Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39369 | |
Entity Registrant Name | American National Group, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 30-1221711 | |
Entity Address, Address Line One | One Moody Plaza | |
Entity Address, City or Town | Galveston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77550-7999 | |
City Area Code | 409 | |
Local Phone Number | 763-4661 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | ANAT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,887,200 | |
Entity Central Index Key | 0001801075 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost, net of allowance for credit losses of $18,854 in 2021 and $12,442 in 2020 (Fair value $7,908,767 in 2021 and $7,983,181 in 2020) | $ 7,475,862 | $ 7,354,970 |
Fixed maturity, bonds available-for-sale, at fair value (Allowance for credit losses of $8,716 in 2021 and $7,482 in 2020) (Amortized cost $7,046,940 in 2021 and $7,073,142 in 2020) | 7,397,792 | 7,597,180 |
Equity securities, at fair value (Cost $777,796 in 2021 and $754,625 in 2020) | 2,164,146 | 2,070,766 |
Mortgage loans on real estate, net of allowance for credit losses of $126,588 in 2021 and $125,703 in 2020 | 5,141,094 | 5,242,531 |
Policy loans | 369,525 | 373,014 |
Real estate and real estate partnerships, net of accumulated depreciation of $270,770 in 2021 and $269,626 in 2020 | 938,189 | 960,572 |
Investment funds | 523,225 | 477,135 |
Short-term investments | 1,212,342 | 1,028,379 |
Other invested assets | 94,316 | 94,415 |
Total investments | 25,316,491 | 25,198,962 |
Cash and cash equivalents | 459,087 | 339,947 |
Accrued investment income | 213,760 | 216,389 |
Reinsurance recoverables, net of allowance for credit losses of $14,390 in 2021 and $14,353 in 2020 | 444,286 | 414,359 |
Prepaid reinsurance premiums | 40,807 | 42,804 |
Premiums due and other receivables | 373,136 | 351,972 |
Deferred policy acquisition costs | 1,421,900 | 1,360,211 |
Property and equipment, net of accumulated depreciation of $287,615 in 2021 and $281,738 in 2020 | 125,810 | 121,578 |
Prepaid pension | 84,089 | 80,526 |
Other assets | 162,701 | 155,600 |
Separate account assets | 1,207,754 | 1,185,467 |
Total assets | 29,849,821 | 29,467,815 |
Future policy benefits | ||
Life | 3,149,000 | 3,149,067 |
Annuity | 1,621,258 | 1,617,774 |
Health | 48,812 | 49,658 |
Policyholders’ account balances | 12,960,532 | 12,812,155 |
Policy and contract claims | 1,637,130 | 1,575,288 |
Unearned premium reserve | 979,302 | 956,343 |
Other policyholder funds | 355,898 | 358,601 |
Liability for retirement benefits | 65,704 | 70,254 |
Notes payable | 152,607 | 153,703 |
Deferred tax liabilities, net | 478,469 | 478,347 |
Current tax payable | 24,499 | 10,372 |
Federal Home Loan Bank advance | 250,000 | 250,000 |
Other liabilities | 407,377 | 335,219 |
Separate account liabilities | 1,207,754 | 1,185,467 |
Total liabilities | 23,338,342 | 23,002,248 |
American National Group, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; 26,887,200 shares issued and outstanding in 2021 and 2020 | 269 | 269 |
Additional paid-in capital | 47,702 | 47,683 |
Accumulated other comprehensive income | 119,959 | 222,170 |
Retained earnings | 6,336,273 | 6,188,148 |
Total American National stockholders’ equity | 6,504,203 | 6,458,270 |
Noncontrolling interest | 7,276 | 7,297 |
Total stockholders' equity | 6,511,479 | 6,465,567 |
Total liabilities and stockholders' equity | $ 29,849,821 | $ 29,467,815 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturity, bonds held-to-maturity, at amortized cost | $ 18,854 | $ 12,442 |
Held-to-maturity securities, fair value | 7,908,767 | 7,983,181 |
Bonds available-for-sale securities, allowance for credit losses | 8,716 | 7,482 |
Available-for-sale securities, cost or amortized cost | 7,046,940 | 7,073,142 |
Cost of equity securities | 777,796 | 754,625 |
Allowance for credit losses | 126,588 | 125,703 |
Accumulated depreciation of investment real estate | 270,770 | 269,626 |
Reinsurance recoverables | 14,390 | 14,353 |
Property and equipment, net of accumulated depreciation | $ 287,615 | $ 281,738 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 26,887,200 | 26,887,200 |
Common stock, shares outstanding (in shares) | 26,887,200 | 26,887,200 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Premiums | ||
Other policy revenues | $ 86,539 | $ 79,605 |
Net investment income | 269,981 | 130,991 |
Net realized investment gains | 19,239 | 4,148 |
Change in investment credit loss | (5,486) | (44,678) |
Net gains (losses) on equity securities | 95,940 | (332,575) |
Other income | 9,752 | 11,133 |
Total premiums and other revenues | 1,038,618 | 385,392 |
Policyholder benefits | ||
Life | 146,160 | 110,466 |
Annuity | 44,717 | 34,802 |
Claims incurred | ||
Health | 24,251 | 34,885 |
Property and casualty | 244,135 | 229,709 |
Interest credited to policyholders’ account balances | 107,787 | (4,323) |
Commissions for acquiring and servicing policies | 153,685 | 130,435 |
Other operating expenses | 133,502 | 133,926 |
Change in deferred policy acquisition costs | (28,119) | (1,672) |
Total benefits, losses and expenses | 826,118 | 668,228 |
Income before federal income tax and other items | 212,500 | (282,836) |
Less: Provision (benefit) for federal income taxes | ||
Current | 16,130 | 24,503 |
Deferred | 27,041 | (86,171) |
Total provision (benefit) for federal income taxes | 43,171 | (61,668) |
Income (loss) after federal income tax | 169,329 | (221,168) |
Other components of net periodic pension benefit, net of tax | 944 | 571 |
Net income (loss) | 170,273 | (220,597) |
Less: Net income (loss) attributable to noncontrolling interest, net of tax | 100 | (153) |
Net income (loss) attributable to American National | $ 170,173 | $ (220,444) |
Earnings (losses) per share | ||
Basic (in usd per share) | $ 6.33 | $ (8.20) |
Diluted (in usd per share) | $ 6.33 | $ (8.20) |
Weighted average common shares outstanding (in shares) | 26,877,200 | 26,881,700 |
Weighted average common shares outstanding and dilutive potential common shares (in shares) | 26,884,899 | 26,891,675 |
Life | ||
Premiums | ||
Revenue | $ 100,779 | $ 89,516 |
Annuity | ||
Premiums | ||
Revenue | 24,241 | 15,509 |
Health | ||
Premiums | ||
Revenue | 38,228 | 43,086 |
Property and casualty | ||
Premiums | ||
Revenue | $ 399,405 | $ 388,657 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 170,273 | $ (220,597) |
Other comprehensive income (loss), net of tax | ||
Change in net unrealized losses on securities | (106,264) | (112,403) |
Foreign currency transaction and translation adjustments | 244 | (924) |
Defined benefit pension plan adjustment | 3,809 | 1,756 |
Total other comprehensive loss, net of tax | (102,211) | (111,571) |
Total comprehensive income (loss) | 68,062 | (332,168) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 100 | (153) |
Total comprehensive income (loss) attributable to American National | $ 67,962 | $ (332,015) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Noncontrolling Interest | |
Balance at beginning of the period at Dec. 31, 2019 | $ 5,995,763 | $ (34,702) | $ 30,832 | $ 21,011 | $ 99,518 | $ 5,946,857 | $ (34,702) | $ (108,469) | $ 6,014 | |
Stockholders' Equity [Roll Forward] | ||||||||||
Amortization of restricted stock | 20 | 20 | ||||||||
Other comprehensive income (loss) | (111,571) | (111,571) | ||||||||
Net income (loss) attributable to American National | (220,444) | (220,444) | ||||||||
Cash dividends to common stockholders | (22,047) | (22,047) | ||||||||
Contributions | 546 | 546 | ||||||||
Distributions | (323) | (323) | ||||||||
Net income (loss) attributable to noncontrolling interest | (153) | (153) | ||||||||
Balance at end of the period at Mar. 31, 2020 | 5,607,089 | 30,832 | 21,031 | (12,053) | 5,669,664 | $ (108,469) | 6,084 | |||
Balance at beginning of the period at Dec. 31, 2020 | 6,465,567 | 269 | [1] | 47,683 | 222,170 | 6,188,148 | 7,297 | |||
Stockholders' Equity [Roll Forward] | ||||||||||
Amortization of restricted stock | 19 | 19 | ||||||||
Other comprehensive income (loss) | (102,211) | (102,211) | ||||||||
Net income (loss) attributable to American National | 170,173 | 170,173 | ||||||||
Cash dividends to common stockholders | (22,048) | (22,048) | ||||||||
Contributions | 259 | 259 | ||||||||
Distributions | (380) | (380) | ||||||||
Net income (loss) attributable to noncontrolling interest | 100 | 100 | ||||||||
Balance at end of the period at Mar. 31, 2021 | $ 6,511,479 | $ 269 | [1] | $ 47,702 | $ 119,959 | $ 6,336,273 | $ 7,276 | |||
[1] | Refer to Note 1 - Nature of Operations for more information on changes in Common Stock and Treasury Stock resulting from the Company's reorganization effective July 1, 2020. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends to common stockholders (in usd per share) | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 170,273 | $ (220,597) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net realized investment gains | (19,239) | (4,148) |
Change in investment credit loss | 5,486 | 44,678 |
Accretion of premiums, discounts and loan origination fees | 2,991 | 1,845 |
Net capitalized interest on policy loans and mortgage loans | (8,969) | (6,351) |
Depreciation | 12,688 | 12,614 |
Fair value of option securities | (28,827) | 108,095 |
Fair value of equity securities | (95,940) | 332,575 |
Interest credited to policyholders’ account balances | 107,787 | (4,323) |
Charges to policyholders’ account balances | (86,539) | (79,605) |
Deferred federal income tax expense | 27,041 | (86,171) |
Income from equity method investments | (23,161) | (15,707) |
Distributions from unconsolidated affiliates | 17,605 | 27,246 |
Changes in: | ||
Policyholder liabilities | 130,675 | (4,203) |
Deferred policy acquisition costs | (28,119) | (1,672) |
Reinsurance recoverables | (29,927) | 6,207 |
Premiums due and other receivables | (21,164) | (35,858) |
Prepaid reinsurance premiums | 1,997 | 5,862 |
Accrued investment income | 2,629 | 8,604 |
Current tax payable | 14,127 | 22,392 |
Liability for retirement benefits | (3,291) | (2,879) |
Other, net | 1,313 | 3,447 |
Net cash provided by operating activities | 149,436 | 112,051 |
Proceeds from sale/maturity/prepayment of: | ||
Held-to-maturity securities | 446,616 | 360,849 |
Available-for-sale securities | 249,726 | 274,697 |
Equity securities | 35,383 | 27,620 |
Real estate and real estate partnerships | 11,119 | 964 |
Mortgage loans | 267,290 | 105,964 |
Policy loans | 15,106 | 12,414 |
Other invested assets | 38,231 | 32,609 |
Disposals of property and equipment | 11 | 0 |
Distributions from real estate and real estate partnerships | 40,846 | 3,994 |
Distributions from investment funds | 30,557 | 7,717 |
Payment for the purchase/origination of: | ||
Held-to-maturity securities | (560,406) | (345,112) |
Available-for-sale securities | (210,290) | (250,954) |
Equity securities | (32,845) | (34,350) |
Real estate and real estate partnerships | (2,910) | (3,361) |
Mortgage loans | (157,027) | (166,933) |
Policy loans | (5,090) | (6,520) |
Other invested assets | (22,441) | (10,192) |
Additions to property and equipment | (9,914) | (5,354) |
Contributions to real estate and real estate partnerships | (28,092) | (24,933) |
Contributions to investment funds | (66,589) | (57,132) |
Change in short-term investments | (183,963) | 6,439 |
Change in collateral held for derivatives | 13,136 | (128,078) |
Other, net | (2,356) | 4,400 |
Net cash used in investing activities | (133,902) | (195,252) |
FINANCING ACTIVITIES | ||
Policyholders’ account deposits | 450,984 | 294,297 |
Policyholders’ account withdrawals | (323,854) | (310,921) |
Change in notes payable | (1,096) | (1,054) |
Dividends to stockholders | (22,048) | (22,047) |
Payments to noncontrolling interest | (380) | (323) |
Net cash provided by (used in) financing activities | 103,606 | (40,048) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 119,140 | (123,249) |
Cash and cash equivalents at beginning of the period | 339,947 | 452,001 |
Cash and cash equivalents at end of the period | 459,087 | 328,752 |
Supplemental cash flow information: | ||
Interest paid | 218 | 21 |
Income taxes paid, net | $ 18 | $ 0 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | On July 1, 2020, American National Insurance Company, a Texas insurance company (“ANICO”), completed its previously announced holding company reorganization. As a result of such reorganization, ANICO became a wholly owned subsidiary of American National Group, Inc., a Delaware corporation (“ANAT”), and ANAT replaced ANICO as the publicly held company. Consequently, all filings with the Securities and Exchange Commission from July 2, 2020 forward will be filed by ANAT under CIK No. 0001801075. Upon the effective date of the holding company reorganization, ANAT retired 3,945,249 shares of common stock that were held in treasury at ANICO prior to the reorganization. The amount of retired treasury stock in excess of par value was charged to retained earnings. Before and after the reorganization, the issuer had 50,000,000 authorized shares of common stock and 26,887,200 common shares outstanding. As a result of the reorganization, each share of ANICO common stock, par value $1.00 per share was automatically converted into one duly issued, fully paid and non-assessable share of ANAT common stock, par value $0.01 per share. As a result of the reorganization, the directors and officers of ANICO became directors and officers of ANAT. There is no change in the ultimate ownership of the organization and business operations will continue from our current office locations and companies. ANAT, through its consolidated subsidiaries (collectively “American National” or the “Company”) offers a broad portfolio of insurance products, including individual and group life insurance, annuities, health insurance, and property and casualty insurance. Business is conducted in all 50 states, the District of Columbia and Puerto Rico. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | The condensed consolidated financial statements and notes thereto have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and are reported in U.S. currency. American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. Changes in prior period presentation were made to conform to the current period presentation. We reclassified the Company's earnings from equity method investments in the condensed consolidated statements of operations from "Equity in earnings of unconsolidated affiliates" to "Net investment income." For the three months ended March 31, 2020, $15.7 million was reclassified, with no impact to net income. We also reclassified the related asset balances in the condensed consolidated statements of financial position from "Investments in unconsolidated affiliates" to "Real estate and real estate partnerships" and "Investment funds", with no impact to total assets. Management believes these reclassifications result in increased transparency to the users of the financial statements as it relates to the Company's invested assets and the performance of these investments that are tied to the primary operations of the Company. The interim condensed consolidated financial statements and notes should be read in conjunction with the annual consolidated financial statements and notes thereto included in American National’s Annual Report on Form 10-K as of and for the year ended December 31, 2020. The condensed consolidated results of operations for the interim periods should not be considered indicative of results to be expected for the full year. The preparation of the condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Pronouncements | Adoption of New Accounting Standards Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes. This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this standard did not have a material impact to the Company's Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements. Future Adoption of New Accounting Standards —The FASB issued the following accounting guidance relevant to American National: Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition. We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this guidance provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted. The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company. |
Investment in Securities
Investment in Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | The cost or amortized cost and fair value of investments in securities are shown below (in thousands): March 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 11,478 $ — $ (181) $ — $ 11,297 U.S. states and political subdivisions 114,154 3,186 (3,669) — 113,671 Foreign governments 14,468 313 (296) — 14,485 Corporate debt securities 7,128,893 458,923 (35,626) (11,793) 7,540,397 Residential mortgage-backed securities 81,778 4,546 (836) (542) 84,946 Collateralized debt securities 143,945 7,220 (675) (6,519) 143,971 Total bonds held-to-maturity 7,494,716 474,188 (41,283) (18,854) 7,908,767 Fixed maturity, bonds available-for-sale U.S. treasury and government 25,088 298 (30) (3) 25,353 U.S. states and political subdivisions 1,054,322 58,630 (4,416) — 1,108,536 Foreign governments 14,999 1,182 — — 16,181 Corporate debt securities 5,868,891 344,930 (42,162) (8,008) 6,163,651 Residential mortgage-backed securities 19,048 675 (8) (198) 19,517 Collateralized debt securities 64,592 671 (202) (507) 64,554 Total bonds available-for-sale 7,046,940 406,386 (46,818) (8,716) 7,397,792 Total investments in fixed maturity $ 14,541,656 $ 880,574 $ (88,101) $ (27,570) $ 15,306,559 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 7,733 $ 11 $ — $ — $ 7,744 U.S. states and political subdivisions 109,445 4,101 (11) — 113,535 Foreign governments 3,851 374 — — 4,225 Corporate debt securities 6,992,095 623,233 (9,117) (7,475) 7,598,736 Residential mortgage-backed securities 114,579 5,065 (1,464) (452) 117,728 Collateralized debt securities 139,709 6,864 (845) (4,515) 141,213 Total bonds held-to-maturity 7,367,412 639,648 (11,437) (12,442) 7,983,181 Fixed maturity, bonds available-for-sale U.S. treasury and government 28,766 418 (1) — 29,183 U.S. states and political subdivisions 1,066,627 73,976 (145) — 1,140,458 Foreign governments 14,995 1,393 — — 16,388 Corporate debt securities 5,887,756 471,205 (17,207) (7,275) 6,334,479 Residential mortgage-backed securities 20,544 964 (29) (188) 21,291 Collateralized debt securities 54,454 1,040 (94) (19) 55,381 Total bonds available-for-sale 7,073,142 548,996 (17,476) (7,482) 7,597,180 Total investments in fixed maturity $ 14,440,554 $ 1,188,644 $ (28,913) $ (19,924) $ 15,580,361 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): March 31, 2021 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 553,460 $ 561,970 $ 371,354 $ 374,859 Due after one year through five years 2,833,579 3,020,077 3,253,114 3,456,068 Due after five years through ten years 3,026,464 3,231,420 2,309,455 2,442,852 Due after ten years 1,081,213 1,095,300 1,113,017 1,124,013 Total $ 7,494,716 $ 7,908,767 $ 7,046,940 $ 7,397,792 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities, which are not due at a single maturity, have been presented based on the year of final contractual maturity. Proceeds from sales of bonds available-for-sale, with the related gross realized gains and losses, are shown below (in thousands): Three months ended March 31, 2021 2020 Proceeds from sales of fixed maturity, bonds available-for-sale $ 11,650 $ 46,513 Gross realized gains — 412 Gross realized losses — (4,072) Gains and losses are determined using specific identification of the securities sold. There was no transfer of bonds from held-to-maturity to available-for-sale during the three months ended March 31, 2021 and 2020. In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $47.1 million and $47.7 million at March 31, 2021 and December 31, 2020, respectively. In addition, American National has pledged bonds in connection with agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $97.2 million and $111.0 million at March 31, 2021 and December 31, 2020, respectively. The components of the change in net unrealized losses on debt securities are shown below (in thousands): Three months ended March 31, 2021 2020 Bonds available-for-sale: change in unrealized losses $ (171,952) $ (244,361) Adjustments for Deferred policy acquisition costs 33,570 89,326 Participating policyholders’ interest 4,322 11,151 Deferred federal income tax benefit 27,796 31,481 Change in net unrealized losses on debt securities, net of tax $ (106,264) $ (112,403) The components of the change in net gains (losses) on equity securities are shown below (in thousands): Three months ended March 31, 2021 2020 Unrealized gains (losses) on equity securities $ 96,766 $ (333,601) Net gains (losses) on equity securities sold (826) 1,026 Net gains (losses) on equity securities $ 95,940 $ (332,575) The gross unrealized losses and fair value of bonds available-for-sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below (in thousands, except number of issues): March 31, 2021 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 5 $ (30) $ 12,353 — $ — $ — 5 $ (30) $ 12,353 U.S. states and political subdivisions 19 (4,416) 83,704 — — — 19 (4,416) 83,704 Corporate debt securities 128 (31,727) 738,969 16 (10,435) 54,603 144 (42,162) 793,572 Residential mortgage-backed securities 1 (1) 245 3 (7) 566 4 (8) 811 Collateralized debt securities 8 (200) 39,113 1 (2) 156 9 (202) 39,269 Total 161 $ (36,374) $ 874,384 20 $ (10,444) $ 55,325 181 $ (46,818) $ 929,709 December 31, 2020 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 1 $ (1) $ 2,868 — $ — $ — 1 $ (1) $ 2,868 U.S. states and political subdivisions 2 (145) 10,205 — — — 2 (145) 10,205 Corporate debt securities 43 (8,507) 270,249 8 (8,700) 13,270 51 (17,207) 283,519 Residential mortgage-backed securities 1 (21) 1,391 3 (8) 593 4 (29) 1,984 Collateralized debt securities 3 (93) 12,752 1 (1) 158 4 (94) 12,910 Total 50 $ (8,767) $ 297,465 12 $ (8,709) $ 14,021 62 $ (17,476) $ 311,486 Unrealized losses on bonds available-for-sale where an allowance for credit loss was not recorded were concentrated in the Company's corporate securities within the oil and gas sectors. A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Equity securities by market sector distribution are shown below, based on fair value: March 31, 2021 December 31, 2020 Consumer goods 18.4 % 19.3 % Energy and utilities 5.8 5.2 Finance 22.9 21.6 Healthcare 14.5 15.0 Industrials 7.7 7.4 Information technology 26.2 27.1 Other 4.5 4.4 Total 100.0 % 100.0 % Allowance for Credit Losses Held-to-Maturity Securities —Management measures expected credit losses on bonds held-to-maturity on a qualitative adjustment basis by major security type: corporate bonds, structured products, municipals, specialty products and treasuries. Accrued interest receivable on held-to maturity debt securities are excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current market conditions and reasonable and supportable economic forecasts based upon a third-party valuation model. Available-for-Sale Securities —For available-for-sale bonds in an unrealized loss position, the Company first assesses whether it intends to sell the security or will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through income. For bonds available-for-sale that do not meet either indicated criteria, the Company evaluates whether the decline in fair value has resulted from credit events or market factors. In making this assessment, management first calculates the extent to which fair value is less than amortized cost, and then may consider any changes to the rating of the security by a rating agency, and any specific conditions related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through income, limited to the amount fair value is less than amortized cost. Any remaining unrealized loss is recognized in other comprehensive income. When the discounted cash flow method is used to determine the allowance for credit losses, management's estimates incorporate expected prepayments, if any. Model inputs are considered reasonable and supportable for three years. A mean reversion is applied in years four and five. Credit loss allowance is not measured on accrued interest receivable because the balance is written off to net investment income in a timely manner, within 90 