Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 27, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-08052 | |
Entity Registrant Name | GLOBE LIFE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 63-0780404 | |
Entity Address, Address Line One | 3700 South Stonebridge Drive | |
Entity Address, City or Town | McKinney | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75070 | |
City Area Code | 972 | |
Local Phone Number | 569-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100,979,225 | |
Entity Central Index Key | 0000320335 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, $1.00 par value per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, $1.00 par value per share | |
Trading Symbol | GL | |
Security Exchange Name | NYSE | |
4.250% Junior Subordinated Debentures | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 4.250% Junior Subordinated Debentures | |
Trading Symbol | GL PRD | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities—available for sale, at fair value (amortized cost: 2021—$17,622,028; 2020—$17,197,145, allowance for credit losses: 2021— $0; 2020— $3,346) | $ 21,160,866 | $ 21,213,509 |
Policy loans | 585,791 | 584,379 |
Other long-term investments (includes: 2021—$586,223; 2020—$385,038 under the fair value option) | 733,177 | 546,981 |
Short-term investments | 93,364 | 107,782 |
Total investments | 22,573,198 | 22,452,651 |
Cash | 96,325 | 94,847 |
Accrued investment income | 264,257 | 248,991 |
Other receivables | 485,475 | 474,180 |
Deferred acquisition costs | 4,837,409 | 4,595,444 |
Goodwill | 481,791 | 441,591 |
Other assets | 758,123 | 739,027 |
Total assets | 29,496,578 | 29,046,731 |
Liabilities: | ||
Future policy benefits | 15,837,212 | 15,243,536 |
Unearned and advance premium | 64,900 | 61,728 |
Policy claims and other benefits payable | 395,914 | 399,507 |
Other policyholders' funds | 98,151 | 97,968 |
Total policy liabilities | 16,396,177 | 15,802,739 |
Current and deferred income taxes | 1,749,427 | 1,833,723 |
Short-term debt | 393,593 | 254,918 |
Long-term debt (estimated fair value: 2021—$1,680,536; 2020—$1,871,754) | 1,546,194 | 1,667,886 |
Other liabilities | 803,036 | 716,373 |
Total liabilities | 20,888,427 | 20,275,639 |
Commitments and Contingencies (Note 5) | ||
Shareholders' equity: | ||
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2021 and 2020 | 0 | 0 |
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2021—113,218,183 issued; 2020—113,218,183 issued) | 113,218 | 113,218 |
Additional paid-in-capital | 533,683 | 527,435 |
Accumulated other comprehensive income (loss) | 2,661,619 | 3,029,244 |
Retained earnings | 6,353,261 | 5,874,109 |
Treasury stock, at cost: (2021—12,078,358 shares; 2020—9,420,699 shares) | (1,053,630) | (772,914) |
Total shareholders' equity | 8,608,151 | 8,771,092 |
Total liabilities and shareholders' equity | $ 29,496,578 | $ 29,046,731 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fixed maturities, available for sale, amortized cost | $ 17,622,028 | $ 17,197,145 |
Fixed maturities, available for sale, allowance for credit losses | 0 | 3,346 |
Other long-term investments under fair value option | 733,177 | 546,981 |
Total long-term debt, fair value | $ 1,680,536 | $ 1,871,754 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 320,000,000 | 320,000,000 |
Common stock, shares issued (in shares) | 113,218,183 | 113,218,183 |
Common stock, shares outstanding (in shares) | 113,218,183 | 113,218,183 |
Common stock, shares held in treasury (in shares) | 12,078,358 | 9,420,699 |
Partnership Interest - Fair Value Option | Investment in limited partnerships | ||
Other long-term investments under fair value option | $ 586,223 | $ 385,038 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Revenue | $ 1,028,067 | $ 961,817 | $ 3,054,116 | $ 2,845,354 |
Net investment income | 238,975 | 231,432 | 713,103 | 691,991 |
Realized gains (losses) | 10,475 | 1,501 | 47,286 | (29,386) |
Other income | 321 | 292 | 1,004 | 1,021 |
Total revenue | 1,277,838 | 1,195,042 | 3,815,509 | 3,508,980 |
Benefits and expenses: | ||||
Life policyholder benefits | 516,196 | 459,231 | 1,532,298 | 1,340,746 |
Health policyholder benefits | 187,906 | 184,237 | 564,589 | 546,444 |
Other policyholder benefits | 7,303 | 7,508 | 21,848 | 22,571 |
Total policyholder benefits | 711,405 | 650,976 | 2,118,735 | 1,909,761 |
Amortization of deferred acquisition costs | 151,593 | 140,843 | 452,607 | 430,840 |
Commissions, premium taxes, and non-deferred acquisition costs | 82,774 | 74,614 | 244,752 | 229,691 |
Other operating expense | 80,385 | 75,397 | 240,750 | 226,693 |
Interest expense | 20,886 | 21,674 | 63,833 | 65,295 |
Total benefits and expenses | 1,047,043 | 963,504 | 3,120,677 | 2,862,280 |
Income before income taxes | 230,795 | 231,538 | 694,832 | 646,700 |
Income tax benefit (expense) | (41,924) | (42,593) | (127,826) | (119,167) |
Net income | $ 188,871 | $ 188,945 | $ 567,006 | $ 527,533 |
Basic net income per common share (in dollars per share) | $ 1.86 | $ 1.78 | $ 5.53 | $ 4.95 |
Diluted net income per common share (in dollars per share) | $ 1.84 | $ 1.76 | $ 5.46 | $ 4.90 |
Life premium | ||||
Revenue: | ||||
Revenue | $ 728,924 | $ 674,021 | $ 2,165,213 | $ 1,994,473 |
Health premium | ||||
Revenue: | ||||
Revenue | 299,143 | 287,795 | 888,902 | 850,877 |
Other premium | ||||
Revenue: | ||||
Revenue | $ 0 | $ 1 | $ 1 | $ 4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 188,871 | $ 188,945 | $ 567,006 | $ 527,533 |
Unrealized gains (losses) on fixed maturities: | ||||
Unrealized gains (losses) | (111,024) | 393,387 | (480,872) | 884,757 |
Less applicable tax (expense) benefit | 23,317 | (82,612) | 100,984 | (185,800) |
Unrealized gains (losses) on investments, net of tax | (87,707) | 310,775 | (379,888) | 698,957 |
Deferred acquisition costs: | ||||
Unrealized gains (losses) attributable to deferred acquisition costs | 432 | 385 | 1,199 | 1,150 |
Less applicable tax (expense) benefit | (91) | (81) | (252) | (242) |
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | 341 | 304 | 947 | 908 |
Foreign exchange translation: | ||||
Foreign exchange translation adjustments, other than securities | (6,839) | 5,522 | (1,276) | (4,973) |
Less applicable tax (expense) benefit | 1,437 | (1,158) | 269 | 1,045 |
Foreign exchange translation adjustments, other than securities, net of tax | (5,402) | 4,364 | (1,007) | (3,928) |
Pension: | ||||
Amortization of pension costs | 5,198 | 4,156 | 15,598 | 12,471 |
Less applicable tax (expense) benefit | (1,090) | (873) | (3,275) | (2,619) |
Pension adjustments, net of tax | 4,108 | 3,283 | 12,323 | 9,852 |
Other comprehensive income (loss) | (88,660) | 318,726 | (367,625) | 705,789 |
Comprehensive income (loss) | 100,211 | 507,671 | 199,381 | 1,233,322 |
Securities | ||||
Unrealized gains (losses) on fixed maturities: | ||||
Unrealized holding gains (losses) arising during period | (95,906) | 380,299 | (453,917) | 861,871 |
Other reclassification adjustments included in net income | (14,599) | 11,838 | (31,096) | 37,060 |
Foreign exchange adjustment on fixed maturities recorded at fair value | (519) | 1,250 | 4,141 | (914) |
Unrealized gains (losses) | (111,024) | 393,387 | (480,872) | 898,017 |
Other investments | ||||
Unrealized gains (losses) on fixed maturities: | ||||
Unrealized gains (losses) | $ 0 | $ 0 | $ 0 | $ (13,260) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | [1] | Cumulative Effect, Period Of Adoption, Adjusted Balance | Preferred Stock | Preferred StockCumulative Effect, Period Of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period Of Adoption, Adjusted Balance | Additional Paid-In Capital | Additional Paid-In CapitalCumulative Effect, Period Of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period Of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | [1] | Retained EarningsCumulative Effect, Period Of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period Of Adoption, Adjusted Balance |
Beginning balance at Dec. 31, 2019 | $ 7,294,307 | $ (454) | $ 7,293,853 | $ 0 | $ 0 | $ 117,218 | $ 117,218 | $ 531,554 | $ 531,554 | $ 1,844,830 | $ 1,844,830 | $ 5,551,329 | $ (454) | $ 5,550,875 | $ (750,624) | $ (750,624) | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | (613,043) | (778,583) | 165,540 | |||||||||||||||
Common dividends declared | (19,963) | (19,963) | ||||||||||||||||
Acquisition of treasury stock | (166,729) | (166,729) | ||||||||||||||||
Stock-based compensation | 9,356 | (12,126) | (482) | 21,964 | ||||||||||||||
Exercise of stock options | 16,808 | (9,539) | 26,347 | |||||||||||||||
Ending balance at Mar. 31, 2020 | 6,520,282 | 0 | 117,218 | 519,428 | 1,066,247 | 5,686,431 | (869,042) | |||||||||||
Beginning balance at Dec. 31, 2019 | 7,294,307 | $ (454) | $ 7,293,853 | 0 | $ 0 | 117,218 | $ 117,218 | 531,554 | $ 531,554 | 1,844,830 | $ 1,844,830 | 5,551,329 | $ (454) | $ 5,550,875 | (750,624) | $ (750,624) | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 1,233,322 | |||||||||||||||||
Ending balance at Sep. 30, 2020 | 8,224,908 | 0 | 117,218 | 536,727 | 2,550,619 | 6,002,407 | (982,063) | |||||||||||
Beginning balance at Mar. 31, 2020 | 6,520,282 | 0 | 117,218 | 519,428 | 1,066,247 | 5,686,431 | (869,042) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 1,338,694 | 1,165,646 | 173,048 | |||||||||||||||
Common dividends declared | (19,956) | (19,956) | ||||||||||||||||
Stock-based compensation | 8,632 | 8,632 | ||||||||||||||||
Exercise of stock options | 717 | (593) | 1,310 | |||||||||||||||
Ending balance at Jun. 30, 2020 | 7,848,369 | 0 | 117,218 | 528,060 | 2,231,893 | 5,838,930 | (867,732) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 507,671 | 318,726 | 188,945 | |||||||||||||||
Common dividends declared | (19,692) | (19,692) | ||||||||||||||||
Acquisition of treasury stock | (129,919) | (129,919) | ||||||||||||||||
Stock-based compensation | 8,667 | 8,667 | ||||||||||||||||
Exercise of stock options | 9,812 | (5,776) | 15,588 | |||||||||||||||
Ending balance at Sep. 30, 2020 | 8,224,908 | 0 | 117,218 | 536,727 | 2,550,619 | 6,002,407 | (982,063) | |||||||||||
Beginning balance at Dec. 31, 2020 | 8,771,092 | 0 | 113,218 | 527,435 | 3,029,244 | 5,874,109 | (772,914) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | (826,212) | (1,004,729) | 178,517 | |||||||||||||||
Common dividends declared | (20,435) | (20,435) | ||||||||||||||||
Acquisition of treasury stock | (132,720) | (132,720) | ||||||||||||||||
Stock-based compensation | 7,888 | (11,422) | 1,168 | 18,142 | ||||||||||||||
Exercise of stock options | 32,724 | (12,807) | 45,531 | |||||||||||||||
Ending balance at Mar. 31, 2021 | 7,832,337 | 0 | 113,218 | 516,013 | 2,024,515 | 6,020,552 | (841,961) | |||||||||||
Beginning balance at Dec. 31, 2020 | 8,771,092 | 0 | 113,218 | 527,435 | 3,029,244 | 5,874,109 | (772,914) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 199,381 | |||||||||||||||||
Ending balance at Sep. 30, 2021 | 8,608,151 | 0 | 113,218 | 533,683 | 2,661,619 | 6,353,261 | (1,053,630) | |||||||||||
Beginning balance at Mar. 31, 2021 | 7,832,337 | 0 | 113,218 | 516,013 | 2,024,515 | 6,020,552 | (841,961) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 925,382 | 725,764 | 199,618 | |||||||||||||||
Common dividends declared | (20,171) | (20,171) | ||||||||||||||||
Acquisition of treasury stock | (162,864) | (162,864) | ||||||||||||||||
Stock-based compensation | 8,634 | 8,634 | ||||||||||||||||
Exercise of stock options | 33,604 | (14,033) | 47,637 | |||||||||||||||
Ending balance at Jun. 30, 2021 | 8,616,922 | 0 | 113,218 | 524,647 | 2,750,279 | 6,185,966 | (957,188) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Comprehensive income (loss) | 100,211 | (88,660) | 188,871 | |||||||||||||||
Common dividends declared | (19,981) | (19,981) | ||||||||||||||||
Acquisition of treasury stock | (97,796) | (97,796) | ||||||||||||||||
Stock-based compensation | 7,776 | 9,036 | (1,260) | |||||||||||||||
Exercise of stock options | 1,019 | (335) | 1,354 | |||||||||||||||
Ending balance at Sep. 30, 2021 | $ 8,608,151 | $ 0 | $ 113,218 | $ 533,683 | $ 2,661,619 | $ 6,353,261 | $ (1,053,630) | |||||||||||
[1] | Adoption of Accounting Standard Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividends declared, per share (in dollars per share) | $ 0.1975 | $ 0.1975 | $ 0.1975 | $ 0.1875 | $ 0.1875 | $ 0.1875 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash provided from (used for) operating activities | $ 1,060,022 | $ 1,078,616 |
Investments sold or matured: | ||
Fixed maturities available for sale—sold | 91,795 | 52,681 |
Fixed maturities available for sale—matured or other redemptions | 249,653 | 333,631 |
Other long-term investments | 36,060 | 35,547 |
Total investments sold or matured | 377,508 | 421,859 |
Acquisition of investments: | ||
Fixed maturities—available for sale | (687,993) | (905,371) |
Other long-term investments | (206,609) | (213,075) |
Total investments acquired | (894,602) | (1,118,446) |
Net (increase) decrease in policy loans | (1,412) | (5,719) |
Net (increase) decrease in short-term investments | 14,418 | (225,594) |
Additions to properties | (30,730) | (28,790) |
Other investing activities | (59,200) | (7,099) |
Investments in low-income housing interests | (35,236) | (28,669) |
Cash provided from (used for) investing activities | (629,254) | (992,458) |
Cash provided from (used for) financing activities: | ||
Issuance of common stock | 67,347 | 27,337 |
Cash dividends paid to shareholders | (60,068) | (58,503) |
Repayment of debt | (300,000) | (386,875) |
Proceeds from issuance of debt | 325,000 | 700,000 |
Payment for debt issuance costs | (7,639) | (5,844) |
Net borrowing (repayment) of commercial paper | (10,991) | (9,605) |
Acquisition of treasury stock | (393,380) | (296,648) |
Net receipts (payments) from deposit-type products | (48,276) | (56,858) |
Cash provided from (used for) financing activities | (428,007) | (86,996) |
Effect of foreign exchange rate changes on cash | (1,283) | 5,006 |
Net increase (decrease) in cash | 1,478 | 4,168 |
Cash at beginning of year | 94,847 | 75,933 |
Cash at end of period | $ 96,325 | $ 80,101 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1—Significant Accounting Policies Business : (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (the Parent Company). Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2021, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2021 and 2020. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2021. Acquisition : On August 1, 2021 the Company acquired Beazley Benefits, a small unit of Beazley Insurance Company, Inc. for $59.2 million. This business will enhance our ability to reach the worksite market. In conjunction with this agreement, the Company also executed a 100% coinsurance agreement assuming the remaining inforce business produced by the unit, which included a $2.5 million ceding commission. The acquisition was accounted for under the purchase method of accounting as required by accounting guidance generally accepted in the United States of America. This guidance requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The results of operations since the acquisition date have been consolidated. Fair Value as of August 1, 2021 Assets Acquired: Trade name $ 300 Value of Customer Relationships Acquired 5,200 Value of Distribution Acquired 11,000 Goodwill 40,200 56,700 Ceding commission 2,500 Total purchase price $ 59,200 In accordance with the applicable guidance, the Company is finalizing the estimation of the fair value of the acquired assets and may do so up to one year. If any changes are deemed necessary to the preliminary estimates and possibly goodwill, the Company will make an opening balance sheet adjustment. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | Note 2—New Accounting Standards Accounting Pronouncements Adopted in the Current Year Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2020-08 , Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs The standard was issued as an amendment to ASU 2017-08, and clarifies that callable debt securities with a premium should be amortized to the next call date. This standard became effective on January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. Accounting Pronouncements Yet to be Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2018-12/2019-09/2020-11 , Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020. ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available. The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, and enhanced system solutions. As of the balance sheet date, the Company is continuing to upgrade its valuation systems as part of its implementation plan. In addition, significant progress has been made allowing the Company to execute parallel valuation runs on major blocks of business and is updating its accounting policies. Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not expect to early adopt this ASU and has selected a modified retrospective transition method. |
Supplemental Information about
