|
Consolidated Statements Comprehensive of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Insurance revenues: | ||||
| Premiums, net | $ 34,205 | $ 30,801 | $ 66,909 | $ 64,426 |
| Contract charges | 25,590 | 23,752 | 50,723 | 49,986 |
| Total insurance revenues | 59,795 | 54,553 | 117,632 | 114,412 |
| Investment revenues: | ||||
| Net investment income | 43,435 | 44,893 | 87,644 | 90,284 |
| Net realized investment gains, excluding impairment losses | 1,361 | 1,893 | 17,198 | 2,905 |
| Net impairment losses recognized in earnings: | ||||
| Total other-than-temporary impairment losses | (188) | (238) | (456) | (507) |
| Portion of loss recognized in other comprehensive income | 42 | 56 | 150 | 114 |
| Net impairment losses recognized in earnings | (146) | (182) | (306) | (393) |
| Total investment revenues | 44,650 | 46,604 | 104,536 | 92,796 |
| Other revenues | 2,312 | 2,666 | 4,497 | 5,074 |
| Total revenues | 106,757 | 103,823 | 226,665 | 212,282 |
| BENEFITS AND EXPENSES | ||||
| Policyholder benefits | 41,276 | 38,865 | 79,746 | 84,139 |
| Interest credited to policyholder account balances | 20,377 | 20,766 | 40,935 | 41,247 |
| Amortization of deferred acquisition costs | 5,121 | 705 | 13,022 | 10,289 |
| Operating expenses | 27,078 | 26,498 | 51,040 | 52,363 |
| Total benefits and expenses | 93,852 | 86,834 | 184,743 | 188,038 |
| Income before income tax expense | 12,905 | 16,989 | 41,922 | 24,244 |
| Income tax expense | 4,508 | 5,816 | 14,084 | 8,280 |
| NET INCOME | 8,397 | 11,173 | 27,838 | 15,964 |
| COMPREHENSIVE INCOME, NET OF TAXES | ||||
| Change in net unrealized gains on securities available for sale | 15,925 | 19,802 | 18,017 | 19,178 |
| Change in future policy benefits | (3,502) | (2,926) | (4,969) | (2,206) |
| Change in policyholder account balances | (143) | (83) | (218) | (77) |
| Other comprehensive income | 12,280 | 16,793 | 12,830 | 16,895 |
| COMPREHENSIVE INCOME | $ 20,677 | $ 27,966 | $ 40,668 | $ 32,859 |
| Basic and diluted earnings per share: | ||||
| Net income | $ 0.78 | $ 0.97 | $ 2.50 | $ 1.39 |