Fair Value Disclosures (Tables)
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12 Months Ended |
Dec. 31, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of the Company's Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present the Company's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014. The amounts presented below for Cash equivalents and Assets and Liabilities held in separate accounts differ from the amounts presented in the balance sheet because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. The fair value amount and the majority of the associated levels presented for Assets and Liabilities held in separate accounts are received directly from third parties. | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets | Fixed maturity securities: | United States Government and government agencies and authorities | | $ | 813 |
| | $ | — |
| | | $ | 813 |
| | | $ | — |
| State, municipalities and political subdivisions | | 25,674 |
| | — |
| | | 25,674 |
| | | — |
| Foreign governments | | 369 |
| | — |
| | | 369 |
| | | — |
| Commercial mortgage-backed | | 391 |
| | — |
| | | 391 |
| | | — |
| Residential mortgage-backed | | 7,272 |
| | — |
| | | 7,272 |
| | | — |
| Corporate | | 51,229 |
| | — |
| | | 50,209 |
| | | 1,020 |
| Equity securities: | | | | | | | | | | | Non-redeemable preferred stocks | | 7,419 |
| | — |
| | | 7,419 |
| | | — |
| Short-term investments | | 10,498 |
| | 10,498 |
| (b) | | — |
| | | — |
| Cash equivalents | | 702 |
| | 702 |
| (b) | | — |
| | | — |
| Assets held in separate accounts | | 11,259 |
| | 7,097 |
| (a) | | 4,162 |
| (c) | | — |
| Total financial assets | | $ | 115,626 |
| | $ | 18,297 |
| | | $ | 96,309 |
| | | $ | 1,020 |
| Financial Liabilities | | | | | | | | | | | Liabilities related to separate accounts | | $ | 11,259 |
| | $ | 7,097 |
| (a) | | $ | 4,162 |
| (c) | | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets | Fixed maturity securities: | United States Government and government agencies and authorities | | $ | 797 |
| | $ | — |
| | | $ | 797 |
| | | $ | — |
| State, municipalities and political subdivisions | | 28,918 |
| | — |
| | | 28,918 |
| | | — |
| Foreign governments | | 376 |
| | — |
| | | 376 |
| | | — |
| Commercial mortgage-backed | | 499 |
| | — |
| | | 499 |
| | | — |
| Residential mortgage-backed | | 7,701 |
| | — |
| | | 7,701 |
| | | — |
| Corporate | | 59,178 |
| | — |
| | | 57,970 |
| | | 1,208 |
| Equity securities: | | | | | | | | | | | Non-redeemable preferred stocks | | 7,968 |
| | — |
| | | 7,968 |
| | | — |
| Short-term investments | | 7,202 |
| | 7,202 |
| (b) | | — |
| | | — |
| Cash equivalents | | 50 |
| | 50 |
| (b) | | — |
| | | — |
| Assets held in separate accounts | | 11,930 |
| | 8,028 |
| (a) | | 3,902 |
| (c) | | — |
| Total financial assets | | $ | 124,619 |
| | $ | 15,280 |
| | | $ | 108,131 |
| | | $ | 1,208 |
| Financial Liabilities | | | | | | | | | | | Liabilities related to separate accounts | | $ | 11,930 |
| | $ | 8,028 |
| (a) | | $ | 3,902 |
| (c) | | $ | — |
|
a. Mainly includes mutual funds. b. Mainly includes money market funds. c. Mainly includes fixed maturity securities. |
| Summary of the Change in Balance Sheet Carrying Value Associated with Level 3 Financial Assets Carried at Fair Value |
The following tables summarize the change in balance sheet carrying value associated with Level 3 financial assets carried at fair value during the years ended December 31, 2015 and 2014: | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2015 | | Balance, beginning of period | | Total losses (realized/ unrealized) included in earnings (1) | | Net unrealized losses included in other comprehensive income (2) | | Purchases | | Sales | | Transfers out (3) | | Balance, end of period | Fixed maturity securities: | Corporate | $ | 1,208 |
| | (9 | ) | | (11 | ) | | — |
| | (95 | ) | | (73 | ) | | $ | 1,020 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2014 | | Balance, beginning of period | | Total losses (realized/ unrealized) included in earnings (1) | | Net unrealized gains included in other comprehensive income (2) | | Purchases | | Sales | | Transfers out (3) | | Balance, end of period | Fixed maturity securities: | States, municipalities and political subdivisions | $ | 1,101 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1,101 | ) | | $ | — |
| Corporate | 1,308 |
| | (13 | ) | | 13 |
| | 232 |
| | (332 | ) | | — |
| | 1,208 |
| Total level 3 assets | $ | 2,409 |
| | $ | (13 | ) | | $ | 13 |
| | $ | 232 |
| | $ | (332 | ) | | $ | (1,101 | ) | | $ | 1,208 |
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(1) Included as part of net realized gains on investments in the statement of operations. (2) Included as part of change in unrealized gains on securities in the statement of comprehensive income. (3) Transfers are primarily attributable to changes in the availability of observable market information and re-evaluation of the observability of pricing inputs. |
| Schedule of Carrying Value, Fair Value Amount and Hierarchy Level of the Financial Instruments That Are Not Recognized or Are Not Carried at Fair Value |
The following tables disclose the carrying value, fair value amount and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the balance sheet: | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | | | Fair Value | | | Carrying Value | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets | Commercial mortgage loans on real estate | | $ | 15,311 |
| | $ | 16,217 |
| | $ | — |
| | $ | — |
| | $ | 16,217 |
| Policy loans | | 244 |
| | 244 |
| | 244 |
| | — |
| | — |
| Total financial assets | | $ | 15,555 |
| | $ | 16,461 |
| | $ | 244 |
| | $ | — |
| | $ | 16,217 |
| Financial Liabilities | Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | | $ | 4,899 |
| | $ | 5,389 |
| | $ | — |
| | $ | — |
| | $ | 5,389 |
| Funds withheld under reinsurance | | 190 |
| | 190 |
| | 190 |
| | — |
| | — |
| Total financial liabilities | | $ | 5,089 |
| | $ | 5,579 |
| | $ | 190 |
| | $ | — |
| | $ | 5,389 |
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| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | | | Fair Value | | | Carrying Value | | Total | | Level 1 | | Level 2 | | Level 3 | Financial Assets | Commercial mortgage loans on real estate | | $ | 19,772 |
| | $ | 22,366 |
| | $ | — |
| | $ | — |
| | $ | 22,366 |
| Policy loans | | 217 |
| | 217 |
| | 217 |
| | — |
| | — |
| Other investments | | 172 |
| | 172 |
| | — |
| | — |
| | 172 |
| Total financial assets | | $ | 20,161 |
| | $ | 22,755 |
| | $ | 217 |
| | $ | — |
| | $ | 22,538 |
| Financial Liabilities | Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | | $ | 4,487 |
| | $ | 5,074 |
| | $ | — |
| | $ | — |
| | $ | 5,074 |
| Funds withheld under reinsurance | | 167 |
| | 167 |
| | 167 |
| | — |
| | — |
| Total financial liabilities | | $ | 4,654 |
| | $ | 5,241 |
| | $ | 167 |
| | $ | — |
| | $ | 5,074 |
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(1) Only the fair value of the Company's policy reserves for investment-type contracts (those without significant mortality or morbidity risk) are reflected in the table above. |