CITIZENS, INC. | ||
(Exact name of registrant as specified in its charter) |
Colorado | 84-0755371 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act | ||||||||
Class A Common Stock | CIA | NYSE | ||||||
(Title of each class) | (Trading symbol(s)) | (Name of each exchange on which registered) |
Large accelerated filer | ☐ | Accelerated filer | ☒ | Emerging growth company | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
Page Number | |||||||||||
Part I. FINANCIAL INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II. OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,387,919 and $1,381,318 in 2023 and 2022, respectively) | $ | 1,229,691 | 1,179,619 | |||||||||||||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,385,121 and $1,381,318 in 2023 and 2022, respectively) | Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,385,121 and $1,381,318 in 2023 and 2022, respectively) | $ | 1,206,483 | 1,179,619 | ||||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 11,899 | 11,590 | Equity securities, at fair value | 11,710 | 11,590 | ||||||||||||||||
Policy loans | Policy loans | 78,659 | 78,773 | Policy loans | 77,944 | 78,773 | ||||||||||||||||
Other long-term investments (portion measured at fair value $71,990 and $66,846 in 2023 and 2022, respectively) | 72,254 | 69,558 | ||||||||||||||||||||
Other long-term investments (portion measured at fair value $76,999 and $66,846 in 2023 and 2022, respectively) | Other long-term investments (portion measured at fair value $76,999 and $66,846 in 2023 and 2022, respectively) | 77,262 | 69,558 | |||||||||||||||||||
Short-term investments | Short-term investments | 1,244 | 1,241 | Short-term investments | 249 | 1,241 | ||||||||||||||||
Total investments | Total investments | 1,393,747 | 1,340,781 | Total investments | 1,373,648 | 1,340,781 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 18,924 | 22,973 | Cash and cash equivalents | 20,914 | 22,973 | ||||||||||||||||
Accrued investment income | Accrued investment income | 16,958 | 17,131 | Accrued investment income | 17,054 | 17,131 | ||||||||||||||||
Reinsurance recoverable | Reinsurance recoverable | 4,323 | 4,560 | Reinsurance recoverable | 4,045 | 4,560 | ||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | 165,471 | 162,927 | Deferred policy acquisition costs | 168,341 | 162,927 | ||||||||||||||||
Cost of insurance acquired | Cost of insurance acquired | 10,486 | 10,647 | Cost of insurance acquired | 10,333 | 10,647 | ||||||||||||||||
Current federal income tax receivable | Current federal income tax receivable | — | 601 | Current federal income tax receivable | 1,562 | 601 | ||||||||||||||||
Property and equipment, net | Property and equipment, net | 12,592 | 12,926 | Property and equipment, net | 12,188 | 12,926 | ||||||||||||||||
Due premiums | Due premiums | 9,181 | 11,829 | Due premiums | 9,244 | 11,829 | ||||||||||||||||
Other assets (less allowance for losses of $359 and $347 in 2023 and 2022, respectively) | 6,799 | 6,328 | ||||||||||||||||||||
Other assets (less allowance for losses of $328 and $347 in 2023 and 2022, respectively) | Other assets (less allowance for losses of $328 and $347 in 2023 and 2022, respectively) | 6,665 | 6,328 | |||||||||||||||||||
Total assets | Total assets | $ | 1,638,481 | 1,590,703 | Total assets | $ | 1,623,994 | 1,590,703 |
(In thousands, except share amounts) | (In thousands, except share amounts) | March 31, 2023 | December 31, 2022 | (In thousands, except share amounts) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Liabilities and Stockholders' Equity (Deficit) | ||||||||||||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | |||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Policy liabilities: | Policy liabilities: | Policy liabilities: | ||||||||||||||||||||
Future policy benefit reserves: | Future policy benefit reserves: | Future policy benefit reserves: | ||||||||||||||||||||
Life insurance | Life insurance | $ | 1,218,295 | 1,198,647 | Life insurance | $ | 1,211,320 | 1,198,647 | ||||||||||||||
Accident and health | 848 | 767 | ||||||||||||||||||||
Accident and health insurance | Accident and health insurance | 926 | 767 | |||||||||||||||||||
Total future policy benefit reserves | Total future policy benefit reserves | 1,219,143 | 1,199,414 | Total future policy benefit reserves | 1,212,246 | 1,199,414 | ||||||||||||||||
Policyholders' funds: | Policyholders' funds: | Policyholders' funds: | ||||||||||||||||||||
Annuities | Annuities | 124,528 | 121,422 | Annuities | 127,485 | 121,422 | ||||||||||||||||
Dividend accumulations | Dividend accumulations | 42,668 | 41,663 | Dividend accumulations | 43,384 | 41,663 | ||||||||||||||||
Premiums paid in advance | Premiums paid in advance | 36,697 | 36,384 | Premiums paid in advance | 36,432 | 36,384 | ||||||||||||||||
Policy claims payable | Policy claims payable | 7,485 | 9,884 | Policy claims payable | 6,569 | 9,884 | ||||||||||||||||
Other policyholders' funds | Other policyholders' funds | 7,325 | 7,501 | Other policyholders' funds | 7,257 | 7,501 | ||||||||||||||||
Total policyholders' funds | Total policyholders' funds | 218,703 | 216,854 | Total policyholders' funds | 221,127 | 216,854 | ||||||||||||||||
Total policy liabilities | Total policy liabilities | 1,437,846 | 1,416,268 | Total policy liabilities | 1,433,373 | 1,416,268 | ||||||||||||||||
Commissions payable | Commissions payable | 1,948 | 1,967 | Commissions payable | 1,972 | 1,967 | ||||||||||||||||
Current federal income tax payable | 537 | — | ||||||||||||||||||||
Deferred federal income tax liability | Deferred federal income tax liability | 5,775 | 3,653 | Deferred federal income tax liability | 4,736 | 3,653 | ||||||||||||||||
Other liabilities | Other liabilities | 38,084 | 41,025 | Other liabilities | 37,067 | 41,025 | ||||||||||||||||
Total liabilities | Total liabilities | 1,484,190 | 1,462,913 | Total liabilities | 1,477,148 | 1,462,913 | ||||||||||||||||
Stockholders' Equity: | Stockholders' Equity: | Stockholders' Equity: | ||||||||||||||||||||
Common stock: | Common stock: | Common stock: | ||||||||||||||||||||
Class A, no par value, 100,000,000 shares authorized, 53,792,476 and 53,758,176 shares issued and outstanding in 2023 and 2022, respectively, including shares in treasury of 3,935,581 in 2023 and 2022 | 268,197 | 268,147 | ||||||||||||||||||||
Class A, no par value, 100,000,000 shares authorized, 53,864,545 and 53,758,176 shares issued and outstanding in 2023 and 2022, respectively, including shares in treasury of 4,261,005 in 2023 and 3,935,581 in 2022 | Class A, no par value, 100,000,000 shares authorized, 53,864,545 and 53,758,176 shares issued and outstanding in 2023 and 2022, respectively, including shares in treasury of 4,261,005 in 2023 and 3,935,581 in 2022 | 268,243 | 268,147 | |||||||||||||||||||
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2023 and 2022, including shares in treasury of 1,001,714 in 2023 and 2022 | Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2023 and 2022, including shares in treasury of 1,001,714 in 2023 and 2022 | 3,184 | 3,184 | Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2023 and 2022, including shares in treasury of 1,001,714 in 2023 and 2022 | 3,184 | 3,184 | ||||||||||||||||
Retained earnings | Retained earnings | 21,181 | 16,309 | Retained earnings | 27,307 | 16,309 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (115,465) | (137,044) | Accumulated other comprehensive income (loss) | (128,363) | (137,044) | ||||||||||||||||
Treasury stock, at cost | Treasury stock, at cost | (22,806) | (22,806) | Treasury stock, at cost | (23,525) | (22,806) | ||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 154,291 | 127,790 | Total stockholders' equity | 146,846 | 127,790 | ||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 1,638,481 | 1,590,703 | Total liabilities and stockholders' equity | $ | 1,623,994 | 1,590,703 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (In thousands, except per share amounts) | 2023 | 2022 | (In thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Premiums: | Premiums: | Premiums: | ||||||||||||||||||||||||||||||||||||||||||||
Life insurance | Life insurance | $ | 36,934 | 37,746 | Life insurance | $ | 39,292 | 40,761 | 76,226 | 78,507 | ||||||||||||||||||||||||||||||||||||
Accident and health insurance | Accident and health insurance | 358 | 286 | Accident and health insurance | 547 | 280 | 905 | 566 | ||||||||||||||||||||||||||||||||||||||
Property insurance | Property insurance | 957 | 1,332 | Property insurance | (113) | 1,183 | 844 | 2,515 | ||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 17,074 | 15,487 | Net investment income | 17,241 | 15,892 | 34,315 | 31,379 | ||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | Investment related gains (losses), net | (288) | (582) | Investment related gains (losses), net | 703 | (5,016) | 415 | (5,598) | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 879 | 1,088 | Other income | 857 | 634 | 1,736 | 1,722 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 55,914 | 55,357 | Total revenues | 58,527 | 53,734 | 114,441 | 109,091 | ||||||||||||||||||||||||||||||||||||||
Benefits and Expenses: | Benefits and Expenses: | Benefits and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Insurance benefits paid or provided: | Insurance benefits paid or provided: | Insurance benefits paid or provided: | ||||||||||||||||||||||||||||||||||||||||||||
Claims and surrenders | Claims and surrenders | 30,299 | 28,434 | Claims and surrenders | 32,776 | 27,097 | 63,075 | 55,531 | ||||||||||||||||||||||||||||||||||||||
Increase (decrease) in future policy benefit reserves | Increase (decrease) in future policy benefit reserves | (978) | 114 | Increase (decrease) in future policy benefit reserves | (944) | 3,730 | (1,922) | 3,844 | ||||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | Policyholder liability remeasurement (gain) loss | 880 | 668 | Policyholder liability remeasurement (gain) loss | 956 | 667 | 1,836 | 1,335 | ||||||||||||||||||||||||||||||||||||||
Policyholders' dividends | Policyholders' dividends | 1,108 | 1,353 | Policyholders' dividends | 1,261 | 1,515 | 2,369 | 2,868 | ||||||||||||||||||||||||||||||||||||||
Total insurance benefits paid or provided | Total insurance benefits paid or provided | 31,309 | 30,569 | Total insurance benefits paid or provided | 34,049 | 33,009 | 65,358 | 63,578 | ||||||||||||||||||||||||||||||||||||||
Commissions | Commissions | 9,013 | 7,673 | Commissions | 8,883 | 8,924 | 17,896 | 16,597 | ||||||||||||||||||||||||||||||||||||||
Other general expenses | Other general expenses | 11,260 | 11,030 | Other general expenses | 12,268 | 10,400 | 23,528 | 21,430 | ||||||||||||||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs | Capitalization of deferred policy acquisition costs | (6,358) | (4,781) | Capitalization of deferred policy acquisition costs | (6,544) | (6,184) | (12,902) | (10,965) | ||||||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | Amortization of deferred policy acquisition costs | 3,814 | 3,559 | Amortization of deferred policy acquisition costs | 3,674 | 3,468 | 7,488 | 7,027 | ||||||||||||||||||||||||||||||||||||||
Amortization of cost of insurance acquired | Amortization of cost of insurance acquired | 161 | 129 | Amortization of cost of insurance acquired | 153 | 151 | 314 | 280 | ||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | Total benefits and expenses | 49,199 | 48,179 | Total benefits and expenses | 52,483 | 49,768 | 101,682 | 97,947 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before federal income tax | Income (loss) before federal income tax | 6,715 | 7,178 | Income (loss) before federal income tax | 6,044 | 3,966 | 12,759 | 11,144 | ||||||||||||||||||||||||||||||||||||||
Federal income tax expense (benefit) | Federal income tax expense (benefit) | 1,843 | 729 | Federal income tax expense (benefit) | (82) | 1,474 | 1,761 | 2,203 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 4,872 | 6,449 | Net income (loss) | 6,126 | 2,492 | 10,998 | 8,941 | ||||||||||||||||||||||||||||||||||||||
Per Share Amounts: | Per Share Amounts: | Per Share Amounts: | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings (losses) per share of Class A common stock | Basic and diluted earnings (losses) per share of Class A common stock | 0.10 | 0.13 | Basic and diluted earnings (losses) per share of Class A common stock | 0.12 | 0.05 | 0.22 | 0.18 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss): | Other Comprehensive Income (Loss): | Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on fixed maturity securities: | Unrealized gains (losses) on fixed maturity securities: | Unrealized gains (losses) on fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during period | Unrealized holding gains (losses) arising during period | 43,436 | (132,765) | Unrealized holding gains (losses) arising during period | (20,430) | (119,531) | 23,006 | (252,296) | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses (gains) included in net income (loss) | Reclassification adjustment for losses (gains) included in net income (loss) | 38 | 59 | Reclassification adjustment for losses (gains) included in net income (loss) | 24 | (24) | 62 | 35 | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on fixed maturity securities, net | Unrealized gains (losses) on fixed maturity securities, net | 43,474 | (132,706) | Unrealized gains (losses) on fixed maturity securities, net | (20,406) | (119,555) | 23,068 | (252,261) | ||||||||||||||||||||||||||||||||||||||
Change in current discount rate for liability for future policy benefits | Change in current discount rate for liability for future policy benefits | (20,480) | 151,607 | Change in current discount rate for liability for future policy benefits | 6,251 | 120,437 | (14,229) | 272,044 | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) on other comprehensive income items | Income tax expense (benefit) on other comprehensive income items | 1,415 | 1,712 | Income tax expense (benefit) on other comprehensive income items | (1,257) | 4,634 | 158 | 6,346 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 21,579 | 17,189 | Other comprehensive income (loss) | (12,898) | (3,752) | 8,681 | 13,437 | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | 26,451 | 23,638 | Total comprehensive income (loss) | $ | (6,772) | (1,260) | 19,679 | 22,378 |
Common Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | ||||||||||||||||
(In thousands) | Class A | Class B | ||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 268,147 | 3,184 | 16,309 | (137,044) | (22,806) | 127,790 | Balance at December 31, 2022 | $ | 268,147 | 3,184 | 16,309 | (137,044) | (22,806) | 127,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | Comprehensive income (loss): | Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 4,872 | — | — | 4,872 | Net income (loss) | — | — | 4,872 | — | — | 4,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 21,579 | — | 21,579 | Other comprehensive income (loss) | — | — | — | 21,579 | — | 21,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | 4,872 | 21,579 | — | 26,451 | Total comprehensive income (loss) | — | — | 4,872 | 21,579 | — | 26,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 50 | — | — | — | — | 50 | Stock-based compensation | 50 | — | — | — | — | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | 268,197 | 3,184 | 21,181 | (115,465) | (22,806) | 154,291 | Balance at March 31, 2023 | 268,197 | 3,184 | 21,181 | (115,465) | (22,806) | 154,291 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 6,126 | — | — | 6,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (12,898) | — | (12,898) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | 6,126 | (12,898) | — | (6,772) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | — | — | — | — | (719) | (719) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 46 | — | — | — | — | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 268,243 | 3,184 | 27,307 | (128,363) | (23,525) | 146,846 |
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 265,561 | 3,184 | (9,698) | (138,989) | (20,101) | 99,957 | Balance at December 31, 2021 | $ | 265,561 | 3,184 | (9,698) | (138,989) | (20,101) | 99,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | Comprehensive income (loss): | Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 6,449 | — | — | 6,449 | Net income (loss) | — | — | 6,449 | — | — | 6,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 17,189 | — | 17,189 | Other comprehensive income (loss) | — | — | — | 17,189 | — | 17,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | 6,449 | 17,189 | — | 23,638 | Total comprehensive income (loss) | — | — | 6,449 | 17,189 | — | 23,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 1,788 | — | — | — | — | 1,788 | Issuance of common stock | 1,788 | — | — | — | — | 1,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 93 | — | — | — | — | 93 | Stock-based compensation | 93 | — | — | — | — | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | 267,442 | 3,184 | (3,249) | (121,800) | (20,101) | 125,476 | Balance at March 31, 2022 | 267,442 | 3,184 | (3,249) | (121,800) | (20,101) | 125,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 2,492 | — | — | 2,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (3,752) | — | (3,752) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | — | — | 2,492 | (3,752) | — | (1,260) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 455 | — | — | — | — | 455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | — | — | — | — | (1,300) | (1,300) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | (47) | — | — | — | — | (47) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 267,850 | 3,184 | (757) | (125,552) | (21,401) | 123,324 |
Three Months Ended March 31, (In thousands) | 2023 | 2022 | ||||||||||||||||||||
Six Months Ended June 30, (In thousands) | Six Months Ended June 30, (In thousands) | 2023 | 2022 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 4,872 | 6,449 | Net income (loss) | $ | 10,998 | 8,941 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Investment related (gains) losses on sale of investments and other assets | Investment related (gains) losses on sale of investments and other assets | 288 | 582 | Investment related (gains) losses on sale of investments and other assets | (415) | 5,598 | ||||||||||||||||