Supplemental Information about Changes to Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Supplemental Information about Changes to Accumulated Other Comprehensive Income | Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income Components of Accumulated Other Comprehensive Income : An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Available Deferred Foreign Pension Total Balance at July 1, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 Other comprehensive income (loss) before reclassifications, net of tax (76,174) 341 (5,402) — (81,235) Reclassifications, net of tax (11,533) — — 4,108 (7,425) Other comprehensive income (loss) (87,707) 341 (5,402) 4,108 (88,660) Balance at September 30, 2021 $ 2,795,684 $ (3,757) $ 22,295 $ (152,603) $ 2,661,619 Three Months Ended September 30, 2020 Available Deferred Foreign Pension Total Balance at July 1, 2020 $ 2,370,832 $ (5,312) $ 3,766 $ (137,393) $ 2,231,893 Other comprehensive income (loss) before reclassifications, net of tax 301,423 304 4,364 — 306,091 Reclassifications, net of tax 9,352 — — 3,283 12,635 Other comprehensive income (loss) 310,775 304 4,364 3,283 318,726 Balance at September 30, 2020 $ 2,681,607 $ (5,008) $ 8,130 $ (134,110) $ 2,550,619 Nine Months Ended September 30, 2021 Available Deferred Foreign Pension Total Balance at January 1, 2021 $ 3,175,572 $ (4,704) $ 23,302 $ (164,926) $ 3,029,244 Other comprehensive income (loss) before reclassifications, net of tax (355,322) 947 (1,007) — (355,382) Reclassifications, net of tax (24,566) — — 12,323 (12,243) Other comprehensive income (loss) (379,888) 947 (1,007) 12,323 (367,625) Balance at September 30, 2021 $ 2,795,684 $ (3,757) $ 22,295 $ (152,603) $ 2,661,619 Nine Months Ended September 30, 2020 Available Deferred Foreign Pension Total Balance at January 1, 2020 $ 1,982,650 $ (5,916) $ 12,058 $ (143,962) $ 1,844,830 Other comprehensive income (loss) before reclassifications, net of tax 669,680 908 (3,928) — 666,660 Reclassifications, net of tax 29,277 — — 9,852 39,129 Other comprehensive income (loss) 698,957 908 (3,928) 9,852 705,789 Balance at September 30, 2020 $ 2,681,607 $ (5,008) $ 8,130 $ (134,110) $ 2,550,619 Reclassification adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended September 30, Affected line items in the Statement of Operations Component Line Item 2021 2020 2021 2020 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ (16,269) $ 10,276 $ (35,925) $ 32,133 Realized (gains) losses Amortization of (discount) premium 1,670 1,562 4,829 4,927 Net investment income Total before tax (14,599) 11,838 (31,096) 37,060 Tax 3,066 (2,486) 6,530 (7,783) Income taxes Total after-tax (11,533) 9,352 (24,566) 29,277 Pension adjustments: Amortization of prior service cost 158 158 474 474 Other operating expense Amortization of actuarial (gain) loss 5,040 3,998 15,124 11,997 Other operating expense Total before tax 5,198 4,156 15,598 12,471 Tax (1,090) (873) (3,275) (2,619) Income taxes Total after-tax 4,108 3,283 12,323 9,852 Total reclassification (after-tax) $ (7,425) $ 12,635 $ (12,243) $ 39,129 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4—Investments Portfolio Composition : Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector". At September 30, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,193 $ — $ 65,063 $ (140) $ 445,116 2 States, municipalities, and political subdivisions 2,068,436 — 220,945 (8,433) 2,280,948 11 Foreign governments 61,476 — 1,363 (4,382) 58,457 — Corporates, by sector: Financial 4,563,734 — 927,421 (12,474) 5,478,681 26 Utilities 1,935,489 — 509,282 (988) 2,443,783 12 Energy 1,603,163 — 364,899 (2,131) 1,965,931 9 Other corporate sectors 6,867,918 — 1,462,369 (15,339) 8,314,948 39 Total corporates 14,970,304 — 3,263,971 (30,932) 18,203,343 86 Collateralized debt obligations 36,088 — 27,073 — 63,161 — Other asset-backed securities 105,531 — 5,046 (736) 109,841 1 Total fixed maturities $ 17,622,028 $ — $ 3,583,461 $ (44,623) $ 21,160,866 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2020 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,602 $ — $ 87,272 $ (43) $ 467,831 2 States, municipalities, and political subdivisions 1,880,607 — 251,291 (315) 2,131,583 10 Foreign governments 52,913 — 2,635 (898) 54,650 — Corporates, by sector: Financial 4,404,203 — 1,016,813 (24,221) 5,396,795 26 Utilities 1,975,460 — 608,595 (108) 2,583,947 12 Energy 1,623,970 (3,346) 346,197 (3,083) 1,963,738 9 Other corporate sectors 6,687,644 — 1,727,366 (6,218) 8,408,792 40 Total corporates 14,691,277 (3,346) 3,698,971 (33,630) 18,353,272 87 Collateralized debt obligations 57,007 — 23,460 (8,869) 71,598 — Other asset-backed securities 134,739 — 3,614 (3,778) 134,575 1 Total fixed maturities $ 17,197,145 $ (3,346) $ 4,067,243 $ (47,533) $ 21,213,509 100 (1) Amount reported in the balance sheet. (2) At fair value. A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2021 is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At September 30, 2021 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 104,924 $ 106,663 Due after one year through five years 845,481 938,870 Due after five years through ten years 1,806,609 2,160,941 Due after ten years through twenty years 6,583,636 8,359,748 Due after twenty years 8,139,586 9,421,456 Mortgage-backed and asset-backed securities 141,792 173,188 $ 17,622,028 $ 21,160,866 Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2021 and 2020 is summarized as follows: Three Months Ended Nine Months Ended 2021 2020 % Change 2021 2020 % Change Fixed maturities available for sale $ 223,287 $ 217,900 2 $ 668,284 $ 652,583 2 Policy loans 11,376 11,241 1 33,968 33,572 1 Other long-term investments (1) 9,390 6,925 36 26,432 18,694 41 Short-term investments 10 88 (89) 20 529 (96) 244,063 236,154 3 728,704 705,378 3 Less investment expense (5,088) (4,722) 8 (15,601) (13,387) 17 Net investment income $ 238,975 $ 231,432 3 $ 713,103 $ 691,991 3 (1) For the three months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $7.1 million and $4.0 million of distributions, respectively in net investment income. For the nine months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $19.4 million and $10.5 million of distributions, respectively in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds. Selected information about sales of fixed maturities available for sale is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Fixed maturities available for sale: Proceeds from sales (1) $ 17,085 $ 661 $ 91,795 $ 52,681 Gross realized gains 304 — 1,438 2,642 Gross realized losses — (38,782) (12,101) (39,153) (1) There were no unsettled sales in the periods ended September 30, 2021 and 2020. An analysis of "Realized gains (losses)" is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ 16,269 $ (38,608) $ 32,578 $ (27,746) Provision for credit losses — 28,332 3,346 (4,387) Fair value option—change in fair value 1,585 12,053 14,013 (6,798) Other investments 1,935 358 6,663 10,179 Realized gains (losses) from investments 19,789 2,135 56,600 (28,752) Realized loss on redemption of debt (9,314) (634) (9,314) (634) 10,475 1,501 47,286 (29,386) Applicable tax (2,200) 463 (9,930) 6,949 Realized gains (losses), net of tax $ 8,275 $ 1,964 $ 37,356 $ (22,437) (1) During the three months ended September 30, 2021 and 2020, the Company recorded $0 and $65.8 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0, respectively in realized gains (losses). During the nine months ended September 30, 2021 and 2020, the Company recorded $108.3 million and $152.1 million of exchanges of fixed maturities (noncash transactions) that resulted in $25.2 million and $7.9 million, respectively in realized gains (losses). Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2021 and December 31, 2020: Fair Value Measurement at September 30, 2021 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 445,116 $ — $ 445,116 States, municipalities, and political subdivisions — 2,280,948 — 2,280,948 Foreign governments — 58,457 — 58,457 Corporates, by sector: Financial — 5,306,960 171,721 5,478,681 Utilities — 2,288,585 155,198 2,443,783 Energy — 1,952,029 13,902 1,965,931 Other corporate sectors — 8,001,599 313,349 8,314,948 Total corporates — 17,549,173 654,170 18,203,343 Collateralized debt obligations — — 63,161 63,161 Other asset-backed securities — 109,841 — 109,841 Total fixed maturities $ — $ 20,443,535 $ 717,331 $ 21,160,866 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2020 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 467,831 $ — $ 467,831 States, municipalities, and political subdivisions — 2,131,583 — 2,131,583 Foreign governments — 54,650 — 54,650 Corporates, by sector: Financial — 5,222,066 174,729 5,396,795 Utilities — 2,400,602 183,345 2,583,947 Energy — 1,925,549 38,189 1,963,738 Other corporate sectors — 8,090,550 318,242 8,408,792 Total corporates — 17,638,767 714,505 18,353,272 Collateralized debt obligations — — 71,598 71,598 Other asset-backed securities — 121,705 12,870 134,575 Total fixed maturities $ — $ 20,414,536 $ 798,973 $ 21,213,509 Percentage of total — % 96 % 4 % 100 % The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2021 $ 12,870 $ 71,598 $ 714,505 $ 798,973 Included in realized gains / losses (82) (6,787) 2,733 (4,136) Included in other comprehensive income 63 12,482 (15,346) (2,801) Acquisitions — — 25,000 25,000 Sales (12,851) (13,213) — (26,064) Amortization — 3,388 8 3,396 Other (1) — (4,307) (72,730) (77,037) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at September 30, 2021 $ — $ 63,161 $ 654,170 $ 717,331 Percent of total fixed maturities — % — % 3 % 3 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2020 $ 13,177 $ 74,104 $ 672,128 $ 759,409 Included in realized gains / losses — — 1,213 1,213 Included in other comprehensive income (318) (5,220) 11,324 5,786 Acquisitions — — 17,820 17,820 Sales — — — — Amortization — 3,415 11 3,426 Other (1) 109 (3,642) (38,278) (41,811) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at September 30, 2020 $ 12,968 $ 68,657 $ 664,218 $ 745,843 Percent of total fixed maturities — % 1 % 3 % 4 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. The following table presents changes in unrealized gains or (losses) for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s: Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period Asset- Collateralized Corporates Total At September 30, 2021 $ 63 $ 12,482 $ (15,346) $ (2,801) At September 30, 2020 (318) (5,220) 11,324 5,786 Unrealized Loss Analysis : The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIPs) held: As of September 30, 2021 242 29 271 As of December 31, 2020 54 24 78 Globe Life's entire fixed maturity portfolio consisted of 1,981 issues by 813 different issuers at September 30, 2021 and 1,900 issues by 777 different issuers at December 31, 2020. The weighted-average quality rating of all unrealized loss positions at amortized cost was A and BBB- as of September 30, 2021 and December 31, 2020, respectively. The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale for which an allowance for credit losses has not been recorded at September 30, 2021. Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not intend to sell and it is likely that management will not be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations. Analysis of Gross Unrealized Investment Losses At September 30, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 2,033 $ (37) $ 1,960 $ (103) $ 3,993 $ (140) States, municipalities and political subdivisions 324,878 (8,330) 1,623 (103) 326,501 (8,433) Foreign governments 20,088 (2,114) 11,017 (2,268) 31,105 (4,382) Corporates, by sector: Financial 154,075 (3,836) 32,692 (1,972) 186,767 (5,808) Utilities 21,841 (736) 2,511 (252) 24,352 (988) Energy 86,710 (911) — — 86,710 (911) Other corporate sectors 172,274 (6,871) 17,555 (2,661) 189,829 (9,532) Total corporates 434,900 (12,354) 52,758 (4,885) 487,658 (17,239) Collateralized debt obligations — — — — — — Other asset-backed securities — — — — — — Total investment grade securities 781,899 (22,835) 67,358 (7,359) 849,257 (30,194) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 5,479 (4) 55,878 (6,662) 61,357 (6,666) Utilities — — — — — — Energy — — 26,869 (1,220) 26,869 (1,220) Other corporate sectors — — 26,890 (5,807) 26,890 (5,807) Total corporates 5,479 (4) 109,637 (13,689) 115,116 (13,693) Collateralized debt obligations — — — — — — Other asset-backed securities — — 12,882 (736) 12,882 (736) Total below investment grade securities 5,479 (4) 122,519 (14,425) 127,998 (14,429) Total fixed maturities $ 787,378 $ (22,839) $ 189,877 $ (21,784) $ 977,255 $ (44,623) The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2020. Analysis of Gross Unrealized Investment Losses At December 31, 2020 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 2,006 $ (43) $ — $ — $ 2,006 $ (43) States, municipalities and political subdivisions 32,910 (315) — — 32,910 (315) Foreign governments 19,532 (898) — — 19,532 (898) Corporates, by sector: Financial 117,762 (2,564) 6,333 (2,168) 124,095 (4,732) Utilities 2,726 (108) — — 2,726 (108) Energy 1,692 (8) 14,871 (106) 16,563 (114) Other corporate sectors 21,882 (720) — — 21,882 (720) Total corporates 144,062 (3,400) 21,204 (2,274) 165,266 (5,674) Collateralized debt obligations — — — — — — Other asset-backed securities 28,864 (1,051) 5 — 28,869 (1,051) Total investment grade securities 227,374 (5,707) 21,209 (2,274) 248,583 (7,981) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 6,822 (36) 115,093 (19,453) 121,915 (19,489) Utilities — — — — — — Energy 18,432 (757) 38,720 (2,212) 57,152 (2,969) Other corporate sectors 25,711 (3,588) 19,516 (1,910) 45,227 (5,498) Total corporates 50,965 (4,381) 173,329 (23,575) 224,294 (27,956) Collateralized debt obligations — — 11,131 (8,869) 11,131 (8,869) Other asset-backed securities — — 11,223 (2,727) 11,223 (2,727) Total below investment grade securities 50,965 (4,381) 195,683 (35,171) 246,648 (39,552) Total fixed maturities $ 278,339 $ (10,088) $ 216,892 $ (37,445) $ 495,231 $ (47,533) Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for credit losses beginning balance $ — $ 32,719 $ 3,346 $ — Additions to allowance for which credit losses were not previously recorded — 4,387 — 37,106 Additions (reductions) to allowance for fixed maturities that previously had an allowance — — — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period — (32,719) (3,346) (32,719) Allowance for credit losses ending balance $ — $ 4,387 $ — $ 4,387 As of September 30, 2021 and December 31, 2020, the Company did not have any fixed maturities in non-accrual status. Other Long-Term Investments : Other long-term investments consist of the following assets: September 30, December 31, 2020 Investment funds $ 586,223 $ 385,038 Commercial mortgage loan participations 137,072 160,602 Other 9,882 1,341 Total $ 733,177 $ 546,981 The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership ranging from 1% to 20%. For each investment, the Company has elected the fair value option, but would have been otherwise accounted for as an equity method investment. The fair value option is assessed for each individual investment and concluded at the inception of the investment. Additionally, each investment is evaluated under ASC 810, Consolidation to determine if it is a variable interest entity and would qualify for consolidation; none of the investments qualify for consolidation as the Company is not the primary beneficiary in any of these investments. The investments are reported at the Company's pro-rata share of the investment fund's net asset value or its equivalent (NAV) as a practical expedient for fair value. Changes in the net asset value are recorded in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations . Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. Periodic distributions are recorded in net investment income until cumulative distributions exceed our pro-rata share of operating earnings at which point the distributions will reduce the carrying value. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. The Company did not commit to any new investment funds during the quarter. The Company had $56 million of capital called during the quarter from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $357 million as of September 30, 2021. The following table presents additional information about the Company's investment funds as of September 30, 2021 and December 31, 2020 at fair value: Fair Value Unfunded Commitments Investment Category September 30, December 31, 2020 September 30, Redemption Term/Notice Commercial mortgage loans $ 397,723 $ 227,050 $ 124,913 Portion non-redeemable and fully redeemable after 6 month period, subject to fund liquidity/discretion of General Partner. Expected life is 7 years for non-redeemable fund. Opportunistic credit 170,117 157,461 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Other 18,383 527 232,100 Fully redeemable with varying terms and non-redeemable. Total investment funds $ 586,223 $ 385,038 $ 357,013 Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 54,042 39 $ 49,002 31 Office 9,137 7 36,153 22 Hospitality 22,550 17 22,605 14 Retail 19,754 14 19,319 12 Industrial 17,900 13 17,900 11 Multi-family 14,873 11 19,128 12 Total recorded investment 138,256 101 164,107 102 Less allowance for credit losses (1,184) (1) (3,505) (2) Carrying value, net of allowance for credit losses $ 137,072 100 $ 160,602 100 September 30, 2021 December 31, 2020 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 64,519 47 $ 61,610 38 Virginia — — 27,019 17 New York 18,111 13 16,602 10 Pennsylvania 11,672 9 11,314 7 Indiana 9,717 7 9,717 6 Florida 8,182 6 12,420 8 Other 26,055 19 25,425 16 Total recorded investment 138,256 101 164,107 102 Less allowance for credit losses (1,184) (1) (3,505) (2) Carrying value, net of allowance for credit losses $ 137,072 100 $ 160,602 100 The following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2021, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project. Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of September 30, 2021 Risk Rating: Number of Loans 2021 2020 2019 2018 2017 Total Low 14 $ — $ 22,473 $ 11,345 $ 32,958 $ 35,209 $ 101,985 Moderate 6 — — 16,517 8,182 — 24,699 High 2 — — 4,575 6,997 — 11,572 Total commercial mortgage loans 22 $ — $ 22,473 $ 32,437 $ 48,137 $ 35,209 138,256 Less allowance for credit losses on the investment pool (1,184) Less allowance for credit losses on individual loans — Carrying value, net of valuation allowance $ 137,072 Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of December 31, 2020 Risk Rating: Number of Loans 2020 2019 2018 2017 Total Low 17 $ 20,176 $ 14,757 $ 33,132 $ 61,460 $ 129,525 Moderate 4 — 10,640 7,796 — 18,436 High 3 — 4,554 11,592 — 16,146 Total commercial mortgage loans 24 $ 20,176 $ 29,951 $ 52,520 $ 61,460 164,107 Less allowance for credit losses on the investment pool (2,503) Less allowance for credit losses on individual loans (1,002) Carrying value, net of valuation allowance $ 160,602 As of September 30, 2021, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 22 loans in the portfolio. For the nine months ended September 30, 2021, the allowance for credit losses decreased by $2.3 million to $1.2 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statement s of Operations . Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for credit losses beginning balance $ 1,639 $ 3,838 $ 3,505 $ — Cumulative effect of adoption ASU 2016-13 — — — 335 Provision (reversal) for credit losses (455) (119) (2,321) 3,384 Loans charge-off — — — — Allowance for credit losses ending balance $ 1,184 $ 3,719 $ 1,184 $ 3,719 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5—Commitments and Contingencies Guarantees : The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement was amended on September 30, 2021 and now expires in 2026. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. As of September 30, 2021 and December 31, 2020, the outstanding balance was $135 million . Litigation : Globe Life Inc. (formerly Torchmark Corporation) and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including putative class action litigation, alleged breaches of contract, torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries, employment discrimination, and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts. Globe Life's management recognizes that large punitive damage awards bearing little or no relation to actual damages continue to be awarded by juries in jurisdictions in which the Company has substantial business, creating the potential for unpredictable material adverse judgments in any given punitive damage suit. |
