Delaware | 63-0780404 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1.00 par value per share | GL | New York Stock Exchange | ||||||
4.250% Junior Subordinated Debentures | GL PRD | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ | |||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Class | Outstanding at | |||||||
Common Stock, $1.00 Par Value |
Page | |||||||||||
PART I. FINANCIAL INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. | |||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||
Fixed maturities—available for sale, at fair value (amortized cost: 2021—$17,451,918; 2020—$17,197,145, allowance for credit losses: 2021— $0; 2020— $3,346) | $ | 21,101,780 | $ | 21,213,509 | ||||||||||||||||||
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$17,975,410; 2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387) | Fixed maturities—available for sale, at fair value (amortized cost: 2022—$17,975,410; 2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387) | $ | 19,179,107 | $ | 21,305,287 | |||||||||||||||||
Policy loans | Policy loans | 583,088 | 584,379 | Policy loans | 591,958 | 589,634 | ||||||||||||||||
Other long-term investments (includes: 2021—$533,658; 2020—$385,038 under the fair value option) | 698,188 | 546,981 | ||||||||||||||||||||
Other long-term investments (includes: 2022—$732,360; 2021—$640,263 under the fair value option) | Other long-term investments (includes: 2022—$732,360; 2021—$640,263 under the fair value option) | 889,769 | 793,925 | |||||||||||||||||||
Short-term investments | Short-term investments | 371,922 | 107,782 | Short-term investments | 57,344 | 69,145 | ||||||||||||||||
Total investments | Total investments | 22,754,978 | 22,452,651 | Total investments | 20,718,178 | 22,757,991 | ||||||||||||||||
Cash | Cash | 138,072 | 94,847 | Cash | 127,628 | 92,163 | ||||||||||||||||
Accrued investment income | Accrued investment income | 254,587 | 248,991 | Accrued investment income | 269,975 | 251,307 | ||||||||||||||||
Other receivables | Other receivables | 484,392 | 474,180 | Other receivables | 487,929 | 487,443 | ||||||||||||||||
Deferred acquisition costs | Deferred acquisition costs | 4,743,032 | 4,595,444 | Deferred acquisition costs | 4,999,935 | 4,914,728 | ||||||||||||||||
Goodwill | Goodwill | 441,591 | 441,591 | Goodwill | 481,791 | 481,791 | ||||||||||||||||
Other assets | Other assets | 763,405 | 739,027 | Other assets | 764,892 | 782,625 | ||||||||||||||||
Total assets | Total assets | $ | 29,580,057 | $ | 29,046,731 | Total assets | $ | 27,850,328 | $ | 29,768,048 | ||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Future policy benefits | Future policy benefits | $ | 15,642,106 | $ | 15,243,536 | Future policy benefits | $ | 16,229,940 | $ | 16,034,727 | ||||||||||||
Unearned and advance premium | Unearned and advance premium | 70,550 | 61,728 | Unearned and advance premium | 70,889 | 65,472 | ||||||||||||||||
Policy claims and other benefits payable | Policy claims and other benefits payable | 375,823 | 399,507 | Policy claims and other benefits payable | 433,553 | 412,940 | ||||||||||||||||
Other policyholders' funds | Other policyholders' funds | 98,316 | 97,968 | Other policyholders' funds | 99,606 | 98,935 | ||||||||||||||||
Total policy liabilities | Total policy liabilities | 16,186,795 | 15,802,739 | Total policy liabilities | 16,833,988 | 16,612,074 | ||||||||||||||||
Current and deferred income taxes | Current and deferred income taxes | 1,773,524 | 1,833,723 | Current and deferred income taxes | 1,298,911 | 1,765,021 | ||||||||||||||||
Short-term debt | Short-term debt | 259,946 | 254,918 | Short-term debt | 522,079 | 479,644 | ||||||||||||||||
Long-term debt (estimated fair value: 2021—$2,164,430; 2020—$1,871,754) | 1,986,116 | 1,667,886 | ||||||||||||||||||||
Long-term debt (estimated fair value: 2022—$1,525,731; 2021—$1,667,009) | Long-term debt (estimated fair value: 2022—$1,525,731; 2021—$1,667,009) | 1,546,858 | 1,546,494 | |||||||||||||||||||
Other liabilities | Other liabilities | 756,754 | 716,373 | Other liabilities | 754,472 | 722,009 | ||||||||||||||||
Total liabilities | Total liabilities | 20,963,135 | 20,275,639 | Total liabilities | 20,956,308 | 21,125,242 | ||||||||||||||||
Commitments and Contingencies (Note 5) | Commitments and Contingencies (Note 5) | 0 | 0 | Commitments and Contingencies (Note 5) | 0 | 0 | ||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | ||||||||||||||||||||
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2021 and 2020 | 0 | 0 | ||||||||||||||||||||
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2021—113,218,183 issued; 2020—113,218,183 issued) | 113,218 | 113,218 | ||||||||||||||||||||
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021 | Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021 | — | — | |||||||||||||||||||
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—109,218,183 issued; 2021—109,218,183 issued) | Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—109,218,183 issued; 2021—109,218,183 issued) | 109,218 | 109,218 | |||||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 524,647 | 527,435 | Additional paid-in-capital | 523,068 | 520,564 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 2,750,279 | 3,029,244 | Accumulated other comprehensive income (loss) | 869,495 | 2,677,583 | ||||||||||||||||
Retained earnings | Retained earnings | 6,185,966 | 5,874,109 | Retained earnings | 6,315,609 | 6,182,100 | ||||||||||||||||
Treasury stock, at cost: (2021—11,055,223 shares; 2020—9,420,699 shares) | (957,188) | (772,914) | ||||||||||||||||||||
Treasury stock, at cost: (2022—10,343,676 shares; 2021—9,650,845 shares) | Treasury stock, at cost: (2022—10,343,676 shares; 2021—9,650,845 shares) | (923,370) | (846,659) | |||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 8,616,922 | 8,771,092 | Total shareholders' equity | 6,894,020 | 8,642,806 | ||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 29,580,057 | $ | 29,046,731 | Total liabilities and shareholders' equity | $ | 27,850,328 | $ | 29,768,048 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Life premium | Life premium | $ | 728,170 | $ | 670,822 | $ | 1,436,289 | $ | 1,320,452 | Life premium | $ | 754,602 | $ | 708,119 | ||||||||||||||||||||||||||||||||
Health premium | Health premium | 295,586 | 282,877 | 589,759 | 563,082 | Health premium | 317,000 | 294,173 | ||||||||||||||||||||||||||||||||||||||
Other premium | Other premium | 0 | 3 | 1 | 3 | Other premium | — | 1 | ||||||||||||||||||||||||||||||||||||||
Total premium | Total premium | 1,023,756 | 953,702 | 2,026,049 | 1,883,537 | Total premium | 1,071,602 | 1,002,293 | ||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 238,308 | 231,568 | 474,128 | 460,559 | Net investment income | 243,834 | 235,820 | ||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | Realized gains (losses) | 8,659 | (4,790) | 36,811 | (30,887) | Realized gains (losses) | (7,244) | 28,152 | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 388 | 404 | 683 | 729 | Other income | 164 | 295 | ||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,271,111 | 1,180,884 | 2,537,671 | 2,313,938 | Total revenue | 1,308,356 | 1,266,560 | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | Benefits and expenses: | Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Life policyholder benefits | Life policyholder benefits | 498,471 | 459,845 | 1,016,102 | 881,515 | Life policyholder benefits | 549,343 | 517,631 | ||||||||||||||||||||||||||||||||||||||
Health policyholder benefits | Health policyholder benefits | 188,854 | 183,496 | 376,683 | 362,207 | Health policyholder benefits | 196,855 | 187,829 | ||||||||||||||||||||||||||||||||||||||
Other policyholder benefits | Other policyholder benefits | 7,286 | 7,475 | 14,545 | 15,063 | Other policyholder benefits | 7,050 | 7,259 | ||||||||||||||||||||||||||||||||||||||
Total policyholder benefits | Total policyholder benefits | 694,611 | 650,816 | 1,407,330 | 1,258,785 | Total policyholder benefits | 753,248 | 712,719 | ||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | Amortization of deferred acquisition costs | 148,021 | 146,160 | 301,014 | 289,997 | Amortization of deferred acquisition costs | 158,384 | 152,993 | ||||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition costs | Commissions, premium taxes, and non-deferred acquisition costs | 82,312 | 76,140 | 161,978 | 155,077 | Commissions, premium taxes, and non-deferred acquisition costs | 90,813 | 79,666 | ||||||||||||||||||||||||||||||||||||||
Other operating expense | Other operating expense | 79,155 | 72,714 | 160,365 | 151,296 | Other operating expense | 84,352 | 81,210 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 21,769 | 22,813 | 42,947 | 43,621 | Interest expense | 19,944 | 21,178 | ||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | Total benefits and expenses | 1,025,868 | 968,643 | 2,073,634 | 1,898,776 | Total benefits and expenses | 1,106,741 | 1,047,766 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 245,243 | 212,241 | 464,037 | 415,162 | Income before income taxes | 201,615 | 218,794 | ||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | (45,625) | (39,193) | (85,902) | (76,574) | Income tax benefit (expense) | (37,254) | (40,277) | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 199,618 | $ | 173,048 | $ | 378,135 | $ | 338,588 | Net income | $ | 164,361 | $ | 178,517 | ||||||||||||||||||||||||||||||||
Basic net income per common share | Basic net income per common share | $ | 1.94 | $ | 1.63 | $ | 3.66 | $ | 3.17 | Basic net income per common share | $ | 1.66 | $ | 1.73 | ||||||||||||||||||||||||||||||||
Diluted net income per common share | Diluted net income per common share | $ | 1.92 | $ | 1.62 | $ | 3.62 | $ | 3.13 | Diluted net income per common share | $ | 1.64 | $ | 1.70 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 199,618 | $ | 173,048 | $ | 378,135 | $ | 338,588 | Net income | $ | 164,361 | $ | 178,517 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on fixed maturities: | Unrealized gains (losses) on fixed maturities: | Unrealized gains (losses) on fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during period | Unrealized holding gains (losses) arising during period | 904,048 | 1,459,508 | (358,011) | 481,572 | Unrealized holding gains (losses) arising during period | (2,292,922) | (1,262,059) | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Other reclassification adjustments included in net income | Other reclassification adjustments included in net income | 645 | (3,190) | (16,497) | 25,222 | Other reclassification adjustments included in net income | (4,030) | (17,142) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange adjustment on fixed maturities recorded at fair value | Foreign exchange adjustment on fixed maturities recorded at fair value | 2,218 | 233 | 4,660 | (2,164) | Foreign exchange adjustment on fixed maturities recorded at fair value | 284 | 2,442 | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on fixed maturities | 906,911 | 1,456,551 | (369,848) | 504,630 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on other investments | 0 | (2,540) | 0 | (13,260) | ||||||||||||||||||||||||||||||||||||||||||
Total unrealized investment gains (losses) | Total unrealized investment gains (losses) | 906,911 | 1,454,011 | (369,848) | 491,370 | Total unrealized investment gains (losses) | (2,296,668) | (1,276,759) | ||||||||||||||||||||||||||||||||||||||
Less applicable tax (expense) benefit | Less applicable tax (expense) benefit | (190,452) | (305,338) | 77,667 | (103,188) | Less applicable tax (expense) benefit | 482,299 | 268,119 | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investments, net of tax | Unrealized gains (losses) on investments, net of tax | 716,459 | 1,148,673 | (292,181) | 388,182 | Unrealized gains (losses) on investments, net of tax | (1,814,369) | (1,008,640) | ||||||||||||||||||||||||||||||||||||||
Deferred acquisition costs: | Deferred acquisition costs: | Deferred acquisition costs: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) attributable to deferred acquisition costs | Unrealized gains (losses) attributable to deferred acquisition costs | 408 | 382 | 767 | 765 | Unrealized gains (losses) attributable to deferred acquisition costs | 376 | 359 | ||||||||||||||||||||||||||||||||||||||
Less applicable tax (expense) benefit | Less applicable tax (expense) benefit | (86) | (81) | (161) | (161) | Less applicable tax (expense) benefit | (79) | (75) | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | 322 | 301 | 606 | 604 | Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | 297 | 284 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange translation: | Foreign exchange translation: | Foreign exchange translation: | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustments, other than securities | Foreign exchange translation adjustments, other than securities | 6,173 | 16,947 | 5,563 | (10,495) | Foreign exchange translation adjustments, other than securities | 4,138 | (610) | ||||||||||||||||||||||||||||||||||||||
Less applicable tax (expense) benefit | Less applicable tax (expense) benefit | (1,296) | (3,560) | (1,168) | 2,203 | Less applicable tax (expense) benefit | (869) | 128 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange translation adjustments, other than securities, net of tax | Foreign exchange translation adjustments, other than securities, net of tax | 4,877 | 13,387 | 4,395 | (8,292) | Foreign exchange translation adjustments, other than securities, net of tax | 3,269 | (482) | ||||||||||||||||||||||||||||||||||||||
Pension: | Pension: | Pension: | ||||||||||||||||||||||||||||||||||||||||||||
Pension adjustments | Pension adjustments | 5,200 | 4,158 | 10,400 | 8,315 | Pension adjustments | 3,437 | 5,200 | ||||||||||||||||||||||||||||||||||||||
Less applicable tax (expense) benefit | Less applicable tax (expense) benefit | (1,094) | (873) | (2,185) | (1,746) | Less applicable tax (expense) benefit | (722) | (1,091) | ||||||||||||||||||||||||||||||||||||||
Pension adjustments, net of tax | Pension adjustments, net of tax | 4,106 | 3,285 | 8,215 | 6,569 | Pension adjustments, net of tax | 2,715 | 4,109 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 725,764 | 1,165,646 | (278,965) | 387,063 | Other comprehensive income (loss) | (1,808,088) | (1,004,729) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 925,382 | $ | 1,338,694 | $ | 99,170 | $ | 725,651 | Comprehensive income (loss) | $ | (1,643,727) | $ | (826,212) |
Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 0 | $ | 113,218 | $ | 527,435 | $ | 3,029,244 | $ | 5,874,109 | $ | (772,914) | $ | 8,771,092 | |||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | (1,004,729) | 178,517 | — | (826,212) | ||||||||||||||||||||||||||||||||||
Common dividends declared ($0.1975 per share) | — | — | — | — | (20,435) | — | (20,435) | ||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | — | — | — | — | — | (132,720) | (132,720) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | (11,422) | — | 1,168 | 18,142 | 7,888 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | (12,807) | 45,531 | 32,724 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 0 | 113,218 | 516,013 | 2,024,515 | 6,020,552 | (841,961) | 7,832,337 | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 725,764 | 199,618 | — | 925,382 | ||||||||||||||||||||||||||||||||||
Common dividends declared ($0.1975 per share) | — | — | — | — | (20,171) | — | (20,171) | ||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | — | — | — | — | — | (162,864) | (162,864) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 8,634 | — | — | — | 8,634 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | (14,033) | 47,637 | 33,604 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 0 | $ | 113,218 | $ | 524,647 | $ | 2,750,279 | $ | 6,185,966 | $ | (957,188) | $ | 8,616,922 | |||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Shareholders' Equity | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | — | $ | 109,218 | $ | 520,564 | $ | 2,677,583 | $ | 6,182,100 | $ | (846,659) | $ | 8,642,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 0 | $ | 117,218 | $ | 531,554 | $ | 1,844,830 | $ | 5,551,329 | $ | (750,624) | $ | 7,294,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principles, net of tax(1) | — | — | — | — | (454) | — | (454) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 0 | 117,218 | 531,554 | 1,844,830 | 5,550,875 | (750,624) | 7,293,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | — | — | — | (778,583) | 165,540 | — | (613,043) | Comprehensive income (loss) | — | — | — | (1,808,088) | 164,361 | — | (1,643,727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.1875 per share) | — | — | — | — | (19,963) | — | (19,963) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.2075 per share) | Common dividends declared ($0.2075 per share) | — | — | — | — | (20,543) | — | (20,543) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | — | — | — | — | — | (166,729) | (166,729) | Acquisition of treasury stock | — | — | — | — | — | (119,482) | (119,482) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | (12,126) | — | (482) | 21,964 | 9,356 | Stock-based compensation | — | — | 2,504 | — | (345) | 6,876 | 9,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | — | — | — | — | (9,539) | 26,347 | 16,808 | Exercise of stock options | — | — | — | — | (9,964) | 35,895 | 25,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 0 | 117,218 | 519,428 | 1,066,247 | 5,686,431 | (869,042) | 6,520,282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | 1,165,646 | 173,048 | — | 1,338,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common dividends declared ($0.1875 per share) | — | — | — | — | (19,956) | — | (19,956) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 8,632 | — | — | — | 8,632 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | (593) | 1,310 | 717 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 117,218 | $ | 528,060 | $ | 2,231,893 | $ | 5,838,930 | $ | (867,732) | $ | 7,848,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | — | $ | 109,218 | $ | 523,068 | $ | 869,495 | $ | 6,315,609 | $ | (923,370) | $ | 6,894,020 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 113,218 | $ | 527,435 | $ | 3,029,244 | $ | 5,874,109 | $ | (772,914) | $ | 8,771,092 | |||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | (1,004,729) | 178,517 | — | (826,212) | ||||||||||||||||||||||||||||||||||
Common dividends declared ($0.1975 per share) | — | — | — | — | (20,435) | — | (20,435) | ||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | — | — | — | — | — | (132,720) | (132,720) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | (11,422) | — | 1,168 | 18,142 | 7,888 | ||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | (12,807) | 45,531 | 32,724 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | — | $ | 113,218 | $ | 516,013 | $ | 2,024,515 | $ | 6,020,552 | $ | (841,961) | $ | 7,832,337 | |||||||||||||||||||||||||||
