated affiliates | 33,901 | 40,280 | 76,664 | 63,788 |
Less: Provision for federal income taxes | ||||
Current | 5,148 | 7,603 | 3,944 | 2,889 |
Deferred | 5,367 | 2,287 | 19,643 | 2,931 |
Total provision for federal income taxes | 10,515 | 9,890 | 23,587 | 5,820 |
Equity in earnings of unconsolidated affiliates | 12,313 | 1,798 | 21,813 | 2,735 |
Net income | 35,699 | 32,188 | 74,890 | 60,703 |
Less: Net loss attributable to noncontrolling interest, net of tax | (260) | (437) | (909) | (1,238) |
Net income attributable to American National | $ 35,959 | $ 32,625 | $ 75,799 | $ 61,941 |
Earnings per share | ||||
Basic | $ 1.34 | $ 1.21 | $ 2.82 | $ 2.30 |
Diluted | 1.33 | 1.21 | 2.81 | 2.30 |
Cash dividends to common stockholders | $ 0.82 | $ 0.82 | $ 1.64 | $ 1.62 |
Weighted average common shares outstanding | 26,892,656 | 26,908,077 | 26,896,965 | 26,908,748 |
Weighted average common shares outstanding and dilutive potential common shares | 26,955,881 | 26,970,597 | 26,966,175 | 26,965,702 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,699 | $ 32,188 | $ 74,890 | $ 60,703 |
Other comprehensive income, net of tax | ||||
Change in net unrealized gains on securities | 40,676 | 78,803 | 96,588 | 130,776 |
Foreign currency transaction and translation adjustments | 171 | 442 | 283 | 430 |
Defined benefit pension plan adjustment | 6,207 | 2,377 | 7,741 | 4,256 |
Other comprehensive income, net of tax | 47,054 | 81,622 | 104,612 | 135,462 |
Total comprehensive income | 82,753 | 113,810 | 179,502 | 196,165 |
Less: Comprehensive loss attributable to noncontrolling interest | (260) | (437) | (909) | (1,238) |
Total comprehensive income attributable to American National | $ 83,013 | $ 114,247 | $ 180,411 | $ 197,403 |
Consolidated Statements of Chan
Consolidated Statements of Changes in 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, 2015 | $ 30,832 | $ 13,689 | $ 352,620 | $ 4,157,184 | $ (102,043) | $ 10,189 | |
Reissuance of treasury shares | 1,795 | 262 | |||||
Net income attributable to American National | $ 61,941 | 61,941 | |||||
Other comprehensive income | 135,462 | 135,462 | |||||
Income tax effect from restricted stock arrangement | 47 | ||||||
Distributions | (163) | ||||||
Cash dividends to common stockholders | (43,601) | ||||||
Amortization of restricted stock | 419 | ||||||
Net loss attributable to noncontrolling interest | (1,238) | ||||||
Balance at end of the period at Jun. 30, 2016 | 4,617,395 | 15,950 | 488,082 | 4,175,524 | (101,781) | 8,788 | |
Balance at beginning of the period at Dec. 31, 2016 | 4,661,495 | 30,832 | 16,406 | 455,899 | 4,250,818 | (101,777) | 9,317 |
Reissuance of treasury shares | 1,963 | 161 | |||||
Contributions | 224 | ||||||
Net income attributable to American National | 75,799 | 75,799 | |||||
Other comprehensive income | 104,612 | 104,612 | |||||
Distributions | (245) | ||||||
Cash dividends to common stockholders | (44,168) | ||||||
Amortization of restricted stock | 413 | ||||||
Net loss attributable to noncontrolling interest | (909) | ||||||
Balance at end of the period at Jun. 30, 2017 | $ 4,799,345 | $ 30,832 | $ 18,782 | $ 560,511 | $ 4,282,449 | $ (101,616) | $ 8,387 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 74,890 | $ 60,703 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Net realized investment gains | (25,409) | (16,028) |
Other-than-temporary impairments | 8,252 | 7,027 |
Amortization (accretion) of premiums, discounts and loan origination fees | (5,368) | 1,725 |
Net capitalized interest on policy loans and mortgage loans | (18,110) | (14,046) |
Depreciation | 28,037 | 24,845 |
Interest credited to policyholders' account balances | 190,556 | 162,428 |
Charges to policyholders' account balances | (129,528) | (129,836) |
Deferred federal income tax expense | 19,643 | 2,931 |
Equity in earnings of unconsolidated affiliates | (21,813) | (2,735) |
Distributions from equity method investments | 852 | 572 |
Changes in Policyholder liabilities | 149,262 | 136,237 |
Deferred policy acquisition costs | (37,182) | (21,164) |
Reinsurance recoverables | 24,229 | 49,785 |
Premiums due and other receivables | (29,573) | (36,399) |
Prepaid reinsurance premiums | (1,036) | 15,906 |
Accrued investment income | 610 | 259 |
Current tax receivable/payable | (7,397) | (37,322) |
Liability for retirement benefits | (2,748) | (8,507) |
Other, net | 13,618 | 34,787 |
Net cash provided by operating activities | 231,785 | 231,168 |
INVESTING ACTIVITIES | ||
Held-to-maturity securities | 421,911 | 236,480 |
Available-for-sale securities | 314,284 | 267,510 |
Investment real estate | 40,549 | 6,701 |
Mortgage loans | 319,991 | 204,886 |
Policy loans | 26,258 | 27,919 |
Other invested assets | 41,684 | 8,143 |
Disposals of property and equipment | 3,049 | 8,604 |
Distributions from unconsolidated affiliates | 15,199 | 9,862 |
Held-to-maturity securities | (285,293) | (89,169) |
Available-for-sale securities | (301,598) | (443,085) |
Investment real estate | (18,538) | (26,578) |
Mortgage loans | (607,374) | (713,247) |
Policy loans | (12,442) | (12,130) |
Other invested assets | (21,014) | (12,471) |
Additions to property and equipment | (17,698) | (20,629) |
Contributions to unconsolidated affiliates | (16,611) | (97,079) |
Change in short-term investments | (384,652) | 208,181 |
Change in collateral held for derivatives | 16,713 | (4,266) |
Other, net | 17,082 | 1,904 |
Net cash used in investing activities | (448,500) | (438,464) |
FINANCING ACTIVITIES | ||
Policyholders' account deposits | 1,080,435 | 860,140 |
Policyholders' account withdrawals | (670,071) | (683,760) |
Change in notes payable | 4,135 | 11,802 |
Dividends to stockholders | (44,168) | (43,601) |
Payments to noncontrolling interest | (21) | (163) |
Net cash provided by financing activities | 370,310 | 144,418 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 153,595 | (62,878) |
Beginning of the period | 289,338 | 310,930 |
Cash at end of period | $ 442,933 | $ 248,052 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
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 | 6 Months Ended |
Jun. 30, 2017 | |
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 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, 2016. 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. Revision to Previously Reported Amounts Correction of an Immaterial Error. Materiality, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements The Company has revised prior period amounts in the Consolidated Statements of Cash Flows included herein to reflect the immaterial correction of an error . Financial statement amounts previously reported were revised as shown below (in thousands): Six months ended June 30, 2016 As Reported As Revised Effect of Change Statement of Cash Flow Change in collateral held for derivatives $ — $ (4,266 ) $ (4,266 ) Other investing activities, net 4,168 1,904 (2,264 ) Net cash used in investing activities (431,934 ) (438,464 ) (6,530 ) Net decrease in cash and cash equivalents (56,348 ) (62,878 ) (6,530 ) Cash at beginning of period 190,237 310,930 120,693 Cash at end of period 133,889 248,052 114,163 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 – Recently Issued Accounting Pronouncements 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 standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company intends to adopt the standard effective January 1, 2018 using a modified retrospective approach. Since the majority of our revenue sources are insurance related and accordingly, not in scope of the standard, we do not expect the adoption of the standard to be material to the Company’s results of operations or financial position. The Company is currently identifying those contracts which are in the scope of the standard, and assessing the impact to those non-insurance revenue streams. 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 in unconsolidated entities be measured at fair value and the changes in fair value are recognized through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance 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 statement of financial position. The standard 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 adoption to the Company’s results of operations and financial position. In February 2016, the FASB issued guidance that will require significant changes to the statement of financial position of lessees. With certain limited exceptions, lessees will need to recognize virtually all of their leases on the statement of financial position, by recording a right-of-use asset and a lease liability. Lessor accounting is less affected by the standard, but has been updated to align with certain changes in the lessee model and the new revenue recognition standard. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. We are currently quantifying the expected gross up of our balance sheet for a right of use asset and a lease liability as required. Since the majority of our lease activity is as a lessor, we do not expect the adoption of the standard 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 measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance 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 standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The Company must develop appropriate models to measure expected credit losses to begin determining the impact of adopting the standard on our results of operations or financial position. In March 2017, the FASB issued guidance on the presentation of net periodic pension and postretirement benefit costs. The guidance requires the service cost component to be reported in the same line item as other compensation costs. All other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of income from operations. The standard is effective for annual periods, including interim periods within those annual periods beginning after December 15, 2017. The Company plans to adopt the standard effective January 1, 2018. Considering the Company’s defined benefit pension plans are frozen, this guidance is not expected to have a material impact to the Company’s results of operations or financial position. |
Investment in Securities
Investment in Securities | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 270,349 $ 16,462 $ (2 ) $ 286,809 Foreign governments 4,034 651 — 4,685 Corporate debt securities 6,662,827 270,611 (22,229 ) 6,911,209 Residential mortgage-backed securities 209,063 12,508 (855 ) 220,716 Collateralized debt securities 927 49 — 976 Other debt securities 2,294 87 — 2,381 Total bonds held-to-maturity 7,149,494 300,368 (23,086 ) 7,426,776 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 26,276 564 (43 ) 26,797 U.S. states and political subdivisions 916,877 31,919 (2,008 ) 946,788 Foreign governments 5,000 1,562 — 6,562 Corporate debt securities 4,741,109 191,476 (20,659 ) 4,911,926 Residential mortgage-backed securities 16,436 3,657 (182 ) 19,911 Collateralized debt securities 3,411 701 (3 ) 4,109 Other debt securities 1,959 410 — 2,369 Total bonds available-for-sale 5,711,068 230,289 (22,895 ) 5,918,462 Equity securities Common stock 721,483 907,231 (10,666 ) 1,618,048 Preferred stock 19,130 4,722 — 23,852 Total equity securities 740,613 911,953 (10,666 ) 1,641,900 Total investments in securities $ 13,601,175 $ 1,442,610 $ (56,647 ) $ 14,987,138 December 31, 2016 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 301,994 $ 17,190 $ (102 ) $ 319,082 Foreign governments 4,057 659 — 4,716 Corporate debt securities 6,711,508 253,191 (38,721 ) 6,925,978 Residential mortgage-backed securities 229,758 14,112 (1,185 ) 242,685 Collateralized debt securities 1,290 64 — 1,354 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,251,385 285,315 (40,008 ) 7,496,692 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,062 594 (16 ) 25,640 U.S. states and political subdivisions 945,431 21,170 (6,378 ) 960,223 Foreign governments 5,000 1,567 — 6,567 Corporate debt securities 4,666,096 145,716 (31,049 ) 4,780,763 Residential mortgage-backed securities 18,588 2,267 (342 ) 20,513 Collateralized debt securities 5,574 821 (3 ) 6,392 Other debt securities 3,233 — (55 ) 3,178 Total bonds available-for-sale 5,668,984 172,135 (37,843 ) 5,803,276 Equity securities Common stock 713,099 810,611 (5,195 ) 1,518,515 Preferred stock 19,334 3,889 (62 ) 23,161 Total equity securities 732,433 814,500 (5,257 ) 1,541,676 Total investments in securities $ 13,652,802 $ 1,271,950 $ (83,108 ) $ 14,841,644 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): June 30, 2017 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 510,417 $ 519,885 $ 222,627 $ 227,075 Due after one year through five years 3,429,929 3,607,802 1,547,018 1,624,300 Due after five years through ten years 2,874,949 2,955,702 3,364,202 3,478,405 Due after ten years 328,349 338,256 572,221 583,666 Without single maturity date 5,850 5,131 5,000 5,016 Total $ 7,149,494 $ 7,426,776 $ 5,711,068 $ 5,918,462 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 June 30, Six months ended June 30, 2017 2016 2017 2016 Proceeds from sales of available-for-sale securities $ 16,834 $ 27,026 $ 44,557 $ 42,731 Gross realized gains 4,162 3,517 14,988 8,584 Gross realized losses (140 ) (214 ) (146 ) (338 ) Gains and losses are determined using specific identification of the securities sold. During the six months ended June 30, 2017, bonds with a carrying value of $15,000,000 transferred from held-to-maturity to available-for-sale after a significant deterioration in the issuers’ credit worthiness became evident. A realized loss of $6,000,000 was recorded in 2017 on the bond that was transferred, due to an other-than-temporary impairment. During the six months ended June 30, 2016 there were no bonds transferred from held-to-maturity to available-for-sale. The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): Six months ended June 30, 2017 2016 Bonds available-for-sale $ 73,102 $ 256,233 Equity securities 92,044 21,232 Change in net unrealized gains on securities during the year 165,146 277,465 Adjustments for Deferred policy acquisition costs (8,701 ) (64,746 ) Participating policyholders’ interest (8,185 ) (11,882 ) Deferred federal income tax expense (51,672 ) (70,061 ) Change in net unrealized gains on securities, net of tax $ 96,588 $ 130,776 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): June 30, 2017 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 $ (2 ) $ 204 $ — $ — $ (2 ) $ 204 Corporate debt securities (9,407 ) 606,313 (12,822 ) 148,030 (22,229 ) 754,343 Residential mortgage-backed securities (321 ) 28,163 (534 ) 8,375 (855 ) 36,538 Total bonds held-to-maturity (9,730 ) 634,680 (13,356 ) 156,405 (23,086 ) 791,085 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (43 ) 21,939 — — (43 ) 21,939 U.S. states and political subdivisions (2,006 ) 83,470 (2 ) 120 (2,008 ) 83,590 Corporate debt securities (8,140 ) 433,962 (12,519 ) 92,426 (20,659 ) 526,388 Residential mortgage-backed securities (47 ) 11,171 (135 ) 2,241 (182 ) 13,412 Collateralized debt securities — — (3 ) 130 (3 ) 130 Total bonds available-for-sale (10,236 ) 550,542 (12,659 ) 94,917 (22,895 ) 645,459 Equity securities Common stock (10,666 ) 53,184 — — (10,666 ) 53,184 Total equity securities (10,666 ) 53,184 — — (10,666 ) 53,184 Total $ (30,632 ) $ 1,238,406 $ (26,015 ) $ 251,322 $ (56,647 ) $ 1,489,728 December 31, 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 $ (102 ) $ 18,886 $ — $ — $ (102 ) $ 18,886 Corporate debt securities (18,110 ) 971,361 (20,611 ) 186,262 (38,721 ) 1,157,623 Residential mortgage-backed securities (558 ) 22,806 (627 ) 10,248 (1,185 ) 33,054 Total bonds held-to-maturity (18,770 ) 1,013,053 (21,238 ) 196,510 (40,008 ) 1,209,563 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (16 ) 10,640 — — (16 ) 10,640 U.S. states and political subdivisions (6,376 ) 282,141 (2 ) 122 (6,378 ) 282,263 Corporate debt securities (19,828 ) 917,215 (11,221 ) 126,584 (31,049 ) 1,043,799 Residential mortgage-backed securities (204 ) 12,420 (138 ) 3,982 (342 ) 16,402 Collateralized debt securities — 1 (3 ) 146 (3 ) 147 Other Debt Securities (55 ) 3,178 — — (55 ) 3,178 Total bonds available-for-sale (26,479 ) 1,225,595 (11,364 ) 130,834 (37,843 ) 1,356,429 Equity securities Common stock (5,195 ) 53,068 — — (5,195 ) 53,068 Preferred stock (62 ) 4,324 — — (62 ) 4,324 Total equity securities (5,257 ) 57,392 — — (5,257 ) 57,392 Total $ (50,506 ) $ 2,296,040 $ (32,602 ) $ 327,344 $ (83,108 ) $ 2,623,384 As of June 30, 2017, 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. The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): June 30, 2017 December 31, 2016 Amortized Estimated % of Fair Amortized Estimated % of Fair Cost Fair Value Value Cost Fair Value Value AAA $ 647,845 $ 677,568 5.1 % $ 667,561 $ 691,296 5.2 % AA 1,312,690 1,367,924 10.3 1,393,137 1,440,667 10.8 A 4,545,127 4,727,609 35.4 4,538,471 4,696,909 35.3 BBB 5,801,135 6,032,590 45.2 5,758,560 5,931,112 44.6 BB and below 553,765 539,547 4.0 562,640 539,984 4.1 Total $ 12,860,562 $ 13,345,238 100.0 % $ 12,920,369 $ 13,299,968 100.0 % Equity securities by market sector distribution are shown below: June 30, 2017 December 31, 2016 Consumer goods 20.6 % 20.4 % Energy and utilities 9.0 11.1 Finance 21.8 22.1 Healthcare 13.5 12.7 Industrials 9.1 9.0 Information technology 18.6 17.1 Other 7.4 7.6 Total 100.0 % 100.0 % |