Liability for Unpaid Claims
Liability for Unpaid Claims | 9 Months Ended |
Sep. 30, 2021 | |
Insurance [Abstract] | |
Liability for Unpaid Claims | Note 6—Liability for Unpaid Claims Activity in the liability for unpaid health claims is summarized as follows: September 30, December 31, Balance at beginning of period $ 162,261 $ 163,808 Incurred related to: Current year 480,487 584,936 Prior year (20,961) (14,829) Total incurred 459,526 570,107 Paid related to: Current year 339,773 442,127 Prior year 116,374 129,527 Total paid 456,147 571,654 Balance at end of period $ 165,640 $ 162,261 Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets . September 30, December 31, Policy claims and other benefits payable: Life insurance $ 230,274 $ 237,246 Health insurance 165,640 162,261 Total $ 395,914 $ 399,507 |
Postretirement Benefits
Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits | Note 7—Postretirement Benefits Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP. Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2021 and December 31, 2020. Pension Assets by Component at September 30, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % to Total Corporate bonds: Financial $ — $ 53,927 $ — $ 53,927 9 Utilities — 44,135 — 44,135 8 Energy — 22,945 — 22,945 4 Other corporates — 89,212 — 89,212 16 Total corporate bonds — 210,219 — 210,219 37 Exchange traded fund (1) 283,277 — — 283,277 49 Other bonds — 244 — 244 — Guaranteed annuity contract (2) — 34,910 — 34,910 6 Short-term investments 9,605 — — 9,605 2 Other 16,214 — — 16,214 3 $ 309,096 $ 245,373 $ — 554,469 97 Other long-term investments (3) 14,455 3 Total pension assets $ 568,924 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Non-Exempt Employees Defined Benefit Pension Plan ("American Income Pension Plan"). (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of September 30, 2021, the expected term of the investment fund is approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2020 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % to Total Corporate bonds: Financial $ — $ 52,252 $ — $ 52,252 10 Utilities — 45,888 — 45,888 9 Energy — 22,480 — 22,480 4 Other corporates — 88,983 — 88,983 17 Total corporate bonds — 209,603 — 209,603 40 Exchange traded fund (1) 245,170 — — 245,170 46 Other bonds — 258 — 258 — Guaranteed annuity contract (2) — 30,119 — 30,119 6 Short-term investments 20,960 — — 20,960 4 Other 7,109 — — 7,109 1 $ 273,239 $ 239,980 $ — 513,219 97 Other long-term investments (3) 16,313 3 Total pension assets $ 529,532 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Pension Plan. (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2020, the expected term of the investment fund is approximately 4 years and the commitment of the investment is fully funded. The investment is non-redeemable. SERP : The following table includes information regarding the SERP. Nine Months Ended 2021 2020 Premiums paid for insurance coverage $ 2,193 $ 2,480 September 30, December 31, Total investments: Company owned life insurance $ 54,380 $ 51,361 Exchange traded funds 82,000 75,390 $ 136,380 $ 126,751 Pension Plans and SERP Liabilities : The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2021 and December 31, 2020. September 30, December 31, Pension Plans $ 705,371 $ 667,753 SERP 96,179 95,560 Pension benefit obligation $ 801,550 $ 763,313 Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine months ended September 30, 2021 and 2020. Components of Net Periodic Benefit Cost Three Months Ended Nine Months Ended 2021 2020 2021 2020 Service cost $ 7,919 $ 6,116 $ 23,755 $ 18,347 Interest cost 5,467 5,653 16,403 16,951 Expected return on assets (8,083) (7,390) (24,249) (22,171) Amortization: Prior service cost 158 158 474 474 Actuarial (gain) loss 4,984 3,921 14,953 11,770 Net periodic benefit cost $ 10,445 $ 8,458 $ 31,336 $ 25,371 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8—Earnings Per Share Earnings per Share : A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic weighted average shares outstanding 101,498,408 106,146,809 102,618,327 106,622,704 Weighted average dilutive options outstanding 882,609 906,302 1,171,159 1,082,474 Diluted weighted average shares outstanding 102,381,017 107,053,111 103,789,486 107,705,178 Antidilutive shares 2,601,499 4,007,482 2,349,321 2,415,182 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 9—Debt The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of September 30, December 31, 2020 Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (463) $ 165,149 $ 184,414 $ 164,954 Senior notes (1) 9/24/2012 9/15/2022 3.800% 150,000 (334) 149,666 154,767 149,414 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (5,206) 544,794 637,719 544,328 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (4,328) 395,672 396,944 395,157 Junior subordinated debentures (2) — — — — — — — 290,652 Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,608) 123,392 130,349 123,381 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,813) 317,187 331,110 — 1,715,612 (19,752) 1,695,860 1,835,303 1,667,886 Less current maturity of long-term debt (1) 150,000 (334) 149,666 154,767 — Total long-term debt 1,565,612 (19,418) 1,546,194 1,680,536 1,667,886 Current maturity of long-term debt (1) 150,000 (334) 149,666 154,767 — Commercial paper 244,000 (73) 243,927 243,927 254,918 Total short-term debt 394,000 (407) 393,593 398,694 254,918 Total debt $ 1,959,612 $ (19,825) $ 1,939,787 $ 2,079,230 $ 1,922,804 (1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation. (2) The $300 million of 6.125% Junior subordinated debentures were redeemed on July 15, 2021. The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The Senior Notes due 2023 are noncallable, the remaining senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures is payable quarterly while all other long-term debt is payable semi-annually. Long-term debt : On June 14, 2021, Globe Life completed the issuance and sale of $325 million in aggregate principal amount of 4.25% unsecured Junior Subordinated Debentures due June 15, 2061. The net proceeds from the sale of the Junior Subordinated Debentures were $317 million and were used to redeem the $300 million 6.125% Junior Subordinated Debentures due 2056 plus accrued interest of $1.5 million on July 15, 2021 as well as for general corporate purposes. Credit facility : On September 30, 2021, Globe Life amended the credit agreement dated August 24, 2020, which provides for a $750 million revolving credit facility that may be increased to $1 billion. The amended credit facility matures September 30, 2026 and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date. Federal Home Loan Bank (FHLB) funding : In July 2021, three of our insurance subsidiaries became members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB stock and Globe Life owns $6 million as of the end of the quarter. The stock is restricted for the duration of the membership and recorded at par as required by applicable guidance. The capital stock is included in "Other long-term investments " in the Condensed Consolidated Balance Sheets . As of September 30, 2021, there were no borrowings with the FHLB. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Note 10—Business Segments Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other." Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment which manages the investment portfolio, debt, and cash flow for the insurance segments and the corporate function. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments. Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed-renewable and include Medicare Supplement, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage. Annuities include fixed-benefit contracts. Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (Direct to Consumer). The tables below present segment premium revenue by each of Globe Life's distribution channels. Premium Income by Distribution Channel Three Months Ended September 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 356,456 49 $ 29,070 10 $ — — $ 385,526 37 Direct to Consumer 240,578 33 18,192 6 — — 258,770 25 Liberty National 78,528 11 46,716 16 — — 125,244 12 United American 2,199 — 118,240 39 — — 120,439 12 Family Heritage 1,286 — 86,925 29 — — 88,211 9 Other 49,877 7 — — — — 49,877 5 $ 728,924 100 $ 299,143 100 $ — — $ 1,028,067 100 Three Months Ended September 30, 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 318,917 47 $ 27,029 9 $ — — $ 345,946 36 Direct to Consumer 227,734 34 19,017 7 — — 246,751 26 Liberty National 73,815 11 47,199 16 — — 121,014 13 United American 2,402 — 114,325 40 1 100 116,728 12 Family Heritage 1,081 — 80,225 28 — — 81,306 8 Other 50,072 8 — — — — 50,072 5 $ 674,021 100 $ 287,795 100 $ 1 100 $ 961,817 100 Premium Income by Distribution Channel Nine Months Ended September 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 1,039,047 48 $ 85,210 10 $ — — $ 1,124,257 37 Direct to Consumer 734,046 34 56,002 6 — — 790,048 26 Liberty National 232,118 11 140,874 16 — — 372,992 12 United American 6,737 — 351,544 39 1 100 358,282 12 Family Heritage 3,630 — 255,272 29 — — 258,902 8 Other 149,635 7 — — — — 149,635 5 $ 2,165,213 100 $ 888,902 100 $ 1 100 $ 3,054,116 100 Nine Months Ended September 30, 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 930,444 47 $ 78,310 9 $ — — $ 1,008,754 36 Direct to Consumer 682,978 34 57,873 7 — — 740,851 26 Liberty National 220,009 11 142,230 17 — — 362,239 13 United American 7,373 — 337,269 39 4 100 344,646 12 Family Heritage 3,144 — 235,195 28 — — 238,339 8 Other 150,525 8 — — — — 150,525 5 $ 1,994,473 100 $ 850,877 100 $ 4 100 $ 2,845,354 100 Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States. The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on net policy liabilities (benefit reserves less deferred acquisition costs) is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the net policy liabilities. The measure of profitability for the Investment segment is excess investment income, representing the income earned on the investment portfolio in excess of net policy requirements and financing costs associated with Globe Life's debt. Other than the above-mentioned interest allocations, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense, are also included in the “Corporate & Other” segment category. Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which is reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations. Management removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results, because accounting guidance requires that operating segment results be presented as management views its business. With the exception of the administrative settlements noted in the paragraphs above, all of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables. The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Three Months Ended September 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 728,924 $ 299,143 $ — $ — $ — $ — $ 1,028,067 Net investment income — — — 238,975 — — 238,975 Other income — — — — 321 — 321 Total revenue 728,924 299,143 — 238,975 321 — 1,267,363 Expenses: Policy benefits 516,196 187,906 7,303 — — — 711,405 Required interest on reserves (185,295) (25,859) (10,034) 221,188 — — — Required interest on DAC 55,066 7,203 64 (62,333) — — — Amortization of acquisition costs 122,311 28,799 483 — — — 151,593 Commissions, premium taxes, and non-deferred acquisition costs 58,652 24,116 6 — — — 82,774 Insurance administrative expense (1) — — — — 68,036 — 68,036 Parent expense — — — — 2,176 2,397 (2) 4,573 Stock-based compensation expense — — — — 7,776 — 7,776 Interest expense — — — 20,886 — — 20,886 Total expenses 566,930 222,165 (2,178) 179,741 77,988 2,397 1,047,043 Subtotal 161,994 76,978 2,178 59,234 (77,667) (2,397) 220,320 Non-operating items — — — — — 2,397 (2) 2,397 Measure of segment profitability (pretax) $ 161,994 $ 76,978 $ 2,178 $ 59,234 $ (77,667) $ — 222,717 Realized gain (loss)—investments 19,789 Realized loss—redemption of debt (3) (9,314) Non-operating expenses (2,397) Income before income taxes per Condensed Consolidated Statements of Operations $ 230,795 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. (3) In July, 2021, the Company redeemed the $300 million 6.125% junior subordinated notes due 2056 and realized a loss of $9.3 million. Refer to N ote 9—Deb t for further discussion. Three Months Ended September 30, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 674,021 $ 287,795 $ 1 $ — $ — $ — $ 961,817 Net investment income — — — 231,432 — — 231,432 Other income — — — — 292 — 292 Total revenue 674,021 287,795 1 231,432 292 — 1,193,541 Expenses: Policy benefits 459,231 184,237 7,508 — — — 650,976 Required interest on reserves (175,794) (23,770) (10,347) 209,911 — — — Required interest on DAC 52,709 6,689 81 (59,479) — — — Amortization of acquisition costs 114,316 26,026 501 — — — 140,843 Commissions, premium taxes, and non-deferred acquisition costs 52,856 21,753 5 — — — 74,614 Insurance administrative expense (1) — — — — 63,008 710 (2) 63,718 Parent expense — — — — 2,689 323 (2) 3,012 Stock-based compensation expense — — — — 8,667 — 8,667 Interest expense — — — 21,674 — — 21,674 Total expenses 503,318 214,935 (2,252) 172,106 74,364 1,033 963,504 Subtotal 170,703 72,860 2,253 59,326 (74,072) (1,033) 230,037 Non-operating items — — — — — 1,033 (2) 1,033 Measure of segment profitability (pretax) $ 170,703 $ 72,860 $ 2,253 $ 59,326 $ (74,072) $ — 231,070 Realized gain (loss)—investments 2,135 Realized loss—redemption of debt (634) Non-operating expenses (1,033) Income before income taxes per Condensed Consolidated Statements of Operations $ 231,538 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Nine Months Ended September 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,165,213 $ 888,902 $ 1 $ — $ — $ — $ 3,054,116 Net investment income — — — 713,103 — — 713,103 Other income — — — — 1,004 — 1,004 Total revenue 2,165,213 888,902 1 713,103 1,004 — 3,768,223 Expenses: Policy benefits 1,532,298 564,589 21,848 — — — 2,118,735 Required interest on reserves (547,715) (76,288) (30,055) 654,058 — — — Required interest on DAC 163,083 21,242 200 (184,525) — — — Amortization of acquisition costs 366,022 85,138 1,447 — — — 452,607 Commissions, premium taxes, and non-deferred acquisition costs 174,130 70,602 20 — — — 244,752 Insurance administrative expense (1) — — — — 201,715 5,089 (2) 206,804 Parent expense — — — — 7,251 2,397 (3) 9,648 Stock-based compensation expense — — — — 24,298 — 24,298 Interest expense — — — 63,833 — — 63,833 Total expenses 1,687,818 665,283 (6,540) 533,366 233,264 7,486 3,120,677 Subtotal 477,395 223,619 6,541 179,737 (232,260) (7,486) 647,546 Non-operating items — — — — — 7,486 (2,3) 7,486 Measure of segment profitability (pretax) $ 477,395 $ 223,619 $ 6,541 $ 179,737 $ (232,260) $ — 655,032 Realized gain (loss)—investments 56,600 Realized loss—redemption of debt (3) (9,314) Legal proceedings (5,089) Non-operating expenses (2,397) Income before income taxes per Condensed Consolidated Statements of Operations $ 694,832 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. (4) In July, 2021, the Company redeemed the $300 million 6.125% junior subordinated notes due 2056 and realized a loss of $9.3 million. Refer to N ote 9—Deb t for further discussion. Nine Months Ended September 30, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,994,473 $ 850,877 $ 4 $ — $ — $ — $ 2,845,354 Net investment income — — — 691,991 — — 691,991 Other income — — — — 1,021 — 1,021 Total revenue 1,994,473 850,877 4 691,991 1,021 — 3,538,366 Expenses: Policy benefits 1,340,746 546,444 22,571 — — — 1,909,761 Required interest on reserves (520,207) (69,131) (31,135) 620,473 — — — Required interest on DAC 156,934 19,790 253 (176,977) — — — Amortization of acquisition costs 346,426 82,905 1,509 — — — 430,840 Commissions, premium taxes, and non-deferred acquisition costs 159,369 70,304 18 — — — 229,691 Insurance administrative expense (1) — — — — 188,194 3,985 (2,3) 192,179 Parent expense — — — — 7,536 323 (3) 7,859 Stock-based compensation expense — — — — 26,655 — 26,655 Interest expense — — — 65,295 — — 65,295 Total expenses 1,483,268 650,312 (6,784) 508,791 222,385 4,308 2,862,280 Subtotal 511,205 200,565 6,788 183,200 (221,364) (4,308) 676,086 Non-operating items — — — — — 4,308 (2,3) 4,308 Measure of segment profitability (pretax) $ 511,205 $ 200,565 $ 6,788 $ 183,200 $ (221,364) $ — 680,394 Realized gain (loss)—investments (28,752) Realized loss—redemption of debt (634) Legal proceedings (3,275) Non-operating expenses (1,033) Income before income taxes per Condensed Consolidated Statements of Operations $ 646,700 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2021, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2021 and 2020. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2021. |
New Accounting Pronouncements | Accounting Pronouncements Adopted in the Current Year Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2020-08 , Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs The standard was issued as an amendment to ASU 2017-08, and clarifies that callable debt securities with a premium should be amortized to the next call date. This standard became effective on January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. Accounting Pronouncements Yet to be Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2018-12/2019-09/2020-11 , Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020. ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available. The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, and enhanced system solutions. As of the balance sheet date, the Company is continuing to upgrade its valuation systems as part of its implementation plan. In addition, significant progress has been made allowing the Company to execute parallel valuation runs on major blocks of business and is updating its accounting policies. Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not expect to early adopt this ASU and has selected a modified retrospective transition method. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allocation of Purchase Price | Fair Value as of August 1, 2021 Assets Acquired: Trade name $ 300 Value of Customer Relationships Acquired 5,200 Value of Distribution Acquired 11,000 Goodwill 40,200 56,700 Ceding commission 2,500 Total purchase price $ 59,200 |
