Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-16509 | |
Entity Registrant Name | CITIZENS, INC. | |
Entity Incorporation, State or Country Code | CO | |
Entity Tax Identification Number | 84-0755371 | |
Entity Address, Address Line One | 11815 Alterra Pkwy, Floor 15 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78758 | |
City Area Code | 512 | |
Local Phone Number | 837-7100 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | CIA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000024090 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Common Stock Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 49,603,606 | |
Common Stock Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities available-for-sale, at fair value (cost: $1,332,632 and $1,321,487 in 2021 and 2020 respectively) | $ 1,420,587 | $ 1,489,383 |
Equity security | 22,366 | 22,102 |
Policy loans | 82,674 | 83,318 |
Real estate held-for-sale | 2,571 | 2,571 |
Other long-term investments (portion measured at fair value $16,982 and $11,923 in 2021 and 2020, respectively; less allowance for losses of $11 in 2021 and 2020) | 17,347 | 27,294 |
Total investments | 1,545,545 | 1,624,668 |
Cash and cash equivalents | 19,493 | 34,131 |
Accrued investment income | 15,862 | 16,137 |
Receivable for securities | 2,808 | 0 |
Reinsurance recoverable | 4,343 | 5,753 |
Deferred policy acquisition costs | 128,914 | 104,913 |
Cost of insurance acquired | 11,443 | 11,541 |
Goodwill and other intangible assets | 13,569 | 13,570 |
Property and equipment, net | 15,684 | 16,312 |
Due premiums | 9,538 | 11,309 |
Other assets (less allowance for losses of $304 and $297 in 2021 and 2020, respectively) | 14,454 | 5,086 |
Total assets | 1,781,653 | 1,843,420 |
Future policy benefits reserves: | ||
Life insurance | 1,250,930 | 1,246,423 |
Annuities | 81,003 | 78,304 |
Accident and health | 785 | 761 |
Dividend accumulations | 33,997 | 33,336 |
Premiums paid in advance | 41,639 | 40,605 |
Policy claims payable | 13,398 | 13,206 |
Other policyholders' funds | 25,088 | 22,447 |
Total policy liabilities | 1,446,840 | 1,435,082 |
Commissions payable | 2,192 | 2,572 |
Current federal income tax payable | 45,173 | 43,916 |
Deferred federal income tax payable | 9,717 | 9,564 |
Payable for securities in process of settlement | 2,075 | 5,265 |
Other liabilities | 34,816 | 46,076 |
Total liabilities | 1,540,813 | 1,542,475 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Accumulated deficit | (85,925) | (82,352) |
Accumulated other comprehensive income: | ||
Net unrealized gains on securities, net of tax | 71,737 | 128,255 |
Treasury stock, at cost | (11,011) | (11,011) |
Stockholders' equity | 240,840 | 300,945 |
Total liabilities and stockholders' equity | 1,781,653 | 1,843,420 |
Common Stock Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 262,855 | 262,869 |
Common Stock Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 3,184 | $ 3,184 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Unrealized investment gains (losses), net | $ (56,518) | $ (40,070) |
Premiums: | ||
Life insurance | 37,642 | 39,946 |
Accident and health insurance | 343 | 261 |
Property insurance | 1,047 | 1,110 |
Net investment income | 15,244 | 15,169 |
Realized investment gains (losses), net | 292 | (1,306) |
Other income | 915 | 542 |
Total revenues | 55,483 | 55,722 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 30,589 | 26,449 |
Increase in future policy benefit reserves | 5,232 | 9,471 |
Policyholders' dividends | 1,306 | 1,233 |
Total insurance benefits paid or provided | 37,127 | 37,153 |
Commissions | 8,157 | 7,853 |
Other general expenses | 11,382 | 11,473 |
Capitalization of deferred policy acquisition costs | (4,985) | (5,009) |
Amortization of deferred policy acquisition costs | 6,183 | 6,119 |
Amortization of cost of customer relationships acquired | 367 | 368 |
Total benefits and expenses | 58,231 | 57,957 |
Income (loss) before federal income tax | (2,748) | (2,235) |
Federal income tax expense (benefit) | 825 | 1,349 |
Net income (loss) | (3,573) | (3,584) |
Unrealized gains (losses) on available-for-sale debt securities: | ||
Unrealized Holding Losses Arising During the Period Less Effects of DAC and CCRA, Before Tax | (55,898) | (42,929) |
Reclassification adjustments for losses (gains) included in net income | (35) | 132 |
Unrealized gains (losses) on available-for-sale debt securities, net | (55,933) | (42,797) |
Income tax expense (benefit) on unrealized gains (losses) on available-for-sale securities | 585 | (2,727) |
Other comprehensive income (loss) | (56,518) | (40,070) |
Comprehensive income (loss) | $ (60,091) | $ (43,654) |
Common Stock Class A [Member] | ||
Earnings Per Share [Abstract] | ||
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.07) | $ (0.07) |
Common Stock Class B [Member] | ||
Earnings Per Share [Abstract] | ||
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.04) | $ (0.04) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity Statement - USD ($) $ in Thousands | Total | Accumulated deficit [Member] | Accumulated other comprehensive income [Member] | Treasury stock [Member] | Common Stock Class A [Member]Common stock [Member] | Common Stock Class B [Member]Common stock [Member] |
Balance at Dec. 31, 2019 | $ 259,836 | $ (70,969) | $ 77,117 | $ (11,011) | $ 261,515 | $ 3,184 |
Net income (loss) | (3,584) | (3,584) | 0 | 0 | 0 | 0 |
Unrealized investment gains (losses), net | (40,070) | 0 | (40,070) | 0 | 0 | 0 |
Comprehensive income (loss) | (43,654) | (3,584) | (40,070) | 0 | 0 | 0 |
Stock-based compensation | (53) | 0 | 0 | 0 | (53) | 0 |
Balance at Mar. 31, 2020 | 215,734 | (74,948) | 37,047 | (11,011) | 261,462 | 3,184 |
Balance at Dec. 31, 2020 | 300,945 | (82,352) | 128,255 | (11,011) | 262,869 | 3,184 |
Net income (loss) | (3,573) | (3,573) | 0 | 0 | 0 | 0 |
Unrealized investment gains (losses), net | (56,518) | 0 | (56,518) | 0 | 0 | 0 |
Comprehensive income (loss) | (60,091) | (3,573) | (56,518) | 0 | 0 | 0 |
Stock-based compensation | (14) | 0 | 0 | 0 | (14) | 0 |
Balance at Mar. 31, 2021 | $ 240,840 | $ (85,925) | $ 71,737 | $ (11,011) | $ 262,855 | $ 3,184 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,573) | $ (3,584) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Realized (gains) losses on sale of investments and other assets | (292) | 1,306 |
Net deferred policy acquisition cost | 1,198 | 1,110 |
Amortization of cost of customer relationships acquired | 367 | 368 |
Depreciation | 308 | 70 |
Amortization of premiums and discounts on investments | 1,323 | 2,393 |
Stock-based compensation | 76 | 193 |
Deferred federal income tax expense (benefit) | (432) | (280) |
Change in: | ||
Accrued investment income | 275 | 348 |
Reinsurance recoverable | 1,410 | 444 |
Due premiums | 1,771 | 1,045 |
Future policy benefit reserves | 5,185 | 9,414 |
Other policyholders' liabilities | 4,528 | 2,318 |
Federal income tax receivable | 1,257 | 1,850 |
Commissions payable and other liabilities | (11,317) | (2,865) |
Other, net | (275) | (37) |
Net cash provided by operating activities | 1,809 | 14,093 |
Cash flows from investing activities: | ||
Purchase of fixed maturities, available-for-sale | (37,294) | (65,714) |
Sale of fixed maturities, available-for-sale | 4,445 | 940 |
Maturities and calls of fixed maturities, available-for-sale | 14,376 | 44,612 |
Purchase of equity securities | 0 | (4,473) |
Principal payments on mortgage loans | 4 | 4 |
Increase in policy loans, net | 644 | 676 |
Sale of other long-term investments and real estate | 15,089 | 0 |
Purchases of other long-term investments | (4,619) | (2,810) |
Purchase of property and equipment | (15) | (5) |
Maturity of short-term investments | 0 | 650 |
Purchase of short-term investments | 0 | (45) |
Net cash used in investing activities | (7,370) | (26,165) |
Cash flows from financing activities: | ||
Annuity deposits | 2,431 | 1,618 |
Annuity withdrawals | (2,329) | (561) |
Purchase of treasury stock | (9,090) | 0 |
Other | (89) | (246) |
Net cash provided by financing activities | (9,077) | 811 |
Net increase (decrease) in cash and cash equivalents | (14,638) | (11,261) |
Cash and cash equivalents at beginning of year | 34,131 | 46,205 |
Cash and cash equivalents at end of period | $ 19,493 | $ 34,944 |
Supplemental Disclosure of Nonc
Supplemental Disclosure of Noncash Investing and Financing Activities Statement - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Disclosure of Noncash Investing and Financing Activities [Abstract] | ||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 2,000,000 | $ 3,100,000 |
Noncash or Part Noncash Acquisition, Net Unsettled Security Trades | 700,000 | 3,400,000 |
Property, Plant and Equipment | ||
Other Significant Noncash Transactions [Line Items] | ||
Accrued Liabilities | $ 800,000 | $ 0 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities available-for-sale, cost | $ 1,332,632 | $ 1,321,487 |
Allowance for loan and lease losses | 11 | 11 |
Private equity | 16,982 | 11,923 |
Due premiums, allowance for doubtful accounts | $ 304 | $ 297 |
Common Stock Class A [Member] | ||
Liabilities and Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares in treasury (in shares) | 3,135,738 | 3,135,738 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 52,694,778 | 52,654,016 |
Common stock, shares outstanding (in shares) | 52,694,778 | 52,654,016 |
Common Stock Class B [Member] | ||
Liabilities and Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common stock, shares issued (in shares) | 1,001,714 | 1,001,714 |