days. Changes in the allowance for credit losses are recognized through the condensed consolidated statement of operations as change in estimated credit loss. No accrued interest receivables were written off as of March 31, 2021. The rollforward of the allowance for credit losses for bonds held-to-maturity is shown below (in thousands): Three months ended March 31, 2021 Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2021 $ — $ (7,475) $ (4,515) $ (452) $ (12,442) Purchases — (228) — — (228) Disposition — 125 — — 125 Provision — (4,215) (2,004) (90) (6,309) Balance at March 31, 2021 $ — $ (11,793) $ (6,519) $ (542) $ (18,854) Three months ended March 31, 2020 Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2020 $ 4 $ (18,563) $ (2,968) $ (137) $ (21,664) Purchases — (622) (323) — (945) Disposition — 6,901 106 134 7,141 Provision 1 (6,117) 199 — (5,917) Balance at March 31, 2020 $ 5 $ (18,401) $ (2,986) $ (3) $ (21,385) The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands): Three months ended March 31, 2021 U.S. Treasury and Government Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2021 $ — $ (7,275) $ (19) $ (188) $ (7,482) Allowance on securities that had an allowance recorded in a previous period — (733) (488) (10) (1,231) Allowance on securities where credit losses were not previously recorded (3) — — — (3) Balance at March 31, 2021 $ (3) $ (8,008) $ (507) $ (198) $ (8,716) Three months ended March 31, 2020 U.S. Treasury and Government Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2020 $ — $ — $ — $ — $ — Allowance on securities that had an allowance recorded in a previous period — (12,499) (236) (130) (12,865) Balance at March 31, 2020 $ — $ (12,499) $ (236) $ (130) $ (12,865) Credit Quality Indicators The Company monitors the credit quality of bonds held-to-maturity through the use of credit ratings, which are updated on a monthly basis. The two traditional metrics for assessing interest rate risks are interest-coverage ratios and capitalization ratios, which can also be used in the assessment of credit risk. These risks are fairly mitigated through the diversification of bond investments. Categories of diversification include credit ratings, geographic locations, maturities, and market sector. The credit quality indicators for the amortized cost of bonds held-to-maturity are shown below (in thousands): March 31, 2021 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 11,478 $ — $ — $ — $ 11,478 U.S. state and political subdivisions 17,828 55,474 34,325 — 6,527 114,154 Foreign governments — 13,441 1,027 — — 14,468 Corporate debt securities 25,982 337,853 3,210,816 3,455,649 98,593 7,128,893 Collateralized debt securities — — 105,327 33,580 5,038 143,945 Residential mortgage backed securities — 80,268 — — 1,510 81,778 Total $ 43,810 $ 498,514 $ 3,351,495 $ 3,489,229 $ 111,668 $ 7,494,716 December 31, 2020 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 7,733 $ — $ — $ — $ 7,733 U.S. state and political subdivisions 25,831 43,964 34,893 — 4,757 109,445 Foreign governments — 2,820 1,031 — — 3,851 Corporate debt securities 1,956 262,830 2,976,571 3,647,496 103,242 6,992,095 Collateralized debt securities — — 107,795 31,914 — 139,709 Residential mortgage backed securities — 112,995 — — 1,584 114,579 Total $ 27,787 $ 430,342 $ 3,120,290 $ 3,679,410 $ 109,583 $ 7,367,412 |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans | Generally, commercial mortgage loans are secured by first liens on income-producing real estate. American National attempts to maintain a diversified portfolio by considering both the location of the underlying collateral as well as the type of mortgage loan. The geographic categories come from the U.S. Census Bureau's "Census Regions and Divisions of the United States." The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages): March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 741,253 14.4 % $ 783,614 14.9 % East South Central 140,020 2.7 146,052 2.8 Mountain 1,324,391 25.8 1,284,555 24.5 Pacific 785,654 15.3 806,426 15.4 South Atlantic 574,516 11.2 619,405 11.8 West South Central 1,278,061 24.9 1,313,848 25.1 Other 297,199 5.7 288,631 5.5 Total $ 5,141,094 100.0 % $ 5,242,531 100.0 % As of March 31, 2021 and December 31, 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans): March 31, 2021 December 31, 2020 Foreclosure and foreclosed Number of Loans Recorded Investment Number of Loans Recorded Investment In foreclosure 1 $ 5,168 1 $ 5,168 Filed for bankruptcy* 1 9,230 1 9,230 Total in foreclosure 2 $ 14,398 2 $ 14,398 Foreclosed — $ — 2 $ 8,603 * Borrower filed for bankruptcy after foreclosure proceedings had begun. The age analysis of past due loans is shown below (in thousands, except percentages): 30-59 Days Past Due 60-89 Days Past Due More Than 90 Days Past Due Total Current Total March 31, 2021 Amount Percentage Apartment $ — $ — $ — $ — $ 552,091 $ 552,091 10.5 % Hotel 101,432 — — 101,432 791,927 893,359 17.0 Industrial — — 5,168 5,168 831,194 836,362 15.9 Office 9,803 — 9,230 19,033 1,524,777 1,543,810 29.3 Parking — — — — 363,737 363,737 6.9 Retail 74,004 — — 74,004 709,392 783,396 14.9 Storage — — — — 152,488 152,488 2.9 Other — — — — 142,439 142,439 2.6 Total $ 185,239 $ — $ 14,398 $ 199,637 $ 5,068,045 $ 5,267,682 100.0 % Allowance for credit losses (126,588) Total, net of allowance $ 5,141,094 December 31, 2020 Apartment $ — $ — $ — $ — $ 557,159 $ 557,159 10.5 % Hotel 30,315 30,158 — 60,473 853,522 913,995 17.0 Industrial 14,930 — 5,168 20,098 836,105 856,203 15.9 Office 24,804 — 9,230 34,034 1,522,197 1,556,231 29.0 Parking 48,825 29,355 — 78,180 286,107 364,287 6.8 Retail 4,991 — 25,779 30,770 760,907 791,677 14.7 Storage — — — — 165,561 165,561 3.1 Other — — — — 163,121 163,121 3.0 Total $ 123,865 $ 59,513 $ 40,177 $ 223,555 $ 5,144,679 $ 5,368,234 100.0 % Allowance for credit losses (125,703) Total, net of allowance $ 5,242,531 As a result of the economic impact associated with COVID-19, American National originally granted 93 loan modifications during the second and third quarters of 2020 with a total balance of $1.6 billion in the form of forbearance of principal and interest payments for up to six months, extensions of maturity dates, and/or provisions for interest only payments. Modifications were primarily related to our loans to hotels, retail and parking operations. Due to the ongoing economic stress brought on by the pandemic, we made additional modifications in the first quarter of 2021 for 24 of these loans with a total balance of $633.6 million which extended the forbearance of principal and interest payments and interest only provisions but also included a requirement for the payment of at least 20% of the total interest due during the extended modification period. The modified loans had an aggregate deferred interest of $17.0 million as of March 31, 2021. There were no unamortized purchase discounts as of March 31, 2021 and December 31, 2020. Total mortgage loans were net of unamortized origination fees of $24.0 million and $26.1 million at March 31, 2021 and December 31, 2020, respectively. No unearned income is included in these amounts. Troubled Debt Restructurings American National has granted concessions to certain mortgage loan borrowers. Concessions are generally one of, or a combination of, a delay in payment of principal or interest, a reduction of the contractual interest rate or an extension of the maturity date. Loans that have these concessions could be classified as troubled debt restructurings. The carrying value after the allowance, before and after modification in a troubled debt restructuring, may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. Loan modifications executed due to COVID-19 resulting in a total delay of more than six months were evaluated for troubled debt restructured status under current GAAP guidance. Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Three months ended March 31, 2021 2020 Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Number of Loans Recorded Investment Pre- Modification Recorded Investment Post Modification Office 2 $ 14,660 $ 14,660 — $ — $ — Retail 2 28,234 28,234 — — — Parking 1 9,730 9,730 — — — Storage 1 8,937 8,937 — — — Total 6 $ 61,561 $ 61,561 — $ — $ — American National considers the amount, timing and extent of concessions in determining credit loss allowances for loan losses recorded in connection with a troubled debt restructuring. There were 6 loans determined to be a troubled debt restructuring for the three months ended March 31, 2021. There are $2.7 million of commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. The increase in loans determined to be a troubled debt restructuring in the three months ended March 31, 2021 is primarily attributable to COVID-19 related loan modifications where the concessions granted were in excess of six-months in duration. Allowance for Credit Losses Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses and allowances. The allowance for credit losses is based upon the current expected credit loss model. The model considers past loss experience, current economic conditions, and reasonable and supportable forecasts of future conditions. Reversion for the allowance calculation is implicit in the models used to determine the allowance. The methodology uses a discounted cash flow approach based on expected cash flows. The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands): Commercial Mortgage Loans Balance at January 1, 2021 $ (125,703) Provision (885) Balance at March 31, 2021 $ (126,588) Commercial Mortgage Loans Balance at January 1, 2020 $ (19,160) Cumulative adjustment at January 1, 2020 (11,216) Provision (29,069) Balance at March 31, 2020 $ (59,445) The change in allowance for the three months ended March 31, 2021 was primarily driven by distress in the hospitality industry which has seen a dramatic increase in loss results as the individual markets are now expected to rebound more slowly than previously anticipated. This is partially offset; however, by a more optimistic outlook for the industrial, office and retail sectors as they are expected to more directly benefit from the general re-opening of the economy, access to vaccines and approval of the "American Rescue Plan Act." The asset and allowance balances for credit losses for mortgage loans by property-type are shown below (in thousands): March 31, 2021 December 31, 2020 Asset Balance Allowance Asset Balance Allowance Apartment $ 552,091 $ (6,195) $ 557,159 $ (8,845) Hotel 893,359 (53,075) 913,995 (45,596) Industrial 836,362 (3,337) 856,203 (2,516) Office 1,543,810 (25,753) 1,556,231 (33,373) Parking 363,737 (21,583) 364,287 (18,178) Retail 783,396 (12,725) 791,677 (10,856) Storage 152,488 (1,697) 165,561 (2,509) Other 142,439 (2,223) 163,121 (3,830) Total $ 5,267,682 $ (126,588) $ 5,368,234 $ (125,703) Credit Quality Indicators Mortgage loans are segregated by property-type and quantitative and qualitative allowance factors are applied. Qualitative factors are developed quarterly based on the pooling of assets with similar risk characteristics and historical loss experience adjusted for the expected trend in the current market environment. Credit losses are pooled by property-type as it represents the most similar and reliable risk characteristics in our portfolio. The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands): Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total Apartment $ — $ 48,092 $ 218,763 $ 48,323 $ 160,068 $ 76,845 $ 552,091 Hotel — 20,415 69,492 204,080 219,713 379,659 893,359 Industrial 40,891 251,592 157,235 114,493 46,912 225,239 836,362 Office 2,111 31,803 60,469 199,646 341,820 907,961 1,543,810 Parking — 28,672 13,795 27,153 8,600 285,517 363,737 Retail 2,562 69,245 38,942 96,819 79,723 496,105 783,396 Storage — 23,156 58,734 44,566 17,095 8,937 152,488 Other — — 21,612 69,087 2,236 49,504 142,439 Total $ 45,564 $ 472,975 $ 639,042 $ 804,167 $ 876,167 $ 2,429,767 $ 5,267,682 Allowance for credit losses (126,588) Total, net of allowance $ 5,141,094 Generally, mortgage loans are secured by first liens on income-producing real estate with a loan-to-value ratio of up to 75%. It is the Company's policy to not accrue interest on loans that are 90 days delinquent and where amounts are determined to be uncollectible. At March 31, 2021, commercial loans of $14.4 million were past due over 90 days and are in non-accrual status. Off-Balance Sheet Credit Exposures The Company has off-balance sheet credit exposures related to non-cancellable unfunded commitment amounts on commercial mortgage loans. We estimate the allowance for these exposures by applying the allowance rate we computed for each property type to the related outstanding commitment amounts. As of March 31, 2021, we have included a $8.8 million liability in other liabilities on the condensed consolidated statements of financial position based on unfunded loan commitments of $549.7 million. |
Real Estate and Other Investmen
Real Estate and Other Investments | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate and Other Investments | The carrying amount of investment real estate, net of accumulated depreciation, and real estate partnerships by property-type and geographic distribution are as follows (in thousands, except percentages): March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage Hotel $ 61,415 6.6 % $ 67,857 7.1 % Industrial 119,122 12.7 132,757 13.8 Land 49,725 5.3 51,220 5.3 Office 297,756 31.7 299,500 31.2 Retail 268,224 28.6 268,588 28.0 Apartments 123,275 13.1 120,847 12.6 Other 18,672 2.0 19,803 2.0 Total $ 938,189 100.0 % $ 960,572 100.0 % March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 96,423 10.3 % $ 81,310 8.5 % East South Central 62,708 6.7 65,302 6.8 Mountain 134,988 14.4 133,233 13.9 Pacific 113,026 12.0 127,421 13.3 South Atlantic 90,755 9.7 97,801 10.1 West South Central 430,015 45.8 434,722 45.3 Other 10,274 1.1 20,783 2.1 Total $ 938,189 100.0 % $ 960,572 100.0 % As of March 31, 2021, no real estate investments met the criteria as held-for-sale. American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these joint venture or partnership entities with the sponsor, but in most cases, our involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary or consolidator of the entity. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third-parties that may affect the fair value or risk of its variable interest in the VIEs in 2021 or 2020. The assets and liabilities relating to the VIEs included in the condensed consolidated financial statements are as follows (in thousands): March 31, 2021 December 31, 2020 Real estate and real estate partnerships $ 130,448 $ 131,405 Short-term investments 500 500 Cash and cash equivalents 6,925 8,070 Premiums due and other receivables 3,563 3,484 Other assets 14,128 13,796 Total assets of consolidated VIEs $ 155,564 $ 157,255 Notes payable $ 152,607 $ 153,703 Other liabilities 8,935 8,490 Total liabilities of consolidated VIEs $ 161,542 $ 162,193 The notes payable in the condensed consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $2.9 million and $3.0 million at March 31, 2021 and December 31, 2020, respectively. The total long-term notes payable of the consolidated VIEs consists of the following (in thousands): Interest rate Maturity March 31, 2021 December 31, 2020 LIBOR 2021 $ 10,819 $ 10,819 4% fixed 2022 77,759 78,565 4.18% fixed 2024 64,029 64,319 Total $ 152,607 $ 153,703 For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Real estate and real estate partnerships $ 349,073 $ 349,073 $ 368,588 $ 368,588 Mortgage loans on real estate 691,488 691,488 722,917 722,917 Accrued investment income 4,692 4,692 4,980 4,980 American National’s equity in earnings of real estate partnerships is the Company’s share of operating earnings and realized gains from investments in real estate joint ventures and other limited partnership interests (“joint ventures”) using the equity method of accounting. In 2021 and 2020, certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the ventures. The Company’s income from and investment in each joint venture did not exceed 20% and therefore no separate financial disclosure is required. The Company’s income from, assets held, and investment in each joint venture did not exceed 10% of operating income before tax. Additionally, American National’s investment in joint ventures is less than 3% of the Company’s total assets, and investments in individual joint ventures are not considered to be material to the Company in relation to its financial position or ongoing results of operations. Therefore, summarized financial information of equity method investees has not been included. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | American National purchases over-the-counter equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. These options are not designated as hedging instruments for accounting purposes under GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except number of instruments): Derivatives Not Designated as Hedging Instruments Location in the Condensed Consolidated Statements of Financial Position March 31, 2021 December 31, 2020 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 452 $ 3,013,400 $ 253,363 455 $ 2,867,600 $ 242,201 Equity-indexed embedded derivative Policyholders’ account balances 115,235 2,909,609 740,514 112,103 2,748,540 705,013 Derivatives Not Designated as Hedging Instruments Location in the Condensed Consolidated Statements of Operations Gains (Losses) Recognized in Income on Derivatives Three months ended March 31, 2021 2020 Equity-indexed options Net investment income $ 28,827 $ (108,095) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (26,689) 89,581 The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, a right of offset has been applied to collateral that supports credit risk and has been recorded in the condensed consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): March 31, 2021 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 54,613 $ 36,563 $ 18,100 $ 54,663 $ 54,613 $ 50 $ — Credit Suisse Baa1/BBB+ 13,416 12,580 — 12,580 12,580 — 836 Goldman-Sachs A2/BBB+ 1,285 1,170 — 1,170 1,170 — 115 ING Baa1/A- 19,568 9,220 10,300 19,520 19,520 — 48 Morgan Stanley A1/BBB+ 50,800 44,526 5,700 50,226 50,226 — 574 NATIXIS* A1/A+ 29,198 29,500 — 29,500 29,198 302 — Truist A3/A- 44,698 33,810 11,000 44,810 44,698 112 — Wells Fargo A2/BBB+ 39,785 29,580 9,900 39,480 39,480 — 305 Total $ 253,363 $ 196,949 $ 55,000 $ 251,949 $ 251,485 $ 464 $ 1,878 December 31, 2020 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 51,489 $ 31,513 $ 18,100 $ 49,613 $ 49,613 $ — $ 1,876 Credit Suisse Baa1/BBB+ 9,447 8,680 — 8,680 8,680 — 767 Goldman-Sachs A3/BBB+ 1,227 1,170 — 1,170 1,170 — 57 ING Baa1/A- 20,606 10,450 10,300 20,750 20,606 144 — Morgan Stanley A2/BBB+ 37,406 30,616 5,700 36,316 36,316 — 1,090 NATIXIS* A1/A+ 30,567 30,720 — 30,720 30,567 153 — Truist A3/A- 52,127 43,960 11,000 54,960 52,127 2,833 — Wells Fargo A2/BBB+ 39,332 29,370 9,900 39,270 39,270 — 62 Total $ 242,201 $ 186,479 $ 55,000 $ 241,479 $ 238,349 $ 3,130 $ 3,852 * Collateral is prohibited from being held in invested assets. |
Net Investment Income and Reali
Net Investment Income and Realized Investment Gains (Losses) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Net Investment Income and Realized Investment Gains (Losses) | Net investment income (loss) is shown below (in thousands): Three months ended March 31, 2021 2020 Bonds $ 130,497 $ 146,119 Equity securities 7,493 7,847 Mortgage loans 70,866 59,328 Real estate and real estate partnerships 3,485 12,487 Investment funds 21,356 4,933 Equity-indexed options 28,827 (108,095) Other invested assets 7,457 8,372 Total $ 269,981 $ 130,991 Net realized investment gains (losses) are shown below (in thousands): Three months ended March 31, 2021 2020 Bonds $ 7,699 $ 5,478 Real estate 11,193 (1,307) Other invested assets 347 (23) Total $ 19,239 $ 4,148 Net realized investment gains (losses) by transaction type are shown below (in thousands): Three months ended March 31, 2021 2020 Sales $ 12,898 $ (3,618) Calls and maturities 7,260 9,120 Paydowns 439 19 Impairments (1,265) (1,276) Other (93) (97) Total $ 19,239 $ 4,148 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity $ 7,475,862 $ 7,908,767 $ 7,354,970 $ 7,983,181 Fixed maturity, bonds available-for-sale 7,397,792 7,397,792 7,597,180 7,597,180 Equity securities 2,164,146 2,164,146 2,070,766 2,070,766 Equity-indexed options, included in other invested assets 253,363 253,363 242,201 242,201 Mortgage loans on real estate, net of allowance 5,141,094 5,264,896 5,242,531 5,451,152 Policy loans 369,525 369,525 373,014 373,014 Short-term investments 1,212,342 1,212,342 1,028,379 1,028,379 Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) 1,207,754 1,207,754 1,185,467 1,185,467 Separately managed accounts, included in other invested assets 66,981 66,981 64,424 64,424 Total financial assets $ 25,288,859 $ 25,845,566 $ 25,158,932 $ 25,995,764 Financial liabilities Investment contracts $ 10,235,015 $ 10,235,015 $ 10,101,764 $ 10,101,764 Embedded derivative liability for equity-indexed contracts 740,514 740,514 705,013 705,013 Notes payable 152,607 152,607 153,703 153,703 Federal Home Loan Bank advance 250,000 250,070 250,000 250,227 Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) 1,207,754 1,207,754 1,185,467 1,185,467 Total financial liabilities $ 12,585,890 $ 12,585,960 $ 12,395,947 $ 12,396,174 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Valuation Techniques for Financial Instruments Recorded at Fair Value Fixed Maturity Securities and Equity Options —American National utilizes a pricing service to estimate fair value measurements. The fair value for fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3. For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. Equity Securities —For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually. Short-Term Investments —Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements. Separate Account Assets and Liabilities —Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. American National reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the condensed consolidated statements of operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and fixed maturity bonds available-for-sale. Equity securities are classified as Level 1 measurements. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table. No gains or losses were recognized on assets transferred to separate accounts for the three months ended March 31, 2021 and 2020, respectively. Embedded Derivative —The amounts reported within policyholder contract deposits include equity linked interest crediting rates based on the S&P 500 within indexed annuities and indexed life. The following unobservable inputs are used for measuring the fair value of the embedded derivatives associated with the policyholder contract liabilities: • Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption decrease the fair value. • Mortality rate assumptions vary by age and gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits. • Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At March 31, 2021 and December 31, 2020, the one year implied volatility used to estimate embedded derivative value was 15.0% and 17.6%, respectively. Fair values of indexed life and annuity liabilities are calculated using the discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range March 31, 2021 December 31, 2020 Unobservable Input March 31, 2021 December 31, 2020 Indexed Annuities $ 704.4 $ 670.8 Lapse Rate 1-50% 1-50% Mortality Multiplier 100% 100% Equity Volatility 15-62% 16-69% Indexed Life 36.1 34.2 Equity Volatility 15-62% 16-69% Quantitative Disclosures The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at March 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 25,353 $ 25,353 $ — $ — U.S. states and political subdivisions 1,108,536 — 1,108,536 — Foreign governments 16,181 — 16,181 — Corporate debt securities 6,163,651 — 6,037,574 126,077 Residential mortgage-backed securities 19,517 — 19,517 — Collateralized debt securities 64,554 — 64,554 — Total bonds available-for-sale 7,397,792 25,353 7,246,362 126,077 Equity securities Common stock 2,148,131 2,147,001 — 1,130 Preferred stock 16,015 14,736 — 1,279 Total equity securities 2,164,146 2,161,737 — 2,409 Options 253,363 — — 253,363 Short-term investments 1,212,342 — 1,212,342 — Separate account assets 1,175,689 324,269 851,420 — Separately managed accounts 66,981 — — 66,981 Total financial assets $ 12,270,313 $ 2,511,359 $ 9,310,124 $ 448,830 Financial liabilities Embedded derivative for equity-indexed contracts $ 740,514 $ — $ — $ 740,514 Notes payable 152,607 — — 152,607 Separate account liabilities 1,175,689 324,269 851,420 — Total financial liabilities $ 2,068,810 $ 324,269 $ 851,420 $ 893,121 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 29,183 $ — $ 29,183 $ — U.S. states and political subdivisions 1,140,458 — 1,140,458 — Foreign governments 16,388 — 16,388 — Corporate debt securities 6,334,479 — 6,224,042 110,437 Residential mortgage-backed securities 21,291 — 21,291 — Collateralized debt securities 55,381 — 55,381 — Total bonds available-for-sale 7,597,180 — 7,486,743 110,437 Equity securities Common stock 2,055,229 2,054,789 — 440 Preferred stock 15,537 14,909 — 628 Total equity securities 2,070,766 2,069,698 — 1,068 Options 242,201 — — 242,201 Short-term investments 1,028,379 — 1,028,379 — Separate account assets 1,153,702 309,425 844,277 — Separately managed accounts 64,424 — — 64,424 Total financial assets $ 12,156,652 $ 2,379,123 $ 9,359,399 $ 418,130 Financial liabilities Embedded derivative for equity-indexed contracts $ 705,013 $ — $ — $ 705,013 Notes payable 153,703 — — 153,703 Separate account liabilities 1,153,702 309,425 844,277 — Total financial liabilities $ 2,012,418 $ 309,425 $ 844,277 $ 858,716 For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Three months ended March 31, 2021 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at January 1, 2021 $ 111,505 $ 242,201 $ 64,424 $ 705,013 Net gain for derivatives included in net investment income — 28,827 — — Net change included in interest credited — — — 26,689 Net fair value change included in other comprehensive income 1,178 — 594 — Purchases, sales and settlements or maturities Purchases 27,453 20,147 10,072 — Sales (11,650) — (8,109) — Settlements or maturities — (37,812) — — Premiums less benefits — — — 8,812 Ending balance at March 31, 2021 $ 128,486 $ 253,363 $ 66,981 $ 740,514 Level 3 Three months ended March 31, 2020 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at January 1, 2020 $ 45,307 $ 256,005 $ 50,503 $ 731,552 Net loss for derivatives included in net investment income — (108,095) — — Net change included in interest credited — — — (89,581) Net fair value change included in other comprehensive income — — 80 — Purchases, sales and settlements or maturities Purchases 22,702 14,164 — — Sales (14,156) — — — Settlements or maturities — (36,086) — — Premiums less benefits — — — (11,019) Ending balance at March 31, 2020 $ 53,853 $ 125,988 $ 50,583 $ 630,952 Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $7.9 million and $127.2 million, relating to assets still held at March 31, 2021 and 2020, respectively. Unless information is obtained from the pricing sources that indicates observable inputs were used in their pricing, there are not enough observable inputs to enable American National to classify the securities priced by the pricing source as other than Level 3. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent pricing sources. The inputs used by the pricing sources include recent transactions in the security, similar bonds with same name, ratings, maturity and structure, external dealer quotes in the security, Bloomberg evaluated pricing and prior months pricing. None of these inputs were observable to American National as of March 31, 2021. The transfers out of Level 3 during the three months ended March 31, 2021 were the result of securities being priced by the third-party service at the end of the period, using inputs that were observable or derived from market data, which resulted in classification of these assets as Level 2. Fair Value Information About Financial Instruments Not Recorded at Fair Value Information about fair value estimates for financial instruments not measured at fair value is discussed below: Fixed Maturity Securities —The fair value of bonds held-to-maturity is determined to be consistent with the disclosure under Valuation Techniques for the Financial Instrument Recorded at Fair Value section. Mortgage Loans —The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property type, lien priority, payment type and current status. Policy Loans —The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value. Separately Managed Accounts —The amounts reported in separately managed accounts consist primarily of notes and private equity. These investments are private placements and do not have a readily determinable fair value. The carrying value of the separately managed accounts is cost or market value, if available from the separately managed account manager. Market value is provided by the separately managed account manager in subsequent quarters. American National believes that cost approximates fair value at initial recognition during the quarter of investment. Investment Contracts —The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, net of interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset at anniversary. Notes Payable —Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date. Federal Home Loan Bank Advance —The Federal Home Loan Bank advance is carried at outstanding principal balance. The fair value of the advance is obtained from the Federal Home Loan Bank of Dallas. The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): March 31, 2021 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. Treasury and government Level 1 $ 11,478 $ 11,297 U.S. states and political subdivisions Level 2 114,154 113,671 Foreign governments Level 2 14,468 14,485 Corporate debt securities Level 2 7,117,100 7,540,397 Residential mortgage-backed securities Level 2 81,236 84,946 Collateralized debt securities Level 2 137,426 143,971 Total fixed maturity, bonds held-to-maturity 7,475,862 7,908,767 Mortgage loans on real estate, net of allowance Level 3 5,141,094 5,264,896 Policy loans Level 3 369,525 369,525 Total financial assets $ 12,986,481 $ 13,543,188 Financial liabilities Investment contracts Level 3 $ 10,235,015 $ 10,235,015 Notes payable Level 3 152,607 152,607 Federal Home Loan Bank advance Level 2 250,000 250,070 Total financial liabilities $ 10,637,622 $ 10,637,692 December 31, 2020 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 2 $ 7,732 $ 7,744 U.S. states and political subdivisions Level 2 109,445 113,535 Foreign governments Level 2 3,851 4,225 Corporate debt securities Level 2 6,981,597 7,595,712 Corporate debt securities Level 3 3,024 3,024 Residential mortgage-backed securities Level 2 114,127 117,728 Collateralized debt securities Level 2 135,194 141,213 Total fixed maturity, bonds held-to-maturity 7,354,970 7,983,181 Mortgage loans on real estate, net of allowance Level 3 5,242,531 5,451,152 Policy loans Level 3 373,014 373,014 Total financial assets $ 12,970,515 $ 13,807,347 Financial liabilities Investment contracts Level 3 $ 10,101,764 $ 10,101,764 Notes payable Level 3 153,703 153,703 Federal Home Loan Bank advance Level 2 250,000 250,227 Total financial liabilities $ 10,505,467 $ 10,505,694 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Beginning balance at January 1, 2021 $ 896,208 $ 309,056 $ 32,885 $ 122,062 $ 1,360,211 Additions 43,256 23,488 2,849 86,579 156,172 Amortization (28,787) (12,417) (3,703) (83,146) (128,053) Effect of change in unrealized gains on available-for-sale debt securities 8,915 24,655 — — 33,570 Net change 23,384 35,726 (854) 3,433 61,689 Ending balance at March 31, 2021 $ 919,592 $ 344,782 $ 32,031 $ 125,495 $ 1,421,900 Commissions comprise the majority of the additions to deferred policy acquisition costs. |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | The liability for unpaid claims and claim adjustment expenses (“claims”) for health and property and casualty insurance is included in “Policy and contract claims” in the condensed consolidated statements of financial position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. The liability for unpaid claims is estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, less anticipated salvage and subrogation. The effects of the changes are included in the condensed consolidated results of operations in the period in which the changes occur. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses. Information regarding the liability for unpaid claims is shown below (in thousands): Three months ended March 31, 2021 2020 Unpaid claims balance, beginning $ 1,373,600 $ 1,322,837 Less: Reinsurance recoverables 262,471 246,447 Net beginning balance 1,111,129 1,076,390 Incurred related to Current 300,176 260,025 Prior years (31,127) 4,172 Total incurred claims 269,049 264,197 Paid claims related to Current 99,857 95,635 Prior years 160,716 174,986 Total paid claims 260,573 270,621 Net balance 1,119,605 1,069,966 Plus: Reinsurance recoverables 239,160 244,230 Unpaid claims balance, ending $ 1,358,765 $ 1,314,196 The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $31.1 million during the first three months of 2021 and increased by $4.2 million during the same period in 2020. The favorable development in 2021 was a reflection of lower liability claim settlement costs emerging from commercial automobile, agribusiness, and private passenger automobile lines of business. The unfavorable development in 2020 was a reflection of higher-than-normal settlements of losses in the Managing General Underwriting and Collateral Protection Insurance lines of business. |
Federal Income Taxes
Federal Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Three months ended March 31, 2021 2020 Amount Rate Amount Rate Total expected income tax expense at the statutory rate $ 44,625 21.0 % $ (59,396) 21.0 % Tax-exempt investment income (1,172) (0.6) (1,027) 0.4 Dividend exclusion (813) (0.4) (862) 0.3 Tax credits, net (1,618) (0.8) (2,395) 0.8 Low income housing tax credit expense 1,513 0.7 1,774 (0.6) Change in valuation allowance 29 — 112 — Other items, net 607 0.4 126 (0.1) Total $ 43,171 20.3 % $ (61,668) 21.8 % As of March 31, 2021, American National had no material net operating loss or tax credit carryforwards. American National’s federal income tax returns for tax years 2016 to 2019 are subject to examination by the Internal Revenue Service. In the opinion of management, all prior year deficiencies have been paid or adequate provisions have been made for any tax deficiencies that may be upheld. As of March 31, 2021, American National had no provision for uncertain tax positions and no provision for penalties or interest. In addition, management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would impact American National’s effective tax rate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance at January 1, 2021 $ 292,166 $ (67,130) $ (2,866) $ 222,170 Amounts reclassified from AOCI (net of tax benefit $944 and expense $1,013) (3,553) 3,809 — 256 Unrealized holding losses arising during the period (net of tax benefit $35,260) (132,644) — — (132,644) Unrealized adjustment to DAC (net of tax expense $7,050) 26,519 — — 26,519 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $908) 3,414 — — 3,414 Foreign currency adjustm ent (net of tax expense $65) — — 244 244 Ending balance at March 31, 2021 $ 185,902 $ (63,321) $ (2,622) $ 119,959 Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance at January 1, 2020 $ 157,851 $ (55,232) $ (3,101) $ 99,518 Amounts reclassified from AOCI (net of tax expense $2,554 and $467) 9,606 1,756 — 11,362 Unrealized holding losses arising during the period (net of tax benefit $53,533) (201,385) — — (201,385) Unrealized adjustment to DAC (net of tax expense $18,759) 70,567 — — 70,567 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,342) 8,809 — — 8,809 Foreign currency adjustment (net of tax benefit $246) — — (924) (924) Ending balance at March 31, 2020 $ 45,448 $ (53,476) $ (4,025) $ (12,053) |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | ANAT has one class of common stock with a par value $0.01 per share and 50,000,000 authorized shares. The number of shares outstanding at the dates indicated are shown below: March 31, 2021 December 31, 2020 Common stock Shares issued 26,887,200 26,887,200 Restricted shares (10,000) (10,000) Unrestricted outstanding shares 26,877,200 26,877,200 Stock-based Compensation American National has made grants of Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, and Restricted Stock Units (“RSU”), pursuant to a stock-based compensation plan. The term for granting additional awards under such plan expired in 2019. Pursuant to the plan, grants were made to certain officers meeting established performance objectives, and grants were made to directors as compensation and to align their interests with those of other shareholders. In addition, American National has made grants to directors and advisory directors of RSUs that are cash-settled only, with no provision for conversion to stock. 8,250 of such cash-settled RSUs were granted during the third quarter of 2020 and remained outstanding at March 31, 2021 as shown in the table below. RS and RSU information for the periods indicated are shown below: RS Shares RSUs Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 10,000 $ 80.05 8,250 $ 75.35 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at March 31, 2021 10,000 $ 80.05 8,250 $ 75.35 SAR RS Shares RSUs Weighted-average contractual remaining life (in years) 0.00 1.92 0.08 Exercisable shares — N/A N/A Weighted-average exercise price $ — $ 80.05 $ 75.35 Weighted-average exercise price exercisable shares — N/A N/A Compensation expense (credit) Three months ended March 31, 2021 $ — $ 20,000 $ 220,000 Three months ended March 31, 2020 (1,000) 20,000 (171,000) Fair value of liability award March 31, 2021 $ — N/A $ 890,000 December 31, 2020 — N/A 793,000 The SARs gave the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vested at a rate of 20% per year for five years and expired five years after vesting. All remaining SARs expired on May 1, 2020. RS awards entitle the participant to full dividend and voting rights. Each RS share awarded has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years and feature a graded vesting schedule in the case of the retirement, death or disability of an award holder. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero, of which 10,000 shares are unvested. RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65. During the twelve months ended December 31, 2020, 8,250 RSUs were granted and will vest on May 1, 2021 and will be settled in cash. Earnings per Share Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS awards. RSUs may only be settled in cash. Three months ended March 31, 2021 2020 Weighted average shares outstanding 26,877,200 26,881,700 Incremental shares from RS awards and RSUs 7,699 9,975 Total shares for diluted calculations 26,884,899 26,891,675 Net income (loss) attributable to American National (in thousands) $ 170,173 $ (220,444) Basic earnings (losses) per share $ 6.33 $ (8.20) Diluted earnings (losses) per share $ 6.33 $ (8.20) Statutory Capital and Surplus Risk Based Capital (“RBC”) is a measure insurance regulators use to evaluate the capital adequacy of American National's insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 200% of the authorized control level RBC are required to take certain actions. At March 31, 2021 and December 31, 2020, ANICO's statutory capital and surplus was $3.7 billion and $3.6 billion, respectively, which resulted in an RBC level above 200% of the authorized control level. All of our other insurance subsidiaries had statutory capital and surplus at March 31, 2021 and December 31, 2020, above 200% of the authorized control level, except for ANPAC Louisiana Insurance Company ("ANPLA"). At March 31, 2021 and December 31, 2020, ANPLA's statutory capital and surplus was $63.5 million and $68.5 million respectively, which resulted in an RBC level of 179% and 194% of the authorized control level. This decrease in RBC of ANPLA is primarily driven by an increase in homeowners catastrophe losses impacting the operating results in 2021 and 2020. We are actively managing our homeowners exposure of ANPLA, will continue to monitor the surplus levels and will be addressing rate adequacy through future planned underwriting and rate actions. American National's insurance subsidiaries prepare financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of each subsidiary's state of domicile, which include certain components of the National Association of Insurance Commissioners’ Codification of Statutory Accounting Principles (“NAIC Codification”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of our insurance subsidiaries. Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both ANICO and American National Lloyds Insurance Company by $65.3 million a nd $75.3 million at March 31, 2021 and December 31, 2020, respectively. The statutory capital and surplus of both ANICO and American National Lloyds Insurance Company would have remained above the Company action level RBC had it not used the permitted practice. The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): March 31, 2021 December 31, 2020 Statutory capital and surplus Life insurance entities $ 2,190,618 $ 2,188,808 Property and casualty insurance entities 1,514,248 1,463,179 Three months ended March 31, 2021 2020 Statutory net income (loss) Life insurance entities $ (32,217) $ 52,975 Property and casualty insurance entities 39,272 48,254 Dividends Dividends are paid on a quarterly basis. We paid a quarterly dividend of $0.82 per share for each quarter during the three months ended March 31, 2021 and March 31, 2020, and we expect to continue to pay regular cash dividends, although there is no assurance as to future dividends because they depend on future earnings, capital requirements and financial conditions. The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net income from operations, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. ANICO is permitted without prior approval of the Texas Department of Insurance to pay total dividends of $363.9 million during 2021. Noncontrolling Interest American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company owned by its policyholders. ANICO has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the condensed consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6.8 million at March 31, 2021 and December 31, 2020. American National Group, Inc. and its subsidiaries exercise control or ownership of various joint ventures, resulting in their consolidation into American National’s condensed consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as a noncontrolling interest of $0.5 million and a noncontrolling deficit of $0.9 million at March 31, 2021 and December 31, 2020, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Management organizes the business into five operating segments: • Life —consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels. • Annuity —consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. • Health —consists of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. • Property and Casualty —consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. • Corporate and Other —consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies and Practices, of American National’s 2020 annual report on Form 10-K filed with the SEC on March 4, 2021. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: • Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets. • Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment. • Expenses are charged to segments through direct identification and allocations based upon various factors. The results of operations measured as the income (loss) before federal income tax and other items by operating segments are summarized below (in thousands): Three months ended March 31, 2021 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 100,779 $ 24,241 $ 38,228 $ 399,405 $ — $ 562,653 Other policy revenues 81,508 5,031 — — — 86,539 Net investment income 67,797 153,864 2,083 15,513 30,724 269,981 Net realized investment gains — — — — 19,239 19,239 Change in investment credit loss — — — — (5,486) (5,486) Net gains on equity securities — — — — 95,940 95,940 Other income 458 856 4,094 3,489 855 9,752 Total premiums and other revenues 250,542 183,992 44,405 418,407 141,272 1,038,618 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 146,160 44,717 — — — 190,877 Claims incurred — — 24,251 244,135 — 268,386 Interest credited to policyholders’ account balances 19,770 88,017 — — — 107,787 Commissions for acquiring and servicing policies 45,420 23,042 5,986 79,237 — 153,685 Other operating expenses 47,041 12,181 10,608 53,886 9,786 133,502 Change in deferred policy acquisition costs (14,469) (11,071) 854 (3,433) — (28,119) Total benefits, losses and expenses 243,922 156,886 41,699 373,825 9,786 826,118 Income before federal income tax and other items $ 6,620 $ 27,106 $ 2,706 $ 44,582 $ 131,486 $ 212,500 Three months ended March 31, 2020 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 89,516 $ 15,509 $ 43,086 $ 388,657 $ — $ 536,768 Other policy revenues 75,540 4,065 — — — 79,605 Net investment income 45,575 41,541 2,233 16,085 25,557 130,991 Net realized investment gains — — — — 4,148 4,148 Change in investment credit loss — — — — (44,678) (44,678) Net losses on equity securities — — — — (332,575) (332,575) Other income 736 638 4,527 3,733 1,499 11,133 Total premiums and other revenues 211,367 61,753 49,846 408,475 (346,049) 385,392 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 110,466 34,802 — — — 145,268 Claims incurred — — 34,885 229,709 — 264,594 Interest credited to policyholders’ account balances (1,903) (2,420) — — — (4,323) Commissions for acquiring and servicing policies 39,467 10,248 8,024 72,696 — 130,435 Other operating expenses 47,480 11,876 10,629 53,004 10,937 133,926 Change in deferred policy acquisition costs (7,838) 7,286 (23) (1,097) — (1,672) Total benefits, losses and expenses 187,672 61,792 53,515 354,312 10,937 668,228 Income (loss) before federal income tax and other items $ 23,695 $ (39) $ (3,669) $ 54,163 $ (356,986) $ (282,836) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments American National and its subsidiaries lease insurance sales office space, technological equipment, and automobiles. The remaining long-term lease commitments at March 31, 2021 were approximately $8.0 million. American National had aggregate commitments at March 31, 2021 to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $1.3 billion of which $572.6 million is expected to be funded in 2021 with the remainder funded in 2022 and beyond. American National had outstanding letters of credit in the amount of $3.5 million as of March 31, 2021 and December 31, 2020. Federal Home Loan Bank (FHLB) Agreements In May 2018, the Company became a member of the Federal Home Loan Bank of Dallas (“FHLB”) to augment its liquidity resources. The Company initially purchased $7.0 million of stock to meet the FHLB’s membership requirement. The FHLB member stock is recorded in other invested assets on the Company’s condensed consolidated statements of financial position. Through its membership, the Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of March 31, 2021, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $60.3 million and commercial mortgage loans of approximately $1.5 billion were on deposit with the FHLB as collateral for borrowing. As of March 31, 2021, the collateral provided borrowing capacity for the $250.0 million in outstanding advances as well as approximately $740.7 million in additional borrowing capacity. The deposited securities and commercial mortgage loans are included in the Company’s condensed consolidated statements of financial position within fixed maturity securities and mortgage loans on real estate, net of allowance, respectively. FHLB outstanding advances as of March 31, 2021 are shown below (in thousands, except percentages): Principal Amount Interest Rate Maturity Date At March 31, 2021 FHLB advance, fixed rate $ 250,000 0.38 % 4/28/2021 Guarantees ANICO has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by ANICO. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, ANICO would be obligated to pay off the loan. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of March 31, 2021, was approximately $121.4 million, while the total cash value of the related life insurance policies was approximately $143.8 million. Litigation American National and certain subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s condensed consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our condensed consolidated financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote and no estimate of range can be made for loss contingencies that are at least reasonably possible but not accrued. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Financial Statement Line Impacted Three months ended March 31, Amount due from American National Related Party 2021 2020 March 31, 2021 December 31, 2020 Greer, Herz & Adams, LLP Other operating expenses $ 3,713 $ 3,843 $ (617) $ (441) Transactions with Greer, Herz & Adams, LLP : Irwin M. Herz, Jr. is a member of the Board of Directors of American National Group, Inc. and certain of its subsidiaries, and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | On April 28, 2020, the Company borrowed from the Federal Home Loan Bank of Dallas' COVID-19 Relief Advance Program. The net amount of the advance was approximately $245.0 million after a required capital stock purchase of approximately $5.0 million. The loan had an interest rate of 0.38% with a final maturity date of April 28, 2021. The Company paid this advance in full on its maturity date of April 28, 2021. The capital stock purchased for the advance was not sold and is now considered excess stock at the Federal Home Loan Bank of Dallas, and will be available to use in the event of future advances. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The condensed consolidated financial statements and notes thereto have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and are reported in U.S. currency. |