Mortgage Loans
Mortgage Loans | 6 Months Ended |
Jun. 30, 2017 | |
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 is as follows: June 30, 2017 December 31, 2016 East North Central 15.3 % 16.2 % East South Central 3.6 3.7 Mountain 12.9 10.6 Pacific 18.1 17.6 South Atlantic 14.7 15.1 West South Central 29.3 31.0 Other 6.1 5.8 Total 100.0 % 100.0 % For the six months ended June 30, 2017, American National did not foreclose on any loans, and two loans with a total recorded investment of $4,225,000 were in the process of foreclosure. For the year ended December 31, 2016, American National did not foreclose on any loans, and one loan with a recorded investment of $1,940,000, was in the process of foreclosure. American National did not sell any loans during the six months ended June 30, 2017 or during the year ended December 31, 2016. The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total June 30, 2017 Past Due Past Due 90 Days Total Current Amount Percent Industrial $ — $ — $ — $ — $ 764,419 $ 764,419 16.4 Office — — 6,059 6,059 1,656,769 1,662,828 35.6 Retail — — — — 713,687 713,687 15.3 Other 8,350 — — 8,350 1,515,337 1,523,687 32.7 Total $ 8,350 $ — $ 6,059 $ 14,409 $ 4,650,212 $ 4,664,621 100.0 Allowance for loan losses (17,195 ) Total, net of allowance $ 4,647,426 December 31, 2016 Industrial $ — $ 2,300 $ — $ 2,300 $ 744,472 $ 746,772 17.1 Office — — 6,059 6,059 1,541,880 1,547,939 35.5 Retail — — — — 736,121 736,121 16.9 Other 20,179 9,280 — 29,459 1,300,245 1,329,704 30.5 Total $ 20,179 $ 11,580 $ 6,059 $ 37,818 $ 4,322,718 $ 4,360,536 100.0 Allowance for loan losses (12,490 ) Total, net of allowance $ 4,348,046 Total mortgage loans are net of unamortized discounts of $119,000 and $233,000 and unamortized origination fees of $32,041,000 and $33,019,000 at June 30, 2017 and December 31, 2016, respectively. No unearned income is included in these amounts. Allowance for Credit Losses A loan is considered impaired when it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. Mortgage loans with temporary difficulties are not considered impaired when the borrower has the financial capacity to fund revenue shortfalls from the properties for the foreseeable future. Individual valuation allowances are established for impaired loans to reduce the carrying value to the fair value of the collateral. Loans not evaluated individually for collectability are segregated by property-type and location, and allowance factors are applied. These factors are developed 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, except number of loans): Collectively Evaluated for Impairment Individually Impaired Total Number of Recorded Valuation Number of Recorded Valuation Number of Recorded Valuation Beginning balance, 2017 430 $ 4,358,596 $ 11,488 2 $ 1,940 $ 1,002 432 $ 4,360,536 $ 12,490 Change in allowance — — 1,559 — — 3,146 — — 4,705 Net change in recorded investment 2 279,995 — 2 6,895 — 4 286,890 — Ending balance at June 30, 2017 432 $ 4,638,591 $ 13,047 4 $ 8,835 $ 4,148 436 $ 4,647,426 $ 17,195 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 loans): Six months ended June 30, 2017 2016 Number of Recorded Recorded Number of Recorded Recorded Retail — $ — $ — 1 $ 3,934 $ 3,934 Other (hotel/motel) 5 24,801 24,801 — — — Total 5 $ 24,801 $ 24,801 1 $ 3,934 $ 3,934 There are $7,919,000 of 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. |
Real Estate and Other Investmen
Real Estate and Other Investments | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate and Other Investments | Note 6 – Real Estate and Other Investments Investment real estate by property-type and geographic distribution are as follows: June 30, 2017 December 31, 2016 Industrial 6.5 % 9.2 % Office 38.5 37.8 Retail 38.9 37.2 Other 16.1 15.8 Total 100.0 % 100.0 % June 30, 2017 December 31, 2016 East North Central 6.1 % 8.8 % East South Central 3.5 3.4 Mountain 12.6 12.0 Pacific 7.4 6.1 South Atlantic 13.7 13.0 West South Central 52.3 52.2 Other 4.4 4.5 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 2017 or 2016. The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): June 30, 2017 December 31, 2016 Investment real estate $ 157,694 $ 173,816 Short-term investments 1,001 1 Cash and cash equivalents 2,243 6,099 Other receivables 5,496 6,456 Other assets 10,420 8,820 Total assets of consolidated VIEs $ 176,854 $ 195,192 Notes payable $ 140,216 $ 136,080 Other liabilities 3,663 10,037 Total liabilities of consolidated VIEs $ 143,879 $ 146,117 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 $30,482,000 and $31,795,000 at June 30, 2017 and December 31, 2016, respectively. The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): Interest rate Maturity June 30, December 31, Prime 2018 $ 1,698 $ 1,267 LIBOR 2020 9,407 7,318 90 day LIBOR + 2.5% 2021 40,070 37,074 4% fixed 2022 89,041 90,421 Total $ 140,216 $ 136,080 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): June 30, 2017 December 31, 2016 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 329,601 $ 329,601 $ 323,933 $ 323,933 Mortgage loans 563,487 563,487 481,799 481,799 Accrued investment income 1,997 1,997 1,919 1,919 As of June 30, 2017, no real estate investments were classified as held for sale. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 449 $ 1,605,800 $ 172,377 442 $ 1,414,100 $ 156,479 Equity-indexed embedded derivative Policyholders’ 69,064 1,504,000 390,189 62,481 1,289,800 314,330 Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Gains (Losses) Recognized in Income on Derivatives Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Equity-indexed options Net investment income $ 13,430 $ 5,789 $ 36,563 $ 2,150 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (18,977 ) (8,725 ) (44,104 ) (6,173 ) The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the counterparties. The Company has a policy of only dealing with counterparties we believe are credit worthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts, less collateral held. The Company maintains master netting agreements with its current active trading partners. As such, a right of offset has been applied to unrestricted collateral that supports credit risk and has been recorded in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Restricted collateral has been recorded as “Other liabilities” because of the uncertainty of its availability to offset exposure losses. Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): June 30, 2017 Counterparty Moody/S&P Options Collateral Collateral Excess and Exposure Net Barclays Baa2/BBB $ 41,063 $ 41,153 $ 41,063 $ 90 $ — Goldman-Sachs A3/BBB+ 1,136 1,150 1,136 13 — ING Baa1/A- 30,111 28,460 28,460 — 1,651 JP Morgan A3/A- 180 — — — 180 Morgan Stanley A3/BBB+ 13,802 14,186 13,802 384 — NATIXIS* A2/A 27,666 27,450 — 27,450 27,666 SunTrust Baa1/BBB+ 27,104 26,740 26,740 — 364 Wells Fargo A2/A 31,315 32,160 30,960 1,201 355 Total $ 172,377 $ 171,299 $ 142,161 $ 29,138 $ 30,216 December 31, 2016 Counterparty Moody/S&P Options Collateral Collateral Excess and Exposure Net Barclays Baa2/BBB $ 33,839 $ 35,063 $ 33,839 $ 1,224 $ — Citigroup Baa1/BBB+ 2,249 — — — 2,249 Goldman-Sachs A3/BBB+ 1,452 1,400 1,400 — 52 ING Baa1/A- 29,609 26,430 26,430 — 3,179 JP Morgan A3/A- 163 — — — 163 Morgan Stanley A3/BBB+ 17,864 17,680 17,680 — 184 NATIXIS* A2/A 24,804 26,620 — 26,620 24,804 SunTrust Baa1/BBB+ 19,559 19,960 19,559 401 — Wells Fargo A2/A 26,940 26,540 26,540 — 400 Total $ 156,479 $ 153,693 $ 125,448 $ 28,245 $ 31,031 * Collateral Restrictions |
Net Investment Income and Reali
Net Investment Income and Realized Investment Gains (Losses) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ 135,453 $ 138,786 $ 269,803 $ 278,979 Equity securities 10,274 10,048 19,006 19,327 Mortgage loans 67,316 49,314 125,020 97,316 Real estate (554 ) 429 (1,749 ) (1,445 ) Options 13,430 5,789 36,563 2,150 Other invested assets 8,699 6,344 14,478 10,437 Total $ 234,618 $ 210,710 $ 463,121 $ 406,764 Realized investment gains (losses) are shown below (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ 6,564 $ 1,854 $ 10,068 $ 4,593 Equity securities 3,735 6,065 15,095 10,930 Mortgage loans (3,079 ) (433 ) (4,705 ) 1,059 Real estate 4,211 273 4,999 273 Other invested assets (30 ) (793 ) (48 ) (827 ) Total $ 11,401 $ 6,966 $ 25,409 $ 16,028 Other-than-temporary impairment losses are shown below (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ — $ — $ (6,000 ) $ — Equity securities (1,469 ) (3,551 ) (2,252 ) (7,027 ) Total $ (1,469 ) $ (3,551 ) $ (8,252 ) $ (7,027 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 9 – Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are shown below (in thousands): June 30, 2017 December 31, 2016 Carrying Carrying Amount Fair Value Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,149,494 $ 7,426,776 $ 7,251,385 $ 7,496,692 Fixed maturity securities, bonds available-for-sale 5,918,462 5,918,462 5,803,276 5,803,276 Equity securities 1,641,900 1,641,900 1,541,676 1,541,676 Equity-indexed options 172,377 172,377 156,479 156,479 Mortgage loans on real estate, net of allowance 4,647,426 4,744,780 4,348,046 4,435,530 Policy loans 383,928 383,928 384,376 384,376 Short-term investments 576,878 576,878 192,226 192,226 Separate account assets 922,496 922,496 941,612 941,612 Total financial assets $ 21,412,961 $ 21,787,597 $ 20,619,076 $ 20,951,867 Financial liabilities Investment contracts $ 8,797,440 $ 8,797,440 $ 8,785,412 $ 8,785,412 Embedded derivative liability for equity-indexed contracts 390,189 390,189 314,330 314,330 Notes payable 140,216 140,216 136,080 136,080 Separate account liabilities 922,496 922,496 941,612 941,612 Total financial liabilities $ 10,250,341 $ 10,250,341 $ 10,177,434 $ 10,177,434 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-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. 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 • Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption will have the inverse effect decreasing the fair value. • Mortality rate assumptions vary by age and by gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits. • Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At June 30, 2017 and December 31, 2016, the one year implied volatility used to estimate embedded derivative value was 13.9% and 16.5%, respectively. Fair values of indexed life and annuity liabilities are calculated using discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value June 30, 2017 December 31, 2016 Unobservable Input Range Indexed Annuities $ 379.9 $ 306.5 Lapse Rate 1%-66% Mortality Mutilplier 90%-100% Equity Volatility 12%-40% Indexed Life 10.3 7.8 Lapse Rate — Mortality Multiplier — Equity Volatility 12%-40% 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 June 30, 2017 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 286,809 $ — $ 286,809 $ — Foreign governments 4,685 — 4,685 — Corporate debt securities 6,911,209 — 6,884,647 26,562 Residential mortgage-backed securities 220,716 — 219,836 880 Collateralized debt securities 976 — 976 — Other debt securities 2,381 — — 2,381 Total bonds held-to-maturity 7,426,776 — 7,396,953 29,823 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 26,797 — 26,797 — U.S. states and political subdivisions 946,788 — 944,323 2,465 Foreign governments 6,562 — 6,562 — Corporate debt securities 4,911,926 — 4,902,539 9,387 Residential mortgage-backed securities 19,911 — 15,911 4,000 Collateralized debt securities 4,109 — 4,109 — Other debt securities 2,369 — 2,369 — Total bonds available-for-sale 5,918,462 — 5,902,610 15,852 Equity securities Common stock 1,618,048 1,618,048 — — Preferred stock 23,852 23,852 — — Total equity securities 1,641,900 1,641,900 — — Options 172,377 — — 172,377 Mortgage loans on real estate 4,744,780 — 4,744,780 — Policy loans 383,928 — — 383,928 Short-term investments 576,878 — 576,878 — Separate account assets 922,496 — 922,496 — Total financial assets $ 21,787,597 $ 1,641,900 $ 19,543,717 $ 601,980 Financial liabilities Investment contracts $ 8,797,440 $ — $ — $ 8,797,440 Embedded derivative liability for equity-indexed contracts 390,189 — — 390,189 Notes payable 140,216 — — 140,216 Separate account liabilities 922,496 — 922,496 — Total financial liabilities $ 10,250,341 $ — $ 922,496 $ 9,327,845 Fair Value Measurement as of December 31, 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 $ 319,082 $ — $ 319,082 $ — Foreign governments 4,716 — 4,716 — Corporate debt securities 6,925,978 — 6,875,015 50,963 Residential mortgage-backed securities 242,685 — 241,779 906 Collateralized debt securities 1,354 — — 1,354 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,496,692 — 7,440,592 56,100 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,640 — 25,640 — U.S. states and political subdivisions 960,223 — 957,748 2,475 Foreign governments 6,567 — 6,567 — Corporate debt securities 4,780,763 — 4,773,516 7,247 Residential mortgage-backed securities 20,513 — 17,909 2,604 Collateralized debt securities 6,392 — 4,454 1,938 Other debt securities 3,178 — 3,178 — Total bonds available-for-sale 5,803,276 — 5,789,012 14,264 Equity securities Common stock 1,518,515 1,518,515 — — Preferred stock 23,161 23,161 — — Total equity securities 1,541,676 1,541,676 — — Options 156,479 — — 156,479 Mortgage loans on real estate 4,435,530 — 4,435,530 — Policy loans 384,376 — — 384,376 Short-term investments 192,226 — 192,226 — Separate account assets 941,612 — 941,612 — Total financial assets $ 20,951,867 $ 1,541,676 $ 18,798,972 $ 611,219 Financial liabilities Investment contracts $ 8,785,412 $ — $ — $ 8,785,412 Embedded derivative liability for equity-indexed contracts 314,330 — — 314,330 Notes payable 136,080 — — 136,080 Separate account liabilities 941,612 — 941,612 — Total financial liabilities $ 10,177,434 $ — $ 941,612 $ 9,235,822 For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Three months ended June 30, Six months ended June 30, Assets Liability Assets Liability Investment Equity-Indexed Embedded Investment Equity-Indexed Embedded Beginning balance, 2017 $ 17,329 $ 174,258 $ 346,634 $ 14,264 $ 156,479 $ 314,330 Total realized and unrealized investment gains (losses) included in other comprehensive income 105 — — (4,362 ) — — Net fair value change included in realized gains (losses) — — — — — — Net gain for derivatives included in net investment income — 13,275 — — 36,333 — Net change included in interest credited — — 18,977 — — 44,104 Purchases, sales and settlements or maturities Purchases — 13,463 — — 21,015 — Sales (1,582 ) (12,837 ) — (3,539 ) (12,837 ) — Settlements or maturities — (15,782 ) — (3,010 ) (28,613 ) — Premiums less benefits — — 24,578 — — 31,755 Carry value transfers in — — — 15,000 — — Gross transfers into Level 3 — — — 382 — — Gross transfers out of Level 3 — — — (2,883 ) — — Ending balance at June 30, 2017 $ 15,852 $ 172,377 $ 390,189 $ 15,852 $ 172,377 $ 390,189 Beginning balance, 2016 $ 21,689 $ 123,761 $ 258,267 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 352 — — 511 — — Net fair value change included in realized gains 1 — — 1 — — Net gain for derivatives included in net investment income — 5,789 — — 2,150 — Net change included in interest credited — — 8,725 — — 6,173 Purchases, sales and settlements or maturities Purchases — 7,178 — — 12,471 — Sales — — — — — — Settlements or maturities (376 ) (2,153 ) — (389 ) (3,053 ) — Premiums less benefits — — 11,578 — — 29,985 Gross transfers into Level 3 — — — 1,413 — — Gross transfers out of Level 3 — — — — — — Ending balance at June 30, 2016 $ 21,666 $ 134,575 $ 278,570 $ 21,666 $ 134,575 $ 278,570 Within the net gain for derivatives included in net investment income were unrealized gains of $13,660,000, and $19,745,000 relating to assets still held at June 30, 2017, and 2016, respectively. There were no transfers between Level 1 and Level 2 fair value hierarchies. The transfers into Level 3 during the six months ended June 30, 2017 and 2016 were the result of existing securities no longer being priced by the third-party pricing service at the end of the period and unless information is obtained from the brokers that indicate observable inputs were used in their pricing, there are not enough observable inputs to enable American National to classify the securities priced by the brokers as other than Level 3. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent brokers. The inputs used by the brokers include recent transactions in the security, similar bonds with same name, ratings, maturity and structure, external dealer quotes in the security, Bloomberg evaluated pricing and prior months pricing. None of them are observable to American National as of June 30, 2017. The transfers out of Level 3 during the six months ended June 30, 2017 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 | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Note 10 – Deferred Policy Acquisition Costs Deferred policy acquisition costs are shown below (in thousands): Life Annuity Accident & Health Property & Casualty Total Beginning balance, 2017 $ 745,840 $ 394,208 $ 40,620 $ 113,775 $ 1,294,443 Additions 60,650 50,856 5,603 142,022 259,131 Amortization (42,086 ) (33,686 ) (7,752 ) (138,425 ) (221,949 ) Effect of change in unrealized gains on available-for-sale securities (3,982 ) (4,719 ) — — (8,701 ) Net change 14,582 12,451 (2,149 ) 3,597 28,481 Ending balance at June 30, 2017 $ 760,422 $ 406,659 $ 38,471 $ 117,372 $ 1,322,924 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. 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, less 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. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses. Information regarding the liability for unpaid claims is shown below (in thousands): Six months ended June 30, 2017 2016 Unpaid claims balance, beginning $ 1,140,723 $ 1,104,302 Less reinsurance recoverables 216,903 217,337 Net beginning balance 923,820 886,965 Incurred related to Current 563,959 523,388 Prior years (40,137 ) (16,628 ) Total incurred claims 523,822 506,760 Paid claims related to Current 288,731 266,566 Prior years 205,702 209,805 Total paid claims 494,433 476,371 Net balance 953,209 917,354 Plus reinsurance recoverables 195,072 206,962 Unpaid claims balance, ending $ 1,148,281 $ 1,124,316 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. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $40,137,000 during the first six months of 2017 and decreased by approximately $16,628,000 during the first six months of 2016. This was a reflection of lower-than-anticipated losses in the auto, business owner and commercial package policy lines of business in 2017. For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses at June 30, 2017 was $24,587,000. |
Federal Income Taxes
Federal Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Amount Rate Amount Rate Amount Rate Amount Rate Income tax on pre-tax income $ 16,175 35.0 % $ 14,727 35.0 % $ 34,467 35.0 % $ 23,283 35.0 % Tax-exempt investment income (1,769 ) (3.8 ) (1,974 ) (4.7 ) (3,601 ) (3.7 ) (3,946 ) (5.9 ) Deferred tax change (464 ) (1.0 ) (341 ) (0.8 ) (1,231 ) (1.2 ) (10,508 ) (15.8 ) Dividend exclusion (2,322 ) (5.0 ) (1,879 ) (4.5 ) (4,164 ) (4.2 ) (4,226 ) (6.4 ) Miscellaneous tax credits, net (2,542 ) (5.5 ) (2,865 ) (6.8 ) (4,799 ) (4.9 ) (5,116 ) (7.7 ) Low income housing tax credit expense 1,256 2.7 1,295 3.1 2,509 2.5 2,589 3.9 Other items, net 141 0.3 885 2.1 322 0.4 1,142 1.7 Provision for federal income tax before interest expense 10,475 22.7 9,848 23.4 23,503 23.9 3,218 4.8 Interest expense 40 0.1 42 0.1 84 0.1 2,602 3.9 Total $ 10,515 22.8 % $ 9,890 23.5 % $ 23,587 24.0 % $ 5,820 8.7 % American National made income tax payments of $8,466,000 and $35,458,000 during the six months ended June 30, 2017 and 2016, respectively. Management believes sufficient 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 June 30, 2017 and 2016. There are no net operating or capital loss carryforwards that will expire by December 31, 2017. American National’s federal income tax returns for years 2013 to 2016 and years 2005 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 accrued an additional $84,000 in interest, net of tax, during 2017 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 Foreign AOCI Beginning balance, 2017 $ 547,138 $ (88,603 ) $ (2,636 ) $ 455,899 Amounts reclassified from AOCI (net of tax benefit $5,809 and expense $4,168) (10,789 ) 7,741 — (3,048 ) Unrealized holding gains arising during the period (net of tax expense $63,610) 118,134 — — 118,134 Unrealized adjustment to DAC (net of tax benefit $3,264) (5,437 ) — — (5,437 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $2,865) (5,320 ) — — (5,320 ) Foreign currency adjustment (net of tax expense $152) — — 283 283 Ending balance at June 30, 2017 $ 643,726 $ (80,862 ) $ (2,353 ) $ 560,511 Beginning balance, 2016 $ 453,434 $ (97,889 ) $ (2,925 ) $ 352,620 Amounts reclassified from AOCI (net of tax benefit $2,105 and expense $2,292) (3,910 ) 4,256 — 346 Unrealized holding gains arising during the period (net of tax expense $99,218) 184,262 — — 184,262 Unrealized adjustment to DAC (net of tax benefit $22,893) (41,853 ) — — (41,853 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $4,159) (7,723 ) — — (7,723 ) Foreign currency adjustment (net of tax expense $232) — — 430 430 Ending balance at June 30, 2016 $ 584,210 $ (93,633 ) $ (2,495 ) $ 488,082 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 Common stock Shares issued 30,832,449 30,832,449 Treasury shares (3,900,565 ) (3,917,933 ) Outstanding shares 26,931,884 26,914,516 Restricted shares (74,000 ) (76,000 ) Unrestricted outstanding shares 26,857,884 26,838,516 Stock-based compensation American National has a 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. All awards are subject to review and approval by the Board Compensation Committee 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 meeting established performance objectives 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, 2016 6,153 $ 113.36 76,000 $ 110.73 100,445 $ 105.97 Granted — — — — 16,500 117.69 Exercised — — (2,000 ) 130.52 (61,386 ) 108.81 Forfeited — — — — (33 ) 104.75 Expired (3,034 ) 118.50 — — — — Outstanding at June 30, 2017 3,119 $ 108.37 74,000 $ 110.19 55,526 $ 106.32 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.97 2.89 1.11 Exercisable shares 3,119 N/A N/A Weighted-average exercise price $ 108.37 $ 110.19 $ 106.32 Weighted-average exercise price exercisable shares 108.37 N/A N/A Compensation expense (credit) Three months ended June 30, 2017 $ (14,000 ) $ 205,000 $ 1,519,000 Three months ended June 30, 2016 4,000 209,000 345,000 Six months ended June, 2017 (49,000 ) 412,000 1,649,000 Six months ended June, 2016 37,000 419,000 4,447,000 Fair value of liability award June 30, 2017 $ 30,000 N/A $ 6,468,000 December 31, 2016 (restated) 213,000 N/A 13,197,000 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 74,000 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, cash or a combination of both. RSUs granted vest after a one-year or 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 June 30, Six months ended June 30, 2017 2016 2017 2016 Weighted average shares outstanding 26,892,656 26,908,077 26,896,965 26,908,748 Incremental shares from RS awards and RSUs 63,225 62,520 69,210 56,954 Total shares for diluted calculations 26,955,881 26,970,597 26,966,175 26,965,702 Net income attributable to American National (in thousands) $ 35,959 $ 32,625 $ 75,799 $ 61,941 Basic earnings per share $ 1.34 $ 1.21 $ 2.82 $ 2.30 Diluted earnings per share 1.33 1.21 2.81 2.30 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 June 30, 2017 and December 31, 2016, American National Insurance Company’s statutory capital and surplus was $3,028,989,000 and $2,985,909,000, respectively. American National Insurance Company and each of its insurance subsidiaries had statutory capital and surplus at June 30, 2017 and December 31, 2016, 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 $64,533,000 and $64,555,000 at June 30, 2017 and June 30, 2016, respectively. The statutory capital and surplus of both American National Insurance Company and the Missouri domiciled insurance subsidiary would have remained substantially above the company action level RBC had it not used the permitted practice. The statutory capital and surplus and net income of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): June 30, 2017 December 31, 2016 Statutory capital and surplus Life insurance entities $ 1,959,927 $ 1,921,171 Property and casualty insurance entities 1,079,183 1,074,525 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Statutory net income (loss) Life insurance entities $ 20,809 $ 19,182 $ 18,342 $ 23,109 Property and casualty insurance entities (5,639 ) (1,291 ) 1,172 3,257 Dividends American National Insurance Company’s payment of dividends to stockholders is restricted by insurance law. 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 without prior approval of the Texas Department of Insurance to pay total dividends of $298,591,000 during 2017. 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 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 June 30, 2017 and December 31, 2016. 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 $1,637,000 and $2,567,000 at June 30, 2017 and December 31, 2016, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
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 2016 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 June 30, Six months ended June 30, 2017 2016 2017 2016 Life $ 7,816 $ 16,766 $ 15,303 $ 13,285 Annuity 17,871 17,463 41,624 35,434 Health 3,492 4,419 5,549 3,785 Property and Casualty (9,267 ) (4,775 ) (6,844 ) 2,215 Corporate and Other 13,989 6,407 21,032 9,069 Total $ 33,901 $ 40,280 $ 76,664 $ 63,788 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies Commitments American National had aggregate commitments at June 30, 2017, to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $859,961,000 of which $455,221,000 is expected to be funded in 2017 with the remainder funded in 2018 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 June 30, 2017 and December 31, 2016, the outstanding letters of credit were $9,548,000 and $9,473,000, respectively, and there were no borrowings on this facility. This facility expires on October 30, 2017. American National expects it will be able to be renewed on substantially equivalent terms upon expiration. Guarantees American National has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by American National. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, American National would be obligated to pay off the loan. 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 June 30, 2017, was approximately $206,376,000, while the total cash value of the related life insurance policies was approximately $212,268,000. 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. One-Time Pension Payout Window The one-time window offering to terminated, vested participants of our qualified defined benefit pension plans allowing participants to take a lump sum or annuity payout of their pension benefit, closed in March 2017. Payments to participants that elected to take a lump sum payout were made from pension plan assets in April, 2017. A portion of the pension actuarial loss included in Accumulated Other Comprehensive Income was recognized as pension costs in proportion to the reduction of the pension plans’ total benefit obligations. The after-tax expense recognized in the second quarter of 2017 was approximately $4,673,000. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
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 Six months ended June 30, June 30, December 31, Related Party Financial Statement Line Impacted 2017 2016 2017 2016 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 752 $ 700 $ 3,004 $ 3,756 Gal-Tex Hotel Corporation Net investment income 125 177 18 23 Greer, Herz & Adams, LLP Other operating expenses 5,624 4,627 (417 ) (283 ) 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) | 6 Months Ended |
Jun. 30, 2017 | |
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. |
Revision to Previously Reported Amounts | Revision to Previously Reported Amounts Correction of an Immaterial Error. Materiality, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements The Company has revised prior period amounts in the Consolidated Statements of Cash Flows included herein to reflect the immaterial correction of an error . Financial statement amounts previously reported were revised as shown below (in thousands): Six months ended June 30, 2016 As Reported As Revised Effect of Change Statement of Cash Flow Change in collateral held for derivatives $ — $ (4,266 ) $ (4,266 ) Other investing activities, net 4,168 1,904 (2,264 ) Net cash used in investing activities (431,934 ) (438,464 ) (6,530 ) Net decrease in cash and cash equivalents (56,348 ) (62,878 ) (6,530 ) Cash at beginning of period 190,237 310,930 120,693 Cash at end of period 133,889 248,052 114,163 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies and Practices (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Financial Statement Amounts Previously Reported | Financial statement amounts previously reported were revised as shown below (in thousands): Six months ended June 30, 2016 As Reported As Revised Effect of Change Statement of Cash Flow Change in collateral held for derivatives $ — $ (4,266 ) $ (4,266 ) Other investing activities, net 4,168 1,904 (2,264 ) Net cash used in investing activities (431,934 ) (438,464 ) (6,530 ) Net decrease in cash and cash equivalents (56,348 ) (62,878 ) (6,530 ) Cash at beginning of period 190,237 310,930 120,693 Cash at end of period 133,889 248,052 114,163 |
Investment in Securities (Table
Investment in Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 270,349 $ 16,462 $ (2 ) $ 286,809 Foreign governments 4,034 651 — 4,685 Corporate debt securities 6,662,827 270,611 (22,229 ) 6,911,209 Residential mortgage-backed securities 209,063 12,508 (855 ) 220,716 Collateralized debt securities 927 49 — 976 Other debt securities 2,294 87 — 2,381 Total bonds held-to-maturity 7,149,494 300,368 (23,086 ) 7,426,776 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 26,276 564 (43 ) 26,797 U.S. states and political subdivisions 916,877 31,919 (2,008 ) 946,788 Foreign governments 5,000 1,562 — 6,562 Corporate debt securities 4,741,109 191,476 (20,659 ) 4,911,926 Residential mortgage-backed securities 16,436 3,657 (182 ) 19,911 Collateralized debt securities 3,411 701 (3 ) 4,109 Other debt securities 1,959 410 — 2,369 Total bonds available-for-sale 5,711,068 230,289 (22,895 ) 5,918,462 Equity securities Common stock 721,483 907,231 (10,666 ) 1,618,048 Preferred stock 19,130 4,722 — 23,852 Total equity securities 740,613 911,953 (10,666 ) 1,641,900 Total investments in securities $ 13,601,175 $ 1,442,610 $ (56,647 ) $ 14,987,138 December 31, 2016 Cost or Gross Unrealized Gross Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 301,994 $ 17,190 $ (102 ) $ 319,082 Foreign governments 4,057 659 — 4,716 Corporate debt securities 6,711,508 253,191 (38,721 ) 6,925,978 Residential mortgage-backed securities 229,758 14,112 (1,185 ) 242,685 Collateralized debt securities 1,290 64 — 1,354 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,251,385 285,315 (40,008 ) 7,496,692 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,062 594 (16 ) 25,640 U.S. states and political subdivisions 945,431 21,170 (6,378 ) 960,223 Foreign governments 5,000 1,567 — 6,567 Corporate debt securities 4,666,096 145,716 (31,049 ) 4,780,763 Residential mortgage-backed securities 18,588 2,267 (342 ) 20,513 Collateralized debt securities 5,574 821 (3 ) 6,392 Other debt securities 3,233 — (55 ) 3,178 Total bonds available-for-sale 5,668,984 172,135 (37,843 ) 5,803,276 Equity securities Common stock 713,099 810,611 (5,195 ) 1,518,515 Preferred stock 19,334 3,889 (62 ) 23,161 Total equity securities 732,433 814,500 (5,257 ) 1,541,676 Total investments in securities $ 13,652,802 $ 1,271,950 $ (83,108 ) $ 14,841,644 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): June 30, 2017 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 510,417 $ 519,885 $ 222,627 $ 227,075 Due after one year through five years 3,429,929 3,607,802 1,547,018 1,624,300 Due after five years through ten years 2,874,949 2,955,702 3,364,202 3,478,405 Due after ten years 328,349 338,256 572,221 583,666 Without single maturity date 5,850 5,131 5,000 5,016 Total $ 7,149,494 $ 7,426,776 $ 5,711,068 $ 5,918,462 |
