Fair Value Disclosures [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Fair Value Disclosures [Abstract] | |
Summary of Company's fair value hierarchy measured at recurring basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured and carried at fair value on a recurring basis. At December 31, 2016, these Level 3 invested assets comprised approximately 2.7% of the Company’s total investment portfolio fair value. | | | | | | | | Fair Value Measurements at | | | | Carrying | | | Fair | | | Reporting Date Using | | | | Amount | | | Value | | | Level 1 | | | Level 2 | | | Level 3 | | December 31, 2016 | | | | | | | | | | | | | | | | | | | | | Financial Assets | | | | | | | | | | | | | | | | | | | | | Investments | | | | | | | | | | | | | | | | | | | | | Fixed maturities | | | | | | | | | | | | | | | | | | | | | U.S. Government and federally sponsored agency obligations: | | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | $ | 442,419 | | | $ | 442,419 | | | $ | - | | | $ | 439,004 | | | $ | 3,415 | | Other, including | | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | | | 467,143 | | | | 467,143 | | | | 13,631 | | | | 453,512 | | | | - | | Municipal bonds | | | 1,769,397 | | | | 1,769,397 | | | | - | | | | 1,722,900 | | | | 46,497 | | Foreign government bonds | | | 98,669 | | | | 98,669 | | | | - | | | | 98,669 | | | | - | | Corporate bonds | | | 2,810,221 | | | | 2,810,221 | | | | 13,532 | | | | 2,736,498 | | | | 60,191 | | Other mortgage-backed securities | | | 1,868,859 | | | | 1,868,859 | | | | - | | | | 1,767,615 | | | | 101,244 | | Total fixed maturities | | | 7,456,708 | | | | 7,456,708 | | | | 27,163 | | | | 7,218,198 | | | | 211,347 | | Equity securities | | | 141,649 | | | | 141,649 | | | | 98,632 | | | | 43,011 | | | | 6 | | Short-term investments | | | 44,918 | | | | 44,918 | | | | 44,167 | | | | - | | | | 751 | | Other investments | | | 20,194 | | | | 20,194 | | | | - | | | | 20,194 | | | | - | | Totals | | | 7,663,469 | | | | 7,663,469 | | | | 169,962 | | | | 7,281,403 | | | | 212,104 | | Financial Liabilities | | | | | | | | | | | | | | | | | | | | | Investment contract and life policy reserves, embedded derivatives | | | 158 | | | | 158 | | | | - | | | | 158 | | | | - | | Other policyholder funds, embedded derivatives | | | 59,393 | | | | 59,393 | | | | - | | | | - | | | | 59,393 | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | | | | | | | | | | | | | | | | | | | Financial Assets | | | | | | | | | | | | | | | | | | | | | Investments | | | | | | | | | | | | | | | | | | | | | Fixed maturities | | | | | | | | | | | | | | | | | | | | | U.S. Government and federally sponsored agency obligations: | | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | $ | 504,414 | | | $ | 504,414 | | | $ | - | | | $ | 504,414 | | | $ | - | | Other, including | | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | | | 546,111 | | | | 546,111 | | | | 14,258 | | | | 531,853 | | | | - | | Municipal bonds | | | 1,708,943 | | | | 1,708,943 | | | | - | | | | 1,678,564 | | | | 30,379 | | Foreign government bonds | | | 73,617 | | | | 73,617 | | | | - | | | | 73,617 | | | | - | | Corporate bonds | | | 2,779,415 | | | | 2,779,415 | | | | 10,195 | | | | 2,701,645 | | | | 67,575 | | Other mortgage-backed securities | | | 1,478,840 | | | | 1,478,840 | | | | - | | | | 1,403,374 | | | | 75,466 | | Total fixed maturities | | | 7,091,340 | | | | 7,091,340 | | | | 24,453 | | | | 6,893,467 | | | | 173,420 | | Equity securities | | | 99,797 | | | | 99,797 | | | | 86,088 | | | | 13,703 | | | | 6 | | Short-term investments | | | 174,152 | | | | 174,152 | | | | 169,764 | | | | 4,388 | | | | - | | Other investments | | | 14,001 | | | | 14,001 | | | | - | | | | 14,001 | | | | - | | Totals | | | 7,379,290 | | | | 7,379,290 | | | | 280,305 | | | | 6,925,559 | | | | 173,426 | | Financial Liabilities | | | | | | | | | | | | | | | | | | | | | Investment contract and life policy reserves, embedded derivatives | | | 14 | | | | 14 | | | | - | | | | 14 | | | | - | | Other policyholder funds, embedded derivatives | | | 39,021 | | | | 39,021 | | | | - | | | | - | | | | 39,021 | | |
Table for reconciliations for all Level 3 assets measured at fair value on a recurring basis | The following tables present reconciliations for the periods indicated for all Level 3 assets and liabilities measured at fair value on a recurring basis. | | | | | | | | | | | | | | | | | | | | | | | Financial | | | | Financial Assets | | Liabilities(1) | | | | | | | | | | Other | | | | | | | | | | | | | | | | | | | | | | Mortgage- | | Total | | | | | | | | | | | | | | Municipal | | Corporate | | Backed | | Fixed | | Equity | | Short-term | | | | | | | | | Bonds | | Bonds | | Securities (2) | | Maturities | | Securities | | Investments | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Beginning balance, January 1, 2016 | | $ | 30,379 | | $ | 67,575 | | $ | 75,466 | | $ | 173,420 | | $ | 6 | | $ | - | | $ | 173,426 | | $ | 39,021 | | Transfers into Level 3 (3) | | | 17,710 | | | 27,561 | | | 39,128 | | | 84,399 | | | - | | | 751 | | | 85,150 | | | - | | Transfers out of Level 3 (3) | | | - | | | (14,334) | | | (6,694) | | | (21,028) | | | - | | | - | | | (21,028) | | | - | | Total gains or losses | | | | | | | | | | | | | | | | | | | | | | | | | | Net realized investment gains (losses) included in