Consolidation | American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. |
Reclassification | Changes in prior period presentation were made to conform to the current period presentation. |
Use of Estimates | The preparation of the condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes. This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this standard did not have a material impact to the Company's Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements. Future Adoption of New Accounting Standards —The FASB issued the following accounting guidance relevant to American National: Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition. We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this guidance provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted. The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company. |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update | Adoption of New Accounting Standards Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments simplify the accounting for income taxes by removing certain exceptions in the existing guidance including those related to intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments require that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax as well as other minor changes. This standard became effective for the Company for all annual and interim periods beginning January 1, 2021. The new guidance specifies which amendments should be applied prospectively, retrospective to all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this standard did not have a material impact to the Company's Condensed Consolidated Financial Statements or Notes to the Condensed Consolidated Financial Statements. Future Adoption of New Accounting Standards —The FASB issued the following accounting guidance relevant to American National: Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts (market risk benefits), simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2023, which was extended from the previous effective date of January 1, 2022 through the issuance of ASU 2020-11. The guidance allows for one of two adoption methods, a modified retrospective transition or a full retrospective transition except for the changes to accounting for market risk benefits which will require a retrospective transition. We are currently evaluating the impact of the amendment to the Company. Based on the nature of the standard, we expect the impact to be material to our Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this guidance provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this guidance are effective for all entities as of March 12, 2020 and will sunset through December 31, 2022, at which time the application of exceptions and optional expedients will no longer be permitted. The inventory of LIBOR exposures has been completed and is primarily limited to floating rate bonds, alternative investments, and borrowings within joint venture investments. Some of the contracts included in these categories will mature prior to December 31, 2021, the start of LIBOR rates cessations. The transition from LIBOR is expected to result in an immaterial impact to the Company. |
Investment in Securities (Table
Investment in Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | The cost or amortized cost and fair value of investments in securities are shown below (in thousands): March 31, 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 11,478 $ — $ (181) $ — $ 11,297 U.S. states and political subdivisions 114,154 3,186 (3,669) — 113,671 Foreign governments 14,468 313 (296) — 14,485 Corporate debt securities 7,128,893 458,923 (35,626) (11,793) 7,540,397 Residential mortgage-backed securities 81,778 4,546 (836) (542) 84,946 Collateralized debt securities 143,945 7,220 (675) (6,519) 143,971 Total bonds held-to-maturity 7,494,716 474,188 (41,283) (18,854) 7,908,767 Fixed maturity, bonds available-for-sale U.S. treasury and government 25,088 298 (30) (3) 25,353 U.S. states and political subdivisions 1,054,322 58,630 (4,416) — 1,108,536 Foreign governments 14,999 1,182 — — 16,181 Corporate debt securities 5,868,891 344,930 (42,162) (8,008) 6,163,651 Residential mortgage-backed securities 19,048 675 (8) (198) 19,517 Collateralized debt securities 64,592 671 (202) (507) 64,554 Total bonds available-for-sale 7,046,940 406,386 (46,818) (8,716) 7,397,792 Total investments in fixed maturity $ 14,541,656 $ 880,574 $ (88,101) $ (27,570) $ 15,306,559 December 31, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value Fixed maturity, bonds held-to-maturity U.S. treasury and government $ 7,733 $ 11 $ — $ — $ 7,744 U.S. states and political subdivisions 109,445 4,101 (11) — 113,535 Foreign governments 3,851 374 — — 4,225 Corporate debt securities 6,992,095 623,233 (9,117) (7,475) 7,598,736 Residential mortgage-backed securities 114,579 5,065 (1,464) (452) 117,728 Collateralized debt securities 139,709 6,864 (845) (4,515) 141,213 Total bonds held-to-maturity 7,367,412 639,648 (11,437) (12,442) 7,983,181 Fixed maturity, bonds available-for-sale U.S. treasury and government 28,766 418 (1) — 29,183 U.S. states and political subdivisions 1,066,627 73,976 (145) — 1,140,458 Foreign governments 14,995 1,393 — — 16,388 Corporate debt securities 5,887,756 471,205 (17,207) (7,275) 6,334,479 Residential mortgage-backed securities 20,544 964 (29) (188) 21,291 Collateralized debt securities 54,454 1,040 (94) (19) 55,381 Total bonds available-for-sale 7,073,142 548,996 (17,476) (7,482) 7,597,180 Total investments in fixed maturity $ 14,440,554 $ 1,188,644 $ (28,913) $ (19,924) $ 15,580,361 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): March 31, 2021 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 553,460 $ 561,970 $ 371,354 $ 374,859 Due after one year through five years 2,833,579 3,020,077 3,253,114 3,456,068 Due after five years through ten years 3,026,464 3,231,420 2,309,455 2,442,852 Due after ten years 1,081,213 1,095,300 1,113,017 1,124,013 Total $ 7,494,716 $ 7,908,767 $ 7,046,940 $ 7,397,792 |
Proceeds from Available for Sale Securities and Realized Gain Loss | Proceeds from sales of bonds available-for-sale, with the related gross realized gains and losses, are shown below (in thousands): Three months ended March 31, 2021 2020 Proceeds from sales of fixed maturity, bonds available-for-sale $ 11,650 $ 46,513 Gross realized gains — 412 Gross realized losses — (4,072) |
Change in Net Unrealized Gains (Losses) on Securities | The components of the change in net unrealized losses on debt securities are shown below (in thousands): Three months ended March 31, 2021 2020 Bonds available-for-sale: change in unrealized losses $ (171,952) $ (244,361) Adjustments for Deferred policy acquisition costs 33,570 89,326 Participating policyholders’ interest 4,322 11,151 Deferred federal income tax benefit 27,796 31,481 Change in net unrealized losses on debt securities, net of tax $ (106,264) $ (112,403) The components of the change in net gains (losses) on equity securities are shown below (in thousands): Three months ended March 31, 2021 2020 Unrealized gains (losses) on equity securities $ 96,766 $ (333,601) Net gains (losses) on equity securities sold (826) 1,026 Net gains (losses) on equity securities $ 95,940 $ (332,575) |
Gross Unrealized Losses and Fair Value of Investment Securities | The gross unrealized losses and fair value of bonds available-for-sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below (in thousands, except number of issues): March 31, 2021 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 5 $ (30) $ 12,353 — $ — $ — 5 $ (30) $ 12,353 U.S. states and political subdivisions 19 (4,416) 83,704 — — — 19 (4,416) 83,704 Corporate debt securities 128 (31,727) 738,969 16 (10,435) 54,603 144 (42,162) 793,572 Residential mortgage-backed securities 1 (1) 245 3 (7) 566 4 (8) 811 Collateralized debt securities 8 (200) 39,113 1 (2) 156 9 (202) 39,269 Total 161 $ (36,374) $ 874,384 20 $ (10,444) $ 55,325 181 $ (46,818) $ 929,709 December 31, 2020 Less than 12 months 12 months or more Total Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Number of Issues Gross Unrealized (Losses) Fair Value Fixed maturity, bonds available-for-sale U.S. treasury and government 1 $ (1) $ 2,868 — $ — $ — 1 $ (1) $ 2,868 U.S. states and political subdivisions 2 (145) 10,205 — — — 2 (145) 10,205 Corporate debt securities 43 (8,507) 270,249 8 (8,700) 13,270 51 (17,207) 283,519 Residential mortgage-backed securities 1 (21) 1,391 3 (8) 593 4 (29) 1,984 Collateralized debt securities 3 (93) 12,752 1 (1) 158 4 (94) 12,910 Total 50 $ (8,767) $ 297,465 12 $ (8,709) $ 14,021 62 $ (17,476) $ 311,486 |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below, based on fair value: March 31, 2021 December 31, 2020 Consumer goods 18.4 % 19.3 % Energy and utilities 5.8 5.2 Finance 22.9 21.6 Healthcare 14.5 15.0 Industrials 7.7 7.4 Information technology 26.2 27.1 Other 4.5 4.4 Total 100.0 % 100.0 % |
Rollforward of the Allowance for Credit Losses for Held-to-maturity Securities | The rollforward of the allowance for credit losses for bonds held-to-maturity is shown below (in thousands): Three months ended March 31, 2021 Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2021 $ — $ (7,475) $ (4,515) $ (452) $ (12,442) Purchases — (228) — — (228) Disposition — 125 — — 125 Provision — (4,215) (2,004) (90) (6,309) Balance at March 31, 2021 $ — $ (11,793) $ (6,519) $ (542) $ (18,854) Three months ended March 31, 2020 Foreign Governments Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2020 $ 4 $ (18,563) $ (2,968) $ (137) $ (21,664) Purchases — (622) (323) — (945) Disposition — 6,901 106 134 7,141 Provision 1 (6,117) 199 — (5,917) Balance at March 31, 2020 $ 5 $ (18,401) $ (2,986) $ (3) $ (21,385) |
Rollforward of the Allowance for Credit Losses for Available-for-sale Securities | The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands): Three months ended March 31, 2021 U.S. Treasury and Government Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2021 $ — $ (7,275) $ (19) $ (188) $ (7,482) Allowance on securities that had an allowance recorded in a previous period — (733) (488) (10) (1,231) Allowance on securities where credit losses were not previously recorded (3) — — — (3) Balance at March 31, 2021 $ (3) $ (8,008) $ (507) $ (198) $ (8,716) Three months ended March 31, 2020 U.S. Treasury and Government Corporate Debt Securities Collateralized Debt Securities Residential Mortgage Backed Securities Total Allowance for credit losses Balance at January 1, 2020 $ — $ — $ — $ — $ — Allowance on securities that had an allowance recorded in a previous period — (12,499) (236) (130) (12,865) Balance at March 31, 2020 $ — $ (12,499) $ (236) $ (130) $ (12,865) |
Credit Quality Indicators of Held-to-maturity Debt Securities | The credit quality indicators for the amortized cost of bonds held-to-maturity are shown below (in thousands): March 31, 2021 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 11,478 $ — $ — $ — $ 11,478 U.S. state and political subdivisions 17,828 55,474 34,325 — 6,527 114,154 Foreign governments — 13,441 1,027 — — 14,468 Corporate debt securities 25,982 337,853 3,210,816 3,455,649 98,593 7,128,893 Collateralized debt securities — — 105,327 33,580 5,038 143,945 Residential mortgage backed securities — 80,268 — — 1,510 81,778 Total $ 43,810 $ 498,514 $ 3,351,495 $ 3,489,229 $ 111,668 $ 7,494,716 December 31, 2020 Amortized cost of bonds held-to-maturity by credit rating Fixed maturity, bonds held-to-maturity AAA AA A BBB BB and below Total U.S. treasury and government $ — $ 7,733 $ — $ — $ — $ 7,733 U.S. state and political subdivisions 25,831 43,964 34,893 — 4,757 109,445 Foreign governments — 2,820 1,031 — — 3,851 Corporate debt securities 1,956 262,830 2,976,571 3,647,496 103,242 6,992,095 Collateralized debt securities — — 107,795 31,914 — 139,709 Residential mortgage backed securities — 112,995 — — 1,584 114,579 Total $ 27,787 $ 430,342 $ 3,120,290 $ 3,679,410 $ 109,583 $ 7,367,412 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Distribution Based on Carrying Amount of Mortgage Loans by Location | The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages): March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 741,253 14.4 % $ 783,614 14.9 % East South Central 140,020 2.7 146,052 2.8 Mountain 1,324,391 25.8 1,284,555 24.5 Pacific 785,654 15.3 806,426 15.4 South Atlantic 574,516 11.2 619,405 11.8 West South Central 1,278,061 24.9 1,313,848 25.1 Other 297,199 5.7 288,631 5.5 Total $ 5,141,094 100.0 % $ 5,242,531 100.0 % |
Schedule of Morgan Loans Foreclosure | As of March 31, 2021 and December 31, 2020, loans in foreclosure and loans foreclosed are as follows (in thousands, except number of loans): March 31, 2021 December 31, 2020 Foreclosure and foreclosed Number of Loans Recorded Investment Number of Loans Recorded Investment In foreclosure 1 $ 5,168 1 $ 5,168 Filed for bankruptcy* 1 9,230 1 9,230 Total in foreclosure 2 $ 14,398 2 $ 14,398 Foreclosed — $ — 2 $ 8,603 * Borrower filed for bankruptcy after foreclosure proceedings had begun. |
Age Analysis of Past Due Loans | The age analysis of past due loans is shown below (in thousands, except percentages): 30-59 Days Past Due 60-89 Days Past Due More Than 90 Days Past Due Total Current Total March 31, 2021 Amount Percentage Apartment $ — $ — $ — $ — $ 552,091 $ 552,091 10.5 % Hotel 101,432 — — 101,432 791,927 893,359 17.0 Industrial — — 5,168 5,168 831,194 836,362 15.9 Office 9,803 — 9,230 19,033 1,524,777 1,543,810 29.3 Parking — — — — 363,737 363,737 6.9 Retail 74,004 — — 74,004 709,392 783,396 14.9 Storage — — — — 152,488 152,488 2.9 Other — — — — 142,439 142,439 2.6 Total $ 185,239 $ — $ 14,398 $ 199,637 $ 5,068,045 $ 5,267,682 100.0 % Allowance for credit losses (126,588) Total, net of allowance $ 5,141,094 December 31, 2020 Apartment $ — $ — $ — $ — $ 557,159 $ 557,159 10.5 % Hotel 30,315 30,158 — 60,473 853,522 913,995 17.0 Industrial 14,930 — 5,168 20,098 836,105 856,203 15.9 Office 24,804 — 9,230 34,034 1,522,197 1,556,231 29.0 Parking 48,825 29,355 — 78,180 286,107 364,287 6.8 Retail 4,991 — 25,779 30,770 760,907 791,677 14.7 Storage — — — — 165,561 165,561 3.1 Other — — — — 163,121 163,121 3.0 Total $ 123,865 $ 59,513 $ 40,177 $ 223,555 $ 5,144,679 $ 5,368,234 100.0 % Allowance for credit losses (125,703) Total, net of allowance $ 5,242,531 |
Schedule of Troubled Debt Restructuring Mortgage Loan Information | Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Three months ended March 31, 2021 2020 Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Number of Loans Recorded Investment Pre- Modification Recorded Investment Post Modification Office 2 $ 14,660 $ 14,660 — $ — $ — Retail 2 28,234 28,234 — — — Parking 1 9,730 9,730 — — — Storage 1 8,937 8,937 — — — Total 6 $ 61,561 $ 61,561 — $ — $ — |
Change in Allowance for Credit Losses in Mortgage Loans | The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands): Commercial Mortgage Loans Balance at January 1, 2021 $ (125,703) Provision (885) Balance at March 31, 2021 $ (126,588) Commercial Mortgage Loans Balance at January 1, 2020 $ (19,160) Cumulative adjustment at January 1, 2020 (11,216) Provision (29,069) Balance at March 31, 2020 $ (59,445) The asset and allowance balances for credit losses for mortgage loans by property-type are shown below (in thousands): March 31, 2021 December 31, 2020 Asset Balance Allowance Asset Balance Allowance Apartment $ 552,091 $ (6,195) $ 557,159 $ (8,845) Hotel 893,359 (53,075) 913,995 (45,596) Industrial 836,362 (3,337) 856,203 (2,516) Office 1,543,810 (25,753) 1,556,231 (33,373) Parking 363,737 (21,583) 364,287 (18,178) Retail 783,396 (12,725) 791,677 (10,856) Storage 152,488 (1,697) 165,561 (2,509) Other 142,439 (2,223) 163,121 (3,830) Total $ 5,267,682 $ (126,588) $ 5,368,234 $ (125,703) |
Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year | The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands): Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total Apartment $ — $ 48,092 $ 218,763 $ 48,323 $ 160,068 $ 76,845 $ 552,091 Hotel — 20,415 69,492 204,080 219,713 379,659 893,359 Industrial 40,891 251,592 157,235 114,493 46,912 225,239 836,362 Office 2,111 31,803 60,469 199,646 341,820 907,961 1,543,810 Parking — 28,672 13,795 27,153 8,600 285,517 363,737 Retail 2,562 69,245 38,942 96,819 79,723 496,105 783,396 Storage — 23,156 58,734 44,566 17,095 8,937 152,488 Other — — 21,612 69,087 2,236 49,504 142,439 Total $ 45,564 $ 472,975 $ 639,042 $ 804,167 $ 876,167 $ 2,429,767 $ 5,267,682 Allowance for credit losses (126,588) Total, net of allowance $ 5,141,094 |
Real Estate and Other Investm_2
Real Estate and Other Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Investment Real Estate by Property-Type and Geographic Distribution | The carrying amount of investment real estate, net of accumulated depreciation, and real estate partnerships by property-type and geographic distribution are as follows (in thousands, except percentages): March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage Hotel $ 61,415 6.6 % $ 67,857 7.1 % Industrial 119,122 12.7 132,757 13.8 Land 49,725 5.3 51,220 5.3 Office 297,756 31.7 299,500 31.2 Retail 268,224 28.6 268,588 28.0 Apartments 123,275 13.1 120,847 12.6 Other 18,672 2.0 19,803 2.0 Total $ 938,189 100.0 % $ 960,572 100.0 % March 31, 2021 December 31, 2020 Amount Percentage Amount Percentage East North Central $ 96,423 10.3 % $ 81,310 8.5 % East South Central 62,708 6.7 65,302 6.8 Mountain 134,988 14.4 133,233 13.9 Pacific 113,026 12.0 127,421 13.3 South Atlantic 90,755 9.7 97,801 10.1 West South Central 430,015 45.8 434,722 45.3 Other 10,274 1.1 20,783 2.1 Total $ 938,189 100.0 % $ 960,572 100.0 % |
Assets and Liabilities Related to VIEs | The assets and liabilities relating to the VIEs included in the condensed consolidated financial statements are as follows (in thousands): March 31, 2021 December 31, 2020 Real estate and real estate partnerships $ 130,448 $ 131,405 Short-term investments 500 500 Cash and cash equivalents 6,925 8,070 Premiums due and other receivables 3,563 3,484 Other assets 14,128 13,796 Total assets of consolidated VIEs $ 155,564 $ 157,255 Notes payable $ 152,607 $ 153,703 Other liabilities 8,935 8,490 Total liabilities of consolidated VIEs $ 161,542 $ 162,193 |
Schedule of Long-term Notes Payable of Consolidated VIEs | The total long-term notes payable of the consolidated VIEs consists of the following (in thousands): Interest rate Maturity March 31, 2021 December 31, 2020 LIBOR 2021 $ 10,819 $ 10,819 4% fixed 2022 77,759 78,565 4.18% fixed 2024 64,029 64,319 Total $ 152,607 $ 153,703 |
Carrying Amount and Maximum Exposure to Loss Related to VIEs | The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Real estate and real estate partnerships $ 349,073 $ 349,073 $ 368,588 $ 368,588 Mortgage loans on real estate 691,488 691,488 722,917 722,917 Accrued investment income 4,692 4,692 4,980 4,980 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Reported in Financial Position | The detail of derivative instruments is shown below (in thousands, except number of instruments): Derivatives Not Designated as Hedging Instruments Location in the Condensed Consolidated Statements of Financial Position March 31, 2021 December 31, 2020 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 452 $ 3,013,400 $ 253,363 455 $ 2,867,600 $ 242,201 Equity-indexed embedded derivative Policyholders’ account balances 115,235 2,909,609 740,514 112,103 2,748,540 705,013 |
Schedule of Derivative Instruments Reported in Statements of Operations | Derivatives Not Designated as Hedging Instruments Location in the Condensed Consolidated Statements of Operations Gains (Losses) Recognized in Income on Derivatives Three months ended March 31, 2021 2020 Equity-indexed options Net investment income $ 28,827 $ (108,095) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (26,689) 89,581 |
Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds | Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): March 31, 2021 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 54,613 $ 36,563 $ 18,100 $ 54,663 $ 54,613 $ 50 $ — Credit Suisse Baa1/BBB+ 13,416 12,580 — 12,580 12,580 — 836 Goldman-Sachs A2/BBB+ 1,285 1,170 — 1,170 1,170 — 115 ING Baa1/A- 19,568 9,220 10,300 19,520 19,520 — 48 Morgan Stanley A1/BBB+ 50,800 44,526 5,700 50,226 50,226 — 574 NATIXIS* A1/A+ 29,198 29,500 — 29,500 29,198 302 — Truist A3/A- 44,698 33,810 11,000 44,810 44,698 112 — Wells Fargo A2/BBB+ 39,785 29,580 9,900 39,480 39,480 — 305 Total $ 253,363 $ 196,949 $ 55,000 $ 251,949 $ 251,485 $ 464 $ 1,878 December 31, 2020 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Held Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa2/BBB $ 51,489 $ 31,513 $ 18,100 $ 49,613 $ 49,613 $ — $ 1,876 Credit Suisse Baa1/BBB+ 9,447 8,680 — 8,680 8,680 — 767 Goldman-Sachs A3/BBB+ 1,227 1,170 — 1,170 1,170 — 57 ING Baa1/A- 20,606 10,450 10,300 20,750 20,606 144 — Morgan Stanley A2/BBB+ 37,406 30,616 5,700 36,316 36,316 — 1,090 NATIXIS* A1/A+ 30,567 30,720 — 30,720 30,567 153 — Truist A3/A- 52,127 43,960 11,000 54,960 52,127 2,833 — Wells Fargo A2/BBB+ 39,332 29,370 9,900 39,270 39,270 — 62 Total $ 242,201 $ 186,479 $ 55,000 $ 241,479 $ 238,349 $ 3,130 $ 3,852 * Collateral is prohibited from being held in invested assets. |
Net Investment Income and Rea_2
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Net Investment Income | Net investment income (loss) is shown below (in thousands): Three months ended March 31, 2021 2020 Bonds $ 130,497 $ 146,119 Equity securities 7,493 7,847 Mortgage loans 70,866 59,328 Real estate and real estate partnerships 3,485 12,487 Investment funds 21,356 4,933 Equity-indexed options 28,827 (108,095) Other invested assets 7,457 8,372 Total $ 269,981 $ 130,991 |