Proceeds from Available for Sale Securities and Realized Gain Loss | Proceeds from sales of available-for-sale Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Proceeds from sales of available-for-sale $ 16,834 $ 27,026 $ 44,557 $ 42,731 Gross realized gains 4,162 3,517 14,988 8,584 Gross realized losses (140 ) (214 ) (146 ) (338 ) |
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): Six months ended June 30, 2017 2016 Bonds available-for-sale $ 73,102 $ 256,233 Equity securities 92,044 21,232 Change in net unrealized gains on securities during the year 165,146 277,465 Adjustments for Deferred policy acquisition costs (8,701 ) (64,746 ) Participating policyholders’ interest (8,185 ) (11,882 ) Deferred federal income tax expense (51,672 ) (70,061 ) Change in net unrealized gains on securities, net of tax $ 96,588 $ 130,776 |
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): June 30, 2017 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 $ (2 ) $ 204 $ — $ — $ (2 ) $ 204 Corporate debt securities (9,407 ) 606,313 (12,822 ) 148,030 (22,229 ) 754,343 Residential mortgage-backed securities (321 ) 28,163 (534 ) 8,375 (855 ) 36,538 Total bonds held-to-maturity (9,730 ) 634,680 (13,356 ) 156,405 (23,086 ) 791,085 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (43 ) 21,939 — — (43 ) 21,939 U.S. states and political subdivisions (2,006 ) 83,470 (2 ) 120 (2,008 ) 83,590 Corporate debt securities (8,140 ) 433,962 (12,519 ) 92,426 (20,659 ) 526,388 Residential mortgage-backed securities (47 ) 11,171 (135 ) 2,241 (182 ) 13,412 Collateralized debt securities — — (3 ) 130 (3 ) 130 Total bonds available-for-sale (10,236 ) 550,542 (12,659 ) 94,917 (22,895 ) 645,459 Equity securities Common stock (10,666 ) 53,184 — — (10,666 ) 53,184 Total equity securities (10,666 ) 53,184 — — (10,666 ) 53,184 Total $ (30,632 ) $ 1,238,406 $ (26,015 ) $ 251,322 $ (56,647 ) $ 1,489,728 December 31, 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 $ (102 ) $ 18,886 $ — $ — $ (102 ) $ 18,886 Corporate debt securities (18,110 ) 971,361 (20,611 ) 186,262 (38,721 ) 1,157,623 Residential mortgage-backed securities (558 ) 22,806 (627 ) 10,248 (1,185 ) 33,054 Total bonds held-to-maturity (18,770 ) 1,013,053 (21,238 ) 196,510 (40,008 ) 1,209,563 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (16 ) 10,640 — — (16 ) 10,640 U.S. states and political subdivisions (6,376 ) 282,141 (2 ) 122 (6,378 ) 282,263 Corporate debt securities (19,828 ) 917,215 (11,221 ) 126,584 (31,049 ) 1,043,799 Residential mortgage-backed securities (204 ) 12,420 (138 ) 3,982 (342 ) 16,402 Collateralized debt securities — 1 (3 ) 146 (3 ) 147 Other Debt Securities (55 ) 3,178 — — (55 ) 3,178 Total bonds available-for-sale (26,479 ) 1,225,595 (11,364 ) 130,834 (37,843 ) 1,356,429 Equity securities Common stock (5,195 ) 53,068 — — (5,195 ) 53,068 Preferred stock (62 ) 4,324 — — (62 ) 4,324 Total equity securities (5,257 ) 57,392 — — (5,257 ) 57,392 Total $ (50,506 ) $ 2,296,040 $ (32,602 ) $ 327,344 $ (83,108 ) $ 2,623,384 |
Bond by Credit Quality Rating Distribution | The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): June 30, 2017 December 31, 2016 Amortized Estimated % of Fair Amortized Estimated % of Fair Cost Fair Value Value Cost Fair Value Value AAA $ 647,845 $ 677,568 5.1 % $ 667,561 $ 691,296 5.2 % AA 1,312,690 1,367,924 10.3 1,393,137 1,440,667 10.8 A 4,545,127 4,727,609 35.4 4,538,471 4,696,909 35.3 BBB 5,801,135 6,032,590 45.2 5,758,560 5,931,112 44.6 BB and below 553,765 539,547 4.0 562,640 539,984 4.1 Total $ 12,860,562 $ 13,345,238 100.0 % $ 12,920,369 $ 13,299,968 100.0 % |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below: June 30, December 31, Consumer goods 20.6 % 20.4 % Energy and utilities 9.0 11.1 Finance 21.8 22.1 Healthcare 13.5 12.7 Industrials 9.1 9.0 Information technology 18.6 17.1 Other 7.4 7.6 Total 100.0 % 100.0 % |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Distribution Based on Carrying Amount of Mortgage Loans by Location | The distribution based on carrying amount of mortgage loans by location is as follows: June 30, 2017 December 31, 2016 East North Central 15.3 % 16.2 % East South Central 3.6 3.7 Mountain 12.9 10.6 Pacific 18.1 17.6 South Atlantic 14.7 15.1 West South Central 29.3 31.0 Other 6.1 5.8 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 June 30, 2017 Past Due Past Due 90 Days Total Current Amount Percent Industrial $ — $ — $ — $ — $ 764,419 $ 764,419 16.4 Office — — 6,059 6,059 1,656,769 1,662,828 35.6 Retail — — — — 713,687 713,687 15.3 Other 8,350 — — 8,350 1,515,337 1,523,687 32.7 Total $ 8,350 $ — $ 6,059 $ 14,409 $ 4,650,212 $ 4,664,621 100.0 Allowance for loan losses (17,195 ) Total, net of allowance $ 4,647,426 December 31, 2016 Industrial $ — $ 2,300 $ — $ 2,300 $ 744,472 $ 746,772 17.1 Office — — 6,059 6,059 1,541,880 1,547,939 35.5 Retail — — — — 736,121 736,121 16.9 Other 20,179 9,280 — 29,459 1,300,245 1,329,704 30.5 Total $ 20,179 $ 11,580 $ 6,059 $ 37,818 $ 4,322,718 $ 4,360,536 100.0 Allowance for loan losses (12,490 ) Total, net of allowance $ 4,348,046 |
Change in Allowance for Credit Losses in Mortgage Loans | The change in allowance for credit losses in mortgage loans is shown below (in thousands, except number of loans): Collectively Evaluated for Impairment Individually Impaired Total Number of Recorded Valuation Number of Recorded Valuation Number of Recorded Valuation Beginning balance, 2017 430 $ 4,358,596 $ 11,488 2 $ 1,940 $ 1,002 432 $ 4,360,536 $ 12,490 Change in allowance — — 1,559 — — 3,146 — — 4,705 Net change in recorded investment 2 279,995 — 2 6,895 — 4 286,890 — Ending balance at June 30, 2017 432 $ 4,638,591 $ 13,047 4 $ 8,835 $ 4,148 436 $ 4,647,426 $ 17,195 |
Schedule of Troubled Debt Restructuring Mortgage Loan Information | Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Six months ended June 30, 2017 2016 Number of Recorded Recorded Number of Recorded Recorded Retail — $ — $ — 1 $ 3,934 $ 3,934 Other (hotel/motel) 5 24,801 24,801 — — — Total 5 $ 24,801 $ 24,801 1 $ 3,934 $ 3,934 |
Real Estate and Other Investm29
Real Estate and Other Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Investment Real Estate by Property-Type and Geographic Distribution | Investment real estate by property-type and geographic distribution are as follows: June 30, 2017 December 31, 2016 Industrial 6.5 % 9.2 % Office 38.5 37.8 Retail 38.9 37.2 Other 16.1 15.8 Total 100.0 % 100.0 % June 30, 2017 December 31, 2016 East North Central 6.1 % 8.8 % East South Central 3.5 3.4 Mountain 12.6 12.0 Pacific 7.4 6.1 South Atlantic 13.7 13.0 West South Central 52.3 52.2 Other 4.4 4.5 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): June 30, 2017 December 31, 2016 Investment real estate $ 157,694 $ 173,816 Short-term investments 1,001 1 Cash and cash equivalents 2,243 6,099 Other receivables 5,496 6,456 Other assets 10,420 8,820 Total assets of consolidated VIEs $ 176,854 $ 195,192 Notes payable $ 140,216 $ 136,080 Other liabilities 3,663 10,037 Total liabilities of consolidated VIEs $ 143,879 $ 146,117 |
Schedule of Long-term Notes Payable of Consolidated VIEs | The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): Interest rate Maturity June 30, December 31, Prime 2018 $ 1,698 $ 1,267 LIBOR 2020 9,407 7,318 90 day LIBOR + 2.5% 2021 40,070 37,074 4% fixed 2022 89,041 90,421 Total $ 140,216 $ 136,080 |
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): June 30, 2017 December 31, 2016 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 329,601 $ 329,601 $ 323,933 $ 323,933 Mortgage loans 563,487 563,487 481,799 481,799 Accrued investment income 1,997 1,997 1,919 1,919 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 449 $ 1,605,800 $ 172,377 442 $ 1,414,100 $ 156,479 Equity-indexed embedded derivative Policyholders’ 69,064 1,504,000 390,189 62,481 1,289,800 314,330 |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Equity-indexed options Net investment income $ 13,430 $ 5,789 $ 36,563 $ 2,150 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (18,977 ) (8,725 ) (44,104 ) (6,173 ) |
Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds | Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): June 30, 2017 Counterparty Moody/S&P Options Collateral Collateral Excess and Exposure Net Barclays Baa2/BBB $ 41,063 $ 41,153 $ 41,063 $ 90 $ — Goldman-Sachs A3/BBB+ 1,136 1,150 1,136 13 — ING Baa1/A- 30,111 28,460 28,460 — 1,651 JP Morgan A3/A- 180 — — — 180 Morgan Stanley A3/BBB+ 13,802 14,186 13,802 384 — NATIXIS* A2/A 27,666 27,450 — 27,450 27,666 SunTrust Baa1/BBB+ 27,104 26,740 26,740 — 364 Wells Fargo A2/A 31,315 32,160 30,960 1,201 355 Total $ 172,377 $ 171,299 $ 142,161 $ 29,138 $ 30,216 December 31, 2016 Counterparty Moody/S&P Options Collateral Collateral Excess and Exposure Net Barclays Baa2/BBB $ 33,839 $ 35,063 $ 33,839 $ 1,224 $ — Citigroup Baa1/BBB+ 2,249 — — — 2,249 Goldman-Sachs A3/BBB+ 1,452 1,400 1,400 — 52 ING Baa1/A- 29,609 26,430 26,430 — 3,179 JP Morgan A3/A- 163 — — — 163 Morgan Stanley A3/BBB+ 17,864 17,680 17,680 — 184 NATIXIS* A2/A 24,804 26,620 — 26,620 24,804 SunTrust Baa1/BBB+ 19,559 19,960 19,559 401 — Wells Fargo A2/A 26,940 26,540 26,540 — 400 Total $ 156,479 $ 153,693 $ 125,448 $ 28,245 $ 31,031 * Collateral Restrictions |
Net Investment Income and Rea31
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Summary of Net Investment Income | Net investment income is shown below (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ 135,453 $ 138,786 $ 269,803 $ 278,979 Equity securities 10,274 10,048 19,006 19,327 Mortgage loans 67,316 49,314 125,020 97,316 Real estate (554 ) 429 (1,749 ) (1,445 ) Options 13,430 5,789 36,563 2,150 Other invested assets 8,699 6,344 14,478 10,437 Total $ 234,618 $ 210,710 $ 463,121 $ 406,764 |
Summary of Realized Investment Gains (Losses) | Realized investment gains (losses) are shown below (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ 6,564 $ 1,854 $ 10,068 $ 4,593 Equity securities 3,735 6,065 15,095 10,930 Mortgage loans (3,079 ) (433 ) (4,705 ) 1,059 Real estate 4,211 273 4,999 273 Other invested assets (30 ) (793 ) (48 ) (827 ) Total $ 11,401 $ 6,966 $ 25,409 $ 16,028 |
Summary of Other Than Temporary Impairment Losses | Other-than-temporary impairment losses are shown below (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Bonds $ — $ — $ (6,000 ) $ — Equity securities (1,469 ) (3,551 ) (2,252 ) (7,027 ) Total $ (1,469 ) $ (3,551 ) $ (8,252 ) $ (7,027 ) |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Carrying Carrying Amount Fair Value Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,149,494 $ 7,426,776 $ 7,251,385 $ 7,496,692 Fixed maturity securities, bonds available-for-sale 5,918,462 5,918,462 5,803,276 5,803,276 Equity securities 1,641,900 1,641,900 1,541,676 1,541,676 Equity-indexed options 172,377 172,377 156,479 156,479 Mortgage loans on real estate, net of allowance 4,647,426 4,744,780 4,348,046 4,435,530 Policy loans 383,928 383,928 384,376 384,376 Short-term investments 576,878 576,878 192,226 192,226 Separate account assets 922,496 922,496 941,612 941,612 Total financial assets $ 21,412,961 $ 21,787,597 $ 20,619,076 $ 20,951,867 Financial liabilities Investment contracts $ 8,797,440 $ 8,797,440 $ 8,785,412 $ 8,785,412 Embedded derivative liability for equity-indexed contracts 390,189 390,189 314,330 314,330 Notes payable 140,216 140,216 136,080 136,080 Separate account liabilities 922,496 922,496 941,612 941,612 Total financial liabilities $ 10,250,341 $ 10,250,341 $ 10,177,434 $ 10,177,434 |
Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits | Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value June 30, 2017 December 31, 2016 Unobservable Input Range Indexed Annuities $ 379.9 $ 306.5 Lapse Rate 1%-66% Mortality Mutilplier 90%-100% Equity Volatility 12%-40% Indexed Life 10.3 7.8 Lapse Rate — Mortality Multiplier — Equity Volatility 12%-40% |
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 June 30, 2017 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 286,809 $ — $ 286,809 $ — Foreign governments 4,685 — 4,685 — Corporate debt securities 6,911,209 — 6,884,647 26,562 Residential mortgage-backed securities 220,716 — 219,836 880 Collateralized debt securities 976 — 976 — Other debt securities 2,381 — — 2,381 Total bonds held-to-maturity 7,426,776 — 7,396,953 29,823 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 26,797 — 26,797 — U.S. states and political subdivisions 946,788 — 944,323 2,465 Foreign governments 6,562 — 6,562 — Corporate debt securities 4,911,926 — 4,902,539 9,387 Residential mortgage-backed securities 19,911 — 15,911 4,000 Collateralized debt securities 4,109 — 4,109 — Other debt securities 2,369 — 2,369 — Total bonds available-for-sale 5,918,462 — 5,902,610 15,852 Equity securities Common stock 1,618,048 1,618,048 — — Preferred stock 23,852 23,852 — — Total equity securities 1,641,900 1,641,900 — — Options 172,377 — — 172,377 Mortgage loans on real estate 4,744,780 — 4,744,780 — Policy loans 383,928 — — 383,928 Short-term investments 576,878 — 576,878 — Separate account assets 922,496 — 922,496 — Total financial assets $ 21,787,597 $ 1,641,900 $ 19,543,717 $ 601,980 Financial liabilities Investment contracts $ 8,797,440 $ — $ — $ 8,797,440 Embedded derivative liability for equity-indexed contracts 390,189 — — 390,189 Notes payable 140,216 — — 140,216 Separate account liabilities 922,496 — 922,496 — Total financial liabilities $ 10,250,341 $ — $ 922,496 $ 9,327,845 Fair Value Measurement as of December 31, 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 $ 319,082 $ — $ 319,082 $ — Foreign governments 4,716 — 4,716 — Corporate debt securities 6,925,978 — 6,875,015 50,963 Residential mortgage-backed securities 242,685 — 241,779 906 Collateralized debt securities 1,354 — — 1,354 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,496,692 — 7,440,592 56,100 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,640 — 25,640 — U.S. states and political subdivisions 960,223 — 957,748 2,475 Foreign governments 6,567 — 6,567 — Corporate debt securities 4,780,763 — 4,773,516 7,247 Residential mortgage-backed securities 20,513 — 17,909 2,604 Collateralized debt securities 6,392 — 4,454 1,938 Other debt securities 3,178 — 3,178 — Total bonds available-for-sale 5,803,276 — 5,789,012 14,264 Equity securities Common stock 1,518,515 1,518,515 — — Preferred stock 23,161 23,161 — — Total equity securities 1,541,676 1,541,676 — — Options 156,479 — — 156,479 Mortgage loans on real estate 4,435,530 — 4,435,530 — Policy loans 384,376 — — 384,376 Short-term investments 192,226 — 192,226 — Separate account assets 941,612 — 941,612 — Total financial assets $ 20,951,867 $ 1,541,676 $ 18,798,972 $ 611,219 Financial liabilities Investment contracts $ 8,785,412 $ — $ — $ 8,785,412 Embedded derivative liability for equity-indexed contracts 314,330 — — 314,330 Notes payable 136,080 — — 136,080 Separate account liabilities 941,612 — 941,612 — Total financial liabilities $ 10,177,434 $ — $ 941,612 $ 9,235,822 |
Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs | For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Three months ended June 30, Six months ended June 30, Assets Liability Assets Liability Investment Equity-Indexed Embedded Investment Equity-Indexed Embedded Beginning balance, 2017 $ 17,329 $ 174,258 $ 346,634 $ 14,264 $ 156,479 $ 314,330 Total realized and unrealized investment gains (losses) included in other comprehensive income 105 — — (4,362 ) — — Net fair value change included in realized gains (losses) — — — — — — Net gain for derivatives included in net investment income — 13,275 — — 36,333 — Net change included in interest credited — — 18,977 — — 44,104 Purchases, sales and settlements or maturities Purchases — 13,463 — — 21,015 — Sales (1,582 ) (12,837 ) — (3,539 ) (12,837 ) — Settlements or maturities — (15,782 ) — (3,010 ) (28,613 ) — Premiums less benefits — — 24,578 — — 31,755 Carry value transfers in — — — 15,000 — — Gross transfers into Level 3 — — — 382 — — Gross transfers out of Level 3 — — — (2,883 ) — — Ending balance at June 30, 2017 $ 15,852 $ 172,377 $ 390,189 $ 15,852 $ 172,377 $ 390,189 Beginning balance, 2016 $ 21,689 $ 123,761 $ 258,267 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 352 — — 511 — — Net fair value change included in realized gains 1 — — 1 — — Net gain for derivatives included in net investment income — 5,789 — — 2,150 — Net change included in interest credited — — 8,725 — — 6,173 Purchases, sales and settlements or maturities Purchases — 7,178 — — 12,471 — Sales — — — — — — Settlements or maturities (376 ) (2,153 ) — (389 ) (3,053 ) — Premiums less benefits — — 11,578 — — 29,985 Gross transfers into Level 3 — — — 1,413 — — Gross transfers out of Level 3 — — — — — — Ending balance at June 30, 2016 $ 21,666 $ 134,575 $ 278,570 $ 21,666 $ 134,575 $ 278,570 |