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cash provided from (used for) operating activities | Cash provided from (used for) operating activities | $ | 702,039 | $ | 769,302 | Cash provided from (used for) operating activities | $ | 397,133 | $ | 371,830 | ||||||||||||
Cash provided from (used for) investing activities: | Cash provided from (used for) investing activities: | Cash provided from (used for) investing activities: | ||||||||||||||||||||
Investments sold or matured: | Investments sold or matured: | Investments sold or matured: | ||||||||||||||||||||
Fixed maturities available for sale—sold | Fixed maturities available for sale—sold | 74,710 | 52,020 | Fixed maturities available for sale—sold | 75,116 | 61,858 | ||||||||||||||||
Fixed maturities available for sale—matured or other redemptions | Fixed maturities available for sale—matured or other redemptions | 108,815 | 218,022 | Fixed maturities available for sale—matured or other redemptions | 115,160 | 36,683 | ||||||||||||||||
Other long-term investments | Other long-term investments | 4,490 | 29,058 | Other long-term investments | 20,929 | 3,733 | ||||||||||||||||
Total investments sold or matured | Total investments sold or matured | 188,015 | 299,100 | Total investments sold or matured | 211,205 | 102,274 | ||||||||||||||||
Acquisition of investments: | Acquisition of investments: | Acquisition of investments: | ||||||||||||||||||||
Fixed maturities—available for sale | Fixed maturities—available for sale | (415,134) | (562,875) | Fixed maturities—available for sale | (339,145) | (295,869) | ||||||||||||||||
Other long-term investments | Other long-term investments | (141,975) | (156,291) | Other long-term investments | (122,010) | (65,997) | ||||||||||||||||
Total investments acquired | Total investments acquired | (557,109) | (719,166) | Total investments acquired | (461,155) | (361,866) | ||||||||||||||||
Net (increase) decrease in policy loans | Net (increase) decrease in policy loans | 1,291 | (4,049) | Net (increase) decrease in policy loans | (2,324) | 82 | ||||||||||||||||
Net (increase) decrease in short-term investments | Net (increase) decrease in short-term investments | (264,140) | (493,366) | Net (increase) decrease in short-term investments | 11,801 | 14,434 | ||||||||||||||||
Additions to properties | Additions to properties | (23,727) | (20,145) | Additions to properties | (6,981) | (15,529) | ||||||||||||||||
Other investing activities | 0 | 18 | ||||||||||||||||||||
Investments in low-income housing interests | Investments in low-income housing interests | (19,732) | (23,049) | Investments in low-income housing interests | (27,870) | (9,080) | ||||||||||||||||
Cash provided from (used for) investing activities | Cash provided from (used for) investing activities | (675,402) | (960,657) | Cash provided from (used for) investing activities | (275,324) | (269,685) | ||||||||||||||||
Cash provided from (used for) financing activities: | Cash provided from (used for) financing activities: | Cash provided from (used for) financing activities: | ||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 66,328 | 17,525 | Issuance of common stock | 25,931 | 32,724 | ||||||||||||||||
Cash dividends paid to shareholders | Cash dividends paid to shareholders | (39,891) | (38,541) | Cash dividends paid to shareholders | (19,687) | (19,511) | ||||||||||||||||
Repayment of debt | 0 | (4,375) | ||||||||||||||||||||
Proceeds from issuance of debt | 325,000 | 300,000 | ||||||||||||||||||||
Payment for debt issuance costs | (7,639) | (891) | ||||||||||||||||||||
Net borrowing (repayment) of commercial paper | Net borrowing (repayment) of commercial paper | 5,028 | 159,920 | Net borrowing (repayment) of commercial paper | 42,348 | 20,001 | ||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | (295,584) | (166,729) | Acquisition of treasury stock | (119,482) | (132,720) | ||||||||||||||||
Net receipts (payments) from deposit-type products | Net receipts (payments) from deposit-type products | (30,736) | (44,873) | Net receipts (payments) from deposit-type products | (13,810) | (13,811) | ||||||||||||||||
Cash provided from (used for) financing activities | Cash provided from (used for) financing activities | 22,506 | 222,036 | Cash provided from (used for) financing activities | (84,700) | (113,317) | ||||||||||||||||
Effect of foreign exchange rate changes on cash | Effect of foreign exchange rate changes on cash | (5,918) | 7,417 | Effect of foreign exchange rate changes on cash | (1,644) | (2,171) | ||||||||||||||||
Net increase (decrease) in cash | Net increase (decrease) in cash | 43,225 | 38,098 | Net increase (decrease) in cash | 35,465 | (13,343) | ||||||||||||||||
Cash at beginning of year | Cash at beginning of year | 94,847 | 75,933 | Cash at beginning of year | 92,163 | 94,847 | ||||||||||||||||
Cash at end of period | Cash at end of period | $ | 138,072 | $ | 114,031 | Cash at end of period | $ | 127,628 | $ | 81,504 |
Accounting Pronouncements Yet to be Adopted | ||||||||||||||||||||
Standard | Description | Effective Date | Effect on the Consolidated Financial Statements | |||||||||||||||||
ASU No. 2018-12/2019-09/2020-11, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020. | ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. On an annual basis, the Company will be required to update cash flow assumptions such as mortality, morbidity, and persistency, which are recorded in net income. On a quarterly basis, the future policy benefits will be remeasured utilizing an upper-medium grade fixed income instrument yield and the effects of the change will be recognized in accumulated other comprehensive income (AOCI). | As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available. | The Company While the requirements of the new guidance represent a significant change from existing GAAP, the new guidance will not impact capital and surplus or net income under statutory accounting practices, cash flows on our policies, or the underlying economics of our business. Significant progress has been made by the Company in order to timely adopt the new guidance, including validating computations, establishing proper controls, finalizing accounting policies, and preparing financial disclosures. The Company | |||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | |||||||||||||||||||||||||
Balance at April 1, 2021 | $ | 2,166,932 | $ | (4,420) | $ | 22,820 | $ | (160,817) | $ | 2,024,515 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 715,949 | 322 | 4,877 | 0 | 721,148 | ||||||||||||||||||||||||
Reclassifications, net of tax | 510 | 0 | 0 | 4,106 | 4,616 | ||||||||||||||||||||||||
Other comprehensive income (loss) | 716,459 | 322 | 4,877 | 4,106 | 725,764 | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 2,883,391 | $ | (4,098) | $ | 27,697 | $ | (156,711) | $ | 2,750,279 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | |||||||||||||||||||||||||
Balance at April 1, 2020 | $ | 1,222,159 | $ | (5,613) | $ | (9,621) | $ | (140,678) | $ | 1,066,247 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,151,193 | 301 | 13,387 | 0 | 1,164,881 | ||||||||||||||||||||||||
Reclassifications, net of tax | (2,520) | 0 | 0 | 3,285 | 765 | ||||||||||||||||||||||||
Other comprehensive income (loss) | 1,148,673 | 301 | 13,387 | 3,285 | 1,165,646 | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 2,370,832 | $ | (5,312) | $ | 3,766 | $ | (137,393) | $ | 2,231,893 |
Six Months Ended June 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 3,175,572 | $ | (4,704) | $ | 23,302 | $ | (164,926) | $ | 3,029,244 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | 2,765,290 | $ | (3,418) | $ | 19,387 | $ | (103,676) | $ | 2,677,583 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | Other comprehensive income (loss) before reclassifications, net of tax | (279,148) | 606 | 4,395 | 0 | (274,147) | Other comprehensive income (loss) before reclassifications, net of tax | (1,811,185) | 297 | 3,269 | — | (1,807,619) | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications, net of tax | Reclassifications, net of tax | (13,033) | 0 | 0 | 8,215 | (4,818) | Reclassifications, net of tax | (3,184) | — | — | 2,715 | (469) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (292,181) | 606 | 4,395 | 8,215 | (278,965) | Other comprehensive income (loss) | (1,814,369) | 297 | 3,269 | 2,715 | (1,808,088) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 2,883,391 | $ | (4,098) | $ | 27,697 | $ | (156,711) | $ | 2,750,279 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | 950,921 | $ | (3,121) | $ | 22,656 | $ | (100,961) | $ | 869,495 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 1,982,650 | $ | (5,916) | $ | 12,058 | $ | (143,962) | $ | 1,844,830 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 368,257 | 604 | (8,292) | 0 | 360,569 | ||||||||||||||||||||||||
Reclassifications, net of tax | 19,925 | 0 | 0 | 6,569 | 26,494 | ||||||||||||||||||||||||
Other comprehensive income (loss) | 388,182 | 604 | (8,292) | 6,569 | 387,063 | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 2,370,832 | $ | (5,312) | $ | 3,766 | $ | (137,393) | $ | 2,231,893 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Available for Sale Assets | Deferred Acquisition Costs | Foreign Exchange | Pension Adjustments | Total | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 3,175,572 | $ | (4,704) | $ | 23,302 | $ | (164,926) | $ | 3,029,244 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (995,098) | 284 | (482) | — | (995,296) | ||||||||||||||||||||||||
Reclassifications, net of tax | (13,542) | — | — | 4,109 | (9,433) | ||||||||||||||||||||||||
Other comprehensive income (loss) | (1,008,640) | 284 | (482) | 4,109 | (1,004,729) | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 2,166,932 | $ | (4,420) | $ | 22,820 | $ | (160,817) | $ | 2,024,515 |
Three Months Ended June 30, | Six Months Ended June 30, | Affected line items in the Statement of Operations | Three Months Ended March 31, | Affected line items in the Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Component Line Item | Component Line Item | 2021 | 2020 | 2021 | 2020 | Component Line Item | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized investment (gains) losses on available for sale assets: | Unrealized investment (gains) losses on available for sale assets: | Unrealized investment (gains) losses on available for sale assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized (gains) losses | Realized (gains) losses | $ | (866) | $ | (5,063) | $ | (19,656) | $ | 21,857 | Realized (gains) losses | Realized (gains) losses | $ | (4,937) | $ | (18,790) | Realized (gains) losses | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of (discount) premium | Amortization of (discount) premium | 1,511 | 1,873 | 3,159 | 3,365 | Net investment income | Amortization of (discount) premium | 907 | 1,648 | Net investment income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total before tax | Total before tax | 645 | (3,190) | (16,497) | 25,222 | Total before tax | (4,030) | (17,142) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax | Tax | (135) | 670 | 3,464 | (5,297) | Income taxes | Tax | 846 | 3,600 | Income taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total after-tax | Total after-tax | 510 | (2,520) | (13,033) | 19,925 | Total after-tax | (3,184) | (13,542) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension adjustments: | Pension adjustments: | Pension adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | 158 | 158 | 316 | 316 | Other operating expense | Amortization of prior service cost | 158 | 158 | Other operating expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | Amortization of actuarial (gain) loss | 5,042 | 4,000 | 10,084 | 7,999 | Other operating expense | Amortization of actuarial (gain) loss | 3,279 | 5,042 | Other operating expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total before tax | Total before tax | 5,200 | 4,158 | 10,400 | 8,315 | Total before tax | 3,437 | 5,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax | Tax | (1,094) | (873) | (2,185) | (1,746) | Income taxes | Tax | (722) | (1,091) | Income taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total after-tax | Total after-tax | 4,106 | 3,285 | 8,215 | 6,569 | Total after-tax | 2,715 | 4,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total reclassification (after-tax) | Total reclassification (after-tax) | $ | 4,616 | $ | 765 | $ | (4,818) | $ | 26,494 | Total reclassification (after-tax) | $ | (469) | $ | (9,433) |
At June 30, 2021 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | % of Total Fixed Maturities(2) | ||||||||||||||||||||||||||||||
Fixed maturities available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 377,327 | $ | 0 | $ | 69,245 | $ | (128) | $ | 446,444 | 2 | ||||||||||||||||||||||||
States, municipalities, and political subdivisions | 1,904,617 | 0 | 242,686 | (696) | 2,146,607 | 10 | |||||||||||||||||||||||||||||
Foreign governments | 62,027 | 0 | 1,835 | (3,707) | 60,155 | 0 | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 4,522,818 | 0 | 933,508 | (13,620) | 5,442,706 | 26 | |||||||||||||||||||||||||||||
Utilities | 1,959,373 | 0 | 529,966 | (902) | 2,488,437 | 12 | |||||||||||||||||||||||||||||
Energy | 1,629,246 | 0 | 364,800 | (1,852) | 1,992,194 | 9 | |||||||||||||||||||||||||||||
Other corporate sectors | 6,839,315 | 0 | 1,507,500 | (11,254) | 8,335,561 | 40 | |||||||||||||||||||||||||||||
Total corporates | 14,950,752 | 0 | 3,335,774 | (27,628) | 18,258,898 | 87 | |||||||||||||||||||||||||||||
Collateralized debt obligations | 36,288 | 0 | 28,119 | 0 | 64,407 | 0 | |||||||||||||||||||||||||||||
Other asset-backed securities | 120,907 | 0 | 5,209 | (847) | 125,269 | 1 | |||||||||||||||||||||||||||||
Total fixed maturities | $ | 17,451,918 | $ | 0 | $ | 3,682,868 | $ | (33,006) | $ | 21,101,780 | 100 |
At March 31, 2022 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | % of Total Fixed Maturities(2) | ||||||||||||||||||||||||||||||
Fixed maturities available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 378,985 | $ | — | $ | 23,462 | $ | (717) | $ | 401,730 | 2 | ||||||||||||||||||||||||
States, municipalities, and political subdivisions | 2,398,188 | — | 106,675 | (195,127) | 2,309,736 | 12 | |||||||||||||||||||||||||||||
Foreign governments | 60,836 | — | 469 | (8,275) | 53,030 | — | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 4,656,368 | — | 419,779 | (83,808) | 4,992,339 | 26 | |||||||||||||||||||||||||||||
Utilities | 1,913,100 | — | 251,695 | (10,273) | 2,154,522 | 11 | |||||||||||||||||||||||||||||
Energy | 1,586,815 | — | 178,334 | (19,601) | 1,745,548 | 9 | |||||||||||||||||||||||||||||
Other corporate sectors | 6,843,681 | — | 608,394 | (90,200) | 7,361,875 | 39 | |||||||||||||||||||||||||||||
Total corporates | 14,999,964 | — | 1,458,202 | (203,882) | 16,254,284 | 85 | |||||||||||||||||||||||||||||
Collateralized debt obligations | 36,310 | — | 23,228 | — | 59,538 | — | |||||||||||||||||||||||||||||
Other asset-backed securities | 101,127 | — | 491 | (829) | 100,789 | 1 | |||||||||||||||||||||||||||||
Total fixed maturities | $ | 17,975,410 | $ | — | $ | 1,612,527 | $ | (408,830) | $ | 19,179,107 | 100 |
At December 31, 2020 | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | % of Total Fixed Maturities(2) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value(1) | % of Total Fixed Maturities(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale: | Fixed maturities available for sale: | Fixed maturities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 380,602 | $ | 0 | $ | 87,272 | $ | (43) | $ | 467,831 | 2 | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 383,083 | $ | — | $ | 64,513 | $ | (164) | $ | 447,432 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities, and political subdivisions | States, municipalities, and political subdivisions | 1,880,607 | 0 | 251,291 | (315) | 2,131,583 | 10 | States, municipalities, and political subdivisions | 2,252,997 | — | 239,135 | (2,907) | 2,489,225 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | 52,913 | 0 | 2,635 | (898) | 54,650 | 0 | Foreign governments | 59,861 | — | 900 | (5,132) | 55,629 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporates, by sector: | Corporates, by sector: | Corporates, by sector: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 4,404,203 | 0 | 1,016,813 | (24,221) | 5,396,795 | 26 | Financial | 4,569,160 | (387) | 907,741 | (9,349) | 5,467,165 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 1,975,460 | 0 | 608,595 | (108) | 2,583,947 | 12 | Utilities | 1,931,391 | — | 490,119 | (1,012) | 2,420,498 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 1,623,970 | (3,346) | 346,197 | (3,083) | 1,963,738 | 9 | Energy | 1,587,892 | — | 346,780 | (1,683) | 1,932,989 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 6,687,644 | 0 | 1,727,366 | (6,218) | 8,408,792 | 40 | Other corporate sectors | 6,879,459 | — | 1,454,464 | (13,362) | 8,320,561 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 14,691,277 | (3,346) | 3,698,971 | (33,630) | 18,353,272 | 87 | Total corporates | 14,967,902 | (387) | 3,199,104 | (25,406) | 18,141,213 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 57,007 | 0 | 23,460 | (8,869) | 71,598 | 0 | Collateralized debt obligations | 36,468 | — | 27,037 | — | 63,505 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 134,739 | 0 | 3,614 | (3,778) | 134,575 | 1 | Other asset-backed securities | 104,998 | — | 3,715 | (430) | 108,283 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 17,197,145 | $ | (3,346) | $ | 4,067,243 | $ | (47,533) | $ | 21,213,509 | 100 | Total fixed maturities | $ | 17,805,309 | $ | (387) | $ | 3,534,404 | $ | (34,039) | $ | 21,305,287 | 100 |
At June 30, 2021 | At March 31, 2022 | |||||||||||||||||||||
Amortized Cost, net | Fair Value | Amortized Cost, net | Fair Value | |||||||||||||||||||
Fixed maturities available for sale: | Fixed maturities available for sale: | Fixed maturities available for sale: | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 96,034 | $ | 97,942 | Due in one year or less | $ | 112,714 | $ | 114,802 | ||||||||||||
Due after one year through five years | Due after one year through five years | 774,012 | 858,646 | Due after one year through five years | 989,010 | 1,050,870 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 1,963,341 | 2,348,161 | Due after five years through ten years | 1,723,492 | 1,902,841 | ||||||||||||||||
Due after ten years through twenty years | Due after ten years through twenty years | 6,485,804 | 8,277,620 | Due after ten years through twenty years | 7,046,768 | 7,962,921 | ||||||||||||||||
Due after twenty years | Due after twenty years | 7,975,330 | 9,329,517 | Due after twenty years | 7,965,869 | 7,987,219 | ||||||||||||||||
Mortgage-backed and asset-backed securities | Mortgage-backed and asset-backed securities | 157,397 | 189,894 | Mortgage-backed and asset-backed securities | 137,557 | 160,454 | ||||||||||||||||