Summary of Realized Investment Gains (Losses) | Net realized investment gains (losses) are shown below (in thousands): Three months ended March 31, 2021 2020 Bonds $ 7,699 $ 5,478 Real estate 11,193 (1,307) Other invested assets 347 (23) Total $ 19,239 $ 4,148 Net realized investment gains (losses) by transaction type are shown below (in thousands): Three months ended March 31, 2021 2020 Sales $ 12,898 $ (3,618) Calls and maturities 7,260 9,120 Paydowns 439 19 Impairments (1,265) (1,276) Other (93) (97) Total $ 19,239 $ 4,148 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below (in thousands): March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity $ 7,475,862 $ 7,908,767 $ 7,354,970 $ 7,983,181 Fixed maturity, bonds available-for-sale 7,397,792 7,397,792 7,597,180 7,597,180 Equity securities 2,164,146 2,164,146 2,070,766 2,070,766 Equity-indexed options, included in other invested assets 253,363 253,363 242,201 242,201 Mortgage loans on real estate, net of allowance 5,141,094 5,264,896 5,242,531 5,451,152 Policy loans 369,525 369,525 373,014 373,014 Short-term investments 1,212,342 1,212,342 1,028,379 1,028,379 Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) 1,207,754 1,207,754 1,185,467 1,185,467 Separately managed accounts, included in other invested assets 66,981 66,981 64,424 64,424 Total financial assets $ 25,288,859 $ 25,845,566 $ 25,158,932 $ 25,995,764 Financial liabilities Investment contracts $ 10,235,015 $ 10,235,015 $ 10,101,764 $ 10,101,764 Embedded derivative liability for equity-indexed contracts 740,514 740,514 705,013 705,013 Notes payable 152,607 152,607 153,703 153,703 Federal Home Loan Bank advance 250,000 250,070 250,000 250,227 Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) 1,207,754 1,207,754 1,185,467 1,185,467 Total financial liabilities $ 12,585,890 $ 12,585,960 $ 12,395,947 $ 12,396,174 |
Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits | Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range March 31, 2021 December 31, 2020 Unobservable Input March 31, 2021 December 31, 2020 Indexed Annuities $ 704.4 $ 670.8 Lapse Rate 1-50% 1-50% Mortality Multiplier 100% 100% Equity Volatility 15-62% 16-69% Indexed Life 36.1 34.2 Equity Volatility 15-62% 16-69% |
Quantitative Disclosures Regarding Fair Value Hierarchy Measurements | The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at March 31, 2021 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 25,353 $ 25,353 $ — $ — U.S. states and political subdivisions 1,108,536 — 1,108,536 — Foreign governments 16,181 — 16,181 — Corporate debt securities 6,163,651 — 6,037,574 126,077 Residential mortgage-backed securities 19,517 — 19,517 — Collateralized debt securities 64,554 — 64,554 — Total bonds available-for-sale 7,397,792 25,353 7,246,362 126,077 Equity securities Common stock 2,148,131 2,147,001 — 1,130 Preferred stock 16,015 14,736 — 1,279 Total equity securities 2,164,146 2,161,737 — 2,409 Options 253,363 — — 253,363 Short-term investments 1,212,342 — 1,212,342 — Separate account assets 1,175,689 324,269 851,420 — Separately managed accounts 66,981 — — 66,981 Total financial assets $ 12,270,313 $ 2,511,359 $ 9,310,124 $ 448,830 Financial liabilities Embedded derivative for equity-indexed contracts $ 740,514 $ — $ — $ 740,514 Notes payable 152,607 — — 152,607 Separate account liabilities 1,175,689 324,269 851,420 — Total financial liabilities $ 2,068,810 $ 324,269 $ 851,420 $ 893,121 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2020 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity, bonds available-for-sale U.S. treasury and government $ 29,183 $ — $ 29,183 $ — U.S. states and political subdivisions 1,140,458 — 1,140,458 — Foreign governments 16,388 — 16,388 — Corporate debt securities 6,334,479 — 6,224,042 110,437 Residential mortgage-backed securities 21,291 — 21,291 — Collateralized debt securities 55,381 — 55,381 — Total bonds available-for-sale 7,597,180 — 7,486,743 110,437 Equity securities Common stock 2,055,229 2,054,789 — 440 Preferred stock 15,537 14,909 — 628 Total equity securities 2,070,766 2,069,698 — 1,068 Options 242,201 — — 242,201 Short-term investments 1,028,379 — 1,028,379 — Separate account assets 1,153,702 309,425 844,277 — Separately managed accounts 64,424 — — 64,424 Total financial assets $ 12,156,652 $ 2,379,123 $ 9,359,399 $ 418,130 Financial liabilities Embedded derivative for equity-indexed contracts $ 705,013 $ — $ — $ 705,013 Notes payable 153,703 — — 153,703 Separate account liabilities 1,153,702 309,425 844,277 — Total financial liabilities $ 2,012,418 $ 309,425 $ 844,277 $ 858,716 The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): March 31, 2021 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. Treasury and government Level 1 $ 11,478 $ 11,297 U.S. states and political subdivisions Level 2 114,154 113,671 Foreign governments Level 2 14,468 14,485 Corporate debt securities Level 2 7,117,100 7,540,397 Residential mortgage-backed securities Level 2 81,236 84,946 Collateralized debt securities Level 2 137,426 143,971 Total fixed maturity, bonds held-to-maturity 7,475,862 7,908,767 Mortgage loans on real estate, net of allowance Level 3 5,141,094 5,264,896 Policy loans Level 3 369,525 369,525 Total financial assets $ 12,986,481 $ 13,543,188 Financial liabilities Investment contracts Level 3 $ 10,235,015 $ 10,235,015 Notes payable Level 3 152,607 152,607 Federal Home Loan Bank advance Level 2 250,000 250,070 Total financial liabilities $ 10,637,622 $ 10,637,692 December 31, 2020 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity, bonds held-to-maturity U.S. treasury and government Level 2 $ 7,732 $ 7,744 U.S. states and political subdivisions Level 2 109,445 113,535 Foreign governments Level 2 3,851 4,225 Corporate debt securities Level 2 6,981,597 7,595,712 Corporate debt securities Level 3 3,024 3,024 Residential mortgage-backed securities Level 2 114,127 117,728 Collateralized debt securities Level 2 135,194 141,213 Total fixed maturity, bonds held-to-maturity 7,354,970 7,983,181 Mortgage loans on real estate, net of allowance Level 3 5,242,531 5,451,152 Policy loans Level 3 373,014 373,014 Total financial assets $ 12,970,515 $ 13,807,347 Financial liabilities Investment contracts Level 3 $ 10,101,764 $ 10,101,764 Notes payable Level 3 153,703 153,703 Federal Home Loan Bank advance Level 2 250,000 250,227 Total financial liabilities $ 10,505,467 $ 10,505,694 |
Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs | For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Three months ended March 31, 2021 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at January 1, 2021 $ 111,505 $ 242,201 $ 64,424 $ 705,013 Net gain for derivatives included in net investment income — 28,827 — — Net change included in interest credited — — — 26,689 Net fair value change included in other comprehensive income 1,178 — 594 — Purchases, sales and settlements or maturities Purchases 27,453 20,147 10,072 — Sales (11,650) — (8,109) — Settlements or maturities — (37,812) — — Premiums less benefits — — — 8,812 Ending balance at March 31, 2021 $ 128,486 $ 253,363 $ 66,981 $ 740,514 Level 3 Three months ended March 31, 2020 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at January 1, 2020 $ 45,307 $ 256,005 $ 50,503 $ 731,552 Net loss for derivatives included in net investment income — (108,095) — — Net change included in interest credited — — — (89,581) Net fair value change included in other comprehensive income — — 80 — Purchases, sales and settlements or maturities Purchases 22,702 14,164 — — Sales (14,156) — — — Settlements or maturities — (36,086) — — Premiums less benefits — — — (11,019) Ending balance at March 31, 2020 $ 53,853 $ 125,988 $ 50,583 $ 630,952 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Beginning balance at January 1, 2021 $ 896,208 $ 309,056 $ 32,885 $ 122,062 $ 1,360,211 Additions 43,256 23,488 2,849 86,579 156,172 Amortization (28,787) (12,417) (3,703) (83,146) (128,053) Effect of change in unrealized gains on available-for-sale debt securities 8,915 24,655 — — 33,570 Net change 23,384 35,726 (854) 3,433 61,689 Ending balance at March 31, 2021 $ 919,592 $ 344,782 $ 32,031 $ 125,495 $ 1,421,900 |
Liability for Unpaid Claims a_2
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Information regarding the liability for unpaid claims is shown below (in thousands): Three months ended March 31, 2021 2020 Unpaid claims balance, beginning $ 1,373,600 $ 1,322,837 Less: Reinsurance recoverables 262,471 246,447 Net beginning balance 1,111,129 1,076,390 Incurred related to Current 300,176 260,025 Prior years (31,127) 4,172 Total incurred claims 269,049 264,197 Paid claims related to Current 99,857 95,635 Prior years 160,716 174,986 Total paid claims 260,573 270,621 Net balance 1,119,605 1,069,966 Plus: Reinsurance recoverables 239,160 244,230 Unpaid claims balance, ending $ 1,358,765 $ 1,314,196 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Reconciliation | A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Three months ended March 31, 2021 2020 Amount Rate Amount Rate Total expected income tax expense at the statutory rate $ 44,625 21.0 % $ (59,396) 21.0 % Tax-exempt investment income (1,172) (0.6) (1,027) 0.4 Dividend exclusion (813) (0.4) (862) 0.3 Tax credits, net (1,618) (0.8) (2,395) 0.8 Low income housing tax credit expense 1,513 0.7 1,774 (0.6) Change in valuation allowance 29 — 112 — Other items, net 607 0.4 126 (0.1) Total $ 43,171 20.3 % $ (61,668) 21.8 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance at January 1, 2021 $ 292,166 $ (67,130) $ (2,866) $ 222,170 Amounts reclassified from AOCI (net of tax benefit $944 and expense $1,013) (3,553) 3,809 — 256 Unrealized holding losses arising during the period (net of tax benefit $35,260) (132,644) — — (132,644) Unrealized adjustment to DAC (net of tax expense $7,050) 26,519 — — 26,519 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $908) 3,414 — — 3,414 Foreign currency adjustm ent (net of tax expense $65) — — 244 244 Ending balance at March 31, 2021 $ 185,902 $ (63,321) $ (2,622) $ 119,959 Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance at January 1, 2020 $ 157,851 $ (55,232) $ (3,101) $ 99,518 Amounts reclassified from AOCI (net of tax expense $2,554 and $467) 9,606 1,756 — 11,362 Unrealized holding losses arising during the period (net of tax benefit $53,533) (201,385) — — (201,385) Unrealized adjustment to DAC (net of tax expense $18,759) 70,567 — — 70,567 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,342) 8,809 — — 8,809 Foreign currency adjustment (net of tax benefit $246) — — (924) (924) Ending balance at March 31, 2020 $ 45,448 $ (53,476) $ (4,025) $ (12,053) |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The number of shares outstanding at the dates indicated are shown below: March 31, 2021 December 31, 2020 Common stock Shares issued 26,887,200 26,887,200 Restricted shares (10,000) (10,000) Unrestricted outstanding shares 26,877,200 26,877,200 |
Stock-Based Compensation Information | RS and RSU information for the periods indicated are shown below: RS Shares RSUs Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 10,000 $ 80.05 8,250 $ 75.35 Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Outstanding at March 31, 2021 10,000 $ 80.05 8,250 $ 75.35 SAR RS Shares RSUs Weighted-average contractual remaining life (in years) 0.00 1.92 0.08 Exercisable shares — N/A N/A Weighted-average exercise price $ — $ 80.05 $ 75.35 Weighted-average exercise price exercisable shares — N/A N/A Compensation expense (credit) Three months ended March 31, 2021 $ — $ 20,000 $ 220,000 Three months ended March 31, 2020 (1,000) 20,000 (171,000) Fair value of liability award March 31, 2021 $ — N/A $ 890,000 December 31, 2020 — N/A 793,000 |
Summary of Basic and Diluted Earnings Per Share | Three months ended March 31, 2021 2020 Weighted average shares outstanding 26,877,200 26,881,700 Incremental shares from RS awards and RSUs 7,699 9,975 Total shares for diluted calculations 26,884,899 26,891,675 Net income (loss) attributable to American National (in thousands) $ 170,173 $ (220,444) Basic earnings (losses) per share $ 6.33 $ (8.20) Diluted earnings (losses) per share $ 6.33 $ (8.20) |
Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices | The statutory capital and surplus and net income (loss) of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): March 31, 2021 December 31, 2020 Statutory capital and surplus Life insurance entities $ 2,190,618 $ 2,188,808 Property and casualty insurance entities 1,514,248 1,463,179 Three months ended March 31, 2021 2020 Statutory net income (loss) Life insurance entities $ (32,217) $ 52,975 Property and casualty insurance entities 39,272 48,254 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Results of Operations Measured as Income Before Federal Income Taxes and Other Items by Operating Segments | The results of operations measured as the income (loss) before federal income tax and other items by operating segments are summarized below (in thousands): Three months ended March 31, 2021 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 100,779 $ 24,241 $ 38,228 $ 399,405 $ — $ 562,653 Other policy revenues 81,508 5,031 — — — 86,539 Net investment income 67,797 153,864 2,083 15,513 30,724 269,981 Net realized investment gains — — — — 19,239 19,239 Change in investment credit loss — — — — (5,486) (5,486) Net gains on equity securities — — — — 95,940 95,940 Other income 458 856 4,094 3,489 855 9,752 Total premiums and other revenues 250,542 183,992 44,405 418,407 141,272 1,038,618 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 146,160 44,717 — — — 190,877 Claims incurred — — 24,251 244,135 — 268,386 Interest credited to policyholders’ account balances 19,770 88,017 — — — 107,787 Commissions for acquiring and servicing policies 45,420 23,042 5,986 79,237 — 153,685 Other operating expenses 47,041 12,181 10,608 53,886 9,786 133,502 Change in deferred policy acquisition costs (14,469) (11,071) 854 (3,433) — (28,119) Total benefits, losses and expenses 243,922 156,886 41,699 373,825 9,786 826,118 Income before federal income tax and other items $ 6,620 $ 27,106 $ 2,706 $ 44,582 $ 131,486 $ 212,500 Three months ended March 31, 2020 Life Annuity Health Property & Casualty Corporate & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 89,516 $ 15,509 $ 43,086 $ 388,657 $ — $ 536,768 Other policy revenues 75,540 4,065 — — — 79,605 Net investment income 45,575 41,541 2,233 16,085 25,557 130,991 Net realized investment gains — — — — 4,148 4,148 Change in investment credit loss — — — — (44,678) (44,678) Net losses on equity securities — — — — (332,575) (332,575) Other income 736 638 4,527 3,733 1,499 11,133 Total premiums and other revenues 211,367 61,753 49,846 408,475 (346,049) 385,392 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 110,466 34,802 — — — 145,268 Claims incurred — — 34,885 229,709 — 264,594 Interest credited to policyholders’ account balances (1,903) (2,420) — — — (4,323) Commissions for acquiring and servicing policies 39,467 10,248 8,024 72,696 — 130,435 Other operating expenses 47,480 11,876 10,629 53,004 10,937 133,926 Change in deferred policy acquisition costs (7,838) 7,286 (23) (1,097) — (1,672) Total benefits, losses and expenses 187,672 61,792 53,515 354,312 10,937 668,228 Income (loss) before federal income tax and other items $ 23,695 $ (39) $ (3,669) $ 54,163 $ (356,986) $ (282,836) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Federal Home Loan Bank, Advances | FHLB outstanding advances as of March 31, 2021 are shown below (in thousands, except percentages): Principal Amount Interest Rate Maturity Date At March 31, 2021 FHLB advance, fixed rate $ 250,000 0.38 % 4/28/2021 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The impact on the condensed consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Financial Statement Line Impacted Three months ended March 31, Amount due from American National Related Party 2021 2020 March 31, 2021 December 31, 2020 Greer, Herz & Adams, LLP Other operating expenses $ 3,713 $ 3,843 $ (617) $ (441) |
Nature of Operations (Detail)
Nature of Operations (Detail) | 3 Months Ended | |
Mar. 31, 2021state$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Franchisor Disclosure [Line Items] | ||
Treasury stock, shares retired (in shares) | shares | 3,945,249 | |
Common stock, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 |
Common stock, shares outstanding (in shares) | shares | 26,887,200 | 26,887,200 |
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Number of states | state | 50 | |
ANICO Stock | ||
Franchisor Disclosure [Line Items] | ||
Common stock, par value (in usd per share) | $ / shares | $ 1 | |
ANAT Stock | ||
Franchisor Disclosure [Line Items] | ||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Significant Accounting Policies [Line Items] | ||
Equity in earnings of unconsolidated affiliates | $ 23,161 | $ 15,707 |
Maximum | American National | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Entity ownership percentage | 100.00% |
Investment in Securities - Inve
Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | $ 7,494,716 | $ 7,367,412 | ||
Held-to-maturity securities, gross unrealized gains | 474,188 | 639,648 | ||
Held-to-maturity securities, gross unrealized (losses) | (41,283) | (11,437) | ||
Held-to-maturity securities, allowance for credit losses | (18,854) | (12,442) | $ (21,385) | $ (21,664) |
Held-to-maturity securities, fair value | 7,908,767 | 7,983,181 | ||
Available-for-sale securities, cost or amortized cost | 7,046,940 | 7,073,142 | ||
Available-for-sale securities, gross unrealized gains | 406,386 | 548,996 | ||
Available-for-sale securities, gross unrealized (losses) | (46,818) | (17,476) | ||
Available-for-sale securities, allowance for credit losses | (8,716) | (7,482) | (12,865) | 0 |
Available-for-sale securities, fair value | 7,397,792 | 7,597,180 | ||
Investments in securities, cost or amortized cost | 14,541,656 | 14,440,554 | ||
Investments in securities, gross unrealized gains | 880,574 | 1,188,644 | ||
Investments in securities, gross unrealized (losses) | (88,101) | (28,913) | ||
Investments in securities, allowance for credit losses | (27,570) | (19,924) | ||
Investments in securities, fair value | 15,306,559 | 15,580,361 | ||
U.S. treasury and government | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 11,478 | 7,733 | ||
Held-to-maturity securities, gross unrealized gains | 0 | 11 | ||
Held-to-maturity securities, gross unrealized (losses) | (181) | 0 | ||
Held-to-maturity securities, allowance for credit losses | 0 | 0 | ||
Held-to-maturity securities, fair value | 11,297 | 7,744 | ||
Available-for-sale securities, cost or amortized cost | 25,088 | 28,766 | ||
Available-for-sale securities, gross unrealized gains | 298 | 418 | ||
Available-for-sale securities, gross unrealized (losses) | (30) | (1) | ||
Available-for-sale securities, allowance for credit losses | (3) | 0 | 0 | 0 |
Available-for-sale securities, fair value | 25,353 | 29,183 | ||
U.S. states and political subdivisions | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 114,154 | 109,445 | ||
Held-to-maturity securities, gross unrealized gains | 3,186 | 4,101 | ||
Held-to-maturity securities, gross unrealized (losses) | (3,669) | (11) | ||
Held-to-maturity securities, allowance for credit losses | 0 | 0 | ||
Held-to-maturity securities, fair value | 113,671 | 113,535 | ||
Available-for-sale securities, cost or amortized cost | 1,054,322 | 1,066,627 | ||
Available-for-sale securities, gross unrealized gains | 58,630 | 73,976 | ||
Available-for-sale securities, gross unrealized (losses) | (4,416) | (145) | ||
Available-for-sale securities, allowance for credit losses | 0 | 0 | ||
Available-for-sale securities, fair value | 1,108,536 | 1,140,458 | ||
Foreign governments | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 14,468 | 3,851 | ||
Held-to-maturity securities, gross unrealized gains | 313 | 374 | ||
Held-to-maturity securities, gross unrealized (losses) | (296) | 0 | ||
Held-to-maturity securities, allowance for credit losses | 0 | 0 | 5 | 4 |
Held-to-maturity securities, fair value | 14,485 | 4,225 | ||
Available-for-sale securities, cost or amortized cost | 14,999 | 14,995 | ||
Available-for-sale securities, gross unrealized gains | 1,182 | 1,393 | ||
Available-for-sale securities, gross unrealized (losses) | 0 | 0 | ||
Available-for-sale securities, allowance for credit losses | 0 | 0 | ||
Available-for-sale securities, fair value | 16,181 | 16,388 | ||
Corporate debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 7,128,893 | 6,992,095 | ||
Held-to-maturity securities, gross unrealized gains | 458,923 | 623,233 | ||
Held-to-maturity securities, gross unrealized (losses) | (35,626) | (9,117) | ||
Held-to-maturity securities, allowance for credit losses | (11,793) | (7,475) | (18,401) | (18,563) |
Held-to-maturity securities, fair value | 7,540,397 | 7,598,736 | ||
Available-for-sale securities, cost or amortized cost | 5,868,891 | 5,887,756 | ||
Available-for-sale securities, gross unrealized gains | 344,930 | 471,205 | ||
Available-for-sale securities, gross unrealized (losses) | (42,162) | (17,207) | ||
Available-for-sale securities, allowance for credit losses | (8,008) | (7,275) | (12,499) | 0 |
Available-for-sale securities, fair value | 6,163,651 | 6,334,479 | ||
Residential mortgage-backed securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 81,778 | 114,579 | ||
Held-to-maturity securities, gross unrealized gains | 4,546 | 5,065 | ||
Held-to-maturity securities, gross unrealized (losses) | (836) | (1,464) | ||
Held-to-maturity securities, allowance for credit losses | (542) | (452) | (3) | (137) |
Held-to-maturity securities, fair value | 84,946 | 117,728 | ||
Available-for-sale securities, cost or amortized cost | 19,048 | 20,544 | ||
Available-for-sale securities, gross unrealized gains | 675 | 964 | ||
Available-for-sale securities, gross unrealized (losses) | (8) | (29) | ||
Available-for-sale securities, allowance for credit losses | (198) | (188) | (130) | 0 |
Available-for-sale securities, fair value | 19,517 | 21,291 | ||
Collateralized debt securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, cost or amortized cost | 143,945 | 139,709 | ||
Held-to-maturity securities, gross unrealized gains | 7,220 | 6,864 | ||
Held-to-maturity securities, gross unrealized (losses) | (675) | (845) | ||
Held-to-maturity securities, allowance for credit losses | (6,519) | (4,515) | (2,986) | (2,968) |
Held-to-maturity securities, fair value | 143,971 | 141,213 | ||
Available-for-sale securities, cost or amortized cost | 64,592 | 54,454 | ||
Available-for-sale securities, gross unrealized gains | 671 | 1,040 | ||
Available-for-sale securities, gross unrealized (losses) | (202) | (94) | ||
Available-for-sale securities, allowance for credit losses | (507) | (19) | $ (236) | $ 0 |
Available-for-sale securities, fair value | $ 64,554 | $ 55,381 |
Investment in Securities - Matu
Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Bonds held-to-maturity securities, amortized cost, due in one year or less | $ 553,460 | |
Bonds held-to-maturity securities, amortized cost, due after one year through five years | 2,833,579 | |
Bonds held-to-maturity securities, amortized cost, due after five years through ten years | 3,026,464 | |
Bonds held-to-maturity securities, amortized cost, due after ten years | 1,081,213 | |
Bonds held-to-maturity securities, amortized cost | 7,494,716 | $ 7,367,412 |
Bonds held-to-maturity securities, fair value, due in one year or less | 561,970 | |
Bonds held-to-maturity securities, fair value, due after one year through five years | 3,020,077 | |
Bonds held-to-maturity securities, fair value, due after five years through ten years | 3,231,420 | |
Bonds held-to-maturity securities, fair value, due after ten years | 1,095,300 | |
Bonds held-to-maturity securities, fair value | 7,908,767 | 7,983,181 |
Bonds available-for-sale securities, amortized cost, due in one year or less | 371,354 | |
Bonds available-for-sale securities, amortized cost, due after one year through five years | 3,253,114 | |
Bonds available-for-sale securities, amortized cost, due after five years through ten years | 2,309,455 | |
Bonds available-for-sale securities, amortized cost, due after ten years | 1,113,017 | |
Bonds available-for-sale securities, amortized cost | 7,046,940 | 7,073,142 |
Bonds available-for-sale securities, fair value, due in one year or less | 374,859 | |
Bonds available-for-sale securities, fair value, due after one year through five years | 3,456,068 | |
Bonds available-for-sale securities, fair value, due after five years through ten years | 2,442,852 | |
Bonds available-for-sale securities, fair value, due after ten years | 1,124,013 | |
Bonds available-for-sale securities, fair value | $ 7,397,792 | $ 7,597,180 |
Investment in Securities - Proc
Investment in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of fixed maturity, bonds available-for-sale | $ 11,650 | $ 46,513 |