Deferred Policy Acquisition C33
Deferred Policy Acquisition Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Accident & Health Property & Casualty Total Beginning balance, 2017 $ 745,840 $ 394,208 $ 40,620 $ 113,775 $ 1,294,443 Additions 60,650 50,856 5,603 142,022 259,131 Amortization (42,086 ) (33,686 ) (7,752 ) (138,425 ) (221,949 ) Effect of change in unrealized gains on available-for-sale securities (3,982 ) (4,719 ) — — (8,701 ) Net change 14,582 12,451 (2,149 ) 3,597 28,481 Ending balance at June 30, 2017 $ 760,422 $ 406,659 $ 38,471 $ 117,372 $ 1,322,924 |
Liability for Unpaid Claims a34
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Information regarding the liability for unpaid claims is shown below (in thousands): Six months ended June 30, 2017 2016 Unpaid claims balance, beginning $ 1,140,723 $ 1,104,302 Less reinsurance recoverables 216,903 217,337 Net beginning balance 923,820 886,965 Incurred related to Current 563,959 523,388 Prior years (40,137 ) (16,628 ) Total incurred claims 523,822 506,760 Paid claims related to Current 288,731 266,566 Prior years 205,702 209,805 Total paid claims 494,433 476,371 Net balance 953,209 917,354 Plus reinsurance recoverables 195,072 206,962 Unpaid claims balance, ending $ 1,148,281 $ 1,124,316 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Amount Rate Amount Rate Amount Rate Amount Rate Income tax on pre-tax income $ 16,175 35.0 % $ 14,727 35.0 % $ 34,467 35.0 % $ 23,283 35.0 % Tax-exempt investment income (1,769 ) (3.8 ) (1,974 ) (4.7 ) (3,601 ) (3.7 ) (3,946 ) (5.9 ) Deferred tax change (464 ) (1.0 ) (341 ) (0.8 ) (1,231 ) (1.2 ) (10,508 ) (15.8 ) Dividend exclusion (2,322 ) (5.0 ) (1,879 ) (4.5 ) (4,164 ) (4.2 ) (4,226 ) (6.4 ) Miscellaneous tax credits, net (2,542 ) (5.5 ) (2,865 ) (6.8 ) (4,799 ) (4.9 ) (5,116 ) (7.7 ) Low income housing tax credit expense 1,256 2.7 1,295 3.1 2,509 2.5 2,589 3.9 Other items, net 141 0.3 885 2.1 322 0.4 1,142 1.7 Provision for federal income tax before interest expense 10,475 22.7 9,848 23.4 23,503 23.9 3,218 4.8 Interest expense 40 0.1 42 0.1 84 0.1 2,602 3.9 Total $ 10,515 22.8 % $ 9,890 23.5 % $ 23,587 24.0 % $ 5,820 8.7 % |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Foreign AOCI Beginning balance, 2017 $ 547,138 $ (88,603 ) $ (2,636 ) $ 455,899 Amounts reclassified from AOCI (net of tax benefit $5,809 and expense $4,168) (10,789 ) 7,741 — (3,048 ) Unrealized holding gains arising during the period (net of tax expense $63,610) 118,134 — — 118,134 Unrealized adjustment to DAC (net of tax benefit $3,264) (5,437 ) — — (5,437 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $2,865) (5,320 ) — — (5,320 ) Foreign currency adjustment (net of tax expense $152) — — 283 283 Ending balance at June 30, 2017 $ 643,726 $ (80,862 ) $ (2,353 ) $ 560,511 Beginning balance, 2016 $ 453,434 $ (97,889 ) $ (2,925 ) $ 352,620 Amounts reclassified from AOCI (net of tax benefit $2,105 and expense $2,292) (3,910 ) 4,256 — 346 Unrealized holding gains arising during the period (net of tax expense $99,218) 184,262 — — 184,262 Unrealized adjustment to DAC (net of tax benefit $22,893) (41,853 ) — — (41,853 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $4,159) (7,723 ) — — (7,723 ) Foreign currency adjustment (net of tax expense $232) — — 430 430 Ending balance at June 30, 2016 $ 584,210 $ (93,633 ) $ (2,495 ) $ 488,082 |
Stockholders' Equity and Nonc37
Stockholders' Equity and Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The amounts outstanding at the dates indicated are shown below: June 30, 2017 December 31, 2016 Common stock Shares issued 30,832,449 30,832,449 Treasury shares (3,900,565 ) (3,917,933 ) Outstanding shares 26,931,884 26,914,516 Restricted shares (74,000 ) (76,000 ) Unrestricted outstanding shares 26,857,884 26,838,516 |
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, 2016 6,153 $ 113.36 76,000 $ 110.73 100,445 $ 105.97 Granted — — — — 16,500 117.69 Exercised — — (2,000 ) 130.52 (61,386 ) 108.81 Forfeited — — — — (33 ) 104.75 Expired (3,034 ) 118.50 — — — — Outstanding at June 30, 2017 3,119 $ 108.37 74,000 $ 110.19 55,526 $ 106.32 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.97 2.89 1.11 Exercisable shares 3,119 N/A N/A Weighted-average exercise price $ 108.37 $ 110.19 $ 106.32 Weighted-average exercise price exercisable shares 108.37 N/A N/A Compensation expense (credit) Three months ended June 30, 2017 $ (14,000 ) $ 205,000 $ 1,519,000 Three months ended June 30, 2016 4,000 209,000 345,000 Six months ended June, 2017 (49,000 ) 412,000 1,649,000 Six months ended June, 2016 37,000 419,000 4,447,000 Fair value of liability award June 30, 2017 $ 30,000 N/A $ 6,468,000 December 31, 2016 (restated) 213,000 N/A 13,197,000 |
Summary of Basic and Diluted Earnings Per Share | Diluted earnings per share include RS and RSU award shares. Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Weighted average shares outstanding 26,892,656 26,908,077 26,896,965 26,908,748 Incremental shares from RS awards and RSUs 63,225 62,520 69,210 56,954 Total shares for diluted calculations 26,955,881 26,970,597 26,966,175 26,965,702 Net income attributable to American National (in thousands) $ 35,959 $ 32,625 $ 75,799 $ 61,941 Basic earnings per share $ 1.34 $ 1.21 $ 2.82 $ 2.30 Diluted earnings per share 1.33 1.21 2.81 2.30 |
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): June 30, 2017 December 31, 2016 Statutory capital and surplus Life insurance entities $ 1,959,927 $ 1,921,171 Property and casualty insurance entities 1,079,183 1,074,525 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Statutory net income (loss) Life insurance entities $ 20,809 $ 19,182 $ 18,342 $ 23,109 Property and casualty insurance entities (5,639 ) (1,291 ) 1,172 3,257 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Life $ 7,816 $ 16,766 $ 15,303 $ 13,285 Annuity 17,871 17,463 41,624 35,434 Health 3,492 4,419 5,549 3,785 Property and Casualty (9,267 ) (4,775 ) (6,844 ) 2,215 Corporate and Other 13,989 6,407 21,032 9,069 Total $ 33,901 $ 40,280 $ 76,664 $ 63,788 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six months ended June 30, June 30, December 31, Related Party Financial Statement Line Impacted 2017 2016 2017 2016 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 752 $ 700 $ 3,004 $ 3,756 Gal-Tex Hotel Corporation Net investment income 125 177 18 23 Greer, Herz & Adams, LLP Other operating expenses 5,624 4,627 (417 ) (283 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Jun. 30, 2017State |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states | 50 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) | Jun. 30, 2017 |
Maximum [Member] | |
Schedule Of Significant Accounting Policies [Line Items] | |
Entity ownership percentage | 100.00% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies and Practices - Schedule of Financial Statement Amounts Previously Reported (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Change in collateral held for derivatives | $ 16,713 | $ (4,266) |
Other investing activities, net | 17,082 | 1,904 |
Net cash used in investing activities | (448,500) | (438,464) |
Net decrease in cash and cash equivalents | 153,595 | (62,878) |
Beginning of the period | 289,338 | 310,930 |
Cash at end of period | $ 442,933 | 248,052 |
As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Other investing activities, net | 4,168 | |
Net cash used in investing activities | (431,934) | |
Net decrease in cash and cash equivalents | (56,348) | |
Beginning of the period | 190,237 | |
Cash at end of period | 133,889 | |
Effect of Change [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Change in collateral held for derivatives | (4,266) | |
Other investing activities, net | (2,264) | |
Net cash used in investing activities | (6,530) | |
Net decrease in cash and cash equivalents | (6,530) | |
Beginning of the period | 120,693 | |
Cash at end of period | $ 114,163 |
Investment in Securities - Inve
Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | $ 7,149,494 | $ 7,251,385 |
Held-to-maturity securities, Gross Unrealized Gains | 300,368 | 285,315 |
Held-to-maturity securities, Gross Unrealized (Losses) | (23,086) | (40,008) |
Held-to-maturity securities, Fair Value | 7,426,776 | 7,496,692 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,711,068 | 5,668,984 |
Available-for-sale debt securities, Gross Unrealized Gains | 230,289 | 172,135 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (22,895) | (37,843) |
Available-for-sale debt securities, Fair Value | 5,918,462 | 5,803,276 |
Available-for-sale equity securities, Cost or Amortized Cost | 740,613 | 732,433 |
Available-for-sale equity securities, Gross Unrealized Gains | 911,953 | 814,500 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (10,666) | (5,257) |
Available-for-sale equity securities, Fair Value | 1,641,900 | 1,541,676 |
Investments in securities, Cost or Amortized cost | 13,601,175 | 13,652,802 |
Investments in securities, Gross Unrealized Gains | 1,442,610 | 1,271,950 |
Investments in securities, Gross Unrealized (Losses) | (56,647) | (83,108) |
Investments in securities, Fair Value | 14,987,138 | 14,841,644 |
Foreign Governments [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 4,034 | 4,057 |
Held-to-maturity securities, Gross Unrealized Gains | 651 | 659 |
Held-to-maturity securities, Fair Value | 4,685 | 4,716 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,000 | 5,000 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,562 | 1,567 |
Available-for-sale debt securities, Fair Value | 6,562 | 6,567 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 6,662,827 | 6,711,508 |
Held-to-maturity securities, Gross Unrealized Gains | 270,611 | 253,191 |
Held-to-maturity securities, Gross Unrealized (Losses) | (22,229) | (38,721) |
Held-to-maturity securities, Fair Value | 6,911,209 | 6,925,978 |
Available-for-sale debt securities, Cost or Amortized Cost | 4,741,109 | 4,666,096 |
Available-for-sale debt securities, Gross Unrealized Gains | 191,476 | 145,716 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (20,659) | (31,049) |
Available-for-sale debt securities, Fair Value | 4,911,926 | 4,780,763 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 19,130 | 19,334 |
Available-for-sale equity securities, Gross Unrealized Gains | 4,722 | 3,889 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (62) | |
Available-for-sale equity securities, Fair Value | 23,852 | 23,161 |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 721,483 | 713,099 |
Available-for-sale equity securities, Gross Unrealized Gains | 907,231 | 810,611 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (10,666) | (5,195) |
Available-for-sale equity securities, Fair Value | 1,618,048 | 1,518,515 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 26,276 | 25,062 |
Available-for-sale debt securities, Gross Unrealized Gains | 564 | 594 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (43) | (16) |
Available-for-sale debt securities, Fair Value | 26,797 | 25,640 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 270,349 | 301,994 |
Held-to-maturity securities, Gross Unrealized Gains | 16,462 | 17,190 |
Held-to-maturity securities, Gross Unrealized (Losses) | (2) | (102) |
Held-to-maturity securities, Fair Value | 286,809 | 319,082 |
Available-for-sale debt securities, Cost or Amortized Cost | 916,877 | 945,431 |
Available-for-sale debt securities, Gross Unrealized Gains | 31,919 | 21,170 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (2,008) | (6,378) |
Available-for-sale debt securities, Fair Value | 946,788 | 960,223 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 209,063 | 229,758 |
Held-to-maturity securities, Gross Unrealized Gains | 12,508 | 14,112 |
Held-to-maturity securities, Gross Unrealized (Losses) | (855) | (1,185) |
Held-to-maturity securities, Fair Value | 220,716 | 242,685 |
Available-for-sale debt securities, Cost or Amortized Cost | 16,436 | 18,588 |
Available-for-sale debt securities, Gross Unrealized Gains | 3,657 | 2,267 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (182) | (342) |
Available-for-sale debt securities, Fair Value | 19,911 | 20,513 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 927 | 1,290 |
Held-to-maturity securities, Gross Unrealized Gains | 49 | 64 |
Held-to-maturity securities, Fair Value | 976 | 1,354 |
Available-for-sale debt securities, Cost or Amortized Cost | 3,411 | 5,574 |
Available-for-sale debt securities, Gross Unrealized Gains | 701 | 821 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (3) | (3) |
Available-for-sale debt securities, Fair Value | 4,109 | 6,392 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 2,294 | 2,778 |
Held-to-maturity securities, Gross Unrealized Gains | 87 | 99 |
Held-to-maturity securities, Fair Value | 2,381 | 2,877 |
Available-for-sale debt securities, Cost or Amortized Cost | 1,959 | 3,233 |
Available-for-sale debt securities, Gross Unrealized Gains | 410 | |
Available-for-sale debt securities, Gross Unrealized (Losses) | (55) | |
Available-for-sale debt securities, Fair Value | $ 2,369 | $ 3,178 |
Investment in Securities - Matu
Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Bonds Held-to-Maturity, Amortized Cost, Due in one year or less | $ 510,417 | |
Bonds Held-to-Maturity, Amortized Cost, Due after one year through five years | 3,429,929 | |
Bonds Held-to-Maturity, Amortized Cost, Due after five years through ten years | 2,874,949 | |
Bonds Held-to-Maturity, Amortized Cost, Due after ten years | 328,349 | |
Bonds Held-to-Maturity, Amortized Cost, Without single maturity date | 5,850 | |
Held-to-maturity securities, Cost or Amortized Cost | 7,149,494 | $ 7,251,385 |
Bonds Held-to-Maturity, Fair Value, Due in one year or less | 519,885 | |
Bonds Held-to-Maturity, Fair Value, Due after one year through five years | 3,607,802 | |
Bonds Held-to-Maturity, Fair Value, Due after five years through ten years | 2,955,702 | |
Bonds Held-to-Maturity, Fair Value, Due after ten years | 338,256 | |
Bonds Held-to-Maturity, Fair Value, Without single maturity date | 5,131 | |
Held-to-maturity securities, Fair Value | 7,426,776 | 7,496,692 |
Bonds Available-for-Sale, Amortized Cost, Due in one year or less | 222,627 | |
Bonds Available-for-Sale, Amortized Cost, Due after one year through five years | 1,547,018 | |
Bonds Available-for-Sale, Amortized Cost, Due after five years through ten years | 3,364,202 | |
Bonds Available-for-Sale, Amortized Cost, Due after ten years | 572,221 | |
Bonds Available-for-Sale, Amortized Cost, Without single maturity date | 5,000 | |
Available-for-sale debt securities, Cost or Amortized Cost | 5,711,068 | 5,668,984 |
Bonds Available-for-Sale, Fair Value, Due in one year or less | 227,075 | |
Bonds Available-for-Sale, Fair Value, Due after one year through five years | 1,624,300 | |
Bonds Available-for-Sale, Fair Value, Due after five years through ten years | 3,478,405 | |
Bonds Available-for-Sale, Fair Value, Due after ten years | 583,666 | |
Bonds Available-for-Sale, Fair Value, Without single maturity date | 5,016 | |
Available-for-sale debt securities, Fair Value | $ 5,918,462 | $ 5,803,276 |
Investment in Securities - Proc
Investment in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | ||||
Proceeds from sales of available-for-sale securities | $ 16,834 | $ 27,026 | $ 44,557 | $ 42,731 |
Gross realized gains | 4,162 | 3,517 | 14,988 | 8,584 |
Gross realized losses | $ (140) | $ (214) | $ (146) | $ (338) |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Securities transferred from held-to-maturity to available-for-sale | $ 15,000,000 | $ 0 |
Gross realized losses | $ (6,000,000) |
Investment in Securities - Chan
Investment in Securities - Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains on securities during the year | $ 165,146 | $ 277,465 | ||
Adjustments for | ||||
Deferred policy acquisition costs | (8,701) | (64,746) | ||
Participating policyholders' interest | (8,185) | (11,882) | ||
Deferred federal income tax expense | (51,672) | (70,061) | ||
Change in net unrealized gains on securities, net of tax | $ 40,676 | $ 78,803 | 96,588 | 130,776 |
Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains on securities during the year | 73,102 | 256,233 | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in net unrealized gains on securities during the year | $ 92,044 | $ 21,232 |
Investment in Securities - Gros
Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | $ (9,730) | $ (18,770) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 634,680 | 1,013,053 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (13,356) | (21,238) |
Bonds held-to-maturity, 12 months or more, Fair Value | 156,405 | 196,510 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (23,086) | (40,008) |
Bonds held-to-maturity, Total, Fair Value | 791,085 | 1,209,563 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (10,236) | (26,479) |
Available-for-sale securities, Less than 12 months, Fair Value | 550,542 | 1,225,595 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (12,659) | (11,364) |
Available-for-sale securities, 12 months or more, Fair Value | 94,917 | 130,834 |
Available-for-sale securities, Total, Unrealized (Losses) | (22,895) | (37,843) |
Available-for-sale securities, Total, Fair Value | 645,459 | 1,356,429 |
Investment in securities, Less than 12 months, Unrealized (Losses) | (30,632) | (50,506) |
Investment in securities, Less than 12 months, Fair Value | 1,238,406 | 2,296,040 |
Investment in securities, More than 12 months, Unrealized (Losses) | (26,015) | (32,602) |
Investment in securities, More than 12 months, Fair Value | 251,322 | 327,344 |
Investment in securities, Total, Unrealized (Losses) | (56,647) | (83,108) |
Investment in securities, Total, Fair Value | 1,489,728 | 2,623,384 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (9,407) | (18,110) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 606,313 | 971,361 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (12,822) | (20,611) |
Bonds held-to-maturity, 12 months or more, Fair Value | 148,030 | 186,262 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (22,229) | (38,721) |
Bonds held-to-maturity, Total, Fair Value | 754,343 | 1,157,623 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (8,140) | (19,828) |
Available-for-sale securities, Less than 12 months, Fair Value | 433,962 | 917,215 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (12,519) | (11,221) |
Available-for-sale securities, 12 months or more, Fair Value | 92,426 | 126,584 |
Available-for-sale securities, Total, Unrealized (Losses) | (20,659) | (31,049) |
Available-for-sale securities, Total, Fair Value | 526,388 | 1,043,799 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (62) | |
Available-for-sale securities, Less than 12 months, Fair Value | 4,324 | |
Available-for-sale securities, Total, Unrealized (Losses) | (62) | |
Available-for-sale securities, Total, Fair Value | 4,324 | |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (10,666) | (5,195) |
Available-for-sale securities, Less than 12 months, Fair Value | 53,184 | 53,068 |
Available-for-sale securities, Total, Unrealized (Losses) | (10,666) | (5,195) |
Available-for-sale securities, Total, Fair Value | 53,184 | 53,068 |
Equity Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (10,666) | (5,257) |
Available-for-sale securities, Less than 12 months, Fair Value | 53,184 | 57,392 |
Available-for-sale securities, Total, Unrealized (Losses) | (10,666) | (5,257) |
Available-for-sale securities, Total, Fair Value | 53,184 | 57,392 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (43) | (16) |
Available-for-sale securities, Less than 12 months, Fair Value | 21,939 | 10,640 |
Available-for-sale securities, Total, Unrealized (Losses) | (43) | (16) |
Available-for-sale securities, Total, Fair Value | 21,939 | 10,640 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (2) | (102) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 204 | 18,886 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (2) | (102) |
Bonds held-to-maturity, Total, Fair Value | 204 | 18,886 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (2,006) | (6,376) |
Available-for-sale securities, Less than 12 months, Fair Value | 83,470 | 282,141 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (2) | (2) |
Available-for-sale securities, 12 months or more, Fair Value | 120 | 122 |
Available-for-sale securities, Total, Unrealized (Losses) | (2,008) | (6,378) |
Available-for-sale securities, Total, Fair Value | 83,590 | 282,263 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (321) | (558) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 28,163 | 22,806 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (534) | (627) |
Bonds held-to-maturity, 12 months or more, Fair Value | 8,375 | 10,248 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (855) | (1,185) |
Bonds held-to-maturity, Total, Fair Value | 36,538 | 33,054 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (47) | (204) |
Available-for-sale securities, Less than 12 months, Fair Value | 11,171 | 12,420 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (135) | (138) |
Available-for-sale securities, 12 months or more, Fair Value | 2,241 | 3,982 |
Available-for-sale securities, Total, Unrealized (Losses) | (182) | (342) |
Available-for-sale securities, Total, Fair Value | 13,412 | 16,402 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 1 | |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (3) | (3) |
Available-for-sale securities, 12 months or more, Fair Value | 130 | 146 |
Available-for-sale securities, Total, Unrealized (Losses) | (3) | (3) |
Available-for-sale securities, Total, Fair Value | $ 130 | 147 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (55) | |
Available-for-sale securities, Less than 12 months, Fair Value | 3,178 | |
Available-for-sale securities, Total, Unrealized (Losses) | (55) | |
Available-for-sale securities, Total, Fair Value | $ 3,178 |
Investment in Securities - Bond
Investment in Securities - Bond by Credit Quality Rating Distribution (Detail) - Bonds [Member] - Credit Risk Financial Instruments [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 12,860,562 | $ 12,920,369 |
Estimated Fair Value | $ 13,345,238 | $ 13,299,968 |
Portfolio of investment by credit quality | 100.00% | 100.00% |
AAA [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 647,845 | $ 667,561 |
Estimated Fair Value | $ 677,568 | $ 691,296 |
Portfolio of investment by credit quality | 5.10% | 5.20% |
AA [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 1,312,690 | $ 1,393,137 |
Estimated Fair Value | $ 1,367,924 | $ 1,440,667 |
Portfolio of investment by credit quality | 10.30% | 10.80% |
S&P A Rating [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 4,545,127 | $ 4,538,471 |
Estimated Fair Value | $ 4,727,609 | $ 4,696,909 |
Portfolio of investment by credit quality | 35.40% | 35.30% |
S&P BBB Rating [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 5,801,135 | $ 5,758,560 |
Estimated Fair Value | $ 6,032,590 | $ 5,931,112 |
Portfolio of investment by credit quality | 45.20% | 44.60% |
BB and Below [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 553,765 | $ 562,640 |
Estimated Fair Value | $ 539,547 | $ 539,984 |
Portfolio of investment by credit quality | 4.00% | 4.10% |
Investment in Securities - Equi
Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Equity Securities [Member] - Credit Concentration Risk [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
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% | 20.40% |
Energy and Utilities [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 9.00% | 11.10% |
Finance [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 21.80% | 22.10% |
Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 13.50% | 12.70% |
Industrials [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 9.10% | 9.00% |
Information Technology [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 18.60% | 17.10% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 7.40% | 7.60% |
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] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Mortgage loans | 100.00% | 100.00% |
East North Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 15.30% | 16.20% |
East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 3.60% | 3.70% |
Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 12.90% | 10.60% |
Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 18.10% | 17.60% |
South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 14.70% | 15.10% |
West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 29.30% | 31.00% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 6.10% | 5.80% |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)MortgageLoan | Dec. 31, 2016USD ($)MortgageLoan | |
Receivables [Abstract] | ||
Number of mortgage loan foreclosed | MortgageLoan | 0 | |
Mortgage loans foreclosure process | $ 4,225,000 | $ 1,940,000 |
Number of loans in foreclosure process | MortgageLoan | 2 | 1 |
Number of mortgage loans sold | MortgageLoan | 0 | 0 |
Unamortized discounts | $ 119,000 | $ 233,000 |
Unamortized origination fees, mortgage loans | 32,041,000 | $ 33,019,000 |
Commitment to lend additional funds to debtors with modified loans as TDRs | $ 7,919,000 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 100.00% | 100.00% |
Total Past Due | $ 14,409 | $ 37,818 |
Current | 4,650,212 | 4,322,718 |
Gross loan receivable amount | 4,664,621 | 4,360,536 |
Allowance for loan losses | (17,195) | (12,490) |
Total, net of allowance | $ 4,647,426 | $ 4,348,046 |
Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 16.40% | 17.10% |
Total Past Due | $ 2,300 | |
Current | $ 764,419 | 744,472 |
Gross loan receivable amount | $ 764,419 | $ 746,772 |
Office [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 35.60% | 35.50% |
Total Past Due | $ 6,059 | $ 6,059 |
Current | 1,656,769 | 1,541,880 |
Gross loan receivable amount | $ 1,662,828 | $ 1,547,939 |
Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 15.30% | 16.90% |
Current | $ 713,687 | $ 736,121 |
Gross loan receivable amount | $ 713,687 | $ 736,121 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Percent | 32.70% | 30.50% |
Total Past Due | $ 8,350 | $ 29,459 |
Current | 1,515,337 | 1,300,245 |
Gross loan receivable amount | 1,523,687 | 1,329,704 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,350 | 20,179 |
30-59 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,350 | 20,179 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,580 | |
60-89 Days Past Due [Member] | Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,300 | |
60-89 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,280 | |
More Than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,059 | 6,059 |
More Than 90 Days [Member] | Office [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 6,059 | $ 6,059 |
Mortgage Loans - Change in Allo
Mortgage Loans - Change in Allowance for Credit Losses in Mortgage Loans (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)Loans | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Beginning Balance | Loans | 430 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Net change in recorded investment | Loans | 2 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Ending Balance | Loans | 432 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Beginning Balance | $ 4,358,596 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Net change in recorded investment | 279,995 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Ending Balance | 4,638,591 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance, Beginning Balance | 11,488 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance, Change in allowance | 1,559 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance,, Ending Balance | $ 13,047 |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Beginning Balance | Loans | 2 |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Net change in recorded investment | Loans | 2 |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Ending Balance | Loans | 4 |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Beginning Balance | $ 1,940 |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Net change in recorded investment | 6,895 |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Ending Balance | 8,835 |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Beginning Balance | 1,002 |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Change in allowance | 3,146 |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Ending Balance | $ 4,148 |
Allowance for Credit Losses, Number of Loans, Beginning Balance | Loans | 432 |
Allowance for Credit Losses, Number of Loans, Net change in recorded investment | Loans | 4 |
Allowance for Credit Losses, Number of Loans, Ending Balance | Loans | 436 |
Allowance for Credit Losses, Recorded Investment, Beginning Balance | $ 4,360,536 |
Allowance for Credit Losses, Recorded Investment, Net change in recorded investment | 286,890 |
Allowance for Credit Losses, Recorded Investment, Ending Balance | 4,647,426 |
Allowance for Credit Losses, Valuation Allowance, Beginning Balance | 12,490 |
Allowance for Credit Losses, Valuation Allowance, Change in allowance | 4,705 |
Allowance for Credit Losses, Valuation Allowance, Ending Balance | $ 17,195 |
Mortgage Loans - Schedule of Tr
Mortgage Loans - Schedule of Troubled Debt Restructuring Mortgage Loan Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)Loans | Jun. 30, 2016USD ($)Loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 5 | 1 |
Recorded investment pre- modification | $ 24,801 | $ 3,934 |
Recorded investment post modification | $ 24,801 | $ 3,934 |
Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 1 | |
Recorded investment pre- modification | $ 3,934 | |
Recorded investment post modification | $ 3,934 | |
Other (Hotel/Motel) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 5 | |
Recorded investment pre- modification | $ 24,801 | |
Recorded investment post modification | $ 24,801 |
Real Estate and Other Investm56
Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real Estate [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
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 | 6.50% | 9.20% |
Property Type Concentration Risk [Member] | Office [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 38.50% | 37.80% |
Property Type Concentration Risk [Member] | Retail [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 38.90% | 37.20% |
Property Type Concentration Risk [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 16.10% | 15.80% |
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 | 6.10% | 8.80% |
Geographic Distribution [Member] | East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 3.50% | 3.40% |
Geographic Distribution [Member] | Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 12.60% | 12.00% |
Geographic Distribution [Member] | Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 7.40% | 6.10% |
Geographic Distribution [Member] | South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 13.70% | 13.00% |
Geographic Distribution [Member] | West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 52.30% | 52.20% |
Geographic Distribution [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 4.40% | 4.50% |
Real Estate and Other Investm57
Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||||
Investment real estate | $ 555,797 | $ 593,417 | ||
Short-term investments | 576,878 | 192,226 | ||
Cash and cash equivalents | 442,933 | 289,338 | $ 248,052 | $ 310,930 |
Other assets | 140,344 | 169,962 | ||
Notes payable | 140,216 | 136,080 | ||
Other liabilities | 581,535 | 481,958 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investment real estate | 157,694 | 173,816 | ||
Short-term investments | 1,001 | 1 | ||
Cash and cash equivalents | 2,243 | 6,099 | ||
Other receivables | 5,496 | 6,456 | ||
Other assets | 10,420 | 8,820 | ||
Total assets of consolidated VIEs | 176,854 | 195,192 | ||
Notes payable | 140,216 | 136,080 | ||
Other liabilities | 3,663 | 10,037 | ||
Total liabilities of consolidated VIEs | $ 143,879 | $ 146,117 |
Real Estate and Other Investm58
Real Estate and Other Investments - Additional Information (Detail) | Jun. 30, 2017USD ($)Investment | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | ||
Maximum amount of investment in long-term notes payable | $ | $ 30,482,000 | $ 31,795,000 |
Number of real estate investment held for sale | Investment | 0 |
Real Estate and Other Investm59
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 140,216 | $ 136,080 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 140,216 | 136,080 |