New Accounting Standards (Table
New Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of New Accounting Pronouncements | Accounting Pronouncements Adopted in the Current Year Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2020-08 , Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs The standard was issued as an amendment to ASU 2017-08, and clarifies that callable debt securities with a premium should be amortized to the next call date. This standard became effective on January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. Accounting Pronouncements Yet to be Adopted Standard Description Effective Date Effect on the Consolidated Financial Statements ASU No. 2018-12/2019-09/2020-11 , Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020. ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available. The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, and enhanced system solutions. As of the balance sheet date, the Company is continuing to upgrade its valuation systems as part of its implementation plan. In addition, significant progress has been made allowing the Company to execute parallel valuation runs on major blocks of business and is updating its accounting policies. Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not expect to early adopt this ASU and has selected a modified retrospective transition method. |
Supplemental Information Abou_2
Supplemental Information About Changes to Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Change in Balance by Component of Accumulated Other Comprehensive Income | An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Available Deferred Foreign Pension Total Balance at July 1, 2021 $ 2,883,391 $ (4,098) $ 27,697 $ (156,711) $ 2,750,279 Other comprehensive income (loss) before reclassifications, net of tax (76,174) 341 (5,402) — (81,235) Reclassifications, net of tax (11,533) — — 4,108 (7,425) Other comprehensive income (loss) (87,707) 341 (5,402) 4,108 (88,660) Balance at September 30, 2021 $ 2,795,684 $ (3,757) $ 22,295 $ (152,603) $ 2,661,619 Three Months Ended September 30, 2020 Available Deferred Foreign Pension Total Balance at July 1, 2020 $ 2,370,832 $ (5,312) $ 3,766 $ (137,393) $ 2,231,893 Other comprehensive income (loss) before reclassifications, net of tax 301,423 304 4,364 — 306,091 Reclassifications, net of tax 9,352 — — 3,283 12,635 Other comprehensive income (loss) 310,775 304 4,364 3,283 318,726 Balance at September 30, 2020 $ 2,681,607 $ (5,008) $ 8,130 $ (134,110) $ 2,550,619 Nine Months Ended September 30, 2021 Available Deferred Foreign Pension Total Balance at January 1, 2021 $ 3,175,572 $ (4,704) $ 23,302 $ (164,926) $ 3,029,244 Other comprehensive income (loss) before reclassifications, net of tax (355,322) 947 (1,007) — (355,382) Reclassifications, net of tax (24,566) — — 12,323 (12,243) Other comprehensive income (loss) (379,888) 947 (1,007) 12,323 (367,625) Balance at September 30, 2021 $ 2,795,684 $ (3,757) $ 22,295 $ (152,603) $ 2,661,619 Nine Months Ended September 30, 2020 Available Deferred Foreign Pension Total Balance at January 1, 2020 $ 1,982,650 $ (5,916) $ 12,058 $ (143,962) $ 1,844,830 Other comprehensive income (loss) before reclassifications, net of tax 669,680 908 (3,928) — 666,660 Reclassifications, net of tax 29,277 — — 9,852 39,129 Other comprehensive income (loss) 698,957 908 (3,928) 9,852 705,789 Balance at September 30, 2020 $ 2,681,607 $ (5,008) $ 8,130 $ (134,110) $ 2,550,619 |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended September 30, Affected line items in the Statement of Operations Component Line Item 2021 2020 2021 2020 Unrealized investment (gains) losses on available for sale assets: Realized (gains) losses $ (16,269) $ 10,276 $ (35,925) $ 32,133 Realized (gains) losses Amortization of (discount) premium 1,670 1,562 4,829 4,927 Net investment income Total before tax (14,599) 11,838 (31,096) 37,060 Tax 3,066 (2,486) 6,530 (7,783) Income taxes Total after-tax (11,533) 9,352 (24,566) 29,277 Pension adjustments: Amortization of prior service cost 158 158 474 474 Other operating expense Amortization of actuarial (gain) loss 5,040 3,998 15,124 11,997 Other operating expense Total before tax 5,198 4,156 15,598 12,471 Tax (1,090) (873) (3,275) (2,619) Income taxes Total after-tax 4,108 3,283 12,323 9,852 Total reclassification (after-tax) $ (7,425) $ 12,635 $ (12,243) $ 39,129 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fixed Maturities and Equity Securities Available for Sale by Component | Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector". At September 30, 2021 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,193 $ — $ 65,063 $ (140) $ 445,116 2 States, municipalities, and political subdivisions 2,068,436 — 220,945 (8,433) 2,280,948 11 Foreign governments 61,476 — 1,363 (4,382) 58,457 — Corporates, by sector: Financial 4,563,734 — 927,421 (12,474) 5,478,681 26 Utilities 1,935,489 — 509,282 (988) 2,443,783 12 Energy 1,603,163 — 364,899 (2,131) 1,965,931 9 Other corporate sectors 6,867,918 — 1,462,369 (15,339) 8,314,948 39 Total corporates 14,970,304 — 3,263,971 (30,932) 18,203,343 86 Collateralized debt obligations 36,088 — 27,073 — 63,161 — Other asset-backed securities 105,531 — 5,046 (736) 109,841 1 Total fixed maturities $ 17,622,028 $ — $ 3,583,461 $ (44,623) $ 21,160,866 100 (1) Amount reported in the balance sheet. (2) At fair value. At December 31, 2020 Amortized Allowance for Credit Losses Gross Gross Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 380,602 $ — $ 87,272 $ (43) $ 467,831 2 States, municipalities, and political subdivisions 1,880,607 — 251,291 (315) 2,131,583 10 Foreign governments 52,913 — 2,635 (898) 54,650 — Corporates, by sector: Financial 4,404,203 — 1,016,813 (24,221) 5,396,795 26 Utilities 1,975,460 — 608,595 (108) 2,583,947 12 Energy 1,623,970 (3,346) 346,197 (3,083) 1,963,738 9 Other corporate sectors 6,687,644 — 1,727,366 (6,218) 8,408,792 40 Total corporates 14,691,277 (3,346) 3,698,971 (33,630) 18,353,272 87 Collateralized debt obligations 57,007 — 23,460 (8,869) 71,598 — Other asset-backed securities 134,739 — 3,614 (3,778) 134,575 1 Total fixed maturities $ 17,197,145 $ (3,346) $ 4,067,243 $ (47,533) $ 21,213,509 100 (1) Amount reported in the balance sheet. (2) At fair value. |
Schedule of Fixed Maturities by Contractual Maturity | A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2021 is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions. At September 30, 2021 Amortized Fair Fixed maturities available for sale: Due in one year or less $ 104,924 $ 106,663 Due after one year through five years 845,481 938,870 Due after five years through ten years 1,806,609 2,160,941 Due after ten years through twenty years 6,583,636 8,359,748 Due after twenty years 8,139,586 9,421,456 Mortgage-backed and asset-backed securities 141,792 173,188 $ 17,622,028 $ 21,160,866 |
Schedule of Analysis of Investment Operations | Net investment income" for the three and nine month periods ended September 30, 2021 and 2020 is summarized as follows: Three Months Ended Nine Months Ended 2021 2020 % Change 2021 2020 % Change Fixed maturities available for sale $ 223,287 $ 217,900 2 $ 668,284 $ 652,583 2 Policy loans 11,376 11,241 1 33,968 33,572 1 Other long-term investments (1) 9,390 6,925 36 26,432 18,694 41 Short-term investments 10 88 (89) 20 529 (96) 244,063 236,154 3 728,704 705,378 3 Less investment expense (5,088) (4,722) 8 (15,601) (13,387) 17 Net investment income $ 238,975 $ 231,432 3 $ 713,103 $ 691,991 3 (1) For the three months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $7.1 million and $4.0 million of distributions, respectively in net investment income. For the nine months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $19.4 million and $10.5 million of distributions, respectively in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds. |
Realized Gains (Losses) on Investments | Selected information about sales of fixed maturities available for sale is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Fixed maturities available for sale: Proceeds from sales (1) $ 17,085 $ 661 $ 91,795 $ 52,681 Gross realized gains 304 — 1,438 2,642 Gross realized losses — (38,782) (12,101) (39,153) (1) There were no unsettled sales in the periods ended September 30, 2021 and 2020. An analysis of "Realized gains (losses)" is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Realized investment gains (losses): Fixed maturities available for sale: Sales and other (1) $ 16,269 $ (38,608) $ 32,578 $ (27,746) Provision for credit losses — 28,332 3,346 (4,387) Fair value option—change in fair value 1,585 12,053 14,013 (6,798) Other investments 1,935 358 6,663 10,179 Realized gains (losses) from investments 19,789 2,135 56,600 (28,752) Realized loss on redemption of debt (9,314) (634) (9,314) (634) 10,475 1,501 47,286 (29,386) Applicable tax (2,200) 463 (9,930) 6,949 Realized gains (losses), net of tax $ 8,275 $ 1,964 $ 37,356 $ (22,437) (1) During the three months ended September 30, 2021 and 2020, the Company recorded $0 and $65.8 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0, respectively in realized gains (losses). During the nine months ended September 30, 2021 and 2020, the Company recorded $108.3 million and $152.1 million of exchanges of fixed maturities (noncash transactions) that resulted in $25.2 million and $7.9 million, respectively in realized gains (losses). |
Fair Value of Fixed Maturities Measured on a Recurring Basis | The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2021 and December 31, 2020: Fair Value Measurement at September 30, 2021 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 445,116 $ — $ 445,116 States, municipalities, and political subdivisions — 2,280,948 — 2,280,948 Foreign governments — 58,457 — 58,457 Corporates, by sector: Financial — 5,306,960 171,721 5,478,681 Utilities — 2,288,585 155,198 2,443,783 Energy — 1,952,029 13,902 1,965,931 Other corporate sectors — 8,001,599 313,349 8,314,948 Total corporates — 17,549,173 654,170 18,203,343 Collateralized debt obligations — — 63,161 63,161 Other asset-backed securities — 109,841 — 109,841 Total fixed maturities $ — $ 20,443,535 $ 717,331 $ 21,160,866 Percentage of total — % 97 % 3 % 100 % Fair Value Measurement at December 31, 2020 Using: Quoted Prices in Significant Other Significant Total Fair Fixed maturities available for sale U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 467,831 $ — $ 467,831 States, municipalities, and political subdivisions — 2,131,583 — 2,131,583 Foreign governments — 54,650 — 54,650 Corporates, by sector: Financial — 5,222,066 174,729 5,396,795 Utilities — 2,400,602 183,345 2,583,947 Energy — 1,925,549 38,189 1,963,738 Other corporate sectors — 8,090,550 318,242 8,408,792 Total corporates — 17,638,767 714,505 18,353,272 Collateralized debt obligations — — 71,598 71,598 Other asset-backed securities — 121,705 12,870 134,575 Total fixed maturities $ — $ 20,414,536 $ 798,973 $ 21,213,509 Percentage of total — % 96 % 4 % 100 % |
Fair Value, Assets Measured on Recurring Basis | The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2021 $ 12,870 $ 71,598 $ 714,505 $ 798,973 Included in realized gains / losses (82) (6,787) 2,733 (4,136) Included in other comprehensive income 63 12,482 (15,346) (2,801) Acquisitions — — 25,000 25,000 Sales (12,851) (13,213) — (26,064) Amortization — 3,388 8 3,396 Other (1) — (4,307) (72,730) (77,037) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at September 30, 2021 $ — $ 63,161 $ 654,170 $ 717,331 Percent of total fixed maturities — % — % 3 % 3 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Asset- backed Securities Collateralized Corporates Total Balance at January 1, 2020 $ 13,177 $ 74,104 $ 672,128 $ 759,409 Included in realized gains / losses — — 1,213 1,213 Included in other comprehensive income (318) (5,220) 11,324 5,786 Acquisitions — — 17,820 17,820 Sales — — — — Amortization — 3,415 11 3,426 Other (1) 109 (3,642) (38,278) (41,811) Transfers into Level 3 (2) — — — — Transfers out of Level 3 (2) — — — — Balance at September 30, 2020 $ 12,968 $ 68,657 $ 664,218 $ 745,843 Percent of total fixed maturities — % 1 % 3 % 4 % (1) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. The following table presents changes in unrealized gains or (losses) for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s: Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period Asset- Collateralized Corporates Total At September 30, 2021 $ 63 $ 12,482 $ (15,346) $ (2,801) At September 30, 2020 (318) (5,220) 11,324 5,786 |
Schedule of Additional Information about Investments in Unrealized Loss Position | The following table discloses information about fixed maturities available for sale in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIPs) held: As of September 30, 2021 242 29 271 As of December 31, 2020 54 24 78 |
Schedule of Unrealized Investment Losses by Class of Investment | The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale for which an allowance for credit losses has not been recorded at September 30, 2021. Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not intend to sell and it is likely that management will not be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations. Analysis of Gross Unrealized Investment Losses At September 30, 2021 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 2,033 $ (37) $ 1,960 $ (103) $ 3,993 $ (140) States, municipalities and political subdivisions 324,878 (8,330) 1,623 (103) 326,501 (8,433) Foreign governments 20,088 (2,114) 11,017 (2,268) 31,105 (4,382) Corporates, by sector: Financial 154,075 (3,836) 32,692 (1,972) 186,767 (5,808) Utilities 21,841 (736) 2,511 (252) 24,352 (988) Energy 86,710 (911) — — 86,710 (911) Other corporate sectors 172,274 (6,871) 17,555 (2,661) 189,829 (9,532) Total corporates 434,900 (12,354) 52,758 (4,885) 487,658 (17,239) Collateralized debt obligations — — — — — — Other asset-backed securities — — — — — — Total investment grade securities 781,899 (22,835) 67,358 (7,359) 849,257 (30,194) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 5,479 (4) 55,878 (6,662) 61,357 (6,666) Utilities — — — — — — Energy — — 26,869 (1,220) 26,869 (1,220) Other corporate sectors — — 26,890 (5,807) 26,890 (5,807) Total corporates 5,479 (4) 109,637 (13,689) 115,116 (13,693) Collateralized debt obligations — — — — — — Other asset-backed securities — — 12,882 (736) 12,882 (736) Total below investment grade securities 5,479 (4) 122,519 (14,425) 127,998 (14,429) Total fixed maturities $ 787,378 $ (22,839) $ 189,877 $ (21,784) $ 977,255 $ (44,623) The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2020. Analysis of Gross Unrealized Investment Losses At December 31, 2020 Less than Twelve Months Twelve Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed maturities available for sale: Investment grade securities: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 2,006 $ (43) $ — $ — $ 2,006 $ (43) States, municipalities and political subdivisions 32,910 (315) — — 32,910 (315) Foreign governments 19,532 (898) — — 19,532 (898) Corporates, by sector: Financial 117,762 (2,564) 6,333 (2,168) 124,095 (4,732) Utilities 2,726 (108) — — 2,726 (108) Energy 1,692 (8) 14,871 (106) 16,563 (114) Other corporate sectors 21,882 (720) — — 21,882 (720) Total corporates 144,062 (3,400) 21,204 (2,274) 165,266 (5,674) Collateralized debt obligations — — — — — — Other asset-backed securities 28,864 (1,051) 5 — 28,869 (1,051) Total investment grade securities 227,374 (5,707) 21,209 (2,274) 248,583 (7,981) Below investment grade securities: States, municipalities and political subdivisions — — — — — — Corporates, by sector: Financial 6,822 (36) 115,093 (19,453) 121,915 (19,489) Utilities — — — — — — Energy 18,432 (757) 38,720 (2,212) 57,152 (2,969) Other corporate sectors 25,711 (3,588) 19,516 (1,910) 45,227 (5,498) Total corporates 50,965 (4,381) 173,329 (23,575) 224,294 (27,956) Collateralized debt obligations — — 11,131 (8,869) 11,131 (8,869) Other asset-backed securities — — 11,223 (2,727) 11,223 (2,727) Total below investment grade securities 50,965 (4,381) 195,683 (35,171) 246,648 (39,552) Total fixed maturities $ 278,339 $ (10,088) $ 216,892 $ (37,445) $ 495,231 $ (47,533) |
Fixed Maturities, Allowance for Credit Loss | A summary of the activity in the allowance for credit losses is as follows. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for credit losses beginning balance $ — $ 32,719 $ 3,346 $ — Additions to allowance for which credit losses were not previously recorded — 4,387 — 37,106 Additions (reductions) to allowance for fixed maturities that previously had an allowance — — — — Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period — (32,719) (3,346) (32,719) Allowance for credit losses ending balance $ — $ 4,387 $ — $ 4,387 |
Other Long-Term Investments | Other long-term investments consist of the following assets: September 30, December 31, 2020 Investment funds $ 586,223 $ 385,038 Commercial mortgage loan participations 137,072 160,602 Other 9,882 1,341 Total $ 733,177 $ 546,981 |
Schedule of Investment Funds | The following table presents additional information about the Company's investment funds as of September 30, 2021 and December 31, 2020 at fair value: Fair Value Unfunded Commitments Investment Category September 30, December 31, 2020 September 30, Redemption Term/Notice Commercial mortgage loans $ 397,723 $ 227,050 $ 124,913 Portion non-redeemable and fully redeemable after 6 month period, subject to fund liquidity/discretion of General Partner. Expected life is 7 years for non-redeemable fund. Opportunistic credit 170,117 157,461 — Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period. Other 18,383 527 232,100 Fully redeemable with varying terms and non-redeemable. Total investment funds $ 586,223 $ 385,038 $ 357,013 |