Gross realized gains | 0 | 412 |
Gross realized losses | $ 0 | $ (4,072) |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Assets held by insurance regulators | $ 47.1 | $ 47.7 |
Carrying value of bonds pledged | $ 97.2 | $ 111 |
Investment in Securities - Chan
Investment in Securities - Change in Net Unrealized Gains (Losses) on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Adjustments for | ||
Deferred policy acquisition costs | $ (33,570) | |
Change in net unrealized losses on debt securities, net of tax | (106,264) | $ (112,403) |
Net gains (losses) on equity securities | ||
Net gains (losses) on equity securities | 95,940 | (332,575) |
Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale: change in unrealized losses | (171,952) | (244,361) |
Adjustments for | ||
Deferred policy acquisition costs | 33,570 | 89,326 |
Participating policyholders’ interest | 4,322 | 11,151 |
Deferred federal income tax benefit | 27,796 | 31,481 |
Change in net unrealized losses on debt securities, net of tax | (106,264) | (112,403) |
Equity Securities | ||
Net gains (losses) on equity securities | ||
Unrealized gains (losses) on equity securities | 96,766 | (333,601) |
Net gains (losses) on equity securities sold | (826) | 1,026 |
Net gains (losses) on equity securities | $ 95,940 | $ (332,575) |
Investment in Securities - Gros
Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) $ in Thousands | Mar. 31, 2021USD ($)investment | Dec. 31, 2020USD ($)investment |
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 161,000 | 50,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (36,374) | $ (8,767) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 874,384 | $ 297,465 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 20,000 | 12,000 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ (10,444) | $ (8,709) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 55,325 | $ 14,021 |
Bonds available-for-sale securities, total, number of issues | investment | 181,000 | 62,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (46,818) | $ (17,476) |
Bonds available-for-sale securities, total, fair value | $ 929,709 | $ 311,486 |
U.S. treasury and government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 5,000 | 1,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (30) | $ (1) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 12,353 | $ 2,868 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 0 | 0 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ 0 | $ 0 |
Bonds available-for-sale securities, 12 months or more, fair value | $ 0 | $ 0 |
Bonds available-for-sale securities, total, number of issues | investment | 5,000 | 1,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (30) | $ (1) |
Bonds available-for-sale securities, total, fair value | $ 12,353 | $ 2,868 |
U.S. states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 19,000 | 2,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (4,416) | $ (145) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 83,704 | $ 10,205 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 0 | 0 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ 0 | $ 0 |
Bonds available-for-sale securities, 12 months or more, fair value | $ 0 | $ 0 |
Bonds available-for-sale securities, total, number of issues | investment | 19,000 | 2,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (4,416) | $ (145) |
Bonds available-for-sale securities, total, fair value | $ 83,704 | $ 10,205 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 128,000 | 43,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (31,727) | $ (8,507) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 738,969 | $ 270,249 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 16,000 | 8,000 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ (10,435) | $ (8,700) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 54,603 | $ 13,270 |
Bonds available-for-sale securities, total, number of issues | investment | 144,000 | 51,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (42,162) | $ (17,207) |
Bonds available-for-sale securities, total, fair value | $ 793,572 | $ 283,519 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 1,000 | 1,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (1) | $ (21) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 245 | $ 1,391 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 3,000 | 3,000 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ (7) | $ (8) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 566 | $ 593 |
Bonds available-for-sale securities, total, number of issues | investment | 4,000 | 4,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (8) | $ (29) |
Bonds available-for-sale securities, total, fair value | $ 811 | $ 1,984 |
Collateralized debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, number of issues | investment | 8,000 | 3,000 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | $ (200) | $ (93) |
Bonds available-for-sale securities, less than 12 months, fair value | $ 39,113 | $ 12,752 |
Bonds available-for-sale securities, 12 months or more, number of issues | investment | 1,000 | 1,000 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | $ (2) | $ (1) |
Bonds available-for-sale securities, 12 months or more, fair value | $ 156 | $ 158 |
Bonds available-for-sale securities, total, number of issues | investment | 9,000 | 4,000 |
Bonds available-for-sale securities, total, unrealized (losses) | $ (202) | $ (94) |
Bonds available-for-sale securities, total, fair value | $ 39,269 | $ 12,910 |
Investment in Securities - Equi
Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Credit Concentration Risk - Equity Securities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Percentage | 100.00% | 100.00% |
Consumer goods | ||
Concentration Risk [Line Items] | ||
Percentage | 18.40% | 19.30% |
Energy and utilities | ||
Concentration Risk [Line Items] | ||
Percentage | 5.80% | 5.20% |
Finance | ||
Concentration Risk [Line Items] | ||
Percentage | 22.90% | 21.60% |
Healthcare | ||
Concentration Risk [Line Items] | ||
Percentage | 14.50% | 15.00% |
Industrials | ||
Concentration Risk [Line Items] | ||
Percentage | 7.70% | 7.40% |
Information technology | ||
Concentration Risk [Line Items] | ||
Percentage | 26.20% | 27.10% |
Other | ||
Concentration Risk [Line Items] | ||
Percentage | 4.50% | 4.40% |
Investment in Securities - Allo
Investment in Securities - Allowance for Credit Losses for Held-to-maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ (12,442) | $ (21,664) |
Purchases | (228) | (945) |
Disposition | 125 | 7,141 |
Provision | (6,309) | (5,917) |
Allowance for credit losses, ending balance | (18,854) | (21,385) |
Foreign governments | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | 0 | 4 |
Purchases | 0 | 0 |
Disposition | 0 | 0 |
Provision | 0 | 1 |
Allowance for credit losses, ending balance | 0 | 5 |
Corporate debt securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (7,475) | (18,563) |
Purchases | (228) | (622) |
Disposition | 125 | 6,901 |
Provision | (4,215) | (6,117) |
Allowance for credit losses, ending balance | (11,793) | (18,401) |
Collateralized debt securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (4,515) | (2,968) |
Purchases | 0 | (323) |
Disposition | 0 | 106 |
Provision | (2,004) | 199 |
Allowance for credit losses, ending balance | (6,519) | (2,986) |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (452) | (137) |
Purchases | 0 | 0 |
Disposition | 0 | 134 |
Provision | (90) | 0 |
Allowance for credit losses, ending balance | $ (542) | $ (3) |
Investment in Securities - Al_2
Investment in Securities - Allowance for Credit Losses for Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | $ (7,482) | $ 0 |
Allowance on securities that had an allowance recorded in a previous period | (1,231) | (12,865) |
Allowance on securities where credit losses were not previously recorded | (3) | |
Allowance for credit losses, ending balance | (8,716) | (12,865) |
U.S. treasury and government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | 0 | 0 |
Allowance on securities that had an allowance recorded in a previous period | 0 | 0 |
Allowance on securities where credit losses were not previously recorded | (3) | |
Allowance for credit losses, ending balance | (3) | 0 |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (7,275) | 0 |
Allowance on securities that had an allowance recorded in a previous period | (733) | (12,499) |
Allowance on securities where credit losses were not previously recorded | 0 | |
Allowance for credit losses, ending balance | (8,008) | (12,499) |
Collateralized debt securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (19) | 0 |
Allowance on securities that had an allowance recorded in a previous period | (488) | (236) |
Allowance on securities where credit losses were not previously recorded | 0 | |
Allowance for credit losses, ending balance | (507) | (236) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses, beginning balance | (188) | 0 |
Allowance on securities that had an allowance recorded in a previous period | (10) | (130) |
Allowance on securities where credit losses were not previously recorded | 0 | |
Allowance for credit losses, ending balance | $ (198) | $ (130) |
Investment in Securities - Cred
Investment in Securities - Credit Quality Indicators for Amortized Cost of Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | $ 7,494,716 | $ 7,367,412 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 43,810 | 27,787 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 498,514 | 430,342 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 3,351,495 | 3,120,290 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 3,489,229 | 3,679,410 |
BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 111,668 | 109,583 |
U.S. treasury and government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 11,478 | 7,733 |
U.S. treasury and government | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
U.S. treasury and government | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 11,478 | 7,733 |
U.S. treasury and government | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
U.S. treasury and government | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
U.S. treasury and government | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
U.S. states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 114,154 | 109,445 |
U.S. states and political subdivisions | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 17,828 | 25,831 |
U.S. states and political subdivisions | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 55,474 | 43,964 |
U.S. states and political subdivisions | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 34,325 | 34,893 |
U.S. states and political subdivisions | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
U.S. states and political subdivisions | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 6,527 | 4,757 |
Foreign governments | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 14,468 | 3,851 |
Foreign governments | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Foreign governments | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 13,441 | 2,820 |
Foreign governments | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 1,027 | 1,031 |
Foreign governments | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Foreign governments | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Corporate debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 7,128,893 | 6,992,095 |
Corporate debt securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 25,982 | 1,956 |
Corporate debt securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 337,853 | 262,830 |
Corporate debt securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 3,210,816 | 2,976,571 |
Corporate debt securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 3,455,649 | 3,647,496 |
Corporate debt securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 98,593 | 103,242 |
Collateralized debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 143,945 | 139,709 |
Collateralized debt securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Collateralized debt securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Collateralized debt securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 105,327 | 107,795 |
Collateralized debt securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 33,580 | 31,914 |
Collateralized debt securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 5,038 | 0 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 81,778 | 114,579 |
Residential mortgage-backed securities | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Residential mortgage-backed securities | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 80,268 | 112,995 |
Residential mortgage-backed securities | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Residential mortgage-backed securities | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 0 | 0 |
Residential mortgage-backed securities | BB and below | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | $ 1,510 | $ 1,584 |
Mortgage Loans - Distribution B
Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Amount | $ 5,267,682 | $ 5,368,234 |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Amount | $ 5,141,094 | $ 5,242,531 |
Percentage | 100.00% | 100.00% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East North Central | ||
Concentration Risk [Line Items] | ||
Amount | $ 741,253 | $ 783,614 |
Percentage | 14.40% | 14.90% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | East South Central | ||
Concentration Risk [Line Items] | ||
Amount | $ 140,020 | $ 146,052 |
Percentage | 2.70% | 2.80% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Mountain | ||
Concentration Risk [Line Items] | ||
Amount | $ 1,324,391 | $ 1,284,555 |
Percentage | 25.80% | 24.50% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Pacific | ||
Concentration Risk [Line Items] | ||
Amount | $ 785,654 | $ 806,426 |
Percentage | 15.30% | 15.40% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | South Atlantic | ||
Concentration Risk [Line Items] | ||
Amount | $ 574,516 | $ 619,405 |
Percentage | 11.20% | 11.80% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | West South Central | ||
Concentration Risk [Line Items] | ||
Amount | $ 1,278,061 | $ 1,313,848 |
Percentage | 24.90% | 25.10% |
Mortgage Loans On Real Estate Concentration Risk | Geographic Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Amount | $ 297,199 | $ 288,631 |
Percentage | 5.70% | 5.50% |
Mortgage Loans - Loans in Forec
Mortgage Loans - Loans in Foreclosure and Foreclosed (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Receivables [Abstract] | ||
Number of loans in foreclosure process | loan | 1 | 1 |
Recorded investment of loans in foreclosure process | $ | $ 5,168 | $ 5,168 |
Number of loans filed for bankruptcy | loan | 1 | 1 |
Recorded investment of loans filed for bankruptcy | $ | $ 9,230 | $ 9,230 |
Number of loans in foreclosure process, total | loan | 2 | 2 |
Recorded investment of loans in foreclosure process, total | $ | $ 14,398 | $ 14,398 |
Number of loans foreclosed | loan | 0 | 2 |
Recorded investment of loans foreclosed | $ | $ 0 | $ 8,603 |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020loan | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of loans, modified | loan | 24 | 93 | ||
Loan balances, modified | $ 633,600,000 | $ 1,600,000,000 | ||
Deferred interest | 17,000,000 | |||
Unamortized discounts | 0 | $ 0 | ||
Unamortized origination fees, mortgage loans | $ 24,000,000 | $ 26,100,000 | ||
Number of Loans | loan | 6 | 0 | ||
Commitment to lend additional funds to debtors with modified loans as TDRs | $ 2,700,000 | |||
Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Nonaccrual commercial loans | 14,400,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Off balance sheet liability | 8,800,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Off balance sheet liability | $ 549,700,000 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | $ 199,637 | $ 223,555 |
Current | 5,068,045 | 5,144,679 |
Gross loan receivable amount | $ 5,267,682 | $ 5,368,234 |
Gross loan receivable percent | 100.00% | 100.00% |
Allowance for credit losses | $ (126,588) | $ (125,703) |
Total, net of allowance | 5,141,094 | 5,242,531 |
Apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Current | 552,091 | 557,159 |
Gross loan receivable amount | $ 552,091 | $ 557,159 |
Gross loan receivable percent | 10.50% | 10.50% |
Allowance for credit losses | $ (6,195) | $ (8,845) |
Hotel | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 101,432 | 60,473 |
Current | 791,927 | 853,522 |
Gross loan receivable amount | $ 893,359 | $ 913,995 |
Gross loan receivable percent | 17.00% | 17.00% |
Allowance for credit losses | $ (53,075) | $ (45,596) |
Industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 5,168 | 20,098 |
Current | 831,194 | 836,105 |
Gross loan receivable amount | $ 836,362 | $ 856,203 |
Gross loan receivable percent | 15.90% | 15.90% |
Allowance for credit losses | $ (3,337) | $ (2,516) |
Office | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 19,033 | 34,034 |
Current | 1,524,777 | 1,522,197 |
Gross loan receivable amount | $ 1,543,810 | $ 1,556,231 |
Gross loan receivable percent | 29.30% | 29.00% |
Allowance for credit losses | $ (25,753) | $ (33,373) |
Parking | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 78,180 |
Current | 363,737 | 286,107 |
Gross loan receivable amount | $ 363,737 | $ 364,287 |
Gross loan receivable percent | 6.90% | 6.80% |
Allowance for credit losses | $ (12,725) | $ (10,856) |
Retail | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 74,004 | 30,770 |
Current | 709,392 | 760,907 |
Gross loan receivable amount | $ 783,396 | $ 791,677 |
Gross loan receivable percent | 14.90% | 14.70% |
Allowance for credit losses | $ (21,583) | $ (18,178) |
Storage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Current | 152,488 | 165,561 |
Gross loan receivable amount | $ 152,488 | $ 165,561 |
Gross loan receivable percent | 2.90% | 3.10% |
Allowance for credit losses | $ (1,697) | $ (2,509) |
Other | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
Current | 142,439 | 163,121 |
Gross loan receivable amount | $ 142,439 | $ 163,121 |
Gross loan receivable percent | 2.60% | 3.00% |
Allowance for credit losses | $ (2,223) | $ (3,830) |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 185,239 | 123,865 |
30-59 Days Past Due | Apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Hotel | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 101,432 | 30,315 |
30-59 Days Past Due | Industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 14,930 |
30-59 Days Past Due | Office | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 9,803 | 24,804 |
30-59 Days Past Due | Parking | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 48,825 |
30-59 Days Past Due | Retail | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 74,004 | 4,991 |
30-59 Days Past Due | Storage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 59,513 |
60-89 Days Past Due | Apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Hotel | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 30,158 |
60-89 Days Past Due | Industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Office | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Parking | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 29,355 |
60-89 Days Past Due | Retail | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Storage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
More Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 14,398 | 40,177 |
More Than 90 Days Past Due | Apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
More Than 90 Days Past Due | Hotel | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
More Than 90 Days Past Due | Industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 5,168 | 5,168 |
More Than 90 Days Past Due | Office | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 9,230 | 9,230 |
More Than 90 Days Past Due | Parking | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
More Than 90 Days Past Due | Retail | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 25,779 |
More Than 90 Days Past Due | Storage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | 0 | 0 |
More Than 90 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due | $ 0 | $ 0 |
Mortgage Loans - Troubled Debt
Mortgage Loans - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 6 | 0 |
Recorded Investment Pre-Modification | $ 61,561 | $ 0 |
Recorded Investment Post Modification | $ 61,561 | $ 0 |
Office | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 0 |
Recorded Investment Pre-Modification | $ 14,660 | $ 0 |
Recorded Investment Post Modification | $ 14,660 | $ 0 |
Retail | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 0 |
Recorded Investment Pre-Modification | $ 28,234 | $ 0 |
Recorded Investment Post Modification | $ 28,234 | $ 0 |
Parking | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment Pre-Modification | $ 9,730 | $ 0 |
Recorded Investment Post Modification | $ 9,730 | $ 0 |
Storage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment Pre-Modification | $ 8,937 | $ 0 |
Recorded Investment Post Modification | $ 8,937 | $ 0 |
Mortgage Loans - Allowance for
Mortgage Loans - Allowance for Credit Losses for Mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (125,703) | |
Ending balance | (126,588) | |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (125,703) | $ (19,160) |
Provision | (885) | (29,069) |
Ending balance | $ (126,588) | (59,445) |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ (11,216) |
Mortgage Loans - Allowance fo_2
Mortgage Loans - Allowance for Credit Losses For Mortgage Loans by Property Type (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | $ 5,267,682 | $ 5,368,234 |
Allowance for credit losses | (126,588) | (125,703) |
Apartment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 552,091 | 557,159 |
Allowance for credit losses | (6,195) | (8,845) |
Hotel | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 893,359 | 913,995 |
Allowance for credit losses | (53,075) | (45,596) |
Industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 836,362 | 856,203 |
Allowance for credit losses | (3,337) | (2,516) |
Office | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 1,543,810 | 1,556,231 |
Allowance for credit losses | (25,753) | (33,373) |
Retail | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 363,737 | 364,287 |
Allowance for credit losses | (21,583) | (18,178) |
Parking | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 783,396 | 791,677 |
Allowance for credit losses | (12,725) | (10,856) |
Storage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 152,488 | 165,561 |
Allowance for credit losses | (1,697) | (2,509) |
Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Amount | 142,439 | 163,121 |
Allowance for credit losses | $ (2,223) | $ (3,830) |
Mortgage Loans - Credit Quality
Mortgage Loans - Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 45,564 | |
2020 | 472,975 | |
2019 | 639,042 | |
2018 | 804,167 | |
2017 | 876,167 | |
Prior | 2,429,767 | |
Total | 5,267,682 | |
Allowance for credit losses | (126,588) | $ (125,703) |
Total, net of allowance | 5,141,094 | |
Apartment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 48,092 | |
2019 | 218,763 | |
2018 | 48,323 | |
2017 | 160,068 | |
Prior | 76,845 | |
Total | 552,091 | |
Allowance for credit losses | (6,195) | (8,845) |
Hotel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 20,415 | |
2019 | 69,492 | |
2018 | 204,080 | |
2017 | 219,713 | |
Prior | 379,659 | |
Total | 893,359 | |
Allowance for credit losses | (53,075) | (45,596) |
Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 40,891 | |
2020 | 251,592 | |
2019 | 157,235 | |
2018 | 114,493 | |
2017 | 46,912 | |
Prior | 225,239 | |
Total | 836,362 | |
Allowance for credit losses | (3,337) | (2,516) |
Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,111 | |
2020 | 31,803 | |
2019 | 60,469 | |
2018 | 199,646 | |
2017 | 341,820 | |
Prior | 907,961 | |
Total | 1,543,810 | |
Allowance for credit losses | (25,753) | (33,373) |
Parking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 28,672 | |
2019 | 13,795 | |
2018 | 27,153 | |