Long Term Notes Payable Due 2022 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,022 | |
Notes payable | $ 89,041 | 90,421 |
Prime [Member] | Long Term Notes Payable Due 2018 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,018 | |
Notes payable | $ 1,698 | 1,267 |
LIBOR [Member] | Long Term Notes Payable Due 2020 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,020 | |
Notes payable | $ 9,407 | 7,318 |
LIBOR [Member] | Long Term Notes Payable Due 2021 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,021 | |
Notes payable | $ 40,070 | $ 37,074 |
Real Estate and Other Investm60
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Parenthetical) (Detail) - Variable Interest Entity, Primary Beneficiary [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Long Term Notes Payable Due 2018 [Member] | Prime [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | Prime |
Long Term Notes Payable Due 2020 [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | LIBOR |
Long Term Notes Payable Due 2021 [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 90 day LIBOR + 2.5% |
Interest rate percentage | 2.50% |
Long Term Notes Payable Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on long-term notes | 4.00% |
Real Estate and Other Investm61
Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 563,487 | $ 481,799 |
Maximum Exposure to Loss | 563,487 | 481,799 |
Investments in Unconsolidated Affiliates [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 329,601 | 323,933 |
Maximum Exposure to Loss | 329,601 | 323,933 |
Accrued Investment Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 1,997 | 1,919 |
Maximum Exposure to Loss | $ 1,997 | $ 1,919 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments [Member] $ in Thousands | Jun. 30, 2017USD ($)Derivative | Dec. 31, 2016USD ($)Derivative |
Equity-Indexed Options [Member] | Other Invested Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 449 | 442 |
Derivative Notional Amount, Asset | $ 1,605,800 | $ 1,414,100 |
Estimated Fair Value of other invested assets | $ 172,377 | $ 156,479 |
Equity-Indexed Embedded Derivative [Member] | Policyholders' Account Balances [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 69,064 | 62,481 |
Derivative Notional Amount, Liability | $ 1,504,000 | $ 1,289,800 |
Derivative Financial Instruments, Estimated Fair Value | $ 390,189 | $ 314,330 |
Derivative Instruments - Sche63
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Investment Income [Member] | Equity-Indexed Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 13,430 | $ 5,789 | $ 36,563 | $ 2,150 |
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 | $ (18,977) | $ (8,725) | $ (44,104) | $ (6,173) |
Derivative Instruments - Sche64
Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Credit Derivatives [Line Items] | ||
Options Fair Value | $ 172,377 | $ 156,479 |
Collateral Held | 171,299 | 153,693 |
Collateral Amounts used to Offset Exposure | 142,161 | 125,448 |
Excess and Restricted Collateral | 29,138 | 28,245 |
Exposure Net of Collateral | 30,216 | 31,031 |
Barclays [Member] | Moody Baa2 Rating [Member] | S&P BBB Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 41,063 | 33,839 |
Collateral Held | 41,153 | 35,063 |
Collateral Amounts used to Offset Exposure | 41,063 | 33,839 |
Excess and Restricted Collateral | 90 | 1,224 |
Citigroup [Member] | Moody Baa1 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 2,249 | |
Exposure Net of Collateral | 2,249 | |
Goldman-Sachs [Member] | Moody A3 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 1,136 | 1,452 |
Collateral Held | 1,150 | 1,400 |
Collateral Amounts used to Offset Exposure | 1,136 | 1,400 |
Excess and Restricted Collateral | 13 | |
Exposure Net of Collateral | 52 | |
ING [Member] | Moody Baa1 Rating [Member] | S&P A Minus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 30,111 | 29,609 |
Collateral Held | 28,460 | 26,430 |
Collateral Amounts used to Offset Exposure | 28,460 | 26,430 |
Exposure Net of Collateral | 1,651 | 3,179 |
JP Morgan | Moody A3 Rating [Member] | S&P A Minus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 180 | 163 |
Exposure Net of Collateral | 180 | 163 |
Morgan Stanley [Member] | Moody A3 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 13,802 | 17,864 |
Collateral Held | 14,186 | 17,680 |
Collateral Amounts used to Offset Exposure | 13,802 | 17,680 |
Excess and Restricted Collateral | 384 | |
Exposure Net of Collateral | 184 | |
NATIXIS [Member] | Moody A2 Rating [Member] | S&P A Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 27,666 | 24,804 |
Collateral Held | 27,450 | 26,620 |
Excess and Restricted Collateral | 27,450 | 26,620 |
Exposure Net of Collateral | 27,666 | 24,804 |
Sun Trust [Member] | Moody Baa1 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 27,104 | 19,559 |
Collateral Held | 26,740 | 19,960 |
Collateral Amounts used to Offset Exposure | 26,740 | 19,559 |
Excess and Restricted Collateral | 401 | |
Exposure Net of Collateral | 364 | |
Wells Fargo [Member] | Moody A2 Rating [Member] | S&P A Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 31,315 | 26,940 |
Collateral Held | 32,160 | 26,540 |
Collateral Amounts used to Offset Exposure | 30,960 | 26,540 |
Excess and Restricted Collateral | 1,201 | |
Exposure Net of Collateral | $ 355 | $ 400 |
Net Investment Income and Rea65
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | $ 234,618 | $ 210,710 | $ 463,121 | $ 406,764 |
Debt Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 135,453 | 138,786 | 269,803 | 278,979 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 10,274 | 10,048 | 19,006 | 19,327 |
Mortgage Loans [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 67,316 | 49,314 | 125,020 | 97,316 |
Real Estate [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | (554) | 429 | (1,749) | (1,445) |
Other Invested Assets [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | 8,699 | 6,344 | 14,478 | 10,437 |
Options [Member] | ||||
Net Investment Income [Line Items] | ||||
Net Investment Income, Total | $ 13,430 | $ 5,789 | $ 36,563 | $ 2,150 |
Net Investment Income and Rea66
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | $ 11,401 | $ 6,966 | $ 25,409 | $ 16,028 |
Other-than-temporary impairment losses | (1,469) | (3,551) | (8,252) | (7,027) |
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | 6,564 | 1,854 | 10,068 | 4,593 |
Other-than-temporary impairment losses | (6,000) | |||
Equity Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | 3,735 | 6,065 | 15,095 | 10,930 |
Other-than-temporary impairment losses | (1,469) | (3,551) | (2,252) | (7,027) |
Mortgage Loans [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | (3,079) | (433) | (4,705) | 1,059 |
Real Estate [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | 4,211 | 273 | 4,999 | 273 |
Other Invested Assets [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Realized investment gains (losses) | $ (30) | $ (793) | $ (48) | $ (827) |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | $ 7,149,494 | $ 7,251,385 |
Fixed maturity securities, bonds held-to-maturity | 7,426,776 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale | 5,918,462 | 5,803,276 |
Equity securities | 1,641,900 | 1,541,676 |
Mortgage loans on real estate, net of allowance | 4,647,426 | 4,348,046 |
Policy loans | 383,928 | 384,376 |
Short-term investments | 576,878 | 192,226 |
Separate account assets | 922,496 | 941,612 |
Financial liabilities | ||
Notes payable | 140,216 | 136,080 |
Separate account liabilities | 922,496 | 941,612 |
Carrying Amount [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | 7,149,494 | 7,251,385 |
Fixed maturity securities, bonds available-for-sale | 5,918,462 | 5,803,276 |
Equity securities | 1,641,900 | 1,541,676 |
Equity-indexed options | 172,377 | 156,479 |
Mortgage loans on real estate, net of allowance | 4,647,426 | 4,348,046 |
Policy loans | 383,928 | 384,376 |
Short-term investments | 576,878 | 192,226 |
Separate account assets | 922,496 | 941,612 |
Total financial assets | 21,412,961 | 20,619,076 |
Financial liabilities | ||
Investment contracts | 8,797,440 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts | 390,189 | 314,330 |
Notes payable | 140,216 | 136,080 |
Separate account liabilities | 922,496 | 941,612 |
Total financial liabilities | 10,250,341 | 10,177,434 |
Fair Value [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | 7,426,776 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale | 5,918,462 | 5,803,276 |
Equity securities | 1,641,900 | 1,541,676 |
Equity-indexed options | 172,377 | 156,479 |
Mortgage loans on real estate, net of allowance | 4,744,780 | 4,435,530 |
Policy loans | 383,928 | 384,376 |
Short-term investments | 576,878 | 192,226 |
Separate account assets | 922,496 | 941,612 |
Total financial assets | 21,787,597 | 20,951,867 |
Financial liabilities | ||
Investment contracts | 8,797,440 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts | 390,189 | 314,330 |
Notes payable | 140,216 | 136,080 |
Separate account liabilities | 922,496 | 941,612 |
Total financial liabilities | $ 10,250,341 | $ 10,177,434 |
Fair Value - Schedule of Signif
Fair Value - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Policyholder Contract Deposits [Member] - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative financial liabilities | $ 379.9 | $ 306.5 |
Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative financial liabilities | $ 10.3 | $ 7.8 |
Minimum [Member] | Level 3 [Member] | Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Lapse Rate | 1.00% | |
Unobservable Input, Mortality Multiplier | 90.00% | |
Unobservable Input, Equity Volatility | 12.00% | |
Minimum [Member] | Level 3 [Member] | Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Equity Volatility | 12.00% | |
Maximum [Member] | Level 3 [Member] | Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Lapse Rate | 66.00% | |
Unobservable Input, Mortality Multiplier | 100.00% | |
Unobservable Input, Equity Volatility | 40.00% | |
Maximum [Member] | Level 3 [Member] | Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Equity Volatility | 40.00% |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Volatility rate used to estimate derivative values | 13.90% | 16.50% | |
Unrealized gain relating to assets still held and included in net investment income | $ 13,660,000 | $ 19,745,000 | |
Transfer between Level 1 and Level 2 fair value hierarchies | $ 0 | $ 0 |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | $ 7,426,776 | $ 7,496,692 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,918,462 | 5,803,276 |
Equity securities, fair value disclosure | 1,641,900 | 1,541,676 |
Policy loans, fair value disclosure | 383,928 | 384,376 |
Short-term investments, fair value disclosure | 576,878 | 192,226 |
Separate account assets, fair value disclosure | 922,496 | 941,612 |
Financial liabilities | ||
Separate account liabilities, fair value disclosure | 922,496 | 941,612 |
Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,852 | 23,161 |
Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,685 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,562 | 6,567 |
Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 6,911,209 | 6,925,978 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,911,926 | 4,780,763 |
U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 286,809 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 946,788 | 960,223 |
Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 220,716 | 242,685 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 19,911 | 20,513 |
Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 976 | 1,354 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,109 | 6,392 |
Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,381 | 2,877 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,369 | 3,178 |
U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 26,797 | 25,640 |
Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,618,048 | 1,518,515 |
Recurring [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,426,776 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,918,462 | 5,803,276 |
Equity securities, fair value disclosure | 1,641,900 | 1,541,676 |
Equity Indexed Options, fair value disclosure | 172,377 | 156,479 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,744,780 | 4,435,530 |
Policy loans, fair value disclosure | 383,928 | 384,376 |
Short-term investments, fair value disclosure | 576,878 | 192,226 |
Separate account assets, fair value disclosure | 922,496 | 941,612 |
Total financial assets, fair value disclosure | 21,787,597 | 20,951,867 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,797,440 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 390,189 | 314,330 |
Notes payable, fair value disclosure | 140,216 | 136,080 |
Separate account liabilities, fair value disclosure | 922,496 | 941,612 |
Total financial liabilities, fair value disclosure | 10,250,341 | 10,177,434 |
Recurring [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,852 | 23,161 |
Recurring [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,685 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,562 | 6,567 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 6,911,209 | 6,925,978 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,911,926 | 4,780,763 |
Recurring [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,641,900 | 1,541,676 |
Total financial assets, fair value disclosure | 1,641,900 | 1,541,676 |
Recurring [Member] | Level 1 [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,852 | 23,161 |
Recurring [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,396,953 | 7,440,592 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,902,610 | 5,789,012 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,744,780 | 4,435,530 |
Short-term investments, fair value disclosure | 576,878 | 192,226 |
Separate account assets, fair value disclosure | 922,496 | 941,612 |
Total financial assets, fair value disclosure | 19,543,717 | 18,798,972 |
Financial liabilities | ||
Separate account liabilities, fair value disclosure | 922,496 | 941,612 |
Total financial liabilities, fair value disclosure | 922,496 | 941,612 |
Recurring [Member] | Level 2 [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,685 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,562 | 6,567 |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 6,884,647 | 6,875,015 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,902,539 | 4,773,516 |
Recurring [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 29,823 | 56,100 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 15,852 | 14,264 |
Equity Indexed Options, fair value disclosure | 172,377 | 156,479 |
Policy loans, fair value disclosure | 383,928 | 384,376 |
Total financial assets, fair value disclosure | 601,980 | 611,219 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,797,440 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 390,189 | 314,330 |
Notes payable, fair value disclosure | 140,216 | 136,080 |
Total financial liabilities, fair value disclosure | 9,327,845 | 9,235,822 |
Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 26,562 | 50,963 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 9,387 | 7,247 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 286,809 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 946,788 | 960,223 |
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 | 286,809 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 944,323 | 957,748 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,465 | 2,475 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 220,716 | 242,685 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 19,911 | 20,513 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 219,836 | 241,779 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 15,911 | 17,909 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 880 | 906 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,000 | 2,604 |
Recurring [Member] | Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 976 | 1,354 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,109 | 6,392 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 976 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 4,109 | 4,454 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,354 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 1,938 | |
Recurring [Member] | Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,381 | 2,877 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,369 | 3,178 |
