|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| OPERATING ACTIVITIES |
|
|
| Net income |
$ 31,970 |
$ 20,430 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of investment premium and discount |
2,971 |
2,268 |
| Depreciation |
6,105 |
2,345 |
| Acquisition costs capitalized |
(27,839) |
(26,383) |
| Amortization of deferred acquisition costs |
20,173 |
21,866 |
| Realized investment gains |
(16,848) |
(2,572) |
| Changes in assets and liabilities: |
|
|
| Reinsurance receivables |
(3,499) |
(5,007) |
| Future policy benefits |
613 |
(7,497) |
| Policyholder account balances |
(6,716) |
(3,729) |
| Income taxes payable and deferred |
3,264 |
4,515 |
| Other, net |
(8,449) |
(5,174) |
| Net cash provided |
1,745 |
1,062 |
| Purchases: |
|
|
| Fixed maturity securities |
(268,077) |
(146,508) |
| Equity securities |
(894) |
(191) |
| Mortgage loans |
(38,533) |
(122,860) |
| Real estate |
(29,329) |
(7,188) |
| Policy loans |
(11,299) |
(10,898) |
| Sales or maturities, calls, and principal paydowns: |
|
|
| Fixed maturity securities |
148,376 |
225,993 |
| Equity securities |
179 |
1,214 |
| Mortgage loans |
79,155 |
58,655 |
| Real estate |
51,864 |
|
| Policy loans |
13,502 |
13,417 |
| Net sales (purchases) of short-term investments |
22,285 |
(24,823) |
| Net acquisition of property and equipment |
(294) |
(283) |
| Net cash used |
(33,065) |
(13,472) |
| FINANCING ACTIVITIES |
|
|
| Deposits on policyholder account balances |
171,731 |
181,502 |
| Withdrawals from policyholder account balances |
(129,530) |
(149,882) |
| Net transfers from separate accounts |
3,269 |
3,925 |
| Change in other deposits |
(6,274) |
(4,795) |
| Cash dividends to stockholders |
(9,088) |
(9,287) |
| Net change in treasury stock |
(2,043) |
(3,719) |
| Net cash provided |
28,065 |
17,744 |
| Increase (decrease) in cash |
(3,255) |
5,334 |
| Cash at beginning of year |
10,436 |
5,445 |
| Cash at end of period |
7,181 |
10,779 |
| Cash paid during the period for: |
|
|
| Income taxes |
$ 11,000 |
$ 8,040 |