2017 | 8,600 | |
Prior | 285,517 | |
Total | 363,737 | |
Allowance for credit losses | (12,725) | (10,856) |
Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,562 | |
2020 | 69,245 | |
2019 | 38,942 | |
2018 | 96,819 | |
2017 | 79,723 | |
Prior | 496,105 | |
Total | 783,396 | |
Allowance for credit losses | (21,583) | (18,178) |
Storage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 23,156 | |
2019 | 58,734 | |
2018 | 44,566 | |
2017 | 17,095 | |
Prior | 8,937 | |
Total | 152,488 | |
Allowance for credit losses | (1,697) | (2,509) |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 21,612 | |
2018 | 69,087 | |
2017 | 2,236 | |
Prior | 49,504 | |
Total | 142,439 | |
Allowance for credit losses | $ (2,223) | $ (3,830) |
Real Estate and Other Investm_3
Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real estate and real estate partnerships - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property Type Concentration Risk | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 938,189 | $ 960,572 |
Percentage | 100.00% | 100.00% |
Property Type Concentration Risk | Hotel | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 61,415 | $ 67,857 |
Percentage | 6.60% | 7.10% |
Property Type Concentration Risk | Industrial | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 119,122 | $ 132,757 |
Percentage | 12.70% | 13.80% |
Property Type Concentration Risk | Land | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 49,725 | $ 51,220 |
Percentage | 5.30% | 5.30% |
Property Type Concentration Risk | Office | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 297,756 | $ 299,500 |
Percentage | 31.70% | 31.20% |
Property Type Concentration Risk | Retail | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 268,224 | $ 268,588 |
Percentage | 28.60% | 28.00% |
Property Type Concentration Risk | Apartment | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 123,275 | $ 120,847 |
Percentage | 13.10% | 12.60% |
Property Type Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 18,672 | $ 19,803 |
Percentage | 2.00% | 2.00% |
Geographic Distribution | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 938,189 | $ 960,572 |
Percentage | 100.00% | 100.00% |
Geographic Distribution | East North Central | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 96,423 | $ 81,310 |
Percentage | 10.30% | 8.50% |
Geographic Distribution | East South Central | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 62,708 | $ 65,302 |
Percentage | 6.70% | 6.80% |
Geographic Distribution | Mountain | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 134,988 | $ 133,233 |
Percentage | 14.40% | 13.90% |
Geographic Distribution | Pacific | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 113,026 | $ 127,421 |
Percentage | 12.00% | 13.30% |
Geographic Distribution | South Atlantic | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 90,755 | $ 97,801 |
Percentage | 9.70% | 10.10% |
Geographic Distribution | West South Central | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 430,015 | $ 434,722 |
Percentage | 45.80% | 45.30% |
Geographic Distribution | Other | ||
Concentration Risk [Line Items] | ||
Real estate investments | $ 10,274 | $ 20,783 |
Percentage | 1.10% | 2.10% |
Real Estate and Other Investm_4
Real Estate and Other Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)investment | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Number of real estate investment held for sale | investment | 0 | |
Maximum amount of investment in long-term notes payable | $ 2,900 | $ 3,000 |
Investment funds | $ 523,225 | $ 477,135 |
Maximum | Investments In Joint Ventures | ||
Debt Instrument [Line Items] | ||
Percent of fair value | 20.00% | |
Maximum | Investments In Joint Ventures | Assets Held | ||
Debt Instrument [Line Items] | ||
Percent of fair value | 10.00% | |
Maximum | Investments In Joint Ventures | Total Assets | ||
Debt Instrument [Line Items] | ||
Percent of fair value | 3.00% |
Real Estate and Other Investm_5
Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Real estate and real estate partnerships | $ 938,189 | $ 960,572 |
Cash and cash equivalents | 459,087 | 339,947 |
Premiums due and other receivables | 373,136 | 351,972 |
Other assets | 162,701 | 155,600 |
Total assets | 29,849,821 | 29,467,815 |
Notes payable | 152,607 | 153,703 |
Other liabilities | 407,377 | 335,219 |
Total liabilities | 23,338,342 | 23,002,248 |
VIE, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate and real estate partnerships | 130,448 | 131,405 |
Short-term investments | 500 | 500 |
Cash and cash equivalents | 6,925 | 8,070 |
Premiums due and other receivables | 3,563 | 3,484 |
Other assets | 14,128 | 13,796 |
Total assets | 155,564 | 157,255 |
Notes payable | 152,607 | 153,703 |
Other liabilities | 8,935 | 8,490 |
Total liabilities | $ 161,542 | $ 162,193 |
Real Estate and Other Investm_6
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 152,607 | $ 153,703 |
VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | 152,607 | 153,703 |
Long Term Notes Payable Due 2022 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 77,759 | 78,565 |
Interest rate on long-term notes | 4.00% | |
Long Term Notes Payable Due 2024 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 64,029 | 64,319 |
Interest rate on long-term notes | 4.18% | |
LIBOR | Long Term Notes Payable Due 2021 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 10,819 | $ 10,819 |
Basis spread on variable rate | LIBOR |
Real Estate and Other Investm_7
Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Mortgage loans on real estate | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 691,488 | $ 722,917 |
Maximum Exposure to Loss | 691,488 | 722,917 |
Real estate and real estate partnerships | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 349,073 | 368,588 |
Maximum Exposure to Loss | 349,073 | 368,588 |
Accrued investment income | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 4,692 | 4,980 |
Maximum Exposure to Loss | $ 4,692 | $ 4,980 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments $ in Thousands | Mar. 31, 2021USD ($)derivative | Dec. 31, 2020USD ($)derivative |
Equity-indexed options | Other invested assets | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | derivative | 452 | 455 |
Notional Amount, assets | $ 3,013,400 | $ 2,867,600 |
Estimated Fair Value, assets | $ 253,363 | $ 242,201 |
Equity-indexed embedded derivative | Policyholders’ account balances | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | derivative | 115,235 | 112,103 |
Notional Amount, liabilities | $ 2,909,609 | $ 2,748,540 |
Estimated Fair Value, liabilities | $ 740,514 | $ 705,013 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net investment income | Equity-indexed options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Income on Derivatives | $ 28,827 | $ (108,095) |
Interest credited to policyholders’ account balances | Equity-indexed embedded derivative | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Recognized in Income on Derivatives | $ (26,689) | $ 89,581 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Options Fair Value | $ 253,363 | $ 242,201 |
Collateral Held | 251,949 | 241,479 |
Collateral Amounts used to Offset Exposure | 251,485 | 238,349 |
Excess Collateral | 464 | 3,130 |
Exposure Net of Collateral | 1,878 | 3,852 |
Barclays | Moody's, Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 54,613 | 51,489 |
Collateral Held | 54,663 | 49,613 |
Collateral Amounts used to Offset Exposure | 54,613 | 49,613 |
Excess Collateral | 50 | 0 |
Exposure Net of Collateral | 0 | 1,876 |
Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 13,416 | 9,447 |
Collateral Held | 12,580 | 8,680 |
Collateral Amounts used to Offset Exposure | 12,580 | 8,680 |
Excess Collateral | 0 | 0 |
Exposure Net of Collateral | 836 | 767 |
Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 1,285 | |
Collateral Held | 1,170 | |
Collateral Amounts used to Offset Exposure | 1,170 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 115 | |
Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 1,227 | |
Collateral Held | 1,170 | |
Collateral Amounts used to Offset Exposure | 1,170 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 57 | |
ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 19,568 | 20,606 |
Collateral Held | 19,520 | 20,750 |
Collateral Amounts used to Offset Exposure | 19,520 | 20,606 |
Excess Collateral | 0 | 144 |
Exposure Net of Collateral | 48 | 0 |
Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 37,406 | |
Collateral Held | 36,316 | |
Collateral Amounts used to Offset Exposure | 36,316 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 1,090 | |
Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 50,800 | |
Collateral Held | 50,226 | |
Collateral Amounts used to Offset Exposure | 50,226 | |
Excess Collateral | 0 | |
Exposure Net of Collateral | 574 | |
NATIXIS | Moody's, A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 29,198 | 30,567 |
Collateral Held | 29,500 | 30,720 |
Collateral Amounts used to Offset Exposure | 29,198 | 30,567 |
Excess Collateral | 302 | 153 |
Exposure Net of Collateral | 0 | 0 |
Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 44,698 | 52,127 |
Collateral Held | 44,810 | 54,960 |
Collateral Amounts used to Offset Exposure | 44,698 | 52,127 |
Excess Collateral | 112 | 2,833 |
Exposure Net of Collateral | 0 | 0 |
Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 39,785 | 39,332 |
Collateral Held | 39,480 | 39,270 |
Collateral Amounts used to Offset Exposure | 39,480 | 39,270 |
Excess Collateral | 0 | 0 |
Exposure Net of Collateral | 305 | 62 |
Collateral Held in Cash | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 196,949 | 186,479 |
Collateral Held in Cash | Barclays | Moody's, Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 36,563 | 31,513 |
Collateral Held in Cash | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 12,580 | 8,680 |
Collateral Held in Cash | Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 1,170 | |
Collateral Held in Cash | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 1,170 | |
Collateral Held in Cash | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 9,220 | 10,450 |
Collateral Held in Cash | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 30,616 | |
Collateral Held in Cash | Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 44,526 | |
Collateral Held in Cash | NATIXIS | Moody's, A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 29,500 | 30,720 |
Collateral Held in Cash | Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 33,810 | 43,960 |
Collateral Held in Cash | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 29,580 | 29,370 |
Collateral Held in Invested Assets | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 55,000 | 55,000 |
Collateral Held in Invested Assets | Barclays | Moody's, Baa2 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 18,100 | 18,100 |
Collateral Held in Invested Assets | Credit Suisse | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | 0 |
Collateral Held in Invested Assets | Goldman-Sachs | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | |
Collateral Held in Invested Assets | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 10,300 | 10,300 |
Collateral Held in Invested Assets | Morgan Stanley | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 5,700 | |
Collateral Held in Invested Assets | Morgan Stanley | Moody's, A1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 5,700 | |
Collateral Held in Invested Assets | NATIXIS | Moody's, A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 0 | 0 |
Collateral Held in Invested Assets | Truist | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | 11,000 | 11,000 |
Collateral Held in Invested Assets | Wells Fargo | Moody A2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral Held | $ 9,900 | $ 9,900 |
Net Investment Income and Rea_3
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Investment Income [Line Items] | ||
Net investment income (loss) | $ 269,981 | $ 130,991 |
Bonds | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 130,497 | 146,119 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 7,493 | 7,847 |
Mortgage loans | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 70,866 | 59,328 |
Real estate and real estate partnerships | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 3,485 | 12,487 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 21,356 | 4,933 |
Other invested assets | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | 7,457 | 8,372 |
Equity-indexed options | ||
Net Investment Income [Line Items] | ||
Net investment income (loss) | $ 28,827 | $ (108,095) |
Net Investment Income and Rea_4
Net Investment Income and Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | $ 19,239 | $ 4,148 |
Sales | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | 12,898 | (3,618) |
Calls and maturities | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | 7,260 | 9,120 |
Paydowns | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | 439 | 19 |
Impairments | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | (1,265) | (1,276) |
Other | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | (93) | (97) |
Bonds | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | 7,699 | 5,478 |
Real estate and real estate partnerships | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | 11,193 | (1,307) |
Other invested assets | ||
Gain (Loss) on Investments [Line Items] | ||
Realized investment gains (losses) | $ 347 | $ (23) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Fixed maturity, bonds held-to-maturity | $ 7,908,767 | $ 7,983,181 |
Fixed maturity, bonds available-for-sale | 7,397,792 | 7,597,180 |
Equity securities | 2,164,146 | 2,070,766 |
Policy loans | 369,525 | 373,014 |
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Financial liabilities | ||
Federal Home Loan Bank advance | 250,000 | 250,000 |
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Financial assets | ||
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,175,689 | 1,153,702 |
Financial liabilities | ||
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,175,689 | 1,153,702 |
Carrying Amount | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,475,862 | 7,354,970 |
Fixed maturity, bonds available-for-sale | 7,397,792 | 7,597,180 |
Equity securities | 2,164,146 | 2,070,766 |
Equity-indexed options, included in other invested assets | 253,363 | 242,201 |
Mortgage loans on real estate, net of allowance | 5,141,094 | 5,242,531 |
Policy loans | 369,525 | 373,014 |
Short-term investments | 1,212,342 | 1,028,379 |
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Separately managed accounts, included in other invested assets | 66,981 | 64,424 |
Total financial assets | 25,288,859 | 25,158,932 |
Financial liabilities | ||
Investment contracts | 10,235,015 | 10,101,764 |
Embedded derivative liability for equity-indexed contracts | 740,514 | 705,013 |
Notes payable | 152,607 | 153,703 |
Federal Home Loan Bank advance | 250,000 | 250,000 |
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Total financial liabilities | 12,585,890 | 12,395,947 |
Fair Value | ||
Financial assets | ||
Fixed maturity, bonds held-to-maturity | 7,908,767 | 7,983,181 |
Fixed maturity, bonds available-for-sale | 7,397,792 | 7,597,180 |
Equity securities | 2,164,146 | 2,070,766 |
Equity-indexed options, included in other invested assets | 253,363 | 242,201 |
Mortgage loans on real estate, net of allowance | 5,264,896 | 5,451,152 |
Policy loans | 369,525 | 373,014 |
Short-term investments | 1,212,342 | 1,028,379 |
Separate account assets ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Separately managed accounts, included in other invested assets | 66,981 | 64,424 |
Total financial assets | 25,845,566 | 25,995,764 |
Financial liabilities | ||
Investment contracts | 10,235,015 | 10,101,764 |
Embedded derivative liability for equity-indexed contracts | 740,514 | 705,013 |
Notes payable | 152,607 | 153,703 |
Federal Home Loan Bank advance | 250,070 | 250,227 |
Separate account liabilities ($1,175,689 and $1,153,702 included in fair value hierarchy) | 1,207,754 | 1,185,467 |
Total financial liabilities | $ 12,585,960 | $ 12,396,174 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized gain (losses) relating to assets still held and included in net investment income | $ 7.9 | $ 127.2 | |
Price Volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity volatility (as percent) | 0.150 | 0.176 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Level 3 - Policyholder Contract Deposits - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 704,400,000 | $ 670,800,000 |
Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 36,100,000 | $ 34,200,000 |
Minimum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 1.00% | 1.00% |
Unobservable input, equity volatility | 15.00% | 16.00% |
Minimum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 15.00% | 16.00% |
Maximum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 50.00% | 50.00% |
Unobservable input, mortality multiplier | 100.00% | 100.00% |
Unobservable input, equity volatility | 62.00% | 69.00% |
Maximum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 62.00% | 69.00% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Available-for-sale securities, fair value | $ 7,397,792 | $ 7,597,180 |
Equity securities | 2,164,146 | 2,070,766 |
Separate account assets | 1,207,754 | 1,185,467 |
Carrying Amount | 7,494,716 | 7,367,412 |
Fixed maturity, bonds held-to-maturity | 7,908,767 | 7,983,181 |
Mortgage loans on real estate, net of allowance | 5,141,094 | |
Policy loans | 369,525 | 373,014 |
Total financial assets | 29,849,821 | 29,467,815 |
Financial liabilities | ||
Separate account liabilities | 1,207,754 | 1,185,467 |
Notes payable | 152,607 | 153,703 |
Federal Home Loan Bank advance | 250,000 | 250,000 |
Total financial liabilities | 23,338,342 | 23,002,248 |
U.S. treasury and government | ||
Financial assets | ||
Available-for-sale securities, fair value | 25,353 | 29,183 |
Carrying Amount | 11,478 | 7,733 |
Fixed maturity, bonds held-to-maturity | 11,297 | 7,744 |
U.S. states and political subdivisions | ||
Financial assets | ||
Available-for-sale securities, fair value | 1,108,536 | 1,140,458 |
Carrying Amount | 114,154 | 109,445 |
Fixed maturity, bonds held-to-maturity | 113,671 | 113,535 |
Foreign governments | ||
Financial assets | ||
Available-for-sale securities, fair value | 16,181 | 16,388 |
Carrying Amount | 14,468 | 3,851 |
Fixed maturity, bonds held-to-maturity | 14,485 | 4,225 |
Corporate debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 6,163,651 | 6,334,479 |
Carrying Amount | 7,128,893 | 6,992,095 |
Fixed maturity, bonds held-to-maturity | 7,540,397 | 7,598,736 |
Residential mortgage-backed securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 19,517 | 21,291 |
Carrying Amount | 81,778 | 114,579 |
Fixed maturity, bonds held-to-maturity | 84,946 | 117,728 |
Collateralized debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 64,554 | 55,381 |
Carrying Amount | 143,945 | 139,709 |
Fixed maturity, bonds held-to-maturity | 143,971 | 141,213 |
Recurring | ||
Financial assets | ||
Available-for-sale securities, fair value | 7,397,792 | 7,597,180 |
Equity securities | 2,164,146 | 2,070,766 |
Equity-indexed options, included in other invested assets | 253,363 | 242,201 |
Short-term investments | 1,212,342 | 1,028,379 |
Separate account assets | 1,175,689 | 1,153,702 |
Separately managed accounts, included in other invested assets | 66,981 | 64,424 |
Total financial assets | 12,270,313 | 12,156,652 |
Financial liabilities | ||
Embedded derivative for equity-indexed contracts | 740,514 | 705,013 |
Separate account liabilities | 1,175,689 | 1,153,702 |
Notes payable | 152,607 | 153,703 |
Total financial liabilities | 2,068,810 | 2,012,418 |
Recurring | Common stock | ||
Financial assets | ||
Equity securities | 2,148,131 | 2,055,229 |
Recurring | Preferred stock | ||
Financial assets | ||
Equity securities | 16,015 | 15,537 |
Recurring | U.S. treasury and government | ||
Financial assets | ||
Available-for-sale securities, fair value | 25,353 | 29,183 |
Recurring | U.S. states and political subdivisions | ||
Financial assets | ||
Available-for-sale securities, fair value | 1,108,536 | 1,140,458 |
Recurring | Foreign governments | ||
Financial assets | ||
Available-for-sale securities, fair value | 16,181 | 16,388 |
Recurring | Corporate debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 6,163,651 | 6,334,479 |
Recurring | Residential mortgage-backed securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 19,517 | 21,291 |
Recurring | Collateralized debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 64,554 | 55,381 |
Recurring | Level 1 | ||
Financial assets | ||
Available-for-sale securities, fair value | 25,353 | 0 |
Equity securities | 2,161,737 | 2,069,698 |
Equity-indexed options, included in other invested assets | 0 | 0 |
Short-term investments | 0 | 0 |
Separate account assets | 324,269 | 309,425 |
Separately managed accounts, included in other invested assets | 0 | 0 |
Total financial assets | 2,511,359 | 2,379,123 |
Financial liabilities | ||
Embedded derivative for equity-indexed contracts | 0 | 0 |
Separate account liabilities | 324,269 | 309,425 |
Notes payable | 0 | 0 |
Total financial liabilities | 324,269 | 309,425 |
Recurring | Level 1 | Common stock | ||
Financial assets | ||
Equity securities | 2,147,001 | 2,054,789 |
Recurring | Level 1 | Preferred stock | ||
Financial assets | ||
Equity securities | 14,736 | 14,909 |
Recurring | Level 1 | U.S. treasury and government | ||
Financial assets | ||
Available-for-sale securities, fair value | 25,353 | 0 |
Recurring | Level 1 | U.S. states and political subdivisions | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 1 | Foreign governments | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 1 | Corporate debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 1 | Residential mortgage-backed securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 1 | Collateralized debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 2 | ||
Financial assets | ||
Available-for-sale securities, fair value | 7,246,362 | 7,486,743 |
Equity securities | 0 | 0 |
Equity-indexed options, included in other invested assets | 0 | 0 |
Short-term investments | 1,212,342 | 1,028,379 |
Separate account assets | 851,420 | 844,277 |
Separately managed accounts, included in other invested assets | 0 | 0 |
Total financial assets | 9,310,124 | 9,359,399 |
Financial liabilities | ||
Embedded derivative for equity-indexed contracts | 0 | 0 |
Separate account liabilities | 851,420 | 844,277 |
Notes payable | 0 | 0 |
Total financial liabilities | 851,420 | 844,277 |
Recurring | Level 2 | Common stock | ||
Financial assets | ||
Equity securities | 0 | 0 |
Recurring | Level 2 | Preferred stock | ||
Financial assets | ||
Equity securities | 0 | 0 |
Recurring | Level 2 | U.S. treasury and government | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 29,183 |
Recurring | Level 2 | U.S. states and political subdivisions | ||
Financial assets | ||
Available-for-sale securities, fair value | 1,108,536 | 1,140,458 |
Recurring | Level 2 | Foreign governments | ||
Financial assets | ||
Available-for-sale securities, fair value | 16,181 | 16,388 |
Recurring | Level 2 | Corporate debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 6,037,574 | 6,224,042 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 19,517 | 21,291 |
Recurring | Level 2 | Collateralized debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 64,554 | 55,381 |
Recurring | Level 3 | ||
Financial assets | ||
Available-for-sale securities, fair value | 126,077 | 110,437 |
Equity securities | 2,409 | 1,068 |
Equity-indexed options, included in other invested assets | 253,363 | 242,201 |
Short-term investments | 0 | 0 |
Separate account assets | 0 | 0 |
Separately managed accounts, included in other invested assets | 66,981 | 64,424 |
Total financial assets | 448,830 | 418,130 |
Financial liabilities | ||
Embedded derivative for equity-indexed contracts | 740,514 | 705,013 |
Separate account liabilities | 0 | 0 |
Notes payable | 152,607 | 153,703 |
Total financial liabilities | 893,121 | 858,716 |
Recurring | Level 3 | Common stock | ||
Financial assets | ||