$ | 17,451,918 | $ | 21,101,780 | $ | 17,975,410 | $ | 19,179,107 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale | Fixed maturities available for sale | $ | 223,278 | $ | 217,556 | 3 | $ | 444,997 | $ | 434,683 | 2 | Fixed maturities available for sale | $ | 225,284 | $ | 221,719 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | Policy loans | 11,324 | 11,213 | 1 | 22,592 | 22,331 | 1 | Policy loans | 11,428 | 11,268 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term investments(1) | Other long-term investments(1) | 8,880 | 7,146 | 24 | 17,042 | 11,769 | 45 | Other long-term investments(1) | 12,713 | 8,162 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 6 | 134 | (96) | 10 | 441 | (98) | Short-term investments | 2 | 4 | (50) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
243,488 | 236,049 | 3 | 484,641 | 469,224 | 3 | 249,427 | 241,153 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less investment expense | Less investment expense | (5,180) | (4,481) | 16 | (10,513) | (8,665) | 21 | Less investment expense | (5,593) | (5,333) | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | $ | 238,308 | $ | 231,568 | 3 | $ | 474,128 | $ | 460,559 | 3 | Net investment income | $ | 243,834 | $ | 235,820 | 3 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale: | Fixed maturities available for sale: | Fixed maturities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales(1) | Proceeds from sales(1) | $ | 12,852 | $ | 1,660 | $ | 74,710 | $ | 52,020 | Proceeds from sales(1) | $ | 75,116 | $ | 61,858 | ||||||||||||||||||||||||||||||||
Gross realized gains | Gross realized gains | 0 | 0 | 1,134 | 2,642 | Gross realized gains | 773 | 1,134 | ||||||||||||||||||||||||||||||||||||||
Gross realized losses | Gross realized losses | (82) | (371) | (12,101) | (371) | Gross realized losses | (3,679) | (12,019) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Realized investment gains (losses): | Realized investment gains (losses): | Realized investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale: | Fixed maturities available for sale: | Fixed maturities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Sales and other(1) | Sales and other(1) | $ | 865 | $ | 5,928 | $ | 16,309 | $ | 10,862 | Sales and other(1) | $ | 4,549 | $ | 15,444 | ||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 0 | (865) | 3,346 | (32,719) | Provision for credit losses | 387 | 3,346 | ||||||||||||||||||||||||||||||||||||||
Fair value option—change in fair value | Fair value option—change in fair value | 2,543 | (19,434) | 12,428 | (18,851) | Fair value option—change in fair value | (5,338) | 9,885 | ||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 5,251 | 9,581 | 4,728 | 9,821 | Other investments | (6,842) | (523) | ||||||||||||||||||||||||||||||||||||||
Realized gains (losses) from investments | Realized gains (losses) from investments | 8,659 | (4,790) | 36,811 | (30,887) | Realized gains (losses) from investments | (7,244) | 28,152 | ||||||||||||||||||||||||||||||||||||||
Applicable tax | Applicable tax | (1,818) | 1,006 | (7,730) | 6,486 | Applicable tax | 1,521 | (5,912) | ||||||||||||||||||||||||||||||||||||||
Realized gains (losses), net of tax | Realized gains (losses), net of tax | $ | 6,841 | $ | (3,784) | $ | 29,081 | $ | (24,401) | Realized gains (losses), net of tax | $ | (5,723) | $ | 22,240 |
Fair Value Measurement at June 30, 2021 Using: | Fair Value Measurement at March 31, 2022 Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale | Fixed maturities available for sale | Fixed maturities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 0 | $ | 446,444 | $ | 0 | $ | 446,444 | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | — | $ | 401,730 | $ | — | $ | 401,730 | ||||||||||||||||||||||||||||
States, municipalities, and political subdivisions | States, municipalities, and political subdivisions | 0 | 2,146,607 | 0 | 2,146,607 | States, municipalities, and political subdivisions | — | 2,309,736 | — | 2,309,736 | ||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | 0 | 60,155 | 0 | 60,155 | Foreign governments | — | 53,030 | — | 53,030 | ||||||||||||||||||||||||||||||||||||
Corporates, by sector: | Corporates, by sector: | Corporates, by sector: | ||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 0 | 5,268,630 | 174,076 | 5,442,706 | Financial | — | 4,835,986 | 156,353 | 4,992,339 | ||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 0 | 2,331,689 | 156,748 | 2,488,437 | Utilities | — | 2,027,154 | 127,368 | 2,154,522 | ||||||||||||||||||||||||||||||||||||
Energy | Energy | 0 | 1,953,907 | 38,287 | 1,992,194 | Energy | — | 1,732,407 | 13,141 | 1,745,548 | ||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 0 | 8,025,927 | 309,634 | 8,335,561 | Other corporate sectors | — | 7,072,767 | 289,108 | 7,361,875 | ||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 0 | 17,580,153 | 678,745 | 18,258,898 | Total corporates | — | 15,668,314 | 585,970 | 16,254,284 | ||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 0 | 0 | 64,407 | 64,407 | Collateralized debt obligations | — | — | 59,538 | 59,538 | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 0 | 125,269 | 0 | 125,269 | Other asset-backed securities | — | 100,789 | — | 100,789 | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 0 | $ | 20,358,628 | $ | 743,152 | $ | 21,101,780 | Total fixed maturities | $ | — | $ | 18,533,599 | $ | 645,508 | $ | 19,179,107 | ||||||||||||||||||||||||||||
Percentage of total | Percentage of total | 0 | % | 96 | % | 4 | % | 100 | % | Percentage of total | — | % | 97 | % | 3 | % | 100 | % |
Fair Value Measurement at December 31, 2020 Using: | Fair Value Measurement at December 31, 2021 Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale | Fixed maturities available for sale | Fixed maturities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 0 | $ | 467,831 | $ | 0 | $ | 467,831 | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | — | $ | 447,432 | $ | — | $ | 447,432 | ||||||||||||||||||||||||||||
States, municipalities, and political subdivisions | States, municipalities, and political subdivisions | 0 | 2,131,583 | 0 | 2,131,583 | States, municipalities, and political subdivisions | — | 2,489,225 | — | 2,489,225 | ||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | 0 | 54,650 | 0 | 54,650 | Foreign governments | — | 55,629 | — | 55,629 | ||||||||||||||||||||||||||||||||||||
Corporates, by sector: | Corporates, by sector: | Corporates, by sector: | ||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 0 | 5,222,066 | 174,729 | 5,396,795 | Financial | — | 5,303,547 | 163,618 | 5,467,165 | ||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 0 | 2,400,602 | 183,345 | 2,583,947 | Utilities | — | 2,266,231 | 154,267 | 2,420,498 | ||||||||||||||||||||||||||||||||||||
Energy | Energy | 0 | 1,925,549 | 38,189 | 1,963,738 | Energy | — | 1,919,416 | 13,573 | 1,932,989 | ||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 0 | 8,090,550 | 318,242 | 8,408,792 | Other corporate sectors | — | 8,010,331 | 310,230 | 8,320,561 | ||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 0 | 17,638,767 | 714,505 | 18,353,272 | Total corporates | — | 17,499,525 | 641,688 | 18,141,213 | ||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 0 | 0 | 71,598 | 71,598 | Collateralized debt obligations | — | — | 63,505 | 63,505 | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 0 | 121,705 | 12,870 | 134,575 | Other asset-backed securities | — | 108,283 | — | 108,283 | ||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 0 | $ | 20,414,536 | $ | 798,973 | $ | 21,213,509 | Total fixed maturities | $ | — | $ | 20,600,094 | $ | 705,193 | $ | 21,305,287 | ||||||||||||||||||||||||||||
Percentage of total | Percentage of total | 0 | % | 96 | % | 4 | % | 100 | % | Percentage of total | — | % | 97 | % | 3 | % | 100 | % |
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||
Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 12,870 | $ | 71,598 | $ | 714,505 | $ | 798,973 | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | — | $ | 63,505 | $ | 641,688 | $ | 705,193 | |||||||||||||||||||||||||||||||||||||
Included in realized gains / losses | Included in realized gains / losses | (82) | (6,787) | 840 | (6,029) | Included in realized gains / losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | Included in other comprehensive income | 63 | 13,528 | (12,489) | 1,102 | Included in other comprehensive income | — | (3,809) | (36,360) | (40,169) | ||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions | 0 | 0 | 0 | 0 | Acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | Sales | (12,851) | (13,213) | 0 | (26,064) | Sales | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 0 | 2,270 | 4 | 2,274 | Amortization | — | 1,123 | 1 | 1,124 | ||||||||||||||||||||||||||||||||||||
Other(1) | Other(1) | 0 | (2,989) | (24,115) | (27,104) | Other(1) | — | (1,281) | (19,359) | (20,640) | ||||||||||||||||||||||||||||||||||||
Transfers into Level 3(2) | Transfers into Level 3(2) | 0 | 0 | 0 | 0 | Transfers into Level 3(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(2) | Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | Transfers out of Level 3(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 0 | $ | 64,407 | $ | 678,745 | $ | 743,152 | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | — | $ | 59,538 | $ | 585,970 | $ | 645,508 | |||||||||||||||||||||||||||||||||||||
Percent of total fixed maturities | Percent of total fixed maturities | 0 | % | 1 | % | 3 | % | 4 | % | Percent of total fixed maturities | — | % | — | % | 3 | % | 3 | % |
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||
Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 13,177 | $ | 74,104 | $ | 672,128 | $ | 759,409 | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | Balance at January 1, 2021 | $ | 12,870 | $ | 71,598 | $ | 714,505 | $ | 798,973 | |||||||||||||||||||||||||||||||||||||
Included in realized gains / losses | Included in realized gains / losses | 0 | 0 | 1,213 | 1,213 | Included in realized gains / losses | — | (6,787) | — | (6,787) | ||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | Included in other comprehensive income | (250) | (5,046) | 11,765 | 6,469 | Included in other comprehensive income | (1,261) | 9,900 | (24,135) | (15,496) | ||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions | 0 | 0 | 0 | 0 | Acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Sales | Sales | 0 | 0 | 0 | 0 | Sales | — | (13,213) | — | (13,213) | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 0 | 2,275 | 4 | 2,279 | Amortization | — | 1,140 | 2 | 1,142 | ||||||||||||||||||||||||||||||||||||
Other(1) | Other(1) | (47) | (2,234) | (26,194) | (28,475) | Other(1) | — | (1,337) | (2,028) | (3,365) | ||||||||||||||||||||||||||||||||||||
Transfers into Level 3(2) | Transfers into Level 3(2) | 0 | 0 | 0 | 0 | Transfers into Level 3(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Transfers out of Level 3(2) | Transfers out of Level 3(2) | 0 | 0 | 0 | 0 | Transfers out of Level 3(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 12,880 | $ | 69,099 | $ | 658,916 | $ | 740,895 | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | $ | 11,609 | $ | 61,301 | $ | 688,344 | $ | 761,254 | |||||||||||||||||||||||||||||||||||||
Percent of total fixed maturities | Percent of total fixed maturities | 0 | % | 1 | % | 3 | % | 4 | % | Percent of total fixed maturities | — | % | 1 | % | 3 | % | 4 | % |
Changes in Unrealized Gains/Losses included in Other Comprehensive Income for Assets Held at the End of the Period | |||||||||||||||||||||||
Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | ||||||||||||||||||||
At June 30, 2021 | $ | 63 | $ | 13,528 | $ | (12,489) | $ | 1,102 | |||||||||||||||
At June 30, 2020 | (250) | (5,046) | 11,765 | 6,469 |
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | |||||||||||||||||||||||
Asset- backed Securities | Collateralized Debt Obligations | Corporates | Total | ||||||||||||||||||||
At March 31, 2022 | $ | — | $ | (3,809) | $ | (36,360) | $ | (40,169) | |||||||||||||||
At March 31, 2021 | (1,261) | 9,900 | (24,135) | (15,496) |
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||
Number of issues (CUSIPs) held: | |||||||||||||||||
As of June 30, 2021 | 99 | 17 | 116 | ||||||||||||||
As of December 31, 2020 | 54 | 24 | 78 |
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||
Number of issues (CUSIPs) held: | |||||||||||||||||
As of March 31, 2022 | 915 | 54 | 969 | ||||||||||||||
As of December 31, 2021 | 138 | 42 | 180 |
At March 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Fixed maturities available for sale: | |||||||||||||||||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 27,111 | $ | (271) | $ | 3,591 | $ | (446) | $ | 30,702 | $ | (717) | |||||||||||||||||||||||
States, municipalities and political subdivisions | 1,308,081 | (193,624) | 4,630 | (1,503) | 1,312,711 | (195,127) | |||||||||||||||||||||||||||||
Foreign governments | 7,738 | (959) | 25,506 | (7,316) | 33,244 | (8,275) | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 889,046 | (62,791) | 54,507 | (8,343) | 943,553 | (71,134) | |||||||||||||||||||||||||||||
Utilities | 257,824 | (8,762) | 4,736 | (1,106) | 262,560 | (9,868) | |||||||||||||||||||||||||||||
Energy | 236,413 | (13,801) | — | — | 236,413 | (13,801) | |||||||||||||||||||||||||||||
Other corporate sectors | 1,003,128 | (65,334) | 64,580 | (14,433) | 1,067,708 | (79,767) | |||||||||||||||||||||||||||||
Total corporates | 2,386,411 | (150,688) | 123,823 | (23,882) | 2,510,234 | (174,570) | |||||||||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other asset-backed securities | 44,651 | (569) | — | — | 44,651 | (569) | |||||||||||||||||||||||||||||
Total investment grade securities | 3,773,992 | (346,111) | 157,550 | (33,147) | 3,931,542 | (379,258) | |||||||||||||||||||||||||||||
Below investment grade securities: | |||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 56,133 | (4,293) | 54,149 | (8,381) | 110,282 | (12,674) | |||||||||||||||||||||||||||||
Utilities | 14,690 | (405) | — | — | 14,690 | (405) | |||||||||||||||||||||||||||||
Energy | 26,871 | (718) | 22,996 | (5,082) | 49,867 | (5,800) | |||||||||||||||||||||||||||||
Other corporate sectors | 41,377 | (2,624) | 24,854 | (7,809) | 66,231 | (10,433) | |||||||||||||||||||||||||||||
Total corporates | 139,071 | (8,040) | 101,999 | (21,272) | 241,070 | (29,312) | |||||||||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other asset-backed securities | — | — | 13,102 | (260) | 13,102 | (260) | |||||||||||||||||||||||||||||
Total below investment grade securities | 139,071 | (8,040) | 115,101 | (21,532) | 254,172 | (29,572) | |||||||||||||||||||||||||||||
Total fixed maturities | $ | 3,913,063 | $ | (354,151) | $ | 272,651 | $ | (54,679) | $ | 4,185,714 | $ | (408,830) |
At June 30, 2021 | |||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||
Fixed maturities available for sale: | |||||||||||||||||||||||||||||||||||
Investment grade securities: | |||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 3,888 | $ | (128) | $ | 2 | $ | 0 | $ | 3,890 | $ | (128) | |||||||||||||||||||||||
States, municipalities and political subdivisions | 61,437 | (696) | 0 | 0 | 61,437 | (696) | |||||||||||||||||||||||||||||
Foreign governments | 32,095 | (3,707) | 0 | 0 | 32,095 | (3,707) | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 108,309 | (4,251) | 5,069 | (158) | 113,378 | (4,409) | |||||||||||||||||||||||||||||
Utilities | 22,950 | (815) | 0 | 0 | 22,950 | (815) | |||||||||||||||||||||||||||||
Energy | 84,963 | (403) | 0 | 0 | 84,963 | (403) | |||||||||||||||||||||||||||||
Other corporate sectors | 125,515 | (5,677) | 100 | (2) | 125,615 | (5,679) | |||||||||||||||||||||||||||||
Total corporates | 341,737 | (11,146) | 5,169 | (160) | 346,906 | (11,306) | |||||||||||||||||||||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other asset-backed securities | 10,552 | (9) | 2 | 0 | 10,554 | (9) | |||||||||||||||||||||||||||||
Total investment grade securities | 449,709 | (15,686) | 5,173 | (160) | 454,882 | (15,846) | |||||||||||||||||||||||||||||
Below investment grade securities: | |||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Corporates, by sector: | |||||||||||||||||||||||||||||||||||
Financial | 20,243 | (58) | 103,362 | (9,153) | 123,605 | (9,211) | |||||||||||||||||||||||||||||
Utilities | 15,008 | (87) | 0 | 0 | 15,008 | (87) | |||||||||||||||||||||||||||||
Energy | 0 | 0 | 26,647 | (1,449) | 26,647 | (1,449) | |||||||||||||||||||||||||||||
Other corporate sectors | 7,857 | (3,442) | 19,190 | (2,133) | 27,047 | (5,575) | |||||||||||||||||||||||||||||
Total corporates | 43,108 | (3,587) | 149,199 | (12,735) | 192,307 | (16,322) | |||||||||||||||||||||||||||||
Collateralized debt obligations | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other asset-backed securities | 0 | 0 | 12,962 | (838) | 12,962 | (838) | |||||||||||||||||||||||||||||
Total below investment grade securities | 43,108 | (3,587) | 162,161 | (13,573) | 205,269 | (17,160) | |||||||||||||||||||||||||||||
Total fixed maturities | $ | 492,817 | $ | (19,273) | $ | 167,334 | $ | (13,733) | $ | 660,151 | $ | (33,006) |
