|
Consolidated Statements of Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Insurance revenues: |
|
|
| Net premiums |
$ 40,976 |
$ 41,787 |
| Contract charges |
28,392 |
28,798 |
| Total insurance revenues |
69,368 |
70,585 |
| Investment revenues: |
|
|
| Net investment income |
39,692 |
40,691 |
| Net realized investment gains (losses), excluding other-than-temporary impairment losses |
(28) |
1,665 |
| Net impairment losses recognized in earnings: |
|
|
| Total other-than-temporary impairment losses |
0 |
(213) |
| Portion of impairment losses recognized in other comprehensive income |
(7) |
51 |
| Net other-than-temporary impairment losses recognized in earnings |
(7) |
(162) |
| Total investment revenues |
39,657 |
42,194 |
| Other revenues |
1,780 |
2,333 |
| Total revenues |
110,805 |
115,112 |
| BENEFITS AND EXPENSES |
|
|
| Policyholder benefits |
50,342 |
52,754 |
| Interest credited to policyholder account balances |
18,439 |
18,946 |
| Amortization of deferred acquisition costs |
8,384 |
8,828 |
| Operating expenses |
24,118 |
26,620 |
| Total benefits and expenses |
101,283 |
107,148 |
| Income before income tax expense |
9,522 |
7,964 |
| Income tax expense |
2,744 |
2,292 |
| Net income |
6,778 |
5,672 |
| COMPREHENSIVE INCOME, NET OF TAXES |
|
|
| Change in net unrealized gains on securities available for sale, net of DAC and VOBA |
16,020 |
19,365 |
| Change in future policy benefits |
(2,989) |
(3,633) |
| Change in policyholder account balances |
(98) |
(131) |
| Other comprehensive income |
12,933 |
15,601 |
| COMPREHENSIVE INCOME |
$ 19,711 |
$ 21,273 |
| Basic and diluted earnings per share: |
|
|
| Net income (USD per share) |
$ 0.63 |
$ 0.52 |