Equity securities | 1,130 | 440 |
Recurring | Level 3 | Preferred stock | ||
Financial assets | ||
Equity securities | 1,279 | 628 |
Recurring | Level 3 | U.S. treasury and government | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 3 | U.S. states and political subdivisions | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 3 | Foreign governments | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 3 | Corporate debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 126,077 | 110,437 |
Recurring | Level 3 | Residential mortgage-backed securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Recurring | Level 3 | Collateralized debt securities | ||
Financial assets | ||
Available-for-sale securities, fair value | 0 | 0 |
Nonrecurring | ||
Financial assets | ||
Carrying Amount | 7,475,862 | 7,354,970 |
Fixed maturity, bonds held-to-maturity | 7,908,767 | 7,983,181 |
Total financial assets | 12,986,481 | 12,970,515 |
Total financial assets | 13,543,188 | 13,807,347 |
Financial liabilities | ||
Total financial liabilities | 10,637,622 | 10,505,467 |
Total financial liabilities | 10,637,692 | 10,505,694 |
Nonrecurring | Level 1 | U.S. treasury and government | ||
Financial assets | ||
Carrying Amount | 11,478 | 7,732 |
Fixed maturity, bonds held-to-maturity | 11,297 | 7,744 |
Nonrecurring | Level 2 | ||
Financial liabilities | ||
Federal Home Loan Bank advance | 250,000 | 250,000 |
Federal Home Loan Bank advance | 250,070 | 250,227 |
Nonrecurring | Level 2 | U.S. states and political subdivisions | ||
Financial assets | ||
Carrying Amount | 114,154 | 109,445 |
Fixed maturity, bonds held-to-maturity | 113,671 | 113,535 |
Nonrecurring | Level 2 | Foreign governments | ||
Financial assets | ||
Carrying Amount | 14,468 | 3,851 |
Fixed maturity, bonds held-to-maturity | 14,485 | 4,225 |
Nonrecurring | Level 2 | Corporate debt securities | ||
Financial assets | ||
Carrying Amount | 7,117,100 | 6,981,597 |
Fixed maturity, bonds held-to-maturity | 7,540,397 | 7,595,712 |
Nonrecurring | Level 2 | Residential mortgage-backed securities | ||
Financial assets | ||
Carrying Amount | 81,236 | 114,127 |
Fixed maturity, bonds held-to-maturity | 84,946 | 117,728 |
Nonrecurring | Level 2 | Collateralized debt securities | ||
Financial assets | ||
Carrying Amount | 137,426 | 135,194 |
Fixed maturity, bonds held-to-maturity | 143,971 | 141,213 |
Nonrecurring | Level 3 | ||
Financial assets | ||
Mortgage loans on real estate, net of allowance | 5,141,094 | 5,242,531 |
Mortgage loans on real estate, net of allowance | 5,264,896 | 5,451,152 |
Policy loans | 369,525 | 373,014 |
Policy loans | 369,525 | 373,014 |
Financial liabilities | ||
Investment contracts | 10,235,015 | 10,101,764 |
Investment contracts | 10,235,015 | 10,101,764 |
Notes payable | 152,607 | 153,703 |
Notes payable | $ 152,607 | 153,703 |
Nonrecurring | Level 3 | Corporate debt securities | ||
Financial assets | ||
Carrying Amount | 3,024 | |
Fixed maturity, bonds held-to-maturity | $ 3,024 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Embedded Derivative | ||
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward] | ||
Beginning balance | $ 705,013 | $ 731,552 |
Net gain for derivatives included in net investment income | 0 | 0 |
Net change included in interest credited | 26,689 | (89,581) |
Net fair value change included in other comprehensive income | 0 | 0 |
Purchases, sales and settlements or maturities | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements or maturities | 0 | 0 |
Premiums less benefits | 8,812 | (11,019) |
Ending balance | 740,514 | 630,952 |
Investment Securities | ||
Fair Value, Assets Measured on Recurring Basis [Roll Forward] | ||
Beginning balance | 111,505 | 45,307 |
Net gain for derivatives included in net investment income | 0 | 0 |
Net change included in interest credited | 0 | 0 |
Net fair value change included in other comprehensive income | 1,178 | 0 |
Purchases, sales and settlements or maturities | ||
Purchases | 27,453 | 22,702 |
Sales | (11,650) | (14,156) |
Settlements or maturities | 0 | 0 |
Premiums less benefits | 0 | 0 |
Ending balance | 128,486 | 53,853 |
Equity-Indexed Options | ||
Fair Value, Assets Measured on Recurring Basis [Roll Forward] | ||
Beginning balance | 242,201 | 256,005 |
Net gain for derivatives included in net investment income | 28,827 | (108,095) |
Net change included in interest credited | 0 | 0 |
Net fair value change included in other comprehensive income | 0 | 0 |
Purchases, sales and settlements or maturities | ||
Purchases | 20,147 | 14,164 |
Sales | 0 | 0 |
Settlements or maturities | (37,812) | (36,086) |
Premiums less benefits | 0 | 0 |
Ending balance | 253,363 | 125,988 |
Separately Managed Accounts | ||
Fair Value, Assets Measured on Recurring Basis [Roll Forward] | ||
Beginning balance | 64,424 | 50,503 |
Net gain for derivatives included in net investment income | 0 | 0 |
Net change included in interest credited | 0 | 0 |
Net fair value change included in other comprehensive income | 594 | 80 |
Purchases, sales and settlements or maturities | ||
Purchases | 10,072 | 0 |
Sales | (8,109) | 0 |
Settlements or maturities | 0 | 0 |
Premiums less benefits | 0 | 0 |
Ending balance | $ 66,981 | $ 50,583 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Deferred Policy Acquisition Costs [Roll Forward] | |
Beginning balance | $ 1,360,211 |
Additions | 156,172 |
Amortization | (128,053) |
Effect of change in unrealized gains on available-for-sale debt securities | 33,570 |
Net change | 61,689 |
Ending balance | 1,421,900 |
Life | |
Deferred Policy Acquisition Costs [Roll Forward] | |
Beginning balance | 896,208 |
Additions | 43,256 |
Amortization | (28,787) |
Effect of change in unrealized gains on available-for-sale debt securities | 8,915 |
Net change | 23,384 |
Ending balance | 919,592 |
Annuity | |
Deferred Policy Acquisition Costs [Roll Forward] | |
Beginning balance | 309,056 |
Additions | 23,488 |
Amortization | (12,417) |
Effect of change in unrealized gains on available-for-sale debt securities | 24,655 |
Net change | 35,726 |
Ending balance | 344,782 |
Health | |
Deferred Policy Acquisition Costs [Roll Forward] | |
Beginning balance | 32,885 |
Additions | 2,849 |
Amortization | (3,703) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 |
Net change | (854) |
Ending balance | 32,031 |
Property & Casualty | |
Deferred Policy Acquisition Costs [Roll Forward] | |
Beginning balance | 122,062 |
Additions | 86,579 |
Amortization | (83,146) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 |
Net change | 3,433 |
Ending balance | $ 125,495 |
Liability for Unpaid Claims a_3
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | $ 1,575,288 | |
Paid claims related to | ||
Unpaid claims balance, ending | 1,637,130 | |
Property and Casualty Accident and Health | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net | ||
Unpaid claims balance, beginning | 1,373,600 | $ 1,322,837 |
Less: Reinsurance recoverables | 262,471 | 246,447 |
Net beginning balance | 1,111,129 | 1,076,390 |
Incurred related to | ||
Current | 300,176 | 260,025 |
Prior years | (31,127) | 4,172 |
Total incurred claims | 269,049 | 264,197 |
Paid claims related to | ||
Current | 99,857 | 95,635 |
Prior years | 160,716 | 174,986 |
Total paid claims | 260,573 | 270,621 |
Net balance | 1,119,605 | 1,069,966 |
Plus: Reinsurance recoverables | 239,160 | 244,230 |
Unpaid claims balance, ending | $ 1,358,765 | $ 1,314,196 |
Liability for Unpaid Claims a_4
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Insurance [Abstract] | |||
Description of increase (decrease) in claims and claim adjustment expenses | The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. | ||
Decrease in claims and claim adjustments expenses amount | $ (31.1) | $ 4.2 | |
Short-duration health insurance claims | $ 22.2 | $ 20.5 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Total expected income tax expense at the statutory rate | $ 44,625 | $ (59,396) |
Tax-exempt investment income | (1,172) | (1,027) |
Dividend exclusion | (813) | (862) |
Tax credits, net | (1,618) | (2,395) |
Low income housing tax credit expense | 1,513 | 1,774 |
Change in valuation allowance | 29 | 112 |
Other items, net | 607 | 126 |
Provision for federal income taxes | $ 43,171 | $ (61,668) |
Total expected income tax expense at the statutory rate, percentage | 21.00% | 21.00% |
Tax-exempt investment income, percentage | (0.60%) | 0.40% |
Dividend exclusion, percentage | (0.40%) | 0.30% |
Miscellaneous tax credits, net, percentage | (0.80%) | 0.80% |
Low income housing tax credit expense, percentage | 0.70% | (0.60%) |
Change in valuation allowance, percentage | 0.00% | 0.00% |
Other items, net, percentage | 0.40% | (0.10%) |
Provision for federal income tax before interest expense, percentage | 20.30% | 21.80% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of the period | $ 6,465,567 | $ 5,995,763 |
Amounts reclassified from AOCI, net of tax expense (benefit) | 256 | 11,362 |
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | (132,644) | (201,385) |
Unrealized adjustment to DAC, net of tax expense (benefit) | 26,519 | 70,567 |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit) | 3,414 | 8,809 |
Foreign currency adjustment, net of tax benefit | 244 | (924) |
Balance at end of the period | 6,511,479 | 5,607,089 |
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | 944 | |
Amounts reclassified from AOCI, pension tax expense (benefit) | 1,013 | |
Unrealized holding gains (losses) arising during the period, tax expense | 35,260 | |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 7,050 | |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit) | 908 | |
Foreign currency adjustment, tax expense (benefit) | 65 | |
Net Unrealized Gains (Losses) on Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of the period | 292,166 | 157,851 |
Amounts reclassified from AOCI, net of tax expense (benefit) | (3,553) | 9,606 |
Unrealized holding gains (losses) arising during the period, net of tax expense (benefit) | (132,644) | (201,385) |
Unrealized adjustment to DAC, net of tax expense (benefit) | 26,519 | 70,567 |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, net of tax expense (benefit) | 3,414 | 8,809 |
Balance at end of the period | 185,902 | 45,448 |
Defined Benefit Pension Plan Adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of the period | (67,130) | (55,232) |
Amounts reclassified from AOCI, net of tax expense (benefit) | 3,809 | 1,756 |
Balance at end of the period | (63,321) | (53,476) |
Foreign Currency Adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of the period | (2,866) | (3,101) |
Foreign currency adjustment, net of tax benefit | 244 | (924) |
Balance at end of the period | (2,622) | (4,025) |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of the period | 222,170 | 99,518 |
Balance at end of the period | $ 119,959 | (12,053) |
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | 2,554 | |
Amounts reclassified from AOCI, pension tax expense (benefit) | 467 | |
Unrealized holding gains (losses) arising during the period, tax expense | 53,533 | |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 18,759 | |
Unrealized gains (losses) on investments attributable to participating policyholders' interest, tax expense (benefit) | 2,342 | |
Foreign currency adjustment, tax expense (benefit) | $ 246 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||||
Risk based capital action level percentage | 200.00% | |||||
Cash dividends to common stockholders (in usd per share) | $ 0.82 | $ 0.82 | $ 0.82 | $ 0.82 | ||
Description of regulatory capital requirement | The amount of dividends paid by our insurance company subsidiaries is restricted by insurance law. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the insurance commissioner of the relevant state of domicile. For example, restrictions applicable to Texas-domiciled life insurance companies like ANICO limit the payment of dividends to the greater of the prior year’s statutory net income from operations, or 10% of prior year statutory surplus, in each case determined in accordance with statutory accounting principles. | |||||
ANAT Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, par value (in usd per share) | $ 0.01 | |||||
Scenario, Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Statutory amount available for dividend payments without regulatory approval | $ 363.9 | |||||
Parent Company | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Statutory capital and surplus | $ 3,700 | $ 3,600 | ||||
ANPAC Louisiana Insurance Company | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Risk based capital action level percentage | 179.00% | 194.00% | ||||
Statutory capital and surplus | $ 63.5 | $ 68.5 | ||||
Subsidiaries | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Noncontrolling equity | $ 0.5 | $ (0.9) | ||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Risk based capital action level percentage | 200.00% | 200.00% | ||||
Insurance Subsidiary | Missouri | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Statutory accounting practices permitted practice amount | $ 65.3 | $ 75.3 | ||||
County Mutual | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Noncontrolling equity | $ 6.8 | $ 6.8 | ||||
SAR | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Expiration of vesting period | 5 years | |||||
SAR | Share-based Compensation Award, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rate per year | 20.00% | |||||
RS Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 10 years | |||||
Lapse restrictions on restricted stock awards | 10 years | |||||
Shares granted (in shares) | 350,334 | |||||
Exercise price of Restricted shares granted (in usd per share) | $ 0 | |||||
Number of shares unvested (in shares) | 10,000 | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 0 | 8,250 | 8,250 | |||
Vesting period description | RSU awards to our directors and advisory directors are settled in cash based upon the market price of our common stock after one-year or earlier upon death, disability or retirement from service after age 65. | |||||
RSUs | Graded Vesting | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common Stock | ||
Common stock, shares issued (in shares) | 26,887,200 | 26,887,200 |
Restricted shares (in shares) | (10,000) | (10,000) |
Unrestricted outstanding shares (in shares) | 26,877,200 | 26,877,200 |
Stockholders' Equity and Nonc_5
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Expired (in shares) | 0 | |||
Weighted-Average Grant Date Fair Value, Expired (in dollars per share) | $ 0 | |||
SAR | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Weighted-average contractual remaining life (in years) | 0 years | |||
Exercisable shares (in shares) | 0 | |||
Weighted-average exercise price (in dollars per share) | $ 0 | |||
Weighted-average exercise price exercisable shares (in dollars per share) | $ 0 | |||
Compensation expense (credit) | $ 0 | $ (1) | ||
Fair value of liability award | $ 0 | $ 0 | ||
RS Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 10,000 | |||
Weighted-Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 80.05 | |||
Ending balance (in shares) | 10,000 | 10,000 | ||
Weighted-Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 80.05 | $ 80.05 | ||
Weighted-average contractual remaining life (in years) | 1 year 11 months 1 day | |||
Weighted-average exercise price (in dollars per share) | $ 80.05 | |||
Compensation expense (credit) | $ 20 | 20 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Beginning balance (in shares) | 8,250 | |||
Weighted-Average Grant Date Fair Value, Beginning balance (in dollars per share) | $ 75.35 | |||
Granted (in shares) | 0 | 8,250 | 8,250 | |
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ 0 | |||
Exercised (in shares) | 0 | |||
Weighted-Average Grant Date Fair Value, Exercised (in dollars per share) | $ 0 | |||
Ending balance (in shares) | 8,250 | 8,250 | ||
Weighted-Average Grant Date Fair Value, Ending balance (in dollars per share) | $ 75.35 | $ 75.35 | ||
Weighted-average contractual remaining life (in years) | 29 days | |||
Weighted-average exercise price (in dollars per share) | $ 75.35 | |||
Compensation expense (credit) | $ 220 | $ (171) | ||
Fair value of liability award | $ 890 | $ 793 |
Stockholders' Equity and Nonc_6
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Weighted average shares outstanding (in shares) | 26,877,200 | 26,881,700 |
Incremental shares form RS award and RSUs (in shares) | 7,699 | 9,975 |
Total shares for diluted calculations (in shares) | 26,884,899 | 26,891,675 |
Net income (loss) attributable to American National (in thousands) | $ 170,173 | $ (220,444) |
Basic earnings per share (in usd per share) | $ 6.33 | $ (8.20) |
Diluted earnings per share (in usd per share) | $ 6.33 | $ (8.20) |
Stockholders' Equity and Nonc_7
Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Life insurance entities | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | $ 2,190,618 | $ 2,188,808 | |
Statutory net income (loss) | (32,217) | $ 52,975 | |
Property and casualty insurance entities | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 1,514,248 | $ 1,463,179 | |
Statutory net income (loss) | $ 39,272 | $ 48,254 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Segment information, number of operating segments | 5 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Other Items by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Premiums | $ 562,653 | $ 536,768 |
Other policy revenues | 86,539 | 79,605 |
Net investment income | 269,981 | 130,991 |
Net realized investment gains | 19,239 | 4,148 |
Change in investment credit loss | (5,486) | (44,678) |
Net gains (losses) on equity securities | 95,940 | (332,575) |
Other income | 9,752 | 11,133 |
Total premiums and other revenues | 1,038,618 | 385,392 |
Policyholder benefits | 190,877 | 145,268 |
Claims incurred | 268,386 | 264,594 |
Interest credited to policyholders’ account balances | 107,787 | (4,323) |
Commissions for acquiring and servicing policies | 153,685 | 130,435 |
Other operating expenses | 133,502 | 133,926 |
Change in deferred policy acquisition costs | (28,119) | (1,672) |
Total benefits, losses and expenses | 826,118 | 668,228 |
Income before federal income tax and other items | 212,500 | (282,836) |
Life | ||
Segment Reporting Information [Line Items] | ||
Premiums | 100,779 | 89,516 |
Other policy revenues | 81,508 | 75,540 |
Net investment income | 67,797 | 45,575 |
Net realized investment gains | 0 | 0 |
Change in investment credit loss | 0 | 0 |
Net gains (losses) on equity securities | 0 | 0 |
Other income | 458 | 736 |
Total premiums and other revenues | 250,542 | 211,367 |
Policyholder benefits | 146,160 | 110,466 |
Claims incurred | 0 | 0 |
Interest credited to policyholders’ account balances | 19,770 | (1,903) |
Commissions for acquiring and servicing policies | 45,420 | 39,467 |
Other operating expenses | 47,041 | 47,480 |
Change in deferred policy acquisition costs | (14,469) | (7,838) |
Total benefits, losses and expenses | 243,922 | 187,672 |
Income before federal income tax and other items | 6,620 | 23,695 |
Annuity | ||
Segment Reporting Information [Line Items] | ||
Premiums | 24,241 | 15,509 |
Other policy revenues | 5,031 | 4,065 |
Net investment income | 153,864 | 41,541 |
Net realized investment gains | 0 | 0 |
Change in investment credit loss | 0 | 0 |
Net gains (losses) on equity securities | 0 | 0 |
Other income | 856 | 638 |
Total premiums and other revenues | 183,992 | 61,753 |
Policyholder benefits | 44,717 | 34,802 |
Claims incurred | 0 | 0 |
Interest credited to policyholders’ account balances | 88,017 | (2,420) |
Commissions for acquiring and servicing policies | 23,042 | 10,248 |
Other operating expenses | 12,181 | 11,876 |
Change in deferred policy acquisition costs | (11,071) | 7,286 |
Total benefits, losses and expenses | 156,886 | 61,792 |
Income before federal income tax and other items | 27,106 | (39) |
Health | ||
Segment Reporting Information [Line Items] | ||
Premiums | 38,228 | 43,086 |
Other policy revenues | 0 | 0 |
Net investment income | 2,083 | 2,233 |
Net realized investment gains | 0 | 0 |
Change in investment credit loss | 0 | 0 |
Net gains (losses) on equity securities | 0 | 0 |
Other income | 4,094 | 4,527 |
Total premiums and other revenues | 44,405 | 49,846 |
Policyholder benefits | 0 | 0 |
Claims incurred | 24,251 | 34,885 |
Interest credited to policyholders’ account balances | 0 | 0 |
Commissions for acquiring and servicing policies | 5,986 | 8,024 |
Other operating expenses | 10,608 | 10,629 |
Change in deferred policy acquisition costs | 854 | (23) |
Total benefits, losses and expenses | 41,699 | 53,515 |
Income before federal income tax and other items | 2,706 | (3,669) |
Property & Casualty | ||
Segment Reporting Information [Line Items] | ||
Premiums | 399,405 | 388,657 |
Other policy revenues | 0 | 0 |
Net investment income | 15,513 | 16,085 |
Net realized investment gains | 0 | 0 |
Change in investment credit loss | 0 | 0 |
Net gains (losses) on equity securities | 0 | 0 |
Other income | 3,489 | 3,733 |
Total premiums and other revenues | 418,407 | 408,475 |
Policyholder benefits | 0 | 0 |
Claims incurred | 244,135 | 229,709 |
Interest credited to policyholders’ account balances | 0 | 0 |
Commissions for acquiring and servicing policies | 79,237 | 72,696 |
Other operating expenses | 53,886 | 53,004 |
Change in deferred policy acquisition costs | (3,433) | (1,097) |
Total benefits, losses and expenses | 373,825 | 354,312 |
Income before federal income tax and other items | 44,582 | 54,163 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Premiums | 0 | 0 |
Other policy revenues | 0 | 0 |
Net investment income | 30,724 | 25,557 |
Net realized investment gains | 19,239 | 4,148 |
Change in investment credit loss | (5,486) | (44,678) |
Net gains (losses) on equity securities | 95,940 | (332,575) |
Other income | 855 | 1,499 |
Total premiums and other revenues | 141,272 | (346,049) |
Policyholder benefits | 0 | 0 |
Claims incurred | 0 | 0 |
Interest credited to policyholders’ account balances | 0 | 0 |
Commissions for acquiring and servicing policies | 0 | 0 |
Other operating expenses | 9,786 | 10,937 |
Change in deferred policy acquisition costs | 0 | |
Total benefits, losses and expenses | 9,786 | 10,937 |
Income before federal income tax and other items | $ 131,486 | $ (356,986) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||
Remaining long-term lease commitments | $ 8,000 | ||
Commitments outstanding, aggregate amount | 1,300,000 | ||
Commitments expected to be funded in 2020 | 572,600 | ||
Letters of credit outstanding, amount | 3,500 | $ 3,500 | |
FHLB stock purchased | $ 7,000 | ||
Federal Home Loan Bank advance | 250,000 | $ 250,000 | |
Federal home bank advance, additional borrowing capacity | 740,700 | ||
Total amount of guarantees outstanding | 121,400 | ||
Life insurance policies with guarantees, cash value | 143,800 | ||
Collateralized Mortgage Obligations | |||
Financing Receivable, Impaired [Line Items] | |||
Fair value of collateral held at FHLB | 60,300 | ||
Commercial Mortgage Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Fair value of collateral held at FHLB | $ 1,500,000 |
Commitment and Contingencies -
Commitment and Contingencies - FHLB Outstanding Advances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advance | $ 250,000 | $ 250,000 |
FHLB Advance, Maturity Date April 28, 2021 | Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advance | $ 250,000 | |
Interest Rate | 0.38% |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - Greer, Herz & Adams, LLP - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Other operating expenses | |||
Related Party Transaction [Line Items] | |||
Amount due from American National | $ (617) | $ (441) | |
Other operating expenses | |||
Related Party Transaction [Line Items] | |||
Dollar Amount of Transactions | $ 3,713 | $ 3,843 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 28, 2020 | May 31, 2018 | Mar. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Federal Home Loan Bank advance | $ 250,000 | $ 250,000 | ||
FHLB stock purchased | $ 7,000 | |||
FHLB Advance, Maturity Date October 13, 2020 | Federal Home Loan Bank Advances | ||||
Subsequent Event [Line Items] | ||||
Federal Home Loan Bank advance | $ 245,000 | |||
FHLB stock purchased | $ 5,000 | |||
FHLB loan interest rate | 0.38% |