At December 31, 2020 | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available for sale: | Fixed maturities available for sale: | Fixed maturities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade securities: | Investment grade securities: | Investment grade securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government direct, guaranteed, and government-sponsored enterprises | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 2,006 | $ | (43) | $ | 0 | $ | 0 | $ | 2,006 | $ | (43) | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 118 | $ | (1) | $ | 3,867 | $ | (163) | $ | 3,985 | $ | (164) | ||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | States, municipalities and political subdivisions | 32,910 | (315) | 0 | 0 | 32,910 | (315) | States, municipalities and political subdivisions | 141,310 | (2,824) | 2,436 | (83) | 143,746 | (2,907) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign governments | Foreign governments | 19,532 | (898) | 0 | 0 | 19,532 | (898) | Foreign governments | 12,567 | (561) | 23,144 | (4,571) | 35,711 | (5,132) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporates, by sector: | Corporates, by sector: | Corporates, by sector: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 117,762 | (2,564) | 6,333 | (2,168) | 124,095 | (4,732) | Financial | 133,654 | (1,507) | 52,864 | (1,932) | 186,518 | (3,439) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 2,726 | (108) | 0 | 0 | 2,726 | (108) | Utilities | 25,447 | (692) | 2,372 | (320) | 27,819 | (1,012) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 1,692 | (8) | 14,871 | (106) | 16,563 | (114) | Energy | 6,519 | (238) | — | — | 6,519 | (238) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 21,882 | (720) | 0 | 0 | 21,882 | (720) | Other corporate sectors | 115,444 | (3,566) | 40,249 | (3,670) | 155,693 | (7,236) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 144,062 | (3,400) | 21,204 | (2,274) | 165,266 | (5,674) | Total corporates | 281,064 | (6,003) | 95,485 | (5,922) | 376,549 | (11,925) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 0 | 0 | 0 | 0 | 0 | 0 | Collateralized debt obligations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 28,864 | (1,051) | 5 | 0 | 28,869 | (1,051) | Other asset-backed securities | 10,489 | (16) | 1 | — | 10,490 | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment grade securities | Total investment grade securities | 227,374 | (5,707) | 21,209 | (2,274) | 248,583 | (7,981) | Total investment grade securities | 445,548 | (9,405) | 124,933 | (10,739) | 570,481 | (20,144) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade securities: | Below investment grade securities: | Below investment grade securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | States, municipalities and political subdivisions | 0 | 0 | 0 | 0 | 0 | 0 | States, municipalities and political subdivisions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporates, by sector: | Corporates, by sector: | Corporates, by sector: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | 6,822 | (36) | 115,093 | (19,453) | 121,915 | (19,489) | Financial | 15,695 | (272) | 56,897 | (5,638) | 72,592 | (5,910) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 0 | 0 | 0 | 0 | 0 | 0 | Utilities | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 18,432 | (757) | 38,720 | (2,212) | 57,152 | (2,969) | Energy | — | — | 26,639 | (1,445) | 26,639 | (1,445) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 25,711 | (3,588) | 19,516 | (1,910) | 45,227 | (5,498) | Other corporate sectors | 700 | (11) | 26,581 | (6,115) | 27,281 | (6,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 50,965 | (4,381) | 173,329 | (23,575) | 224,294 | (27,956) | Total corporates | 16,395 | (283) | 110,117 | (13,198) | 126,512 | (13,481) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 0 | 0 | 11,131 | (8,869) | 11,131 | (8,869) | Collateralized debt obligations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 0 | 0 | 11,223 | (2,727) | 11,223 | (2,727) | Other asset-backed securities | — | — | 13,043 | (414) | 13,043 | (414) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total below investment grade securities | Total below investment grade securities | 50,965 | (4,381) | 195,683 | (35,171) | 246,648 | (39,552) | Total below investment grade securities | 16,395 | (283) | 123,160 | (13,612) | 139,555 | (13,895) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 278,339 | $ | (10,088) | $ | 216,892 | $ | (37,445) | $ | 495,231 | $ | (47,533) | Total fixed maturities | $ | 461,943 | $ | (9,688) | $ | 248,093 | $ | (24,351) | $ | 710,036 | $ | (34,039) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses beginning balance | Allowance for credit losses beginning balance | $ | 0 | $ | 31,854 | $ | 3,346 | $ | 0 | Allowance for credit losses beginning balance | $ | 387 | $ | 3,346 | ||||||||||||||||||||||||||||||||||||||
Additions to allowance for which credit losses were not previously recorded | Additions to allowance for which credit losses were not previously recorded | 0 | 0 | 0 | 31,854 | Additions to allowance for which credit losses were not previously recorded | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Additions (reductions) to allowance for fixed maturities that previously had an allowance | Additions (reductions) to allowance for fixed maturities that previously had an allowance | 0 | 865 | 0 | 865 | Additions (reductions) to allowance for fixed maturities that previously had an allowance | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | 0 | 0 | (3,346) | 0 | Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | (387) | (3,346) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses ending balance | Allowance for credit losses ending balance | $ | 0 | $ | 32,719 | $ | 0 | $ | 32,719 | Allowance for credit losses ending balance | $ | — | $ | — |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Investment funds | Investment funds | $ | 533,658 | $ | 385,038 | Investment funds | $ | 732,360 | $ | 640,263 | ||||||||||||
Commercial mortgage loan participations | Commercial mortgage loan participations | 160,639 | 160,602 | Commercial mortgage loan participations | 144,074 | 141,843 | ||||||||||||||||
Other | Other | 3,891 | 1,341 | Other | 13,335 | 11,819 | ||||||||||||||||
Total | Total | $ | 698,188 | $ | 546,981 | Total | $ | 889,769 | $ | 793,925 |
Fair Value | Unfunded Commitments | |||||||||||||||||||||||||
Investment Category | March 31, 2022 | December 31, 2021 | March 31, 2022 | Redemption Term/Notice | ||||||||||||||||||||||
Commercial mortgage loans | $ | 409,918 | $ | 423,776 | $ | 254,876 | Fully redeemable and non-redeemable with varying terms. | |||||||||||||||||||
Opportunistic credit | 173,058 | 178,215 | — | Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. | ||||||||||||||||||||||
Other | 149,384 | 38,272 | 103,264 | Fully redeemable with varying terms and non-redeemable. | ||||||||||||||||||||||
Total investment funds | $ | 732,360 | $ | 640,263 | $ | 358,140 |
Fair Value | Unfunded Commitments | ||||||||||||||||||||||||||||
Investment Category | June 30, 2021 | December 31, 2020 | June 30, 2021 | Redemption Term/Notice | |||||||||||||||||||||||||
Commercial mortgage loans | $ | 347,042 | $ | 227,050 | $ | 172,001 | Portion non-redeemable and fully redeemable after 6 month period, subject to fund liquidity/discretion of General Partner. Expected life is 7 years for non-redeemable fund. | ||||||||||||||||||||||
Opportunistic credit | 169,351 | 157,461 | 0 | Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. | |||||||||||||||||||||||||
Other | 17,265 | 527 | 236,811 | Fully redeemable with varying terms and non-redeemable. | |||||||||||||||||||||||||
Total investment funds | $ | 533,658 | $ | 385,038 | $ | 408,812 |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Value | % of Total | Carrying Value | % of Total | Carrying Value | % of Total | Carrying Value | % of Total | |||||||||||||||||||||||||||||||||||||||
Property type: | Property type: | Property type: | ||||||||||||||||||||||||||||||||||||||||||||
Mixed use | Mixed use | $ | 51,124 | 32 | $ | 49,002 | 31 | Mixed use | $ | 60,396 | 42 | $ | 57,996 | 41 | ||||||||||||||||||||||||||||||||
Office | 36,156 | 23 | 36,153 | 22 | ||||||||||||||||||||||||||||||||||||||||||
Hospitality | Hospitality | 22,540 | 14 | 22,605 | 14 | Hospitality | 23,161 | 16 | 23,186 | 16 | ||||||||||||||||||||||||||||||||||||
Retail | Retail | 19,699 | 12 | 19,319 | 12 | Retail | 19,860 | 14 | 19,811 | 14 | ||||||||||||||||||||||||||||||||||||
Industrial | Industrial | 17,900 | 11 | 17,900 | 11 | Industrial | 17,900 | 13 | 17,900 | 13 | ||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 14,859 | 9 | 19,128 | 12 | Multi-family | 14,770 | 10 | 14,872 | 11 | ||||||||||||||||||||||||||||||||||||
Office | Office | 8,814 | 6 | 8,905 | 6 | |||||||||||||||||||||||||||||||||||||||||
Total recorded investment | Total recorded investment | 162,278 | 101 | 164,107 | 102 | Total recorded investment | 144,901 | 101 | 142,670 | 101 | ||||||||||||||||||||||||||||||||||||
Less allowance for credit losses | Less allowance for credit losses | (1,639) | (1) | (3,505) | (2) | Less allowance for credit losses | (827) | (1) | (827) | (1) | ||||||||||||||||||||||||||||||||||||
Carrying value, net of allowance for credit losses | Carrying value, net of allowance for credit losses | $ | 160,639 | 100 | $ | 160,602 | 100 | Carrying value, net of allowance for credit losses | $ | 144,074 | 100 | $ | 141,843 | 100 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||
Geographic location: | |||||||||||||||||||||||
California | $ | 62,764 | 39 | $ | 61,610 | 38 | |||||||||||||||||
Virginia | 27,019 | 17 | 27,019 | 17 | |||||||||||||||||||
New York | 17,107 | 11 | 16,602 | 10 | |||||||||||||||||||
Pennsylvania | 11,661 | 7 | 11,314 | 7 | |||||||||||||||||||
Indiana | 9,717 | 6 | 9,717 | 6 | |||||||||||||||||||
Florida | 8,142 | 5 | 12,420 | 8 | |||||||||||||||||||
Other | 25,868 | 16 | 25,425 | 16 | |||||||||||||||||||
Total recorded investment | 162,278 | 101 | 164,107 | 102 | |||||||||||||||||||
Less allowance for credit losses | (1,639) | (1) | (3,505) | (2) | |||||||||||||||||||
Carrying value, net of allowance for credit losses | $ | 160,639 | 100 | $ | 160,602 | 100 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||
Geographic location: | |||||||||||||||||||||||
California | $ | 69,167 | 48 | $ | 67,659 | 48 | |||||||||||||||||
New York | 18,551 | 13 | 18,373 | 13 | |||||||||||||||||||
Pennsylvania | 11,673 | 8 | 11,673 | 8 | |||||||||||||||||||
Indiana | 9,717 | 7 | 9,717 | 7 | |||||||||||||||||||
Florida | 8,246 | 6 | 8,213 | 6 | |||||||||||||||||||
Texas | 5,960 | 4 | 5,898 | 4 | |||||||||||||||||||
Other | 21,587 | 15 | 21,137 | 15 | |||||||||||||||||||
Total recorded investment | 144,901 | 101 | 142,670 | 101 | |||||||||||||||||||
Less allowance for credit losses | (827) | (1) | (827) | (1) | |||||||||||||||||||
Carrying value, net of allowance for credit losses | $ | 144,074 | 100 | $ | 141,843 | 100 |
Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination | Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Number of Loans | 2021 | 2020 | 2019 | 2018 | 2017 | Total | Risk Rating: | Number of Loans | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low | Low | 16 | $ | 0 | $ | 20,884 | $ | 13,080 | $ | 32,957 | $ | 62,057 | $ | 128,978 | Low | 14 | $ | — | $ | — | $ | 25,045 | $ | 12,509 | $ | 41,151 | $ | 35,851 | $ | 114,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moderate | Moderate | 5 | 0 | 0 | 13,601 | 8,142 | 0 | 21,743 | Moderate | 6 | — | — | 1,297 | 17,434 | — | — | 18,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
High | High | 2 | 0 | 0 | 4,568 | 6,989 | 0 | 11,557 | High | 2 | — | — | — | 4,597 | 7,017 | — | 11,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | Total commercial mortgage loans | 23 | $ | 0 | $ | 20,884 | $ | 31,249 | $ | 48,088 | $ | 62,057 | 162,278 | Total commercial mortgage loans | 22 | $ | — | $ | — | $ | 26,342 | $ | 34,540 | $ | 48,168 | $ | 35,851 | 144,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less allowance for credit losses on the investment pool | Less allowance for credit losses on the investment pool | (1,639) | Less allowance for credit losses on the investment pool | (827) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less allowance for credit losses on individual loans | Less allowance for credit losses on individual loans | 0 | Less allowance for credit losses on individual loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value, net of valuation allowance | Carrying value, net of valuation allowance | $ | 160,639 | Carrying value, net of valuation allowance | $ | 144,074 |
Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination | Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Number of Loans | 2020 | 2019 | 2018 | 2017 | Total | Risk Rating: | Number of Loans | 2021 | 2020 | 2019 | 2018 | 2017 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low | Low | 17 | $ | 20,176 | $ | 14,757 | $ | 33,132 | $ | 61,460 | $ | 129,525 | Low | 14 | $ | — | $ | 23,636 | $ | 11,925 | $ | 41,209 | $ | 35,729 | $ | 112,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moderate | Moderate | 4 | 0 | 10,640 | 7,796 | 0 | 18,436 | Moderate | 6 | — | 1,400 | 17,173 | — | — | 18,573 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
High | High | 3 | 0 | 4,554 | 11,592 | 0 | 16,146 | High | 2 | — | — | 4,593 | 7,005 | — | 11,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | Total commercial mortgage loans | 24 | $ | 20,176 | $ | 29,951 | $ | 52,520 | $ | 61,460 | 164,107 | Total commercial mortgage loans | 22 | $ | — | $ | 25,036 | $ | 33,691 | $ | 48,214 | $ | 35,729 | 142,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less allowance for credit losses on the investment pool | Less allowance for credit losses on the investment pool | (2,503) | Less allowance for credit losses on the investment pool | (827) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less allowance for credit losses on individual loans | Less allowance for credit losses on individual loans | (1,002) | Less allowance for credit losses on individual loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value, net of valuation allowance | Carrying value, net of valuation allowance | $ | 160,602 | Carrying value, net of valuation allowance | $ | 141,843 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses beginning balance | Allowance for credit losses beginning balance | $ | 2,147 | $ | 335 | $ | 3,505 | $ | 0 | Allowance for credit losses beginning balance | $ | 827 | $ | 3,505 | ||||||||||||||||||||||||||||||||||||||
Cumulative effect of adoption ASU 2016-13 | 0 | 0 | 0 | 335 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal) for credit losses | Provision (reversal) for credit losses | (508) | 3,503 | (1,866) | 3,503 | Provision (reversal) for credit losses | — | (1,358) | ||||||||||||||||||||||||||||||||||||||||||||
Loans charge-off | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses ending balance | Allowance for credit losses ending balance | $ | 1,639 | $ | 3,838 | $ | 1,639 | $ | 3,838 | Allowance for credit losses ending balance | $ | 827 | $ | 2,147 |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 162,261 | $ | 163,808 | Balance at beginning of period | $ | 167,832 | $ | 162,261 | ||||||||||||
Incurred related to: | Incurred related to: | Incurred related to: | ||||||||||||||||||||
Current year | Current year | 325,582 | 584,936 | Current year | 176,953 | 638,054 | ||||||||||||||||
Prior year | Prior year | (19,681) | (14,829) | Prior year | (12,008) | (22,477) | ||||||||||||||||
Total incurred | Total incurred | 305,901 | 570,107 | Total incurred | 164,945 | 615,577 | ||||||||||||||||
Paid related to: | Paid related to: | Paid related to: | ||||||||||||||||||||
Current year | Current year | 197,328 | 442,127 | Current year | 70,775 | 487,096 | ||||||||||||||||
Prior year | Prior year | 106,148 | 129,527 | Prior year | 89,235 | 122,910 | ||||||||||||||||
Total paid | Total paid | 303,476 | 571,654 | Total paid | 160,010 | 610,006 | ||||||||||||||||
Balance at end of period | Balance at end of period | $ | 164,686 | $ | 162,261 | Balance at end of period | $ | 172,767 | $ | 167,832 |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Policy claims and other benefits payable: | Policy claims and other benefits payable: | Policy claims and other benefits payable: | ||||||||||||||||||||
Life insurance | Life insurance | $ | 211,137 | $ | 237,246 | Life insurance | $ | 260,786 | $ | 245,108 | ||||||||||||
Health insurance | Health insurance | 164,686 | 162,261 | Health insurance | 172,767 | 167,832 | ||||||||||||||||
Total | Total | $ | 375,823 | $ | 399,507 | Total | $ | 433,553 | $ | 412,940 |
Fair Value Determined by: | Fair Value Determined by: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Amount | % to Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Amount | % to Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds: | Corporate bonds: | Corporate bonds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | $ | 0 | $ | 56,211 | $ | 0 | $ | 56,211 | 10 | Financial | $ | — | $ | 47,184 | $ | — | $ | 47,184 | 8 | ||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 0 | 44,358 | 0 | 44,358 | 8 | Utilities | — | 39,148 | — | 39,148 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 0 | 23,119 | 0 | 23,119 | 4 | Energy | — | 20,916 | — | 20,916 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
Other corporates | Other corporates | 0 | 89,934 | 0 | 89,934 | 16 | Other corporates | — | 79,311 | — | 79,311 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
Total corporate bonds | Total corporate bonds | 0 | 213,622 | 0 | 213,622 | 38 | Total corporate bonds | — | 186,559 | — | 186,559 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange traded fund(1) | Exchange traded fund(1) | 281,693 | 0 | 0 | 281,693 | 51 | Exchange traded fund(1) | 300,244 | — | — | 300,244 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||
Other bonds | Other bonds | 0 | 247 | 0 | 247 | 0 | Other bonds | — | 223 | — | 223 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed annuity contract(2) | Guaranteed annuity contract(2) | 0 | 30,381 | 0 | 30,381 | 5 | Guaranteed annuity contract(2) | — | 34,863 | — | 34,863 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 13,583 | 0 | 0 | 13,583 | 2 | Short-term investments | 12,075 | — | — | 12,075 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 2,812 | 0 | 0 | 2,812 | 1 | Other | 8,192 | — | — | 8,192 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 298,088 | $ | 244,250 | $ | 0 | 542,338 | 97 | $ | 320,511 | $ | 221,645 | $ | — | 542,156 | 97 | |||||||||||||||||||||||||||||||||||||||||||
Other long-term investments(3) | Other long-term investments(3) | 15,720 | 3 | Other long-term investments(3) | 15,545 | 3�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total pension assets | Total pension assets | $ | 558,058 | 100 | Total pension assets | $ | 557,701 | 100 |
Fair Value Determined by: | Fair Value Determined by: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Amount | % to Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Amount | % to Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds: | Corporate bonds: | Corporate bonds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | $ | 0 | $ | 52,252 | $ | 0 | $ | 52,252 | 10 | Financial | $ | — | $ | 52,522 | $ | — | $ | 52,522 | 9 | ||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | 0 | 45,888 | 0 | 45,888 | 9 | Utilities | — | 43,663 | — | 43,663 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 0 | 22,480 | 0 | 22,480 | 4 | Energy | — | 22,719 | — | 22,719 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
Other corporates | Other corporates | 0 | 88,983 | 0 | 88,983 | 17 | Other corporates | — | 88,673 | — | 88,673 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Total corporate bonds | Total corporate bonds | 0 | 209,603 | 0 | 209,603 | 40 | Total corporate bonds | — | 207,577 | — | 207,577 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||
Exchange traded fund(1) | Exchange traded fund(1) | 245,170 | 0 | 0 | 245,170 | 46 | Exchange traded fund(1) | 315,720 | — | — | 315,720 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
Other bonds | Other bonds | 0 | 258 | 0 | 258 | 0 | Other bonds | — | 239 | — | 239 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed annuity contract(2) | Guaranteed annuity contract(2) | 0 | 30,119 | 0 | 30,119 | 6 | Guaranteed annuity contract(2) | — | 34,743 | — | 34,743 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 20,960 | 0 | 0 | 20,960 | 4 | Short-term investments | 13,731 | — | — | 13,731 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 7,109 | 0 | 0 | 7,109 | 1 | Other | 10,388 | — | — | 10,388 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 273,239 | $ | 239,980 | $ | 0 | 513,219 | 97 | $ | 339,839 | $ | 242,559 | $ | — | 582,398 | 97 | |||||||||||||||||||||||||||||||||||||||||||