Net deferred policy acquisition costs | Net deferred policy acquisition costs | (2,544) | (1,222) | Net deferred policy acquisition costs | (5,414) | (3,938) | ||||||||||||||||
Amortization of cost of insurance acquired | Amortization of cost of insurance acquired | 161 | 129 | Amortization of cost of insurance acquired | 314 | 280 | ||||||||||||||||
Depreciation | Depreciation | 122 | 153 | Depreciation | 248 | 288 | ||||||||||||||||
Amortization of premiums and discounts on investments | Amortization of premiums and discounts on investments | 1,203 | 1,386 | Amortization of premiums and discounts on investments | 2,468 | 2,658 | ||||||||||||||||
Stock-based compensation | Stock-based compensation | 70 | 132 | Stock-based compensation | 146 | 150 | ||||||||||||||||
Deferred federal income tax expense (benefit) | Deferred federal income tax expense (benefit) | 706 | 896 | Deferred federal income tax expense (benefit) | 924 | 1,353 | ||||||||||||||||
Change in: | Change in: | Change in: | ||||||||||||||||||||
Accrued investment income | Accrued investment income | 173 | 442 | Accrued investment income | 77 | (300) | ||||||||||||||||
Reinsurance recoverable | Reinsurance recoverable | 237 | 1,965 | Reinsurance recoverable | 515 | 2,113 | ||||||||||||||||
Due premiums | Due premiums | 2,648 | 1,777 | Due premiums | 2,585 | 1,210 | ||||||||||||||||
Future policy benefit reserves | Future policy benefit reserves | (125) | 706 | Future policy benefit reserves | (1,397) | 3,639 | ||||||||||||||||
Other policyholders' liabilities | Other policyholders' liabilities | 1,582 | (2,406) | Other policyholders' liabilities | 5,848 | 881 | ||||||||||||||||
Federal income tax payable | Federal income tax payable | 1,138 | (166) | Federal income tax payable | (961) | 558 | ||||||||||||||||
Commissions payable and other liabilities | Commissions payable and other liabilities | (2,673) | 1,489 | Commissions payable and other liabilities | (3,383) | 246 | ||||||||||||||||
Other, net | Other, net | (504) | (172) | Other, net | (355) | (1,330) | ||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 7,354 | 12,140 | Net cash provided by (used in) operating activities | 12,198 | 22,347 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Purchases of fixed maturity securities, available-for-sale | Purchases of fixed maturity securities, available-for-sale | (25,114) | (26,050) | Purchases of fixed maturity securities, available-for-sale | (27,637) | (64,689) | ||||||||||||||||
Sales of fixed maturity securities, available-for-sale | Sales of fixed maturity securities, available-for-sale | 2,865 | 1,100 | Sales of fixed maturity securities, available-for-sale | 4,244 | 28,828 | ||||||||||||||||
Maturities and calls of fixed maturity securities, available-for-sale | Maturities and calls of fixed maturity securities, available-for-sale | 14,426 | 10,435 | Maturities and calls of fixed maturity securities, available-for-sale | 17,104 | 18,234 | ||||||||||||||||
Principal payments on mortgage loans | Principal payments on mortgage loans | 2 | 2 | Principal payments on mortgage loans | 4 | 95 | ||||||||||||||||
(Increase) decrease in policy loans, net | (Increase) decrease in policy loans, net | 114 | 962 | (Increase) decrease in policy loans, net | 829 | 1,721 | ||||||||||||||||
Sales of other long-term investments | Sales of other long-term investments | 249 | 1,681 | Sales of other long-term investments | 2,538 | 2,699 | ||||||||||||||||
Purchases of other long-term investments | Purchases of other long-term investments | (3,495) | (7,940) | Purchases of other long-term investments | (9,409) | (14,746) | ||||||||||||||||
Purchases of property and equipment | Purchases of property and equipment | (73) | (34) | Purchases of property and equipment | (84) | (51) | ||||||||||||||||
Maturities of short-term investments | Maturities of short-term investments | 500 | — | |||||||||||||||||||
Purchases of short-term investments | Purchases of short-term investments | — | (5) | Purchases of short-term investments | — | (5) | ||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (11,026) | (19,849) | Net cash provided by (used in) investing activities | (11,911) | (27,914) | ||||||||||||||||
See accompanying Notes to Consolidated Financial Statements. | See accompanying Notes to Consolidated Financial Statements. | See accompanying Notes to Consolidated Financial Statements. |
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES | CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES | CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES | ||||||||||||||||||||
Consolidated Statements of Cash Flows, Continued | Consolidated Statements of Cash Flows, Continued | Consolidated Statements of Cash Flows, Continued | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Three Months Ended March 31, (In thousands) | 2023 | 2022 | ||||||||||||||||||||
Six Months Ended June 30, (In thousands) | Six Months Ended June 30, (In thousands) | 2023 | 2022 | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Annuity deposits | Annuity deposits | $ | 2,008 | 2,227 | Annuity deposits | $ | 3,813 | 4,160 | ||||||||||||||
Annuity withdrawals | Annuity withdrawals | (2,365) | (2,263) | Annuity withdrawals | (5,390) | (4,319) | ||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | (719) | (1,300) | |||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 1,788 | Issuance of common stock | — | 2,244 | ||||||||||||||||
Other | Other | (20) | (39) | Other | (50) | (105) | ||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (377) | 1,713 | Net cash provided by (used in) financing activities | (2,346) | 680 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (4,049) | (5,996) | Net increase (decrease) in cash and cash equivalents | (2,059) | (4,887) | ||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year | 22,973 | 27,294 | Cash and cash equivalents at beginning of year | 22,973 | 27,294 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 18,924 | 21,298 | Cash and cash equivalents at end of period | $ | 20,914 | 22,407 |
(In thousands) | (In thousands) | Life Insurance Segment | Home Services Insurance Segment | Consolidated | (In thousands) | Life Insurance Segment | Home Service Insurance Segment | Consolidated | ||||||||||||||||||||||||||
Liability for Future Policy Benefits | Liability for Future Policy Benefits | Liability for Future Policy Benefits | ||||||||||||||||||||||||||||||||
Pre-adoption liability as of 12/31/2020 | Pre-adoption liability as of 12/31/2020 | $ | 987,373 | 255,513 | 1,242,886 | Pre-adoption liability as of 12/31/2020 | $ | 987,373 | 255,513 | 1,242,886 | ||||||||||||||||||||||||
Change in discount rate assumptions | Change in discount rate assumptions | 261,823 | 108,468 | 370,291 | Change in discount rate assumptions | 261,823 | 108,468 | 370,291 | ||||||||||||||||||||||||||
Effect of reserve changes | Effect of reserve changes | 6 | 96 | 102 | Effect of reserve changes | 6 | 96 | 102 | ||||||||||||||||||||||||||
Post-adoption liability as of 1/1/2021 | Post-adoption liability as of 1/1/2021 | $ | 1,249,202 | 364,077 | 1,613,279 | Post-adoption liability as of 1/1/2021 | $ | 1,249,202 | 364,077 | 1,613,279 | ||||||||||||||||||||||||
Fixed Annuity Liability | Fixed Annuity Liability | Fixed Annuity Liability | ||||||||||||||||||||||||||||||||
Pre-adoption liability as of 12/31/2020 | Pre-adoption liability as of 12/31/2020 | $ | 60,027 | 18,277 | 78,304 | Pre-adoption liability as of 12/31/2020 | $ | 60,027 | 18,277 | 78,304 | ||||||||||||||||||||||||
Adjustments for the removal of shadow adjustments | Adjustments for the removal of shadow adjustments | — | 3,426 | 3,426 | Adjustments for the removal of shadow adjustments | — | 3,426 | 3,426 | ||||||||||||||||||||||||||
Post-adoption liability as of 1/1/2021 | Post-adoption liability as of 1/1/2021 | $ | 60,027 | 21,703 | 81,730 | Post-adoption liability as of 1/1/2021 | $ | 60,027 | 21,703 | 81,730 | ||||||||||||||||||||||||
Deferred Acquisition Costs | Deferred Acquisition Costs | Deferred Acquisition Costs | ||||||||||||||||||||||||||||||||
Pre-adoption balance as of 12/31/2020 | Pre-adoption balance as of 12/31/2020 | $ | 94,771 | 10,142 | 104,913 | Pre-adoption balance as of 12/31/2020 | $ | 94,771 | 10,142 | 104,913 | ||||||||||||||||||||||||
Adjustments for the removal of shadow adjustments | Adjustments for the removal of shadow adjustments | 8,270 | 29,905 | 38,175 | Adjustments for the removal of shadow adjustments | 8,270 | 29,905 | 38,175 | ||||||||||||||||||||||||||
Impact of flooring cohorts at zero | Impact of flooring cohorts at zero | 23 | 12 | 35 | Impact of flooring cohorts at zero | 23 | 12 | 35 | ||||||||||||||||||||||||||
Post adoption balance as of 1/1/2021 | Post adoption balance as of 1/1/2021 | $ | 103,064 | 40,059 | 143,123 | Post adoption balance as of 1/1/2021 | $ | 103,064 | 40,059 | 143,123 | ||||||||||||||||||||||||
Cost of Insurance Acquired | Cost of Insurance Acquired | Cost of Insurance Acquired | ||||||||||||||||||||||||||||||||
Pre-adoption balance as of 12/31/2020 | Pre-adoption balance as of 12/31/2020 | $ | 1,734 | 9,807 | 11,541 | Pre-adoption balance as of 12/31/2020 | $ | 1,734 | 9,807 | 11,541 | ||||||||||||||||||||||||
Adjustments for the removal of shadow adjustments | Adjustments for the removal of shadow adjustments | — | 484 | 484 | Adjustments for the removal of shadow adjustments | — | 484 | 484 | ||||||||||||||||||||||||||
Post adoption balance as of 1/1/2021 | Post adoption balance as of 1/1/2021 | $ | 1,734 | 10,291 | 12,025 | Post adoption balance as of 1/1/2021 | $ | 1,734 | 10,291 | 12,025 |
(in thousands, except per share amounts) | As Previously Reported | Adoption of New Standard | Post Adoption | ||||||||
As of December 31, 2022 | |||||||||||
Consolidated Balance Sheet | |||||||||||
Deferred policy acquisition costs | $ | 140,167 | 22,760 | 162,927 | |||||||
Cost of insurance acquired | 10,260 | 387 | 10,647 | ||||||||
Deferred tax asset, net | 2,414 | (2,414) | — | ||||||||
Future policy benefit reserves: | |||||||||||
Life insurance | 1,305,506 | (106,859) | 1,198,647 | ||||||||
Annuities | 91,234 | (91,234) | — | ||||||||
Policyholders' funds: | |||||||||||
Annuities | — | 121,422 | 121,422 | ||||||||
Other policyholders' funds | 40,497 | (32,996) | 7,501 | ||||||||
Deferred federal income tax liability | — | 3,653 | 3,653 | ||||||||
Retained earnings (accumulated deficit) | (52,203) | 68,512 | 16,309 | ||||||||
Accumulated other comprehensive income (loss) | (195,279) | 58,235 | (137,044) | ||||||||
For the Three Months Ended March 31, 2022 | |||||||||||
Consolidated Statement of Operations | |||||||||||
Increase (decrease) in future policy benefit reserves | $ | 6,569 | (6,455) | 114 | |||||||
Policyholder liability remeasurement (gain) loss | — | 668 | 668 | ||||||||
Amortization of deferred policy acquisition costs | 5,817 | (2,258) | 3,559 | ||||||||
Amortization of cost of insurance acquired | 236 | (107) | 129 | ||||||||
Federal income tax expense (benefit) | 359 | 370 | 729 | ||||||||
Basic and diluted earnings (losses) per share of Class A common stock | (0.03) | 0.16 | 0.13 | ||||||||
Consolidated Statement of Comprehensive Income (Loss) | |||||||||||
Unrealized holding gains (losses) arising during period | $ | (133,342) | 577 | (132,765) | |||||||
Change in current discount rate for liability for future policy benefits | — | 151,607 | 151,607 | ||||||||
Income tax expense (benefit) on other comprehensive income items | (9,066) | 10,778 | 1,712 |
(In thousands) | As Previously Reported | Adoption of New Standard | Post Adoption | ||||||||
As of December 31, 2022 | |||||||||||
Consolidated Balance Sheet | |||||||||||
Deferred policy acquisition costs | $ | 140,167 | 22,760 | 162,927 | |||||||
Cost of insurance acquired | 10,260 | 387 | 10,647 | ||||||||
Deferred tax asset, net | 2,414 | (2,414) | — | ||||||||
Total assets | 1,569,970 | 20,733 | 1,590,703 | ||||||||
Future policy benefit reserves: | |||||||||||
Life insurance | 1,305,506 | (106,859) | 1,198,647 | ||||||||
Annuities | 91,234 | (91,234) | — | ||||||||
Policyholders' funds: | |||||||||||
Annuities | — | 121,422 | 121,422 | ||||||||
Other policyholders' funds | 40,497 | (32,996) | 7,501 | ||||||||
Deferred federal income tax liability | — | 3,653 | 3,653 | ||||||||
Total liabilities | 1,568,927 | (106,014) | 1,462,913 | ||||||||
Retained earnings (accumulated deficit) | (52,203) | 68,512 | 16,309 | ||||||||
Accumulated other comprehensive income (loss) | (195,279) | 58,235 | (137,044) | ||||||||
Total stockholders' equity | 1,043 | 126,747 | 127,790 | ||||||||
(In thousands, except per share amounts) | As Previously Reported | Adoption of New Standard | Post Adoption | ||||||||
For the Three Months Ended June 30, 2022 | |||||||||||
Consolidated Statement of Operations | |||||||||||
Increase (decrease) in future policy benefit reserves | $ | 9,378 | (5,648) | 3,730 | |||||||
Policyholder liability remeasurement (gain) loss | — | 667 | 667 | ||||||||
Amortization of deferred policy acquisition costs | 5,970 | (2,502) | 3,468 | ||||||||
Amortization of cost of insurance acquired | 263 | (112) | 151 | ||||||||
Federal income tax expense (benefit) | (81) | 1,555 | 1,474 | ||||||||
Net income (loss) | (3,548) | 6,040 | 2,492 | ||||||||
Basic and diluted earnings (losses) per share of Class A common stock | (0.07) | 0.12 | 0.05 | ||||||||
Consolidated Statement of Comprehensive Income (Loss) | |||||||||||
Unrealized holding gains (losses) arising during period | $ | (120,934) | 1,403 | (119,531) | |||||||
Change in current discount rate for liability for future policy benefits | — | 120,437 | 120,437 | ||||||||
Income tax expense (benefit) on other comprehensive income items | (4,735) | 9,369 | 4,634 | ||||||||
Other comprehensive income (loss) | (116,223) | 112,471 | (3,752) | ||||||||
Total comprehensive income (loss) | (119,771) | 118,511 | (1,260) | ||||||||
For the Six Months Ended June 30, 2022 | |||||||||||
Consolidated Statement of Operations | |||||||||||
Increase (decrease) in future policy benefit reserves | $ | 15,947 | (12,103) | 3,844 | |||||||
Policyholder liability remeasurement (gain) loss | — | 1,335 | 1,335 | ||||||||
Amortization of deferred policy acquisition costs | 11,787 | (4,760) | 7,027 | ||||||||
Amortization of cost of insurance acquired | 499 | 219 | 280 | ||||||||
Federal income tax expense (benefit) | 278 | 1,925 | 2,203 | ||||||||
Net income (loss) | (4,881) | 13,822 | 8,941 | ||||||||
Basic and diluted earnings (losses) per share of Class A common stock | (0.10) | 0.28 | 0.18 | ||||||||
Consolidated Statement of Comprehensive Income (Loss) | |||||||||||
Unrealized holding gains (losses) arising during period | $ | (254,276) | 1,980 | (252,296) | |||||||
Change in current discount rate for liability for future policy benefits | — | 272,044 | 272,044 | ||||||||
Income tax expense (benefit) on other comprehensive income items | (13,801) | 20,147 | 6,346 | ||||||||
Other comprehensive income (loss) | (240,440) | 253,877 | 13,437 | ||||||||
Total comprehensive income (loss) | (245,321) | 267,699 | 22,378 |
Carrying Value (In thousands, except for %) | Carrying Value (In thousands, except for %) | March 31, 2023 | December 31, 2022 | Carrying Value (In thousands, except for %) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||||||||
Cash and invested assets: | Cash and invested assets: | Cash and invested assets: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | Fixed maturity securities | $ | 1,229,691 | 87.0 | % | 1,179,619 | 86.5 | % | Fixed maturity securities | $ | 1,206,483 | 86.5 | % | 1,179,619 | 86.5 | % | ||||||||||||||||||||||||||||||
Equity securities | Equity securities | 11,899 | 0.8 | % | 11,590 | 0.8 | % | Equity securities | 11,710 | 0.8 | 11,590 | 0.8 | ||||||||||||||||||||||||||||||||||
Policy loans | Policy loans | 78,659 | 5.6 | % | 78,773 | 5.8 | % | Policy loans | 77,944 | 5.6 | 78,773 | 5.8 | ||||||||||||||||||||||||||||||||||
Other long-term investments | Other long-term investments | 72,254 | 5.1 | % | 69,558 | 5.1 | % | Other long-term investments | 77,262 | 5.5 | 69,558 | 5.1 | ||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 1,244 | 0.1 | % | 1,241 | 0.1 | % | Short-term investments | 249 | — | 1,241 | 0.1 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 18,924 | 1.4 | % | 22,973 | 1.7 | % | Cash and cash equivalents | 20,914 | 1.6 | 22,973 | 1.7 | ||||||||||||||||||||||||||||||||||
Total cash and invested assets | Total cash and invested assets | $ | 1,412,671 | 100.0 | % | 1,363,754 | 100.0 | % | Total cash and invested assets | $ | 1,394,562 | 100.0 | % | 1,363,754 | 100.0 | % |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 5,720 | 215 | 10 | 5,925 | ||||||||||||||||||
U.S. Government-sponsored enterprises | 3,427 | 337 | 1 | 3,763 | |||||||||||||||||||
States and political subdivisions | 334,887 | 2,311 | 28,618 | 308,580 | |||||||||||||||||||
Corporate: | |||||||||||||||||||||||
Financial | 249,030 | 790 | 36,119 | 213,701 | |||||||||||||||||||
Consumer | 250,189 | 1,634 | 38,514 | 213,309 | |||||||||||||||||||
Utilities | 121,236 | 269 | 20,204 | 101,301 | |||||||||||||||||||
Energy | 74,564 | 42 | 8,840 | 65,766 | |||||||||||||||||||
All other | 186,640 | 813 | 22,556 | 164,897 | |||||||||||||||||||
Commercial mortgage-backed | 171 | — | 3 | 168 | |||||||||||||||||||
Residential mortgage-backed | 110,579 | 10 | 7,686 | 102,903 | |||||||||||||||||||
Asset-backed | 51,376 | 333 | 2,432 | 49,277 | |||||||||||||||||||
Foreign governments | 100 | 1 | — | 101 | |||||||||||||||||||
Total fixed maturity securities | $ | 1,387,919 | 6,755 | 164,983 | 1,229,691 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 5,710 | 88 | 29 | 5,769 | ||||||||||||||||||
U.S. Government-sponsored enterprises | 3,419 | 268 | 3 | 3,684 | |||||||||||||||||||
States and political subdivisions | 331,708 | 1,581 | 31,482 | 301,807 | |||||||||||||||||||
Corporate: | |||||||||||||||||||||||
Financial | 248,462 | 408 | 38,843 | 210,027 | |||||||||||||||||||
Consumer | 249,961 | 1,184 | 42,172 | 208,973 | |||||||||||||||||||
Utilities | 119,216 | 98 | 22,330 | 96,984 | |||||||||||||||||||
Energy | 76,691 | 13 | 10,186 | 66,518 | |||||||||||||||||||
All other | 186,470 | 572 | 25,439 | 161,603 | |||||||||||||||||||