net income related to financial assets | | | - | | | (1,833) | | | (56) | | | (1,889) | | | - | | | - | | | (1,889) | | | - | | Net realized (gains) losses included in net income related to financial liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 5,011 | | Net unrealized investment gains (losses) included in other comprehensive income | | | (990) | | | (205) | | | 5,895 | | | 4,700 | | | - | | | - | | | 4,700 | | | - | | Purchases | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | Issuances | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 17,113 | | Sales | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | Settlements | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | Paydowns, maturities and distributions | | | (602) | | | (18,573) | | | (9,080) | | | (28,255) | | | - | | | - | | | (28,255) | | | (1,752) | | Ending balance, December 31, 2016 | | $ | 46,497 | | $ | 60,191 | | $ | 104,659 | | $ | 211,347 | | $ | 6 | | $ | 751 | | $ | 212,104 | | $ | 59,393 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Beginning balance, January 1, 2015 | | $ | 13,628 | | $ | 74,717 | | $ | 82,949 | | $ | 171,294 | | $ | 6 | | $ | - | | $ | 171,300 | | $ | 20,049 | | Transfers into Level 3 (3) | | | 16,326 | | | 5,729 | | | 15,685 | | | 37,740 | | | - | | | - | | | 37,740 | | | - | | Transfers out of Level 3 (3) | | | - | | | (1,351) | | | (9,663) | | | (11,014) | | | - | | | - | | | (11,014) | | | - | | Total gains or losses | | | | | | | | | | | | | | | | | | | | | | | | | | Net realized investment gains (losses) included in net income related to financial assets | | | - | | | 1,087 | | | - | | | 1,087 | | | (3) | | | - | | | 1,084 | | | - | | Net realized (gains) losses included in net income related to financial liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | (2,528) | | Net unrealized investment gains (losses) included in other comprehensive income | | | 782 | | | (1,935) | | | (854) | | | (2,007) | | | 4 | | | - | | | (2,003) | | | - | | Purchases | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | Issuances | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 23,595 | | Sales | | | - | | | (476) | | | - | | | (476) | | | (1) | | | - | | | (477) | | | - | | Settlements | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | Paydowns, maturities and distributions | | | (357) | | | (10,196) | | | (12,651) | | | (23,204) | | | - | | | - | | | (23,204) | | | (2,095) | | Ending balance, December 31, 2015 | | $ | 30,379 | | $ | 67,575 | | $ | 75,466 | | $ | 173,420 | | $ | 6 | | $ | - | | $ | 173,426 | | $ | 39,021 | | (1) | Represents embedded derivatives, all related to the Company’s FIA products, reported in Other policyholder funds in the Company’s Consolidated Balance Sheets. | (2) | Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other mortgage-backed securities. | (3) | Transfers into and out of Level 3 during the years ended December 31, 2016 and 2015 were attributable to changes in the availability of observable market information for individual fixed maturity securities and short-term investments. The Company’s policy is to recognize transfers into and transfers out of the levels as having occurred at the end of the reporting period in which the transfers were determined. | |
Summary of fair value assets and liabilities measured on nonrecurring basis | The Company has various other financial assets and financial liabilities used in the normal course of business that are not carried at fair value, but for which fair value disclosure is required. The following table presents the carrying value, fair value and fair value hierarchy of these financial assets and financial liabilities. | | | | | | | | Fair Value Measurements at | | | | Carrying | | Fair | | Reporting Date Using | | | | Amount | | Value | | Level 1 | | Level 2 | | Level 3 | | December 31, 2016 | | | | | | | | | | | | | | | | | Financial Assets | | | | | | | | | | | | | | | | | Investments | | | | | | | | | | | | | | | | | Other investments | | $ | 151,965 | | $ | 156,536 | | $ | - | | $ | - | | $ | 156,536 | | Financial Liabilities | | | | | | | | | | | | | | | | | Investment contract and life policy reserves, fixed annuity contracts | | | 4,360,456 | | | 4,280,528 | | | - | | | - | | | 4,280,528 | | Investment contract and life policy reserves, account values on life contracts | | | 79,591 | | | 85,066 | | | - | | | - | | | 85,066 | | Other policyholder funds | | | 649,557 | | | 649,557 | | | - | | | 575,253 | | | 74,304 | | Long-term debt | | | 247,209 | | | 248,191 | | | 248,191 | | | - | | | - | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | | | | | | | | | | | | | | | Financial Assets | | | | | | | | | | | | | | | | | Investments | | | | | | | | | | | | | | | | | Other investments | | $ | 148,759 | | $ | 153,228 | | $ | - | | $ | - | | $ | 153,228 | | Financial Liabilities | | | | | | | | | | | | | | | | | Investment contract and life policy reserves, fixed annuity contracts | | | 4,072,102 | | | 4,049,840 | | | - | | | - | | | 4,049,840 | | Investment contract and life policy reserves, account values on life contracts | | | 77,429 | | | 81,360 | | | - | | | - | | | 81,360 | | Other policyholder funds | | | 653,631 | | | 653,631 | | | - | | | 575,104 | | | 78,527 | | Long-term debt | | | 246,975 | | | 252,700 | | | 252,700 | | | - | | | - | | |