Other long-term investments(3) | Other long-term investments(3) | 16,313 | 3 | Other long-term investments(3) | 15,149 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total pension assets | Total pension assets | $ | 529,532 | 100 | Total pension assets | $ | 597,547 | 100 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Premiums paid for insurance coverage | Premiums paid for insurance coverage | $ | 443 | $ | 443 | Premiums paid for insurance coverage | $ | 443 | $ | 443 | ||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Total investments: | Total investments: | Total investments: | ||||||||||||||||||||
Company owned life insurance | Company owned life insurance | $ | 52,529 | $ | 51,361 | Company owned life insurance | $ | 53,572 | $ | 52,791 | ||||||||||||
Exchange traded funds | Exchange traded funds | 79,788 | 75,390 | Exchange traded funds | 80,685 | 87,133 | ||||||||||||||||
$ | 132,317 | $ | 126,751 | $ | 134,257 | $ | 139,924 |
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||
Defined benefit pension | $ | 704,695 | $ | 667,753 | ||||||||||||||||||
Pension Plans | Pension Plans | $ | 651,861 | $ | 686,917 | |||||||||||||||||
SERP | SERP | 95,917 | 95,560 | SERP | 91,725 | 92,017 | ||||||||||||||||
Pension benefit obligation | Pension benefit obligation | $ | 800,612 | $ | 763,313 | Pension benefit obligation | $ | 743,586 | $ | 778,934 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 7,918 | $ | 6,115 | $ | 15,836 | $ | 12,231 | Service cost | $ | 8,655 | $ | 7,918 | ||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 5,469 | 5,647 | 10,936 | 11,298 | Interest cost | 6,123 | 5,467 | ||||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (8,083) | (7,391) | (16,166) | (14,781) | Expected return on assets | (8,885) | (8,083) | ||||||||||||||||||||||||||||||||||||||
Amortization: | Amortization: | Amortization: | ||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | Prior service cost | 158 | 158 | 316 | 316 | Prior service cost | 158 | 158 | ||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | Actuarial (gain) loss | 4,984 | 3,925 | 9,969 | 7,849 | Actuarial (gain) loss | 3,209 | 4,985 | ||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 10,446 | $ | 8,454 | $ | 20,891 | $ | 16,913 | Net periodic benefit cost | $ | 9,260 | $ | 10,445 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Basic weighted average shares outstanding | Basic weighted average shares outstanding | 102,895,435 | 106,441,311 | 103,187,567 | 106,863,267 | Basic weighted average shares outstanding | 99,273,616 | 103,482,944 | ||||||||||||||||||||||||||||||||||||||
Weighted average dilutive options outstanding | Weighted average dilutive options outstanding | 1,337,911 | 692,706 | 1,331,047 | 1,195,173 | Weighted average dilutive options outstanding | 976,758 | 1,354,773 | ||||||||||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | Diluted weighted average shares outstanding | 104,233,346 | 107,134,017 | 104,518,614 | 108,058,440 | Diluted weighted average shares outstanding | 100,250,374 | 104,837,717 | ||||||||||||||||||||||||||||||||||||||
Antidilutive shares | Antidilutive shares | 31,269 | 5,417,077 | 1,326,599 | 2,281,300 | Antidilutive shares | 563,991 | 1,836,559 |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrument | Instrument | Issue Date | Maturity Date | Coupon Rate | Par Value | Unamortized Discount & Issuance Costs | Book Value | Fair Value | Book Value | Instrument | Issue Date | Maturity Date | Coupon Rate | Par Value | Unamortized Discount & Issuance Costs | Book Value | Fair Value | Book Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 5/27/1993 | 5/15/2023 | 7.875% | $ | 165,612 | $ | (529) | $ | 165,083 | $ | 187,310 | $ | 164,954 | Senior notes | 5/27/1993 | 5/15/2023 | 7.875% | $ | 165,612 | $ | (327) | $ | 165,285 | $ | 174,991 | $ | 165,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes(1) | Senior notes(1) | 9/24/2012 | 9/15/2022 | 3.800% | 150,000 | (419) | 149,581 | 155,873 | 149,414 | Senior notes(1) | 9/24/2012 | 9/15/2022 | 3.800% | 150,000 | (161) | 149,839 | 151,500 | 149,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 9/27/2018 | 9/15/2028 | 4.550% | 550,000 | (5,361) | 544,639 | 643,418 | 544,328 | Senior notes | 9/27/2018 | 9/15/2028 | 4.550% | 550,000 | (4,888) | 545,112 | 576,906 | 544,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 8/21/2020 | 8/15/2030 | 2.150% | 400,000 | (4,435) | 395,565 | 395,184 | 395,157 | Senior notes | 8/21/2020 | 8/15/2030 | 2.150% | 400,000 | (4,111) | 395,889 | 358,344 | 395,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures(2) | 5/17/2016 | 6/15/2056 | 6.125% | 300,000 | (9,312) | 290,688 | 313,320 | 290,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 11/17/2017 | 11/17/2057 | 5.275% | 125,000 | (1,612) | 123,388 | 129,895 | 123,381 | Junior subordinated debentures | 11/17/2017 | 11/17/2057 | 5.275% | 125,000 | (1,601) | 123,399 | 127,150 | 123,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 6/14/2021 | 6/15/2061 | 4.250% | 325,000 | (7,828) | 317,172 | 339,430 | 0 | Junior subordinated debentures | 6/14/2021 | 6/15/2061 | 4.250% | 325,000 | (7,827) | 317,173 | 288,340 | 317,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,715,612 | (18,915) | 1,696,697 | 1,677,231 | 1,696,246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less current maturity of long-term debt(1) | Less current maturity of long-term debt(1) | 150,000 | (161) | 149,839 | 151,500 | 149,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | 2,015,612 | (29,496) | 1,986,116 | 2,164,430 | 1,667,886 | Total long-term debt | 1,565,612 | (18,754) | 1,546,858 | 1,525,731 | 1,546,494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturity of long-term debt(1) | Current maturity of long-term debt(1) | 150,000 | (161) | 149,839 | 151,500 | 149,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 260,000 | (54) | 259,946 | 259,946 | 254,918 | Commercial paper | 372,524 | (284) | 372,240 | 372,240 | 329,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term debt | Total short-term debt | 260,000 | (54) | 259,946 | 259,946 | 254,918 | Total short-term debt | 522,524 | (445) | 522,079 | 523,740 | 479,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | Total debt | $ | 2,275,612 | $ | (29,550) | $ | 2,246,062 | $ | 2,424,376 | $ | 1,922,804 | Total debt | $ | 2,088,136 | $ | (19,199) | $ | 2,068,937 | $ | 2,049,471 | $ | 2,026,138 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
American Income | $ | 347,696 | 48 | $ | 28,789 | 10 | $ | 0 | 0 | $ | 376,485 | 37 | ||||||||||||||||||||||||||||||||||||||
Direct to Consumer | 249,440 | 34 | 18,450 | 6 | 0 | 0 | 267,890 | 26 | ||||||||||||||||||||||||||||||||||||||||||
Liberty National | 77,853 | 11 | 47,118 | 16 | 0 | 0 | 124,971 | 12 | ||||||||||||||||||||||||||||||||||||||||||
United American | 2,261 | 0 | 116,217 | 39 | 0 | 0 | 118,478 | 12 | ||||||||||||||||||||||||||||||||||||||||||
Family Heritage | 1,226 | 0 | 85,012 | 29 | 0 | 0 | 86,238 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Other | 49,694 | 7 | 0 | 0 | 0 | 0 | 49,694 | 5 | ||||||||||||||||||||||||||||||||||||||||||
$ | 728,170 | 100 | $ | 295,586 | 100 | $ | 0 | 0 | $ | 1,023,756 | 100 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
American Income | $ | 308,675 | 46 | $ | 25,554 | 9 | $ | 0 | 0 | $ | 334,229 | 35 | ||||||||||||||||||||||||||||||||||||||
Direct to Consumer | 235,201 | 35 | 19,060 | 7 | 0 | 0 | 254,261 | 27 | ||||||||||||||||||||||||||||||||||||||||||
Liberty National | 73,326 | 11 | 47,391 | 17 | 0 | 0 | 120,717 | 13 | ||||||||||||||||||||||||||||||||||||||||||
United American | 2,481 | 0 | 112,885 | 40 | 3 | 100 | 115,369 | 12 | ||||||||||||||||||||||||||||||||||||||||||
Family Heritage | 1,042 | 0 | 77,987 | 27 | 0 | 0 | 79,029 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Other | 50,097 | 8 | 0 | 0 | 0 | 0 | 50,097 | 5 | ||||||||||||||||||||||||||||||||||||||||||
$ | 670,822 | 100 | $ | 282,877 | 100 | $ | 3 | 100 | $ | 953,702 | 100 |
Six Months Ended June 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Total | Life | Health | Annuity | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel | Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | $ | 682,591 | 48 | $ | 56,140 | 9 | $ | 0 | 0 | $ | 738,731 | 37 | American Income | $ | 369,987 | 49 | $ | 28,854 | 9 | $ | — | — | $ | 398,841 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 493,468 | 34 | 37,810 | 6 | 0 | 0 | 531,278 | 26 | Direct to Consumer | 251,126 | 33 | 18,756 | 6 | — | — | 269,882 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 153,590 | 11 | 94,158 | 16 | 0 | 0 | 247,748 | 12 | Liberty National | 80,719 | 11 | 47,186 | 15 | — | — | 127,905 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United American | United American | 4,538 | 0 | 233,304 | 40 | 1 | 100 | 237,843 | 12 | United American | 2,059 | — | 132,664 | 42 | — | — | 134,723 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Heritage | Family Heritage | 2,344 | 0 | 168,347 | 29 | 0 | 0 | 170,691 | 8 | Family Heritage | 1,369 | — | 89,540 | 28 | — | — | 90,909 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 99,758 | 7 | 0 | 0 | 0 | 0 | 99,758 | 5 | Other | 49,342 | 7 | — | — | — | — | 49,342 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,436,289 | 100 | $ | 589,759 | 100 | $ | 1 | 100 | $ | 2,026,049 | 100 | $ | 754,602 | 100 | $ | 317,000 | 100 | $ | — | — | $ | 1,071,602 | 100 |
Six Months Ended June 30, 2020 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Total | Life | Health | Annuity | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel | Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Distribution Channel | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | $ | 611,527 | 46 | $ | 51,281 | 9 | $ | 0 | 0 | $ | 662,808 | 35 | American Income | $ | 334,895 | 47 | $ | 27,351 | 9 | $ | — | — | $ | 362,246 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 455,244 | 35 | 38,856 | 7 | 0 | 0 | 494,100 | 26 | Direct to Consumer | 244,028 | 35 | 19,360 | 7 | — | — | 263,388 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 146,194 | 11 | 95,031 | 17 | 0 | 0 | 241,225 | 13 | Liberty National | 75,737 | 11 | 47,040 | 16 | — | — | 122,777 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United American | United American | 4,971 | 0 | 222,944 | 40 | 3 | 100 | 227,918 | 12 | United American | 2,277 | — | 117,087 | 40 | 1 | 100 | 119,365 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Heritage | Family Heritage | 2,063 | 0 | 154,970 | 27 | 0 | 0 | 157,033 | 9 | Family Heritage | 1,118 | — | 83,335 | 28 | — | — | 84,453 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 100,453 | 8 | 0 | 0 | 0 | 0 | 100,453 | 5 | Other | 50,064 | 7 | — | — | — | — | 50,064 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,320,452 | 100 | $ | 563,082 | 100 | $ | 3 | 100 | $ | 1,883,537 | 100 | $ | 708,119 | 100 | $ | 294,173 | 100 | $ | 1 | 100 | $ | 1,002,293 | 100 |
Three Months Ended June 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium | Premium | $ | 728,170 | $ | 295,586 | $ | 0 | $ | 0 | $ | 0 | $ | — | $ | 1,023,756 | Premium | $ | 754,602 | $ | 317,000 | $ | — | $ | — | $ | — | $ | — | $ | 1,071,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 0 | 0 | 0 | 238,308 | 0 | — | 238,308 | Net investment income | — | — | — | 243,834 | — | — | 243,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 0 | 0 | 0 | 0 | 388 | 0 | 388 | Other income | — | — | — | — | 164 | — | 164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 728,170 | 295,586 | 0 | 238,308 | 388 | 0 | 1,262,452 | Total revenue | 754,602 | 317,000 | — | 243,834 | 164 | — | 1,315,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy benefits | 498,471 | 188,854 | 7,286 | 0 | 0 | 0 | 694,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy obligations | Policy obligations | 549,343 | 196,855 | 7,050 | — | — | — | 753,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on reserves | Required interest on reserves | (182,495) | (25,434) | (10,016) | 217,945 | 0 | — | 0 | Required interest on reserves | (189,709) | (26,865) | (9,672) | 226,246 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on DAC | Required interest on DAC | 54,222 | 7,077 | 66 | (61,365) | 0 | — | 0 | Required interest on DAC | 56,232 | 7,463 | 53 | (63,748) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | Amortization of acquisition costs | 120,407 | 27,132 | 482 | 0 | 0 | — | 148,021 | Amortization of acquisition costs | 126,079 | 31,852 | 453 | — | — | — | 158,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition costs | Commissions, premium taxes, and non-deferred acquisition costs | 58,810 | 23,496 | 6 | 0 | 0 | 0 | 82,312 | Commissions, premium taxes, and non-deferred acquisition costs | 62,203 | 28,602 | 8 | — | — | — | 90,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance administrative expense(1) | Insurance administrative expense(1) | 0 | 0 | 0 | 0 | 67,503 | 261 | (2) | 67,764 | Insurance administrative expense(1) | — | — | — | — | 72,565 | 112 | (2) | 72,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent expense | Parent expense | 0 | 0 | 0 | 0 | 2,757 | 0 | 2,757 | Parent expense | — | — | — | — | 2,640 | — | 2,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 0 | 0 | 0 | 0 | 8,634 | — | 8,634 | Stock-based compensation expense | — | — | — | — | 9,035 | — | 9,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 21,769 | 0 | — | 21,769 | Interest expense | — | — | — | 19,944 | — | — | 19,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 549,415 | 221,125 | (2,176) | 178,349 | 78,894 | 261 | 1,025,868 | Total expenses | 604,148 | 237,907 | (2,108) | 182,442 | 84,240 | 112 | 1,106,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 178,755 | 74,461 | 2,176 | 59,959 | (78,506) | (261) | 236,584 | Subtotal | 150,454 | 79,093 | 2,108 | 61,392 | (84,076) | (112) | 208,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating items | Non-operating items | — | — | — | — | — | 261 | (2) | 261 | Non-operating items | — | — | — | — | — | 112 | (2) | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measure of segment profitability (pretax) | Measure of segment profitability (pretax) | $ | 178,755 | $ | 74,461 | $ | 2,176 | $ | 59,959 | $ | (78,506) | $ | 0 | 236,845 | Measure of segment profitability (pretax) | $ | 150,454 | $ | 79,093 | $ | 2,108 | $ | 61,392 | $ | (84,076) | $ | — | 208,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain (loss)—investments | Realized gain (loss)—investments | 8,659 | Realized gain (loss)—investments | (7,244) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal proceedings | (261) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | Non-operating expenses | (112) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes per Condensed Consolidated Statements of Operations | Income before income taxes per Condensed Consolidated Statements of Operations | $ | 245,243 | $ | 201,615 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Premium | $ | 670,822 | $ | 282,877 | $ | 3 | $ | 0 | $ | 0 | $ | — | $ | 953,702 | ||||||||||||||||||||||||||||||
Net investment income | 0 | 0 | 0 | 231,568 | 0 | — | 231,568 | |||||||||||||||||||||||||||||||||||||
Other income | 0 | 0 | 0 | 0 | 404 | 0 | 404 | |||||||||||||||||||||||||||||||||||||
Total revenue | 670,822 | 282,877 | 3 | 231,568 | 404 | 0 | 1,185,674 | |||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Policy benefits | 459,845 | 183,496 | 7,475 | 0 | — | — | 650,816 | |||||||||||||||||||||||||||||||||||||
Required interest on reserves | (173,208) | (22,851) | (10,332) | 206,391 | 0 | — | 0 | |||||||||||||||||||||||||||||||||||||
Required interest on DAC | 52,107 | 6,582 | 84 | (58,773) | 0 | — | 0 | |||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | 117,802 | 27,854 | 504 | 0 | 0 | — | 146,160 | |||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition costs | 52,577 | 23,556 | 7 | 0 | 0 | 0 | 76,140 | |||||||||||||||||||||||||||||||||||||
Insurance administrative expense(1) | 0 | 0 | 0 | 0 | 61,566 | 0 | 61,566 | |||||||||||||||||||||||||||||||||||||
Parent expense | 0 | 0 | 0 | 0 | 2,516 | 0 | 2,516 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 8,632 | — | 8,632 | |||||||||||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 0 | 22,813 | 0 | — | 22,813 | |||||||||||||||||||||||||||||||||||||
Total expenses | 509,123 | 218,637 | (2,262) | 170,431 | 72,714 | 0 | 968,643 | |||||||||||||||||||||||||||||||||||||
Subtotal | 161,699 | 64,240 | 2,265 | 61,137 | (72,310) | 0 | 217,031 | |||||||||||||||||||||||||||||||||||||
Non-operating items | — | — | — | — | — | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Measure of segment profitability (pretax) | $ | 161,699 | $ | 64,240 | $ | 2,265 | $ | 61,137 | $ | (72,310) | $ | 0 | 217,031 | |||||||||||||||||||||||||||||||
Realized gain (loss)—investments | (4,790) | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes per Condensed Consolidated Statements of Operations | $ | 212,241 |
Six Months Ended June 30, 2021 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium | Premium | $ | 1,436,289 | $ | 589,759 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 2,026,049 | Premium | $ | 708,119 | $ | 294,173 | $ | 1 | $ | — | $ | — | $ | — | $ | 1,002,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 0 | 0 | 0 | 474,128 | 0 | 0 | 474,128 | Net investment income | — | — | — | 235,820 | — | — | 235,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 0 | 0 | 0 | 0 | 683 | 0 | 683 | Other income | — | — | — | — | 295 | — | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 1,436,289 | 589,759 | 1 | 474,128 | 683 | 0 | 2,500,860 | Total revenue | 708,119 | 294,173 | 1 | 235,820 | 295 | — | 1,238,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy benefits | 1,016,102 | 376,683 | 14,545 | 0 | 0 | 0 | 1,407,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy obligations | Policy obligations | 517,631 | 187,829 | 7,259 | — | — | — | 712,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on reserves | Required interest on reserves | (362,420) | (50,429) | (20,021) | 432,870 | 0 | 0 | 0 | Required interest on reserves | (179,925) | (24,995) | (10,005) | 214,925 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on DAC | Required interest on DAC | 108,017 | 14,039 | 136 | (122,192) | 0 | 0 | 0 | Required interest on DAC | 53,795 | 6,962 | 70 | (60,827) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | Amortization of acquisition costs | 243,711 | 56,339 | 964 | 0 | 0 | 0 | 301,014 | Amortization of acquisition costs | 123,304 | 29,207 | 482 | — | — | — | 152,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition costs | Commissions, premium taxes, and non-deferred acquisition costs | 115,478 | 46,486 | 14 | 0 | 0 | 0 | 161,978 | Commissions, premium taxes, and non-deferred acquisition costs | 56,668 | 22,990 | 8 | — | — | — | 79,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance administrative expense(1) | Insurance administrative expense(1) | 0 | 0 | 0 | 0 | 133,679 | 5,089 | (2) | 138,768 | Insurance administrative expense(1) | — | — | — | — | 66,176 | 4,828 | (2) | 71,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent expense | Parent expense | 0 | 0 | 0 | 0 | 5,075 | 0 | 5,075 | Parent expense | — | — | — | — | 2,318 | — | 2,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 0 | 0 | 0 | 0 | 16,522 | 0 | 16,522 | Stock-based compensation expense | — | — | — | — | 7,888 | — | 7,888 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0 | 0 | 0 | 42,947 | 0 | 0 | 42,947 | Interest expense | — | — | — | 21,178 | — | — | 21,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 1,120,888 | 443,118 | (4,362) | 353,625 | 155,276 | 5,089 | 2,073,634 | Total expenses | 571,473 | 221,993 | (2,186) | 175,276 | 76,382 | 4,828 | 1,047,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 315,401 | 146,641 | 4,363 | 120,503 | (154,593) | (5,089) | 427,226 | Subtotal | 136,646 | 72,180 | 2,187 | 60,544 | (76,087) | (4,828) | 190,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating items | Non-operating items | — | — | — | — | — | 5,089 | (2) | 5,089 | Non-operating items | — | — | — | — | — | 4,828 | (2) | 4,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measure of segment profitability (pretax) | Measure of segment profitability (pretax) | $ | 315,401 | $ | 146,641 | $ | 4,363 | $ | 120,503 | $ | (154,593) | $ | 0 | 432,315 | Measure of segment profitability (pretax) | $ | 136,646 | $ | 72,180 | $ | 2,187 | $ | 60,544 | $ | (76,087) | $ | — | 195,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain (loss)—investments | Realized gain (loss)—investments | 36,811 | Realized gain (loss)—investments | 28,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal proceedings | Legal proceedings | (5,089) | Legal proceedings | (4,828) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 464,037 | $ | 218,794 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Life | Health | Annuity | Investment | Corporate & Other | Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Premium | $ | 1,320,452 | $ | 563,082 | $ | 3 | $ | 0 | $ | 0 | $ | 0 | $ | 1,883,537 | ||||||||||||||||||||||||||||||