Summary of Commercial Mortgage Loan Participations | Summaries of commercial mortgage loans by property type and geographical location at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 December 31, 2020 Carrying Value % of Total Carrying Value % of Total Property type: Mixed use $ 54,042 39 $ 49,002 31 Office 9,137 7 36,153 22 Hospitality 22,550 17 22,605 14 Retail 19,754 14 19,319 12 Industrial 17,900 13 17,900 11 Multi-family 14,873 11 19,128 12 Total recorded investment 138,256 101 164,107 102 Less allowance for credit losses (1,184) (1) (3,505) (2) Carrying value, net of allowance for credit losses $ 137,072 100 $ 160,602 100 September 30, 2021 December 31, 2020 Carrying Value % of Total Carrying Value % of Total Geographic location: California $ 64,519 47 $ 61,610 38 Virginia — — 27,019 17 New York 18,111 13 16,602 10 Pennsylvania 11,672 9 11,314 7 Indiana 9,717 7 9,717 6 Florida 8,182 6 12,420 8 Other 26,055 19 25,425 16 Total recorded investment 138,256 101 164,107 102 Less allowance for credit losses (1,184) (1) (3,505) (2) Carrying value, net of allowance for credit losses $ 137,072 100 $ 160,602 100 |
Commercial Loan Participations, Credit Quality Indicators | The following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2021, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project. Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of September 30, 2021 Risk Rating: Number of Loans 2021 2020 2019 2018 2017 Total Low 14 $ — $ 22,473 $ 11,345 $ 32,958 $ 35,209 $ 101,985 Moderate 6 — — 16,517 8,182 — 24,699 High 2 — — 4,575 6,997 — 11,572 Total commercial mortgage loans 22 $ — $ 22,473 $ 32,437 $ 48,137 $ 35,209 138,256 Less allowance for credit losses on the investment pool (1,184) Less allowance for credit losses on individual loans — Carrying value, net of valuation allowance $ 137,072 Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination As of December 31, 2020 Risk Rating: Number of Loans 2020 2019 2018 2017 Total Low 17 $ 20,176 $ 14,757 $ 33,132 $ 61,460 $ 129,525 Moderate 4 — 10,640 7,796 — 18,436 High 3 — 4,554 11,592 — 16,146 Total commercial mortgage loans 24 $ 20,176 $ 29,951 $ 52,520 $ 61,460 164,107 Less allowance for credit losses on the investment pool (2,503) Less allowance for credit losses on individual loans (1,002) Carrying value, net of valuation allowance $ 160,602 |
Commercial Loan Participations, Allowance for Credit Loss | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for credit losses beginning balance $ 1,639 $ 3,838 $ 3,505 $ — Cumulative effect of adoption ASU 2016-13 — — — 335 Provision (reversal) for credit losses (455) (119) (2,321) 3,384 Loans charge-off — — — — Allowance for credit losses ending balance $ 1,184 $ 3,719 $ 1,184 $ 3,719 |
Liability for Unpaid Claims (Ta
Liability for Unpaid Claims (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Insurance [Abstract] | |
Summary of Liability for Unpaid Health Claims | Activity in the liability for unpaid health claims is summarized as follows: September 30, December 31, Balance at beginning of period $ 162,261 $ 163,808 Incurred related to: Current year 480,487 584,936 Prior year (20,961) (14,829) Total incurred 459,526 570,107 Paid related to: Current year 339,773 442,127 Prior year 116,374 129,527 Total paid 456,147 571,654 Balance at end of period $ 165,640 $ 162,261 |
Reconciliation of Policy Claims and Other Benefits Payable | Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets . September 30, December 31, Policy claims and other benefits payable: Life insurance $ 230,274 $ 237,246 Health insurance 165,640 162,261 Total $ 395,914 $ 399,507 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Assets by Component at Fair Value | Pension Assets by Component at September 30, 2021 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % to Total Corporate bonds: Financial $ — $ 53,927 $ — $ 53,927 9 Utilities — 44,135 — 44,135 8 Energy — 22,945 — 22,945 4 Other corporates — 89,212 — 89,212 16 Total corporate bonds — 210,219 — 210,219 37 Exchange traded fund (1) 283,277 — — 283,277 49 Other bonds — 244 — 244 — Guaranteed annuity contract (2) — 34,910 — 34,910 6 Short-term investments 9,605 — — 9,605 2 Other 16,214 — — 16,214 3 $ 309,096 $ 245,373 $ — 554,469 97 Other long-term investments (3) 14,455 3 Total pension assets $ 568,924 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Non-Exempt Employees Defined Benefit Pension Plan ("American Income Pension Plan"). (3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of September 30, 2021, the expected term of the investment fund is approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable. Pension Assets by Component at December 31, 2020 Fair Value Determined by: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Amount % to Total Corporate bonds: Financial $ — $ 52,252 $ — $ 52,252 10 Utilities — 45,888 — 45,888 9 Energy — 22,480 — 22,480 4 Other corporates — 88,983 — 88,983 17 Total corporate bonds — 209,603 — 209,603 40 Exchange traded fund (1) 245,170 — — 245,170 46 Other bonds — 258 — 258 — Guaranteed annuity contract (2) — 30,119 — 30,119 6 Short-term investments 20,960 — — 20,960 4 Other 7,109 — — 7,109 1 $ 273,239 $ 239,980 $ — 513,219 97 Other long-term investments (3) 16,313 3 Total pension assets $ 529,532 100 (1) A fund including marketable securities that mirror the S&P 500 index. (2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Pension Plan. |
Information Regarding the SERP | The following table includes information regarding the SERP. Nine Months Ended 2021 2020 Premiums paid for insurance coverage $ 2,193 $ 2,480 September 30, December 31, Total investments: Company owned life insurance $ 54,380 $ 51,361 Exchange traded funds 82,000 75,390 $ 136,380 $ 126,751 |
Pension Liability | The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2021 and December 31, 2020. September 30, December 31, Pension Plans $ 705,371 $ 667,753 SERP 96,179 95,560 Pension benefit obligation $ 801,550 $ 763,313 |
Net Periodic Benefit Cost | The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine months ended September 30, 2021 and 2020. Components of Net Periodic Benefit Cost Three Months Ended Nine Months Ended 2021 2020 2021 2020 Service cost $ 7,919 $ 6,116 $ 23,755 $ 18,347 Interest cost 5,467 5,653 16,403 16,951 Expected return on assets (8,083) (7,390) (24,249) (22,171) Amortization: Prior service cost 158 158 474 474 Actuarial (gain) loss 4,984 3,921 14,953 11,770 Net periodic benefit cost $ 10,445 $ 8,458 $ 31,336 $ 25,371 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Weighted-Average Shares Outstanding | A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic weighted average shares outstanding 101,498,408 106,146,809 102,618,327 106,622,704 Weighted average dilutive options outstanding 882,609 906,302 1,171,159 1,082,474 Diluted weighted average shares outstanding 102,381,017 107,053,111 103,789,486 107,705,178 Antidilutive shares 2,601,499 4,007,482 2,349,321 2,415,182 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Selected Information about Debt Issues | The following table presents information about the terms and outstanding balances of Globe Life's debt. Selected Information about Debt Issues As of September 30, December 31, 2020 Instrument Issue Date Maturity Date Coupon Rate Par Unamortized Discount & Issuance Costs Book Fair Book Senior notes 5/27/1993 5/15/2023 7.875% $ 165,612 $ (463) $ 165,149 $ 184,414 $ 164,954 Senior notes (1) 9/24/2012 9/15/2022 3.800% 150,000 (334) 149,666 154,767 149,414 Senior notes 9/27/2018 9/15/2028 4.550% 550,000 (5,206) 544,794 637,719 544,328 Senior notes 8/21/2020 8/15/2030 2.150% 400,000 (4,328) 395,672 396,944 395,157 Junior subordinated debentures (2) — — — — — — — 290,652 Junior subordinated debentures 11/17/2017 11/17/2057 5.275% 125,000 (1,608) 123,392 130,349 123,381 Junior subordinated debentures 6/14/2021 6/15/2061 4.250% 325,000 (7,813) 317,187 331,110 — 1,715,612 (19,752) 1,695,860 1,835,303 1,667,886 Less current maturity of long-term debt (1) 150,000 (334) 149,666 154,767 — Total long-term debt 1,565,612 (19,418) 1,546,194 1,680,536 1,667,886 Current maturity of long-term debt (1) 150,000 (334) 149,666 154,767 — Commercial paper 244,000 (73) 243,927 243,927 254,918 Total short-term debt 394,000 (407) 393,593 398,694 254,918 Total debt $ 1,959,612 $ (19,825) $ 1,939,787 $ 2,079,230 $ 1,922,804 (1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation. (2) The $300 million of 6.125% Junior subordinated debentures were redeemed on July 15, 2021. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Premium Income by Distribution Channel | Premium Income by Distribution Channel Three Months Ended September 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 356,456 49 $ 29,070 10 $ — — $ 385,526 37 Direct to Consumer 240,578 33 18,192 6 — — 258,770 25 Liberty National 78,528 11 46,716 16 — — 125,244 12 United American 2,199 — 118,240 39 — — 120,439 12 Family Heritage 1,286 — 86,925 29 — — 88,211 9 Other 49,877 7 — — — — 49,877 5 $ 728,924 100 $ 299,143 100 $ — — $ 1,028,067 100 Three Months Ended September 30, 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 318,917 47 $ 27,029 9 $ — — $ 345,946 36 Direct to Consumer 227,734 34 19,017 7 — — 246,751 26 Liberty National 73,815 11 47,199 16 — — 121,014 13 United American 2,402 — 114,325 40 1 100 116,728 12 Family Heritage 1,081 — 80,225 28 — — 81,306 8 Other 50,072 8 — — — — 50,072 5 $ 674,021 100 $ 287,795 100 $ 1 100 $ 961,817 100 Premium Income by Distribution Channel Nine Months Ended September 30, 2021 Life Health Annuity Total Distribution Channel Amount % of Amount % of Amount % of Amount % of American Income $ 1,039,047 48 $ 85,210 10 $ — — $ 1,124,257 37 Direct to Consumer 734,046 34 56,002 6 — — 790,048 26 Liberty National 232,118 11 140,874 16 — — 372,992 12 United American 6,737 — 351,544 39 1 100 358,282 12 Family Heritage 3,630 — 255,272 29 — — 258,902 8 Other 149,635 7 — — — — 149,635 5 $ 2,165,213 100 $ 888,902 100 $ 1 100 $ 3,054,116 100 Nine Months Ended September 30, 2020 Life Health Annuity Total Distribution Channel Amount % of Total Amount % of Total Amount % of Total Amount % of Total American Income $ 930,444 47 $ 78,310 9 $ — — $ 1,008,754 36 Direct to Consumer 682,978 34 57,873 7 — — 740,851 26 Liberty National 220,009 11 142,230 17 — — 362,239 13 United American 7,373 — 337,269 39 4 100 344,646 12 Family Heritage 3,144 — 235,195 28 — — 238,339 8 Other 150,525 8 — — — — 150,525 5 $ 1,994,473 100 $ 850,877 100 $ 4 100 $ 2,845,354 100 |
Reconciliation of Segment Operating Information to Consolidated Statement of Operations | The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Three Months Ended September 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 728,924 $ 299,143 $ — $ — $ — $ — $ 1,028,067 Net investment income — — — 238,975 — — 238,975 Other income — — — — 321 — 321 Total revenue 728,924 299,143 — 238,975 321 — 1,267,363 Expenses: Policy benefits 516,196 187,906 7,303 — — — 711,405 Required interest on reserves (185,295) (25,859) (10,034) 221,188 — — — Required interest on DAC 55,066 7,203 64 (62,333) — — — Amortization of acquisition costs 122,311 28,799 483 — — — 151,593 Commissions, premium taxes, and non-deferred acquisition costs 58,652 24,116 6 — — — 82,774 Insurance administrative expense (1) — — — — 68,036 — 68,036 Parent expense — — — — 2,176 2,397 (2) 4,573 Stock-based compensation expense — — — — 7,776 — 7,776 Interest expense — — — 20,886 — — 20,886 Total expenses 566,930 222,165 (2,178) 179,741 77,988 2,397 1,047,043 Subtotal 161,994 76,978 2,178 59,234 (77,667) (2,397) 220,320 Non-operating items — — — — — 2,397 (2) 2,397 Measure of segment profitability (pretax) $ 161,994 $ 76,978 $ 2,178 $ 59,234 $ (77,667) $ — 222,717 Realized gain (loss)—investments 19,789 Realized loss—redemption of debt (3) (9,314) Non-operating expenses (2,397) Income before income taxes per Condensed Consolidated Statements of Operations $ 230,795 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. (3) In July, 2021, the Company redeemed the $300 million 6.125% junior subordinated notes due 2056 and realized a loss of $9.3 million. Refer to N ote 9—Deb t for further discussion. Three Months Ended September 30, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 674,021 $ 287,795 $ 1 $ — $ — $ — $ 961,817 Net investment income — — — 231,432 — — 231,432 Other income — — — — 292 — 292 Total revenue 674,021 287,795 1 231,432 292 — 1,193,541 Expenses: Policy benefits 459,231 184,237 7,508 — — — 650,976 Required interest on reserves (175,794) (23,770) (10,347) 209,911 — — — Required interest on DAC 52,709 6,689 81 (59,479) — — — Amortization of acquisition costs 114,316 26,026 501 — — — 140,843 Commissions, premium taxes, and non-deferred acquisition costs 52,856 21,753 5 — — — 74,614 Insurance administrative expense (1) — — — — 63,008 710 (2) 63,718 Parent expense — — — — 2,689 323 (2) 3,012 Stock-based compensation expense — — — — 8,667 — 8,667 Interest expense — — — 21,674 — — 21,674 Total expenses 503,318 214,935 (2,252) 172,106 74,364 1,033 963,504 Subtotal 170,703 72,860 2,253 59,326 (74,072) (1,033) 230,037 Non-operating items — — — — — 1,033 (2) 1,033 Measure of segment profitability (pretax) $ 170,703 $ 72,860 $ 2,253 $ 59,326 $ (74,072) $ — 231,070 Realized gain (loss)—investments 2,135 Realized loss—redemption of debt (634) Non-operating expenses (1,033) Income before income taxes per Condensed Consolidated Statements of Operations $ 231,538 (1) Administrative expense is not allocated to insurance segments. (2) Non-operating expenses. The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income. Nine Months Ended September 30, 2021 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 2,165,213 $ 888,902 $ 1 $ — $ — $ — $ 3,054,116 Net investment income — — — 713,103 — — 713,103 Other income — — — — 1,004 — 1,004 Total revenue 2,165,213 888,902 1 713,103 1,004 — 3,768,223 Expenses: Policy benefits 1,532,298 564,589 21,848 — — — 2,118,735 Required interest on reserves (547,715) (76,288) (30,055) 654,058 — — — Required interest on DAC 163,083 21,242 200 (184,525) — — — Amortization of acquisition costs 366,022 85,138 1,447 — — — 452,607 Commissions, premium taxes, and non-deferred acquisition costs 174,130 70,602 20 — — — 244,752 Insurance administrative expense (1) — — — — 201,715 5,089 (2) 206,804 Parent expense — — — — 7,251 2,397 (3) 9,648 Stock-based compensation expense — — — — 24,298 — 24,298 Interest expense — — — 63,833 — — 63,833 Total expenses 1,687,818 665,283 (6,540) 533,366 233,264 7,486 3,120,677 Subtotal 477,395 223,619 6,541 179,737 (232,260) (7,486) 647,546 Non-operating items — — — — — 7,486 (2,3) 7,486 Measure of segment profitability (pretax) $ 477,395 $ 223,619 $ 6,541 $ 179,737 $ (232,260) $ — 655,032 Realized gain (loss)—investments 56,600 Realized loss—redemption of debt (3) (9,314) Legal proceedings (5,089) Non-operating expenses (2,397) Income before income taxes per Condensed Consolidated Statements of Operations $ 694,832 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. (4) In July, 2021, the Company redeemed the $300 million 6.125% junior subordinated notes due 2056 and realized a loss of $9.3 million. Refer to N ote 9—Deb t for further discussion. Nine Months Ended September 30, 2020 Life Health Annuity Investment Corporate & Other Adjustments Consolidated Revenue: Premium $ 1,994,473 $ 850,877 $ 4 $ — $ — $ — $ 2,845,354 Net investment income — — — 691,991 — — 691,991 Other income — — — — 1,021 — 1,021 Total revenue 1,994,473 850,877 4 691,991 1,021 — 3,538,366 Expenses: Policy benefits 1,340,746 546,444 22,571 — — — 1,909,761 Required interest on reserves (520,207) (69,131) (31,135) 620,473 — — — Required interest on DAC 156,934 19,790 253 (176,977) — — — Amortization of acquisition costs 346,426 82,905 1,509 — — — 430,840 Commissions, premium taxes, and non-deferred acquisition costs 159,369 70,304 18 — — — 229,691 Insurance administrative expense (1) — — — — 188,194 3,985 (2,3) 192,179 Parent expense — — — — 7,536 323 (3) 7,859 Stock-based compensation expense — — — — 26,655 — 26,655 Interest expense — — — 65,295 — — 65,295 Total expenses 1,483,268 650,312 (6,784) 508,791 222,385 4,308 2,862,280 Subtotal 511,205 200,565 6,788 183,200 (221,364) (4,308) 676,086 Non-operating items — — — — — 4,308 (2,3) 4,308 Measure of segment profitability (pretax) $ 511,205 $ 200,565 $ 6,788 $ 183,200 $ (221,364) $ — 680,394 Realized gain (loss)—investments (28,752) Realized loss—redemption of debt (634) Legal proceedings (3,275) Non-operating expenses (1,033) Income before income taxes per Condensed Consolidated Statements of Operations $ 646,700 (1) Administrative expense is not allocated to insurance segments. (2) Legal proceedings. (3) Non-operating expenses. |
Significant Accounting Polici_4
Significant Accounting Policies - Business (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 4 |
Significant Accounting Polici_5
Significant Accounting Policies - Acquisition (Details) - USD ($) $ in Thousands | Aug. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets Acquired: | |||
Goodwill | $ 481,791 | $ 441,591 | |
Beazley Insurance Company | |||
Business Acquisition [Line Items] | |||
Acquisition consideration | $ 59,200 | ||
Amount of coinsurance | 100.00% | ||
Assets Acquired: | |||
Goodwill | $ 40,200 | ||
Assets acquired | 56,700 | ||
Ceding commission | 2,500 | ||
Total purchase price | 59,200 | ||
Beazley Insurance Company | Trade name | |||
Assets Acquired: | |||
Intangible assets | 300 | ||
Beazley Insurance Company | Customer relationships | |||
Assets Acquired: | |||
Intangible assets | 5,200 | ||
Beazley Insurance Company | Distribution | |||
Assets Acquired: | |||
Intangible assets | $ 11,000 |
Supplemental Information abou_3
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Change in Balance by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | $ 8,616,922 | $ 7,848,369 | $ 8,771,092 | $ 7,294,307 |
Other comprehensive income (loss) before reclassifications, net of tax | (81,235) | 306,091 | (355,382) | 666,660 |
Reclassifications, net of tax | (7,425) | 12,635 | (12,243) | 39,129 |
Other comprehensive income (loss) | (88,660) | 318,726 | (367,625) | 705,789 |
Ending balance | 8,608,151 | 8,224,908 | 8,608,151 | 8,224,908 |
Total | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 2,750,279 | 2,231,893 | 3,029,244 | 1,844,830 |
Ending balance | 2,661,619 | 2,550,619 | 2,661,619 | 2,550,619 |
Available for Sale Assets | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 2,883,391 | 2,370,832 | 3,175,572 | 1,982,650 |
Other comprehensive income (loss) before reclassifications, net of tax | (76,174) | 301,423 | (355,322) | 669,680 |
Reclassifications, net of tax | (11,533) | 9,352 | (24,566) | 29,277 |
Other comprehensive income (loss) | (87,707) | 310,775 | (379,888) | 698,957 |
Ending balance | 2,795,684 | 2,681,607 | 2,795,684 | 2,681,607 |
Deferred Acquisition Costs | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | (4,098) | (5,312) | (4,704) | (5,916) |
Other comprehensive income (loss) before reclassifications, net of tax | 341 | 304 | 947 | 908 |
Reclassifications, net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 341 | 304 | 947 | 908 |
