|
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| Insurance revenues: | ||||
| Premiums, net | $ 33,049 | $ 32,476 | $ 99,958 | $ 96,902 |
| Contract charges | 24,464 | 25,427 | 75,187 | 75,413 |
| Total insurance revenues | 57,513 | 57,903 | 175,145 | 172,315 |
| Investment revenues: | ||||
| Net investment income | 44,645 | 43,093 | 132,289 | 133,377 |
| Net realized investment gains, excluding impairment losses | 606 | 210 | 17,804 | 3,115 |
| Net impairment losses recognized in earnings: | ||||
| Total other-than-temporary impairment losses | (697) | (167) | (1,153) | (674) |
| Portion of impairment losses recognized in other comprehensive income | 47 | 17 | 197 | 131 |
| Net impairment losses recognized in earnings | (650) | (150) | (956) | (543) |
| Total investment revenues | 44,601 | 43,153 | 149,137 | 135,949 |
| Other revenues | 2,146 | 2,215 | 6,643 | 7,289 |
| Total revenues | 104,260 | 103,271 | 330,925 | 315,553 |
| BENEFITS AND EXPENSES | ||||
| Policyholder benefits | 39,500 | 38,540 | 119,246 | 122,679 |
| Interest credited to policyholder account balances | 20,436 | 21,119 | 61,371 | 62,366 |
| Amortization of deferred acquisition costs | 7,151 | 11,577 | 20,173 | 21,866 |
| Operating expenses | 30,943 | 24,593 | 81,983 | 76,956 |
| Total benefits and expenses | 98,030 | 95,829 | 282,773 | 283,867 |
| Income before income tax expense | 6,230 | 7,442 | 48,152 | 31,686 |
| Income tax expense | 2,098 | 2,976 | 16,182 | 11,256 |
| NET INCOME | 4,132 | 4,466 | 31,970 | 20,430 |
| COMPREHENSIVE INCOME, NET OF TAXES | ||||
| Change in net unrealized gains on securities available for sale | 22,033 | 24,269 | 40,050 | 43,447 |
| Change in future policy benefits | (3,617) | (3,862) | (8,586) | (6,068) |
| Change in policyholder account balances | (178) | (95) | (396) | (172) |
| Other comprehensive income | 18,238 | 20,312 | 31,068 | 37,207 |
| COMPREHENSIVE INCOME | $ 22,370 | $ 24,778 | $ 63,038 | $ 57,637 |
| Basic and diluted earnings per share: | ||||
| Net income | $ 0.38 | $ 0.39 | $ 2.88 | $ 1.78 |