|
Consolidated Statements of Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Insurance revenues: |
|
|
|
|
| Net premiums |
$ 42,480 |
$ 43,704 |
$ 125,601 |
$ 141,470 |
| Contract charges |
29,541 |
29,319 |
89,173 |
84,278 |
| Total insurance revenues |
72,021 |
73,023 |
214,774 |
225,748 |
| Investment revenues: |
|
|
|
|
| Net investment income |
40,608 |
41,961 |
122,650 |
127,249 |
| Net realized investment gains, excluding other- than-temporary impairment losses |
981 |
1,956 |
3,430 |
4,134 |
| Net impairment losses recognized in earnings: |
|
|
|
|
| Total other-than-temporary impairment losses |
(765) |
(116) |
(1,221) |
(575) |
| Portion of impairment losses recognized in other comprehensive income (loss) |
433 |
21 |
620 |
120 |
| Net other-than-temporary impairment losses recognized in earnings |
(332) |
(95) |
(601) |
(455) |
| Total investment revenues |
41,257 |
43,822 |
125,479 |
130,928 |
| Other revenues |
2,385 |
2,604 |
7,061 |
7,395 |
| Total revenues |
115,663 |
119,449 |
347,314 |
364,071 |
| BENEFITS AND EXPENSES |
|
|
|
|
| Policyholder benefits |
49,675 |
50,814 |
152,582 |
159,547 |
| Interest credited to policyholder account balances |
18,999 |
19,922 |
57,205 |
59,450 |
| Amortization of deferred acquisition costs |
9,797 |
9,247 |
31,154 |
29,016 |
| Operating expenses |
25,588 |
28,660 |
74,321 |
81,668 |
| Total benefits and expenses |
104,059 |
108,643 |
315,262 |
329,681 |
| Income before income tax expense |
11,604 |
10,806 |
32,052 |
34,390 |
| Income tax expense |
3,814 |
3,696 |
10,303 |
11,241 |
| Net income |
7,790 |
7,110 |
21,749 |
23,149 |
| COMPREHENSIVE INCOME (LOSS), NET OF TAXES |
|
|
|
|
| Change in net unrealized gains on securities available for sale |
(9,096) |
(7,155) |
29,177 |
(51,030) |
| Change in future policy benefits |
623 |
268 |
(5,939) |
7,192 |
| Change in policyholder account balances |
41 |
28 |
(203) |
350 |
| Change in benefit plan obligations |
0 |
0 |
0 |
5,010 |
| Other comprehensive income (loss) |
(8,432) |
(6,859) |
23,035 |
(38,478) |
| COMPREHENSIVE INCOME (LOSS) |
$ (642) |
$ 251 |
$ 44,784 |
$ (15,329) |
| Basic and diluted earnings per share: |
|
|
|
|
| Net income (USD per share) |
$ 0.71 |
$ 0.65 |
$ 1.98 |
$ 2.10 |