Ending balance | (3,757) | (5,008) | (3,757) | (5,008) |
Foreign Exchange | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | 27,697 | 3,766 | 23,302 | 12,058 |
Other comprehensive income (loss) before reclassifications, net of tax | (5,402) | 4,364 | (1,007) | (3,928) |
Reclassifications, net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (5,402) | 4,364 | (1,007) | (3,928) |
Ending balance | 22,295 | 8,130 | 22,295 | 8,130 |
Pension Adjustments | ||||
Increase (Decrease) in AOCI, Net of Tax | ||||
Beginning balance | (156,711) | (137,393) | (164,926) | (143,962) |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 0 | 0 | 0 |
Reclassifications, net of tax | 4,108 | 3,283 | 12,323 | 9,852 |
Other comprehensive income (loss) | 4,108 | 3,283 | 12,323 | 9,852 |
Ending balance | $ (152,603) | $ (134,110) | $ (152,603) | $ (134,110) |
Supplemental Information abou_4
Supplemental Information about Changes to Accumulated Other Comprehensive Income - Summary of Reclassifications (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unrealized investment (gains) losses on available for sale assets: | ||||
Realized (gains) losses | $ (19,789) | $ (2,135) | $ (56,600) | $ 28,752 |
Net investment income | (238,975) | (231,432) | (713,103) | (691,991) |
Other operating expense | 80,385 | 75,397 | 240,750 | 226,693 |
Total before tax | (230,795) | (231,538) | (694,832) | (646,700) |
Tax | 41,924 | 42,593 | 127,826 | 119,167 |
Total after-tax | (188,871) | (188,945) | (567,006) | (527,533) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Total after-tax | (7,425) | 12,635 | (12,243) | 39,129 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Available for Sale Assets | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Realized (gains) losses | (16,269) | 10,276 | (35,925) | 32,133 |
Net investment income | 1,670 | 1,562 | 4,829 | 4,927 |
Total before tax | (14,599) | 11,838 | (31,096) | 37,060 |
Tax | 3,066 | (2,486) | 6,530 | (7,783) |
Total after-tax | (11,533) | 9,352 | (24,566) | 29,277 |
Reclassification out of Accumulated Other Comprehensive Income | Pension Adjustments | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Total before tax | 5,198 | 4,156 | 15,598 | 12,471 |
Tax | (1,090) | (873) | (3,275) | (2,619) |
Total after-tax | 4,108 | 3,283 | 12,323 | 9,852 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Other operating expense | 158 | 158 | 474 | 474 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial (gain) loss | ||||
Unrealized investment (gains) losses on available for sale assets: | ||||
Other operating expense | $ 5,040 | $ 3,998 | $ 15,124 | $ 11,997 |
Investments - Summary of Fixed
Investments - Summary of Fixed Maturities Available for Sale by Component (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 21,160,866 | $ 21,213,509 |
Fixed maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,622,028 | 17,197,145 |
Allowance for Credit Losses | 0 | (3,346) |
Gross Unrealized Gains | 3,583,461 | 4,067,243 |
Gross Unrealized Losses | (44,623) | (47,533) |
Fair Value | $ 21,160,866 | $ 21,213,509 |
Percentage of Fixed Maturities at Fair Value | 100.00% | 100.00% |
Fixed maturities available for sale | U.S. Government direct, guaranteed, and government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 380,193 | $ 380,602 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 65,063 | 87,272 |
Gross Unrealized Losses | (140) | (43) |
Fair Value | $ 445,116 | $ 467,831 |
Percentage of Fixed Maturities at Fair Value | 2.00% | 2.00% |
Fixed maturities available for sale | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,068,436 | $ 1,880,607 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 220,945 | 251,291 |
Gross Unrealized Losses | (8,433) | (315) |
Fair Value | $ 2,280,948 | $ 2,131,583 |
Percentage of Fixed Maturities at Fair Value | 11.00% | 10.00% |
Fixed maturities available for sale | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 61,476 | $ 52,913 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,363 | 2,635 |
Gross Unrealized Losses | (4,382) | (898) |
Fair Value | $ 58,457 | $ 54,650 |
Percentage of Fixed Maturities at Fair Value | 0.00% | 0.00% |
Fixed maturities available for sale | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 14,970,304 | $ 14,691,277 |
Allowance for Credit Losses | 0 | (3,346) |
Gross Unrealized Gains | 3,263,971 | 3,698,971 |
Gross Unrealized Losses | (30,932) | (33,630) |
Fair Value | $ 18,203,343 | $ 18,353,272 |
Percentage of Fixed Maturities at Fair Value | 86.00% | 87.00% |
Fixed maturities available for sale | Corporates | Financial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 4,563,734 | $ 4,404,203 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 927,421 | 1,016,813 |
Gross Unrealized Losses | (12,474) | (24,221) |
Fair Value | $ 5,478,681 | $ 5,396,795 |
Percentage of Fixed Maturities at Fair Value | 26.00% | 26.00% |
Fixed maturities available for sale | Corporates | Utilities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,935,489 | $ 1,975,460 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 509,282 | 608,595 |
Gross Unrealized Losses | (988) | (108) |
Fair Value | $ 2,443,783 | $ 2,583,947 |
Percentage of Fixed Maturities at Fair Value | 12.00% | 12.00% |
Fixed maturities available for sale | Corporates | Energy | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,603,163 | $ 1,623,970 |
Allowance for Credit Losses | 0 | (3,346) |
Gross Unrealized Gains | 364,899 | 346,197 |
Gross Unrealized Losses | (2,131) | (3,083) |
Fair Value | $ 1,965,931 | $ 1,963,738 |
Percentage of Fixed Maturities at Fair Value | 9.00% | 9.00% |
Fixed maturities available for sale | Corporates | Other corporate sectors | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,867,918 | $ 6,687,644 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,462,369 | 1,727,366 |
Gross Unrealized Losses | (15,339) | (6,218) |
Fair Value | $ 8,314,948 | $ 8,408,792 |
Percentage of Fixed Maturities at Fair Value | 39.00% | 40.00% |
Fixed maturities available for sale | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 36,088 | $ 57,007 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 27,073 | 23,460 |
Gross Unrealized Losses | 0 | (8,869) |
Fair Value | $ 63,161 | $ 71,598 |
Percentage of Fixed Maturities at Fair Value | 0.00% | 0.00% |
Fixed maturities available for sale | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 105,531 | $ 134,739 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 5,046 | 3,614 |
Gross Unrealized Losses | (736) | (3,778) |
Fair Value | $ 109,841 | $ 134,575 |
Percentage of Fixed Maturities at Fair Value | 1.00% | 1.00% |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturities by Contractual Maturity (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Amortized Cost, net | |
Due in one year or less | $ 104,924 |
Due after one year through five years | 845,481 |
Due after five years through ten years | 1,806,609 |
Due after ten years through twenty years | 6,583,636 |
Due after twenty years | 8,139,586 |
Mortgage-backed and asset-backed securities | 141,792 |
Fixed maturities, net of allowance for credit losses | 17,622,028 |
Fair Value | |
Due in one year or less | 106,663 |
Due after one year through five years | 938,870 |
Due after five years through ten years | 2,160,941 |
Due after ten years through twenty years | 8,359,748 |
Due after twenty years | 9,421,456 |
Mortgage-backed and asset-backed securities | 173,188 |
Fixed maturities, fair value | $ 21,160,866 |
Investments - Schedule of Analy
Investments - Schedule of Analysis of Investment Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 244,063 | $ 236,154 | $ 728,704 | $ 705,378 |
Less investment expense | (5,088) | (4,722) | (15,601) | (13,387) |
Net investment income | $ 238,975 | 231,432 | $ 713,103 | 691,991 |
Percentage change in investment income, gross | 3.00% | 3.00% | ||
Percentage change in investment expense | 8.00% | 17.00% | ||
Percentage change in net investment income | 3.00% | 3.00% | ||
Investment distribution | $ 7,100 | 4,000 | $ 19,400 | 10,500 |
Fixed maturities available for sale | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 223,287 | 217,900 | $ 668,284 | 652,583 |
Percentage change in investment income, gross | 2.00% | 2.00% | ||
Policy loans | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 11,376 | 11,241 | $ 33,968 | 33,572 |
Percentage change in investment income, gross | 1.00% | 1.00% | ||
Other long-term investments | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 9,390 | 6,925 | $ 26,432 | 18,694 |
Percentage change in investment income, gross | 36.00% | 41.00% | ||
Short-term investments | ||||
Net Investment Income [Line Items] | ||||
Investment income, gross | $ 10 | $ 88 | $ 20 | $ 529 |
Percentage change in investment income, gross | (89.00%) | (96.00%) |
Investments - Schedule of Selec
Investments - Schedule of Selected Information about Sales of Fixed Maturities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales | $ 91,795 | $ 52,681 | ||
Fixed maturities available for sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales | $ 17,085 | $ 661 | 91,795 | 52,681 |
Gross realized gains | 304 | 0 | 1,438 | 2,642 |
Gross realized losses | $ 0 | $ (38,782) | $ (12,101) | $ (39,153) |
Investments - Realized Gain (Lo
Investments - Realized Gain (Loss) on Investments (Detail) - USD ($) $ in Thousands | Jul. 15, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Investments, Debt and Equity Securities [Abstract] | |||||
Realized investment gains (losses) - sales and other | $ 16,269 | $ (38,608) | $ 32,578 | $ (27,746) | |
Provision for credit losses | 0 | 28,332 | 3,346 | (4,387) | |
Fair value option—change in fair value | 1,585 | 12,053 | 14,013 | (6,798) | |
Other investments | 1,935 | 358 | 6,663 | 10,179 | |
Realized gains (losses) from investments | 19,789 | 2,135 | 56,600 | (28,752) | |
Realized loss—redemption of debt | $ (9,300) | (9,314) | (634) | (9,314) | (634) |
Realized gains (losses) | 10,475 | 1,501 | 47,286 | (29,386) | |
Applicable tax | (2,200) | 463 | (9,930) | 6,949 | |
Realized gains (losses), net of tax | 8,275 | 1,964 | 37,356 | (22,437) | |
Exchanges of fixed maturities | 0 | 65,800 | 108,300 | 152,100 | |
Exchanges of fixed maturities, net realized gains | $ 0 | $ 0 | $ 25,200 | $ 7,900 |
Investments - Assets Measured a
Investments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 21,160,866 | ||
Percentage of total | 3.00% | 4.00% | |
Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of total | 3.00% | 3.00% | |
Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of total | 0.00% | 1.00% | |
Fixed maturities available for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 21,160,866 | $ 21,213,509 | |
Percentage of total | 100.00% | 100.00% | |
Fixed maturities available for sale | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 445,116 | $ 467,831 | |
Fixed maturities available for sale | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,280,948 | 2,131,583 | |
Fixed maturities available for sale | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 58,457 | 54,650 | |
Fixed maturities available for sale | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 18,203,343 | 18,353,272 | |
Fixed maturities available for sale | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 5,478,681 | 5,396,795 | |
Fixed maturities available for sale | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,443,783 | 2,583,947 | |
Fixed maturities available for sale | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,965,931 | 1,963,738 | |
Fixed maturities available for sale | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 8,314,948 | 8,408,792 | |
Fixed maturities available for sale | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 63,161 | 71,598 | |
Fixed maturities available for sale | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 109,841 | 134,575 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Percentage of total | 0.00% | 0.00% | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 20,443,535 | $ 20,414,536 | |
Percentage of total | 97.00% | 96.00% | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 445,116 | $ 467,831 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,280,948 | 2,131,583 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 58,457 | 54,650 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 17,549,173 | 17,638,767 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 5,306,960 | 5,222,066 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 2,288,585 | 2,400,602 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,952,029 | 1,925,549 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 8,001,599 | 8,090,550 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Other Observable Inputs (Level 2) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 109,841 | 121,705 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 717,331 | $ 798,973 | |
Percentage of total | 3.00% | 4.00% | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | U.S. Government direct, guaranteed, and government-sponsored enterprises | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | States, municipalities, and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 0 | 0 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 654,170 | 714,505 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Financial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 171,721 | 174,729 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 155,198 | 183,345 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Energy | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 13,902 | 38,189 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Corporates | Other corporate sectors | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 313,349 | 318,242 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Collateralized debt obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 63,161 | 71,598 | |
Fixed maturities available for sale | Significant Unobservable Inputs (Level 3) | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | $ 0 | $ 12,870 |
Investments - Schedule of Chang
Investments - Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 798,973 | $ 759,409 |
Included in realized gains / losses | (4,136) | 1,213 |
Included in other comprehensive income | (2,801) | 5,786 |
Acquisitions | 25,000 | 17,820 |
Sales | (26,064) | 0 |
Amortization | 3,396 | 3,426 |
Other | (77,037) | (41,811) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 717,331 | $ 745,843 |
Percentage of total | 3.00% | 4.00% |
Asset- backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 12,870 | $ 13,177 |
Included in realized gains / losses | (82) | 0 |
Included in other comprehensive income | 63 | (318) |
Acquisitions | 0 | 0 |
Sales | (12,851) | 0 |
Amortization | 0 | 0 |
Other | 0 | 109 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 0 | $ 12,968 |
Percentage of total | 0.00% | 0.00% |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 71,598 | $ 74,104 |
Included in realized gains / losses | (6,787) | 0 |
Included in other comprehensive income | 12,482 | (5,220) |
Acquisitions | 0 | 0 |
Sales | (13,213) | 0 |
Amortization | 3,388 | 3,415 |
Other | (4,307) | (3,642) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 63,161 | $ 68,657 |
Percentage of total | 0.00% | 1.00% |
Corporates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Beginning Balance | $ 714,505 | $ 672,128 |
Included in realized gains / losses | 2,733 | 1,213 |
Included in other comprehensive income | (15,346) | 11,324 |
Acquisitions | 25,000 | 17,820 |
Sales | 0 | 0 |
Amortization | 8 | 11 |
Other | (72,730) | (38,278) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 654,170 | $ 664,218 |
Percentage of total | 3.00% | 3.00% |
Investments - Unrealized Gains
Investments - Unrealized Gains or (Losses) Included in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | $ (2,801) | $ 5,786 |
Asset- backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | 63 | (318) |
Collateralized debt obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | 12,482 | (5,220) |
Corporates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period | $ (15,346) | $ 11,324 |
Investments - Information about
Investments - Information about Investments in Unrealized Loss Position (Detail) | Sep. 30, 2021Issueissuer | Dec. 31, 2020Issueissuer |
Investments, Debt and Equity Securities [Abstract] | ||
Less than Twelve Months | 242 | 54 |
Twelve Months or Longer | 29 | 24 |
Total | 271 | 78 |
Fixed maturity, portfolio issues | 1,981 | 1,900 |
Fixed portfolio, number of issuers | issuer | 813 | 777 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Investment Losses by Class of Investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | $ 787,378 | $ 278,339 |
Unrealized Loss, Less than Twelve Months | (22,839) | (10,088) |
Fair Value, Twelve Months or Longer | 189,877 | 216,892 |
Unrealized Loss, Twelve Months or Longer | (21,784) | (37,445) |
Fair Value | 977,255 | 495,231 |
Unrealized Loss | (44,623) | (47,533) |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 781,899 | 227,374 |
Unrealized Loss, Less than Twelve Months | (22,835) | (5,707) |
Fair Value, Twelve Months or Longer | 67,358 | 21,209 |
Unrealized Loss, Twelve Months or Longer | (7,359) | (2,274) |
Fair Value | 849,257 | 248,583 |
Unrealized Loss | (30,194) | (7,981) |
Investment Grade | U.S. Government direct, guaranteed, and government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 2,033 | 2,006 |
Unrealized Loss, Less than Twelve Months | (37) | (43) |
Fair Value, Twelve Months or Longer | 1,960 | 0 |
Unrealized Loss, Twelve Months or Longer | (103) | 0 |
Fair Value | 3,993 | 2,006 |
Unrealized Loss | (140) | (43) |
Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 324,878 | 32,910 |
Unrealized Loss, Less than Twelve Months | (8,330) | (315) |
Fair Value, Twelve Months or Longer | 1,623 | 0 |
Unrealized Loss, Twelve Months or Longer | (103) | 0 |
Fair Value | 326,501 | 32,910 |
Unrealized Loss | (8,433) | (315) |
Investment Grade | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 20,088 | 19,532 |
Unrealized Loss, Less than Twelve Months | (2,114) | (898) |
Fair Value, Twelve Months or Longer | 11,017 | 0 |
Unrealized Loss, Twelve Months or Longer | (2,268) | 0 |
Fair Value | 31,105 | 19,532 |
Unrealized Loss | (4,382) | (898) |
Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 434,900 | 144,062 |
Unrealized Loss, Less than Twelve Months | (12,354) | (3,400) |
Fair Value, Twelve Months or Longer | 52,758 | 21,204 |