Common stock, shares outstanding (in shares) | 1,001,714 | 1,001,714 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | FINANCIAL STATEMENTS BASIS OF PRESENTATION AND CONSOLIDATION The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), CICA Life Ltd. ("CICA Ltd."), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC") and Computing Technology, Inc. ("CTI"). All significant inter-company accounts and interactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company", "we", "us" or "our". The consolidated balance sheets as of March 31, 2021 and the consolidated statements of operations and comprehensive income (loss), stockholders' equity and cash flows for the three months ended March 31, 2021 and March 31, 2020 have been prepared by the Company without audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2021 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 ("Form 10-K"). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Our Life Insurance segment operates through CICA Ltd., CICA and CNLIC. Our international life insurance business, which operates through CICA Ltd., issues U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. Our domestic life insurance business, which operates through CICA and CNLIC, primarily focused on living needs and provided benefits toward accumulating financial benefits for the policyowners throughout the Midwest and southern U.S. until they ceased most domestic sales beginning January 1, 2017. We have recently developed a whole life insurance product and have begun selling this product in Florida in 2021. Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as limited liability, named peril property policies covering dwelling and contents. CTI provides data processing systems and services to the Company. USE OF ESTIMATES The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions, tests of goodwill impairment and valuation allowance on deferred tax assets. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements. SIGNIFICANT ACCOUNTING POLICIES For a description of our significant accounting policies, see Part IV, Item 15, Note 1. Summary of Significant Accounting Policies in the notes to our consolidated financial statements included in our Form 10-K , which should be read in conjunction with these accompanying consolidated financial statements. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ACCOUNTING PRONOUNCEMENTS ACCOUNTING STANDARDS RECENTLY ADOPTED In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326), with the main objective to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the increases or decreases of expected credit losses that have taken place during the period. Credit losses on available-for-sale ("AFS") fixed maturity securities should be measured in a manner similar to current U.S. GAAP; however, the credit losses are recorded through an allowance for credit losses rather than as a write-down. This approach is an improvement to prior U.S. GAAP because an entity will be able to record reversals of credit losses (in situations in which the estimate of credit losses declines) in current period net income, which in turn should align the income statement recognition of credit losses with the reporting period in which changes occur. Prior U.S. GAAP prohibited reflecting those improvements in current-period earnings. The Company adopted this standard effective January 1, 2020 using the modified retrospective approach. The adoption resulted in an increase in accumulated deficit of $0.4 million related to agents' debit balance collectability. ACCOUNTING STANDARDS NOT YET ADOPTED In August 2018, the FASB issued ASU No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. This ASU amends four key areas of the accounting and impacts disclosures for long-duration insurance and investment contracts: • Requires updated assumptions for liability measurement. Assumptions used to measure the liability for traditional insurance contracts, which are typically determined at contract inception, will now be reviewed at least annually, and, if there is a change, updated, with the effect recorded in net income; • Standardizes the liability discount rate. The liability discount rate will be a market-observable discount rate (upper-medium grade fixed-income instrument yield), with the effect of rate changes recorded in other comprehensive income; • Provides greater consistency in measurement of market risk benefits. The two previous measurement models have been reduced to one measurement model (fair value), resulting in greater uniformity across similar market-based benefits and better alignment with the fair value measurement of derivatives used to hedge capital market risk; • Simplifies amortization of deferred acquisition costs ("DAC"). Previous earnings-based amortization methods have been replaced with a more level amortization basis; and • Requires enhanced disclosures. The new disclosures include rollforwards and information about significant assumptions and the effects of changes in those assumptions. For calendar-year public companies, the changes will be effective on January 1, 2023, however, early adoption is permitted. The Company is evaluating the impact of this new guidance, and it is expected to have a material impact on our consolidated financial statements. No other new accounting pronouncement issued or effective during the year had, or is expected to have, a material impact on our consolidated financial statements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION The Company has two reportable segments: Life Insurance and Home Service Insurance. Our Life Insurance segment primarily issues endowment contracts, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance, to non-U.S. residents through CICA Ltd. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional coverage and annuity benefits to enhance accumulations. CICA and CNLIC issued ordinary whole-life, credit life and disability and accident and health related policies, throughout the Midwest and southern U.S. until they ceased most domestic sales beginning January 1, 2017. We restarted domestic sales in Florida in 2021. Our domestic Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our policies are sold and serviced through funeral homes and independent agents who sell policies, collect premiums and service policyholders. To a lesser extent, our Home Service Insurance segment sells limited liability, named peril property policies covering dwelling and contents. The Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and Corporate-support functions that are included in the tables presented. The Company's Other Non-Insurance Enterprises are the only reportable difference between segments and consolidated operations. The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S. GAAP and are the same as those used in the preparation of the consolidated financial statements. The Company evaluates profit and loss performance based on U.S. GAAP income before federal income taxes for its two reportable segments. Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended March 31, 2021 (In thousands) Revenues: Premiums $ 27,063 11,969 — 39,032 Net investment income 11,598 3,345 301 15,244 Realized investment gains (losses), net (108) 223 177 292 Other income 913 2 — 915 Total revenues 39,466 15,539 478 55,483 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 23,270 7,319 — 30,589 Increase in future policy benefit reserves 3,658 1,574 — 5,232 Policyholders' dividends 1,296 10 — 1,306 Total insurance benefits paid or provided 28,224 8,903 — 37,127 Commissions 4,231 3,926 — 8,157 Other general expenses 5,226 3,794 2,362 11,382 Capitalization of deferred policy acquisition costs (3,561) (1,424) — (4,985) Amortization of deferred policy acquisition costs 5,348 835 — 6,183 Amortization of cost of insurance acquired 104 263 — 367 Total benefits and expenses 39,572 16,297 2,362 58,231 Loss before federal income tax expense $ (106) (758) (1,884) (2,748) Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended March 31, 2020 (In thousands) Revenues: Premiums $ 29,819 11,498 — 41,317 Net investment income 11,480 3,332 357 15,169 Realized investment gains (losses), net 735 (1,717) (324) (1,306) Other income 524 18 — 542 Total revenues 42,558 13,131 33 55,722 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 20,160 6,289 — 26,449 Increase in future policy benefit reserves 8,146 1,325 — 9,471 Policyholders' dividends 1,225 8 — 1,233 Total insurance benefits paid or provided 29,531 7,622 — 37,153 Commissions 4,478 3,375 — 7,853 Other general expenses 4,948 4,316 2,209 11,473 Capitalization of deferred policy acquisition costs (3,921) (1,088) — (5,009) Amortization of deferred policy acquisition costs 5,318 801 — 6,119 Amortization of cost of insurance acquired 118 250 — 368 Total benefits and expenses 40,472 15,276 2,209 57,957 Income (loss) before federal income tax expense $ 2,086 (2,145) (2,176) (2,235) |
Stockholders' Equity and Restri
Stockholders' Equity and Restrictions | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Stockholders' Equity Note Disclosure | STOCKHOLDERS' EQUITY AND RESTRICTIONS EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings (loss) per share. Three Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ (3,573) (3,584) Net income (loss) allocated to Class A common stock $ (3,537) (3,548) Net income (loss) allocated to Class B common stock (36) (36) Net income (loss) $ (3,573) (3,584) Denominator: Weighted average shares of Class A outstanding - basic 49,549 49,305 Weighted average shares of Class A outstanding - diluted 50,116 49,455 Weighted average shares of Class B outstanding - basic and diluted 1,002 1,002 Basic and diluted earnings (loss) per share of Class A common stock $ (0.07) (0.07) Basic and diluted earnings (loss) per share of Class B common stock (0.04) (0.04) CAPITAL AND SURPLUS Each of our regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements. These include capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC") and the Bermuda Monetary Authority ("BMA"). All insurance subsidiaries exceeded the minimum capital requirements at March 31, 2021. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS The Company invests primarily in fixed maturity securities, which totaled 90.8% of total cash and invested assets at March 31, 2021, as shown below. Carrying Value (In thousands, except for %) March 31, 2021 December 31, 2020 Amount % Amount % Cash and invested assets: Fixed maturity securities $ 1,420,587 90.8 % 1,489,383 89.8 % Equity securities 22,366 1.4 % 22,102 1.3 % Policy loans 82,674 5.3 % 83,318 5.0 % Real estate and other long-term investments 19,918 1.3 % 29,865 1.8 % Cash and cash equivalents 19,493 1.2 % 34,131 2.1 % Total cash and invested assets $ 1,565,038 100.0 % 1,658,799 100.0 % The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated. Amortized Gross Gross Fair March 31, 2021 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,508 1,513 — 11,021 U.S. Government-sponsored enterprises 3,483 1,034 — 4,517 States and political subdivisions 370,995 24,819 1,955 393,859 Corporate: Financial 207,547 15,269 1,621 221,195 Consumer 204,988 16,745 3,034 218,699 Energy 79,422 4,904 1,092 83,234 All Other 294,528 21,395 4,261 311,662 Residential mortgage-backed 118,186 14,006 46 132,146 Asset-backed 43,874 327 63 44,138 Foreign governments 101 15 — 116 Total fixed maturity securities $ 1,332,632 100,027 12,072 1,420,587 Amortized Gross Gross Fair December 31, 2020 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,529 1,797 — 11,326 U.S. Government-sponsored enterprises 3,490 1,301 — 4,791 States and political subdivisions 377,462 32,751 548 409,665 Corporate: Financial 204,160 31,000 13 235,147 Consumer 196,648 30,116 245 226,519 Energy 81,223 8,174 536 88,861 All Other 284,209 42,554 82 326,681 Commercial mortgage-backed 225 — 4 221 Residential mortgage-backed 118,144 21,819 — 139,963 Asset-backed 46,295 278 482 46,091 Foreign governments 102 16 — 118 Total fixed maturity securities $ 1,321,487 169,806 1,910 1,489,383 Most of the Company's equity securities are diversified stock and bond mutual funds. Fair Value (In thousands) March 31, 2021 December 31, 2020 Equity securities: Stock mutual funds $ 