Net investment income | 0 | 0 | 0 | 460,559 | 0 | 0 | 460,559 | |||||||||||||||||||||||||||||||||||||
Other income | 0 | 0 | 0 | 0 | 729 | 0 | 729 | |||||||||||||||||||||||||||||||||||||
Total revenue | 1,320,452 | 563,082 | 3 | 460,559 | 729 | 0 | 2,344,825 | |||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Policy benefits | 881,515 | 362,207 | 15,063 | 0 | 0 | 0 | 1,258,785 | |||||||||||||||||||||||||||||||||||||
Required interest on reserves | (344,413) | (45,361) | (20,788) | 410,562 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Required interest on DAC | 104,225 | 13,101 | 172 | (117,498) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | 232,110 | 56,879 | 1,008 | 0 | 0 | 0 | 289,997 | |||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition costs | 106,513 | 48,551 | 13 | 0 | 0 | 0 | 155,077 | |||||||||||||||||||||||||||||||||||||
Insurance administrative expense(1) | 0 | 0 | 0 | 0 | 125,186 | 3,275 | (2) | 128,461 | ||||||||||||||||||||||||||||||||||||
Parent expense | 0 | 0 | 0 | 0 | 4,847 | 0 | 4,847 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 17,988 | 0 | 17,988 | |||||||||||||||||||||||||||||||||||||
Interest expense | 0 | 0 | 0 | 43,621 | 0 | 0 | 43,621 | |||||||||||||||||||||||||||||||||||||
Total expenses | 979,950 | 435,377 | (4,532) | 336,685 | 148,021 | 3,275 | 1,898,776 | |||||||||||||||||||||||||||||||||||||
Subtotal | 340,502 | 127,705 | 4,535 | 123,874 | (147,292) | (3,275) | 446,049 | |||||||||||||||||||||||||||||||||||||
Non-operating items | — | — | — | — | — | 3,275 | (2) | 3,275 | ||||||||||||||||||||||||||||||||||||
Measure of segment profitability (pretax) | $ | 340,502 | $ | 127,705 | $ | 4,535 | $ | 123,874 | $ | (147,292) | $ | 0 | 449,324 | |||||||||||||||||||||||||||||||
Realized gain (loss)—investments | (30,887) | |||||||||||||||||||||||||||||||||||||||||||
Legal proceedings | (3,275) | |||||||||||||||||||||||||||||||||||||||||||
$ | 415,162 |
How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market primarily individual life and supplemental health insurance to lower middle to middle income households throughout the United States. We view our operations by segments, which are the insurance product lines of life, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment. | ||||||||
Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below: | ||||||||
Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin | ||||||||
Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below: | ||||||||
Net investment income (Required interest on net policy liabilities) (Financing costs) Excess investment income |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||
Life insurance underwriting margin | Life insurance underwriting margin | $ | 315,401 | $ | 340,502 | $ | (25,101) | (7) | Life insurance underwriting margin | $ | 150,454 | $ | 136,646 | $ | 13,808 | 10 | ||||||||||||||||||||||||||||||
Health insurance underwriting margin | Health insurance underwriting margin | 146,641 | 127,705 | 18,936 | 15 | Health insurance underwriting margin | 79,093 | 72,180 | 6,913 | 10 | ||||||||||||||||||||||||||||||||||||
Annuity underwriting margin | Annuity underwriting margin | 4,363 | 4,535 | (172) | (4) | Annuity underwriting margin | 2,108 | 2,187 | (79) | (4) | ||||||||||||||||||||||||||||||||||||
Excess investment income | Excess investment income | 120,503 | 123,874 | (3,371) | (3) | Excess investment income | 61,392 | 60,544 | 848 | 1 | ||||||||||||||||||||||||||||||||||||
Other insurance: | Other insurance: | Other insurance: | ||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 683 | 729 | (46) | (6) | Other income | 164 | 295 | (131) | (44) | ||||||||||||||||||||||||||||||||||||
Administrative expense | Administrative expense | (133,679) | (125,186) | (8,493) | 7 | Administrative expense | (72,565) | (66,176) | (6,389) | 10 | ||||||||||||||||||||||||||||||||||||
Corporate and other | Corporate and other | (21,597) | (22,835) | 1,238 | (5) | Corporate and other | (11,675) | (10,206) | (1,469) | 14 | ||||||||||||||||||||||||||||||||||||
Pre-tax total | Pre-tax total | 432,315 | 449,324 | (17,009) | (4) | Pre-tax total | 208,971 | 195,470 | 13,501 | 7 | ||||||||||||||||||||||||||||||||||||
Applicable taxes | Applicable taxes | (79,241) | (83,748) | 4,507 | (5) | Applicable taxes | (38,799) | (35,379) | (3,420) | 10 | ||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | 353,074 | 365,576 | (12,502) | (3) | Net operating income | 170,172 | 160,091 | 10,081 | 6 | ||||||||||||||||||||||||||||||||||||
Reconciling items, net of tax: | Reconciling items, net of tax: | Reconciling items, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||
Realized gain (loss)—investments | Realized gain (loss)—investments | 29,081 | (24,401) | 53,482 | Realized gain (loss)—investments | (5,723) | 22,240 | (27,963) | ||||||||||||||||||||||||||||||||||||||
Non-operating expenses | Non-operating expenses | (88) | — | (88) | ||||||||||||||||||||||||||||||||||||||||||
Legal proceedings | Legal proceedings | (4,020) | (2,587) | (1,433) | Legal proceedings | — | (3,814) | 3,814 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 378,135 | $ | 338,588 | $ | 39,547 | 12 | Net income | $ | 164,361 | $ | 178,517 | $ | (14,156) | (8) |
Six Months Ended June 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Premium | Amount | % of Premium | Amount | % | Amount | % of Premium | Amount | % of Premium | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium and policy charges | Premium and policy charges | $ | 1,436,289 | 100 | $ | 1,320,452 | 100 | $ | 115,837 | 9 | Premium and policy charges | $ | 754,602 | 100 | $ | 708,119 | 100 | $ | 46,483 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Policy obligations | Policy obligations | 1,016,102 | 71 | 881,515 | 67 | 134,587 | 15 | Policy obligations | 549,343 | 73 | 517,631 | 73 | 31,712 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on reserves | Required interest on reserves | (362,420) | (25) | (344,413) | (26) | (18,007) | 5 | Required interest on reserves | (189,709) | (25) | (179,925) | (25) | (9,784) | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net policy obligations | Net policy obligations | 653,682 | 46 | 537,102 | 41 | 116,580 | 22 | Net policy obligations | 359,634 | 48 | 337,706 | 48 | 21,928 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition expenses | Commissions, premium taxes, and non-deferred acquisition expenses | 115,478 | 8 | 106,513 | 8 | 8,965 | 8 | Commissions, premium taxes, and non-deferred acquisition expenses | 62,203 | 8 | 56,668 | 8 | 5,535 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | Amortization of acquisition costs | 351,728 | 24 | 336,335 | 25 | 15,393 | 5 | Amortization of acquisition costs | 182,311 | 24 | 177,099 | 25 | 5,212 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expense | Total expense | 1,120,888 | 78 | 979,950 | 74 | 140,938 | 14 | Total expense | 604,148 | 80 | 571,473 | 81 | 32,675 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance underwriting margin | Insurance underwriting margin | $ | 315,401 | 22 | $ | 340,502 | 26 | $ | (25,101) | (7) | Insurance underwriting margin | $ | 150,454 | 20 | $ | 136,646 | 19 | $ | 13,808 | 10 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | $ | 682,591 | 48 | $ | 611,527 | 46 | $ | 71,064 | 12 | American Income | $ | 369,987 | 49 | $ | 334,895 | 47 | $ | 35,092 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 493,468 | 34 | 455,244 | 35 | 38,224 | 8 | Direct to Consumer | 251,126 | 33 | 244,028 | 34 | 7,098 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 153,590 | 11 | 146,194 | 11 | 7,396 | 5 | Liberty National | 80,719 | 11 | 75,737 | 11 | 4,982 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 106,640 | 7 | 107,487 | 8 | (847) | (1) | Other | 52,770 | 7 | 53,459 | 8 | (689) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,436,289 | 100 | $ | 1,320,452 | 100 | $ | 115,837 | 9 | Total | $ | 754,602 | 100 | $ | 708,119 | 100 | $ | 46,483 | 7 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | $ | 142,856 | 54 | $ | 114,283 | 51 | $ | 28,573 | 25 | American Income | $ | 85,350 | 61 | $ | 69,623 | 54 | $ | 15,727 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 81,972 | 31 | 81,943 | 37 | 29 | — | Direct to Consumer | 33,913 | 24 | 39,691 | 31 | (5,778) | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 34,148 | 13 | 23,197 | 10 | 10,951 | 47 | Liberty National | 17,365 | 13 | 16,225 | 13 | 1,140 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 5,635 | 2 | 5,319 | 2 | 316 | 6 | Other | 2,375 | 2 | 2,688 | 2 | (313) | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 264,611 | 100 | $ | 224,742 | 100 | $ | 39,869 | 18 | Total | $ | 139,003 | 100 | $ | 128,227 | 100 | $ | 10,776 | 8 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | $ | 121,432 | 58 | $ | 101,975 | 58 | $ | 19,457 | 19 | American Income | $ | 65,294 | 62 | $ | 58,597 | 57 | $ | 6,697 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 60,878 | 29 | 47,775 | 27 | 13,103 | 27 | Direct to Consumer | 24,212 | 23 | 30,627 | 30 | (6,415) | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 23,747 | 11 | 21,308 | 12 | 2,439 | 11 | Liberty National | 13,748 | 13 | 11,240 | 11 | 2,508 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,763 | 2 | 5,325 | 3 | (562) | (11) | Other | 2,397 | 2 | 2,330 | 2 | 67 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 210,820 | 100 | $ | 176,383 | 100 | $ | 34,437 | 20 | Total | $ | 105,651 | 100 | $ | 102,794 | 100 | $ | 2,857 | 3 |
At June 30, | Change | ||||||||||||||||||||||
2021 | 2020 | Amount | % | ||||||||||||||||||||
American Income | 10,198 | 8,012 | 2,186 | 27 | |||||||||||||||||||
At March 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
American Income | 9,385 | 9,918 | (533) | (5) | |||||||||||||||||||
At June 30, | Change | ||||||||||||||||||||||
2021 | 2020 | Amount | % | ||||||||||||||||||||
Liberty National | 2,717 | 2,522 | 195 | 8 |
At March 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
Liberty National | 2,656 | 2,734 | (78) | (3) |
Six Months Ended June 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Premium | Amount | % of Premium | Amount | % | Amount | % of Premium | Amount | % of Premium | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium | Premium | $ | 589,759 | 100 | $ | 563,082 | 100 | $ | 26,677 | 5 | Premium | $ | 317,000 | 100 | $ | 294,173 | 100 | $ | 22,827 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Policy obligations | Policy obligations | 376,683 | 64 | 362,207 | 64 | 14,476 | 4 | Policy obligations | 196,855 | 62 | 187,829 | 64 | 9,026 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required interest on reserves | Required interest on reserves | (50,429) | (9) | (45,361) | (8) | (5,068) | 11 | Required interest on reserves | (26,865) | (8) | (24,995) | (9) | (1,870) | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net policy obligations | Net policy obligations | 326,254 | 55 | 316,846 | 56 | 9,408 | 3 | Net policy obligations | 169,990 | 54 | 162,834 | 55 | 7,156 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions, premium taxes, and non-deferred acquisition expenses | Commissions, premium taxes, and non-deferred acquisition expenses | 46,486 | 8 | 48,551 | 9 | (2,065) | (4) | Commissions, premium taxes, and non-deferred acquisition expenses | 28,602 | 9 | 22,990 | 8 | 5,612 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition costs | Amortization of acquisition costs | 70,378 | 12 | 69,980 | 12 | 398 | 1 | Amortization of acquisition costs | 39,315 | 12 | 36,169 | 12 | 3,146 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expense | Total expense | 443,118 | 75 | 435,377 | 77 | 7,741 | 2 | Total expense | 237,907 | 75 | 221,993 | 75 | 15,914 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance underwriting margin | Insurance underwriting margin | $ | 146,641 | 25 | $ | 127,705 | 23 | $ | 18,936 | 15 | Insurance underwriting margin | $ | 79,093 | 25 | $ | 72,180 | 25 | $ | 6,913 | 10 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United American | United American | $ | 233,304 | 40 | $ | 222,944 | 40 | $ | 10,360 | 5 | United American | $ | 132,664 | 42 | $ | 117,087 | 40 | $ | 15,577 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Family Heritage | Family Heritage | 168,347 | 29 | 154,970 | 27 | 13,377 | 9 | Family Heritage | 89,540 | 28 | 83,335 | 28 | 6,205 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 94,158 | 16 | 95,031 | 17 | (873) | (1) | Liberty National | 47,186 | 15 | 47,040 | 16 | 146 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | 56,140 | 9 | 51,281 | 9 | 4,859 | 9 | American Income | 28,854 | 9 | 27,351 | 9 | 1,503 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 37,810 | 6 | 38,856 | 7 | (1,046) | (3) | Direct to Consumer | 18,756 | 6 | 19,360 | 7 | (604) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 589,759 | 100 | $ | 563,082 | 100 | $ | 26,677 | 5 | Total | $ | 317,000 | 100 | $ | 294,173 | 100 | $ | 22,827 | 8 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United American | United American | $ | 25,027 | 30 | $ | 26,465 | 35 | $ | (1,438) | (5) | United American | $ | 12,970 | 30 | $ | 12,945 | 33 | $ | 25 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Family Heritage | Family Heritage | 34,744 | 42 | 29,845 | 39 | 4,899 | 16 | Family Heritage | 18,602 | 43 | 15,579 | 39 | 3,023 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 12,053 | 15 | 10,032 | 13 | 2,021 | 20 | Liberty National | 6,214 | 15 | 5,839 | 15 | 375 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | 9,277 | 11 | 8,440 | 11 | 837 | 10 | American Income | 4,621 | 11 | 4,611 | 12 | 10 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 1,226 | 2 | 1,112 | 2 | 114 | 10 | Direct to Consumer | 421 | 1 | 642 | 1 | (221) | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 82,327 | 100 | $ | 75,894 | 100 | $ | 6,433 | 8 | Total | $ | 42,828 | 100 | $ | 39,616 | 100 | $ | 3,212 | 8 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % | Amount | % of Total | Amount | % of Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United American | United American | $ | 28,702 | 37 | $ | 39,853 | 46 | $ | (11,151) | (28) | United American | $ | 14,762 | 37 | $ | 14,306 | 37 | $ | 456 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Family Heritage | Family Heritage | 28,165 | 36 | 26,584 | 30 | 1,581 | 6 | Family Heritage | 14,668 | 37 | 13,811 | 36 | 857 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty National | Liberty National | 9,847 | 13 | 10,407 | 12 | (560) | (5) | Liberty National | 5,444 | 13 | 4,815 | 13 | 629 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Income | American Income | 9,334 | 12 | 8,951 | 10 | 383 | 4 | American Income | 4,323 | 11 | 4,587 | 12 | (264) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct to Consumer | Direct to Consumer | 1,581 | 2 | 1,508 | 2 | 73 | 5 | Direct to Consumer | 691 | 2 | 759 | 2 | (68) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 77,629 | 100 | $ | 87,303 | 100 | $ | (9,674) | (11) | Total | $ | 39,888 | 100 | $ | 38,278 | 100 | $ | 1,610 | 4 |
At June 30, | Change | ||||||||||||||||||||||
2021 | 2020 | Amount | % | ||||||||||||||||||||
Family Heritage Division | 1,253 | 1,238 | 15 | 1 |
At March 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
Family Heritage Division | 1,100 | 1,285 | (185) | (14) |
Six Months Ended June 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | $ | 474,128 | $ | 460,559 | $ | 13,569 | 3 | Net investment income | $ | 243,834 | $ | 235,820 | $ | 8,014 | 3 | ||||||||||||||||||||||||||||||
Interest on net insurance policy liabilities: | Interest on net insurance policy liabilities: | Interest on net insurance policy liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Interest on reserves | Interest on reserves | (432,870) | (410,562) | (22,308) | 5 | Interest on reserves | (226,246) | (214,925) | (11,321) | 5 | ||||||||||||||||||||||||||||||||||||
Interest on deferred acquisition costs | Interest on deferred acquisition costs | 122,192 | 117,498 | 4,694 | 4 | Interest on deferred acquisition costs | 63,748 | 60,827 | 2,921 | 5 | ||||||||||||||||||||||||||||||||||||
Net required interest | Net required interest | (310,678) | (293,064) | (17,614) | 6 | Net required interest | (162,498) | (154,098) | (8,400) | 5 | ||||||||||||||||||||||||||||||||||||
Financing costs | Financing costs | (42,947) | (43,621) | 674 | (2) | Financing costs | (19,944) | (21,178) | 1,234 | (6) | ||||||||||||||||||||||||||||||||||||
Excess investment income | Excess investment income | $ | 120,503 | $ | 123,874 | $ | (3,371) | (3) | Excess investment income | $ | 61,392 | $ | 60,544 | $ | 848 | 1 | ||||||||||||||||||||||||||||||
Excess investment income per diluted share | Excess investment income per diluted share | $ | 1.15 | $ | 1.15 | $ | — | — | Excess investment income per diluted share | $ | 0.61 | $ | 0.58 | $ | 0.03 | 5 | ||||||||||||||||||||||||||||||
Mean invested assets (at amortized cost) | Mean invested assets (at amortized cost) | $ | 18,748,877 | $ | 17,700,476 | $ | 1,048,401 | 6 | Mean invested assets (at amortized cost) | $ | 19,457,487 | $ | 18,646,061 | $ | 811,426 | 4 | ||||||||||||||||||||||||||||||