Commercial mortgage-backed | 171 | — | 4 | 167 | |||||||||||||||||||
Residential mortgage-backed | 110,439 | 6 | 10,062 | 100,383 | |||||||||||||||||||
Asset-backed | 52,774 | 53 | 2,359 | 50,468 | |||||||||||||||||||
Foreign governments | 100 | — | — | 100 | |||||||||||||||||||
Total fixed maturity securities | $ | 1,385,121 | 4,271 | 182,909 | 1,206,483 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 9,425 | 152 | 9 | 9,568 | ||||||||||||||||||
U.S. Government-sponsored enterprises | 3,434 | 277 | 1 | 3,710 | |||||||||||||||||||
States and political subdivisions | 344,208 | 1,114 | 37,964 | 307,358 | |||||||||||||||||||
Corporate: | |||||||||||||||||||||||
Financial | 243,758 | 512 | 42,383 | 201,887 | |||||||||||||||||||
Consumer | 247,824 | 758 | 47,138 | 201,444 | |||||||||||||||||||
Utilities | 115,738 | 39 | 23,790 | 91,987 | |||||||||||||||||||
Energy | 76,065 | — | 11,395 | 64,670 | |||||||||||||||||||
All other | 184,022 | 683 | 29,048 | 155,657 | |||||||||||||||||||
Commercial mortgage-backed | 171 | — | 2 | 169 | |||||||||||||||||||
Residential mortgage-backed | 110,582 | 9 | 10,765 | 99,826 | |||||||||||||||||||
Asset-backed | 45,991 | 18 | 2,767 | 43,242 | |||||||||||||||||||
Foreign governments | 100 | 1 | — | 101 | |||||||||||||||||||
Total fixed maturity securities | $ | 1,381,318 | 3,563 | 205,262 | 1,179,619 |
Fair Value (In thousands) | Fair Value (In thousands) | March 31, 2023 | December 31, 2022 | Fair Value (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||||||||
Stock mutual funds | Stock mutual funds | $ | 2,683 | 2,615 | Stock mutual funds | $ | 2,727 | 2,615 | ||||||||||||||
Bond mutual funds | Bond mutual funds | 4,409 | 4,337 | Bond mutual funds | 4,348 | 4,337 | ||||||||||||||||
Common stock | Common stock | 924 | 857 | Common stock | 790 | 857 | ||||||||||||||||
Non-redeemable preferred stock | Non-redeemable preferred stock | 9 | 8 | Non-redeemable preferred stock | 8 | 8 | ||||||||||||||||
Non-redeemable preferred stock fund | Non-redeemable preferred stock fund | 3,874 | 3,773 | Non-redeemable preferred stock fund | 3,837 | 3,773 | ||||||||||||||||
Total equity securities | Total equity securities | $ | 11,899 | 11,590 | Total equity securities | $ | 11,710 | 11,590 |
March 31, 2023 | Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except for # of securities) | (In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | (In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | Fixed maturity securities: | Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 514 | 2 | 2 | 66 | 8 | 2 | 580 | 10 | 4 | U.S. Treasury securities | $ | 740 | 20 | 3 | 65 | 9 | 2 | 805 | 29 | 5 | ||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored enterprises | U.S. Government-sponsored enterprises | 223 | 1 | 1 | — | — | — | 223 | 1 | 1 | U.S. Government-sponsored enterprises | 220 | 3 | 1 | — | — | — | 220 | 3 | 1 | ||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 111,550 | 5,674 | 131 | 80,193 | 22,944 | 100 | 191,743 | 28,618 | 231 | States and political subdivisions | 94,929 | 3,360 | 121 | 112,451 | 28,122 | 141 | 207,380 | 31,482 | 262 | ||||||||||||||||||||||||||||||||||||||
Corporate: | Corporate: | Corporate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 102,783 | 9,440 | 119 | 89,543 | 26,679 | 130 | 192,326 | 36,119 | 249 | Financial | 38,326 | 1,768 | 59 | 152,433 | 37,075 | 195 | 190,759 | 38,843 | 254 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 81,680 | 5,352 | 90 | 108,995 | 33,162 | 153 | 190,675 | 38,514 | 243 | Consumer | 48,950 | 2,896 | 57 | 139,405 | 39,276 | 189 | 188,355 | 42,172 | 246 | ||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 30,814 | 2,271 | 55 | 61,557 | 17,933 | 104 | 92,371 | 20,204 | 159 | Utilities | 16,392 | 593 | 58 | 75,728 | 21,737 | 121 | 92,120 | 22,330 | 179 | ||||||||||||||||||||||||||||||||||||||
Energy | Energy | 36,270 | 2,270 | 41 | 26,992 | 6,570 | 37 | 63,262 | 8,840 | 78 | Energy | 12,636 | 426 | 17 | 53,020 | 9,760 | 66 | 65,656 | 10,186 | 83 | ||||||||||||||||||||||||||||||||||||||
All Other | All Other | 93,285 | 6,463 | 99 | 57,461 | 16,093 | 80 | 150,746 | 22,556 | 179 | All Other | 43,739 | 1,959 | 55 | 108,752 | 23,480 | 133 | 152,491 | 25,439 | 188 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | Commercial mortgage-backed | 168 | 3 | 2 | — | — | — | 168 | 3 | 2 | Commercial mortgage-backed | 167 | 4 | 2 | — | — | — | 167 | 4 | 2 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | Residential mortgage-backed | 101,277 | 7,354 | 87 | 1,296 | 332 | 12 | 102,573 | 7,686 | 99 | Residential mortgage-backed | 82,833 | 7,194 | 78 | 17,384 | 2,868 | 26 | 100,217 | 10,062 | 104 | ||||||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | 12,725 | 692 | 19 | 23,609 | 1,740 | 28 | 36,334 | 2,432 | 47 | Asset-backed | 11,309 | 285 | 20 | 31,365 | 2,074 | 35 | 42,674 | 2,359 | 55 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | $ | 571,289 | 39,522 | 646 | 449,712 | 125,461 | 646 | 1,021,001 | 164,983 | 1,292 | Total fixed maturity securities | $ | 350,241 | 18,508 | 471 | 690,603 | 164,401 | 908 | 1,040,844 | 182,909 | 1,379 |
December 31, 2022 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | — | 64 | 9 | 2 | 64 | 9 | 2 | |||||||||||||||||||
U.S. Government-sponsored enterprises | 223 | 1 | 1 | — | — | — | 223 | 1 | 1 | ||||||||||||||||||||
States and political subdivisions | 189,084 | 30,866 | 242 | 14,184 | 7,098 | 14 | 203,268 | 37,964 | 256 | ||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
Financial | 182,447 | 39,122 | 237 | 6,144 | 3,261 | 16 | 188,591 | 42,383 | 253 | ||||||||||||||||||||
Consumer | 164,224 | 34,823 | 220 | 23,417 | 12,315 | 30 | 187,641 | 47,138 | 250 | ||||||||||||||||||||
Utilities | 73,483 | 15,959 | 152 | 16,413 | 7,831 | 18 | 89,896 | 23,790 | 170 | ||||||||||||||||||||
Energy | 59,053 | 9,601 | 75 | 5,617 | 1,794 | 8 | 64,670 | 11,395 | 83 | ||||||||||||||||||||
All Other | 140,955 | 25,337 | 171 | 7,910 | 3,711 | 15 | 148,865 | 29,048 | 186 | ||||||||||||||||||||
Commercial mortgage-backed | 168 | 2 | 2 | — | — | — | 168 | 2 | 2 | ||||||||||||||||||||
Residential mortgage-backed | 98,758 | 10,514 | 95 | 759 | 251 | 5 | 99,517 | 10,765 | 100 | ||||||||||||||||||||
Asset-backed | 37,067 | 2,485 | 41 | 4,264 | 282 | 9 | 41,331 | 2,767 | 50 | ||||||||||||||||||||
Total fixed maturity securities | $ | 945,462 | 168,710 | 1,236 | 78,772 | 36,552 | 117 | 1,024,234 | 205,262 | 1,353 |
March 31, 2023 | Amortized Cost | Fair Value | ||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Amortized Cost | Fair Value | |||||||||||||||||||
(In thousands) | (In thousands) | Amortized Cost | Fair Value | (In thousands) | ||||||||||||||||||
Fixed maturity securities: | Fixed maturity securities: | Fixed maturity securities: | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 9,753 | 9,718 | Due in one year or less | $ | 15,095 | 14,965 | ||||||||||||||
Due after one year through five years | Due after one year through five years | 131,003 | 129,487 | Due after one year through five years | 125,549 | 122,715 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 248,095 | 240,207 | Due after five years through ten years | 263,546 | 251,588 | ||||||||||||||||
Due after ten years | Due after ten years | 999,068 | 850,279 | Due after ten years | 980,931 | 817,215 | ||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | $ | 1,387,919 | 1,229,691 | Total fixed maturity securities | $ | 1,385,121 | 1,206,483 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Fixed maturity securities, available-for-sale: | |||||||||||||||||||||||||||||||||||
Proceeds | $ | 2,865 | 1,100 | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | 5 | — | ||||||||||||||||||||||||||||||||
Gross realized losses | $ | 12 | — |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Fixed maturity securities, available-for-sale: | |||||||||||||||||||||||||||||||||||
Proceeds | $ | 1,379 | 27,728 | 4,244 | 28,828 | ||||||||||||||||||||||||||||||
Gross realized gains | $ | — | 101 | 5 | 101 | ||||||||||||||||||||||||||||||
Gross realized losses | $ | 5 | 102 | 17 | 102 |
March 31, 2023 | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Level 1 | Level 2 | Level 3 | Total Fair Value | (In thousands) | ||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | Fixed maturity securities available-for-sale: | Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 5,925 | 3,763 | — | 9,688 | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 5,769 | 3,684 | — | 9,453 | ||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | — | 308,580 | — | 308,580 | States and political subdivisions | — | 301,807 | — | 301,807 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 47 | 758,927 | — | 758,974 | Corporate | 45 | 744,060 | — | 744,105 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | Commercial mortgage-backed | — | 168 | — | 168 | Commercial mortgage-backed | — | 167 | — | 167 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | Residential mortgage-backed | — | 102,903 | — | 102,903 | Residential mortgage-backed | — | 100,383 | — | 100,383 | ||||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | — | 49,277 | — | 49,277 | Asset-backed | — | 50,468 | — | 50,468 | ||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | — | 101 | — | 101 | Foreign governments | — | 100 | — | 100 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities available-for-sale | Total fixed maturity securities available-for-sale | 5,972 | 1,223,719 | — | 1,229,691 | Total fixed maturity securities available-for-sale | 5,814 | 1,200,669 | — | 1,206,483 | ||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||
Stock mutual funds | Stock mutual funds | 2,683 | — | — | 2,683 | Stock mutual funds | 2,727 | — | — | 2,727 | ||||||||||||||||||||||||||||||||||||
Bond mutual funds | Bond mutual funds | 4,409 | — | — | 4,409 | Bond mutual funds | 4,348 | — | — | 4,348 | ||||||||||||||||||||||||||||||||||||
Common stock | Common stock | 924 | — | — | 924 | Common stock | 790 | — | — | 790 | ||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | Non-redeemable preferred stock | 9 | — | — | 9 | Non-redeemable preferred stock | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock fund | Non-redeemable preferred stock fund | 3,874 | — | — | 3,874 | Non-redeemable preferred stock fund | 3,837 | — | — | 3,837 | ||||||||||||||||||||||||||||||||||||
Total equity securities | Total equity securities | 11,899 | — | — | 11,899 | Total equity securities | 11,710 | — | — | 11,710 | ||||||||||||||||||||||||||||||||||||
Other long-term investments (1) | Other long-term investments (1) | — | — | — | 71,990 | Other long-term investments (1) | — | — | — | 76,999 | ||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 17,871 | 1,223,719 | — | 1,313,580 | Total financial assets | $ | 17,524 | 1,200,669 | — | 1,295,192 |
December 31, 2022 | December 31, 2022 | Level 1 | Level 2 | Level 3 | Total Fair Value | December 31, 2022 | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | Fixed maturity securities available-for-sale: | Fixed maturity securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 9,568 | 3,710 | — | 13,278 | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 9,567 | 3,711 | — | 13,278 | ||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | — | 307,358 | — | 307,358 | States and political subdivisions | — | 307,358 | — | 307,358 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 44 | 715,601 | — | 715,645 | Corporate | 44 | 715,601 | — | 715,645 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | Commercial mortgage-backed | — | 169 | — | 169 | Commercial mortgage-backed | — | 169 | — | 169 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | Residential mortgage-backed | — | 99,826 | — | 99,826 | Residential mortgage-backed | — | 99,826 | — | 99,826 | ||||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | — | 43,242 | — | 43,242 | Asset-backed | — | 43,242 | — | 43,242 | ||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | — | 101 | — | 101 | Foreign governments | — | 101 | — | 101 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities available-for-sale | Total fixed maturity securities available-for-sale | 9,612 | 1,170,007 | — | 1,179,619 | Total fixed maturity securities available-for-sale | 9,611 | 1,170,008 | — | 1,179,619 | ||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||
Stock mutual funds | Stock mutual funds | 2,615 | — | — | 2,615 | Stock mutual funds | 2,615 | — | — | 2,615 | ||||||||||||||||||||||||||||||||||||
Bond mutual funds | Bond mutual funds | 4,337 | — | — | 4,337 | Bond mutual funds | 4,337 | — | — | 4,337 | ||||||||||||||||||||||||||||||||||||
Common stock | Common stock | 857 | — | — | 857 | Common stock | 857 | — | — | 857 | ||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | Non-redeemable preferred stock | 8 | — | — | 8 | Non-redeemable preferred stock | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock fund | Non-redeemable preferred stock fund | 3,773 | — | — | 3,773 | Non-redeemable preferred stock fund | 3,773 | — | — | 3,773 | ||||||||||||||||||||||||||||||||||||
Total equity securities | Total equity securities | 11,590 | — | — | 11,590 | Total equity securities | 11,590 | — | — | 11,590 | ||||||||||||||||||||||||||||||||||||
Other long-term investments (1) | Other long-term investments (1) | — | — | — | 66,846 | Other long-term investments (1) | — | — | — | 66,846 | ||||||||||||||||||||||||||||||||||||
Total financial assets | Total financial assets | $ | 21,202 | 1,170,007 | — | 1,258,055 | Total financial assets | $ | 21,201 | 1,170,008 | — | 1,258,055 | ||||||||||||||||||||||||||||||||||
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. | (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. | (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except years) | (In thousands, except years) | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years) | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years) | (In thousands, except years) | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years) | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years) | ||||||||||||||||||||||||||||||||||||||
Description | Description | |||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | Limited partnerships | Limited partnerships | ||||||||||||||||||||||||||||||||||||||||||||||||||
Middle market | Middle market | Investments in privately-originated, performing senior secured debt primarily in North America-based companies | $ | 33,643 | 3,452 | 4 | $ | 33,234 | 6,011 | 5 | Middle market | Investments in privately-originated, performing senior secured debt primarily in North America-based companies | $ | 34,996 | 3,452 | 4 | $ | 33,234 | 6,011 | 5 | ||||||||||||||||||||||||||||||||
Global equity fund | Global equity fund | Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth | 9,329 | — | 0 | 9,037 | — | 0 | Global equity fund | Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth | 9,758 | — | 0 | 9,037 | — | 0 | ||||||||||||||||||||||||||||||||||||
Late-stage growth | Late-stage growth | Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale | 18,315 | 17,172 | 5 to 7 | 16,892 | 18,444 | 5 to 7 | Late-stage growth | Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale | 18,705 | 17,172 | 5 to 7 | 16,892 | 18,444 | 5 to 7 | ||||||||||||||||||||||||||||||||||||
Infrastructure | Infrastructure | Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy | 10,703 | 14,926 | 10 to 12 | 7,683 | 4,107 | 11 | Infrastructure | Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy | 13,540 | 12,416 | 10 to 12 | 7,683 | 4,107 | 11 | ||||||||||||||||||||||||||||||||||||
Total limited partnerships | Total limited partnerships | $ | 71,990 | 35,550 | $ | 66,846 | 28,562 | Total limited partnerships | $ | 76,999 | 33,040 | $ | 66,846 | 28,562 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | (In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Policy loans | Policy loans | $ | 78,659 | 78,659 | 78,773 | 78,773 | Policy loans | $ | 77,944 | 77,944 | 78,773 | 78,773 | ||||||||||||||||||||||||||||||||||
Residential mortgage loan | Residential mortgage loan | 47 | 48 | 49 | 50 | Residential mortgage loan | 45 | 46 | 49 | 50 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 18,924 | 18,924 | 22,973 | 22,973 | Cash and cash equivalents | 20,914 | 20,914 | 22,973 | 22,973 | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Annuity - investment contracts | Annuity - investment contracts | 67,799 | 62,968 | 67,344 | 61,701 | Annuity - investment contracts | 67,136 | 62,253 | 67,344 | 61,701 |
Carrying Value (In thousands) | Carrying Value (In thousands) | March 31, 2023 | December 31, 2022 | Carrying Value (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Other long-term investments: | Other long-term investments: | Other long-term investments: | ||||||||||||||||||||
Limited partnerships | Limited partnerships | $ | 71,990 | 69,294 | Limited partnerships | $ | 76,999 | 69,294 | ||||||||||||||
FHLB common stock | FHLB common stock | 195 | 193 | FHLB common stock | 196 | 193 | ||||||||||||||||
Mortgage loans | Mortgage loans | 47 | 49 | Mortgage loans | 45 | 49 | ||||||||||||||||
All other investments | All other investments | 22 | 22 | All other investments | 22 | 22 | ||||||||||||||||
Total other long-term investments | Total other long-term investments | $ | 72,254 | 69,558 | Total other long-term investments | $ | 77,262 | 69,558 |
Three Months Ended March 31, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | ||||||||||||||||||||||||
Life Insurance: | Life Insurance: | Life Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 100,926 | 11,542 | 1,016 | 113,484 | Balance, beginning of year | $ | 100,926 | 11,542 | 1,016 | 113,484 | ||||||||||||||||||||||
Capitalizations | Capitalizations | 3,453 | 822 | 85 | 4,360 | Capitalizations | 7,212 | 1,436 | 169 | 8,817 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (2,918) | (186) | (58) | (3,162) | Amortization expense | (5,909) | (382) | (38) | (6,329) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 101,461 | 12,178 | 1,043 | 114,682 | Balance, end of period | 102,229 | 12,596 | 1,147 | 115,972 | |||||||||||||||||||||||
Home Service Insurance: | Home Service Insurance: | Home Service Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 38,793 | 9,729 | 921 | 49,443 | Balance, beginning of year | 38,793 | 9,729 | 921 | 49,443 | |||||||||||||||||||||||