3,386 3,174 Bond mutual funds 12,452 12,354 Common stock 1,190 1,143 Non-redeemable preferred stock 276 281 Non-redeemable preferred stock fund 5,062 5,150 Total equity securities $ 22,366 22,102 VALUATION OF INVESTMENTS Available-for-sale securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net realized gains of $0.3 million on equity securities held for the three months ended March 31, 2021 and losses of $1.1 million for the same period ended March 31, 2020. The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit loss impairment exists. For the three months ended March 31, 2021 and 2020, the Company recorded no credit valuation losses on fixed maturity securities. The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2021 and December 31, 2020. March 31, 2021 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: States and political subdivisions $ 49,464 1,955 48 $ — — — $ 49,464 1,955 48 Corporate: Financial 35,670 1,621 40 — — — 35,670 1,621 40 Consumer 51,477 3,034 49 — — — 51,477 3,034 49 Energy 14,151 593 14 2,557 499 6 16,708 1,092 20 All Other 74,922 4,261 96 — — — 74,922 4,261 96 Residential mortgage-backed 1,595 46 9 — — — 1,595 46 9 Asset-backed 6,434 48 11 9,253 15 8 15,687 63 19 Total fixed maturity securities $ 233,713 11,558 267 $ 11,810 514 14 $ 245,523 12,072 281 December 31, 2020 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: States and political subdivisions $ 32,487 548 27 $ — — — $ 32,487 548 27 Corporate: Financial 1,308 13 1 — — — 1,308 13 1 Consumer 10,740 230 5 1,667 15 1 12,407 245 6 Energy 6,350 536 8 — — — 6,350 536 8 All Other 9,418 82 11 — — — 9,418 82 11 Commercial mortgage-backed 221 4 1 — — — 221 4 1 Residential mortgage-backed 83 — 1 — — — 83 — 1 Asset-backed 26,353 481 26 994 1 1 27,347 482 27 Total fixed maturity securities $ 86,960 1,894 80 $ 2,661 16 2 $ 89,621 1,910 82 In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. We did not recognize credit losses on securities with unrealized losses that were due to interest rate sensitivity and changes in credit spreads. We believe that fluctuations caused by movements in interest rates and credit spreads have little bearing on the recoverability of our investments. The fair value is expected to recover as the securities approach maturity. The amortized cost and fair value of fixed maturity securities at March 31, 2021 by contractual maturity are shown in the table below. 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. Securities not due at a single maturity date have been reflected based upon final stated maturity. March 31, 2021 Amortized Fair (In thousands) Fixed maturity securities: Due in one year or less $ 25,079 25,438 Due after one year through five years 114,900 125,058 Due after five years through ten years 214,052 231,241 Due after ten years 978,601 1,038,850 Total fixed maturity securities $ 1,332,632 1,420,587 The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales. Three Months Ended Fixed Maturity Securities, Available-for-Sale March 31, (In thousands) 2021 2020 Proceeds $ 7,254 940 Gross realized gains $ 100 — Gross realized losses $ 1 38 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We hold AFS fixed maturity securities, which are carried at fair value. We also report our equity securities at fair value with changes in fair value reported through the consolidated statements of operations and comprehensive income (loss). Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets and liabilities carried at fair value are required to be classified and disclosed in one of the following three categories: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or whose significant value drivers are observable. • Level 3 - Instruments whose significant value drivers are unobservable. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as U.S. Treasury securities and actively traded mutual fund and stock investments. Level 2 includes those financial instruments that are valued by independent pricing services or broker quotes. These pricing models are primarily industry-standard models that consider various inputs, such as interest rates, credit spreads and foreign exchange rates for the underlying financial instruments. All significant inputs are observable or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include corporate securities, U.S. Government-sponsored enterprise securities, securities issued by states and political subdivisions and certain mortgage and asset-backed securities. Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information. Real estate held-for-sale is in this category. The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated. March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale U.S. Treasury and U.S. Government-sponsored enterprises $ 11,021 4,517 — 15,538 States and political subdivisions — 393,859 — 393,859 Corporate 52 834,738 — 834,790 Residential mortgage-backed — 132,146 — 132,146 Asset-backed — 44,138 — 44,138 Foreign governments — 116 — 116 Total fixed maturity securities available-for-sale 11,073 1,409,514 — 1,420,587 Equity securities Stock mutual funds 3,386 — — 3,386 Bond mutual funds 12,452 — — 12,452 Common stock 1,190 — — 1,190 Non-redeemable preferred stock 276 — — 276 Non-redeemable preferred stock fund 5,062 — — 5,062 Total equity securities 22,366 — — 22,366 Other long-term investments (1) — — — 16,982 Total financial assets $ 33,439 1,409,514 — 1,459,935 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale U.S. Treasury and U.S. Government-sponsored enterprises $ 11,326 4,791 — 16,117 States and political subdivisions — 409,665 — 409,665 Corporate 52 877,156 — 877,208 Commercial mortgage-backed — 221 — 221 Residential mortgage-backed — 139,963 — 139,963 Asset-backed — 46,091 — 46,091 Foreign governments — 118 — 118 Total fixed maturity securities available-for-sale 11,378 1,478,005 — 1,489,383 Equity securities Stock mutual funds 3,174 — — 3,174 Bond mutual funds 12,354 — — 12,354 Common stock 1,143 — — 1,143 Non-redeemable preferred stock 281 — — 281 Non-redeemable preferred stock fund 5,150 — — 5,150 Total equity securities 22,102 — — 22,102 Other long-term investments (1) — — — 11,923 Total financial assets $ 33,480 1,478,005 — 1,523,408 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. FINANCIAL INSTRUMENTS VALUATION FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE Fixed maturity securities, available-for-sale. At March 31, 2021, our fixed maturity securities, valued using a third-party pricing source, totaled $1.4 billion for Level 2 assets and comprised 96.5% of total reported fair value of our financial assets. The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades. In addition, we obtain information annually relative to the third-party pricing models and review model parameters for reasonableness. There were no Level 3 assets at March 31, 2021. For the three months ended March 31, 2021, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received. Equity securities. Our equity securities are classified as Level 1 assets as their fair values are based upon quoted market prices. Private equity funds. The Company considers the net asset value ("NAV") to represent the value of the investment fund and is measured by the total value of assets minus the total value of liabilities. The following tables include information related to our investments in private equity funds that calculate NAV per share. For these investments, which are measured at fair value on a recurring basis, we use the NAV per share to measure fair value. These investments are included in other long-term investments on the consolidated balance sheets. March 31, 2021 December 31, 2020 Fair Value Unfunded Commit- Life Fair Value Unfunded Commit- Life (In thousands, except years) Private equity funds Middle market Investments in privately-originated, performing senior secured debt primarily in North America-based companies $ 8,457 31,777 10 $ 10,542 29,783 10 Term Investments in a facility established by the U.S. Federal Reserve that provides financing to U.S. company market participants for levered asset purchases with a focus on asset-backed, commercial mortgage and collateralized loan obligation markets 36 — 1 1,381 — 3 Late-stage growth Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale 6,199 14,198 7 — 16,291 7 Infrastructure Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy 2,290 17,485 12 — 17,497 12 Total private equity funds $ 16,982 63,460 $ 11,923 63,571 Our private equity fund investments are not redeemable because distributions from the funds will be received when the underlying investments of the funds are liquidated. The life spans indicated above may be shortened or extended at the fund manager's discretion, typically in one or two-year increments. We initially estimate the fair value of investments in private equity funds by reference to the transaction price. Subsequently, we obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are audited annually. We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. There were no transfers in or out of Level 3 during the three months ended March 31, 2021. FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE Estimates of fair values are made at a specific point in time, based on relevant market prices and information about the financial instruments. The estimated fair values of financial instruments presented below are not necessarily indicative of the amounts the Company might realize in actual market transactions. The carrying amount and fair value for the financial assets and liabilities on the consolidated balance sheets not otherwise disclosed for the periods indicated are as follows: March 31, 2021 December 31, 2020 (In thousands) Carrying Fair Carrying Fair Financial Assets: Policy loans $ 82,674 82,674 83,318 83,318 Mortgage loans 153 190 157 195 Cash and cash equivalents 19,493 19,493 34,131 34,131 Financial Liabilities: Annuity - investment contracts 61,716 68,360 60,861 71,547 Policy loans. Policy loans had a weighted average annual interest rate of 7.7% at March 31, 2021 and December 31, 2020, and no specified maturity dates. The aggregate fair value of policy loans approximates the carrying value reflected on the consolidated balance sheets. Policy loans are an integral part of the life insurance policies we have in force, cannot be valued separately and are not marketable. Therefore, the fair value of policy loans approximates the carrying value and policy loans are considered Level 3 assets in the fair value hierarchy. Mortgage loans. Mortgage loans are secured principally by residential properties. Weighted average interest rates for these loans were approximately 6.4% at March 31, 2021 and December 31, 2020. At March 31, 2021, maturities ranged from 7 to 19 years. Management estimated the fair value using an annual interest rate of 6.25% at March 31, 2021. Our mortgage loans are considered