Average net insurance policy liabilities(1) | Average net insurance policy liabilities(1) | 10,838,913 | 10,328,750 | 510,163 | 5 | Average net insurance policy liabilities(1) | 11,233,749 | 10,775,618 | 458,131 | 4 | ||||||||||||||||||||||||||||||||||||
Average debt and preferred securities (at amortized cost) | Average debt and preferred securities (at amortized cost) | 1,966,285 | 1,726,718 | 239,567 | 14 | Average debt and preferred securities (at amortized cost) | 2,130,025 | 1,939,394 | 190,631 | 10 |
Six Months Ended June 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||||
Interest on funded debt | Interest on funded debt | $ | 40,126 | $ | 34,984 | $ | 5,142 | 15 | Interest on funded debt | $ | 18,644 | $ | 19,746 | $ | (1,102) | (6) | ||||||||||||||||||||||||||||||
Interest on term loans | — | 2,870 | (2,870) | (100) | ||||||||||||||||||||||||||||||||||||||||||
Interest on short-term debt | Interest on short-term debt | 2,821 | 5,767 | (2,946) | (51) | Interest on short-term debt | 1,300 | 1,432 | (132) | (9) | ||||||||||||||||||||||||||||||||||||
Financing costs | Financing costs | $ | 42,947 | $ | 43,621 | $ | (674) | (2) | Financing costs | $ | 19,944 | $ | 21,178 | $ | (1,234) | (6) |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | |||||||||||||||||||||||||||||||||||||||
Fixed maturities: | Fixed maturities: | Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | (8,664) | $ | (0.08) | $ | 1,794 | $ | 0.02 | Sales | $ | (2,295) | $ | (0.02) | $ | (8,599) | $ | (0.08) | ||||||||||||||||||||||||||||
Matured or other redemptions(1) | Matured or other redemptions(1) | 21,548 | 0.21 | 6,787 | 0.06 | Matured or other redemptions(1) | 5,889 | 0.06 | 20,800 | 0.20 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 2,643 | 0.02 | (25,848) | (0.24) | Provision for credit losses | 306 | — | 2,643 | 0.02 | ||||||||||||||||||||||||||||||||||||
Fair value option—change in fair value | Fair value option—change in fair value | 9,818 | 0.09 | (14,892) | (0.14) | Fair value option—change in fair value | (4,217) | (0.04) | 7,809 | 0.07 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3,736 | 0.04 | 7,758 | 0.07 | Other | (5,406) | (0.06) | (413) | — | ||||||||||||||||||||||||||||||||||||
Total realized gains (losses) | Total realized gains (losses) | $ | 29,081 | $ | 0.28 | $ | (24,401) | $ | (0.23) | Total realized gains (losses) | $ | (5,723) | $ | (0.06) | $ | 22,240 | $ | 0.21 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cost of acquisitions: | Cost of acquisitions: | Cost of acquisitions: | ||||||||||||||||||||
Investment-grade corporate securities | Investment-grade corporate securities | $ | 339,711 | $ | 349,933 | Investment-grade corporate securities | $ | 187,324 | $ | 260,002 | ||||||||||||
Investment-grade municipal securities | Investment-grade municipal securities | 65,068 | 194,680 | Investment-grade municipal securities | 163,891 | 33,228 | ||||||||||||||||
Other investment-grade securities | Other investment-grade securities | 10,355 | 18,174 | Other investment-grade securities | — | 5,619 | ||||||||||||||||
Total fixed maturity acquisitions(1) | Total fixed maturity acquisitions(1) | $ | 415,134 | $ | 562,787 | Total fixed maturity acquisitions(1) | $ | 351,215 | $ | 298,849 | ||||||||||||
Effective annual yield (one year compounded)(2) | Effective annual yield (one year compounded)(2) | 3.49 | % | 4.16 | % | Effective annual yield (one year compounded)(2) | 3.97 | % | 3.41 | % | ||||||||||||
Average life (in years, to next call) | Average life (in years, to next call) | 29.5 | 15.7 | Average life (in years, to next call) | 15.8 | 29.6 | ||||||||||||||||
Average life (in years, to maturity) | Average life (in years, to maturity) | 34.2 | 24.4 | Average life (in years, to maturity) | 26.9 | 33.7 | ||||||||||||||||
Average rating | Average rating | A | A | Average rating | A | A |
At | At | |||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2020 | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||
Average annual effective yield(1) | Average annual effective yield(1) | 5.23% | 5.28% | 5.36% | Average annual effective yield(1) | 5.15% | 5.17% | 5.24% | ||||||||||||||||||||||||||
Average life, in years, to: | Average life, in years, to: | Average life, in years, to: | ||||||||||||||||||||||||||||||||
Next call(2) | Next call(2) | 16.0 | 16.2 | 16.5 | Next call(2) | 15.5 | 15.7 | 16.2 | ||||||||||||||||||||||||||
Maturity(2) | Maturity(2) | 18.9 | 19.0 | 19.0 | Maturity(2) | 18.9 | 19.0 | 19.0 | ||||||||||||||||||||||||||
Effective duration to: | Effective duration to: | Effective duration to: | ||||||||||||||||||||||||||||||||
Next call(2,3) | Next call(2,3) | 10.8 | 11.0 | 10.9 | Next call(2,3) | 10.0 | 10.6 | 10.6 | ||||||||||||||||||||||||||
Maturity(2,3) | Maturity(2,3) | 12.1 | 12.3 | 12.0 | Maturity(2,3) | 11.5 | 12.2 | 11.9 |
Below Investment Grade | Total Fixed Maturities | % of Total Fixed Maturities | Below Investment Grade | Total Fixed Maturities | % of Total Fixed Maturities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost, net | At Fair Value | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost, net | At Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost, net | At Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporates: | Corporates: | Corporates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance - life, health, P&C | Insurance - life, health, P&C | $ | 57,565 | $ | 3,825 | $ | (7,256) | $ | 54,134 | $ | 2,314,258 | $ | 524,585 | $ | (8,109) | $ | 2,830,734 | 13 | 13 | Insurance - life, health, P&C | $ | 57,421 | $ | 1,954 | $ | (4,893) | $ | 54,482 | $ | 2,368,933 | $ | 252,627 | $ | (33,048) | $ | 2,588,512 | 13 | 13 | |||||||||||||||||||||||||||||||||||||||
Banks | Banks | 26,997 | 753 | — | 27,750 | 969,497 | 216,103 | (2,489) | 1,183,111 | 6 | 6 | Banks | 26,971 | 1,835 | — | 28,806 | 1,019,590 | 97,441 | (10,002) | 1,107,029 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other financial | Other financial | 114,949 | 156 | (1,955) | 113,150 | 1,239,063 | 192,820 | (3,022) | 1,428,861 | 7 | 7 | Other financial | 93,652 | 1 | (7,781) | 85,872 | 1,267,845 | 69,711 | (40,758) | 1,296,798 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial | Total financial | 199,511 | 4,734 | (9,211) | 195,034 | 4,522,818 | 933,508 | (13,620) | 5,442,706 | 26 | 26 | Total financial | 178,044 | 3,790 | (12,674) | 169,160 | 4,656,368 | 419,779 | (83,808) | 4,992,339 | 26 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | Utilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | Electric | 49,494 | 5,857 | (87) | 55,264 | 1,415,411 | 414,324 | (311) | 1,829,424 | 8 | 9 | Electric | 36,281 | 1,349 | (405) | 37,225 | 1,369,668 | 210,650 | (4,851) | 1,575,467 | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas and water | Gas and water | — | — | — | — | 543,962 | 115,642 | (591) | 659,013 | 3 | 3 | Gas and water | — | — | — | — | 543,432 | 41,045 | (5,422) | 579,055 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total utilities | Total utilities | 49,494 | 5,857 | (87) | 55,264 | 1,959,373 | 529,966 | (902) | 2,488,437 | 11 | 12 | Total utilities | 36,281 | 1,349 | (405) | 37,225 | 1,913,100 | 251,695 | (10,273) | 2,154,522 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Energy | Industrial - Energy | Industrial - Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipelines | Pipelines | 85,275 | 5,106 | (1,449) | 88,932 | 921,382 | 209,567 | (1,449) | 1,129,500 | 5 | 5 | Pipelines | 85,194 | 3,079 | (5,800) | 82,473 | 918,164 | 95,774 | (11,147) | 1,002,791 | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and production | Exploration and production | 100,698 | 18,279 | — | 118,977 | 568,872 | 113,638 | (403) | 682,107 | 3 | 3 | Exploration and production | — | — | — | — | 529,934 | 60,030 | (8,443) | 581,521 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil field services | Oil field services | — | — | — | — | 49,788 | 14,464 | — | 64,252 | — | — | Oil field services | — | — | — | — | 49,773 | 8,279 | — | 58,052 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refiner | — | — | — | — | 89,204 | 27,131 | — | 116,335 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Driller | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refinery | Refinery | — | — | — | — | 88,944 | 14,251 | (11) | 103,184 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total energy | Total energy | 185,973 | 23,385 | (1,449) | 207,909 | 1,629,246 | 364,800 | (1,852) | 1,992,194 | 9 | 9 | Total energy | 85,194 | 3,079 | (5,800) | 82,473 | 1,586,815 | 178,334 | (19,601) | 1,745,548 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Basic materials | Industrial - Basic materials | Industrial - Basic materials | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals | Chemicals | — | — | — | — | 669,278 | 142,568 | (83) | 811,763 | 4 | 4 | Chemicals | — | — | — | — | 673,481 | 54,933 | (7,239) | 721,175 | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals and mining | Metals and mining | — | — | — | — | 406,359 | 129,374 | — | 535,733 | 3 | 3 | Metals and mining | — | — | — | — | 364,405 | 70,193 | (495) | 434,103 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forestry products and paper | Forestry products and paper | — | — | — | — | 65,675 | 17,426 | — | 83,101 | — | — | Forestry products and paper | — | — | — | — | 65,574 | 6,398 | — | 71,972 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total basic materials | Total basic materials | — | — | — | — | 1,141,312 | 289,368 | (83) | 1,430,597 | 7 | 7 | Total basic materials | — | — | — | — | 1,103,460 | 131,524 | (7,734) | 1,227,250 | 6 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Consumer, non-cyclical | Industrial - Consumer, non-cyclical | 84,275 | 10,900 | (2,133) | 93,042 | 2,224,277 | 481,449 | (2,458) | 2,703,268 | 13 | 13 | Industrial - Consumer, non-cyclical | 21,321 | — | (4,082) | 17,239 | 2,229,773 | 177,589 | (20,997) | 2,386,365 | 12 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other industrials | Other industrials | 25,614 | 3,729 | — | 29,343 | 1,275,891 | 296,869 | (228) | 1,572,532 | 7 | 8 | Other industrials | 25,539 | 1,554 | — | 27,093 | 1,252,491 | 125,300 | (7,963) | 1,369,828 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Transportation | Industrial - Transportation | 25,668 | 5,126 | — | 30,794 | 570,150 | 143,130 | — | 713,280 | 3 | 3 | Industrial - Transportation | 8,057 | 79 | — | 8,136 | 539,199 | 67,424 | (781) | 605,842 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 143,317 | 19,024 | (3,442) | 158,899 | 1,627,685 | 296,684 | (8,485) | 1,915,884 | 10 | 9 | Other corporate sectors | 179,161 | 7,520 | (6,351) | 180,330 | 1,718,758 | 106,557 | (52,725) | 1,772,590 | 10 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 713,852 | 72,755 | (16,322) | 770,285 | 14,950,752 | 3,335,774 | (27,628) | 18,258,898 | 86 | 87 | Total corporates | 533,597 | 17,371 | (29,312) | 521,656 | 14,999,964 | 1,458,202 | (203,882) | 16,254,284 | 84 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other fixed maturities: | Other fixed maturities: | Other fixed maturities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government (U.S., municipal, and foreign) | Government (U.S., municipal, and foreign) | — | — | — | — | 2,343,770 | 313,750 | (4,531) | 2,652,989 | 13 | 12 | Government (U.S., municipal, and foreign) | — | — | — | — | 2,837,889 | 130,600 | (204,119) | 2,764,370 | 15 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 36,288 | 28,119 | — | 64,407 | 36,288 | 28,119 | — | 64,407 | — | — | Collateralized debt obligations | 36,310 | 23,228 | — | 59,538 | 36,310 | 23,228 | — | 59,538 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 13,800 | — | (838) | 12,962 | 120,801 | 5,192 | (847) | 125,146 | 1 | 1 | Other asset-backed securities | 13,362 | — | (260) | 13,102 | 101,041 | 481 | (829) | 100,693 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | Mortgage-backed securities(1) | — | — | — | — | 307 | 33 | — | 340 | — | — | Mortgage-backed securities(1) | — | — | — | — | 206 | 16 | — | 222 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 763,940 | $ | 100,874 | $ | (17,160) | $ | 847,654 | $ | 17,451,918 | $ | 3,682,868 | $ | (33,006) | $ | 21,101,780 | 100 | 100 | Total fixed maturities | $ | 583,269 | $ | 40,599 | $ | (29,572) | $ | 594,296 | $ | 17,975,410 | $ | 1,612,527 | $ | (408,830) | $ | 19,179,107 | 100 | 100 |
Below Investment Grade | Total Fixed Maturities | % of Total Fixed Maturities | Below Investment Grade | Total Fixed Maturities | % of Total Fixed Maturities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost | At Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost, net | At Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | At Amortized Cost, net | At Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporates: | Corporates: | Corporates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | Financial | Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance - life, health, P&C | Insurance - life, health, P&C | $ | 57,658 | $ | 3,894 | $ | (10,788) | $ | 50,764 | $ | 2,275,843 | $ | 563,349 | $ | (14,769) | $ | 2,824,423 | 13 | 13 | Insurance - life, health, P&C | $ | 57,470 | $ | 3,825 | $ | (4,807) | $ | 56,488 | $ | 2,345,116 | $ | 513,844 | $ | (5,553) | $ | 2,853,407 | 13 | 13 | |||||||||||||||||||||||||||||||||||||||
Banks | Banks | 27,014 | 15 | (456) | 26,573 | 993,946 | 259,489 | (1,050) | 1,252,385 | 6 | 6 | Banks | 26,980 | 614 | — | 27,594 | 983,317 | 207,466 | (1,635) | 1,189,148 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other financial | Other financial | 114,919 | 271 | (8,245) | 106,945 | 1,134,414 | 193,975 | (8,402) | 1,319,987 | 7 | 6 | Other financial | 97,800 | 547 | (1,103) | 97,244 | 1,240,340 | 186,431 | (2,161) | 1,424,610 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial | Total financial | 199,591 | 4,180 | (19,489) | 184,282 | 4,404,203 | 1,016,813 | (24,221) | 5,396,795 | 26 | 25 | Total financial | 182,250 | 4,986 | (5,910) | 181,326 | 4,568,773 | 907,741 | (9,349) | 5,467,165 | 26 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | Utilities | Utilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | Electric | 50,663 | 6,289 | — | 56,952 | 1,438,796 | 476,744 | (108) | 1,915,432 | 9 | 9 | Electric | 36,284 | 3,888 | — | 40,172 | 1,388,094 | 382,892 | (395) | 1,770,591 | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas and water | Gas and water | — | — | — | — | 536,664 | 131,851 | — | 668,515 | 3 | 3 | Gas and water | — | — | — | — | 543,297 | 107,227 | (617) | 649,907 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total utilities | Total utilities | 50,663 | 6,289 | — | 56,952 | 1,975,460 | 608,595 | (108) | 2,583,947 | 12 | 12 | Total utilities | 36,284 | 3,888 | — | 40,172 | 1,931,391 | 490,119 | (1,012) | 2,420,498 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Energy | Industrial - Energy | Industrial - Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pipelines | Pipelines | 85,327 | 1,624 | (2,309) | 84,642 | 923,756 | 187,851 | (2,423) | 1,109,184 | 5 | 5 | Pipelines | 85,222 | 11,051 | (1,445) | 94,828 | 918,746 | 203,324 | (1,445) | 1,120,625 | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and production | Exploration and production | 104,719 | 5,980 | (678) | 110,021 | 555,796 | 121,940 | (678) | 677,058 | 3 | 3 | Exploration and production | 33,316 | 4,890 | — | 38,206 | 530,336 | 105,604 | (238) | 635,702 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil field services | Oil field services | — | — | — | — | 49,799 | 13,613 | — | 63,412 | — | — | Oil field services | — | — | — | — | 49,778 | 13,653 | — | 63,431 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refiner | — | — | — | — | 89,371 | 22,793 | — | 112,164 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Driller | 1,902 | — | 18 | 1,920 | 1,902 | — | 18 | 1,920 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refinery | Refinery | — | — | — | — | 89,032 | 24,199 | — | 113,231 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total energy | Total energy | 191,948 | 7,604 | (2,969) | 196,583 | 1,620,624 | 346,197 | (3,083) | 1,963,738 | 9 | 9 | Total energy | 118,538 | 15,941 | (1,445) | 133,034 | 1,587,892 | 346,780 | (1,683) | 1,932,989 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Basic materials | Industrial - Basic materials | Industrial - Basic materials | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals | Chemicals | — | — | — | — | 642,258 | 152,016 | — | 794,274 | 4 | 4 | Chemicals | — | — | — | — | 673,699 | 145,114 | (50) | 818,763 | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals and mining | Metals and mining | — | — | — | — | 406,564 | 144,110 | — | 550,674 | 2 | 3 | Metals and mining | — | — | — | — | 405,915 | 118,115 | — | 524,030 | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forestry products and paper | Forestry products and paper | — | — | — | — | 88,804 | 21,588 | — | 110,392 | 1 | 1 | Forestry products and paper | — | — | — | — | 65,608 | 15,946 | — | 81,554 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total basic materials | Total basic materials | — | — | — | — | 1,137,626 | 317,714 | — | 1,455,340 | 7 | 8 | Total basic materials | — | — | — | — | 1,145,222 | 279,175 | (50) | 1,424,347 | 6 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Consumer, non-cyclical | Industrial - Consumer, non-cyclical | 96,265 | 8,680 | (1,903) | 103,042 | 2,233,324 | 576,007 | (2,070) | 2,807,261 | 13 | 13 | Industrial - Consumer, non-cyclical | 84,106 | 13,059 | (2,697) | 94,468 | 2,256,802 | 475,012 | (3,397) | 2,728,417 | 13 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other industrials | Other industrials | 25,661 | 3,925 | — | 29,586 | 1,260,646 | 328,986 | (6) | 1,589,626 | 7 | 7 | Other industrials | 25,565 | 3,182 | — | 28,747 | 1,254,243 | 286,889 | (589) | 1,540,543 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial - Transportation | Industrial - Transportation | 25,777 | 4,315 | — | 30,092 | 566,935 | 175,405 | — | 742,340 | 3 | 3 | Industrial - Transportation | 25,555 | 5,588 | — | 31,143 | 559,399 | 135,581 | (38) | 694,942 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other corporate sectors | Other corporate sectors | 179,878 | 17,459 | (3,595) | 193,742 | 1,489,113 | 329,254 | (4,142) | 1,814,225 | 9 | 9 | Other corporate sectors | 179,323 | 21,807 | (3,429) | 197,701 | 1,663,793 | 277,807 | (9,288) | 1,932,312 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total corporates | Total corporates | 769,783 | 52,452 | (27,956) | 794,279 | 14,687,931 | 3,698,971 | (33,630) | 18,353,272 | 86 | 86 | Total corporates | 651,621 | 68,451 | (13,481) | 706,591 | 14,967,515 | 3,199,104 | (25,406) | 18,141,213 | 84 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other fixed maturities: | Other fixed maturities: | Other fixed maturities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government (U.S., municipal, and foreign) | Government (U.S., municipal, and foreign) | — | — | — | — | 2,313,855 | 341,176 | (1,256) | 2,653,775 | 13 | 13 | Government (U.S., municipal, and foreign) | — | — | — | — | 2,695,796 | 304,537 | (8,203) | 2,992,130 | 15 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | Collateralized debt obligations | 57,007 | 23,460 | (8,869) | 71,598 | 57,007 | 23,460 | (8,869) | 71,598 | — | — | Collateralized debt obligations | 36,468 | 27,037 | — | 63,505 | 36,468 | 27,037 | — | 63,505 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 13,949 | — | (2,727) | 11,222 | 134,616 | 3,591 | (3,778) | 134,429 | 1 | 1 | Other asset-backed securities | 13,457 | — | (414) | 13,043 | 104,905 | 3,701 | (430) | 108,176 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities(1) | Mortgage-backed securities(1) | — | — | — | — | 390 | 45 | — | 435 | — | — | Mortgage-backed securities(1) | — | — | — | — | 238 | 25 | — | 263 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | Total fixed maturities | $ | 840,739 | $ | 75,912 | $ | (39,552) | $ | 877,099 | $ | 17,193,799 | $ | 4,067,243 | $ | (47,533) | $ | 21,213,509 | 100 | 100 | Total fixed maturities | $ | 701,546 | $ | 95,488 | $ | (13,895) | $ | 783,139 | $ | 17,804,922 | $ | 3,534,404 | $ | (34,039) | $ | 21,305,287 | 100 | 100 |
Amortized Cost, net | % of Total | Fair Value | % of Total | Average Composite Quality Rating on Amortized Cost, net | Amortized Cost, net | % of Total | Fair Value | % of Total | Average Composite Quality Rating on Amortized Cost, net | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade: | Investment grade: | Investment grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | $ | 736,648 | 4 | $ | 850,126 | 4 | AAA | $ | 762,200 | 4 | $ | 784,358 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
AA | AA | 1,861,834 | 11 | 2,060,123 | 10 | AA | 2,347,897 | 13 | 2,228,778 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 4,422,833 | 26 | 5,559,919 | 26 | A | 4,487,319 | 25 | 4,974,961 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB+ | BBB+ | 3,784,244 | 22 | 4,669,494 | 22 | BBB+ | 3,901,821 | 22 | 4,272,763 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 4,282,348 | 24 | 5,192,531 | 25 | BBB | 4,285,247 | 24 | 4,603,423 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB- | BBB- | 1,600,071 | 9 | 1,921,933 | 9 | BBB- | 1,607,657 | 9 | 1,720,528 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total investment grade | Total investment grade | 16,687,978 | 96 | 20,254,126 | 96 | A- | Total investment grade | 17,392,141 | 97 | 18,584,811 | 97 | A- | ||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade: | Below investment grade: | Below investment grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB | BB | 582,084 | 3 | 631,877 | 3 | BB | 455,835 | 2 | 447,982 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
B | B | 145,568 | 1 | 151,370 | 1 | B | 91,124 | 1 | 86,776 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Below B | Below B | 36,288 | — | 64,407 | — | Below B | 36,310 | — | 59,538 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total below investment grade | Total below investment grade | 763,940 | 4 | 847,654 | 4 | BB- | Total below investment grade | 583,269 | 3 | 594,296 | 3 | BB- | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 17,451,918 | 100 | $ | 21,101,780 | 100 | $ | 17,975,410 | 100 | $ | 19,179,107 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted average composite quality rating | Weighted average composite quality rating | A- | Weighted average composite quality rating | A- |
Amortized Cost | % of Total | Fair Value | % of Total | Average Composite Quality Rating on Amortized Cost | Amortized Cost | % of Total | Fair Value | % of Total | Average Composite Quality Rating on Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade: | Investment grade: | Investment grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | AAA | $ | 713,053 | 4 | $ | 848,621 | 4 | AAA | $ | 761,526 | 4 | $ | 867,728 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
AA | AA | 1,657,270 | 10 | 1,873,323 | 9 | AA | 2,215,179 | 13 | 2,412,947 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||
A | A | 4,566,999 | 26 | 5,969,677 | 28 | A | 4,487,607 | 25 | 5,584,588 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB+ | BBB+ | 3,634,583 | 21 | 4,612,898 | 22 | BBB+ | 3,779,051 | 21 | 4,616,977 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB | BBB | 4,137,099 | 24 | 5,088,114 | 24 | BBB | 4,289,044 | 24 | 5,174,667 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||
BBB- | BBB- | 1,644,056 | 10 | 1,943,777 | 9 | BBB- | 1,570,969 | 9 | 1,865,241 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total investment grade | Total investment grade | 16,353,060 | 95 | 20,336,410 | 96 | A- | Total investment grade | 17,103,376 | 96 | 20,522,148 | 96 | A- | ||||||||||||||||||||||||||||||||||||||||||||||
Below investment grade: | Below investment grade: | Below investment grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BB | BB | 686,184 | 4 | 692,609 | 3 | BB | 537,064 | 3 | 583,608 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
B | B | 115,646 | 1 | 122,104 | 1 | B | 128,402 | 1 | 136,026 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Below B | Below B | 38,909 | — | 62,386 | — | Below B | 36,080 | — | 63,505 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total below investment grade | Total below investment grade | 840,739 | 5 | 877,099 | 4 | BB- | Total below investment grade | 701,546 | 4 | 783,139 | 4 | BB- | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 17,193,799 | 100 | $ | 21,213,509 | 100 | $ | 17,804,922 | 100 | $ | 21,305,287 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted average composite quality rating | Weighted average composite quality rating | A- | Weighted average composite quality rating | A- |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 840,739 | $ | 674,155 | Balance at beginning of period | $ | 701,546 | $ | 840,739 | ||||||||||||
Downgrades by rating agencies | Downgrades by rating agencies | — | 135,667 | Downgrades by rating agencies | — | — | ||||||||||||||||
Upgrades by rating agencies | Upgrades by rating agencies | (36,311) | — | Upgrades by rating agencies | (96,080) | — | ||||||||||||||||
Dispositions | Dispositions | (45,450) | (6,883) | Dispositions | (23,041) | (43,141) | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,346 | (32,719) | Provision for credit losses | (31) | 3,346 | ||||||||||||||||
Amortization and other | Amortization and other | 1,616 | 1,624 | Amortization and other | 875 | 768 | ||||||||||||||||
Balance at end of period | Balance at end of period | $ | 763,940 | $ | 771,844 | Balance at end of period | $ | 583,269 | $ | 801,712 |
Six Months Ended June 30, | Increase | Three Months Ended March 31, | Increase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | (Decrease) | 2022 | 2021 | (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Premium | Amount | % of Premium | Amount | % | Amount | % of Premium | Amount | % of Premium | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance administrative expenses: | Insurance administrative expenses: | Insurance administrative expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries | Salaries | $ | 56,572 | 2.8 | $ | 52,200 | 2.7 | $ | 4,372 | 8 | Salaries | $ | 30,283 | 2.8 | $ | 28,180 | 2.8 | $ | 2,103 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other employee costs | Other employee costs | 22,241 | 1.1 | 20,687 | 1.1 | 1,554 | 8 | Other employee costs | 11,276 | 1.1 | 11,447 | 1.2 | (171) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information technology costs | Information technology costs | 23,455 | 1.1 | 22,755 | 1.2 | 700 | 3 | Information technology costs | 12,899 | 1.2 | 11,404 | 1.1 | 1,495 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal costs | Legal costs | 7,355 | 0.4 | 5,312 | 0.3 | 2,043 | 38 | Legal costs | 3,643 | 0.3 | 2,833 | 0.3 | 810 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other administrative costs | Other administrative costs | 24,056 | 1.2 | 24,232 | 1.3 | (176) | (1) | Other administrative costs | 14,464 | 1.4 | 12,312 | 1.2 | 2,152 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total insurance administrative expenses | Total insurance administrative expenses | 133,679 | 6.6 | 125,186 | 6.6 | 8,493 | 7 | Total insurance administrative expenses | 72,565 | 6.8 | 66,176 | 6.6 | 6,389 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent company expense | Parent company expense | 5,075 | 4,847 | 228 | Parent company expense | 2,640 | 2,318 | 322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | Stock compensation expense | 16,522 | 17,988 | (1,466) | Stock compensation expense | 9,035 | 7,888 | 1,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal proceedings | Legal proceedings | 5,089 | 3,275 | 1,814 | Legal proceedings | — | 4,828 | (4,828) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expenses | Non-operating expenses | 112 | — | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses, per Condensed Consolidated Statements of Operations | Total operating expenses, per Condensed Consolidated Statements of Operations | $ | 160,365 | $ | 151,296 | $ | 9,069 | 6 | Total operating expenses, per Condensed Consolidated Statements of Operations | $ | 84,352 | $ | 81,210 | $ | 3,142 | 4 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Average Price | Shares | Amount | Average Price | Shares | Amount | Average Price | Shares | Amount | Average Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases with: | Purchases with: | Purchases with: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess cash flow at the Parent Company | Excess cash flow at the Parent Company | 2,165 | $ | 213,503 | $ | 98.61 | 1,629 | $ | 139,254 | $ | 85.47 | Excess cash flow at the Parent Company | 880 | $ | 88,621 | $ | 100.70 | 944 | $ | 90,149 | $ | 95.47 | ||||||||||||||||||||||||||||||||||||||||||||||||
Option exercise proceeds | Option exercise proceeds | 812 | 82,081 | 101.14 | 267 | 27,475 | 103.13 | Option exercise proceeds | 299 | 30,861 | 103.07 | 435 | 42,571 | 97.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 2,977 | $ | 295,584 | $ | 99.30 | 1,896 | $ | 166,729 | $ | 87.95 | Total | 1,179 | $ | 119,482 | $ | 101.30 | 1,379 | $ | 132,720 | $ | 96.23 |
Six Months Ended June 30, | Twelve Months Ended December 31, | Three Months Ended March 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Projected 2021 | 2020 | 2022 | 2021 | Projected 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Liquidity Sources: | Liquidity Sources: | Liquidity Sources: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends from Subsidiaries | Dividends from Subsidiaries | $ | 240,120 | $ | 343,447 | $ | 480,000 | $ | 485,871 | Dividends from Subsidiaries | $ | 107,083 | $ | 120,728 | $ | 400,000 | $ | 478,535 | ||||||||||||||||||||||||||||
Excess Cash Flows | Excess Cash Flows | 179,684 | 284,488 | 365,000 | 387,606 | Excess Cash Flows | 69,270 | 88,922 | 280,000 | 370,120 |
At | At | |||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2020 | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||
Balance of commercial paper at end of period (par value) | Balance of commercial paper at end of period (par value) | $ | 260,000 | $ | 255,000 | $ | 450,000 | Balance of commercial paper at end of period (par value) | $ | 372,524 | $ | 330,033 | $ | 275,000 | ||||||||||||||||||||
Annualized interest rate | Annualized interest rate | 0.22 | % | 0.27 | % | 0.94 | % | Annualized interest rate | 0.69 | % | 0.29 | % | 0.23 | % | ||||||||||||||||||||
Letters of credit outstanding | Letters of credit outstanding | $ | 135,000 | $ | 135,000 | $ | 150,000 | Letters of credit outstanding | $ | 125,000 | $ | 125,000 | $ | 135,000 | ||||||||||||||||||||
Remaining amount available under credit line | Remaining amount available under credit line | 355,000 | 360,000 | 150,000 | Remaining amount available under credit line | 252,476 | 294,967 | 340,000 |
Six Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Average balance of commercial paper outstanding during period (par value) | Average balance of commercial paper outstanding during period (par value) | $ | 297,901 | $ | 370,130 | Average balance of commercial paper outstanding during period (par value) | $ | 426,243 | $ | 300,444 | ||||||||||||
Daily-weighted average interest rate (annualized) | Daily-weighted average interest rate (annualized) | 0.24 | % | 2.05 | % | Daily-weighted average interest rate (annualized) | 0.43 | % | 0.24 | % | ||||||||||||
Maximum daily amount outstanding during period (par value) | Maximum daily amount outstanding during period (par value) | $ | 355,000 | $ | 482,000 | Maximum daily amount outstanding during period (par value) | $ | 500,529 | $ | 355,000 |
Instrument | Instrument | Issue Date | Maturity Date | Coupon Rate | Interest Payment Dates | Par Value | Book Value | Fair Value | Instrument | Issue Date | Maturity Date | Coupon Rate | Interest Payment Dates | Par Value | Book Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 05/27/1993 | 05/15/2023 | 7.875% | semiannual | $ | 165,612 | $ | 165,083 | $ | 187,310 | Senior notes | 05/27/1993 | 05/15/2023 | 7.875% | semiannual | $ | 165,612 | $ | 165,285 | $ | 174,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes(1) | Senior notes(1) | 09/24/2012 | 09/15/2022 | 3.800% | semiannual | 150,000 | 149,581 | 155,873 | Senior notes(1) | 09/24/2012 | 09/15/2022 | 3.800% | semiannual | 150,000 | 149,839 | 151,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 09/27/2018 | 09/15/2028 | 4.550% | semiannual | 550,000 | 544,639 | 643,418 | Senior notes | 09/27/2018 | 09/15/2028 | 4.550% | semiannual | 550,000 | 545,112 | 576,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 08/21/2020 | 08/15/2030 | 2.150% | semiannual | 400,000 | 395,565 | 395,184 | Senior notes | 08/21/2020 | 08/15/2030 | 2.150% | semiannual | 400,000 | 395,889 | 358,344 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures(2) | 05/17/2016 | 06/15/2056 | 6.125% | quarterly | 300,000 | 290,688 | 313,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 11/17/2017 | 11/17/2057 | 5.275% | semiannual | 125,000 | 123,388 | 129,895 | Junior subordinated debentures | 11/17/2017 | 11/17/2057 | 5.275% | semiannual | 125,000 | 123,399 | 127,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 06/14/2021 | 06/15/2061 | 4.250% | quarterly | 325,000 | 317,172 | 339,430 | Junior subordinated debentures | 06/14/2021 | 06/15/2061 | 4.250% | quarterly | 325,000 | 317,173 | 288,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,715,612 | 1,696,697 | 1,677,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less current maturity of long-term debt(1) | Less current maturity of long-term debt(1) | 150,000 | 149,839 | 151,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | 2,015,612 | 1,986,116 | 2,164,430 | Total long-term debt | 1,565,612 | 1,546,858 | 1,525,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturity of long-term debt(1) | Current maturity of long-term debt(1) | 150,000 | 149,839 | 151,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 260,000 | 259,946 | 259,946 | Commercial paper | 372,524 | 372,240 | 372,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term debt | Total short-term debt | 260,000 | 259,946 | 259,946 | Total short-term debt | 522,524 | 522,079 | 523,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | Total debt | $ | 2,275,612 | $ | 2,246,062 | $ | 2,424,376 | Total debt | $ | 2,088,136 | $ | 2,068,937 | $ | 2,049,471 |
At | At | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2020 | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | Effect of Accounting Rule Requiring Revaluation(1) | GAAP | Effect of Accounting Rule Requiring Revaluation(1) | GAAP | Effect of Accounting Rule Requiring Revaluation(1) | GAAP | Effect of Accounting Rule Requiring Revaluation(1) | GAAP | Effect of Accounting Rule Requiring Revaluation(1) | GAAP | Effect of Accounting Rule Requiring Revaluation(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | Fixed maturities | $ | 21,101,780 | $ | 3,649,862 | $ | 21,213,509 | $ | 4,019,710 | $ | 19,661,182 | $ | 2,996,001 | Fixed maturities | $ | 19,179,107 | $ | 1,203,697 | $ | 21,305,287 | $ | 3,500,365 | $ | 20,154,910 | $ | 2,742,951 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred acquisition costs(2) | Deferred acquisition costs(2) | 4,743,032 | (5,188) | 4,595,444 | (5,955) | 4,446,356 | (6,723) | Deferred acquisition costs(2) | 4,999,935 | (3,951) | 4,914,728 | (4,327) | 4,662,509 | (5,596) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 29,580,057 | 3,644,674 | 29,046,731 | 4,013,755 | 27,534,180 | 2,989,278 | Total assets | 27,850,328 | 1,199,746 | 29,768,048 | 3,496,038 | 28,112,896 | 2,737,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 259,946 | — | 254,918 | — | 831,076 | — | Short-term debt | 522,079 | — | 479,644 | — | 274,919 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 1,986,116 | — | 1,667,886 | — | 1,272,104 | — | Long-term debt | 1,546,858 | — | 1,546,494 | — | 1,668,322 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 8,616,922 | 2,879,292 | 8,771,092 | 3,170,866 | 7,848,369 | 2,361,530 | Shareholders' equity | 6,894,020 | 947,799 | 8,642,806 | 2,761,870 | 7,832,337 | 2,162,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per diluted share | Book value per diluted share | 83.59 | 27.93 | 83.19 | 30.07 | 73.26 | 22.05 | Book value per diluted share | 69.16 | 9.51 | 85.97 | 27.47 | 75.10 | 20.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt to capitalization(3) | Debt to capitalization(3) | 20.7 | % | (7.5) | % | 18.0 | % | (7.6) | % | 21.1 | % | (6.6) | % | Debt to capitalization(3) | 23.1 | % | (2.7) | % | 19.0 | % | (6.6) | % | 19.9 | % | (5.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Diluted shares outstanding | Diluted shares outstanding | 103,081 | 105,429 | 107,137 | Diluted shares outstanding | 99,689 | 100,535 | 104,292 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual shares outstanding | Actual shares outstanding | 102,163 | 103,797 | 106,451 | Actual shares outstanding | 98,875 | 99,567 | 103,193 |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1-30, 2021 | 292,744 | $ | 101.18 | 292,744 | ||||||||||||||||||||||
May 1-31, 2021 | 529,606 | 105.02 | 529,606 | |||||||||||||||||||||||
June 1-30, 2021 | 775,035 | 100.16 | 775,035 |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1-31, 2022 | 403,891 | $ | 101.72 | 403,891 | ||||||||||||||||||||||
February 1-28, 2022 | 393,257 | 104.14 | 393,257 | |||||||||||||||||||||||
March 1-31, 2022 | 382,339 | 97.93 | 382,339 |
Exhibit No. | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
GLOBE LIFE INC. | |||||||||||
Date: | /s/ Gary L. Coleman | ||||||||||
Gary L. Coleman | |||||||||||
Co-Chairman and Chief Executive Officer | |||||||||||
Date: | /s/ Larry M. Hutchison | ||||||||||
Larry M. Hutchison | |||||||||||
Co-Chairman and Chief Executive Officer | |||||||||||
Date: | /s/ Frank M. Svoboda | ||||||||||
Frank M. Svoboda | |||||||||||
Senior Executive Vice President and Chief Financial Officer | |||||||||||