Capitalizations | Capitalizations | 1,615 | 331 | 52 | 1,998 | Capitalizations | 3,340 | 629 | 116 | 4,085 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (492) | (95) | (65) | (652) | Amortization expense | (1,015) | (196) | 52 | (1,159) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 39,916 | 9,965 | 908 | 50,789 | Balance, end of period | 41,118 | 10,162 | 1,089 | 52,369 | |||||||||||||||||||||||
Consolidated: | Consolidated: | Consolidated: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 139,719 | 21,271 | 1,937 | 162,927 | Balance, beginning of year | 139,719 | 21,271 | 1,937 | 162,927 | |||||||||||||||||||||||
Capitalizations | Capitalizations | 5,068 | 1,153 | 137 | 6,358 | Capitalizations | 10,552 | 2,065 | 285 | 12,902 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (3,410) | (281) | (123) | (3,814) | Amortization expense | (6,924) | (578) | 14 | (7,488) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 141,377 | 22,143 | 1,951 | 165,471 | Balance, end of period | $ | 143,347 | 22,758 | 2,236 | 168,341 |
Three Months Ended March 31, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | ||||||||||||||||||||||||
Life Insurance: | Life Insurance: | Life Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 97,675 | 9,001 | 1,026 | 107,702 | Balance, beginning of year | $ | 97,675 | 9,001 | 1,026 | 107,702 | ||||||||||||||||||||||
Capitalizations | Capitalizations | 2,439 | 838 | 29 | 3,306 | Capitalizations | 6,079 | 1,545 | (11) | 7,613 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (2,793) | (150) | (77) | (3,020) | Amortization expense | (5,607) | (309) | (54) | (5,970) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 97,321 | 9,689 | 978 | 107,988 | Balance, end of period | 98,147 | 10,237 | 961 | 109,345 | |||||||||||||||||||||||
Home Service Insurance: | Home Service Insurance: | Home Service Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 35,137 | 8,723 | 856 | 44,716 | Balance, beginning of year | 35,137 | 8,723 | 856 | 44,716 | |||||||||||||||||||||||
Capitalizations | Capitalizations | 1,149 | 323 | 3 | 1,475 | Capitalizations | 2,615 | 727 | 10 | 3,352 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (444) | (89) | (6) | (539) | Amortization expense | (896) | (179) | 18 | (1,057) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 35,842 | 8,957 | 853 | 45,652 | Balance, end of period | 36,856 | 9,271 | 884 | 47,011 | |||||||||||||||||||||||
Consolidated: | Consolidated: | Consolidated: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 132,812 | 17,724 | 1,882 | 152,418 | Balance, beginning of year | 132,812 | 17,724 | 1,882 | 152,418 | |||||||||||||||||||||||
Capitalizations | Capitalizations | 3,588 | 1,161 | 32 | 4,781 | Capitalizations | 8,694 | 2,272 | (1) | 10,965 | ||||||||||||||||||||||||
Amortization expense | Amortization expense | (3,237) | (239) | (83) | (3,559) | Amortization expense | (6,503) | (488) | (36) | (7,027) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 133,163 | 18,646 | 1,831 | 153,640 | Balance, end of period | $ | 135,003 | 19,508 | 1,845 | 156,356 |
Three Months Ended March 31, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | ||||||||||||||||||||||||
Life Insurance: | Life Insurance: | Life Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 267 | 750 | 444 | 1,461 | Balance, beginning of year | $ | 267 | 750 | 444 | 1,461 | ||||||||||||||||||||||
Amortization expense | Amortization expense | (4) | (15) | (13) | (32) | Amortization expense | (10) | (30) | (18) | (58) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 263 | 735 | 431 | 1,429 | Balance, end of period | 257 | 720 | 426 | 1,403 | |||||||||||||||||||||||
Home Service Insurance: | Home Service Insurance: | Home Service Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 7,583 | 176 | 1,427 | 9,186 | Balance, beginning of year | 7,583 | 176 | 1,427 | 9,186 | |||||||||||||||||||||||
Amortization expense | Amortization expense | (99) | (2) | (28) | (129) | Amortization expense | (197) | (4) | (55) | (256) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 7,484 | 174 | 1,399 | 9,057 | Balance, end of period | 7,386 | 172 | 1,372 | 8,930 | |||||||||||||||||||||||
Consolidated: | Consolidated: | Consolidated: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 7,850 | 926 | 1,871 | 10,647 | Balance, beginning of year | 7,850 | 926 | 1,871 | 10,647 | |||||||||||||||||||||||
Amortization expense | Amortization expense | (103) | (17) | (41) | (161) | Amortization expense | (207) | (34) | (73) | (314) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 7,747 | 909 | 1,830 | 10,486 | Balance, end of period | $ | 7,643 | 892 | 1,798 | 10,333 |
Three Months Ended March 31, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total | ||||||||||||||||||||||||
Life Insurance: | Life Insurance: | Life Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 287 | 812 | 485 | 1,584 | Balance, beginning of year | $ | 287 | 812 | 485 | 1,584 | ||||||||||||||||||||||
Amortization expense | Amortization expense | (5) | (16) | (3) | (24) | Amortization expense | (10) | (31) | (21) | (62) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 282 | 796 | 482 | 1,560 | Balance, end of period | 277 | 781 | 464 | 1,522 | |||||||||||||||||||||||
Home Service Insurance: | Home Service Insurance: | Home Service Insurance: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 7,989 | 184 | 1,511 | 9,684 | Balance, beginning of year | 7,989 | 184 | 1,511 | 9,684 | |||||||||||||||||||||||
Amortization expense | Amortization expense | (103) | (2) | — | (105) | Amortization expense | (205) | (4) | (9) | (218) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 7,886 | 182 | 1,511 | 9,579 | Balance, end of period | 7,784 | 180 | 1,502 | 9,466 | |||||||||||||||||||||||
Consolidated: | Consolidated: | Consolidated: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 8,276 | 996 | 1,996 | 11,268 | Balance, beginning of year | 8,276 | 996 | 1,996 | 11,268 | |||||||||||||||||||||||
Amortization expense | Amortization expense | (108) | (18) | (3) | (129) | Amortization expense | (215) | (35) | (30) | (280) | ||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 8,168 | 978 | 1,993 | 11,139 | Balance, end of period | $ | 8,061 | 961 | 1,966 | 10,988 |
Life Insurance Segment | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 (In thousands) | Permanent | Permanent Limited Pay | Total | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 (In thousands) | June 30, 2023 (In thousands) | Life Insurance Segment | Home Service Insurance | ||||||||||||||||||||||||||||||||||||||||
Permanent | Permanent Limited Pay | Total | Permanent | Permanent Limited Pay | Total | ||||||||||||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | Present Value of Expected Net Premiums | Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 235,228 | 10,209 | 245,437 | Balance, beginning of year | $ | 235,228 | 10,209 | 245,437 | 93,508 | 13,255 | 106,763 | ||||||||||||||||||||||||||||||
Beginning balance at original discount rate | Beginning balance at original discount rate | 247,601 | 10,682 | 258,283 | Beginning balance at original discount rate | 247,601 | 10,682 | 258,283 | 100,225 | 14,394 | 114,619 | ||||||||||||||||||||||||||||||||
Effects of actual variances from expected experience | Effects of actual variances from expected experience | 1,742 | 365 | 2,107 | Effects of actual variances from expected experience | 3,081 | 466 | 3,547 | (2,910) | (2,291) | (5,201) | ||||||||||||||||||||||||||||||||
Adjusted beginning of year balance | Adjusted beginning of year balance | 249,343 | 11,047 | 260,390 | Adjusted beginning of year balance | 250,682 | 11,148 | 261,830 | 97,315 | 12,103 | 109,418 | ||||||||||||||||||||||||||||||||
Issuances | Issuances | 6,236 | 759 | 6,995 | Issuances | 13,189 | 1,449 | 14,638 | 9,091 | 2,125 | 11,216 | ||||||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 2,272 | 72 | 2,344 | Interest accrual | 4,571 | 150 | 4,721 | 1,996 | 230 | 2,226 | ||||||||||||||||||||||||||||||||
Net premiums collected | Net premiums collected | (9,715) | (751) | (10,466) | Net premiums collected | (20,049) | (1,203) | (21,252) | (5,919) | 948 | (4,971) | ||||||||||||||||||||||||||||||||
Derecognition and other | Derecognition and other | 153 | 38 | 191 | Derecognition and other | 293 | 60 | 353 | 272 | 82 | 354 | ||||||||||||||||||||||||||||||||
Ending balance at original discount rate | Ending balance at original discount rate | 248,289 | 11,165 | 259,454 | Ending balance at original discount rate | 248,686 | 11,604 | 260,290 | 102,755 | 15,488 | 118,243 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rates | Effect of changes in discount rates | (8,766) | (370) | (9,136) | Effect of changes in discount rates | (10,320) | (404) | (10,724) | (5,247) | (927) | (6,174) | ||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 239,523 | 10,795 | 250,318 | Balance, end of period | $ | 238,366 | 11,200 | 249,566 | 97,508 | 14,561 | 112,069 | ||||||||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | Present Value of Expected Future Policy Benefits | Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 947,415 | 195,612 | 1,143,027 | Balance, beginning of year | $ | 947,415 | 195,612 | 1,143,027 | 200,351 | 116,356 | 316,707 | ||||||||||||||||||||||||||||||
Beginning balance at original discount rate | Beginning balance at original discount rate | 996,169 | 208,051 | 1,204,220 | Beginning balance at original discount rate | 996,169 | 208,051 | 1,204,220 | 214,188 | 121,908 | 336,096 | ||||||||||||||||||||||||||||||||
Effects of actual variances from expected experience | Effects of actual variances from expected experience | 2,538 | 1,045 | 3,583 | Effects of actual variances from expected experience | 4,533 | 2,114 | 6,647 | (2,750) | (579) | (3,329) | ||||||||||||||||||||||||||||||||
Adjusted beginning of year balance | Adjusted beginning of year balance | 998,707 | 209,096 | 1,207,803 | Adjusted beginning of year balance | 1,000,702 | 210,165 | 1,210,867 | 211,438 | 121,329 | 332,767 | ||||||||||||||||||||||||||||||||
Issuances | Issuances | 6,375 | 785 | 7,160 | Issuances | 13,442 | 1,479 | 14,921 | 9,090 | 2,129 | 11,219 | ||||||||||||||||||||||||||||||||
Interest accrual | Interest accrual | 10,842 | 2,112 | 12,954 | Interest accrual | 21,673 | 4,210 | 25,883 | 4,642 | 2,822 | 7,464 | ||||||||||||||||||||||||||||||||
Benefit payments | Benefit payments | (19,153) | (4,873) | (24,026) | Benefit payments | (39,414) | (10,676) | (50,090) | (8,532) | (3,317) | (11,849) | ||||||||||||||||||||||||||||||||
Derecognition and other | Derecognition and other | 14 | 12 | 26 | Derecognition and other | 31 | 29 | 60 | 268 | 80 | 348 | ||||||||||||||||||||||||||||||||
Ending balance at original discount rate | Ending balance at original discount rate | 996,785 | 207,132 | 1,203,917 | Ending balance at original discount rate | 996,434 | 205,207 | 1,201,641 | 216,906 | 123,043 | 339,949 | ||||||||||||||||||||||||||||||||
Effect of changes in discount rates | Effect of changes in discount rates | (31,065) | (9,459) | (40,524) | Effect of changes in discount rates | (38,485) | (10,615) | (49,100) | (10,009) | (3,436) | (13,445) | ||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 965,720 | 197,673 | 1,163,393 | Balance, end of period | $ | 957,949 | 194,592 | 1,152,541 | 206,897 | 119,607 | 326,504 | ||||||||||||||||||||||||||||||
Net liability for future policy benefits | Net liability for future policy benefits | $ | 726,197 | 186,878 | 913,075 | Net liability for future policy benefits | $ | 719,583 | 183,392 | 902,975 | 109,389 | 105,046 | 214,435 |
Home Service Insurance | ||||||||||||||
March 31, 2023 (In thousands) | Permanent | Permanent Limited Pay | Total | |||||||||||
Present Value of Expected Net Premiums | ||||||||||||||
Balance, beginning of year | $ | 93,508 | 13,255 | 106,763 | ||||||||||
Beginning balance at original discount rate | 100,225 | 14,394 | 114,619 | |||||||||||
Effects of actual variances from expected experience | (1,371) | (809) | (2,180) | |||||||||||
Adjusted beginning of year balance | 98,854 | 13,585 | 112,439 | |||||||||||
Issuances | 4,789 | 1,176 | 5,965 | |||||||||||
Interest accrual | 986 | 114 | 1,100 | |||||||||||
Net premiums collected | (2,967) | 467 | (2,500) | |||||||||||
Derecognition and other | 132 | 46 | 178 | |||||||||||
Ending balance at original discount rate | 101,794 | 15,388 | 117,182 | |||||||||||
Effect of changes in discount rates | (4,925) | (873) | (5,798) | |||||||||||
Balance, end of period | $ | 96,869 | 14,515 | 111,384 | ||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||
Balance, beginning of year | $ | 200,351 | 116,356 | 316,707 | ||||||||||
Beginning balance at original discount rate | 214,188 | 121,908 | 336,096 | |||||||||||
Effects of actual variances from expected experience | (1,299) | 25 | (1,274) | |||||||||||
Adjusted beginning of year balance | 212,889 | 121,933 | 334,822 | |||||||||||
Issuances | 4,789 | 1,176 | 5,965 | |||||||||||
Interest accrual | 2,310 | 1,410 | 3,720 | |||||||||||
Benefit payments | (4,178) | (1,748) | (5,926) | |||||||||||
Derecognition and other | 132 | 45 | 177 | |||||||||||
Ending balance at original discount rate | 215,942 | 122,816 | 338,758 | |||||||||||
Effect of changes in discount rates | (10,101) | (3,712) | (13,813) | |||||||||||
Balance, end of period | $ | 205,841 | 119,104 | 324,945 | ||||||||||
Net liability for future policy benefits | $ | 108,972 | 104,589 | 213,561 | ||||||||||
June 30, 2022 (In thousands) | Life Insurance | Home Service Insurance | |||||||||||||||||||||||||||
Permanent | Permanent Limited Pay | Total | Permanent | Permanent Limited Pay | Total | ||||||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 269,528 | 4,939 | 274,467 | 104,556 | 10,196 | 114,752 | ||||||||||||||||||||||
Beginning balance at original discount rate | 246,386 | 5,093 | 251,479 | 90,012 | 9,532 | 99,544 | |||||||||||||||||||||||
Effects of actual variances from expected experience | 3,613 | 539 | 4,152 | 2,123 | (2,594) | (471) | |||||||||||||||||||||||
Adjusted beginning of year balance | 249,999 | 5,632 | 255,631 | 92,135 | 6,938 | 99,073 | |||||||||||||||||||||||
Issuances | 15,212 | 2,100 | 17,312 | 8,737 | 2,695 | 11,432 | |||||||||||||||||||||||
Interest accrual | 4,189 | 9 | 4,198 | 1,660 | 98 | 1,758 | |||||||||||||||||||||||
Net premiums collected | (19,100) | 175 | (18,925) | (5,444) | 3,049 | (2,395) | |||||||||||||||||||||||
Derecognition and other | 199 | 62 | 261 | (895) | 91 | (804) | |||||||||||||||||||||||
Ending balance at original discount rate | 250,499 | 7,978 | 258,477 | 96,193 | 12,871 | 109,064 | |||||||||||||||||||||||
Effect of changes in discount rates | (6,258) | (436) | (6,694) | (2,927) | (882) | (3,809) | |||||||||||||||||||||||
Balance, end of period | $ | 244,241 | 7,542 | 251,783 | 93,266 | 11,989 | 105,255 | ||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,168,282 | 240,679 | 1,408,961 | 266,206 | 161,715 | 427,921 | ||||||||||||||||||||||
Beginning balance at original discount rate | 990,921 | 207,105 | 1,198,026 | 205,340 | 117,425 | 322,765 | |||||||||||||||||||||||
Effects of actual variances from expected experience | 4,412 | 2,399 | 6,811 | 2,428 | 659 | 3,087 | |||||||||||||||||||||||
Adjusted beginning of year balance | 995,333 | 209,504 | 1,204,837 | 207,768 | 118,084 | 325,852 | |||||||||||||||||||||||
Issuances | 15,471 | 2,155 | 17,626 | 8,743 | 2,696 | 11,439 | |||||||||||||||||||||||
Interest accrual | 21,315 | 4,243 | 25,558 | 4,327 | 2,702 | 7,029 | |||||||||||||||||||||||
Benefit payments | (33,133) | (8,086) | (41,219) | (10,216) | (3,681) | (13,897) | |||||||||||||||||||||||
Derecognition and other | (42) | 7 | (35) | (900) | 88 | (812) | |||||||||||||||||||||||
Ending balance at original discount rate | 998,944 | 207,823 | 1,206,767 | 209,722 | 119,889 | 329,611 | |||||||||||||||||||||||
Effect of changes in discount rates | (6,954) | (3,148) | (10,102) | 672 | 4,628 | 5,300 | |||||||||||||||||||||||
Balance, end of period | $ | 991,990 | 204,675 | 1,196,665 | 210,394 | 124,517 | 334,911 | ||||||||||||||||||||||
Net liability for future policy benefits | $ | 747,749 | 197,133 | 944,882 | 117,128 | 112,528 | 229,656 | ||||||||||||||||||||||
Plus: Flooring impact | — | — | — | 27 | 71 | 98 | |||||||||||||||||||||||
Net liability for future policy benefits, after flooring impact | $ | 747,749 | 197,133 | 944,882 | 117,155 | 112,599 | 229,754 |
Life Insurance | ||||||||||||||
March 31, 2022 (In thousands) | Permanent | Permanent Limited Pay | Total | |||||||||||
Present Value of Expected Net Premiums | ||||||||||||||
Balance, beginning of year | $ | 269,528 | 4,939 | 274,467 | ||||||||||
Beginning balance at original discount rate | 246,386 | 5,093 | 251,479 | |||||||||||
Effects of actual variances from expected experience | 1,693 | 422 | 2,115 | |||||||||||
Adjusted beginning of year balance | 248,079 | 5,515 | 253,594 | |||||||||||
Issuances | 5,795 | 1,121 | 6,916 | |||||||||||
Interest accrual | 2,088 | (2) | 2,086 | |||||||||||
Net premiums collected | (9,166) | 133 | (9,033) | |||||||||||
Derecognition and other | 57 | 24 | 81 | |||||||||||
Ending balance at original discount rate | 246,853 | 6,791 | 253,644 | |||||||||||
Effect of changes in discount rates | 6,040 | (291) | 5,749 | |||||||||||
Balance, end of period | $ | 252,893 | 6,500 | 259,393 | ||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||
Balance, beginning of year | $ | 1,168,282 | 240,679 | 1,408,961 | ||||||||||
Beginning balance at original discount rate | 990,921 | 207,105 | 1,198,026 | |||||||||||
Effects of actual variances from expected experience | 1,998 | 1,407 | 3,405 | |||||||||||
Adjusted beginning of year balance | 992,919 | 208,512 | 1,201,431 | |||||||||||
Issuances | 5,863 | 1,141 | 7,004 | |||||||||||
Interest accrual | 10,658 | 2,125 | 12,783 | |||||||||||
Benefit payments | (17,715) | (3,918) | (21,633) | |||||||||||
Derecognition and other | (10) | 4 | (6) | |||||||||||
Ending balance at original discount rate | 991,715 | 207,864 | 1,199,579 | |||||||||||
Effect of changes in discount rates | 72,720 | 12,917 | 85,637 | |||||||||||
Balance, end of period | $ | 1,064,435 | 220,781 | 1,285,216 | ||||||||||
