|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
| OPERATING ACTIVITIES |
|
|
| Net income |
$ 5,188 |
$ 19,441 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of investment premium and discount |
1,021 |
995 |
| Depreciation |
1,034 |
828 |
| Acquisition costs capitalized |
(8,644) |
(9,652) |
| Amortization of deferred acquisition costs |
8,865 |
7,901 |
| Realized investment gains |
(317) |
(15,677) |
| Changes in assets and liabilities: |
|
|
| Reinsurance recoverables |
(1,418) |
(1,329) |
| Future policy benefits |
12,307 |
(1,200) |
| Policyholder account balances |
(7,737) |
(1,714) |
| Income taxes payable and deferred |
(1,144) |
5,976 |
| Other, net |
(4,071) |
(9,304) |
| Net cash provided (used) |
5,084 |
(3,735) |
| Purchases: |
|
|
| Fixed maturity securities |
(50,836) |
(128,592) |
| Equity securities |
(6,552) |
(705) |
| Mortgage loans |
(14,797) |
(11,292) |
| Real estate |
(8,483) |
(2,656) |
| Policy loans |
(3,271) |
(3,460) |
| Sales or maturities, calls, and principal paydowns: |
|
|
| Fixed maturity securities |
64,416 |
46,286 |
| Equity securities |
1,444 |
150 |
| Mortgage loans |
13,671 |
38,954 |
| Real estate |
342 |
47,328 |
| Policy loans |
4,595 |
4,261 |
| Net sales (purchases) of short-term investments |
10,310 |
(4,977) |
| Net acquisition of property and equipment |
(36) |
(72) |
| Net cash provided (used) |
10,803 |
(14,775) |
| FINANCING ACTIVITIES |
|
|
| Deposits on policyholder account balances |
51,774 |
61,463 |
| Withdrawals from policyholder account balances |
(65,574) |
(43,661) |
| Net transfers from separate accounts |
142 |
1,358 |
| Change in other deposits |
1,759 |
(2,865) |
| Cash dividends to stockholders |
(2,976) |
(3,054) |
| Net change in treasury stock |
(366) |
5 |
| Net cash provided (used) |
(15,241) |
13,246 |
| Increase (decrease) in cash |
646 |
(5,264) |
| Cash at beginning of year |
7,026 |
10,436 |
| Cash at end of period |
7,672 |
5,172 |
| Cash paid during the year for: |
|
|
| Income taxes |
$ 3,500 |
$ 3,000 |