Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 17,431
|
$ 52,032
|
$ 65,306
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Depreciation and amortization |
14,120
|
16,379
|
24,400
|
| Net amortization of investments |
8,671
|
6,854
|
6,091
|
| Additions to the allowance for doubtful receivables |
1,601
|
16,121
|
14,819
|
| Deferred tax benefit |
(8,326)
|
(5,070)
|
(21,806)
|
| Net realized investment gain on sale of securities |
(17,379)
|
(18,941)
|
(18,231)
|
| Interest credited to policyholder deposits |
3,794
|
5,690
|
3,510
|
| Share-based compensation |
2,463
|
8,290
|
2,371
|
| (Increase) decrease in assets |
|
|
|
| Premium and other receivables, net |
(5,320)
|
6,399
|
(45,046)
|
| Deferred policy acquisition costs and value of business acquired |
(7,286)
|
(6,548)
|
(6,811)
|
| Deferred taxes |
(4,799)
|
3,616
|
1,954
|
| Other assets |
(9,009)
|
(2,630)
|
8,630
|
| (Decrease) increase in liabilities |
|
|
|
| Claim liabilities |
(3,822)
|
101,679
|
(30,335)
|
| Liability for future policy benefits |
31,702
|
18,146
|
23,930
|
| Unearned premiums |
(950)
|
(2,396)
|
(4,706)
|
| Liability to FEHBP |
7,675
|
11,029
|
7,518
|
| Accounts payable and accrued liabilities |
(24,095)
|
18,444
|
6,397
|
| Net cash provided by operating activities |
6,471
|
229,094
|
37,991
|
| Securities available for sale |
|
|
|
| Fixed maturities sold |
400,848
|
355,045
|
235,282
|
| Fixed maturities matured |
56,988
|
67,615
|
31,329
|
| Equity securities sold |
109,049
|
100,152
|
113,942
|
| Securities held to maturity |
|
|
|
| Fixed maturities matured |
1,538
|
640
|
4,127
|
| Other investments |
0
|
0
|
8,925
|
| Securities available for sale |
|
|
|
| Fixed maturities |
(482,252)
|
(469,198)
|
(288,507)
|
| Equity securities |
(163,119)
|
(92,844)
|
(69,101)
|
| Securities held to maturity |
|
|
|
| Fixed maturities |
(1,445)
|
(624)
|
(935)
|
| Other investments |
(2,493)
|
(2,427)
|
(483)
|
| Net disbursements for policy loans |
(663)
|
(641)
|
(555)
|
| Net capital expenditures |
(4,750)
|
(9,094)
|
(4,783)
|
| Net cash (used in) provided by investing activities |
(86,299)
|
(51,376)
|
29,241
|
| Cash flows from financing activities |
|
|
|
| Repurchase and retirement of common stock |
(21,371)
|
(48,287)
|
(11,337)
|
| Change in outstanding checks in excess of bank balances |
12,250
|
(1,786)
|
(4,858)
|
| Repayments of long-term borrowings |
(1,742)
|
(37,640)
|
(14,835)
|
| Proceeds from policyholder deposits |
18,224
|
16,563
|
9,551
|
| Surrenders of policyholder deposits |
(21,923)
|
(18,787)
|
(10,072)
|
| Net cash used in financing activities |
(14,562)
|
(89,937)
|
(31,551)
|
| Net (decrease) increase in cash and cash equivalents |
(94,390)
|
87,781
|
35,681
|
| Cash and cash equivalents |
|
|
|
| Beginning of year |
197,818
|
110,037
|
74,356
|
| End of year |
$ 103,428
|
$ 197,818
|
$ 110,037
|