Net liability for future policy benefits | $ | 811,542 | 214,281 | 1,025,823 | ||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
(In thousands) | Life Insurance | Home Service Insurance | Consolidated | Life Insurance | Home Service Insurance | Consolidated | |||||||||||||||||
Life Insurance | |||||||||||||||||||||||
Permanent | $ | 719,583 | 109,389 | 828,972 | 747,749 | 117,155 | 864,904 | ||||||||||||||||
Permanent limited pay | 183,392 | 105,046 | 288,438 | 197,133 | 112,599 | 309,732 | |||||||||||||||||
Deferred profit liability | 26,602 | 25,667 | 52,269 | 23,379 | 23,394 | 46,773 | |||||||||||||||||
Other | 27,781 | 13,860 | 41,641 | 28,286 | 13,651 | 41,937 | |||||||||||||||||
Total life insurance | 957,358 | 253,962 | 1,211,320 | 996,547 | 266,799 | 1,263,346 | |||||||||||||||||
Accident & Health | |||||||||||||||||||||||
Other | 662 | 264 | 926 | 502 | 243 | 745 | |||||||||||||||||
Total future policy benefit reserves | $ | 958,020 | 254,226 | 1,212,246 | 997,049 | 267,042 | 1,264,091 |
Home Service Insurance | ||||||||||||||
March 31, 2022 (In thousands) | Permanent | Permanent Limited Pay | Total | |||||||||||
Present Value of Expected Net Premiums | ||||||||||||||
Balance, beginning of year | $ | 104,556 | 10,196 | 114,752 | ||||||||||
Beginning balance at original discount rate | 90,012 | 9,532 | 99,544 | |||||||||||
Effects of actual variances from expected experience | 876 | (1,083) | (207) | |||||||||||
Adjusted beginning of year balance | 90,888 | 8,449 | 99,337 | |||||||||||
Issuances | 4,349 | 711 | 5,060 | |||||||||||
Interest accrual | 822 | 43 | 865 | |||||||||||
Net premiums collected | (2,723) | 1,610 | (1,113) | |||||||||||
Derecognition and other | (1,113) | 24 | (1,089) | |||||||||||
Ending balance at original discount rate | 92,223 | 10,837 | 103,060 | |||||||||||
Effect of changes in discount rates | 5,130 | (112) | 5,018 | |||||||||||
Balance, end of period | $ | 97,353 | 10,725 | 108,078 | ||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||
Balance, beginning of year | $ | 266,206 | 161,715 | 427,921 | ||||||||||
Beginning balance at original discount rate | 205,340 | 117,425 | 322,765 | |||||||||||
Effects of actual variances from expected experience | 1,090 | 625 | 1,715 | |||||||||||
Adjusted beginning of year balance | 206,430 | 118,050 | 324,480 | |||||||||||
Issuances | 4,350 | 708 | 5,058 | |||||||||||
Interest accrual | 2,164 | 1,349 | 3,513 | |||||||||||
Benefit payments | (5,832) | (2,057) | (7,889) | |||||||||||
Derecognition and other | (1,114) | 24 | (1,090) | |||||||||||
Ending balance at original discount rate | 205,998 | 118,074 | 324,072 | |||||||||||
Effect of changes in discount rates | 28,342 | 23,076 | 51,418 | |||||||||||
Balance, end of period | $ | 234,340 | 141,150 | 375,490 | ||||||||||
Net liability for future policy benefits | $ | 136,987 | 130,425 | 267,412 | ||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(In thousands) | Life Insurance | Home Service Insurance | Consolidated | Life Insurance | Home Service Insurance | Consolidated | |||||||||||||||||
Life Insurance | |||||||||||||||||||||||
Permanent | $ | 726,197 | 108,972 | 835,169 | 811,542 | 136,987 | 948,529 | ||||||||||||||||
Permanent limited pay | 186,878 | 104,589 | 291,467 | 214,281 | 130,425 | 344,706 | |||||||||||||||||
Deferred profit liability | 26,347 | 25,113 | 51,460 | 23,042 | 22,502 | 45,544 | |||||||||||||||||
Other | 26,474 | 13,725 | 40,199 | 27,918 | 13,403 | 41,321 | |||||||||||||||||
Total life insurance | 965,896 | 252,399 | 1,218,295 | 1,076,783 | 303,317 | 1,380,100 | |||||||||||||||||
Accident & Health | |||||||||||||||||||||||
Other | 599 | 249 | 848 | 521 | 245 | 766 | |||||||||||||||||
Total | $ | 966,495 | 252,648 | 1,219,143 | 1,077,304 | 303,562 | 1,380,866 |
As of March 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | (In thousands) | Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | ||||||||||||||||||||||||||||||||||||
Undiscounted: | Undiscounted: | Undiscounted: | ||||||||||||||||||||||||||||||||||||||||||||
Permanent | Permanent | Permanent | ||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 607,319 | 463,491 | 623,969 | 459,627 | Expected future gross premiums | $ | 603,067 | 464,108 | 620,766 | 465,996 | |||||||||||||||||||||||||||||||||||
Expected future benefit payments | Expected future benefit payments | $ | 1,478,777 | 478,978 | 1,468,066 | 453,855 | Expected future benefit payments | 1,478,283 | 482,298 | 1,474,632 | 460,674 | |||||||||||||||||||||||||||||||||||
Permanent Limited Pay | Permanent Limited Pay | Permanent Limited Pay | ||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 46,845 | 77,743 | 47,904 | 65,371 | Expected future gross premiums | 46,441 | 78,064 | 48,280 | 70,669 | ||||||||||||||||||||||||||||||||||||
Expected future benefit payments | Expected future benefit payments | 321,985 | 319,390 | 322,955 | 304,278 | Expected future benefit payments | 319,604 | 319,950 | 322,842 | 308,976 | ||||||||||||||||||||||||||||||||||||
Discounted: | Discounted: | Discounted: | ||||||||||||||||||||||||||||||||||||||||||||
Permanent | Permanent | Permanent | ||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 474,777 | 277,098 | 523,290 | 308,271 | Expected future gross premiums | $ | 467,315 | 275,847 | 496,865 | 288,122 | |||||||||||||||||||||||||||||||||||
Expected future benefit payments | Expected future benefit payments | $ | 965,720 | 205,841 | 1,064,435 | 234,340 | Expected future benefit payments | 957,949 | 206,897 | 991,990 | 210,394 | |||||||||||||||||||||||||||||||||||
Permanent Limited Pay | Permanent Limited Pay | Permanent Limited Pay | ||||||||||||||||||||||||||||||||||||||||||||
Expected future gross premiums | Expected future gross premiums | 41,719 | 54,170 | 44,202 | 53,038 | Expected future gross premiums | 41,200 | 53,518 | 43,534 | 52,999 | ||||||||||||||||||||||||||||||||||||
Expected future benefit payments | Expected future benefit payments | 197,673 | 119,104 | 220,781 | 141,150 | Expected future benefit payments | 194,592 | 119,607 | 204,675 | 124,517 |
Life Insurance | Home Service Insurance | ||||||||||||||||
Three Months Ended March 31, 2023 (In thousands) | Gross Premiums | Interest Expense | Gross Premiums | Interest Expense | |||||||||||||
Life Insurance | |||||||||||||||||
Permanent | $ | 22,458 | 8,570 | 8,372 | 1,324 | ||||||||||||
Permanent Limited Pay | 4,168 | 2,336 | 2,154 | 1,586 | |||||||||||||
Other | 77 | — | 368 | — | |||||||||||||
Reinsurance | (648) | — | (15) | — | |||||||||||||
Total, net of reinsurance | 26,055 | 10,906 | 10,879 | 2,910 | |||||||||||||
Accident & Health | |||||||||||||||||
Other | 152 | — | 206 | — | |||||||||||||
Reinsurance | — | — | — | — | |||||||||||||
Total, net of reinsurance | 152 | — | 206 | — | |||||||||||||
Total | $ | 26,207 | 10,906 | 11,085 | 2,910 |
Life Insurance | Home Service Insurance | ||||||||||||||||
Three Months Ended March 31, 2022 (In thousands) | Gross Premiums | Interest Expense | Gross Premiums | Interest Expense | |||||||||||||
Life Insurance | |||||||||||||||||
Permanent | $ | 22,257 | 8,570 | 8,456 | 1,342 | ||||||||||||
Permanent Limited Pay | 3,656 | 2,350 | 2,041 | 1,559 | |||||||||||||
Other | 1,425 | — | — | — | |||||||||||||
Reinsurance | (500) | — | (14) | — | |||||||||||||
Total, net of reinsurance | 26,838 | 10,920 | 10,483 | 2,901 | |||||||||||||
Accident & Health | |||||||||||||||||
Other | 94 | — | 193 | — | |||||||||||||
Reinsurance | (1) | — | — | — | |||||||||||||
Total, net of reinsurance | 93 | — | 193 | — | |||||||||||||
Total | $ | 26,931 | 10,920 | 10,676 | 2,901 |
March 31, 2023 | March 31, 2022 | ||||||||||||||||
(In years) | Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | |||||||||||||
Permanent | |||||||||||||||||
Original duration | 8.1 | 15.9 | 8.8 | 16.0 | |||||||||||||
Current duration | 8.4 | 16.1 | 9.1 | 16.3 | |||||||||||||
Permanent Limited Pay | |||||||||||||||||
Original duration | 7.6 | 14.5 | 8.0 | 15.2 | |||||||||||||
Current duration | 7.6 | 15.2 | 8.4 | 17.5 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
(In thousands) | Gross Premiums | Interest Expense | Gross Premiums | Interest Expense | Gross Premiums | Interest Expense | Gross Premiums | Interest Expense | |||||||||||||||||||||||||||
Life Insurance Segment: | |||||||||||||||||||||||||||||||||||
Life Insurance | |||||||||||||||||||||||||||||||||||
Permanent | $ | 22,507 | 8,532 | 22,818 | 8,556 | 44,965 | 17,102 | 45,075 | 17,126 | ||||||||||||||||||||||||||
Permanent Limited Pay | 3,610 | 2,167 | 3,336 | 2,305 | 7,778 | 4,503 | 6,992 | 4,655 | |||||||||||||||||||||||||||
Other | 2,738 | — | 3,845 | — | 2,815 | — | 5,270 | — | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Reinsurance | 412 | — | 253 | — | 1,060 | — | 753 | — | |||||||||||||||||||||||||||
Total, net of reinsurance | 28,443 | 10,699 | 29,746 | 10,861 | 54,498 | 21,605 | 56,584 | 21,781 | |||||||||||||||||||||||||||
Accident & Health | |||||||||||||||||||||||||||||||||||
Other | 332 | — | 89 | — | 484 | — | 183 | — | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Reinsurance | 2 | — | 1 | — | 2 | — | 2 | — | |||||||||||||||||||||||||||
Total, net of reinsurance | 330 | — | 88 | — | 482 | — | 181 | — | |||||||||||||||||||||||||||
Total | $ | 28,773 | 10,699 | 29,834 | 10,861 | 54,980 | 21,605 | 56,765 | 21,781 | ||||||||||||||||||||||||||
Home Service Insurance Segment: | |||||||||||||||||||||||||||||||||||
Life Insurance | |||||||||||||||||||||||||||||||||||
Permanent | $ | 8,268 | 1,322 | 8,292 | 1,325 | 16,640 | 2,646 | 16,748 | 2,667 | ||||||||||||||||||||||||||
Permanent Limited Pay | 2,117 | 1,592 | 2,102 | 1,561 | 4,271 | 3,178 | 4,143 | 3,120 | |||||||||||||||||||||||||||
Other | 466 | — | 1,051 | — | 834 | — | 1,051 | — | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Reinsurance | 2 | — | 5 | — | 17 | — | 19 | — | |||||||||||||||||||||||||||
Total, net of reinsurance | 10,849 | 2,914 | 11,440 | 2,886 | 21,728 | 5,824 | 21,923 | 5,787 | |||||||||||||||||||||||||||
Accident & Health | |||||||||||||||||||||||||||||||||||
Other | 217 | — | 192 | — | 423 | — | 385 | — | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Reinsurance | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total, net of reinsurance | 217 | — | 192 | — | 423 | — | 385 | — | |||||||||||||||||||||||||||
Total | $ | 11,066 | 2,914 | 11,632 | 2,886 | 22,151 | 5,824 | 22,308 | 5,787 |
June 30, 2023 | June 30, 2022 | ||||||||||||||||
(In years) | Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | |||||||||||||
Permanent | |||||||||||||||||
Duration at original discount rate | 8.1 | 16.2 | 8.1 | 15.4 | |||||||||||||
Duration at current discount rate | 8.4 | 16.5 | 8.7 | 16.4 | |||||||||||||
Permanent Limited Pay | |||||||||||||||||
Duration at original discount rate | 7.7 | 14.7 | 7.6 | 14.4 | |||||||||||||
Duration at current discount rate | 7.6 | 15.3 | 7.9 | 15.7 | |||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||
(In thousands) | Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | |||||||||||||
Permanent | |||||||||||||||||
Original discount rate | 4.92 | % | 4.99 | % | 4.93 | % | 5.01 | % | |||||||||
Current discount rate | 4.86 | % | 5.09 | % | 3.43 | % | 3.68 | % | |||||||||
Permanent Limited Pay | |||||||||||||||||
Original discount rate | 4.30 | % | 5.05 | % | 4.33 | % | 5.06 | % | |||||||||
Current discount rate | 4.85 | % | 5.08 | % | 3.38 | % | 3.67 | % | |||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||
Life Insurance | Home Service Insurance | Life Insurance | Home Service Insurance | ||||||||||||||
Permanent | |||||||||||||||||
Interest rate at original discount rate | 4.91 | % | 4.98 | % | 4.95 | % | 5.02 | % | |||||||||
Interest rate at current discount rate | 5.02 | % | 5.09 | % | 4.40 | % | 4.60 | % | |||||||||
Permanent Limited Pay | |||||||||||||||||
Interest rate at original discount rate | 4.30 | % | 5.04 | % | 4.32 | % | 5.06 | % | |||||||||
Interest rate at current discount rate | 4.99 | % | 5.09 | % | 4.36 | % | 4.59 | % | |||||||||
March 31, 2023 | At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | ||||||||||||||||||||||||||||||||
(In thousands) | Range of Guaranteed Minimum Crediting Rate | ||||||||||||||||||||||||||||||||||||
Life Insurance: | |||||||||||||||||||||||||||||||||||||
SCWOLC (1) | 0.00% - 1.49% | $ | — | — | — | — | — | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 1,452 | — | — | — | 1,452 | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 33,940 | — | — | — | 33,940 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | 134 | — | — | — | 134 | ||||||||||||||||||||||||||||||||
Total | $ | 35,526 | — | — | — | 35,526 | |||||||||||||||||||||||||||||||
Fixed annuity | 0.00% - 1.49% | $ | 197 | — | 1,144 | — | 1,341 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 13,078 | — | 59 | — | 13,137 | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 21,568 | 10 | — | — | 21,578 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | 30,944 | — | — | — | 30,944 | ||||||||||||||||||||||||||||||||
Total | $ | 65,787 | 10 | 1,203 | — | 67,000 | |||||||||||||||||||||||||||||||
Dividend accumulations | 0.00% - 1.49% | $ | 239 | — | — | 3,499 | 3,738 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 11,144 | 551 | 7 | — | 11,702 | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 26,985 | — | — | — | 26,985 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | 3 | — | — | — | 3 | ||||||||||||||||||||||||||||||||
Total | $ | 38,371 | 551 | 7 | 3,499 | 42,428 | |||||||||||||||||||||||||||||||
Premiums paid in advance | 0.00% - 1.49% | $ | — | — | — | 34,122 | 34,122 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | — | — | — | 34,122 | 34,122 | |||||||||||||||||||||||||||||||
Home Service Insurance: | |||||||||||||||||||||||||||||||||||||
SCWOLC (1) | 0.00% - 1.49% | $ | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 250 | — | — | — | 250 | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 55 | — | — | — | 55 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 309 | — | — | — | 309 | |||||||||||||||||||||||||||||||
Fixed annuity | 0.00% - 1.49% | $ | 296 | — | — | 392 | 688 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 18,696 | — | — | — | 18,696 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | 777 | — | — | — | 777 | ||||||||||||||||||||||||||||||||
Total | $ | 19,769 | — | — | 392 | 20,161 | |||||||||||||||||||||||||||||||
Dividend accumulations | 0.00% - 1.49% | $ | — | — | — | 173 | 173 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 5 | 42 | — | — | 47 | ||||||||||||||||||||||||||||||||
3.00% - 4.49% | 20 | — | — | — | 20 | ||||||||||||||||||||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 25 | 42 | — | 173 | 240 | |||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | |||||||||||||||||||||||||||||||||
(1) Supplemental Contracts Without Life Contingencies | |||||||||||||||||||||||||||||||||||||
June 30, 2023 (In thousands) | June 30, 2023 (In thousands) | At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | |||||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rates | Range of Guaranteed Minimum Crediting Rates | ||||||||||||||||||||||||||||||||||||
0.00% - 1.49% | 0.00% - 1.49% | $ | 749 | — | 1,131 | 37,814 | 39,694 | ||||||||||||||||||||||||||||||
1.50% - 2.99% | 1.50% - 2.99% | 28,207 | 616 | 62 | — | 28,885 | |||||||||||||||||||||||||||||||
3.00% - 4.49% | 3.00% - 4.49% | 103,006 | 10 | — | — | 103,016 | |||||||||||||||||||||||||||||||
Greater or equal to 4.50% | Greater or equal to 4.50% | 31,560 | — | — | — | 31,560 | |||||||||||||||||||||||||||||||
Total | Total | $ | 163,522 | 626 | 1,193 | 37,814 | 203,155 |
March 31, 2022 | At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | |||||||||||||||
(In thousands) | Range of Guaranteed Minimum Crediting Rate | |||||||||||||||||||
Life Insurance: | ||||||||||||||||||||
SCWOLC (1) | 0.00% - 1.49% | $ | — | — | — | — | — | |||||||||||||
1.50% - 2.99% | 256 | — | — | — | 256 | |||||||||||||||
3.00% - 4.49% | 24,862 | — | — | — | 24,862 | |||||||||||||||
Greater or equal to 4.50% | 145 | — | — | — | 145 | |||||||||||||||
Total | $ | 25,263 | — | — | — | 25,263 | ||||||||||||||
Fixed annuity | 0.00% - 1.49% | $ | 203 | — | 813 | — | 1,016 | |||||||||||||
1.50% - 2.99% | 10,584 | — | 12 | — | 10,596 | |||||||||||||||
3.00% - 4.49% | 21,976 | 9 | — | — | 21,985 | |||||||||||||||
Greater or equal to 4.50% | 30,662 | — | — | — | 30,662 | |||||||||||||||
Total | $ | 63,425 | 9 | 825 | — | 64,259 | ||||||||||||||
Dividend accumulations | 0.00% - 1.49% | $ | 250 | — | — | 3,529 | 3,779 | |||||||||||||
1.50% - 2.99% | 8,501 | 533 | 11 | — | 9,045 | |||||||||||||||
3.00% - 4.49% | 25,507 | — | — | — | 25,507 | |||||||||||||||
Greater or equal to 4.50% | 3 | — | — | — | 3 | |||||||||||||||
Total | $ | 34,261 | 533 | 11 | 3,529 | 38,334 | ||||||||||||||
Premiums paid in advance | 0.00% - 1.49% | $ | — | — | — | 37,922 | 37,922 | |||||||||||||
1.50% - 2.99% | — | — | — | — | — | |||||||||||||||
3.00% - 4.49% | — | — | — | — | — | |||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | |||||||||||||||
Total | $ | — | — | — | 37,922 | 37,922 | ||||||||||||||
Home Service Insurance: | ||||||||||||||||||||
SCWOLC (1) | 0.00% - 1.49% | $ | 6 | — | — | — | 6 | |||||||||||||
1.50% - 2.99% | 249 | — | — | — | 249 | |||||||||||||||
3.00% - 4.49% | 49 | — | — | — | 49 | |||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | |||||||||||||||
Total | $ | 304 | — | — | — | 304 | ||||||||||||||
Fixed annuity | 0.00% - 1.49% | $ | 284 | — | — | 408 | 692 | |||||||||||||
1.50% - 2.99% | — | — | — | — | — | |||||||||||||||
3.00% - 4.49% | 18,743 | — | — | — | 18,743 | |||||||||||||||
Greater or equal to 4.50% | 903 | — | — | — | 903 | |||||||||||||||
Total | $ | 19,930 | — | — | 408 | 20,338 | ||||||||||||||
Dividend accumulations | 0.00% - 1.49% | $ | — | — | — | 173 | 173 | |||||||||||||
1.50% - 2.99% | 5 | 44 | — | — | 49 | |||||||||||||||
3.00% - 4.49% | 19 | — | — | — | 19 | |||||||||||||||
Greater or equal to 4.50% | — | — | — | — | — | |||||||||||||||
Total | $ | 24 | 44 | — | 173 | 241 | ||||||||||||||
(1) Supplemental Contracts Without Life Contingencies |
At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | |||||||||||||
June 30, 2022 (In thousands) | |||||||||||||||||
Range of Guaranteed Minimum Crediting Rates | |||||||||||||||||
0.00% - 1.49% | $ | 715 | — | 768 | 41,087 | 42,570 | |||||||||||
1.50% - 2.99% | 20,857 | 592 | 23 | — | 21,472 | ||||||||||||
3.00% - 4.49% | 94,093 | 10 | — | — | 94,103 | ||||||||||||
Greater or equal to 4.50% | 31,750 | — | — | — | 31,750 | ||||||||||||
Total | $ | 147,415 | 602 | 791 | 41,087 | 189,895 |
March 31, 2023 (In thousands) | SCWOLC (1) | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance | ||||||||||||||||||||||||
Life Insurance: | ||||||||||||||||||||||||||||
June 30, 2023 (In thousands, except for %) | June 30, 2023 (In thousands, except for %) | Supplemental Contracts Without Life Contingencies | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance | |||||||||||||||||||||||
Balance, beginning of year | Balance, beginning of year | $ | 32,667 | 66,543 | 41,424 | 34,603 | Balance, beginning of year | $ | 32,995 | 86,807 | 41,663 | 34,603 | ||||||||||||||||
Issuances | Issuances | 4,788 | 536 | 147 | 905 | Issuances | 10,989 | 1,515 | 298 | 2,043 | ||||||||||||||||||
Premiums received | Premiums received | 18 | 1,025 | 1,383 | 145 | Premiums received | 49 | 2,147 | 2,816 | 515 | ||||||||||||||||||
Interest credited | Interest credited | 341 | 536 | 322 | 226 | Interest credited | 724 | 1,335 | 670 | 998 | ||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||
Surrenders and withdrawals | Surrenders and withdrawals | — | 1,640 | 848 | 1,757 | Surrenders and withdrawals | — | 5,246 | 2,063 | 4,339 | ||||||||||||||||||
Benefit payments | Benefit payments | 2,288 | — | — | — | Benefit payments | 5,364 | — | — | — | ||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 35,526 | 67,000 | 42,428 | 34,122 | Balance, end of period | $ | 39,393 | 86,558 | 43,384 | 33,820 | ||||||||||||||||
Weighted-average crediting rates | Weighted-average crediting rates | 4.10 | % | 3.70 | % | 3.49 | % | 3.00 | % | Weighted-average crediting rates | 4.03 | % | 3.57 | % | 3.05 | % | 2.97 | % | ||||||||||
Cash surrender value | Cash surrender value | $ | 35,526 | 67,000 | 42,428 | 34,122 | Cash surrender value | $ | 39,393 | 86,558 | 43,384 | 33,820 | ||||||||||||||||
Home Service Insurance: | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 328 | 20,264 | 239 | — | |||||||||||||||||||||||
Issuances | — | 227 | 1 | — | ||||||||||||||||||||||||
Premiums received | — | 145 | 1 | — | ||||||||||||||||||||||||
Interest credited | 2 | 132 | 2 | — | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Surrenders and withdrawals | — | 607 | 3 | — | ||||||||||||||||||||||||
Benefit payments | 21 | — | — | — | ||||||||||||||||||||||||
Balance, end of period | $ | 309 | 20,161 | 240 | — | |||||||||||||||||||||||
Weighted-average crediting rates | 2.20 | % | 3.10 | % | 3.09 | % | 4.00 | % | ||||||||||||||||||||
Cash surrender value | $ | 309 | 20,161 | 240 | — | |||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 32,995 | 86,807 | 41,663 | 34,603 | |||||||||||||||||||||||
Issuances | 4,788 | 763 | 148 | 905 | ||||||||||||||||||||||||
Premiums received | 18 | 1,170 | 1,384 | 145 | ||||||||||||||||||||||||
Interest credited | 343 | 668 | 324 | 226 | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Surrenders and withdrawals | — | 2,247 | 851 | 1,757 | ||||||||||||||||||||||||
Benefit payments | 2,309 | — | — | — | ||||||||||||||||||||||||
Balance, end of period | $ | 35,835 | 87,161 | 42,668 | 34,122 | |||||||||||||||||||||||
Weighted-average crediting rates | 4.05 | % | 3.57 | % | 3.05 | % | 2.98 | % | ||||||||||||||||||||
Cash surrender value | $ | 35,835 | 87,161 | 42,668 | 34,122 | |||||||||||||||||||||||
(1) Supplemental Contracts Without Life Contingencies |
June 30, 2022 (In thousands, except for %) | Supplemental Contracts Without Life Contingencies | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance | ||||||||||
Balance, beginning of year | $ | 23,950 | 83,917 | 37,760 | 38,875 | |||||||||
Issuances | 5,499 | 1,577 | 267 | 1,138 | ||||||||||
Premiums received | 26 | 2,352 | 2,694 | 332 | ||||||||||
Interest credited | 490 | 1,314 | 591 | 521 | ||||||||||
Less: | ||||||||||||||
Surrenders and withdrawals | — | 3,981 | 1,690 | 3,911 | ||||||||||
Benefit payments | 1,826 | — | — | — | ||||||||||
Balance, end of period | $ | 28,139 | 85,179 | 39,622 | 36,955 | |||||||||
Weighted-average crediting rates | 4.08 | % | 3.60 | % | 3.08 | % | 3.07 | % | ||||||
Cash surrender value | $ | 28,139 | 85,179 | 39,622 | 36,955 |
March 31, 2022 (In thousands) | SCWOLC (1) | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance | ||||||||||
Life Insurance: | ||||||||||||||
Balance, beginning of year | $ | 23,628 | 63,591 | 37,513 | 38,875 | |||||||||
Issuances | 2,392 | 604 | 123 | 469 | ||||||||||
Premiums received | 12 | 995 | 1,264 | 132 | ||||||||||
Interest credited | 232 | 517 | 292 | 275 | ||||||||||
Less: | ||||||||||||||
Surrenders and withdrawals | — | 1,448 | 858 | 1,829 | ||||||||||
Benefit payments | 1,001 | — | — | — | ||||||||||
Balance, end of period | $ | 25,263 | 64,259 | 38,334 | 37,922 | |||||||||
Weighted-average crediting rates | 4.11 | % | 3.76 | % | 3.50 | % | 3.09 | % | ||||||
Cash surrender value | $ | 25,263 | 64,259 | 38,334 | 37,922 | |||||||||
Home Service Insurance: | ||||||||||||||
Balance, beginning of year | $ | 322 | 20,326 | 247 | — | |||||||||
Issuances | 10 | 213 | 3 | — | ||||||||||
Premiums received | — | 189 | 1 | — | ||||||||||
Interest credited | 2 | 140 | 2 | — | ||||||||||
Less: | ||||||||||||||
Surrenders and withdrawals | — | 530 | 12 | — | ||||||||||
Benefit payments | 30 | — | — | — | ||||||||||
Balance, end of period | $ | 304 | 20,338 | 241 | — | |||||||||
Weighted-average crediting rates | 2.13 | % | 3.11 | % | 3.10 | % | 4.00 | % | ||||||
Cash surrender value | $ | 304 | 20,338 | 241 | — | |||||||||
Consolidated: | ||||||||||||||
Balance, beginning of year | $ | 23,950 | 83,917 | 37,760 | 38,875 | |||||||||
Issuances | 2,402 | 817 | 126 | 469 | ||||||||||
Premiums received | 12 | 1,184 | 1,265 | 132 | ||||||||||
Interest credited | 234 | 657 | 294 | 275 | ||||||||||
Less: | ||||||||||||||
Surrenders and withdrawals | — | 1,978 | 870 | 1,829 | ||||||||||
Benefit payments | 1,031 | — | — | — | ||||||||||
Balance, end of period | $ | 25,567 | 84,597 | 38,575 | 37,922 | |||||||||
Weighted-average crediting rates | 4.08 | % | 3.60 | % | 3.08 | % | 3.09 | % | ||||||
Cash surrender value | $ | 25,567 | 84,597 | 38,575 | 37,922 | |||||||||
(1) Supplemental Contracts Without Life Contingencies |
As of June 30, (In thousands) | As of June 30, (In thousands) | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Annuities: | Annuities: | |||||||||||||||||||||||||||||||||||||||||||||
Supplemental contracts without life contingencies | Supplemental contracts without life contingencies | $ | 39,393 | 28,139 | ||||||||||||||||||||||||||||||||||||||||||
Fixed annuity | Fixed annuity | 86,558 | 85,179 | |||||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve | Unearned revenue reserve | 1,534 | 1,605 | |||||||||||||||||||||||||||||||||||||||||||
Total annuities | Total annuities | $ | 127,485 | 114,923 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Life Insurance | Home Service Insurance | Consolidated | Life Insurance | Home Service Insurance | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Annuities: | ||||||||||||||||||||||||||||||||||||||||||||||
SCWOLC (1) | $ | 35,526 | 309 | 35,835 | 25,263 | 304 | 25,567 | |||||||||||||||||||||||||||||||||||||||
Fixed annuity | 67,000 | 20,161 | 87,161 | 64,259 | 20,338 | 84,597 | ||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve | — | 1,531 | 1,531 | — | 1,588 | 1,588 | ||||||||||||||||||||||||||||||||||||||||
Other | 1 | — | 1 | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||
Total annuities | $ | 102,527 | 22,001 | 124,528 | 89,522 | 22,229 | 111,751 | |||||||||||||||||||||||||||||||||||||||
(1) Supplemental Contracts Without Life Contingencies | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend Accumulations: | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend accumulations | $ | 42,428 | 240 | 42,668 | 38,334 | 241 | 38,575 | |||||||||||||||||||||||||||||||||||||||
Other | 1 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total dividend accumulations | $ | 42,429 | 239 | 42,668 | 38,334 | 241 | 38,575 | |||||||||||||||||||||||||||||||||||||||
Premiums Paid in Advance: | Premiums Paid in Advance: | Premiums Paid in Advance: | ||||||||||||||||||||||||||||||||||||||||||||
Premiums paid in advance | Premiums paid in advance | $ | 34,122 | — | 34,122 | 37,922 | — | 37,922 | Premiums paid in advance | $ | 33,820 | 36,955 | ||||||||||||||||||||||||||||||||||
Other | Other | 2,294 | 281 | 2,575 | 2,180 | 331 | 2,511 | Other | 2,612 | 2,681 | ||||||||||||||||||||||||||||||||||||
Total premiums paid in advance | Total premiums paid in advance | $ | 36,416 | 281 | 36,697 | 40,102 | 331 | 40,433 | Total premiums paid in advance | $ | 36,432 | 39,636 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Common Stock | Treasury | Common Stock | Treasury | (In thousands) | Common Stock | Treasury | Common Stock | Treasury | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Stock | Class A | Class B | Stock | Class A | Class B | Stock | Class A | Class B | Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Balance at beginning of year | 53,758 | 1,002 | 4,937 | 53,170 | 1,002 | 4,138 | Balance at beginning of year | 53,758 | 1,002 | 4,937 | 53,170 | 1,002 | 4,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under stock investment plan | Stock issued under stock investment plan | — | — | — | 345 | — | — | Stock issued under stock investment plan | — | — | — | 475 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued for compensation | Stock issued for compensation | 34 | — | — | 18 | — | — | Stock issued for compensation | 106 | — | — | 81 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Class A shares | Acquisition of Class A shares | — | — | 325 | — | — | 392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other share issuance | Other share issuance | — | — | — | 16 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | 53,792 | 1,002 | 4,937 | 53,533 | 1,002 | 4,138 | Balance at end of period | 53,864 | 1,002 | 5,262 | 53,742 | 1,002 | 4,530 |
Three Months Ended June 30, | 2023 | 2022 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||
Numerator: | |||||||||||
Net income (loss) | $ | 6,126 | 2,492 | ||||||||
Net income (loss) allocated to Class A common stock | $ | 6,126 | 2,492 | ||||||||
Denominator: | |||||||||||
Weighted average shares of Class A outstanding - basic | 49,758 | 50,373 | |||||||||
Weighted average shares of Class A outstanding - diluted | 50,552 | 51,065 | |||||||||
Basic and diluted earnings (loss) per share of Class A common stock | $ | 0.12 | 0.05 | ||||||||
Three Months Ended March 31, | 2023 | 2022 | ||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | 2023 | 2022 | |||||||||||||||||||
(In thousands, except per share amounts) | (In thousands, except per share amounts) | 2023 | 2022 | (In thousands, except per share amounts) | ||||||||||||||||||
Basic and diluted earnings (loss) per share: | Basic and diluted earnings (loss) per share: | Basic and diluted earnings (loss) per share: | ||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 4,872 | 6,449 | Net income (loss) | $ | 10,998 | 8,941 | ||||||||||||||
Net income (loss) allocated to Class A common stock | Net income (loss) allocated to Class A common stock | $ | 4,872 | 6,449 | Net income (loss) allocated to Class A common stock | $ | 10,998 | 8,941 | ||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||
Weighted average shares of Class A outstanding - basic | Weighted average shares of Class A outstanding - basic | 49,840 | 50,236 | Weighted average shares of Class A outstanding - basic | 49,791 | 50,278 | ||||||||||||||||
Weighted average shares of Class A outstanding - diluted | Weighted average shares of Class A outstanding - diluted | 50,609 | 50,906 | Weighted average shares of Class A outstanding - diluted | 50,584 | 50,970 | ||||||||||||||||
Basic and diluted earnings (loss) per share of Class A common stock | Basic and diluted earnings (loss) per share of Class A common stock | $ | 0.10 | 0.13 | Basic and diluted earnings (loss) per share of Class A common stock | $ | 0.22 | 0.18 |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 28,773 | 10,953 | — | 39,726 | ||||||||||||||||||
Net investment income | 13,498 | 3,450 | 293 | 17,241 | |||||||||||||||||||
Investment related gains (losses), net | 738 | (12) | (23) | 703 | |||||||||||||||||||
Other income | 856 | 1 | — | 857 | |||||||||||||||||||
Total revenues | 43,865 | 14,392 | 270 | 58,527 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 26,968 | 5,808 | — | 32,776 | |||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (1,863) | 919 | — | (944) | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 885 | 71 | — | 956 | |||||||||||||||||||
Policyholders' dividends | 1,255 | 6 | — | 1,261 | |||||||||||||||||||
Total insurance benefits paid or provided | 27,245 | 6,804 | — | 34,049 | |||||||||||||||||||
Commissions | 4,765 | 4,118 | — | 8,883 | |||||||||||||||||||
Other general expenses | 5,646 | 4,299 | 2,323 | 12,268 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (4,457) | (2,087) | — | (6,544) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,167 | 507 | — | 3,674 | |||||||||||||||||||
Amortization of cost of insurance acquired | 26 | 127 | — | 153 | |||||||||||||||||||
Total benefits and expenses | 36,392 | 13,768 | 2,323 | 52,483 | |||||||||||||||||||
Income (loss) before federal income tax | $ | 7,473 | 624 | (2,053) | 6,044 |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 26,207 | 12,042 | — | 38,249 | ||||||||||||||||||
Net investment income | 13,311 | 3,470 | 293 | 17,074 | |||||||||||||||||||
Investment related gains (losses), net | (437) | 99 | 50 | (288) | |||||||||||||||||||
Other income (loss) | 879 | — | — | 879 | |||||||||||||||||||
Total revenues | 39,960 | 15,611 | 343 | 55,914 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 24,439 | 5,860 | — | 30,299 | |||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (1,820) | 842 | — | (978) | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 816 | 64 | — | 880 | |||||||||||||||||||
Policyholders' dividends | 1,101 | 7 | — | 1,108 | |||||||||||||||||||
Total insurance benefits paid or provided | 24,536 | 6,773 | — | 31,309 | |||||||||||||||||||
Commissions | 4,759 | 4,254 | — | 9,013 | |||||||||||||||||||
Other general expenses | 5,459 | 4,468 | 1,333 | 11,260 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (4,360) | (1,998) | — | (6,358) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,162 | 652 | — | 3,814 | |||||||||||||||||||
Amortization of cost of insurance acquired | 32 | 129 | — | 161 | |||||||||||||||||||
Total benefits and expenses | 33,588 | 14,278 | 1,333 | 49,199 | |||||||||||||||||||
Income (loss) before federal income tax | $ | 6,372 | 1,333 | (990) | 6,715 |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 54,980 | 22,995 | — | 77,975 | ||||||||||||||||||
Net investment income | 26,809 | 6,920 | 586 | 34,315 | |||||||||||||||||||
Investment related gains (losses), net | 301 | 87 | 27 | 415 | |||||||||||||||||||
Other income | 1,735 | 1 | — | 1,736 | |||||||||||||||||||
Total revenues | 83,825 | 30,003 | 613 | 114,441 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 51,407 | 11,668 | — | 63,075 | |||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (3,683) | 1,761 | — | (1,922) | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 1,701 | 135 | — | 1,836 | |||||||||||||||||||
Policyholders' dividends | 2,356 | 13 | — | 2,369 | |||||||||||||||||||
Total insurance benefits paid or provided | 51,781 | 13,577 | — | 65,358 | |||||||||||||||||||
Commissions | 9,524 | 8,372 | — | 17,896 | |||||||||||||||||||
Other general expenses | 11,105 | 8,767 | 3,656 | 23,528 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (8,817) | (4,085) | — | (12,902) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 6,329 | 1,159 | — | 7,488 | |||||||||||||||||||
Amortization of cost of insurance acquired | 58 | 256 | — | 314 | |||||||||||||||||||
Total benefits and expenses | 69,980 | 28,046 | 3,656 | 101,682 | |||||||||||||||||||
Income (loss) before federal income tax | $ | 13,845 | 1,957 | (3,043) | 12,759 |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 29,834 | 12,390 | — | 42,224 | ||||||||||||||||||
Net investment income | 12,347 | 3,283 | 262 | 15,892 | |||||||||||||||||||
Investment related gains (losses), net | (3,984) | (925) | (107) | (5,016) | |||||||||||||||||||
Other income | 633 | 1 | — | 634 | |||||||||||||||||||
Total revenues | 38,830 | 14,749 | 155 | 53,734 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 21,568 | 5,529 | — | 27,097 | |||||||||||||||||||
Increase (decrease) in future policy benefit reserves | 3,006 | 724 | — | 3,730 | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 580 | 87 | — | 667 | |||||||||||||||||||
Policyholders' dividends | 1,509 | 6 | — | 1,515 | |||||||||||||||||||
Total insurance benefits paid or provided | 26,663 | 6,346 | — | 33,009 | |||||||||||||||||||
Commissions | 4,792 | 4,132 | — | 8,924 | |||||||||||||||||||
Other general expenses | 5,358 | 3,515 | 1,527 | 10,400 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (4,307) | (1,877) | — | (6,184) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 2,950 | 518 | — | 3,468 | |||||||||||||||||||
Amortization of cost of insurance acquired | 38 | 113 | — | 151 | |||||||||||||||||||
Total benefits and expenses | 35,494 | 12,747 | 1,527 | 49,768 | |||||||||||||||||||
Income (loss) before federal income tax | $ | 3,336 | 2,002 | (1,372) | 3,966 |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | (In thousands) | Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 26,931 | 12,433 | — | 39,364 | Premiums | $ | 56,765 | 24,823 | — | 81,588 | ||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 11,971 | 3,244 | 272 | 15,487 | Net investment income | 24,318 | 6,527 | 534 | 31,379 | ||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | Investment related gains (losses), net | (293) | (242) | (47) | (582) | Investment related gains (losses), net | (4,277) | (1,167) | (154) | (5,598) | ||||||||||||||||||||||||||||||||||||
Other income (loss) | 1,088 | — | — | 1,088 | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,721 | 1 | — | 1,722 | |||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 39,697 | 15,435 | 225 | 55,357 | Total revenues | 78,527 | 30,184 | 380 | 109,091 | ||||||||||||||||||||||||||||||||||||
Benefits and expenses: | Benefits and expenses: | Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Insurance benefits paid or provided: | Insurance benefits paid or provided: | Insurance benefits paid or provided: | ||||||||||||||||||||||||||||||||||||||||||||
Claims and surrenders | Claims and surrenders | 21,458 | 6,976 | — | 28,434 | Claims and surrenders | 43,026 | 12,505 | — | 55,531 | ||||||||||||||||||||||||||||||||||||
Increase in future policy benefit reserves | 1,376 | (1,262) | — | 114 | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in future policy benefit reserves | Increase (decrease) in future policy benefit reserves | 4,382 | (538) | — | 3,844 | |||||||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | Policyholder liability remeasurement (gain) loss | 414 | 254 | — | 668 | Policyholder liability remeasurement (gain) loss | 994 | 341 | — | 1,335 | ||||||||||||||||||||||||||||||||||||
Policyholders' dividends | Policyholders' dividends | 1,350 | 3 | — | 1,353 | Policyholders' dividends | 2,859 | 9 | — | 2,868 | ||||||||||||||||||||||||||||||||||||
Total insurance benefits paid or provided | Total insurance benefits paid or provided | 24,598 | 5,971 | — | 30,569 | Total insurance benefits paid or provided | 51,261 | 12,317 | — | 63,578 | ||||||||||||||||||||||||||||||||||||
Commissions | Commissions | 3,806 | 3,867 | — | 7,673 | Commissions | 8,598 | 7,999 | — | 16,597 | ||||||||||||||||||||||||||||||||||||
Other general expenses | Other general expenses | 5,691 | 4,350 | 989 | 11,030 | Other general expenses | 11,049 | 7,865 | 2,516 | 21,430 | ||||||||||||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs | Capitalization of deferred policy acquisition costs | (3,306) | (1,475) | — | (4,781) | Capitalization of deferred policy acquisition costs | (7,613) | (3,352) | — | (10,965) | ||||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | Amortization of deferred policy acquisition costs | 3,020 | 539 | — | 3,559 | Amortization of deferred policy acquisition costs | 5,970 | 1,057 | — | 7,027 | ||||||||||||||||||||||||||||||||||||
Amortization of cost of insurance acquired | Amortization of cost of insurance acquired | 24 | 105 | — | 129 | Amortization of cost of insurance acquired | 62 | 218 | — | 280 | ||||||||||||||||||||||||||||||||||||
Total benefits and expenses | Total benefits and expenses | 33,833 | 13,357 | 989 | 48,179 | Total benefits and expenses | 69,327 | 26,104 | 2,516 | 97,947 | ||||||||||||||||||||||||||||||||||||
Income (loss) before federal income tax | Income (loss) before federal income tax | $ | 5,864 | 2,078 | (764) | 7,178 | Income (loss) before federal income tax | $ | 9,200 | 4,080 | (2,136) | 11,144 |
Three Months Ended June 30, | Three Months Ended June 30, | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | Tax Effect | Total | Amount | Tax Effect | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses): | Unrealized gains (losses): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | Unrealized holding gains (losses) arising during the period | $ | (20,430) | 1,111 | (19,319) | (119,531) | 4,435 | (115,096) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | Reclassification adjustment for (gains) losses included in net income | 24 | (5) | 19 | (24) | 5 | (19) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses), net | Unrealized holding gains (losses), net | (20,406) | 1,106 | (19,300) | (119,555) | 4,440 | (115,115) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in current discount rate for liability for future policy benefits | Change in current discount rate for liability for future policy benefits | 6,251 | 151 | 6,402 | 120,437 | (9,074) | 111,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | $ | (14,155) | 1,257 | (12,898) | 882 | (4,634) | (3,752) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | Tax Effect | Total | Amount | Tax Effect | Total | (In thousands) | Amount | Tax Effect | Total | Amount | Tax Effect | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses): | Unrealized gains (losses): | Unrealized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period | Unrealized holding gains (losses) arising during the period | $ | 43,436 | (2,280) | 41,156 | (132,765) | 8,957 | (123,808) | Unrealized holding gains (losses) arising during the period | $ | 23,006 | (1,169) | 21,837 | (252,296) | 13,392 | (238,904) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | Reclassification adjustment for (gains) losses included in net income | 38 | (8) | 30 | 59 | (12) | 47 | Reclassification adjustment for (gains) losses included in net income | 62 | (13) | 49 | 35 | (7) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses), net | Unrealized holding gains (losses), net | 43,474 | (2,288) | 41,186 | (132,706) | 8,945 | (123,761) | Unrealized holding gains (losses), net | 23,068 | (1,182) | 21,886 | (252,261) | 13,385 | (238,876) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in current discount rate for liability for future policy benefits | Change in current discount rate for liability for future policy benefits | (20,480) | 873 | (19,607) | 151,607 | (10,657) | 140,950 | Change in current discount rate for liability for future policy benefits | (14,229) | 1,024 | (13,205) | 272,044 | (19,731) | 252,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | $ | 22,994 | (1,415) | 21,579 | 18,901 | (1,712) | 17,189 | Other comprehensive income (loss) | $ | 8,839 | (158) | 8,681 | 19,783 | (6,346) | 13,437 |
Three Months Ended March 31, | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | ||||||||||||||||||||||||||||||
Ordinary Life Policies: | |||||||||||||||||||||||||||||||||||
Life Insurance | $ | 83,892,034 | 902 | $ | 93,007 | $ | 42,524,454 | 633 | $ | 67,179 | |||||||||||||||||||||||||
Home Service Insurance | 86,437,227 | 6,524 | 13,249 | 54,823,369 | 5,431 | 10,095 | |||||||||||||||||||||||||||||
Total | $ | 170,329,261 | 7,426 | $ | 97,347,823 | 6,064 |
Six Months Ended June 30, | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | ||||||||||||||||||||||||||||||
Ordinary Life Policies: | |||||||||||||||||||||||||||||||||||
Life Insurance | $ | 175,176,911 | 2,040 | $ | 85,871 | $ | 140,351,224 | 1,849 | $ | 75,907 | |||||||||||||||||||||||||
Home Service Insurance | 153,445,775 | 12,005 | 12,782 | 128,118,014 | 14,134 | 9,065 | |||||||||||||||||||||||||||||
Total | $ | 328,622,686 | 14,045 | $ | 268,469,238 | 15,983 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Premiums: | Premiums: | Premiums: | ||||||||||||||||||||||||||||||||||||||||||||
Life insurance | Life insurance | $ | 36,934 | 37,746 | Life insurance | $ | 39,292 | 40,761 | 76,226 | 78,507 | ||||||||||||||||||||||||||||||||||||
Accident and health insurance | Accident and health insurance | 358 | 286 | Accident and health insurance | 547 | 280 | 905 | 566 | ||||||||||||||||||||||||||||||||||||||
Property insurance | Property insurance | 957 | 1,332 | Property insurance | (113) | 1,183 | 844 | 2,515 | ||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 17,074 | 15,487 | Net investment income | 17,241 | 15,892 | 34,315 | 31,379 | ||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | Investment related gains (losses), net | (288) | (582) | Investment related gains (losses), net | 703 | (5,016) | 415 | (5,598) | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 879 | 1,088 | Other income | 857 | 634 | 1,736 | 1,722 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 55,914 | 55,357 | Total revenues | $ | 58,527 | 53,734 | 114,441 | 109,091 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands, except for %) | 2023 | 2022 | |||||||||||||||||||||
Gross investment income: | |||||||||||||||||||||||
Fixed maturity securities | $ | 14,945 | 13,883 | ||||||||||||||||||||
Equity securities | 165 | 151 | |||||||||||||||||||||
Policy loans | 1,539 | 1,589 | |||||||||||||||||||||
Long-term investments | 921 | 523 | |||||||||||||||||||||
Other investment income | 124 | 21 | |||||||||||||||||||||
Total investment income | 17,694 | 16,167 | |||||||||||||||||||||
Investment expenses | (620) | (680) | |||||||||||||||||||||
Net investment income | $ | 17,074 | 15,487 | ||||||||||||||||||||
Net investment income, annualized | $ | 68,297 | 61,948 | ||||||||||||||||||||
Average invested assets, at amortized cost | $ | 1,519,149 | 1,473,240 | ||||||||||||||||||||
Annualized yield on average invested assets | 4.50 | % | 4.20 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands, except for %) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross investment income: | |||||||||||||||||||||||
Fixed maturity securities | $ | 15,006 | 14,259 | 29,951 | 28,142 | ||||||||||||||||||
Equity securities | 159 | 144 | 324 | 295 | |||||||||||||||||||
Policy loans | 1,514 | 1,517 | 3,053 | 3,106 | |||||||||||||||||||
Long-term investments | 1,091 | 576 | 2,012 | 1,099 | |||||||||||||||||||
Other investment income | 140 | 31 | 264 | 52 | |||||||||||||||||||
Total investment income | 17,910 | 16,527 | 35,604 | 32,694 | |||||||||||||||||||
Investment expenses | (669) | (635) | (1,289) | (1,315) | |||||||||||||||||||
Net investment income | $ | 17,241 | 15,892 | 34,315 | 31,379 | ||||||||||||||||||
Net investment income, annualized | $ | 68,630 | 62,758 | ||||||||||||||||||||
Average invested assets, at amortized cost | $ | 1,518,827 | 1,476,336 | ||||||||||||||||||||
Annualized yield on average invested assets | 4.52 | % | 4.25 | % |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | $ | 30,299 | 28,434 | ||||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (978) | 114 | |||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 880 | 668 | |||||||||||||||||||||
Policyholders' dividends | 1,108 | 1,353 | |||||||||||||||||||||
Total insurance benefits paid or provided | 31,309 | 30,569 | |||||||||||||||||||||
Commissions | 9,013 | 7,673 | |||||||||||||||||||||
Other general expenses | 11,260 | 11,030 | |||||||||||||||||||||
Capitalization of deferred policy acquisition costs | (6,358) | (4,781) | |||||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,814 | 3,559 | |||||||||||||||||||||
Amortization of cost of insurance acquired | 161 | 129 | |||||||||||||||||||||
Total benefits and expenses | $ | 49,199 | 48,179 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | $ | 32,776 | 27,097 | 63,075 | 55,531 | ||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (944) | 3,730 | (1,922) | 3,844 | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 956 | 667 | 1,836 | 1,335 | |||||||||||||||||||
Policyholders' dividends | 1,261 | 1,515 | 2,369 | 2,868 | |||||||||||||||||||
Total insurance benefits paid or provided | 34,049 | 33,009 | 65,358 | 63,578 | |||||||||||||||||||
Commissions | 8,883 | 8,924 | 17,896 | 16,597 | |||||||||||||||||||
Other general expenses | 12,268 | 10,400 | 23,528 | 21,430 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (6,544) | (6,184) | (12,902) | (10,965) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,674 | 3,468 | 7,488 | 7,027 | |||||||||||||||||||
Amortization of cost of insurance acquired | 153 | 151 | 314 | 280 | |||||||||||||||||||
Total benefits and expenses | $ | 52,483 | 49,768 | 101,682 | 97,947 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Claims and Surrenders: | Claims and Surrenders: | Claims and Surrenders: | ||||||||||||||||||||||||||||||||||||||||||||
Death claim benefits | Death claim benefits | $ | 5,382 | 7,017 | Death claim benefits | $ | 5,636 | 5,873 | 11,018 | 12,890 | ||||||||||||||||||||||||||||||||||||
Surrender benefits | Surrender benefits | 12,316 | 12,259 | Surrender benefits | 14,990 | 11,607 | 27,306 | 23,866 | ||||||||||||||||||||||||||||||||||||||
Endowment benefits | Endowment benefits | 2,109 | 2,134 | Endowment benefits | 2,076 | 2,152 | 4,185 | 4,286 | ||||||||||||||||||||||||||||||||||||||
Matured endowment benefits | Matured endowment benefits | 8,765 | 6,134 | Matured endowment benefits | 9,062 | 6,133 | 17,827 | 12,267 | ||||||||||||||||||||||||||||||||||||||
Property claims | Property claims | 342 | 142 | Property claims | 366 | 163 | 708 | 305 | ||||||||||||||||||||||||||||||||||||||
A&H and other policy benefits | A&H and other policy benefits | 1,385 | 748 | A&H and other policy benefits | 646 | 1,169 | 2,031 | 1,917 | ||||||||||||||||||||||||||||||||||||||
Total claims and surrenders | Total claims and surrenders | $ | 30,299 | 28,434 | Total claims and surrenders | $ | 32,776 | 27,097 | 63,075 | 55,531 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before federal income tax expense: | Income (loss) before federal income tax expense: | Income (loss) before federal income tax expense: | ||||||||||||||||||||||||||||||||||||||||||||
Segments: | Segments: | Segments: | ||||||||||||||||||||||||||||||||||||||||||||
Life Insurance | Life Insurance | $ | 6,372 | 5,864 | Life Insurance | $ | 7,473 | 3,336 | 13,845 | 9,200 | ||||||||||||||||||||||||||||||||||||
Home Service Insurance | Home Service Insurance | 1,333 | 2,078 | Home Service Insurance | 624 | 2,002 | 1,957 | 4,080 | ||||||||||||||||||||||||||||||||||||||
Total segments | Total segments | 7,705 | 7,942 | Total segments | 8,097 | 5,338 | 15,802 | 13,280 | ||||||||||||||||||||||||||||||||||||||
Other Non-Insurance enterprises | (990) | (764) | ||||||||||||||||||||||||||||||||||||||||||||
Other Non-Insurance Enterprises | Other Non-Insurance Enterprises | (2,053) | (1,372) | (3,043) | (2,136) | |||||||||||||||||||||||||||||||||||||||||
Total income (loss) before federal income tax expense | Total income (loss) before federal income tax expense | $ | 6,715 | 7,178 | Total income (loss) before federal income tax expense | $ | 6,044 | 3,966 | 12,759 | 11,144 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 26,207 | 26,931 | ||||||||||||||||||||
Net investment income | 13,311 | 11,971 | |||||||||||||||||||||
Investment related gains (losses), net | (437) | (293) | |||||||||||||||||||||
Other income | 879 | 1,088 | |||||||||||||||||||||
Total revenues | 39,960 | 39,697 | |||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 24,439 | 21,458 | |||||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (1,820) | 1,376 | |||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 816 | 414 | |||||||||||||||||||||
Policyholders' dividends | 1,101 | 1,350 | |||||||||||||||||||||
Total insurance benefits paid or provided | 24,536 | 24,598 | |||||||||||||||||||||
Commissions | 4,759 | 3,806 | |||||||||||||||||||||
Other general expenses | 5,459 | 5,691 | |||||||||||||||||||||
Capitalization of deferred policy acquisition costs | (4,360) | (3,306) | |||||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,162 | 3,020 | |||||||||||||||||||||
Amortization of cost of insurance acquired | 32 | 24 | |||||||||||||||||||||
Total benefits and expenses | 33,588 | 33,833 | |||||||||||||||||||||
Income (loss) before federal income tax expense | $ | 6,372 | 5,864 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | 28,773 | 29,834 | 54,980 | 56,765 | ||||||||||||||||||
Net investment income | 13,498 | 12,347 | 26,809 | 24,318 | |||||||||||||||||||
Investment related gains (losses), net | 738 | (3,984) | 301 | (4,277) | |||||||||||||||||||
Other income | 856 | 633 | 1,735 | 1,721 | |||||||||||||||||||
Total revenues | 43,865 | 38,830 | 83,825 | 78,527 | |||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | 26,968 | 21,568 | 51,407 | 43,026 | |||||||||||||||||||
Increase (decrease) in future policy benefit reserves | (1,863) | 3,006 | (3,683) | 4,382 | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | 885 | 580 | 1,701 | 994 | |||||||||||||||||||
Policyholders' dividends | 1,255 | 1,509 | 2,356 | 2,859 | |||||||||||||||||||
Total insurance benefits paid or provided | 27,245 | 26,663 | 51,781 | 51,261 | |||||||||||||||||||
Commissions | 4,765 | 4,792 | 9,524 | 8,598 | |||||||||||||||||||
Other general expenses | 5,646 | 5,358 | 11,105 | 11,049 | |||||||||||||||||||
Capitalization of deferred policy acquisition costs | (4,457) | (4,307) | (8,817) | (7,613) | |||||||||||||||||||
Amortization of deferred policy acquisition costs | 3,167 | 2,950 | 6,329 | 5,970 | |||||||||||||||||||
Amortization of cost of insurance acquired | 26 | 38 | 58 | 62 | |||||||||||||||||||
Total benefits and expenses | 36,392 | 35,494 | 69,980 | 69,327 | |||||||||||||||||||
Income (loss) before federal income tax | $ | 7,473 | 3,336 | 13,845 | 9,200 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Premiums: | Premiums: | Premiums: | ||||||||||||||||||||||||||||||||||||||||||||
First year | First year | $ | 2,594 | 1,987 | First year | $ | 2,805 | 2,766 | 5,399 | 4,753 | ||||||||||||||||||||||||||||||||||||
Renewal | Renewal | 23,613 | 24,944 | Renewal | 25,968 | 27,068 | 49,581 | 52,012 | ||||||||||||||||||||||||||||||||||||||
Total premiums | Total premiums | $ | 26,207 | 26,931 | Total premiums | $ | 28,773 | 29,834 | 54,980 | 56,765 |
Three Months Ended | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2023 | 2022 | |||||||||||||||||||||
Country: | |||||||||||||||||||||||
Colombia | $ | 6,057 | 6,030 | ||||||||||||||||||||
Taiwan | 5,302 | 4,923 | |||||||||||||||||||||
Venezuela | 3,722 | 4,090 | |||||||||||||||||||||
Ecuador | 3,246 | 3,026 | |||||||||||||||||||||
Argentina | 2,184 | 1,861 | |||||||||||||||||||||
Other Non-U.S. | 8,841 | 8,933 | |||||||||||||||||||||
Total | $ | 29,352 | 28,863 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Country: | |||||||||||||||||||||||
Colombia | $ | 6,281 | 6,365 | 12,338 | 11,896 | ||||||||||||||||||
Taiwan | 3,590 | 4,163 | 8,892 | 8,678 | |||||||||||||||||||
Venezuela | 3,682 | 4,204 | 7,404 | 7,955 | |||||||||||||||||||
Ecuador | 3,157 | 3,319 | 6,403 | 6,094 | |||||||||||||||||||
Argentina | 2,396 | 2,731 | 4,580 | 4,438 | |||||||||||||||||||
Other Non-U.S. | 9,534 | 10,880 | 18,375 | 18,570 | |||||||||||||||||||
Total | $ | 28,640 | 31,662 | 57,992 | 57,631 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Claims and Surrenders: | Claims and Surrenders: | Claims and Surrenders: | ||||||||||||||||||||||||||||||||||||||||||||
Death claim benefits | Death claim benefits | $ | 748 | 990 | Death claim benefits | $ | 1,391 | 1,519 | 2,139 | 2,509 | ||||||||||||||||||||||||||||||||||||
Surrender benefits | Surrender benefits | 11,628 | 11,637 | Surrender benefits | 13,982 | 10,776 | 25,610 | 22,413 | ||||||||||||||||||||||||||||||||||||||
Endowment benefits | Endowment benefits | 2,108 | 2,129 | Endowment benefits | 2,073 | 2,149 | 4,181 | 4,278 | ||||||||||||||||||||||||||||||||||||||
Matured endowment benefits | Matured endowment benefits | 8,620 | 6,007 | Matured endowment benefits | 8,915 | 5,981 | 17,535 | 11,988 | ||||||||||||||||||||||||||||||||||||||
A&H and other policy benefits | A&H and other policy benefits | 1,335 | 695 | A&H and other policy benefits | 607 | 1,143 | 1,942 | 1,838 | ||||||||||||||||||||||||||||||||||||||
Total claims and surrenders | Total claims and surrenders | $ | 24,439 | 21,458 | Total claims and surrenders | $ | 26,968 | 21,568 | 51,407 | 43,026 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Premiums | Premiums | $ | 12,042 | 12,433 | Premiums | $ | 10,953 | 12,390 | 22,995 | 24,823 | ||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 3,470 | 3,244 | Net investment income | 3,450 | 3,283 | 6,920 | 6,527 | ||||||||||||||||||||||||||||||||||||||
Investment related gains (losses), net | Investment related gains (losses), net | 99 | (242) | Investment related gains (losses), net | (12) | (925) | 87 | (1,167) | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 15,611 | 15,435 | Total revenues | 14,392 | 14,749 | 30,003 | 30,184 | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | Benefits and expenses: | Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Insurance benefits paid or provided: | Insurance benefits paid or provided: | Insurance benefits paid or provided: | ||||||||||||||||||||||||||||||||||||||||||||
Claims and surrenders | Claims and surrenders | 5,860 | 6,976 | Claims and surrenders | 5,808 | 5,529 | 11,668 | 12,505 | ||||||||||||||||||||||||||||||||||||||
Increase (decrease) in future policy benefit reserves | Increase (decrease) in future policy benefit reserves | 842 | (1,262) | Increase (decrease) in future policy benefit reserves | 919 | 724 | 1,761 | (538) | ||||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | Policyholder liability remeasurement (gain) loss | 64 | 254 | Policyholder liability remeasurement (gain) loss | 71 | 87 | 135 | 341 | ||||||||||||||||||||||||||||||||||||||
Policyholders' dividends | Policyholders' dividends | 7 | 3 | Policyholders' dividends | 6 | 6 | 13 | 9 | ||||||||||||||||||||||||||||||||||||||
Total insurance benefits paid or provided | Total insurance benefits paid or provided | 6,773 | 5,971 | Total insurance benefits paid or provided | 6,804 | 6,346 | 13,577 | 12,317 | ||||||||||||||||||||||||||||||||||||||
Commissions | Commissions | 4,254 | 3,867 | Commissions | 4,118 | 4,132 | 8,372 | 7,999 | ||||||||||||||||||||||||||||||||||||||
Other general expenses | Other general expenses | 4,468 | 4,350 | Other general expenses | 4,299 | 3,515 | 8,767 | 7,865 | ||||||||||||||||||||||||||||||||||||||
Capitalization of deferred policy acquisition costs | Capitalization of deferred policy acquisition costs | (1,998) | (1,475) | Capitalization of deferred policy acquisition costs | (2,087) | (1,877) | (4,085) | (3,352) | ||||||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | Amortization of deferred policy acquisition costs | 652 | 539 | Amortization of deferred policy acquisition costs | 507 | 518 | 1,159 | 1,057 | ||||||||||||||||||||||||||||||||||||||
Amortization of cost of insurance acquired | Amortization of cost of insurance acquired | 129 | 105 | Amortization of cost of insurance acquired | 127 | 113 | 256 | 218 | ||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | Total benefits and expenses | 14,278 | 13,357 | Total benefits and expenses | 13,768 | 12,747 | 28,046 | 26,104 | ||||||||||||||||||||||||||||||||||||||
Income before federal income tax expense | $ | 1,333 | 2,078 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before federal income tax | Income (loss) before federal income tax | $ | 624 | 2,002 | 1,957 | 4,080 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Claims and Surrenders: | Claims and Surrenders: | Claims and Surrenders: | ||||||||||||||||||||||||||||||||||||||||||||
Death claim benefits | Death claim benefits | $ | 4,634 | 6,027 | Death claim benefits | $ | 4,245 | 4,354 | 8,879 | 10,381 | ||||||||||||||||||||||||||||||||||||
Surrender benefits | Surrender benefits | 688 | 622 | Surrender benefits | 1,008 | 831 | 1,696 | 1,453 | ||||||||||||||||||||||||||||||||||||||
Endowment benefits | Endowment benefits | 1 | 5 | Endowment benefits | 3 | 3 | 4 | 8 | ||||||||||||||||||||||||||||||||||||||
Matured endowment benefits | Matured endowment benefits | 145 | 127 | Matured endowment benefits | 147 | 152 | 292 | 279 | ||||||||||||||||||||||||||||||||||||||
Property claims | Property claims | 342 | 142 | Property claims | 366 | 163 | 708 | 305 | ||||||||||||||||||||||||||||||||||||||
A&H and other policy benefits | A&H and other policy benefits | 50 | 53 | A&H and other policy benefits | 39 | 26 | 89 | 79 | ||||||||||||||||||||||||||||||||||||||
Total claims and surrenders | Total claims and surrenders | $ | 5,860 | 6,976 | Total claims and surrenders | $ | 5,808 | 5,529 | 11,668 | 12,505 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | Income (loss) before income tax expense | $ | (990) | (764) | Income (loss) before income tax expense | $ | (2,053) | (1,372) | (3,043) | (2,136) |
Carrying Value | Carrying Value | March 31, 2023 | December 31, 2022 | Carrying Value | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except for %) | (In thousands, except for %) | Amount | % | Amount | % | (In thousands, except for %) | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Invested Assets | Cash, Cash Equivalents and Invested Assets | Cash, Cash Equivalents and Invested Assets | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | Fixed maturity securities: | Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 9,688 | 0.7 | % | $ | 13,278 | 1.0 | % | U.S. Treasury and U.S. Government-sponsored enterprises | $ | 9,453 | 0.7 | % | $ | 13,278 | 1.0 | % | ||||||||||||||||||||||||||||
Corporate | Corporate | 758,974 | 53.7 | % | 715,645 | 52.5 | % | Corporate | 744,105 | 53.4 | 715,645 | 52.5 | ||||||||||||||||||||||||||||||||||
States and political subdivisions (1) | States and political subdivisions (1) | 308,580 | 21.8 | % | 307,358 | 22.5 | % | States and political subdivisions (1) | 301,807 | 21.6 | 307,358 | 22.5 | ||||||||||||||||||||||||||||||||||
Mortgage-backed (2) | Mortgage-backed (2) | 103,071 | 7.3 | % | 99,995 | 7.3 | % | Mortgage-backed (2) | 100,550 | 7.2 | 99,995 | 7.3 | ||||||||||||||||||||||||||||||||||
Asset-backed | Asset-backed | 49,277 | 3.5 | % | 43,242 | 3.2 | % | Asset-backed | 50,468 | 3.6 | 43,242 | 3.2 | ||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | 101 | — | % | 101 | — | % | Foreign governments | 100 | — | 101 | — | ||||||||||||||||||||||||||||||||||
Total fixed maturity securities | Total fixed maturity securities | 1,229,691 | 87.0 | % | 1,179,619 | 86.5 | % | Total fixed maturity securities | 1,206,483 | 86.5 | 1,179,619 | 86.5 | ||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 1,244 | 0.1 | % | 1,241 | 0.1 | % | Short-term investments | 249 | — | 1,241 | 0.1 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 18,924 | 1.4 | % | 22,973 | 1.7 | % | Cash and cash equivalents | 20,914 | 1.6 | 22,973 | 1.7 | ||||||||||||||||||||||||||||||||||
Other investments: | Other investments: | Other investments: | ||||||||||||||||||||||||||||||||||||||||||||
Policy loans | Policy loans | 78,659 | 5.6 | % | 78,773 | 5.8 | % | Policy loans | 77,944 | 5.6 | 78,773 | 5.8 | ||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 11,899 | 0.8 | % | 11,590 | 0.8 | % | Equity securities | 11,710 | 0.8 | 11,590 | 0.8 | ||||||||||||||||||||||||||||||||||
Other long-term investments | Other long-term investments | 72,254 | 5.1 | % | 69,558 | 5.1 | % | Other long-term investments | 77,262 | 5.5 | 69,558 | 5.1 | ||||||||||||||||||||||||||||||||||
Total cash, cash equivalents and invested assets | Total cash, cash equivalents and invested assets | $ | 1,412,671 | 100.0 | % | $ | 1,363,754 | 100.0 | % | Total cash, cash equivalents and invested assets | $ | 1,394,562 | 100.0 | % | $ | 1,363,754 | 100.0 | % |
General Obligation | Special Revenue | Other | Total | % Based on Amortized Cost | General Obligation | Special Revenue | Other | Total | % Based on Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except for %) | (In thousands, except for %) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | (In thousands, except for %) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivision fixed maturity securities including third-party guarantees | State and political subdivision fixed maturity securities including third-party guarantees | State and political subdivision fixed maturity securities including third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | $ | 14,073 | 13,949 | 6,494 | 6,584 | — | — | 20,567 | 20,533 | 6.1 | % | AAA | $ | 14,007 | 13,940 | 6,708 | 6,897 | — | — | 20,715 | 20,837 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | 48,733 | 48,641 | 114,841 | 130,002 | 10,714 | 11,090 | 174,288 | 189,733 | 56.7 | % | AA | 48,188 | 48,599 | 113,351 | 129,900 | 10,529 | 11,086 | 172,068 | 189,585 | 57.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 5,956 | 6,252 | 88,770 | 97,907 | 4,474 | 4,403 | 99,200 | 108,562 | 32.4 | % | A | 5,871 | 6,251 | 84,219 | 94,590 | 4,416 | 4,401 | 94,506 | 105,242 | 31.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 626 | 656 | 8,295 | 9,501 | 1,375 | 1,450 | 10,296 | 11,607 | 3.5 | % | BBB | 617 | 655 | 8,285 | 9,494 | 1,369 | 1,450 | 10,271 | 11,599 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and other | BB and other | 2,963 | 3,185 | 1,266 | 1,267 | — | — | 4,229 | 4,452 | 1.3 | % | BB and other | 2,983 | 3,179 | 1,264 | 1,266 | — | — | 4,247 | 4,445 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 72,351 | 72,683 | 219,666 | 245,261 | 16,563 | 16,943 | 308,580 | 334,887 | 100.0 | % | Total | $ | 71,666 | 72,624 | 213,827 | 242,147 | 16,314 | 16,937 | 301,807 | 331,708 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivision fixed maturity securities excluding third-party guarantees | State and political subdivision fixed maturity securities excluding third-party guarantees | State and political subdivision fixed maturity securities excluding third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | $ | 34,169 | 34,123 | 39,052 | 42,762 | 6,597 | 6,505 | 79,818 | 83,390 | 24.9 | % | AA | $ | 33,850 | 34,096 | 37,118 | 41,142 | 6,484 | 6,500 | 77,452 | 81,738 | 24.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 16,823 | 17,178 | 121,766 | 136,950 | 6,952 | 7,133 | 145,541 | 161,261 | 48.2 | % | A | 16,635 | 17,174 | 120,166 | 137,393 | 6,876 | 7,132 | 143,677 | 161,699 | 48.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 2,568 | 2,561 | 27,060 | 30,101 | 1,639 | 1,855 | 31,267 | 34,517 | 10.3 | % | BBB | 2,548 | 2,558 | 24,275 | 27,500 | 1,585 | 1,855 | 28,408 | 31,913 | 9.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and other | BB and other | 18,791 | 18,821 | 31,788 | 35,448 | 1,375 | 1,450 | 51,954 | 55,719 | 16.6 | % | BB and other | 18,633 | 18,796 | 32,268 | 36,112 | 1,369 | 1,450 | 52,270 | 56,358 | 17.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 72,351 | 72,683 | 219,666 | 245,261 | 16,563 | 16,943 | 308,580 | 334,887 | 100.0 | % | Total | $ | 71,666 | 72,624 | 213,827 | 242,147 | 16,314 | 16,937 | 301,807 | 331,708 | 100.0 | % |
(In thousands) | Fair Value | Amortized Cost | % of Total Fair Value | |||||||||||||||||||||||||||||||
(In thousands, except for %) | (In thousands, except for %) | Fair Value | Amortized Cost | % of Total Fair Value | ||||||||||||||||||||||||||||||
Education | Education | $ | 48,486 | 54,317 | 15.7 | % | Education | $ | 47,105 | 53,191 | 15.6 | % | ||||||||||||||||||||||
Utilities | Utilities | 46,416 | 49,303 | 15.0 | % | Utilities | 44,910 | 48,556 | 14.9 | |||||||||||||||||||||||||
Transportation | Transportation | 38,239 | 44,661 | 12.4 | % | Transportation | 37,554 | 44,512 | 12.4 |
General Obligation | Special Revenue | Other | Total | General Obligation | Special Revenue | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | (In thousands) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas state and political subdivision fixed maturity securities including third-party guarantees | Texas state and political subdivision fixed maturity securities including third-party guarantees | Texas state and political subdivision fixed maturity securities including third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | $ | 13,564 | 13,442 | 3,060 | 3,055 | — | — | 16,624 | 16,497 | AAA | $ | 13,506 | 13,434 | 2,612 | 2,642 | — | — | 16,118 | 16,076 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | 17,572 | 17,549 | 14,730 | 16,302 | — | — | 32,302 | 33,851 | AA | 17,576 | 17,546 | 14,034 | 15,822 | — | — | 31,610 | 33,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | — | — | 17,458 | 22,195 | — | — | 17,458 | 22,195 | A | — | — | 17,288 | 22,189 | — | — | 17,288 | 22,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and other | BB and other | — | — | 500 | 501 | — | — | 500 | 501 | BB and other | — | — | 500 | 500 | — | — | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 31,136 | 30,991 | 35,748 | 42,053 | — | — | 66,884 | 73,044 | Total | $ | 31,082 | 30,980 | 34,434 | 41,153 | — | — | 65,516 | 72,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas state and political subdivision fixed maturity securities excluding third-party guarantees | Texas state and political subdivision fixed maturity securities excluding third-party guarantees | Texas state and political subdivision fixed maturity securities excluding third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | $ | 25,137 | 24,997 | 3,002 | 2,982 | — | — | 28,139 | 27,979 | AA | $ | 25,090 | 24,989 | 2,096 | 2,092 | — | — | 27,186 | 27,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 4,860 | 4,852 | 26,978 | 32,867 | — | — | 31,838 | 37,719 | A | 4,853 | 4,850 | 26,625 | 32,861 | — | — | 31,478 | 37,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 1,139 | 1,142 | 3,274 | 3,421 | — | — | 4,413 | 4,563 | BBB | 1,139 | 1,141 | 3,243 | 3,419 | — | — | 4,382 | 4,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and other | BB and other | — | — | 2,494 | 2,783 | — | — | 2,494 | 2,783 | BB and other | — | — | 2,470 | 2,781 | — | — | 2,470 | 2,781 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 31,136 | 30,991 | 35,748 | 42,053 | — | — | 66,884 | 73,044 | Total | $ | 31,082 | 30,980 | 34,434 | 41,153 | — | — | 65,516 | 72,133 |
General Obligation | Special Revenue | Other | Total | General Obligation | Special Revenue | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | (In thousands) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California state and political subdivision fixed maturity securities including third-party guarantees | California state and political subdivision fixed maturity securities including third-party guarantees | California state and political subdivision fixed maturity securities including third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | $ | 1,965 | 2,036 | 30,221 | 35,601 | 2,478 | 2,731 | 34,664 | 40,368 | AA | $ | 1,936 | 2,042 | 29,617 | 35,399 | 2,460 | 2,731 | 34,013 | 40,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 1,306 | 1,650 | 7,208 | 8,924 | — | — | 8,514 | 10,574 | A | 1,286 | 1,650 | 7,068 | 8,922 | — | — | 8,354 | 10,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | — | — | 866 | 865 | — | — | 866 | 865 | BBB | — | — | 865 | 865 | — | — | 865 | 865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,271 | 3,686 | 38,295 | 45,390 | 2,478 | 2,731 | 44,044 | 51,807 | Total | $ | 3,222 | 3,692 | 37,550 | 45,186 | 2,460 | 2,731 | 43,232 | 51,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California state and political subdivision fixed maturity securities excluding third-party guarantees | California state and political subdivision fixed maturity securities excluding third-party guarantees | California state and political subdivision fixed maturity securities excluding third-party guarantees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AA | AA | $ | 464 | 445 | 4,691 | 5,447 | — | — | 5,155 | 5,892 | AA | $ | 455 | 445 | 4,511 | 5,257 | — | — | 4,966 | 5,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 2,807 | 3,241 | 15,766 | 18,971 | 2,478 | 2,731 | 21,051 | 24,943 | A | 2,767 | 3,247 | 15,346 | 18,966 | 2,460 | 2,731 | 20,573 | 24,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | — | — | 3,713 | 3,929 | — | — | 3,713 | 3,929 | BBB | — | — | 3,657 | 3,920 | — | — | 3,657 | 3,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and other | BB and other | — | — | 14,125 | 17,043 | — | — | 14,125 | 17,043 | BB and other | — | — | 14,036 | 17,043 | — | — | 14,036 | 17,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,271 | 3,686 | 38,295 | 45,390 | 2,478 | 2,731 | 44,044 | 51,807 | Total | $ | 3,222 | 3,692 | 37,550 | 45,186 | 2,460 | 2,731 | 43,232 | 51,609 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Fixed maturity securities | Fixed maturity securities | $ | 1,229,691 | 1,179,619 | Fixed maturity securities | $ | 1,206,483 | 1,179,619 | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 18,924 | 22,973 | Cash and cash equivalents | 20,914 | 22,973 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs [2] | ||||||||||
April 2023 | — | $ | — | — | ||||||||||
May 2023 | 147,097 | 2.1202 | 147,097 | |||||||||||
June 2023 | 178,327 | 2.3214 | 178,327 | |||||||||||
Total | 325,424 | 325,424 | $ | 4,580,000 |
Exhibit Number | The following exhibits are filed herewith: | |||||||
101* | Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, Financial Statements of this Quarterly Report on Form 10-Q* | |||||||
104* | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set* |
CITIZENS, INC. | |||||||||||
By: | /s/ Gerald W. Shields | ||||||||||
Gerald W. Shields | |||||||||||
Chief Executive Officer & President | |||||||||||
By: | /s/ Jeffery P. Conklin | ||||||||||
Jeffery P. Conklin | |||||||||||
Vice President, Chief Financial Officer, Chief Investment Officer & Treasurer | |||||||||||
Date: |