Recurring [Member] | Other Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,369 | 3,178 |
Recurring [Member] | Other Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,381 | 2,877 |
Recurring [Member] | U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 26,797 | 25,640 |
Recurring [Member] | U.S. Treasury and Government [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 26,797 | 25,640 |
Recurring [Member] | Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,618,048 | 1,518,515 |
Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | $ 1,618,048 | $ 1,518,515 |
Fair Value of Financial Instr71
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity-Indexed Embedded Derivative [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 346,634 | $ 258,267 | $ 314,330 | $ 242,412 |
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 | 18,977 | 8,725 | 44,104 | 6,173 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 | 0 |
Premiums less benefits | 24,578 | 11,578 | 31,755 | 29,985 |
Carry value transfers in | 0 | 0 | ||
Gross transfers into Level 3 | 0 | 0 | 0 | 0 |
Gross transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | 390,189 | 278,570 | 390,189 | 278,570 |
Investment Securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 17,329 | 21,689 | 14,264 | 20,130 |
Total realized and unrealized investment gains (losses) included in other comprehensive income | 105 | 352 | (4,362) | 511 |
Net fair value change included in realized gains (losses) | 1 | 1 | ||
Net change included in interest credited | 0 | 0 | 0 | 0 |
Sales | (1,582) | (3,539) | ||
Settlements or maturities | (376) | (3,010) | (389) | |
Premiums less benefits | 0 | 0 | 0 | 0 |
Carry value transfers in | 15,000 | |||
Gross transfers into Level 3 | 382 | 1,413 | ||
Gross transfers out of Level 3 | (2,883) | |||
Ending balance | 15,852 | 21,666 | 15,852 | 21,666 |
Equity-Indexed Options [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 174,258 | 123,761 | 156,479 | 123,007 |
Net gain (loss) for derivatives included in net investment income | 13,275 | 5,789 | 36,333 | 2,150 |
Net change included in interest credited | 0 | 0 | 0 | 0 |
Purchases | 13,463 | 7,178 | 21,015 | 12,471 |
Sales | (12,837) | (12,837) | ||
Settlements or maturities | (15,782) | (2,153) | (28,613) | (3,053) |
Premiums less benefits | 0 | 0 | 0 | 0 |
Ending balance | $ 172,377 | $ 134,575 | $ 172,377 | $ 134,575 |
Deferred Policy Acquisition C72
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | $ 1,294,443 | |
Additions | 259,131 | |
Amortization | (221,949) | |
Effect of change in unrealized gains on available-for-sale securities | (8,701) | $ (64,746) |
Net change | 28,481 | |
Ending balance | 1,322,924 | |
Life [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 745,840 | |
Additions | 60,650 | |
Amortization | (42,086) | |
Effect of change in unrealized gains on available-for-sale securities | (3,982) | |
Net change | 14,582 | |
Ending balance | 760,422 | |
Annuity [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 394,208 | |
Additions | 50,856 | |
Amortization | (33,686) | |
Effect of change in unrealized gains on available-for-sale securities | (4,719) | |
Net change | 12,451 | |
Ending balance | 406,659 | |
Accident and Health [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 40,620 | |
Additions | 5,603 | |
Amortization | (7,752) | |
Net change | (2,149) | |
Ending balance | 38,471 | |
Property and Casualty [Member] | ||
Deferred Policy Acquisition Costs [Line Items] | ||
Beginning balance | 113,775 | |
Additions | 142,022 | |
Amortization | (138,425) | |
Net change | 3,597 | |
Ending balance | $ 117,372 |
Liability for Unpaid Claims a73
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | $ 1,303,925 | |
Less reinsurance recoverables | 401,709 | |
Paid claims related to | ||
Plus reinsurance recoverables | 377,480 | |
Unpaid claims balance, ending | 1,320,925 | |
Property and Casualty Accident and Health [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | 1,140,723 | $ 1,104,302 |
Less reinsurance recoverables | 216,903 | 217,337 |
Net beginning balance | 923,820 | 886,965 |
Incurred related to | ||
Current | 563,959 | 523,388 |
Prior years | (40,137) | (16,628) |
Total incurred claims | 523,822 | 506,760 |
Paid claims related to | ||
Current | 288,731 | 266,566 |
Prior years | 205,702 | 209,805 |
Total paid claims | 494,433 | 476,371 |
Net balance | 953,209 | 917,354 |
Plus reinsurance recoverables | 195,072 | 206,962 |
Unpaid claims balance, ending | $ 1,148,281 | $ 1,124,316 |
Liability for Unpaid Claims a74
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
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 | $ 40,137,000 | $ 16,628,000 |
Liability for unpaid claims and claim adjustment expenses | $ 24,587,000 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax on pre-tax income | $ 16,175 | $ 14,727 | $ 34,467 | $ 23,283 |
Tax-exempt investment income | (1,769) | (1,974) | (3,601) | (3,946) |
Deferred tax change | (464) | (341) | (1,231) | (10,508) |
Dividend exclusion | (2,322) | (1,879) | (4,164) | (4,226) |
Miscellaneous tax credits, net | (2,542) | (2,865) | (4,799) | (5,116) |
Low income housing tax credit expense | 1,256 | 1,295 | 2,509 | 2,589 |
Other items, net | 141 | 885 | 322 | 1,142 |
Provision for federal income tax before interest expense | 10,475 | 9,848 | 23,503 | 3,218 |
Interest expense | 40 | 42 | 84 | 2,602 |
Total provision for federal income taxes | $ 10,515 | $ 9,890 | $ 23,587 | $ 5,820 |
Income tax on pre-tax income | 35.00% | 35.00% | 35.00% | 35.00% |
Tax-exempt investment income | (3.80%) | (4.70%) | (3.70%) | (5.90%) |
Deferred tax change | (1.00%) | (0.80%) | (1.20%) | (15.80%) |
Dividend exclusion | (5.00%) | (4.50%) | (4.20%) | (6.40%) |
Miscellaneous tax credits, net | (5.50%) | (6.80%) | (4.90%) | (7.70%) |
Low income housing tax credit expense | 2.70% | 3.10% | 2.50% | 3.90% |
Other items, net | 0.30% | 2.10% | 0.40% | 1.70% |
Provision for federal income tax before interest expense | 22.70% | 23.40% | 23.90% | 4.80% |
Interest expense | 0.10% | 0.10% | 0.10% | 3.90% |
Total, Rate | 22.80% | 23.50% | 24.00% | 8.70% |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule Of Income Taxes [Line Items] | ||
Income taxes paid or refunded, net | $ 8,466,000 | $ 35,458,000 |
Valuation allowance | 0 | |
Operating loss tax carryforwards subject to expiration | $ 0 | |
Operating loss tax carryforwards expiration date | Dec. 31, 2017 | |
Provision for penalties recognized relating to dispute with Internal Revenue Service | $ 0 | |
Accrued interest | 84,000 | |
Capital Loss Carryforward [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Capital loss tax carryforwards subject to expiration | $ 0 | |
Capital loss tax carryforwards expiration date | Dec. 31, 2017 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of the period | $ 4,661,495 | |||
Foreign currency adjustment, net of tax expense (benefit) | $ 171 | $ 442 | 283 | $ 430 |
Balance at end of the period | 4,799,345 | 4,617,395 | 4,799,345 | 4,617,395 |
Net Unrealized Gains (Losses) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of the period | 547,138 | 453,434 | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | (10,789) | (3,910) | ||
Unrealized holding gains arising during the period, net of tax expense (benefit) | 118,134 | 184,262 | ||
Unrealized adjustment to DAC, net of tax expense (benefit) | (5,437) | (41,853) | ||
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (5,320) | (7,723) | ||
Balance at end of the period | 643,726 | 584,210 | 643,726 | 584,210 |
Defined Benefit Pension Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of the period | (88,603) | (97,889) | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | 7,741 | 4,256 | ||
Balance at end of the period | (80,862) | (93,633) | (80,862) | (93,633) |
Foreign Currency Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of the period | (2,636) | (2,925) | ||
Foreign currency adjustment, net of tax expense (benefit) | 283 | 430 | ||
Balance at end of the period | (2,353) | (2,495) | (2,353) | (2,495) |
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of the period | 455,899 | 352,620 | ||
Amounts reclassified from AOCI, net of tax expense (benefit) | (3,048) | 346 | ||
Unrealized holding gains arising during the period, net of tax expense (benefit) | 118,134 | 184,262 | ||
Unrealized adjustment to DAC, net of tax expense (benefit) | (5,437) | (41,853) | ||
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (5,320) | (7,723) | ||
Foreign currency adjustment, net of tax expense (benefit) | 283 | 430 | ||
Balance at end of the period | $ 560,511 | $ 488,082 | $ 560,511 | $ 488,082 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Parenthetical) (Detail) - Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | $ 5,809 | $ 2,105 |
Amounts reclassified from AOCI, pension tax expense (benefit) | 4,168 | 2,292 |
Unrealized holding gains arising during the period, tax expense (benefit) | 63,610 | 99,218 |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 3,264 | 22,893 |
Unrealized gains on investments attributable to participating policyholders' interest, tax expense (benefit) | 2,865 | 4,159 |
Foreign currency adjustment, tax expense (benefit) | $ 152 | $ 232 |
Stockholders' Equity and Nonc79
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
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 insurance law. 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. | |||
Noncontrolling interest | $ 8,387,000 | $ 9,317,000 | ||
Parent Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Statutory capital and surplus | 3,028,989,000 | 2,985,909,000 | ||
Subsidiaries [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Noncontrolling interest | $ 1,637,000 | $ 2,567,000 | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk based capital action level percentage | 200.00% | 200.00% | ||
Scenario, Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Statutory amount available for dividend payments without regulatory approval | $ 298,591,000 | |||
Insurance Subsidiary [Member] | Missouri [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Statutory accounting practices permitted practice amount | $ 64,533,000 | $ 64,555,000 | ||
County Mutual [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Noncontrolling interest | $ 6,750,000 | $ 6,750,000 | ||
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 | 74,000 | |||
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 granted vest after a one-year or 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 Nonc80
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | ||
Shares issued | 30,832,449 | 30,832,449 |
Treasury shares | (3,900,565) | (3,917,933) |
Outstanding shares | 26,931,884 | 26,914,516 |
Restricted shares | (74,000) | (76,000) |
Unrestricted outstanding shares | 26,857,884 | 26,838,516 |
Stockholders' Equity and Nonc81
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Stock Appreciation Rights [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 6,153 | ||||
Expired, Shares | (3,034) | ||||
Ending balance, Shares | 3,119 | 3,119 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 113.36 | ||||
Weighted-Average Grant Date Fair Value, Expired | 118.50 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 108.37 | $ 108.37 | |||
Weighted-average contractual remaining life (in years) | 11 months 19 days | ||||
Exercisable shares | 3,119 | 3,119 | |||
Weighted-average exercise price | $ 108.37 | ||||
Weighted-average exercise price exercisable shares | $ 108.37 | $ 108.37 | |||
Compensation expense (credit) | $ (14,000) | $ 4,000 | $ (49,000) | $ 37,000 | |
Fair value of liability award | $ 30,000 | $ 30,000 | $ 213,000 | ||
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 76,000 | ||||
Exercised, Shares | (2,000) | ||||
Ending balance, Shares | 74,000 | 74,000 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 110.73 | ||||
Weighted-Average Grant Date Fair Value, Exercised | 130.52 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 110.19 | $ 110.19 | |||
Weighted-average contractual remaining life (in years) | 2 years 10 months 21 days | ||||
Weighted-average exercise price | $ 110.19 | ||||
Compensation expense (credit) | $ 205,000 | 209,000 | $ 412,000 | 419,000 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning balance, Shares | 100,445 | ||||
Granted, Shares | 16,500 | ||||
Exercised, Shares | (61,386) | ||||
Forfeited, Shares | (33) | ||||
Ending balance, Shares | 55,526 | 55,526 | |||
Weighted-Average Grant Date Fair Value, Beginning balance | $ 105.97 | ||||
Weighted-Average Grant Date Fair Value, Granted | 117.69 | ||||
Weighted-Average Grant Date Fair Value, Exercised | 108.81 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | 104.75 | ||||
Weighted-Average Grant Date Fair Value, Ending balance | $ 106.32 | $ 106.32 | |||
Weighted-average contractual remaining life (in years) | 1 year 1 month 9 days | ||||
Weighted-average exercise price | $ 106.32 | ||||
Compensation expense (credit) | $ 1,519,000 | $ 345,000 | $ 1,649,000 | $ 4,447,000 | |
Fair value of liability award | $ 6,468,000 | $ 6,468,000 | $ 13,197,000 |
Stockholders' Equity and Nonc82
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding | 26,892,656 | 26,908,077 | 26,896,965 | 26,908,748 |
Incremental shares from RS awards and RSUs | 63,225 | 62,520 | 69,210 | 56,954 |
Total shares for diluted calculations | 26,955,881 | 26,970,597 | 26,966,175 | 26,965,702 |
Net income attributable to American National (in thousands) | $ 35,959 | $ 32,625 | $ 75,799 | $ 61,941 |
Basic earnings per share | $ 1.34 | $ 1.21 | $ 2.82 | $ 2.30 |
Diluted earnings per share | $ 1.33 | $ 1.21 | $ 2.81 | $ 2.30 |
Stockholders' Equity and Nonc83
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Life [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory capital and surplus | $ 1,959,927 | $ 1,959,927 | $ 1,921,171 | ||
Statutory net income (loss) | 20,809 | $ 19,182 | 18,342 | $ 23,109 | |
Property and Casualty [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory capital and surplus | 1,079,183 | 1,079,183 | $ 1,074,525 | ||
Statutory net income (loss) | $ (5,639) | $ (1,291) | $ 1,172 | $ 3,257 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | $ 33,901 | $ 40,280 | $ 76,664 | $ 63,788 |
Life [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 7,816 | 16,766 | 15,303 | 13,285 |
Annuity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 17,871 | 17,463 | 41,624 | 35,434 |
Accident and Health [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | 3,492 | 4,419 | 5,549 | 3,785 |
Property and Casualty [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | (9,267) | (4,775) | (6,844) | 2,215 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations | $ 13,989 | $ 6,407 | $ 21,032 | $ 9,069 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments outstanding, aggregate amount | $ 859,961,000 | |
Commitments expected to be funded in 2017 | 455,221,000 | |
Short-term borrowing facility, maximum capacity | 100,000,000 | |
Short-term borrowing facility, letters of credit | 55,000,000 | |
Letters of credit outstanding, amount | $ 9,548,000 | $ 9,473,000 |
Short-term borrowing facility, expiration date | Oct. 30, 2017 | |
Total amount of guarantees outstanding | $ 206,376,000 | |
Life insurance policies with guarantees, cash value | 212,268,000 | |
After-tax expense recognized | $ 4,673,000 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Gal-Tex Hotel Corporation [Member] | Mortgage Loan On Real Estate Income Statement Effect [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | $ 752 | $ 700 | |
Gal-Tex Hotel Corporation [Member] | Net Investment Income [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 125 | 177 | |
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 | 3,004 | $ 3,756 | |
Gal-Tex Hotel Corporation [Member] | Net Investment Income Accrual [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to (from) American National | 18 | 23 | |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Dollar amount of transactions | 5,624 | $ 4,627 | |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses Accrual [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to (from) American National | $ (417) | $ (283) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Gal-Tex Hotel Corporation [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transaction [Line Items] | |
Interest rate on mortgage loans | 7.25% |
Due date of mortgage loans receivable | Apr. 1, 2019 |