Unrealized Loss, Twelve Months or Longer | (4,885) | (2,274) |
Fair Value | 487,658 | 165,266 |
Unrealized Loss | (17,239) | (5,674) |
Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 28,864 |
Unrealized Loss, Less than Twelve Months | 0 | (1,051) |
Fair Value, Twelve Months or Longer | 0 | 5 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 28,869 |
Unrealized Loss | 0 | (1,051) |
Investment Grade | Financial | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 154,075 | 117,762 |
Unrealized Loss, Less than Twelve Months | (3,836) | (2,564) |
Fair Value, Twelve Months or Longer | 32,692 | 6,333 |
Unrealized Loss, Twelve Months or Longer | (1,972) | (2,168) |
Fair Value | 186,767 | 124,095 |
Unrealized Loss | (5,808) | (4,732) |
Investment Grade | Utilities | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 21,841 | 2,726 |
Unrealized Loss, Less than Twelve Months | (736) | (108) |
Fair Value, Twelve Months or Longer | 2,511 | 0 |
Unrealized Loss, Twelve Months or Longer | (252) | 0 |
Fair Value | 24,352 | 2,726 |
Unrealized Loss | (988) | (108) |
Investment Grade | Energy | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 86,710 | 1,692 |
Unrealized Loss, Less than Twelve Months | (911) | (8) |
Fair Value, Twelve Months or Longer | 0 | 14,871 |
Unrealized Loss, Twelve Months or Longer | 0 | (106) |
Fair Value | 86,710 | 16,563 |
Unrealized Loss | (911) | (114) |
Investment Grade | Other corporate sectors | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 172,274 | 21,882 |
Unrealized Loss, Less than Twelve Months | (6,871) | (720) |
Fair Value, Twelve Months or Longer | 17,555 | 0 |
Unrealized Loss, Twelve Months or Longer | (2,661) | 0 |
Fair Value | 189,829 | 21,882 |
Unrealized Loss | (9,532) | (720) |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 5,479 | 50,965 |
Unrealized Loss, Less than Twelve Months | (4) | (4,381) |
Fair Value, Twelve Months or Longer | 122,519 | 195,683 |
Unrealized Loss, Twelve Months or Longer | (14,425) | (35,171) |
Fair Value | 127,998 | 246,648 |
Unrealized Loss | (14,429) | (39,552) |
Below Investment Grade | States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 5,479 | 50,965 |
Unrealized Loss, Less than Twelve Months | (4) | (4,381) |
Fair Value, Twelve Months or Longer | 109,637 | 173,329 |
Unrealized Loss, Twelve Months or Longer | (13,689) | (23,575) |
Fair Value | 115,116 | 224,294 |
Unrealized Loss | (13,693) | (27,956) |
Below Investment Grade | Collateralized debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 11,131 |
Unrealized Loss, Twelve Months or Longer | 0 | (8,869) |
Fair Value | 0 | 11,131 |
Unrealized Loss | 0 | (8,869) |
Below Investment Grade | Other asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 12,882 | 11,223 |
Unrealized Loss, Twelve Months or Longer | (736) | (2,727) |
Fair Value | 12,882 | 11,223 |
Unrealized Loss | (736) | (2,727) |
Below Investment Grade | Financial | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 5,479 | 6,822 |
Unrealized Loss, Less than Twelve Months | (4) | (36) |
Fair Value, Twelve Months or Longer | 55,878 | 115,093 |
Unrealized Loss, Twelve Months or Longer | (6,662) | (19,453) |
Fair Value | 61,357 | 121,915 |
Unrealized Loss | (6,666) | (19,489) |
Below Investment Grade | Utilities | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Loss, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve Months or Longer | 0 | 0 |
Unrealized Loss, Twelve Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Below Investment Grade | Energy | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 18,432 |
Unrealized Loss, Less than Twelve Months | 0 | (757) |
Fair Value, Twelve Months or Longer | 26,869 | 38,720 |
Unrealized Loss, Twelve Months or Longer | (1,220) | (2,212) |
Fair Value | 26,869 | 57,152 |
Unrealized Loss | (1,220) | (2,969) |
Below Investment Grade | Other corporate sectors | Corporates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than Twelve Months | 0 | 25,711 |
Unrealized Loss, Less than Twelve Months | 0 | (3,588) |
Fair Value, Twelve Months or Longer | 26,890 | 19,516 |
Unrealized Loss, Twelve Months or Longer | (5,807) | (1,910) |
Fair Value | 26,890 | 45,227 |
Unrealized Loss | $ (5,807) | $ (5,498) |
Investments - Fixed Maturities,
Investments - Fixed Maturities, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | $ 3,346 | |||
Allowance for credit losses ending balance | $ 0 | 0 | ||
Corporates | Fixed maturities available for sale | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | 0 | $ 32,719 | 3,346 | $ 0 |
Additions to allowance for which credit losses were not previously recorded | 0 | 4,387 | 0 | 37,106 |
Additions (reductions) to allowance for fixed maturities that previously had an allowance | 0 | 0 | 0 | 0 |
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period | 0 | (32,719) | (3,346) | (32,719) |
Allowance for credit losses ending balance | $ 0 | $ 4,387 | $ 0 | $ 4,387 |
Investments - Schedule of Other
Investments - Schedule of Other Long-Term Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 733,177 | $ 546,981 |
Commercial mortgage participations | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 137,072 | 160,602 |
Other | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | 9,882 | 1,341 |
Partnership Interest - Fair Value Option | Investment funds | ||
Long-Term Investment [Line Items] | ||
Commercial mortgage loan participations | $ 586,223 | $ 385,038 |
Investments - Schedule of Inves
Investments - Schedule of Investment Funds (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Alternative Investment [Line Items] | ||
Investment funds, unfunded commitments | $ 357,000 | |
Investment funds | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 586,223 | $ 385,038 |
Investment funds, unfunded commitments | 357,013 | |
Investment funds | Commercial mortgage loans | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | 397,723 | 227,050 |
Investment funds, unfunded commitments | $ 124,913 | |
Redemption period | 6 months | |
Expected life of investment | 7 years | |
Investment funds | Opportunistic credit | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | $ 170,117 | 157,461 |
Investment funds, unfunded commitments | $ 0 | |
Redemption period | 36 months | |
Initial lock period | 2 years | |
Investment funds | Other investments | ||
Alternative Investment [Line Items] | ||
Investment funds, fair value | $ 18,383 | $ 527 |
Investment funds, unfunded commitments | $ 232,100 |
Investments - Commercial Mortga
Investments - Commercial Mortgage Loan Participations (Details) - Commercial mortgage participations - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 138,256 | $ 164,107 | ||||
Carrying value, gross, percent | 101.00% | 102.00% | ||||
Allowance for credit losses | $ (1,184) | $ (1,639) | $ (3,505) | $ (3,719) | $ (3,838) | $ 0 |
Allowance for credit losses, percent | (1.00%) | (2.00%) | ||||
Carrying value, net of valuation allowance | $ 137,072 | $ 160,602 | ||||
Carrying value, net, percent | 100.00% | 100.00% | ||||
California | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 64,519 | $ 61,610 | ||||
Carrying value, gross, percent | 47.00% | 38.00% | ||||
Virginia | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 0 | $ 27,019 | ||||
Carrying value, gross, percent | 0.00% | 17.00% | ||||
New York | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 18,111 | $ 16,602 | ||||
Carrying value, gross, percent | 13.00% | 10.00% | ||||
Pennsylvania | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 11,672 | $ 11,314 | ||||
Carrying value, gross, percent | 9.00% | 7.00% | ||||
Indiana | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 9,717 | $ 9,717 | ||||
Carrying value, gross, percent | 7.00% | 6.00% | ||||
Florida | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 8,182 | $ 12,420 | ||||
Carrying value, gross, percent | 6.00% | 8.00% | ||||
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 26,055 | $ 25,425 | ||||
Carrying value, gross, percent | 19.00% | 16.00% | ||||
Mixed use | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 54,042 | $ 49,002 | ||||
Carrying value, gross, percent | 39.00% | 31.00% | ||||
Office | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 9,137 | $ 36,153 | ||||
Carrying value, gross, percent | 7.00% | 22.00% | ||||
Hospitality | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 22,550 | $ 22,605 | ||||
Carrying value, gross, percent | 17.00% | 14.00% | ||||
Retail | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 19,754 | $ 19,319 | ||||
Carrying value, gross, percent | 14.00% | 12.00% | ||||
Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 17,900 | $ 17,900 | ||||
Carrying value, gross, percent | 13.00% | 11.00% | ||||
Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value, gross | $ 14,873 | $ 19,128 | ||||
Carrying value, gross, percent | 11.00% | 12.00% |
Investments - Commercial Mort_2
Investments - Commercial Mortgage Loan Participations, Internal Credit Assessment (Details) $ in Thousands | Sep. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Less allowance for credit losses on the investment pool | $ (1,184) | $ (2,503) |
Less allowance for credit losses on individual loans | $ 0 | $ (1,002) |
Commercial mortgage participations | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 22 | 24 |
2021 | $ 0 | $ 20,176 |
2020 | 22,473 | 29,951 |
2019 | 32,437 | 52,520 |
2018 | 48,137 | 61,460 |
2017 | 35,209 | |
Total commercial mortgage loans | 138,256 | 164,107 |
Carrying value, net of valuation allowance | $ 137,072 | $ 160,602 |
Commercial mortgage participations | Low | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 14 | 17 |
2021 | $ 0 | $ 20,176 |
2020 | 22,473 | 14,757 |
2019 | 11,345 | 33,132 |
2018 | 32,958 | 61,460 |
2017 | 35,209 | |
Total commercial mortgage loans | $ 101,985 | $ 129,525 |
Commercial mortgage participations | Medium | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 6 | 4 |
2021 | $ 0 | $ 0 |
2020 | 0 | 10,640 |
2019 | 16,517 | 7,796 |
2018 | 8,182 | 0 |
2017 | 0 | |
Total commercial mortgage loans | $ 24,699 | $ 18,436 |
Commercial mortgage participations | High | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Number of Loans | loan | 2 | 3 |
2021 | $ 0 | $ 0 |
2020 | 0 | 4,554 |
2019 | 4,575 | 11,592 |
2018 | 6,997 | 0 |
2017 | 0 | |
Total commercial mortgage loans | $ 11,572 | $ 16,146 |
Investments - Commercial Mort_3
Investments - Commercial Mortgage Loan Participations, Allowance for Credit Loss (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Increase (decrease) in allowance | $ (2,300) | |||
Commercial mortgage participations | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of loans | loan | 22 | 22 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | $ 1,639 | $ 3,838 | $ 3,505 | $ 0 |
Provision (reversal) for credit losses | (455) | (119) | (2,321) | 3,384 |
Loans charge-off | 0 | 0 | 0 | 0 |
Allowance for credit losses ending balance | 1,184 | 3,719 | 1,184 | 3,719 |
Commercial mortgage participations | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses beginning balance | $ 0 | $ 0 | $ 0 | $ 335 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($)Issueissuer | Sep. 30, 2021USD ($)Issueissuer | Dec. 31, 2020Issueissuer | |
Debt Securities, Available-for-sale [Line Items] | |||
Fixed maturity, portfolio issues | Issue | 1,981 | 1,981 | 1,900 |
Fixed portfolio, number of issuers | issuer | 813 | 813 | 777 |
Capital called from investment funds | $ 56,000 | ||
Investment funds, unfunded commitments | 357,000 | $ 357,000 | |
Unfunded loan commitment | |||
Debt Securities, Available-for-sale [Line Items] | |||
Carrying value, net of valuation allowance | 34,000 | 34,000 | |
Investment funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Investment funds, unfunded commitments | $ 357,013 | $ 357,013 | |
Investment funds | Minimum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Investment funds ownership percentage | 1.00% | ||
Investment funds | Maximum | |||
Debt Securities, Available-for-sale [Line Items] | |||
Investment funds ownership percentage | 20.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Letters of credit facility outstanding | $ 135 | $ 135 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Letter of credit maximum available amount | $ 250 |
Liability for Unpaid Claims - S
Liability for Unpaid Claims - Summary of Liability for Unpaid Health Claims (Details) - Health claims - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Activity in the Liability for Unpaid Health Claims | ||
Beginning balance | $ 162,261 | $ 163,808 |
Incurred related to: | ||
Current year | 480,487 | 584,936 |
Prior years | (20,961) | (14,829) |
Total incurred | 459,526 | 570,107 |
Paid related to: | ||
Current year | 339,773 | 442,127 |
Prior year | 116,374 | 129,527 |
Total paid | 456,147 | 571,654 |
Ending balance | $ 165,640 | $ 162,261 |
Liability for Unpaid Claims - R
Liability for Unpaid Claims - Reconciliation of Net Incurred and Paid Claims Development to Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 395,914 | $ 399,507 |
Life insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | 230,274 | 237,246 |
Health insurance | ||
Policy claims and other benefits payable: | ||
Policy claims and other benefits payable | $ 165,640 | $ 162,261 |
Postretirement Benefits - Pensi
Postretirement Benefits - Pension Assets by Components at Fair Value (Detail) - Pension plan - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 568,924 | $ 529,532 |
Percentage of plan assets | 100.00% | 100.00% |
Investment funds, percentage ownership by pension plan | 1.00% | 1.00% |
Expected life of investment | 3 years | 4 years |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 554,469 | $ 513,219 |
Percentage of plan assets | 97.00% | 97.00% |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 309,096 | $ 273,239 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 245,373 | 239,980 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 14,455 | $ 16,313 |
Percentage of plan assets | 3.00% | 3.00% |
Total corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 210,219 | $ 209,603 |
Percentage of total plan assets, within plan asset category | 37.00% | 40.00% |
Total corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Total corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 210,219 | 209,603 |
Total corporate bonds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Financial | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 53,927 | $ 52,252 |
Percentage of total plan assets, within plan asset category | 9.00% | 10.00% |
Financial | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Financial | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 53,927 | 52,252 |
Financial | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 44,135 | $ 45,888 |
Percentage of total plan assets, within plan asset category | 8.00% | 9.00% |
Utilities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Utilities | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 44,135 | 45,888 |
Utilities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Energy | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 22,945 | $ 22,480 |
Percentage of total plan assets, within plan asset category | 4.00% | 4.00% |
Energy | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Energy | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 22,945 | 22,480 |
Energy | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other corporates | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 89,212 | $ 88,983 |
Percentage of total plan assets, within plan asset category | 16.00% | 17.00% |
Other corporates | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Other corporates | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 89,212 | 88,983 |
Other corporates | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 283,277 | $ 245,170 |
Percentage of total plan assets, within plan asset category | 49.00% | 46.00% |
Exchange traded funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 283,277 | $ 245,170 |
Exchange traded funds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Exchange traded funds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 244 | $ 258 |
Percentage of total plan assets, within plan asset category | 0.00% | 0.00% |
Other bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Other bonds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 244 | 258 |
Other bonds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Guaranteed annuity contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 34,910 | $ 30,119 |
Percentage of total plan assets, within plan asset category | 6.00% | 6.00% |
Guaranteed annuity contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Guaranteed annuity contract | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 34,910 | 30,119 |
Guaranteed annuity contract | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 9,605 | $ 20,960 |
Percentage of total plan assets, within plan asset category | 2.00% | 4.00% |
Short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 9,605 | $ 20,960 |
Short-term investments | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Short-term investments | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 16,214 | $ 7,109 |
Percentage of total plan assets, within plan asset category | 3.00% | 1.00% |
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 16,214 | $ 7,109 |
Other | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | 0 | 0 |
Other | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, within plan asset category | $ 0 | $ 0 |
Postretirement Benefits - Activ
Postretirement Benefits - Activity for the SERP (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Premiums paid for insurance coverage | $ 2,193 | $ 2,480 | |
Total investments: | |||
Company owned life insurance | 54,380 | $ 51,361 | |
Exchange traded funds | 82,000 | 75,390 | |
Total investments of SERP | $ 136,380 | $ 126,751 |
Postretirement Benefits - Pen_2
Postretirement Benefits - Pension and SERP Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | $ 801,550 | $ 763,313 |
Nonqualified Plan | SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | 96,179 | 95,560 |
Funded defined benefit pension | Qualified Plan | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension benefit obligation | $ 705,371 | $ 667,753 |
Postretirement Benefits - Compo
Postretirement Benefits - Components of Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 7,919 | $ 6,116 | $ 23,755 | $ 18,347 |
Interest cost | 5,467 | 5,653 | 16,403 | 16,951 |