Level 3 assets in the fair value hierarchy and are included in other long-term investments on the consolidated balance sheets. Cash and cash equivalents. The fair value of cash and cash equivalents approximate carrying value and are characterized as Level 1 assets in the fair value hierarchy. Annuity liabilities. The fair value of the Company's liabilities under annuity contract policies, which are considered Level 3 liabilities, was estimated at March 31, 2021 and December 31, 2020 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 0.20% to 2.86% and 0.22% to 2.34%, respectively. The fair value of liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts. Other long-term investments. Financial instruments included in other long-term investments are classified in various levels of the fair value hierarchy. The following table summarizes the carrying amounts of these investments. Carrying Value (In thousands ) March 31, 2021 December 31, 2020 Other long-term investments: Private equity funds $ 16,982 18,135 FHLB common stock 190 190 Mortgage loans 153 157 All other investments 22 8,811 Total other long-term investments $ 17,347 27,293 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES QUALIFICATION OF LIFE PRODUCTS We have previously reported that a portion of the life insurance policies issued by our subsidiary insurance companies failed to qualify for the favorable U.S. federal income tax treatment afforded by Sections 7702 and 72(s) of the Internal Revenue Code ("IRC") of 1986. Further, we have determined that the structure of our policies sold to non-U.S. persons, which were novated to CICA Ltd. effective July 1, 2018, may have inadvertently generated U.S. source income over time, which subjected the Company to certain tax withholding and information reporting requirements for the Company under Chapters 3 or 4 of the IRC. The products have been and continue to be appropriately reported as life insurance under U.S. GAAP for financial reporting. To satisfy the Internal Revenue Service ("IRS") tax withholding and information reporting requirements for the novated policies sold to non-U.S. persons as described above, the Company submitted withholding tax returns to the IRS in December 2019, and amended returns in August 2020 and paid the associated withholding tax. The IRS processed these withholding tax returns in 2021 and the Company considers this matter closed. LITIGATION AND REGULATORY ACTIONS From time to time, we are subject to legal and regulatory actions relating to our business. We may incur defense costs, including attorneys' fees, and other direct litigation costs associated with defending claims. If we suffer an adverse judgment as a result of litigation claims, it could have a material adverse effect on our business, results of operations and financial condition. CONTRACTUAL OBLIGATIONS As of March 31, 2021, CICA Ltd. is committed to fund investments up to $68.5 million related to private equity funds and other investments. CREDIT FACILITY On May 5, 2021, the Company entered into a $20 million senior secured revolving credit facility with Regions Bank (the “Credit Facility”). The Credit Facility has a three-year term and allows the Company to borrow up to $20 million for working capital purposes, capital expenditures and other lawful corporate purposes. The Credit Facility is secured by a first priority lien on most of Citizens’ assets, excluding its ownership interests in all of the regulated insurance subsidiaries and contains standard representations, warranties and covenants. For a more detailed description of the Credit Facility, see the Company’s Current Report on Form 8-K filed on May 5, 2021. As of May 5, 2021, the Company had not borrowed any funds against the Credit Facility. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Our provision for income taxes may not have the customary relationship of taxes to income. CICA Ltd., a wholly owned subsidiary of Citizens, is considered a controlled foreign corporation for federal tax purposes. As a result, the insurance activity of CICA Ltd. is subject to Subpart F of the IRC and is included in Citizens’ taxable income. For the three months ended March 31, 2021, the Subpart F income inclusion generated $0.4 million of federal income tax expense. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows: Three Months Ended March 31, 2021 2020 (In thousands, except for %) Amount % Amount % Federal income tax expense: Expected tax expense (benefit) $ (577) 21.0 % (469) 21.0 % Foreign income tax rate differential (152) 5.5 % (550) 24.6 % Tax-exempt interest and dividends-received deduction (30) 1.1 % (40) 1.8 % Annualized effective tax rate adjustment 655 (23.8) % 617 (27.6) % Adjustment of prior year taxes — — % (5) 0.2 % Effect of uncertain tax position 603 (21.9) % 1,015 (45.4) % CICA Ltd. Subpart F income 392 (14.3) % 675 (30.2) % Nondeductible officer compensation (73) 2.7 % — — % Other 7 (0.3) % 106 (4.7) % Total federal income tax expense (benefit) $ 825 (30.0) % 1,349 (60.3) % Income tax expense consists of: Three Months Ended March 31, 2021 2020 (In thousands) Federal income tax expense: Current $ 1,257 1,629 Deferred (432) (280) Total federal income tax expense $ 825 1,349 The components of deferred federal income taxes are as follows: Net Deferred Tax Asset (Liability) (In thousands) March 31, 2021 December 31, 2020 Deferred tax assets: Future policy benefit reserves $ 2,732 2,657 Net operating and capital loss carryforwards 1,774 1,395 Accrued policyholder dividends and expenses 134 124 Investments 198 147 Deferred intercompany loss 1,967 2,002 Fixed assets 481 420 Lease liability 2,446 2,514 Accrued compensation 376 513 Other 166 164 Total gross deferred tax assets 10,274 9,936 Deferred tax liabilities: Deferred policy acquisition costs, cost of insurance acquired and intangible assets (8,531) (8,693) Unrealized gains on investments available-for-sale (5,430) (4,522) Tax reserves transition liability (3,549) (3,736) Right-of-use lease asset (2,446) (2,514) Other (35) (35) Total gross deferred tax liabilities (19,991) (19,500) Net deferred tax liability $ (9,717) (9,564) |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | OTHER COMPREHENSIVE INCOME The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% as of the three months ended March 31, 2021 and 2020, as indicated below. (In thousands) Amount Tax Effect Total Three months ended March 31, 2021 Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (79,422) 5,373 (74,049) Reclassification adjustment for (gains) losses included in net income (35) 7 (28) Effects on deferred policy acquisition costs 25,198 (6,317) 18,881 Effects on cost of insurance acquired 269 (56) 213 Effects on unearned revenue reserves (1,943) 408 (1,535) Other comprehensive income (loss) $ (55,933) (585) (56,518) Three months ended March 31, 2020 Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (42,906) 2,750 (40,156) Reclassification adjustment for (gains) losses included in net income 132 (28) 104 Effects on deferred policy acquisition costs 211 (44) 167 Effects on cost of insurance acquired 115 (24) 91 Effects on unearned revenue reserves (349) 73 (276) Other comprehensive income (loss) $ (42,797) 2,727 (40,070) |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company has various routine related party transactions in conjunction with our holding company structure, such as a management service agreement related to costs incurred, a tax sharing agreement between entities, and inter-company dividends and capital contributions. There were no changes related to these relationships during the three months ended March 31, 2021. See our Form 10-K for a comprehensive discussion of related party transactions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated the impact of subsequent events as defined by the accounting guidance through the date this report was issued. CHANGE IN CONTROL As previously disclosed, on February 5, 2021, Citizens, Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with the Harold E. Riley Foundation (the “Foundation”) to purchase 100% of the Company’s Class B common stock (the “Class B Shares”) from the Foundation at an aggregate purchase price of $9.1 million (the “Class B Transaction”). In accordance with the Purchase Agreement, the purchase price was paid to the Foundation on March 5, 2021 and is reported within other assets rather than treasury stock on the consolidated balance sheets as all regulatory approvals had not been received as of March 31, 2021. |
Financial Statements (Policies)
Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation [Policy Text Block] | The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), CICA Life Ltd. ("CICA Ltd."), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC") and Computing Technology, Inc. ("CTI"). All significant inter-company accounts and interactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company", "we", "us" or "our". The consolidated balance sheets as of March 31, 2021 and the consolidated statements of operations and comprehensive income (loss), stockholders' equity and cash flows for the three months ended March 31, 2021 and March 31, 2020 have been prepared by the Company without audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2021 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 ("Form 10-K"). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Our Life Insurance segment operates through CICA Ltd., CICA and CNLIC. Our international life insurance business, which operates through CICA Ltd., issues U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. Our domestic life insurance business, which operates through CICA and CNLIC, primarily focused on living needs and provided benefits toward accumulating financial benefits for the policyowners throughout the Midwest and southern U.S. until they ceased most domestic sales beginning January 1, 2017. We have recently developed a whole life insurance product and have begun selling this product in Florida in 2021. Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as limited liability, named peril property policies covering dwelling and contents. CTI provides data processing systems and services to the Company. |
Use of Estimates, Policy [Policy Text Block] | The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions, tests of goodwill impairment and valuation allowance on deferred tax assets.  Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company evaluates profit and loss performance based on U.S. GAAP income before federal income taxes for its two reportable segments. Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended March 31, 2021 (In thousands) Revenues: Premiums $ 27,063 11,969 — 39,032 Net investment income 11,598 3,345 301 15,244 Realized investment gains (losses), net (108) 223 177 292 Other income 913 2 — 915 Total revenues 39,466 15,539 478 55,483 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 23,270 7,319 — 30,589 Increase in future policy benefit reserves 3,658 1,574 — 5,232 Policyholders' dividends 1,296 10 — 1,306 Total insurance benefits paid or provided 28,224 8,903 — 37,127 Commissions 4,231 3,926 — 8,157 Other general expenses 5,226 3,794 2,362 11,382 Capitalization of deferred policy acquisition costs (3,561) (1,424) — (4,985) Amortization of deferred policy acquisition costs 5,348 835 — 6,183 Amortization of cost of insurance acquired 104 263 — 367 Total benefits and expenses 39,572 16,297 2,362 58,231 Loss before federal income tax expense $ (106) (758) (1,884) (2,748) Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated Three Months Ended March 31, 2020 (In thousands) Revenues: Premiums $ 29,819 11,498 — 41,317 Net investment income 11,480 3,332 357 15,169 Realized investment gains (losses), net 735 (1,717) (324) (1,306) Other income 524 18 — 542 Total revenues 42,558 13,131 33 55,722 Benefits and expenses: Insurance benefits paid or provided: Claims and surrenders 20,160 6,289 — 26,449 Increase in future policy benefit reserves 8,146 1,325 — 9,471 Policyholders' dividends 1,225 8 — 1,233 Total insurance benefits paid or provided 29,531 7,622 — 37,153 Commissions 4,478 3,375 — 7,853 Other general expenses 4,948 4,316 2,209 11,473 Capitalization of deferred policy acquisition costs (3,921) (1,088) — (5,009) Amortization of deferred policy acquisition costs 5,318 801 — 6,119 Amortization of cost of insurance acquired 118 250 — 368 Total benefits and expenses 40,472 15,276 2,209 57,957 Income (loss) before federal income tax expense $ 2,086 (2,145) (2,176) (2,235) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following tables set forth the computation of basic and diluted earnings (loss) per share. Three Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Basic and diluted earnings (loss) per share: Numerator: Net income (loss) $ (3,573) (3,584) Net income (loss) allocated to Class A common stock $ (3,537) (3,548) Net income (loss) allocated to Class B common stock (36) (36) Net income (loss) $ (3,573) (3,584) Denominator: Weighted average shares of Class A outstanding - basic 49,549 49,305 Weighted average shares of Class A outstanding - diluted 50,116 49,455 Weighted average shares of Class B outstanding - basic and diluted 1,002 1,002 Basic and diluted earnings (loss) per share of Class A common stock $ (0.07) (0.07) Basic and diluted earnings (loss) per share of Class B common stock (0.04) (0.04) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Including Short Term And Cash And Cash Equivalents [Abstract] | |
Investments Including Short Term And Cash And Cash Equivalents [Table Text Block] | The Company invests primarily in fixed maturity securities, which totaled 90.8% of total cash and invested assets at March 31, 2021, as shown below. Carrying Value (In thousands, except for %) March 31, 2021 December 31, 2020 Amount % Amount % Cash and invested assets: Fixed maturity securities $ 1,420,587 90.8 % 1,489,383 89.8 % Equity securities 22,366 1.4 % 22,102 1.3 % Policy loans 82,674 5.3 % 83,318 5.0 % Real estate and other long-term investments 19,918 1.3 % 29,865 1.8 % Cash and cash equivalents 19,493 1.2 % 34,131 2.1 % Total cash and invested assets $ 1,565,038 100.0 % 1,658,799 100.0 % |
Debt and Equity Securities, Unrealized Gain (Loss) | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated. Amortized Gross Gross Fair March 31, 2021 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,508 1,513 — 11,021 U.S. Government-sponsored enterprises 3,483 1,034 — 4,517 States and political subdivisions 370,995 24,819 1,955 393,859 Corporate: Financial 207,547 15,269 1,621 221,195 Consumer 204,988 16,745 3,034 218,699 Energy 79,422 4,904 1,092 83,234 All Other 294,528 21,395 4,261 311,662 Residential mortgage-backed 118,186 14,006 46 132,146 Asset-backed 43,874 327 63 44,138 Foreign governments 101 15 — 116 Total fixed maturity securities $ 1,332,632 100,027 12,072 1,420,587 Amortized Gross Gross Fair December 31, 2020 (In thousands) Fixed maturity securities: Available-for-sale: U.S. Treasury securities $ 9,529 1,797 — 11,326 U.S. Government-sponsored enterprises 3,490 1,301 — 4,791 States and political subdivisions 377,462 32,751 548 409,665 Corporate: Financial 204,160 31,000 13 235,147 Consumer 196,648 30,116 245 226,519 Energy 81,223 8,174 536 88,861 All Other 284,209 42,554 82 326,681 Commercial mortgage-backed 225 — 4 221 Residential mortgage-backed 118,144 21,819 — 139,963 Asset-backed 46,295 278 482 46,091 Foreign governments 102 16 — 118 Total fixed maturity securities $ 1,321,487 169,806 1,910 1,489,383 |
Equity Securities, Restricted | |
Schedule of Equity Securities [Table Text Block] | Most of the Company's equity securities are diversified stock and bond mutual funds. Fair Value (In thousands) March 31, 2021 December 31, 2020 Equity securities: Stock mutual funds $ 3,386 3,174 Bond mutual funds 12,452 12,354 Common stock 1,190 1,143 Non-redeemable preferred stock 276 281 Non-redeemable preferred stock fund 5,062 5,150 Total equity securities $ 22,366 22,102 |
Unrealized Continuous Losses on Investments [Abstract] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2021 and December 31, 2020. March 31, 2021 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: States and political subdivisions $ 49,464 1,955 48 $ — — — $ 49,464 1,955 48 Corporate: Financial 35,670 1,621 40 — — — 35,670 1,621 40 Consumer 51,477 3,034 49 — — — 51,477 3,034 49 Energy 14,151 593 14 2,557 499 6 16,708 1,092 20 All Other 74,922 4,261 96 — — — 74,922 4,261 96 Residential mortgage-backed 1,595 46 9 — — — 1,595 46 9 Asset-backed 6,434 48 11 9,253 15 8 15,687 63 19 Total fixed maturity securities $ 233,713 11,558 267 $ 11,810 514 14 $ 245,523 12,072 281 December 31, 2020 Less than 12 months Greater than 12 months Total (In thousands, except for # of securities) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of Fixed maturity securities: Available-for-sale securities: States and political subdivisions $ 32,487 548 27 $ — — — $ 32,487 548 27 Corporate: Financial 1,308 13 1 — — — 1,308 13 1 Consumer 10,740 230 5 1,667 15 1 12,407 245 6 Energy 6,350 536 8 — — — 6,350 536 8 All Other 9,418 82 11 — — — 9,418 82 11 Commercial mortgage-backed 221 4 1 — — — 221 4 1 Residential mortgage-backed 83 — 1 — — — 83 — 1 Asset-backed 26,353 481 26 994 1 1 27,347 482 27 Total fixed maturity securities $ 86,960 1,894 80 $ 2,661 16 2 $ 89,621 1,910 82 |
Debt and Equity Securities, Realized Gain (Loss) | |
Schedule of Realized Gain (Loss) [Table Text Block] | The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales. Three Months Ended Fixed Maturity Securities, Available-for-Sale March 31, (In thousands) 2021 2020 Proceeds $ 7,254 940 Gross realized gains $ 100 — Gross realized losses $ 1 38 |
Schedule of Maturities by Contractual Maturity Date [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of fixed maturity securities at March 31, 2021 by contractual maturity are shown in the table below. 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. Securities not due at a single maturity date have been reflected based upon final stated maturity. March 31, 2021 Amortized Fair (In thousands) Fixed maturity securities: Due in one year or less $ 25,079 25,438 Due after one year through five years 114,900 125,058 Due after five years through ten years 214,052 231,241 Due after ten years 978,601 1,038,850 Total fixed maturity securities $ 1,332,632 1,420,587 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated. March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale U.S. Treasury and U.S. Government-sponsored enterprises $ 11,021 4,517 — 15,538 States and political subdivisions — 393,859 — 393,859 Corporate 52 834,738 — 834,790 Residential mortgage-backed — 132,146 — 132,146 Asset-backed — 44,138 — 44,138 Foreign governments — 116 — 116 Total fixed maturity securities available-for-sale 11,073 1,409,514 — 1,420,587 Equity securities Stock mutual funds 3,386 — — 3,386 Bond mutual funds 12,452 — — 12,452 Common stock 1,190 — — 1,190 Non-redeemable preferred stock 276 — — 276 Non-redeemable preferred stock fund 5,062 — — 5,062 Total equity securities 22,366 — — 22,366 Other long-term investments (1) — — — 16,982 Total financial assets $ 33,439 1,409,514 — 1,459,935 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Fixed maturity securities available-for-sale U.S. Treasury and U.S. Government-sponsored enterprises $ 11,326 4,791 — 16,117 States and political subdivisions — 409,665 — 409,665 Corporate 52 877,156 — 877,208 Commercial mortgage-backed — 221 — 221 Residential mortgage-backed — 139,963 — 139,963 Asset-backed — 46,091 — 46,091 Foreign governments — 118 — 118 Total fixed maturity securities available-for-sale 11,378 1,478,005 — 1,489,383 Equity securities Stock mutual funds 3,174 — — 3,174 Bond mutual funds 12,354 — — 12,354 Common stock 1,143 — — 1,143 Non-redeemable preferred stock 281 — — 281 Non-redeemable preferred stock fund 5,150 — — 5,150 Total equity securities 22,102 — — 22,102 Other long-term investments (1) — — — 11,923 Total financial assets $ 33,480 1,478,005 — 1,523,408 (1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet. |
Fair Value Measurements, Recurring and Nonrecurring | These investments are included in other long-term investments on the consolidated balance sheets. March 31, 2021 December 31, 2020 Fair Value Unfunded Commit- Life Fair Value Unfunded Commit- Life (In thousands, except years) Private equity funds Middle market Investments in privately-originated, performing senior secured debt primarily in North America-based companies $ 8,457 31,777 10 $ 10,542 29,783 10 Term Investments in a facility established by the U.S. Federal Reserve that provides financing to U.S. company market participants for levered asset purchases with a focus on asset-backed, commercial mortgage and collateralized loan obligation markets 36 — 1 1,381 — 3 Late-stage growth Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale 6,199 14,198 7 — 16,291 7 Infrastructure Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy 2,290 17,485 12 — 17,497 12 Total private equity funds $ 16,982 63,460 $ 11,923 63,571 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying amount and fair value for the financial assets and liabilities on the consolidated balance sheets not otherwise disclosed for the periods indicated are as follows: March 31, 2021 December 31, 2020 (In thousands) Carrying Fair Carrying Fair Financial Assets: Policy loans $ 82,674 82,674 83,318 83,318 Mortgage loans 153 190 157 195 Cash and cash equivalents 19,493 19,493 34,131 34,131 Financial Liabilities: Annuity - investment contracts 61,716 68,360 60,861 71,547 |
Fair Value Option, Disclosures | The following table summarizes the carrying amounts of these investments. Carrying Value (In thousands ) March 31, 2021 December 31, 2020 Other long-term investments: Private equity funds $ 16,982 18,135 FHLB common stock 190 190 Mortgage loans 153 157 All other investments 22 8,811 Total other long-term investments $ 17,347 27,293 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows: Three Months Ended March 31, 2021 2020 (In thousands, except for %) Amount % Amount % Federal income tax expense: Expected tax expense (benefit) $ (577) 21.0 % (469) 21.0 % Foreign income tax rate differential (152) 5.5 % (550) 24.6 % Tax-exempt interest and dividends-received deduction (30) 1.1 % (40) 1.8 % Annualized effective tax rate adjustment 655 (23.8) % 617 (27.6) % Adjustment of prior year taxes — — % (5) 0.2 % Effect of uncertain tax position 603 (21.9) % 1,015 (45.4) % CICA Ltd. Subpart F income 392 (14.3) % 675 (30.2) % Nondeductible officer compensation (73) 2.7 % — — % Other 7 (0.3) % 106 (4.7) % Total federal income tax expense (benefit) $ 825 (30.0) % 1,349 (60.3) % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of: Three Months Ended March 31, 2021 2020 (In thousands) Federal income tax expense: Current $ 1,257 1,629 Deferred (432) (280) Total federal income tax expense $ 825 1,349 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred federal income taxes are as follows: Net Deferred Tax Asset (Liability) (In thousands) March 31, 2021 December 31, 2020 Deferred tax assets: Future policy benefit reserves $ 2,732 2,657 Net operating and capital loss carryforwards 1,774 1,395 Accrued policyholder dividends and expenses 134 124 Investments 198 147 Deferred intercompany loss 1,967 2,002 Fixed assets 481 420 Lease liability 2,446 2,514 Accrued compensation 376 513 Other 166 164 Total gross deferred tax assets 10,274 9,936 Deferred tax liabilities: Deferred policy acquisition costs, cost of insurance acquired and intangible assets (8,531) (8,693) Unrealized gains on investments available-for-sale (5,430) (4,522) Tax reserves transition liability (3,549) (3,736) Right-of-use lease asset (2,446) (2,514) Other (35) (35) Total gross deferred tax liabilities (19,991) (19,500) Net deferred tax liability $ (9,717) (9,564) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% as of the three months ended March 31, 2021 and 2020, as indicated below. (In thousands) Amount Tax Effect Total Three months ended March 31, 2021 Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (79,422) 5,373 (74,049) Reclassification adjustment for (gains) losses included in net income (35) 7 (28) Effects on deferred policy acquisition costs 25,198 (6,317) 18,881 Effects on cost of insurance acquired 269 (56) 213 Effects on unearned revenue reserves (1,943) 408 (1,535) Other comprehensive income (loss) $ (55,933) (585) (56,518) Three months ended March 31, 2020 Unrealized gains (losses): Unrealized holding gains (losses) arising during the period $ (42,906) 2,750 (40,156) Reclassification adjustment for (gains) losses included in net income 132 (28) 104 Effects on deferred policy acquisition costs 211 (44) 167 Effects on cost of insurance acquired 115 (24) 91 Effects on unearned revenue reserves (349) 73 (276) Other comprehensive income (loss) $ (42,797) 2,727 (40,070) |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) $ in Millions | Jan. 01, 2020USD ($) |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Financing Receivable, Allowance for Credit Loss | $ 0.4 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 2 | |
Segment reporting, measurement differences between segment and consolidated income (loss) | The Company's Other Non-Insurance Enterprises are the only reportable difference between segments and consolidated operations. | |
Revenues: | ||
Premiums | $ 39,032 | $ 41,317 |
Net investment income | 15,244 | 15,169 |
Realized investment gains (losses), net | 292 | (1,306) |
Other income | 915 | 542 |
Total revenues | 55,483 | 55,722 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 30,589 | 26,449 |
Increase in future policy benefit reserves | 5,232 | 9,471 |
Policyholders' dividends | 1,306 | 1,233 |
Total insurance benefits paid or provided | 37,127 | 37,153 |
Commissions | 8,157 | 7,853 |
Other general expenses | 11,382 | 11,473 |
Capitalization of deferred policy acquisition costs | (4,985) | (5,009) |
Amortization of deferred policy acquisition costs | 6,183 | 6,119 |
Amortization of cost of customer relationships acquired | 367 | 368 |
Total benefits and expenses | 58,231 | 57,957 |
Income (loss) before income tax expense | (2,748) | (2,235) |
Home Service Insurance Segment [Member] | ||
Revenues: | ||
Premiums | 11,969 | 11,498 |
Net investment income | 3,345 | 3,332 |
Realized investment gains (losses), net | 223 | (1,717) |
Other income | 2 | 18 |
Total revenues | 15,539 | 13,131 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 7,319 | 6,289 |
Increase in future policy benefit reserves | 1,574 | 1,325 |
Policyholders' dividends | 10 | 8 |
Total insurance benefits paid or provided | 8,903 | 7,622 |
Commissions | 3,926 | 3,375 |
Other general expenses | 3,794 | 4,316 |
Capitalization of deferred policy acquisition costs | (1,424) | (1,088) |
Amortization of deferred policy acquisition costs | 835 | 801 |
Amortization of cost of customer relationships acquired | 263 | 250 |
Total benefits and expenses | 16,297 | 15,276 |
Income (loss) before income tax expense | (758) | (2,145) |
Other Non-Insurance Enterprise [Member] | ||
Revenues: | ||
Premiums | 0 | 0 |
Net investment income | 301 | 357 |
Realized investment gains (losses), net | 177 | (324) |
Other income | 0 | 0 |
Total revenues | 478 | 33 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 0 | 0 |
Increase in future policy benefit reserves | 0 | 0 |
Policyholders' dividends | 0 | 0 |
Total insurance benefits paid or provided | 0 | 0 |
Commissions | 0 | 0 |
Other general expenses | 2,362 | 2,209 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of cost of customer relationships acquired | 0 | 0 |
Total benefits and expenses | 2,362 | 2,209 |
Income (loss) before income tax expense | (1,884) | (2,176) |
LifeInsuranceSegmentMember | ||
Revenues: | ||
Premiums | 27,063 | 29,819 |
Net investment income | 11,598 | 11,480 |
Realized investment gains (losses), net | (108) | 735 |
Other income | 913 | 524 |
Total revenues | 39,466 | 42,558 |
Insurance benefits paid or provided: | ||
Claims and surrenders | 23,270 | 20,160 |
Increase in future policy benefit reserves | 3,658 | 8,146 |
Policyholders' dividends | 1,296 | 1,225 |
Total insurance benefits paid or provided | 28,224 | 29,531 |
Commissions | 4,231 | 4,478 |
Other general expenses | 5,226 | 4,948 |
Capitalization of deferred policy acquisition costs | (3,561) | (3,921) |
Amortization of deferred policy acquisition costs | 5,348 | 5,318 |
Amortization of cost of customer relationships acquired | 104 | 118 |
Total benefits and expenses | 39,572 | 40,472 |
Income (loss) before income tax expense | $ (106) | $ 2,086 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Numerator [Abstract] | |||
Net income (loss) | $ (3,573) | $ (3,584) | |
Denominator [Abstract] | |||
Statutory Accounting Practices, Risk Based Capital Requirements Compliance Assertion | All insurance subsidiaries exceeded the minimum capital requirements | ||
Subsequent Event [Member] | |||
Denominator [Abstract] | |||
Maximum Capital Contribution | $ 10,000 | ||
Minimum Capital Level, Percent | 120.00% | ||
Common Stock Class A [Member] | |||
Numerator [Abstract] | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ (3,537) | (3,548) | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (3,537) | $ (3,548) | |
Denominator [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic | 49,549 | 49,305 | |
Weighted Average Number of Shares Outstanding, Diluted | 50,116 | 49,455 | |
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.07) | $ (0.07) | |
Common Stock Class B [Member] | |||
Numerator [Abstract] | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ (36) | $ (36) | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (36) | $ (36) | |
Denominator [Abstract] | |||
Weighted Average Shares Outstanding, Basic and Diluted | 1,002 | 1,002 | |
Basic and diluted earnings (loss) per share (in dollars per share) | $ (0.04) | $ (0.04) |
Investments (Cash, Cash Equival
Investments (Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Fixed maturity securities | $ 1,420,587 | $ 1,489,383 |
Fixed maturity securities, percent | 90.80% | 89.80% |
Equity security | $ 22,366 | $ 22,102 |
Equity securities, percent | 1.40% | 1.30% |
Policy loans | $ 82,674 | $ 83,318 |
Policy loans, percent | 5.30% | 5.00% |
Real estate and other long-term investments | $ 19,918 | $ 29,865 |
Real estate and other long-term investments, percent | 1.30% | 1.80% |
Cash and cash equivalents | $ 19,493 | $ 34,131 |
Cash and cash equivalents, percent | 1.20% | 2.10% |
Total invested assets | $ 1,565,038 | $ 1,658,799 |
Total invested assets, percent | 100.00% | 100.00% |
Investments (Investment Gains a
Investments (Investment Gains and Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,332,632 | $ 1,321,487 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 100,027 | 169,806 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 12,072 | 1,910 |
Debt Securities, Available-for-sale | 1,420,587 | 1,489,383 |
US Treasury Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 9,508 | 9,529 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,513 | 1,797 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 11,021 | 11,326 |
US Government Agencies Debt Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,483 | 3,490 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,034 | 1,301 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 4,517 | 4,791 |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 370,995 | 377,462 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 24,819 | 32,751 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,955 | 548 |
Debt Securities, Available-for-sale | 393,859 | 409,665 |
Corporate Debt Securities Financial Sector Member [Domain] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 207,547 | 204,160 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 15,269 | 31,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,621 | 13 |
Debt Securities, Available-for-sale | 221,195 | 235,147 |
Corporate Debt Security Consumer Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 204,988 | 196,648 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 16,745 | 30,116 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,034 | 245 |
Debt Securities, Available-for-sale | 218,699 | 226,519 |
Corporate Debt Security Energy Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 79,422 | 81,223 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4,904 | 8,174 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,092 | 536 |
Debt Securities, Available-for-sale | 83,234 | 88,861 |
Corporate Debt Security All Other Sector | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 294,528 | 284,209 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 21,395 | 42,554 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,261 | 82 |
Debt Securities, Available-for-sale | 311,662 | 326,681 |
Commercial Mortgage Backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 225 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4 | |
Debt Securities, Available-for-sale | 221 | |
Residential Mortgage Backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 118,186 | 118,144 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 14,006 | 21,819 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 46 | 0 |
Debt Securities, Available-for-sale | 132,146 | 139,963 |
Asset-backed Securities [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 43,874 | 46,295 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 327 | 278 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 63 | 482 |
Debt Securities, Available-for-sale | 44,138 | 46,091 |
Foreign Government, Non-US [Member] | ||
Gross Unrealized Gains and Losses [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 101 | 102 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 15 | 16 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | $ 116 | $ 118 |
Investments (Equity Securities)
Investments (Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | $ 22,366 | $ 22,102 | |
Realized investment gains (losses), net | 292 | $ (1,306) | |
Stock Mutual Funds [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | 3,386 | 3,174 | |
Bond Mutual Funds [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | 12,452 | 12,354 | |
Common stock [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | 1,190 | 1,143 | |
Non-redeemable Preferred Stock [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | 276 | 281 | |
Nonredeemable Preferred Stock Fund Member [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity security | 5,062 | $ 5,150 | |
Equity Securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Realized investment gains (losses), net | $ 300 | $ (1,100) |
Investments (Unrealized Losses)
Investments (Unrealized Losses) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 12,072 | $ 1,910 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 49,464 | 32,487 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,955 | $ 548 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 48 | 27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 49,464 | $ 32,487 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,955 | $ 548 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 48 | 27 |
Corporate Debt Securities Financial Sector Member [Domain] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 35,670 | $ 1,308 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,621 | $ 13 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 40 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 35,670 | $ 1,308 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,621 | $ 13 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 40 | 1 |
Corporate Debt Security Consumer Sector | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 51,477 | $ 10,740 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 3,034 | $ 230 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 49 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 1,667 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 15 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 51,477 | $ 12,407 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 3,034 | $ 245 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 49 | 6 |
Corporate Debt Security Energy Sector | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 14,151 | $ 6,350 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 593 | $ 536 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 14 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,557 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 499 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 6 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 16,708 | $ 6,350 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,092 | $ 536 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | 8 |
Corporate Debt Security All Other Sector | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 74,922 | $ 9,418 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 4,261 | $ 82 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 96 | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 74,922 | $ 9,418 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 4,261 | $ 82 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 96 | 11 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 221 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 4 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 221 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 4 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 | |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,595 | $ 83 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 46 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 9 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,595 | $ 83 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 46 | $ 0 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 9 | 1 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 6,434 | $ 26,353 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 48 | $ 481 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 11 | 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 9,253 | $ 994 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 15 | $ 1 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 8 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 15,687 | $ 27,347 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 63 | $ 482 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 19 | 27 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 233,713 | $ 86,960 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 11,558 | $ 1,894 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 267 | 80 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 11,810 | $ 2,661 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 514 | $ 16 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 14 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 245,523 | $ 89,621 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 12,072 | $ 1,910 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 281 | 82 |
Investments (Maturity Distribut
Investments (Maturity Distribution) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 25,079 | |
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Amortized Cost Basis | 114,900 | |
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Amortized Cost Basis | 214,052 | |
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Amortized Cost Basis | 978,601 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,332,632 | $ 1,321,487 |
Debt Securities, Available-for-sale, Fair Value | ||
Due in one year or less | 25,438 | |
Available-for-sale Securities, Debt Maturities, Due After One Year Through Five Years, Fair Value | 125,058 | |
Available-for-sale Securities, Debt Maturities, Due After Five Years Through Ten Years, Fair Value | 231,241 | |
Available-for-sale Securities, Debt Maturities, Due After Ten Years, Fair Value | 1,038,850 | |
Debt Securities, Available-for-sale | $ 1,420,587 | $ 1,489,383 |
Investments (Realized Gains (Lo
Investments (Realized Gains (Losses)) (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Gain (Loss) on Securities [Line Items] | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 4,445,000 | $ 940,000 |
Sale of bonds, number of available-for-sale securities sold | 18 | 1 |
Number of Equity Securities Sold | 0 | 0 |
Debt Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 |
Proceeds from Sale of Debt Securities, Available-for-sale | 7,254,000 | 940,000 |
Available-for-sale Securities, Gross Realized Gains | 100,000 | 0 |
Available-for-sale Securities, Gross Realized Losses | $ 1,000 | $ 38,000 |
Fair Value Measurements Financi
Fair Value Measurements Financial Instruments Carried at Fair Value (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | $ 22,366,000 | $ 22,102,000 |
Other Long-term Investments | 17,347,000 | 27,294,000 |
Marketable Securities | $ 1,459,935,000 | 1,523,408,000 |
Percent of Level 2 Debt Maturity to Total Reported Fair Value of Financial Assets | 96.50% | |
Debt Instrument, Change in Valuation Technique [true false] | false | |
Number of Third Party Pricing Changes | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 33,439,000 | 33,480,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 1,409,514,000 | 1,478,005,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 15,538,000 | 16,117,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,021,000 | 11,326,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,517,000 | 4,791,000 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 393,859,000 | 409,665,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 393,859,000 | 409,665,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 834,790,000 | 877,208,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 52,000 | 52,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 834,738,000 | 877,156,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 221,000 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 221,000 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 132,146,000 | 139,963,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 132,146,000 | 139,963,000 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 44,138,000 | 46,091,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 44,138,000 | 46,091,000 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Foreign Government, Non-US [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 116,000 | 118,000 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 116,000 | 118,000 |
Foreign Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,420,587,000 | 1,489,383,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,073,000 | 11,378,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,409,514,000 | 1,478,005,000 |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Stock Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 3,386,000 | 3,174,000 |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 3,386,000 | 3,174,000 |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Stock Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Bond Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 12,452,000 | 12,354,000 |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 12,452,000 | 12,354,000 |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Bond Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Common stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 1,190,000 | 1,143,000 |
Common stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 1,190,000 | 1,143,000 |
Common stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Common stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Non-redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 276,000 | 281,000 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 276,000 | 281,000 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Non-redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Nonredeemable Preferred Stock Fund Member [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 5,062,000 | 5,150,000 |
Nonredeemable Preferred Stock Fund Member [Domain] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 5,062,000 | 5,150,000 |
Nonredeemable Preferred Stock Fund Member [Domain] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Nonredeemable Preferred Stock Fund Member [Domain] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 22,366,000 | 22,102,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 22,366,000 | 22,102,000 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity security | 0 | 0 |
Other Long-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 16,982,000 | 11,923,000 |
Other Long-term Investments | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | $ 0 | $ 0 |
Fair Value Measurements Finan_2
Fair Value Measurements Financial Instruments not Carried at Fair Value (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Policy loans | $ 82,674,000 | $ 83,318,000 |
Mortgage loans | 153,000 | 157,000 |
Cash and cash equivalents, at carrying value | 19,493,000 | 34,131,000 |
Other long-term investments | ||
Private equity | 16,982,000 | 18,135,000 |
FHLB common stocks | 190,000 | 190,000 |
Mortgage loans | 153,000 | 157,000 |
All other investments | 22,000 | 8,811,000 |
Other Long-term Investments | 17,347,000 | 27,293,000 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Annuity - investment contracts | 61,716,000 | 60,861,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Chief Executive Officer [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Due to Officers or Stockholders, Current | 8,800,000 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Policy loans | 82,674,000 | 83,318,000 |
Mortgage loans | 190,000 | 195,000 |
Cash and cash equivalents, fair value disclosure | 19,493,000 | 34,131,000 |
Other long-term investments | ||
Mortgage loans | 190,000 | 195,000 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Annuity - investment contracts | 68,360,000 | 71,547,000 |
Policy loans | 82,674,000 | 83,318,000 |
Cash and cash equivalents, at carrying value | 19,493,000 | 34,131,000 |
Private equity | 16,982,000 | 11,923,000 |
Other Long-term Investments | 17,347,000 | 27,294,000 |
Annuity - investment contracts | $ 81,003,000 | $ 78,304,000 |
Insurance policy loans interest rate | 7.70% | 7.70% |
Mortgage loans on real estate, interest rate | 6.40% | 6.40% |
Mortgage loan maturity lower end range | 7 years | |
Mortgage loan maturity higher end range | 19 years | |
Mortgage loans interest rate used to estimate fair value | 6.25% | |
Fair value minimum interest rate of investment contract | 0.20% | 0.22% |
Fair value maximum rate of investment contract | 2.86% | 2.34% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | $ 17,347 | $ 27,294 |
Private Equity Funds - Middle Market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Maturity Timeframe of Other Long-Term Investments | 10 years | 10 years |
Private Equity Funds - Term Liquidity Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Maturity Timeframe of Other Long-Term Investments | 1 year | 3 years |
Private Equity Funds - Late-Stage Growth | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Maturity Timeframe of Other Long-Term Investments | 7 years | 7 years |
Private Equity Funds - Infrastructure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Maturity Timeframe of Other Long-Term Investments | 12 years | 12 years |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Middle Market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | $ 8,457 | $ 10,542 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Middle Market | Unfunded Loan Commitment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 31,777 | 29,783 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Term Liquidity Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 36 | 1,381 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Term Liquidity Facility | Unfunded Loan Commitment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Late-Stage Growth | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 6,199 | 0 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Late-Stage Growth | Unfunded Loan Commitment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 14,198 | 16,291 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Infrastructure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 2,290 | 0 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds - Infrastructure | Unfunded Loan Commitment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 17,485 | 17,497 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | 16,982 | 11,923 |
Fair Value Measured at Net Asset Value Per Share | Private Equity Funds [Member] | Unfunded Loan Commitment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Long-term Investments | $ 63,460 | $ 63,571 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jul. 01, 2018 | May 05, 2021 | Mar. 31, 2021 |
Novation Date | Jul. 1, 2018 | ||
Subsequent Event [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 20 | ||
Unfunded Loan Commitment | |||
Financing Receivable, Loan in Process | $ 68.5 |
Income Taxes (Rate Reconciliati
Income Taxes (Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (577) | $ (469) |
Federal Statutory Income Tax Rate | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ (152) | $ (550) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 5.50% | 24.60% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ (30) | $ (40) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 1.10% | 1.80% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 655 | $ 617 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (23.80%) | (27.60%) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 0 | $ (5) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 0.00% | 0.20% |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 603 | $ 1,015 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent | (21.90%) | (45.40%) |
Subpart F Income | $ 392 | $ 675 |
Subpart F Income, Percent | (14.30%) | (30.20%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Officer Compensation | $ (73) | $ 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense Officer Compensation, Percent | 2.70% | 0.00% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 7 | $ 106 |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.30%) | (4.70%) |
Income tax expense (benefit) | $ 825 | $ 1,349 |
Effective Income Tax Rate | (30.00%) | (60.30%) |
Income Taxes (Current) (Details
Income Taxes (Current) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current Income Tax Expense (Benefit) | $ 1,257 | $ 1,629 |
Deferred Income Tax Expense (Benefit) | (432) | (280) |
Income tax expense (benefit) | $ 825 | $ 1,349 |
Income Taxes (Deferred Federal
Income Taxes (Deferred Federal Income Taxes) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Future policy benefit reserves | $ 2,732 | $ 2,657 |
Net operating and capital loss carryforwards | 1,774 | 1,395 |
Accrued expenses | 134 | 124 |
Investments | 198 | 147 |
Deferred intercompany loss | 1,967 | 2,002 |
Fixed assets | 481 | 420 |
Lease liability | 2,446 | 2,514 |
Accrued compensation | 376 | 513 |
Other | 166 | 164 |
Total gross deferred tax assets | 10,274 | 9,936 |
Deferred policy acquisition costs, cost of customer relations acquired and intangible assets | (8,531) | (8,693) |
Unrealized gains on investments available-for-sale | (5,430) | (4,522) |
Tax reserve transition liability | (3,549) | (3,736) |
Deferred Tax Liabilities, Leasing Arrangements | (2,446) | (2,514) |
Other | (35) | (35) |
Total gross deferred tax liabilities | (19,991) | (19,500) |
Net deferred tax liability | $ (9,717) | $ (9,564) |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Unrealized holding gains (losses) arising during period | $ (79,422) | $ (42,906) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 5,373 | 2,750 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (74,049) | (40,156) |
Reclassification adjustments for losses (gains) included in net income | (35) | 132 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 7 | (28) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (28) | 104 |
Other Comprehensive Income (Loss), Effects of Deferred Policy Acquisition Cost, before Tax | 25,198 | 211 |
Other Comprehensive Income (Loss), Effects of Deferred Policy Acquisition Costs , Tax | (6,317) | (44) |
Other Comprehensive Income (Loss), Effects of Deferred Policy Acquisition Costs, Net of Tax | 18,881 | 167 |
Other Comprehensive Income (Loss), Effect of Cost of Insurance Acquired before Tax | 269 | 115 |
Other Comprehensive Income (Loss), Effects of Cost of Insurance Acquired, Tax | (56) | (24) |
Other Comprehensive Income (Loss), Effects of Cost of Insurance Acquired, Net of Tax | 213 | 91 |
Other Comprehensive Income (Loss), Effect of Future Policy Benefit Reserves before Tax | (1,943) | (349) |
Other Comprehensive Income (Loss), Effects of Future Policy Benefit Reserves, Tax | 408 | 73 |
Other Comprehensive Income (Loss), Effects of Future Policy Benefit Reserves, Net of Tax | (1,535) | (276) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (55,933) | (42,797) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (585) | 2,727 |
Unrealized investment gains (losses), net | $ (56,518) | $ (40,070) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Apr. 12, 2021 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||
Payments for Repurchase of Common Stock | $ 9,100,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Treasury Shares, Authorization [Line Items] | On April 12, 2021, the Company and the Foundation received the last of the regulatory approvals required for the Foundation to divest control of the Company and thus all of the Foundation’s Class B Shares were transferred to the Company as of such date. |
Uncategorized Items - cia-20210
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | $ 0 |
Treasury Stock [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | 0 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | (395,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | (395,000) |
Common Class B [Member] | Common Stock [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | 0 |
Common Class A [Member] | Common Stock [Member] | ||
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | us-gaap_IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple | $ 0 |