Expected return on assets | (8,083) | (7,390) | (24,249) | (22,171) |
Prior service cost | 158 | 158 | 474 | 474 |
Actuarial (gain) loss | 4,984 | 3,921 | 14,953 | 11,770 |
Net periodic benefit cost | $ 10,445 | $ 8,458 | $ 31,336 | $ 25,371 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding (in shares) | 101,498,408 | 106,146,809 | 102,618,327 | 106,622,704 |
Weighted average dilutive options outstanding (in shares) | 882,609 | 906,302 | 1,171,159 | 1,082,474 |
Diluted weighted average shares outstanding (in shares) | 102,381,017 | 107,053,111 | 103,789,486 | 107,705,178 |
Antidilutive shares (in shares) | 2,601,499 | 4,007,482 | 2,349,321 | 2,415,182 |
Debt - Selected Information abo
Debt - Selected Information about Debt Issues (Detail) - USD ($) | Sep. 30, 2021 | Jul. 15, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt, par value, gross | $ 1,715,612,000 | ||
Current maturity of long-term debt, par value | 150,000,000 | ||
Par Value | 1,565,612,000 | ||
Total short-term debt, par value | 394,000,000 | ||
Total debt, par value | 1,959,612,000 | ||
Unamortized discount & issuance costs, noncurrent | (19,752,000) | ||
Unamortized discount & issuance costs, current maturities | (334,000) | ||
Unamortized discount & issuance costs, long-term debt | (19,418,000) | ||
Unamortized discount & issuance costs, current | (407,000) | ||
Total debt, unamortized discount & issuance costs, | (19,825,000) | ||
Debt | 1,695,860,000 | $ 1,667,886,000 | |
Current maturity of long-term debt, book value | 149,666,000 | 0 | |
Long-term debt, net, book value | 1,546,194,000 | 1,667,886,000 | |
Total short-term debt, book value | 393,593,000 | 254,918,000 | |
Total debt, book value | 1,939,787,000 | 1,922,804,000 | |
Long-term debt, gross, fair value | 1,835,303,000 | ||
Current maturity of term loan, fair value | 154,767,000 | ||
Long-term debt, net, fair value | 1,680,536,000 | ||
Total short-term debt, fair value | 398,694,000 | ||
Total debt, fair value | 2,079,230,000 | ||
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Total short-term debt, par value | 244,000,000 | ||
Unamortized discount & issuance costs, current | (73,000) | ||
Total short-term debt, book value | 243,927,000 | 254,918,000 | |
Total short-term debt, fair value | $ 243,927,000 | ||
Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 7.875% | ||
Long-term debt, par value, gross | $ 165,612,000 | ||
Unamortized discount & issuance costs, noncurrent | (463,000) | ||
Debt | 165,149,000 | 164,954,000 | |
Long-term debt, gross, fair value | $ 184,414,000 | ||
Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 3.80% | ||
Long-term debt, par value, gross | $ 150,000,000 | ||
Unamortized discount & issuance costs, noncurrent | (334,000) | ||
Debt | 149,666,000 | 149,414,000 | |
Long-term debt, gross, fair value | 154,767,000 | ||
Senior Notes Due 2022 | Consolidation eliminations | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Par Value | 150,000,000 | ||
Long-term debt, net, book value | $ 150,000,000 | ||
Senior Notes Due 2028 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 4.55% | ||
Long-term debt, par value, gross | $ 550,000,000 | ||
Unamortized discount & issuance costs, noncurrent | (5,206,000) | ||
Debt | 544,794,000 | 544,328,000 | |
Long-term debt, gross, fair value | $ 637,719,000 | ||
Senior Notes Due 2030 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 2.15% | ||
Long-term debt, par value, gross | $ 400,000,000 | ||
Unamortized discount & issuance costs, noncurrent | (4,328,000) | ||
Debt | 395,672,000 | 395,157,000 | |
Long-term debt, gross, fair value | $ 396,944,000 | ||
Junior Subordinated Debentures Due 2056 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 4.25% | ||
Par Value | $ 300,000,000 | ||
Debt | 290,652,000 | ||
Junior Subordinated Debentures Due 2057 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 5.275% | ||
Long-term debt, par value, gross | $ 125,000,000 | ||
Unamortized discount & issuance costs, noncurrent | (1,608,000) | ||
Debt | 123,392,000 | 123,381,000 | |
Long-term debt, gross, fair value | $ 130,349,000 | ||
Junior Subordinated Debentures Due 2061 | |||
Debt Instrument [Line Items] | |||
Coupon Rate | 4.25% | ||
Long-term debt, par value, gross | $ 325,000,000 | ||
Unamortized discount & issuance costs, noncurrent | (7,813,000) | ||
Debt | 317,187,000 | $ 0 | |
Long-term debt, gross, fair value | $ 331,110,000 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 14, 2021USD ($) | Sep. 30, 2021USD ($)extensionOption | Sep. 30, 2021USD ($)extensionOption | Sep. 30, 2020USD ($) | Jul. 15, 2021USD ($) |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of debt | $ 325,000,000 | $ 700,000,000 | |||
Par Value | $ 1,565,612,000 | 1,565,612,000 | |||
FHLB stock | 6,000,000 | 6,000,000 | |||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 750,000,000 | 750,000,000 | |||
Potential maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | |||
Number of extension options | extensionOption | 2 | 2 | |||
Extension term | 1 year | ||||
Junior Subordinated Debentures due July 2021 | |||||
Debt Instrument [Line Items] | |||||
Accrued interest | $ 1,500,000 | ||||
Subordinated Debentures | Junior Subordinated Debentures due June 2061 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.25% | ||||
Debt, face amount | $ 325,000,000 | ||||
Proceeds from issuance of debt | $ 317,000,000 | ||||
Subordinated Debentures | Junior Subordinated Debentures due July 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.125% | ||||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Optional redemption, period from issuance date | 5 years | ||||
Junior Subordinated Debentures Due 2056 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.25% | 4.25% | |||
Par Value | $ 300,000,000 |
Business Segments - Segment Pre
Business Segments - Segment Premium Income by Distribution Channel and Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting [Abstract] | ||||
Number of segments | segment | 4 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,028,067 | $ 961,817 | $ 3,054,116 | $ 2,845,354 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 728,924 | $ 674,021 | $ 2,165,213 | $ 1,994,473 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 299,143 | $ 287,795 | $ 888,902 | $ 850,877 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 1 | $ 1 | $ 4 |
% of Total | 0.00% | 100.00% | 100.00% | 100.00% |
American Income | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 385,526 | $ 345,946 | $ 1,124,257 | $ 1,008,754 |
% of Total | 37.00% | 36.00% | 37.00% | 36.00% |
American Income | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 356,456 | $ 318,917 | $ 1,039,047 | $ 930,444 |
% of Total | 49.00% | 47.00% | 48.00% | 47.00% |
American Income | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 29,070 | $ 27,029 | $ 85,210 | $ 78,310 |
% of Total | 10.00% | 9.00% | 10.00% | 9.00% |
American Income | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Direct to Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 258,770 | $ 246,751 | $ 790,048 | $ 740,851 |
% of Total | 25.00% | 26.00% | 26.00% | 26.00% |
Direct to Consumer | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 240,578 | $ 227,734 | $ 734,046 | $ 682,978 |
% of Total | 33.00% | 34.00% | 34.00% | 34.00% |
Direct to Consumer | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 18,192 | $ 19,017 | $ 56,002 | $ 57,873 |
% of Total | 6.00% | 7.00% | 6.00% | 7.00% |
Direct to Consumer | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Liberty National | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 125,244 | $ 121,014 | $ 372,992 | $ 362,239 |
% of Total | 12.00% | 13.00% | 12.00% | 13.00% |
Liberty National | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 78,528 | $ 73,815 | $ 232,118 | $ 220,009 |
% of Total | 11.00% | 11.00% | 11.00% | 11.00% |
Liberty National | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 46,716 | $ 47,199 | $ 140,874 | $ 142,230 |
% of Total | 16.00% | 16.00% | 16.00% | 17.00% |
Liberty National | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
United American | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 120,439 | $ 116,728 | $ 358,282 | $ 344,646 |
% of Total | 12.00% | 12.00% | 12.00% | 12.00% |
United American | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,199 | $ 2,402 | $ 6,737 | $ 7,373 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
United American | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 118,240 | $ 114,325 | $ 351,544 | $ 337,269 |
% of Total | 39.00% | 40.00% | 39.00% | 39.00% |
United American | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 1 | $ 1 | $ 4 |
% of Total | 0.00% | 100.00% | 100.00% | 100.00% |
Family Heritage | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 88,211 | $ 81,306 | $ 258,902 | $ 238,339 |
% of Total | 9.00% | 8.00% | 8.00% | 8.00% |
Family Heritage | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,286 | $ 1,081 | $ 3,630 | $ 3,144 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Family Heritage | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 86,925 | $ 80,225 | $ 255,272 | $ 235,195 |
% of Total | 29.00% | 28.00% | 29.00% | 28.00% |
Family Heritage | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 49,877 | $ 50,072 | $ 149,635 | $ 150,525 |
% of Total | 5.00% | 5.00% | 5.00% | 5.00% |
Other | Life | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 49,877 | $ 50,072 | $ 149,635 | $ 150,525 |
% of Total | 7.00% | 8.00% | 7.00% | 8.00% |
Other | Health | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Other | Annuity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
% of Total | 0.00% | 0.00% | 0.00% | 0.00% |
Business Segments - Reconciliat
Business Segments - Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Detail) - USD ($) | Jul. 15, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Revenue: | |||||
Premium | $ 1,028,067,000 | $ 961,817,000 | $ 3,054,116,000 | $ 2,845,354,000 | |
Net investment income | 238,975,000 | 231,432,000 | 713,103,000 | 691,991,000 | |
Other income | 321,000 | 292,000 | 1,004,000 | 1,021,000 | |
Total revenue | 1,267,363,000 | 1,193,541,000 | 3,768,223,000 | 3,538,366,000 | |
Expenses: | |||||
Policy benefits | 711,405,000 | 650,976,000 | 2,118,735,000 | 1,909,761,000 | |
Required interest on reserves | 0 | 0 | 0 | 0 | |
Required interest on DAC | 0 | 0 | 0 | 0 | |
Amortization of acquisition costs | 151,593,000 | 140,843,000 | 452,607,000 | 430,840,000 | |
Commissions, premium taxes, and non-deferred acquisition costs | 82,774,000 | 74,614,000 | 244,752,000 | 229,691,000 | |
Insurance administrative expense | 68,036,000 | 63,718,000 | 206,804,000 | 192,179,000 | |
Parent expense | 4,573,000 | 3,012,000 | 9,648,000 | 7,859,000 | |
Stock-based compensation expense | 7,776,000 | 8,667,000 | 24,298,000 | 26,655,000 | |
Interest expense | 20,886,000 | 21,674,000 | 63,833,000 | 65,295,000 | |
Total benefits and expenses | 1,047,043,000 | 963,504,000 | 3,120,677,000 | 2,862,280,000 | |
Subtotal | 220,320,000 | 230,037,000 | 647,546,000 | 676,086,000 | |
Non-operating items | 2,397,000 | 1,033,000 | 7,486,000 | 4,308,000 | |
Measure of segment profitability (pretax) | 222,717,000 | 231,070,000 | 655,032,000 | 680,394,000 | |
Realized gain (loss)—investments | 19,789,000 | 2,135,000 | 56,600,000 | (28,752,000) | |
Realized loss—redemption of debt | $ (9,300,000) | (9,314,000) | (634,000) | (9,314,000) | (634,000) |
Legal proceedings | (5,089,000) | (3,275,000) | |||
Non-operating expenses | (2,397,000) | (1,033,000) | (2,397,000) | (1,033,000) | |
Income before income taxes | 230,795,000 | 231,538,000 | 694,832,000 | 646,700,000 | |
Par Value | $ 1,565,612,000 | $ 1,565,612,000 | |||
Junior Subordinated Debentures Due 2056 | |||||
Expenses: | |||||
Par Value | $ 300,000,000 | ||||
Coupon Rate | 4.25% | 4.25% | |||
Subordinated Debentures | Junior Subordinated Debentures due July 2021 | |||||
Expenses: | |||||
Coupon Rate | 6.125% | ||||
Life | |||||
Revenue: | |||||
Premium | $ 728,924,000 | 674,021,000 | $ 2,165,213,000 | 1,994,473,000 | |
Health | |||||
Revenue: | |||||
Premium | 299,143,000 | 287,795,000 | 888,902,000 | 850,877,000 | |
Annuity | |||||
Revenue: | |||||
Premium | 0 | 1,000 | 1,000 | 4,000 | |
Operating Segments | Life | |||||
Revenue: | |||||
Premium | 728,924,000 | 674,021,000 | 2,165,213,000 | 1,994,473,000 | |
Net investment income | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenue | 728,924,000 | 674,021,000 | 2,165,213,000 | 1,994,473,000 | |
Expenses: | |||||
Policy benefits | 516,196,000 | 459,231,000 | 1,532,298,000 | 1,340,746,000 | |
Required interest on reserves | (185,295,000) | (175,794,000) | (547,715,000) | (520,207,000) | |
Required interest on DAC | 55,066,000 | 52,709,000 | 163,083,000 | 156,934,000 | |
Amortization of acquisition costs | 122,311,000 | 114,316,000 | 366,022,000 | 346,426,000 | |
Commissions, premium taxes, and non-deferred acquisition costs | 58,652,000 | 52,856,000 | 174,130,000 | 159,369,000 | |
Insurance administrative expense | 0 | 0 | 0 | 0 | |
Parent expense | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total benefits and expenses | 566,930,000 | 503,318,000 | 1,687,818,000 | 1,483,268,000 | |
Subtotal | 161,994,000 | 170,703,000 | 477,395,000 | 511,205,000 | |
Measure of segment profitability (pretax) | 161,994,000 | 170,703,000 | 477,395,000 | 511,205,000 | |
Operating Segments | Health | |||||
Revenue: | |||||
Premium | 299,143,000 | 287,795,000 | 888,902,000 | 850,877,000 | |
Net investment income | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenue | 299,143,000 | 287,795,000 | 888,902,000 | 850,877,000 | |
Expenses: | |||||
Policy benefits | 187,906,000 | 184,237,000 | 564,589,000 | 546,444,000 | |
Required interest on reserves | (25,859,000) | (23,770,000) | (76,288,000) | (69,131,000) | |
Required interest on DAC | 7,203,000 | 6,689,000 | 21,242,000 | 19,790,000 | |
Amortization of acquisition costs | 28,799,000 | 26,026,000 | 85,138,000 | 82,905,000 | |
Commissions, premium taxes, and non-deferred acquisition costs | 24,116,000 | 21,753,000 | 70,602,000 | 70,304,000 | |
Insurance administrative expense | 0 | 0 | 0 | 0 | |
Parent expense | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total benefits and expenses | 222,165,000 | 214,935,000 | 665,283,000 | 650,312,000 | |
Subtotal | 76,978,000 | 72,860,000 | 223,619,000 | 200,565,000 | |
Measure of segment profitability (pretax) | 76,978,000 | 72,860,000 | 223,619,000 | 200,565,000 | |
Operating Segments | Annuity | |||||
Revenue: | |||||
Premium | 0 | 1,000 | 1,000 | 4,000 | |
Net investment income | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenue | 0 | 1,000 | 1,000 | 4,000 | |
Expenses: | |||||
Policy benefits | 7,303,000 | 7,508,000 | 21,848,000 | 22,571,000 | |
Required interest on reserves | (10,034,000) | (10,347,000) | (30,055,000) | (31,135,000) | |
Required interest on DAC | 64,000 | 81,000 | 200,000 | 253,000 | |
Amortization of acquisition costs | 483,000 | 501,000 | 1,447,000 | 1,509,000 | |
Commissions, premium taxes, and non-deferred acquisition costs | 6,000 | 5,000 | 20,000 | 18,000 | |
Insurance administrative expense | 0 | 0 | 0 | 0 | |
Parent expense | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total benefits and expenses | (2,178,000) | (2,252,000) | (6,540,000) | (6,784,000) | |
Subtotal | 2,178,000 | 2,253,000 | 6,541,000 | 6,788,000 | |
Measure of segment profitability (pretax) | 2,178,000 | 2,253,000 | 6,541,000 | 6,788,000 | |
Operating Segments | Investment | |||||
Revenue: | |||||
Premium | 0 | 0 | 0 | 0 | |
Net investment income | 238,975,000 | 231,432,000 | 713,103,000 | 691,991,000 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenue | 238,975,000 | 231,432,000 | 713,103,000 | 691,991,000 | |
Expenses: | |||||
Policy benefits | 0 | 0 | 0 | 0 | |
Required interest on reserves | 221,188,000 | 209,911,000 | 654,058,000 | 620,473,000 | |
Required interest on DAC | (62,333,000) | (59,479,000) | (184,525,000) | (176,977,000) | |
Amortization of acquisition costs | 0 | 0 | 0 | 0 | |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 | |
Insurance administrative expense | 0 | 0 | 0 | 0 | |
Parent expense | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Interest expense | 20,886,000 | 21,674,000 | 63,833,000 | 65,295,000 | |
Total benefits and expenses | 179,741,000 | 172,106,000 | 533,366,000 | 508,791,000 | |
Subtotal | 59,234,000 | 59,326,000 | 179,737,000 | 183,200,000 | |
Measure of segment profitability (pretax) | 59,234,000 | 59,326,000 | 179,737,000 | 183,200,000 | |
Corporate & Other | |||||
Revenue: | |||||
Premium | 0 | 0 | 0 | 0 | |
Net investment income | 0 | 0 | 0 | 0 | |
Other income | 321,000 | 292,000 | 1,004,000 | 1,021,000 | |
Total revenue | 321,000 | 292,000 | 1,004,000 | 1,021,000 | |
Expenses: | |||||
Policy benefits | 0 | 0 | 0 | 0 | |
Required interest on reserves | 0 | 0 | 0 | 0 | |
Required interest on DAC | 0 | 0 | 0 | 0 | |
Amortization of acquisition costs | 0 | 0 | 0 | 0 | |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 | |
Insurance administrative expense | 68,036,000 | 63,008,000 | 201,715,000 | 188,194,000 | |
Parent expense | 2,176,000 | 2,689,000 | 7,251,000 | 7,536,000 | |
Stock-based compensation expense | 7,776,000 | 8,667,000 | 24,298,000 | 26,655,000 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total benefits and expenses | 77,988,000 | 74,364,000 | 233,264,000 | 222,385,000 | |
Subtotal | (77,667,000) | (74,072,000) | (232,260,000) | (221,364,000) | |
Measure of segment profitability (pretax) | (77,667,000) | (74,072,000) | (232,260,000) | (221,364,000) | |
Adjustments | |||||
Revenue: | |||||
Premium | 0 | 0 | 0 | 0 | |
Net investment income | 0 | 0 | 0 | 0 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenue | 0 | 0 | 0 | 0 | |
Expenses: | |||||
Policy benefits | 0 | 0 | 0 | 0 | |
Required interest on reserves | 0 | 0 | 0 | 0 | |
Required interest on DAC | 0 | 0 | 0 | 0 | |
Amortization of acquisition costs | 0 | 0 | 0 | 0 | |
Commissions, premium taxes, and non-deferred acquisition costs | 0 | 0 | 0 | 0 | |
Insurance administrative expense | 0 | 710,000 | 5,089,000 | 3,985,000 | |
Parent expense | 2,397,000 | 323,000 | 2,397,000 | 323,000 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total benefits and expenses | 2,397,000 | 1,033,000 | 7,486,000 | 4,308,000 | |
Subtotal | (2,397,000) | (1,033,000) | (7,486,000) | (4,308,000) | |
Non-operating items | 2,397,000 | 1,033,000 | 7,486,000 | 4,308,000 | |
Measure of segment profitability (pretax) | $ 0 | $ 0 | $ 0 | $ 0 |
Uncategorized Items - gl-202109
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |