Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Entity Registrant Name | American National Insurance Co | ||
Entity Central Index Key | 0000904163 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 001-34280 | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Tax Identification Number | 74-0484030 | ||
Entity Address, Address Line One | One Moody Plaza | ||
Entity Address, City or Town | Galveston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77550-7999 | ||
City Area Code | 409 | ||
Local Phone Number | 763-4661 | ||
Title of 12(b) Security | Common Stock, par value $1.00 | ||
Trading Symbol | ANAT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 857.2 | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,887,200 | ||
Documents Incorporated by Reference | Information called for in Part III of this Form 10-K is incorporated by reference to the registrant’s Definitive Proxy Statement to be filed within 120 days of the close of the registrant’s fiscal year in conjunction with the registrant’s annual meeting of shareholders. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost (Fair value $8,968,690 and $8,130,084) | $ 8,631,261 | $ 8,211,449 |
Fixed maturity, bonds available-for-sale, at fair value (Amortized cost $6,435,670 and $6,261,621) | 6,725,085 | 6,215,563 |
Equity securities, at fair value (Cost $663,058 and $714,504) | 1,700,960 | 1,530,228 |
Mortgage loans on real estate, net of allowance | 5,097,017 | 5,124,707 |
Policy loans | 379,657 | 376,254 |
Investment real estate, net of accumulated depreciation of $256,757 and $267,920 | 551,219 | 587,516 |
Short-term investments | 425,321 | 206,760 |
Other invested assets | 76,569 | 50,087 |
Total investments | 23,587,089 | 22,302,564 |
Cash and cash equivalents | 452,001 | 268,164 |
Investments in unconsolidated affiliates | 705,721 | 571,897 |
Accrued investment income | 200,856 | 188,630 |
Reinsurance recoverables | 411,830 | 427,475 |
Prepaid reinsurance premiums | 44,669 | 53,622 |
Premiums due and other receivables | 341,924 | 345,705 |
Deferred policy acquisition costs | 1,423,007 | 1,497,261 |
Property and equipment, net of accumulated depreciation of $257,907 and $236,922 | 106,303 | 109,472 |
Current tax receivable | 0 | 8,855 |
Prepaid pension | 78,990 | 57,117 |
Other assets | 171,285 | 163,222 |
Separate account assets | 1,073,891 | 918,369 |
Total assets | 28,597,566 | 26,912,353 |
Future policy benefits | ||
Life | 3,087,578 | 3,047,421 |
Annuity | 1,571,263 | 1,524,006 |
Health | 49,886 | 51,347 |
Policyholders’ account balances | 12,957,989 | 12,461,833 |
Policy and contract claims | 1,489,979 | 1,481,294 |
Unearned premium reserve | 933,559 | 908,856 |
Other policyholder funds | 361,059 | 318,948 |
Liability for retirement benefits | 67,435 | 73,631 |
Notes payable | 157,997 | 137,963 |
Deferred tax liabilities, net | 394,528 | 264,185 |
Current tax payable | 9,757 | 0 |
Other liabilities | 446,882 | 452,985 |
Separate account liabilities | 1,073,891 | 918,369 |
Total liabilities | 22,601,803 | 21,640,838 |
American National stockholders’ equity: | ||
Common stock, $1.00 par value, Authorized 50,000,000, Issued 30,832,449 and 30,832,449 Outstanding 26,887,200 and 26,885,449 shares | 30,832 | 30,832 |
Additional paid-in capital | 21,011 | 20,694 |
Accumulated other comprehensive income (loss) | 99,518 | (99,738) |
Retained earnings | 5,946,857 | 5,413,952 |
Treasury stock, at cost | (108,469) | (108,492) |
Total American National stockholders’ equity | 5,989,749 | 5,257,248 |
Noncontrolling interest | 6,014 | 14,267 |
Total equity | 5,995,763 | 5,271,515 |
Total liabilities and equity | $ 28,597,566 | $ 26,912,353 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Fair value of bonds held-to-maturity | $ 8,968,690 | $ 8,130,084 |
Amortized cost of bonds available-for-sale | 6,435,670 | 6,261,621 |
Cost of equity securities | 663,058 | 714,504 |
Accumulated depreciation of investment real estate | 256,757 | 267,920 |
Property and equipment, net of accumulated depreciation | $ 257,907 | $ 236,922 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,832,449 | 30,832,449 |
Common stock, shares outstanding (in shares) | 26,887,200 | 26,885,449 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Premiums | |||
Revenue | $ 2,182,794 | $ 2,228,193 | $ 2,067,202 |
Other policy revenues | 305,256 | 285,549 | 248,526 |
Net investment income | 1,077,406 | 858,367 | 966,077 |
Net realized investment gains | 37,719 | 18,174 | |
Net realized investment gains (losses) | 104,595 | ||
Other-than-temporary impairments | (6,968) | (1,243) | (13,386) |
Net gains (losses) on equity securities | 422,535 | (107,188) | 0 |
Other income | 51,401 | 44,530 | 37,986 |
Total premiums and other revenues | 4,070,143 | 3,326,382 | 3,411,000 |
Policyholder benefits | |||
Life | 449,252 | 417,702 | 410,152 |
Annuity | 218,576 | 290,611 | 270,970 |
Claims incurred | |||
Health | 109,013 | 122,547 | 103,037 |
Property and casualty | 1,042,153 | 1,049,112 | 934,044 |
Interest credited to policyholders’ account balances | 511,999 | 315,684 | 415,190 |
Commissions for acquiring and servicing policies | 532,634 | 564,054 | 545,405 |
Other operating expenses | 524,888 | 497,011 | 485,340 |
Change in deferred policy acquisition costs | (12,749) | (71,497) | (81,484) |
Total benefits, losses and expenses | 3,375,766 | 3,185,224 | 3,082,654 |
Income before federal income tax and other items | 694,377 | 141,158 | 328,346 |
Less: Provision (benefit) for federal income taxes | |||
Current | 87,032 | 24,044 | 49,101 |
Deferred | 78,385 | (22,599) | (142,096) |
Total provision (benefit) for federal income taxes | 165,417 | 1,445 | (92,995) |
Income after federal income tax | 528,960 | 139,713 | 421,341 |
Equity in earnings of unconsolidated affiliates | 103,501 | 21,281 | 86,674 |
Other components of net periodic pension costs, net of tax | (684) | (572) | (12,408) |
Net income | 631,777 | 160,422 | 495,607 |
Less: Net income attributable to noncontrolling interest, net of tax | 11,414 | 1,427 | 1,956 |
Net income attributable to American National | $ 620,363 | $ 158,995 | $ 493,651 |
Earnings per share | |||
Basic (in usd per share) | $ 23.08 | $ 5.91 | $ 18.35 |
Diluted (in usd per share) | 23.07 | 5.91 | 18.31 |
Cash dividends to common stockholders (in usd per share) | $ 3.28 | $ 3.28 | $ 3.28 |
Weighted average common shares outstanding (in shares) | 26,882,691 | 26,886,357 | 26,896,926 |
Weighted average common shares outstanding and dilutive potential common shares (in shares) | 26,891,243 | 26,916,643 | 26,960,695 |
Life | |||
Premiums | |||
Revenue | $ 359,419 | $ 350,012 | $ 328,570 |
Annuity | |||
Premiums | |||
Revenue | 147,139 | 231,027 | 222,207 |
Health | |||
Premiums | |||
Revenue | 165,035 | 180,414 | 156,436 |
Property & Casualty | |||
Premiums | |||
Revenue | $ 1,511,201 | $ 1,466,740 | $ 1,359,989 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 631,777 | $ 160,422 | $ 495,607 |
Other comprehensive income (loss), net of tax | |||
Change in net unrealized gains (losses) on securities | 184,156 | (136,261) | 169,740 |
Foreign currency transaction and translation adjustments | 390 | (900) | 746 |
Defined benefit pension plan adjustment | 15,495 | 22,326 | 15,831 |
Total other comprehensive income (loss), net of tax | 200,041 | (114,835) | 186,317 |
Total comprehensive income | 831,818 | 45,587 | 681,924 |
Less: Comprehensive income attributable to noncontrolling interest | 11,414 | 1,427 | 1,956 |
Total comprehensive income attributable to American National | $ 820,404 | $ 44,160 | $ 679,968 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Noncontrolling Interest |
Balance at beginning of the period at Dec. 31, 2016 | $ 4,661,495 | $ 30,832 | $ 16,406 | $ 455,899 | $ 4,250,818 | $ (101,777) | $ 9,317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reissuance of treasury shares | 2,125 | 1,964 | 161 | ||||
Amortization of restricted stock | 823 | 823 | |||||
Other comprehensive income (loss) | 186,317 | 186,317 | |||||
Net income attributable to American National | 493,651 | 493,651 | |||||
Cash dividends to common stockholders | (88,335) | (88,335) | |||||
Contributions | 26 | 26 | |||||
Distributions | (2,287) | (2,287) | |||||
Net income attributable to noncontrolling interest | 1,956 | 1,956 | |||||
Balance at end of the period at Dec. 31, 2017 | 5,255,771 | 30,832 | 19,193 | 642,216 | 4,656,134 | (101,616) | 9,012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reissuance of treasury shares | (5,703) | 1,173 | (6,876) | ||||
Amortization of restricted stock | 328 | 328 | |||||
Cumulative effect of accounting change | 59,932 | (627,119) | 687,051 | ||||
Other comprehensive income (loss) | (114,835) | (114,835) | |||||
Net income attributable to American National | 158,995 | 158,995 | |||||
Cash dividends to common stockholders | (88,228) | (88,228) | |||||
Contributions | 6,182 | 6,182 | |||||
Distributions | (2,354) | (2,354) | |||||
Net income attributable to noncontrolling interest | 1,427 | 1,427 | |||||
Balance at end of the period at Dec. 31, 2018 | 5,271,515 | 30,832 | 20,694 | (99,738) | 5,413,952 | (108,492) | 14,267 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reissuance of treasury shares | 260 | 237 | 23 | ||||
Amortization of restricted stock | 80 | 80 | |||||
Cumulative effect of accounting change | 0 | (785) | 785 | ||||
Other comprehensive income (loss) | 200,041 | 200,041 | |||||
Net income attributable to American National | 620,363 | 620,363 | |||||
Cash dividends to common stockholders | (88,243) | (88,243) | |||||
Contributions | 388 | 388 | |||||
Distributions | (20,055) | (20,055) | |||||
Net income attributable to noncontrolling interest | 11,414 | 11,414 | |||||
Balance at end of the period at Dec. 31, 2019 | $ 5,995,763 | $ 30,832 | $ 21,011 | $ 99,518 | $ 5,946,857 | $ (108,469) | $ 6,014 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 631,777 | $ 160,422 | $ 495,607 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net realized investment gains | (37,719) | (18,174) | |
Net realized investment gains | (104,595) | ||
Other-than-temporary impairments | 6,968 | 1,243 | 13,386 |
Accretion of premiums, discounts and loan origination fees | (4,394) | (6,163) | (2,008) |
Net capitalized interest on policy loans and mortgage loans | (34,081) | (39,262) | (32,551) |
Depreciation | 53,160 | 52,049 | 53,937 |
Interest credited to policyholders’ account balances | 511,999 | 315,684 | 415,190 |
Charges to policyholders’ account balances | (305,256) | (285,549) | (248,526) |
Deferred federal income tax expense (benefit) | 78,385 | (22,599) | (142,096) |
Equity in earnings of unconsolidated affiliates | (103,501) | (21,281) | (86,674) |
Distributions from unconsolidated affiliates | 111,848 | 21,453 | 21,541 |
Changes in | |||
Policyholder liabilities | 145,396 | 288,065 | 320,743 |
Deferred policy acquisition costs | (12,749) | (71,497) | (81,484) |
Reinsurance recoverables | 15,645 | (8,886) | (16,880) |
Premiums due and other receivables | 3,780 | (31,360) | (19,445) |
Prepaid reinsurance premiums | 8,952 | 10,003 | (599) |
Accrued investment income | (12,227) | (960) | (7,347) |
Current tax receivable/payable | 18,893 | 35,315 | 17,252 |
Liability for retirement benefits | (8,454) | (69,762) | (14,127) |
Fair value of option securities | (144,978) | 54,951 | (90,357) |
Fair value of equity securities | (422,535) | 107,188 | 0 |
Other, net | 5,503 | 24,630 | 4,958 |
Net cash provided by operating activities | 506,412 | 495,510 | 495,925 |
Proceeds from sale/maturity/prepayment of | |||
Held-to-maturity securities | 864,481 | 629,359 | 893,977 |
Available-for-sale securities | 500,724 | 451,292 | 489,902 |
Equity securities | 294,798 | 214,737 | 137,780 |
Investment real estate | 66,725 | 11,577 | 67,227 |
Mortgage loans | 837,732 | 812,239 | 811,049 |
Policy loans | 48,079 | 52,606 | 42,580 |
Other invested assets | 120,455 | 118,846 | 80,901 |
Disposals of property and equipment | 69 | 0 | 554 |
Distributions from unconsolidated affiliates | 91,325 | 58,287 | 102,000 |
Payment for the purchase/origination of | |||
Held-to-maturity securities | (1,468,253) | (1,349,008) | (1,215,311) |
Available-for-sale securities | (528,495) | (680,477) | |
Available-for-sale securities | (737,651) | ||
Equity securities | (49,016) | (79,514) | (108,054) |
Investment real estate | (24,163) | (71,732) | (33,844) |
Mortgage loans | (784,408) | (1,173,189) | (1,194,672) |
Policy loans | (27,722) | (26,147) | (23,325) |
Other invested assets | (109,074) | (75,233) | (47,134) |
Additions to property and equipment | (21,402) | (17,670) | (24,395) |
Contributions to unconsolidated affiliates | (262,569) | (151,261) | (27,869) |
Change in short-term investments | (190,511) | 452,005 | (466,539) |
Change in collateral held for derivatives | 107,133 | (68,565) | 89,981 |
Other, net | 10,369 | 7,087 | 18,030 |
Net cash used in investing activities | (523,723) | (884,761) | (1,144,813) |
FINANCING ACTIVITIES | |||
Policyholders’ account deposits | 1,770,646 | 1,717,153 | 2,095,734 |
Policyholders’ account withdrawals | (1,481,234) | (1,345,498) | (1,271,128) |
Change in notes payable | 20,034 | 505 | 1,377 |
Dividends to stockholders | (88,243) | (88,228) | (88,335) |
Payments to noncontrolling interest | (20,055) | (2,354) | (2,261) |
Net cash provided by financing activities | 201,148 | 281,578 | 735,387 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 183,837 | (107,673) | 86,499 |
Beginning of the period | 268,164 | 375,837 | 289,338 |
End of the period | $ 452,001 | $ 268,164 | $ 375,837 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations American National Insurance Company and its consolidated subsidiaries (collectively “American National” or “the Company”) offer a broad portfolio of insurance products, including individual and group life insurance, annuities, health insurance, and property and casualty insurance. Business is conducted in all 50 states, the District of Columbia and Puerto Rico. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | Summary of Significant Accounting Policies and Practices The consolidated financial statements and notes thereto have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and are reported in U.S. currency. American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls the voting rights, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. Certain amounts in prior years have been reclassified to conform to current year presentation. The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. Investments Investment securities – Bonds classified as held-to-maturity are carried at amortized cost. Bonds classified as available-for-sale are carried at fair value. As a result of FASB issued guidance, equity investments, other than those accounted for under the equity method or those that result in consolidation of the investor, are measured at fair value with changes in fair value recognized in earnings. Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses, and allowances. Accretion of discounts is recorded using the effective yield method. Interest income, prepayment fees and accretion of discounts and origination fees are reported in “Net investment income” in the consolidated statements of operations. Interest income earned on impaired and non-impaired loans is accrued on the principal amount of the loan based on contractual interest rate. However, interest ceases to accrue for loans on which interest is more than 90 days past due, when the collection of interest is not probable or when a loan is in foreclosure. Income on past due loans is reported on a cash basis. When a loan becomes current, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement or other manner in accordance with the loan agreement. Gains and losses from the sale of loans and changes in allowances are reported in “Net realized investment gains” in the consolidated statements of operations. Each mortgage loan is evaluated quarterly and placed in a watchlist if events occur or circumstances exist that could indicate that American National will be unable to collect all amounts due according to the contractual terms. Additionally, loans with estimated collateral value less than their balance and loans with characteristics indicative of higher than normal credit risks are reviewed quarterly. All loans in the watchlist are analyzed individually for impairment. If a loan is concluded to be fully collectible, no loss allowance is recorded. Loans are considered impaired when, based upon current information and events, it is probable that all amounts due under the contractual terms of the loan will be uncollectible. A specific allowance for loan losses is established for the excess carrying value of the loan over either: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, or (ii) the estimated fair value of the underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent. Allowances are also established on groups of loans with similar characteristics, such as property types, if based on experience, it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. The allowance is reviewed quarterly to determine if it is adequate, or if a recovery of the asset is assured and the allowance can be reduced. Management believes the recorded allowance is adequate and is the best estimate of probable loan losses, including losses incurred at the reporting date but not identified by a specific loan. The allowance is based on historical loan loss experience, known and inherent risks in the portfolio, adverse situations affecting the borrower’s ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Loans are charged off as uncollectible only when the loan is forgiven by a legal agreement. Prior to charging off a loan, an allowance is recorded based on the estimated recoverable amount. Upon forgiveness, both the allowance and the loan balance are reduced which results in no further gain or loss. Policy loans are carried at cost, which approximates fair value. Investment real estate including related improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease. American National classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs, and is not depreciated while it is classified as held-for-sale. American National periodically reviews its investment real estate for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Net realized investment gains” in the consolidated statements of operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. Real estate joint ventures and other limited partnership interests in which the Company has more than a minor interest or influence over the investee’s operations, but it does not have a controlling interest and is not the primary beneficiary, are accounted for using the equity method. These investments are reported as “Investments in unconsolidated affiliates” in the consolidated statements of financial position. For certain joint ventures, American National records its share of earnings using a lag methodology of one to three months when timely financial information is not available and the contractual right does not exist to receive such financial information. In addition to the investees’ impairment analysis of its underlying investments, American National routinely evaluates its investments in those investees for impairments. American National considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, American National recognizes its share as an adjustment to “Equity in earnings of unconsolidated affiliates” to record the investment at its fair value. When an impairment results from American National’s separate analysis, an adjustment is made through “Net realized investment gains” to record the investment at its fair value. Short-term investments comprised of commercial paper are carried at amortized cost, which approximates fair value. Short-term investments have a maturity of less than one year. Other invested assets comprised primarily of equity-indexed options are carried at fair value and may be collateralized by counterparties; such collateral is restricted to the Company’s use. Other invested assets also include tax credit partnerships, Certified Capital Companies (“CAPCO”) investments, mineral rights and limited liability company interests, which are carried at cost, less allowance for depletion, where applicable. Separately managed accounts are also included in other invested assets and are carried at cost or market value if available from the account manager. Impairments are evaluated quarterly and where management believes the carrying value will not be realized, an other-than-temporary impairment (“OTTI”) loss is recorded. All fixed maturity securities with unrealized losses are assessed to determine if the creditworthiness of any of those securities has deteriorated to a point where its carrying value will not be realized at maturity. For fixed maturity securities at December 31, 2019 , the unrealized losses that were not other-than-temporarily impaired were the result of credit spread widening. There were no delinquent coupon payments attributed to these securities for the year ended December 31, 2019 . For all fixed maturity securities in unrealized loss positions which American National does not intend to sell and for which it is not more-likely-than-not that it will be required to sell before its anticipated recovery, American National assesses whether the amortized cost basis of securities will be recovered by comparing the net present value of the expected cash flows from those securities with its amortized cost basis. Management estimates the expected cash flows using historical experience information as well as market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security. The net present value of the expected cash flows from fixed maturity securities is calculated by discounting management’s best estimate of expected cash flows at the effective interest rate implicit in the fixed maturity security when acquired. If the net present value of the expected cash flows is less than the amortized cost, an OTTI has occurred in the form of a credit loss. The credit loss is recognized in earnings in the amount of excess amortized cost over the net present value of the expected cash flows. If the fair value is less than the net present value of its expected cash flows at the impairment measurement date, a non-credit loss exists which is recorded in other comprehensive income (loss) for the difference between the fair value and the net present value of the expected cash flows. After the recognition of an OTTI, fixed maturity securities are accounted for as if they had been purchased on the OTTI measurement date, with a cost basis equal to their previous amortized cost less the related OTTI losses recognized in earnings. The new cost basis of an other-than-temporarily impaired security is not adjusted for subsequent increases in estimated fair value. Should there be a significant increase in the estimate of cash flows expected to be collected from previously impaired securities, the increase would be accounted for prospectively by accreting it as interest income over its remaining life. Derivative instruments are purchased to hedge against future interest rate increases in liabilities indexed to market rates, and are recorded in the consolidated statements of financial position at fair value net of collateral provided by counterparties. The change in fair value of derivative assets and liabilities is reported in the consolidated statements of operations as “Net investment income” and “Interest credited to policyholders’ account balances,” respectively. American National does not apply hedge accounting treatment to its derivative instruments. The Company uses derivative instruments to hedge its business risk and holds collateral to offset exposure from its counterparties. Collateral that supports credit risk is reported in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Cash and cash equivalents include cash on-hand and in banks, as well as amounts invested in money market funds, and are reported as “Cash and cash equivalents” in the consolidated statements of financial position. Property and equipment consist of buildings occupied by American National, data processing equipment, software, furniture and equipment, and automobiles which are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset (typically 3 to 50 years). Insurance specific assets and liabilities Deferred policy acquisition costs (“DAC”) are capitalized costs related directly to the successful acquisition of new or renewal insurance contracts. Significant costs are incurred to acquire insurance and annuity contracts, including commissions and certain underwriting, policy issuance and processing expenses. DAC on traditional life (including limited-pay contracts) and health products is amortized with interest over the anticipated premium-paying period of the related policies, in proportion to the ratio of annual premium revenue expected to be received over the life of the policies. Expected premium revenue is estimated by using the same mortality, morbidity and withdrawal assumptions used in computing liabilities for future policy benefits. DAC is reduced by a provision for possible inflation of maintenance and settlement expenses determined by means of grading interest rates. DAC on universal life and investment-type contracts is amortized as a level percentage of the present value of anticipated gross profits from investment yields, mortality, and surrender charges. The effect of the realization of unrealized gains (losses) on DAC is recognized within AOCI in the consolidated statements of financial position as of the reporting date. A change in interest rates could have a significant impact on DAC calculated for these contracts. DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premiums earned. For short-duration and long-duration contracts, DAC is grouped consistent with the manner in which insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is not anticipated in assessing the recoverability of DAC for short-duration contracts. Liabilities for future policy benefits for traditional products have been provided on a net level premium method based on estimated investment yields, withdrawals, mortality, and other assumptions that were appropriate at the time policies were issued. Estimates are based on historical experience, adjusted for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience. When it is determined that future expected experience differs significantly from existing assumptions, the estimates are revised for current and future issues. Policyholders’ account balances represent the contract value that has accrued to the benefit of the policyholders related to universal-life and investments-type contracts. For fixed products, these are generally equal to the accumulated deposits, plus interest credited, reduced by withdrawals, payouts, and accumulated policyholder assessments. Indexed product account balances are equal to the sum of host and embedded derivative reserves computed per derivative accounting guidance. Reserves for claims and claim adjustment expenses (“CAE”) are established to provide for the estimated costs of paying claims. These reserves include estimates for both case reserves and incurred but not reported (“IBNR”) claim reserves. Case reserves include the liability for reported but unpaid claims. IBNR reserves include a provision for potential development on case reserves, losses on claims currently closed which may reopen in the future, as well as incurred but not reported claims. These reserves also include an estimate of the expense associated with settling claims, including legal and other fees and the general expenses of administering the claims adjustment process. Reinsurance —Reinsurance recoverables are estimated amounts due to American National from reinsurers related to paid and unpaid ceded claims and CAE and are presented net of a reserve for collectability. Recoveries of gross ultimate losses are estimated by a review of individual large claims and the ceded portion of IBNR using assumed distribution of loss by percentage retained. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. Separate account assets and liabilities Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National and that represent the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. American National reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contractholder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. Premiums, benefits, claims incurred and expenses Traditional ordinary life and health premiums are recognized as revenue when due. Benefits and expenses are associated with earned premiums to result in recognition of profits over the term of the insurance contracts. Annuity premiums received on limited-pay and supplemental annuity contracts involving a significant life contingency are recognized as revenue when due. Deferred annuity premiums are recorded as deposits rather than recognized as revenue. Revenues from deferred annuity contracts are principally surrender charges and, in the case of variable annuities, administrative fees assessed to contractholders. Universal life and single premium whole life revenues represent amounts assessed to policyholders including mortality charges, surrender charges actually paid and earned policy service fees. Amounts included in expenses are benefits in excess of account balances returned to policyholders. Property and casualty premiums are recognized as revenue proportionately over the contract period, net of reinsurance ceded. Claims incurred consist of claims and CAE paid and the change in reserves, net of reinsurance received and recoverable. Participating insurance policies Participating business comprised approximately 4.5% of the life insurance in-force at December 31, 2019 and 17.2% of life premiums in 2019 . For the majority of this participating business, profits earned are reserved for the payment of dividends to policyholders, except for the stockholders’ share of profits on participating policies, which is limited to the greater of 10% of the profit on participating business, or 50 cents per thousand dollars of the face amount of participating life insurance in-force. Participating policyholders’ interest includes the accumulated net income from participating policies reserved for payment to such policyholders in the form of dividends (less net income allocated to stockholders as indicated above) as well as a pro rata portion of unrealized investment gains (losses) net of tax. Dividends to participating policyholders were $8.4 million , $7.6 million , and $6.1 million for the years ended 2019, 2018, and 2017, respectively. Additional income of $34.0 million , $4.2 million , and $16.2 million was allocated to participating policyholders for the years ended 2019, 2018, and 2017, respectively. For all other participating business, the allocation of dividends to participating policyowners is based upon a comparison of experienced rates of mortality, interest and expenses, as determined periodically for representative plans of insurance, issue ages and policy durations, with the corresponding rates assumed in the calculation of premiums. Federal income taxes American National files a consolidated life and non-life federal income tax return. Certain subsidiaries that are consolidated for financial reporting are not eligible to be included in the consolidated federal income tax return; accordingly, they file separate returns. Deferred income tax assets and liabilities are recognized to reflect the future tax consequences attributable to differences between the financial statement amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effects of tax legislation are recognized in the period of enactment. On December 22, 2017, the U.S. Tax Cut and Jobs Act (“Tax Reform”) was enacted. The effects of Tax Reform were reflected in the 2017 financial statements as reasonably estimated provisional amounts based on available information subject to interpretation in accordance with the SEC's Staff Accounting Bulletin No. 118 ("SAB 118"). As a result of Tax Reform, we recorded a tax benefit of $206.4 million in 2017 primarily due to remeasuring our existing deferred tax balances to the 21% corporate tax rate. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” the position based on its technical merits will be sustained by taxing authorities. American National recognizes the largest benefit that is greater than 50% likely of being ultimately realized upon settlement. Tax benefits not meeting the “more-likely-than-not” threshold, if applicable, are included with “Other liabilities” in the consolidated statements of financial position. Pension and postretirement benefit plans Pension and postretirement benefit obligations and costs for our frozen benefit plans are estimated using assumptions including demographic factors such as retirement age and mortality. American National uses a discount rate to determine the present value of future benefits on the measurement date. The guideline for setting this rate is a high-quality long-term corporate bond rate. For this purpose, a hypothetical bond portfolio to match the expected monthly benefit payments under the pension plan was constructed with the resulting yield of the portfolio used as a discount rate. To determine the expected long-term rate of return on plan assets, a building-block method is used. The expected rate of return on each asset is broken down into inflation, the real risk-free rate of return (i.e., the long-term estimate of future returns on default-free U.S. government securities), and the risk premium for each asset class (i.e., the expected return in excess of the risk-free rate). Using this approach, the calculated return will fluctuate from year to year; however, it is American National’s policy to hold this long-term assumption relatively constant. Stock-based compensation Stock Appreciation Rights (“SARs”) liability and compensation cost is based on the fair value of the grants and is remeasured each reporting period through the settlement date. The fair value of the SAR’s is calculated using the Black-Scholes-Merton option-pricing model. The key assumptions used in the model include: the grant date and remeasurement date stock prices, expected life of the SARs and the risk-free rate of return. The compensation liability related to the SAR award is included in “Other liabilities” in the consolidated statements of financial position. Restricted Stock (“RS”) equity and compensation cost is based on the fair value of the underlying stock at grant date. The compensation cost accrued is included in “Additional paid-in capital” in the consolidated statements of financial position. Restricted Stock Units (“RSUs”) may be settled in cash, resulting in classifying RSUs as a liability award. The liability is remeasured each reporting period through the vesting date and is adjusted for changes in fair value. The compensation liability related to the RSUs is included in “Other Liabilities” in the consolidated statements of financial position. Litigation contingencies Existing and potential litigation is reviewed quarterly to determine if any adjustments to liabilities for possible losses are necessary. Reserves for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, a reserve is recorded based on the lowest amount of the range. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adoption of New Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, "Revenue from Contracts with Customers," that superseded most existing revenue recognition requirements in GAAP. Insurance contracts generally are excluded from the scope of the guidance. For those contracts which are impacted, the transaction price is attributed to the underlying performance obligations in the contract and revenue is recognized as the entity satisfies the performance obligations and transfers control of a good or service to the customer. The Company’s revenues include premiums, other policy revenues, net investment income, realized investment gains, net gains and losses on equity securities, and other income. Other income includes fee income which is recognized when obligations under the terms specified within a contract with a customer are either (1) satisfied at a point in time or (2) based upon the progress of completion measured over a period of time as the obligation is performed using the input method. The Company adopted the standard on its required effective date of January 1, 2018 using the modified retrospective approach. The majority of our revenue sources are insurance related and not in the scope of the guidance. The adoption of the standard did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the years ended December 31, 2019 and 2018, respectively. In January 2016, the FASB issued ("ASU") 2016-01, "Financial Instruments," which changed certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance requires that equity investments, other than those accounted for under the equity method or those that result in consolidation of the investee, be measured at fair value with the changes in fair value recognized through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance also simplifies the impairment assessment of equity investments and eliminates the disclosure requirements for methods and significant assumptions used to estimate fair value of financial instruments that are measured at amortized cost on the statement of financial position. The Company adopted the standard on its required effective date of January 1, 2018 using a modified retrospective approach. Upon adoption, cumulative unrealized gains on equity securities, net of tax, of $667.7 million , partially offset by $30.4 million participating policyholders’ interest in such gains, net of tax, were reclassified from accumulated other comprehensive income to retained earnings. In April 2018, an additional $10.2 million deferred policy acquisition cost adjustment, net of tax, related to net unrealized gains and losses on equity securities, was reclassified from accumulated other comprehensive income to retained earnings. The change in net gains and losses on equity securities increased earnings by $333.8 million , net of tax, for the year ended December 31, 2019 and decreased earnings by $84.7 million , net of tax, for the year ended December 31, 2018. In October of 2016, the FASB issued ASU 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory,” which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Prior guidance prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset was sold to an outside party. The Company adopted the standard on its required effective date of January 1, 2018 using a modified retrospective approach. Upon adoption, a liability was released and retained earnings increased by $59.9 million . In February 2016, the FASB issued ASU 2016-02, “Leases,” that required significant changes to the statement of financial position of lessees. The new standard required lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification is used to determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their classification. Lessor accounting was less affected by the standard but was updated to align with certain changes in the lessee model and the new revenue recognition standard. The Company adopted the standard on its required effective date of January 1, 2019 using the effective date method, which required a cumulative-effect adjustment to the opening balance of retained earnings. Upon adoption, the Company recorded a right-of-use asset and lease liability of $13.1 million . In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard was adopted on its required effective date of January 1, 2019 and resulted in a $0.8 million increase in retained earnings and a corresponding decrease to accumulated other comprehensive income. Future Adoption of New Accounting Standards — The FASB issued the following accounting guidance relevant to American National: In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments,” which will significantly change how entities measure credit losses for most financial assets, reinsurance recoverables and certain other instruments that are not measured at fair value through net income. The guidance will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. For available-for-sale debt securities, entities will be required to record allowances rather than a direct write down of the investment, as required by the current other-than-temporary impairment model. The standard also requires additional disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2020. The Company is finalizing the calibration of the model used to determine the credit loss for the in-scope financial assets. The Company estimates that implementation of the guidance will have an impact between $30 million and $60 million, which will be reflected in our financial statements for the quarter ending March 31, 2020 as a cumulative effect adjustment to retained earnings, net of tax. In August 2018, the FASB issued ASU 2018-12, “Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts,” that impacts financial reporting for insurance companies that issue long-duration contracts. The guidance will improve the timeliness of recognizing changes in the liability for future policy benefits for traditional and limited payment long-duration contracts and will modify the rate used to discount future cash flows. The guidance will also simplify the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, simplify the amortization of deferred acquisition costs and add significant qualitative and quantitative disclosures. This standard will become effective for the Company for all annual and interim periods beginning January 1, 2022. This standard will have a material impact on our results of operations and financial position. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement: Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement,” guidance that modifies the disclosure requirements on fair value measurements. Certain disclosure requirements are removed, modified or added to improve the relevancy of the fair value measurement disclosures. The new standard will become effective for the Company for all interim and annual periods beginning January 1, 2020. The Company does not expect the adoption of this guidance to have any material impact on the results of operations or financial position. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General: Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans,” which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance removes certain defined benefit pension or other postretirement plan disclosures that are no longer cost beneficial, clarifies the specific requirements for each disclosure and adds disclosure requirements. This standard will become effective for the annual period ending December 31, 2020. The Company does not expect the adoption of this standard to have any material impact on our results of operations or financial position. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which seeks to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Current GAAP does not specifically address the implementation costs of a cloud computing arrangement that is service contract. This standard will become effective for the Company for all interim and annual periods beginning January 1, 2020. The standard is adopted prospectively and is not expected to be material to the Company's results of operations or financial position. |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | The cost or amortized cost and fair value of investments in securities are shown below (in thousands): December 31, 2019 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 165,109 $ 5,005 $ — $ 170,114 Foreign governments 3,907 442 — 4,349 Corporate debt securities 8,099,098 332,410 (6,539 ) 8,424,969 Residential mortgage-backed securities 237,516 6,460 (1,148 ) 242,828 Collateralized debt securities 125,631 1,146 (347 ) 126,430 Total bonds held-to-maturity 8,631,261 345,463 (8,034 ) 8,968,690 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 29,505 441 (5 ) 29,941 U.S. states and political subdivisions 1,030,309 47,865 (9 ) 1,078,165 Foreign governments 5,000 1,287 — 6,287 Corporate debt securities 5,338,007 251,408 (12,795 ) 5,576,620 Residential mortgage-backed securities 23,405 739 (201 ) 23,943 Collateralized debt securities 9,444 686 (1 ) 10,129 Total bonds available-for-sale 6,435,670 302,426 (13,011 ) 6,725,085 Total investments in fixed maturity securities $ 15,066,931 $ 647,889 $ (21,045 ) $ 15,693,775 December 31, 2018 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 245,360 $ 5,840 $ (301 ) $ 250,899 Foreign governments 3,961 469 — 4,430 Corporate debt securities 7,640,891 58,772 (150,834 ) 7,548,829 Residential mortgage-backed securities 315,306 7,237 (2,633 ) 319,910 Collateralized debt securities 5,214 71 — 5,285 Other debt securities 717 14 — 731 Total bonds held-to-maturity 8,211,449 72,403 (153,768 ) 8,130,084 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 28,304 338 (243 ) 28,399 U.S. states and political subdivisions 848,228 16,827 (3,025 ) 862,030 Foreign governments 5,000 1,210 — 6,210 Corporate debt securities 5,345,579 41,812 (103,573 ) 5,283,818 Residential mortgage-backed securities 31,735 424 (497 ) 31,662 Collateralized debt securities 2,775 675 (6 ) 3,444 Total bonds available-for-sale 6,261,621 61,286 (107,344 ) 6,215,563 Total investments in fixed maturity securities $ 14,473,070 $ 133,689 $ (261,112 ) $ 14,345,647 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2019 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 781,746 $ 791,175 $ 450,482 $ 454,992 Due after one year through five years 3,446,425 3,566,116 3,063,725 3,185,728 Due after five years through ten years 3,398,612 3,572,333 2,326,706 2,465,073 Due after ten years 1,004,478 1,039,066 594,757 619,292 Total $ 8,631,261 $ 8,968,690 $ 6,435,670 $ 6,725,085 Actual maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Residential and commercial mortgage-backed securities, which are not due at a single maturity, have been allocated to their respective categories based on the year of final contractual maturity. Proceeds from sales of available-for-sale securities, with the related gross realized gains and losses, are shown below (in thousands): Years ended December 31, 2019 2018 2017 Proceeds from sales of fixed maturity available-for-sale securities $ 45,017 $ 85,590 $ 161,223 Gross realized gains 250 376 63,075 Gross realized losses (1,124 ) (2,298 ) (6,406 ) Gains and losses are determined using specific identification of the securities sold. During 2019 and 2018 , bonds below with a carrying value of $157,939,000 and $34,850,000 , respectively, were transferred from held-to-maturity to available-for-sale after a deterioration in the issuers’ creditworthiness. Further, during 2018, a bond with a carrying value of $38,221,000 was transferred from held-to-maturity to available-for-sale due to an isolated event that could not have been reasonably anticipated by the Company. No realized losses were recorded in 2019 or 2018. In accordance with various regulations, American National has bonds on deposit with regulating authorities with a carrying value of $48,017,000 and $48,068,000 at December 31, 2019 and 2018 , respectively. In addition, American National has pledged bonds in connection with agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $162,233,000 and $168,118,000 at December 31, 2019 and 2018 , respectively. The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds available-for-sale: change in unrealized gains (losses) $ 335,473 $ (233,465 ) $ 53,115 Adjustments for Deferred policy acquisition costs (87,003 ) 51,920 (2,083 ) Participating policyholders’ interest (16,056 ) 11,157 (7,086 ) Deferred federal income tax benefit (expense) (48,258 ) 34,127 (15,516 ) Change in net unrealized gains (losses) on debt securities, net of tax $ 184,156 $ (136,261 ) $ 28,430 The components of the change in net gains (losses) on equity securities are shown below (in thousands): Years ended December 31, 2019 2018 Unrealized gains (losses) on equity securities $ 375,395 $ (109,230 ) Net gains on equity securities sold 47,140 2,042 Net gains (losses) on equity securities $ 422,535 $ (107,188 ) The gross unrealized losses and fair value of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are shown below (in thousands): December 31, 2019 Less than 12 months 12 months or more Total Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity Corporate debt securities $ (5,300 ) $ 547,329 $ (1,239 ) $ 45,086 $ (6,539 ) $ 592,415 Residential mortgage-backed securities (638 ) 86,178 (510 ) 5,331 (1,148 ) 91,509 Collateralized debt securities (347 ) 45,533 — — (347 ) 45,533 Total bonds held-to-maturity (6,285 ) 679,040 (1,749 ) 50,417 (8,034 ) 729,457 Fixed maturity securities, bonds available-for-sale U.S. treasury and government — — (5 ) 8,299 (5 ) 8,299 U.S. states and political subdivisions (9 ) 1,733 — — (9 ) 1,733 Corporate debt securities (5,257 ) 94,942 (7,538 ) 132,626 (12,795 ) 227,568 Residential mortgage-backed securities (9 ) 10,169 (192 ) 722 (201 ) 10,891 Collaterized debt securities (1 ) 159 — — (1 ) 159 Total bonds available-for-sale (5,276 ) 107,003 (7,735 ) 141,647 (13,011 ) 248,650 Total $ (11,561 ) $ 786,043 $ (9,484 ) $ 192,064 $ (21,045 ) $ 978,107 December 31, 2018 Less than 12 months 12 months or more Total Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (301 ) $ 22,605 $ — $ — $ (301 ) $ 22,605 Corporate debt securities (90,931 ) 2,969,461 (59,903 ) 1,063,679 (150,834 ) 4,033,140 Residential mortgage-backed securities (703 ) 58,119 (1,930 ) 57,661 (2,633 ) 115,780 Total bonds held-to-maturity (91,935 ) 3,050,185 (61,833 ) 1,121,340 (153,768 ) 4,171,525 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (29 ) 9,741 (214 ) 13,478 (243 ) 23,219 U.S. states and political subdivisions (1,274 ) 119,987 (1,751 ) 61,992 (3,025 ) 181,979 Corporate debt securities (65,492 ) 2,383,548 (38,081 ) 572,600 (103,573 ) 2,956,148 Residential mortgage-backed securities (54 ) 6,034 (443 ) 13,515 (497 ) 19,549 Collateralized debt securities (2 ) 158 (4 ) 100 (6 ) 258 Total bonds available-for-sale (66,851 ) 2,519,468 (40,493 ) 661,685 (107,344 ) 3,181,153 Total $ (158,786 ) $ 5,569,653 $ (102,326 ) $ 1,783,025 $ (261,112 ) $ 7,352,678 As of December 31, 2019 , the securities with unrealized losses including those exceeding one year were not deemed to be other-than-temporarily impaired. American National has the ability and intent to hold those securities until a market price recovery or maturity. It is not more-likely-than-not that American National will be required to sell them prior to recovery, and recovery is expected in a reasonable period of time. It is possible an issuer’s financial circumstances may be different in the future, which may lead to a different impairment conclusion in future periods. The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): December 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value % of Fair Value Amortized Cost Estimated Fair Value % of Fair Value AAA $ 722,542 $ 751,560 4.8 % $ 690,009 $ 702,531 4.9 % AA 1,174,698 1,224,210 7.8 1,326,947 1,336,380 9.3 A 5,589,846 5,835,821 37.1 5,350,316 5,314,589 37.0 BBB 7,045,065 7,352,915 46.9 6,584,478 6,507,212 45.4 BB and below 534,780 529,269 3.4 521,320 484,935 3.4 Total $ 15,066,931 $ 15,693,775 100.0 % $ 14,473,070 $ 14,345,647 100.0 % Equity securities by market sector distribution are shown below: December 31, 2019 2018 Consumer goods 18.9 % 21.1 % Energy and utilities 8.0 8.2 Finance 18.0 18.1 Healthcare 13.0 13.5 Industrials 7.6 9.0 Information technology 25.0 22.6 Other 9.5 7.5 Total 100.0 % 100.0 % |
Mortgage Loans
Mortgage Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Mortgage Loans | Mortgage Loans Generally, commercial mortgage loans are secured by first liens on income-producing real estate. American National attempts to maintain a diversified portfolio by considering the location of the underlying collateral. The distribution based on carrying amount of mortgage loans by location is as follows: December 31, 2019 2018 East North Central 13.1 % 13.9 % East South Central 2.8 2.8 Mountain 23.6 20.0 Pacific 16.7 16.2 South Atlantic 12.2 12.1 West South Central 25.0 27.2 Other 6.6 7.8 Total 100.0 % 100.0 % During 2019 , American National foreclosed on two loans with a total recorded investment of $16,008,000 , and two loans with a recorded investment of $13,345,000 were in the process of foreclosure at December 31, 2019. For the year ended December 31, 2018 , American National foreclosed on four loans with a total recorded investment of $22,608,000 , and one loan with a total recorded investment of $7,363,000 was in the process of foreclosure. American National did not sell any loans during 2019 or 2018 . The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total December 31, 2019 Past Due Past Due 90 Days Total Current Amount Percent Hotel $ — $ — $ — $ — $ 901,044 $ 901,044 17.6 % Industrial — 13,076 4,091 17,167 589,722 606,889 11.9 Office 22,870 — — 22,870 1,587,591 1,610,461 31.5 Retail — — 4,122 4,122 843,466 847,588 16.5 Other 11,759 — — 11,759 1,138,436 1,150,195 22.5 Total $ 34,629 $ 13,076 $ 8,213 $ 55,918 $ 5,060,259 $ 5,116,177 100.0 % Allowance for loan losses (19,160 ) Total, net of allowance $ 5,097,017 December 31, 2018 Hotel $ — $ 4,000 $ 18,888 $ 22,888 $ 806,878 $ 829,766 16.1 % Industrial — — — — 761,294 761,294 14.8 Office — — — — 1,747,926 1,747,926 34.0 Retail — — — — 896,429 896,429 17.4 Other — — — — 910,625 910,625 17.7 Total $ — $ 4,000 $ 18,888 $ 22,888 $ 5,123,152 $ 5,146,040 100.0 % Allowance for loan losses (21,333 ) Total, net of allowance $ 5,124,707 There were no unamortized purchase discounts as of December 31, 2019 or 2018 . Total mortgage loans were net of unamortized origination fees of $ 29,294,000 and $ 31,586,000 at December 31, 2019 and 2018 , respectively. No unearned income is included in these amounts. Allowance for Credit Losses A loan is considered impaired when it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. Mortgage loans with temporary difficulties are not considered impaired when the borrower has the financial capacity to fund revenue shortfalls from the properties for the foreseeable future. Individual valuation allowances are established for impaired loans to reduce the carrying value to the estimated fair value of the collateral. Loans not evaluated individually for collectability are segregated by property-type and location, and allowance factors are applied. These factors are developed based on historical loss experience adjusted for the expected trend in the rate of foreclosure losses. Allowance factors are higher for loans of certain property types and in certain regions based on loss experience or a blended historical loss factor. The change in allowance for credit losses in mortgage loans is shown below (in thousands, except number of loans): Collectively Evaluated for Impairment Individually Impaired Total Number of Loans Recorded Investment Valuation Allowance Number of Loans Recorded Investment Valuation Allowance Number of Loans Recorded Investment Valuation Allowance Balance at December 31, 2017 451 $ 4,762,315 $ 16,041 3 $ 6,550 $ 2,825 454 $ 4,768,865 $ 18,866 Change in allowance — — 2,566 — — (99 ) — — 2,467 Net change in recorded investment (2 ) 366,102 — (1 ) 11,073 — (3 ) 377,175 — Balance at December 31, 2018 449 5,128,417 18,607 2 17,623 2,726 451 5,146,040 21,333 Change in allowance — — 60 — — (2,233 ) — — (2,173 ) Net change in recorded investment (28 ) (12,733 ) — (1 ) (17,130 ) — (29 ) (29,863 ) — Balance at December 31, 2019 421 $ 5,115,684 $ 18,667 1 $ 493 $ 493 422 $ 5,116,177 $ 19,160 Troubled Debt Restructurings American National has granted concessions which are classified as troubled debt restructurings to certain mortgage loan borrowers. Concessions are generally one of, or a combination of, a delay in payment of principal or interest, a reduction of the contractual interest rate or an extension of the maturity date. American National considers the amount, timing and extent of concessions in determining any impairment or changes in the specific allowance for loan losses recorded in connection with a troubled debt restructuring. The carrying value after specific allowance, before and after modification in a troubled debt restructuring, may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Years ended December 31, 2019 2018 Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Office 2 $ 21,211 $ 21,211 1 $ 5,164 $ 5,164 Retail 1 38,248 38,248 1 42,448 42,448 Other (hotel/motel) — — — 1 8,203 8,203 Total 3 $ 59,459 $ 59,459 3 $ 55,815 $ 55,815 There were three loans determined to be a troubled debt restructuring for the year ended December 31, 2019. There are no commitments to lend additional funds to debtors whose loans have been modified in a troubled debt restructuring during the periods presented. |
Real Estate and Other Investmen
Real Estate and Other Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate and Other Investments | Real Estate and Other Investments Investment real estate by property-type and geographic distribution are as follows: December 31, 2019 2018 Industrial 12.5 % 13.1 % Office 39.8 37.3 Retail 39.1 37.0 Other 8.6 12.6 Total 100.0 % 100.0 % December 31, 2019 2018 East North Central 5.9 % 5.6 % East South Central 6.2 5.4 Mountain 12.4 11.9 Pacific 7.3 7.3 South Atlantic 15.2 13.8 West South Central 50.6 53.8 Other 2.4 2.2 Total 100.0 % 100.0 % American National regularly invests in real estate partnerships and joint ventures. American National frequently participates in the design of these entities with the sponsor, but in most cases, its involvement is limited to financing. Through analysis performed by American National, some of these partnerships and joint ventures have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, American National holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary or consolidator of the entity. The assets of the consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of American National, as American National’s obligation is limited to the amount of its committed investment. American National has not provided financial or other support to the VIEs in the form of liquidity arrangements, guarantees, or other commitments to third parties that may affect the fair value or risk of its variable interest in the VIEs in 2019 or 2018 . The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): December 31, 2019 2018 Investment real estate $ 134,534 $ 141,843 Short-term investments 500 500 Cash and cash equivalents 11,155 10,392 Other receivables 3,673 3,939 Other assets 15,355 13,231 Total assets of consolidated VIEs $ 165,217 $ 169,905 Notes payable $ 157,997 $ 137,963 Other liabilities 9,731 7,145 Total liabilities of consolidated VIEs $ 167,728 $ 145,108 The notes payable in the consolidated statements of financial position pertain to the borrowings of the consolidated VIEs. The liability of American National relating to notes payable of the consolidated VIEs is limited to the amount of its direct or indirect investment in the respective ventures, which totaled $4,304,000 and $26,635,000 at December 31, 2019 and 2018 , respectively. The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): December 31, Interest rate Maturity 2019 2018 LIBOR 2021 $ 10,836 $ 10,834 4.18% fixed 2024 65,452 42,399 4% fixed 2022 81,709 84,730 Total $ 157,997 $ 137,963 For other VIEs in which American National is a partner, it is not the primary beneficiary, and these entities are not consolidated, as the major decisions that most significantly impact the economic activities of the VIE require consent of all partners. The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): December 31, 2019 2018 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Investment in unconsolidated affiliates $ 332,742 $ 332,742 $ 330,730 $ 330,730 Mortgage loans 657,528 657,528 633,533 633,533 Accrued investment income 2,198 2,198 2,191 2,191 As of December 31, 2019 , one real estate investment with a carrying value of $3,364,000 met the criteria as held-for-sale. The Company’s equity in earnings of unconsolidated affiliates is the Company’s share of operating earnings and realized gains from investments in real estate joint ventures and other limited partnership interests (“joint ventures”) using the equity method of accounting. In 2019 and 2018 certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the ventures. The Company’s income from and investment in each joint venture did not exceed 20% and therefore no separate financial disclosure is required. The Company’s income from, assets held, and investment in each joint venture did not exceed 10% of operating income before tax. Additionally, the Company’s investment in joint ventures is less than 3% of the Company’s total assets, and investments in individual joint ventures is not considered to be material to the Company in relation to its financial position or ongoing results of operations. Therefore, summarized financial information of equity method investees has not been included. The Company’s total investment in and equity in earnings of unconsolidated affiliates, of which substantially all are LLCs or limited partnerships, were comprised of the following (in thousands): December 31, 2019 2018 Real estate $ 402,780 $ 386,981 Equity and fixed income 278,611 156,121 Other 24,330 28,795 Total investments in unconsolidated affiliates $ 705,721 $ 571,897 Years ended December 31, 2019 2018 2017 Income from operations $ 7,407 $ 7,595 $ 16,663 Net gain on sales 96,094 13,686 70,011 Equity in earnings of unconsolidated affiliates $ 103,501 $ 21,281 $ 86,674 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | American National purchases over-the-counter equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. These options are not designated as hedging instruments for accounting purposes under U.S. GAAP. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The detail of derivative instruments is shown below (in thousands, except number of instruments): December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2019 2018 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 473 $ 2,654,600 $ 256,005 493 $ 2,391,000 $ 148,006 Equity-indexed embedded derivative Policyholders’ account balances 101,950 2,527,205 731,552 90,440 2,327,769 596,075 Gains (Losses) Recognized in Income on Derivatives Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Years ended December 31, 2019 2018 2017 Equity-indexed options Net investment income $ 144,980 $ (54,951 ) $ 91,055 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (162,011 ) 17,862 (98,351 ) The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by the counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means of mitigating the financial loss from defaults. The Company holds collateral in cash and notes secured by U.S. government backed assets. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts, less the fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. As such, a right of offset has been applied to collateral that supports credit risk and has been recorded in the consolidated statements of financial position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): December 31, 2019 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa3/BBB $ 54,583 $ 27,343 $ 28,000 $ 55,343 $ 54,583 $ 760 $ — Credit Suisse Baa2/BBB+ 7,117 7,390 — 7,390 7,009 381 108 Goldman-Sachs A3/BBB+ 1,053 930 — 930 930 — 123 ING Baa1/A- 30,330 14,940 16,000 30,940 30,330 610 — Morgan Stanley A3/BBB+ 34,988 25,926 9,000 34,926 34,926 — 62 NATIXIS* A1/A+ 29,918 30,200 — 30,200 29,918 282 — SunTrust A3/A- 60,360 41,720 17,000 58,720 58,645 75 1,715 Wells Fargo A2/A- 37,656 24,110 15,000 39,110 37,656 1,454 — Total $ 256,005 $ 172,559 $ 85,000 $ 257,559 $ 253,997 $ 3,562 $ 2,008 December 31, 2018 Counterparty Moody/S&P Rating Options Fair Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Collateral Excess Exposure Net of Collateral Barclays Baa3/BBB $ 38,905 $ 11,063 $ 28,041 $ 39,104 $ 38,905 $ 199 $ — Goldman-Sachs A3/BBB+ 615 670 — 670 615 55 — ING Baa1/A- 24,183 7,960 16,023 23,983 23,983 — 200 Morgan Stanley A3/BBB+ 11,649 2,046 9,013 11,059 11,059 — 590 NATIXIS* A1/A+ 26,786 27,610 — 27,610 26,786 824 — SunTrust Baa1/BBB+ 23,488 6,520 17,025 23,545 23,464 81 24 Wells Fargo A2/A- 22,380 7,030 15,022 22,052 22,052 — 328 Total $ 148,006 $ 62,899 $ 85,124 $ 148,023 $ 146,864 $ 1,159 $ 1,142 * Includes collateral restrictions |
Net Investment Income and Reali
Net Investment Income and Realized Investment Gains (Losses) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Net Investment Income and Realized Investment Gains (Losses) | Net investment income is shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ 602,054 $ 566,513 $ 541,772 Equity securities 33,502 39,193 38,730 Mortgage loans 254,720 258,102 245,116 Real estate 8,849 13,533 12,672 Equity indexed options 144,980 (54,951 ) 91,055 Other invested assets 33,301 35,977 36,732 Total $ 1,077,406 $ 858,367 $ 966,077 Net realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ 16,361 $ 10,903 $ 27,061 Equity securities* — — 56,528 Mortgage loans (2,412 ) (4,798 ) (7,700 ) Real estate 25,555 12,076 28,853 Other invested assets (1,785 ) (7 ) (147 ) Total $ 37,719 $ 18,174 $ 104,595 Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ (6,968 ) $ (1,243 ) $ (6,416 ) Equity securities* — — (6,970 ) Total $ (6,968 ) $ (1,243 ) $ (13,386 ) * |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below (in thousands): December 31, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 8,631,261 $ 8,968,690 $ 8,211,449 $ 8,130,084 Fixed maturity securities, bonds available-for-sale 6,725,085 6,725,085 6,215,563 6,215,563 Equity securities 1,700,960 1,700,960 1,530,228 1,530,228 Equity-indexed options 256,005 256,005 148,006 148,006 Mortgage loans on real estate, net of allowance 5,097,017 5,309,005 5,124,707 5,049,468 Policy loans 379,657 379,657 376,254 376,254 Short-term investments 425,321 425,321 206,760 206,760 Separate account assets ($1,049,938 and $905,824 included in fair value hierarchy) 1,073,891 1,073,891 918,369 918,369 Separately managed accounts 50,503 50,503 16,532 16,532 Total financial assets $ 24,339,700 $ 24,889,117 $ 22,747,868 $ 22,591,264 Financial liabilities Investment contracts $ 10,254,959 $ 10,254,959 $ 10,003,990 $ 10,003,990 Embedded derivative liability for equity-indexed contracts 731,552 731,552 596,075 596,075 Notes payable 157,997 157,997 137,963 137,963 Separate account liabilities ($1,049,938 and $905,824 included in fair value hierarchy) 1,073,891 1,073,891 918,369 918,369 Total financial liabilities $ 12,218,399 $ 12,218,399 $ 11,656,397 $ 11,656,397 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction at the measurement date from the perspective of a market participant. American National has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect American National’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Valuation Techniques for Financial Instruments Recorded at Fair Value Fixed Maturity Securities and Equity Options —American National utilizes SS&C Technologies, Inc. pricing service to estimate fair value measurements. The estimates of fair value for most fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on the asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. American National has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. American National does not adjust quotes received from the pricing service. The pricing service utilized by American National has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. American National holds a small amount of private placement debt and fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent broker (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, American National includes these fair value estimates in Level 3. For securities priced using a quote from an independent broker, such as the equity-indexed options and certain fixed maturity securities, American National uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. Equity Securities —For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. American National tests the accuracy of the information provided by reference to other services annually. Short-term investments— Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor's and Moody's, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements. Separate account assets and liabilities —Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National and that represent the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. American National reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. The separate account assets included on the quantitative disclosures fair value hierarchy table is comprised of short-term investments, equity securities, and fixed maturity available-for-sale bonds. Equity securities are classified as Level 1 measurements. Short-term investments and fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investments in unconsolidated affiliates, accrued investment income, and receivables for securities. These are not financial instruments and are not included in the quantitative disclosures of fair value hierarchy table. Embedded Derivative —The amounts reported within policyholder contract deposits include equity linked interest crediting rates based on the S&P 500 index within indexed annuities and indexed life. The following unobservable inputs are used for measuring the fair value of the embedded derivatives associated with the policyholder contract liabilities: • Lapse rate assumptions are determined by company experience. Lapse rates are generally assumed to be lower during a contract’s surrender charge period and then higher once the surrender charge period has ended. Decreases to the assumed lapse rates generally increase the fair value of the liability as more policyholders persist to collect the crediting interest pertaining to the indexed product. Increases to the lapse rate assumption will have the inverse effect of decreasing the fair value. • Mortality rate assumptions vary by age and gender based on company and industry experience. Decreases to the assumed mortality rates increase the fair value of the liabilities as more policyholders earn crediting interest. Increases to the assumed mortality rates decrease the fair value as higher decrements reduce the potential for future interest credits. • Equity volatility assumptions begin with current market volatilities and grow to long-term values. Increases to the assumed volatility will increase the fair value of liabilities, as future projections will produce higher increases in the linked index. At December 31, 2019 and 2018 , the one-year implied volatility used to estimate embedded derivative value was 11.3% and 23.2% , respectively Fair values of indexed life and annuity liabilities are calculated using the discounted cash flow technique. Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range December 31, December 31, 2019 2018 Unobservable Input 2019 2018 Indexed Annuities $ 706.5 $ 592.8 Lapse Rate 1-70% 1-70% Mortality Multiplier 90-100% 90-100% Equity Volatility 11-46% 19-26% Indexed Life 25.1 3.3 Equity Volatility 11-46% 19-26% Quantitative Disclosures The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds available-for-sale U.S. treasury and government $ 29,941 $ — $ 29,941 $ — U.S. states and political subdivisions 1,078,165 — 1,078,165 — Foreign governments 6,287 — 6,287 — Corporate debt securities 5,576,620 — 5,531,776 44,844 Residential mortgage-backed securities 23,943 — 23,943 — Collateralized debt securities 10,129 — 10,129 — Total bonds available-for-sale 6,725,085 — 6,680,241 44,844 Equity securities Common stock 1,682,149 1,681,686 — 463 Preferred stock 18,811 18,811 — — Total equity securities 1,700,960 1,700,497 — 463 Options 256,005 — — 256,005 Short-term investments 425,321 — 425,321 — Separate account assets 1,049,938 271,575 778,363 — Separately managed accounts 50,503 — — 50,503 Total financial assets $ 10,207,812 $ 1,972,072 $ 7,883,925 $ 351,815 Financial liabilities Embedded derivative for equity-indexed contracts $ 731,552 $ — $ — $ 731,552 Separate account liabilities 1,049,938 271,575 778,363 — Total financial liabilities $ 1,781,490 $ 271,575 $ 778,363 $ 731,552 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2018 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds available-for-sale U.S. treasury and government $ 28,399 $ — $ 28,399 $ — U.S. states and political subdivisions 862,030 — 862,030 — Foreign governments 6,210 — 6,210 — Corporate debt securities 5,283,818 — 5,279,585 4,233 Residential mortgage-backed securities 31,662 — 31,662 — Collateralized debt securities 3,444 — 3,444 — Total bonds available-for-sale 6,215,563 — 6,211,330 4,233 Equity securities Common stock 1,509,186 1,509,073 — 113 Preferred stock 21,042 21,042 — — Total equity securities 1,530,228 1,530,115 — 113 Options 148,006 — — 148,006 Short-term investments 206,760 — 206,760 — Separate account assets 905,824 227,448 678,376 — Separately managed accounts 16,532 — — 16,532 Total financial assets $ 9,022,913 $ 1,757,563 $ 7,096,466 $ 168,884 Financial liabilities Embedded derivative for equity-indexed contracts $ 596,075 $ — $ — $ 596,075 Separate account liabilities 905,824 227,448 678,376 — Total financial liabilities $ 1,501,899 $ 227,448 $ 678,376 $ 596,075 For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at December 31, 2016 $ 14,264 $ 156,479 $ — $ 314,330 Total realized and unrealized investment losses included in other comprehensive income (4,465 ) — — — Net gain for derivatives included in net investment income — 90,433 — — Net change included in interest credited — — — 98,351 Purchases, sales and settlements or maturities Purchases — 47,134 — — Sales (12,436 ) (12,837 ) — — Settlements or maturities (7,020 ) (61,019 ) — — Premiums less benefits — — — 99,845 Carry value transfers in 15,000 — — — Gross transfers into Level 3 382 — — — Gross transfers out of Level 3 (5,725 ) — — — Balance at December 31, 2017 $ — $ 220,190 $ — $ 512,526 Net loss for derivatives included in net investment income — (55,093 ) — — Net change included in interest credited — — — (17,862 ) Purchases, sales and settlements or maturities Purchases 4,346 72,033 16,532 — Sales — (18 ) — — Settlements or maturities — (89,106 ) — — Premiums less benefits — — — 101,411 Balance at December 31, 2018 $ 4,346 $ 148,006 $ 16,532 $ 596,075 Net gain for derivatives included in net investment income — 144,980 — — Net change included in interest credited — — — 162,011 Net fair value change included in other comprehensive income — — 60 — Purchases, sales and settlements or maturities Purchases 45,307 75,163 33,911 — Sales (113 ) (13,396 ) — — Settlements or maturities — (98,748 ) — — Premiums less benefits — — — (26,534 ) Gross transfers out of Level 3 (4,233 ) — — — Balance at December 31, 2019 $ 45,307 $ 256,005 $ 50,503 $ 731,552 Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $113,282,000 , unrealized losses of $94,883,000 , and unrealized gains of $50,805,000 relating to assets still held at December 31, 2019 , 2018 , and 2017 , respectively. There were no transfers between Level 1 and Level 2 fair value hierarchies during the periods presented. The transfers into Level 3 during the year ended December 31, 2017 were the result of existing securities no longer being priced by the third-party pricing service at the end of the period. Unless information is obtained from the brokers that indicates observable inputs were used in their pricing, there are not enough observable inputs to enable American National to classify the securities priced by the brokers as other than Level 3. American National’s valuation of these securities involves judgment regarding assumptions market participants would use including quotes from independent brokers. The inputs used by the brokers include recent transactions in the security, similar bonds with same name, ratings, maturity and structure, external dealer quotes in the security, Bloomberg evaluated pricing and prior months pricing. None of them are observable to American National as of December 31, 2019 . The transfers out of Level 3 during the years ended December 31, 2019 , and 2017 , were the result of securities being priced by the third-party service at the end of the period, using inputs that are observable or derived from market data, which resulted in classification of these assets as Level 2. Fair Value Information About Financial Instruments Not Recorded at Fair Value Information about fair value estimates for financial instruments not measured at fair values is discussed below: Fixed Maturity Securities —The fair value of held-to-maturity securities is determined consistent with the disclosure under Valuation Techniques for the Financial Instrument Recorded at Fair Value section. Mortgage Loans —The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan by loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property type, lien priority, payment type and current status. Policy loans —The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, American National believes the carrying value of policy loans approximates fair value. Separately managed accounts —The amounts reported in separately managed accounts consist primarily of notes and private equity. These investments are private placements and do not have a readily determinable fair value. The carrying value of the separately managed accounts is cost or market value if available from the separately managed account manager. Market value is provided by the separately managed account manager in subsequent quarters. American National believes that cost approximates fair value at initial recognition during the quarter of investment. Investment contracts —The carrying value of investment contracts is equivalent to the accrued account balance. The accrued account balance consists of deposits, net of withdrawals, plus or minus interest credited, fees and charges assessed and other adjustments. American National believes that the carrying value of investment contracts approximates fair value because the majority of these contracts’ interest rates reset at anniversary. Notes payable —Notes payable are carried at outstanding principal balance. The carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the balance sheet date. The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): December 31, 2019 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions Level 2 $ 165,109 $ 170,114 Foreign governments Level 2 3,907 4,349 Corporate debt securities Level 2 8,099,098 8,424,969 Residential mortgage-backed securities Level 2 237,516 242,828 Collateralized debt securities Level 2 125,631 126,430 Total fixed maturity securities, bonds held-to-maturity 8,631,261 8,968,690 Mortgage loans on real estate, net of allowance Level 3 5,097,017 5,309,005 Policy loans Level 3 379,657 379,657 Total financial assets $ 14,107,935 $ 14,657,352 Financial liabilities Investment contracts Level 3 $ 10,254,959 $ 10,254,959 Notes payable Level 3 157,997 157,997 Total financial liabilities $ 10,412,956 $ 10,412,956 December 31, 2018 FV Hierarchy Level Carrying Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions Level 2 $ 245,360 $ 250,899 Foreign governments Level 2 3,961 4,430 Corporate debt securities Level 2 7,640,891 7,548,829 Residential mortgage-backed securities Level 2 315,306 319,910 Collateralized debt securities Level 2 5,214 5,285 Other debt securities Level 2 717 731 Total fixed maturity securities, bonds held-to-maturity 8,211,449 8,130,084 Mortgage loans on real estate, net of allowance Level 3 5,124,707 5,049,468 Policy loans Level 3 376,254 376,254 Total financial assets $ 13,712,410 $ 13,555,806 Financial liabilities Investment contracts Level 3 $ 10,003,990 $ 10,003,990 Notes payable Level 3 137,963 137,963 Total financial liabilities $ 10,141,953 $ 10,141,953 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Balance at December 31, 2016 $ 745,840 $ 394,208 $ 40,620 $ 113,775 $ 1,294,443 Additions 123,854 104,772 11,413 285,796 525,835 Amortization (74,068 ) (74,750 ) (15,227 ) (280,306 ) (444,351 ) Effect of change in unrealized gains on available-for-sale debt securities (4,350 ) 2,267 — — (2,083 ) Net change 45,436 32,289 (3,814 ) 5,490 79,401 Balance at December 31, 2017 791,276 426,497 36,806 119,265 1,373,844 Additions 131,156 92,603 12,590 315,305 551,654 Amortization (97,263 ) (57,468 ) (15,436 ) (309,990 ) (480,157 ) Effect of change in unrealized gains on available-for-sale debt securities 13,964 37,956 — — 51,920 Net change 47,857 73,091 (2,846 ) 5,315 123,417 Balance at December 31, 2018 839,133 499,588 33,960 124,580 1,497,261 Additions 139,336 70,272 19,940 313,710 543,258 Amortization (113,300 ) (79,746 ) (21,322 ) (316,141 ) (530,509 ) Effect of change in unrealized gains on available-for-sale debt securities (12,269 ) (74,734 ) — — (87,003 ) Net change 13,767 (84,208 ) (1,382 ) (2,431 ) (74,254 ) Balance at December 31, 2019 $ 852,900 $ 415,380 $ 32,578 $ 122,149 $ 1,423,007 Commissions comprise the majority of the additions to deferred policy acquisition costs. |
Liability for Future Policy Ben
Liability for Future Policy Benefits and Policyholder Account Balances | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Policyholder Account Balances | American National estimates liabilities for amounts payable under insurance and annuity policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of expected benefit payments reduced by the present value of expected premiums. Such liabilities are established on a block of business based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability termination, investment return, inflation, expenses, and other contingent events as appropriate to the respective product type. Future policy benefits for non-participating traditional life insurance are equal to the aggregate of the present value of expected benefit payments and related expenses less the present value of expected net premiums. Assumptions as to mortality and persistency are based upon American National’s experience when the basis of the liability is established. Interest rates for the aggregate future policy benefit liabilities range from 3.0% to 8.0% . Future policy benefit liabilities for participating traditional life insurance are equal to the aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 2.5% to 5.5% ) and mortality rates guaranteed in calculating the cash surrender values described in such contracts; and (ii) the liability for terminal dividends. Future policy benefit liabilities for individual fixed deferred annuities after annuitization and single premium immediate annuities are equal to the present value of expected future payments. The interest rate used in establishing such liabilities range from 3.0% to 6.0% for all policies in-force. Future policy benefit liabilities for non-medical health insurance are calculated using the net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. The interest rate used in establishing such liabilities range from 3.5% to 8.0% . Future policy benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. The interest rate used in establishing such liabilities range from 3.0% to 6.0% . Liabilities for universal life secondary guarantees and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. American National regularly evaluates estimates used and adjusts the additional liability balances with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. The assumptions of investment performance and volatility for variable products are consistent with historical Standard & Poor’s experience. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. American National periodically reviews its estimates of actuarial liabilities for future policy benefits and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these policies, guarantees and riders and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the consolidated statements of operations in the period in which the changes occur. Policyholder account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed annuities in the accumulation phase and non-variable group annuity contracts. Policyholder account balances are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest, ranging from 1.0% to 8.0% (some annuities have enhanced first year crediting rates ranging from 1.0% to 7.0% ), less expenses, mortality charges, and withdrawals; and (iii) fair value adjustment. |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | The liability for unpaid claims and claim adjustment expenses (“claims”) for health and property and casualty insurance is included in “Policy and contract claims” in the consolidated statements of financial position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled. The liability for unpaid claims is estimated based upon American National’s historical experience and actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, less anticipated salvage and subrogation. The effects of the changes are included in the consolidated results of operations in the period in which the changes occur. The time value of money is not taken into account for the purposes of calculating the liability for unpaid claims. There have been no significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses. Information regarding the liability for unpaid claims is shown below (in thousands): Years ended December 31, 2019 2018 2017 Unpaid claims balance, beginning $ 1,305,225 $ 1,218,652 $ 1,156,681 Less reinsurance recoverables 254,466 241,301 219,832 Net beginning balance 1,050,759 977,351 936,849 Incurred related to Current 1,207,796 1,193,216 1,107,381 Prior years (57,979 ) (19,852 ) (75,632 ) Total incurred claims 1,149,817 1,173,364 1,031,749 Paid claims related to Current 688,544 688,493 653,136 Prior years 435,642 411,463 338,111 Total paid claims 1,124,186 1,099,956 991,247 Net balance 1,076,390 1,050,759 977,351 Plus reinsurance recoverables 246,447 254,466 241,301 Unpaid claims balance, ending $ 1,322,837 $ 1,305,225 $ 1,218,652 The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. Estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $57,979,000 , $19,852,000 , $75,632,000 in 2019 , 2018 , and 2017 , respectively. The favorable development in 2019 was a reflection of lower-than-anticipated losses in the workers compensation, business owner and commercial package policy, agribusiness, and private passenger automobile lines of business. The decrease during 2018 and 2017 reflects lower-than-anticipated losses in other commercial and automobile lines of business respectively as well as workers compensation and business owner and commercial package policy lines of business. For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses at December 31, 2019 was $21,379,000 . The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows (in thousands): December 31, 2019 Net outstanding liabilities Auto Liability $ 466,481 Non-Auto Liability 266,892 Commercial Multi-Peril 94,515 Homeowners 79,903 Short Tail Property 33,097 Credit Property and Casualty 21,089 Credit Life 1,192 Health 25,860 Credit Health 5,126 Other 1,831 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 995,986 Reinsurance recoverable on unpaid claims Auto Liability 11,979 Non-Auto Liability 44,709 Commercial Multi-Peril 2,326 Homeowners 2,512 Short Tail Property 3,907 Credit Property and Casualty 14,110 Credit Life 768 Health 157,714 Credit Health 2,113 Other 6,943 Total reinsurance recoverable on unpaid claims 247,081 Insurance lines other than short-duration 191,123 Unallocated claim adjustment expenses 55,789 246,912 Total gross liability for unpaid claims and claim adjustment expense $ 1,489,979 Property and Casualty Reserving Methodology —The following methods are utilized: • Initial Expected Loss Ratio—This method calculates an estimate of ultimate losses by applying an estimated loss ratio to actual earned premium for each calendar/accident year. • Bornhuetter-Ferguson—This method uses an assumed initial expected loss ratio method as a starting point and blends in the loss ratio implied by the claims experience to date by using loss development patterns based on our historical experience. • Loss or Expense Development (Chain Ladder)—This method uses actual loss or defense and cost containment expense data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. • Ratio of Paid Defense and Cost Containment Expense to Paid Loss Development—This method uses the ratio of paid defense and cost containment expense to paid loss data and the historical development profiles on older accident periods to project more recent, less developed periods to their ultimate total. In this method, an ultimate ratio of paid defense and cost containment expense to paid loss is selected for each accident period. The selected paid defense and cost containment expense to paid loss ratio is then applied to the selected ultimate loss for each accident period to estimate the ultimate defense and cost containment expense. Paid defense and cost containment expense is then subtracted from the ultimate defense and cost containment expense to calculate the unpaid defense and cost containment expense for that accident period. • Calendar Year Paid Adjusting and Other Expense to Paid Loss—This method uses a selected prior calendar years’ paid expense to paid loss ratio to project ultimate loss adjustment expenses for adjusting and other expense. A percentage of the selected ratio is applied to the case reserves (depending on the line of insurance) and 100% to the indicated IBNR reserves. These ratios assume that a percentage of the expense is incurred when a claim is opened and the remaining percentage is paid throughout the claim’s life. • Pegged Frequency and Severity—Uses actual claims count data and emergence patterns of older accident periods to project the ultimate number of reported claims for a given accident year. A similar process projects the ultimate average severity per claim so that the product of the two projections results in a projection of ultimate loss for a given accident year. For most credit property and casualty products, IBNR liability is calculated as a percentage of pro rata unearned premium, with the specific percentage for a given product line determined by a completion factor method. For a large subset of GAP waiver and collateral protection insurance business, IBNR liability is the average monthly paid loss over the preceding 12 months. The expected development on reported claims is the sum of a pay-to-current reserve and a future reserve. The pay-to-current reserve is calculated for each open claim having a monthly indemnity and contains the monies required to pay the open claim from the last payment date to the current valuation date. The future reserve is calculated by assigning to each open claim a fixed reserve amount based on the historical average severity. For debt cancellation products and involuntary unemployment insurance, this reserve is calculated using published valuation tables. Cumulative claim frequency information is calculated on a per claim basis. Claims that do not result in a liability are not considered in the determination of unpaid liabilities. For any given line of business, none of these methods are relied on exclusively. With minor exception, we will typically run all of these methods for most lines. While we may not ultimately utilize a given method for a given line, we will review as a check for reasonableness of our selected result. The following contains information about incurred and paid claims development as of December 31, 2019 , net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2010 to 2018 is presented as supplementary information. Auto Liability —Consists of personal and commercial auto. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 288,166 $ 270,935 $ 266,223 $ 265,949 $ 264,104 $ 263,040 $ 261,930 $ 261,092 $ 261,207 $ 261,042 $ 24 47,101 2011 263,411 250,659 248,865 244,519 244,436 242,619 241,711 240,997 240,650 109 47,074 2012 251,593 242,255 231,312 228,013 229,426 228,559 228,864 228,486 178 44,686 2013 242,364 236,432 233,068 231,301 228,285 226,608 227,234 448 38,841 2014 232,146 223,386 217,819 215,419 214,870 214,557 1,049 35,986 2015 237,578 240,697 239,421 245,775 244,798 2,614 36,066 2016 259,177 256,080 261,400 259,128 6,330 37,050 2017 269,803 280,012 275,850 17,886 38,417 2018 314,467 299,512 44,542 37,354 2019 330,988 95,556 33,442 Total $ 2,582,245 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 92,589 $ 164,298 $ 208,531 $ 237,540 $ 250,647 $ 257,021 $ 259,173 $ 259,966 $ 260,404 $ 260,693 2011 93,245 161,387 197,326 217,640 230,585 236,187 238,510 239,409 240,085 2012 82,531 150,323 183,448 204,980 214,467 219,170 222,117 222,865 2013 79,358 143,709 181,535 204,480 215,280 219,303 223,739 2014 72,838 134,376 166,947 187,375 204,057 209,401 2015 78,861 149,366 186,281 211,908 231,530 2016 86,492 153,911 198,326 225,869 2017 88,357 175,175 218,435 2018 95,777 185,317 2019 98,545 Total $ 2,116,479 All outstanding liabilities before 2010, net of reinsurance* 715 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 466,481 * Unaudited supplemental information Non-Auto Liability —Consists of workers’ compensation and other liability occurrence. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 91,191 $ 85,498 $ 83,724 $ 82,287 $ 82,145 $ 82,087 $ 80,920 $ 78,279 $ 77,985 $ 77,215 $ 1,196 7,873 2011 86,409 76,038 75,390 74,372 73,647 71,423 68,248 67,979 67,307 1,611 5,708 2012 83,146 80,470 78,644 75,226 68,017 63,630 64,118 63,336 2,380 4,858 2013 74,183 75,815 70,772 67,841 65,096 64,564 63,284 2,722 4,542 2014 83,084 75,550 72,624 67,339 67,865 67,267 3,904 6,047 2015 83,897 78,968 76,724 67,548 64,189 6,682 5,542 2016 86,935 83,179 73,764 73,195 12,700 4,385 2017 102,616 88,902 81,240 16,401 8,021 2018 88,986 85,910 36,008 13,327 2019 96,064 57,352 10,158 Total $ 739,007 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 16,473 $ 31,819 $ 46,746 $ 57,354 $ 65,557 $ 69,091 $ 70,369 $ 71,509 $ 72,261 $ 72,941 2011 13,848 31,943 41,814 52,003 56,791 60,706 62,414 63,121 63,706 2012 13,862 27,574 38,826 49,585 55,194 57,863 59,528 60,900 2013 12,794 22,743 32,474 42,504 47,987 51,672 54,323 2014 11,201 26,587 36,220 45,206 51,853 55,307 2015 11,979 23,488 37,059 46,285 51,303 2016 12,733 24,633 35,502 45,820 2017 14,865 37,139 48,654 2018 13,156 26,115 2019 12,204 Total $ 491,273 All outstanding liabilities before 2010, net of reinsurance* 19,158 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 266,892 * Unaudited supplemental information Commercial Multi-Peril —Consists of business owners insurance and mortgage fire business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 41,116 $ 37,736 $ 40,243 $ 37,520 $ 35,914 $ 37,839 $ 37,215 $ 36,367 $ 35,923 $ 35,999 $ 9 3,592 2011 42,185 40,825 39,037 38,160 38,456 36,945 37,014 36,638 35,964 35 3,563 2012 35,169 28,548 26,805 23,258 23,385 23,090 22,481 22,045 67 2,717 2013 33,979 27,592 27,867 26,970 25,948 26,028 24,790 315 2,226 2014 36,852 31,220 34,911 33,962 36,132 34,279 580 2,308 2015 33,997 31,488 29,023 32,282 31,285 751 2,226 2016 38,115 33,475 33,080 31,615 2,302 4,775 2017 42,411 37,079 40,611 6,851 6,737 2018 50,784 50,182 12,923 5,455 2019 56,062 25,359 2,928 Total $ 362,832 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 12,511 $ 17,490 $ 22,135 $ 27,152 $ 31,378 $ 33,384 $ 34,888 $ 34,764 $ 34,903 $ 35,881 2011 13,092 18,390 22,616 28,291 30,458 32,692 34,177 34,782 34,939 2012 11,525 14,454 16,263 18,670 20,716 21,026 21,352 21,415 2013 9,374 12,723 15,426 18,406 20,816 21,718 23,210 2014 12,001 16,484 20,199 24,602 27,339 31,448 2015 9,820 12,956 16,402 21,680 25,188 2016 11,327 17,193 19,085 22,339 2017 12,458 20,828 23,294 2018 18,027 30,078 2019 22,098 Total $ 269,890 All outstanding liabilities before 2010, net of reinsurance* 1,573 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 94,515 * Unaudited supplemental information Homeowners —Consists of homeowners and renters business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 206,606 $ 200,318 $ 198,111 $ 198,029 $ 197,443 $ 197,675 $ 197,465 $ 197,067 $ 196,639 $ 196,574 $ 2 37,075 2011 203,301 200,356 198,757 197,581 197,381 197,451 197,239 197,070 197,020 6 38,761 2012 181,284 177,664 175,523 175,509 175,178 175,032 174,611 174,276 9 30,997 2013 152,208 149,080 149,272 148,231 147,927 147,444 147,359 72 20,038 2014 132,651 131,634 130,287 131,546 130,895 130,747 116 18,176 2015 125,430 124,199 123,619 123,824 123,731 271 17,744 2016 147,264 145,373 144,376 145,019 217 21,535 2017 164,284 172,274 172,491 906 23,504 2018 174,495 179,561 4,623 22,382 2019 177,854 22,957 18,757 Total $ 1,644,632 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 149,755 $ 189,046 $ 193,006 $ 195,365 $ 195,714 $ 196,281 $ 196,419 $ 196,504 $ 196,480 $ 196,501 2011 160,625 190,946 194,237 195,327 196,575 196,628 196,717 196,757 196,787 2012 143,797 169,415 171,842 173,170 173,676 174,139 174,247 174,256 2013 115,605 140,309 145,152 146,650 146,920 147,145 147,233 2014 96,300 122,601 126,245 129,467 130,059 130,305 2015 86,617 114,696 119,331 122,585 122,955 2016 105,415 136,796 140,972 144,000 2017 116,075 159,107 166,009 2018 121,631 165,203 2019 122,530 Total $ 1,565,779 All outstanding liabilities before 2010, net of reinsurance* 1,050 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 79,903 * Unaudited supplemental information Short Tail Property —Consists of auto physical damage, fire, rental owners, standard fire policy, country estates, inland marine and watercraft. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2018* 2019 2018 $ 248,182 $ 243,813 $ 208 66,743 2019 — 247,229 (2,442 ) 62,401 Total $ 491,042 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 218,095 $ 241,718 2019 — 218,333 Total $ 460,051 All outstanding liabilities before 2018, net of reinsurance* 2,106 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 33,097 * Unaudited supplemental information Credit Property and Casualty —Consists of credit property insurance, vendor’s or lender’s single interest insurance, GAP insurance, GAP waiver, debt cancellation products, involuntary unemployment insurance and collateral protection insurance. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2018* 2019 2018 $ 89,308 $ 89,308 $ — 31,246 2019 — 82,391 11,897 23,400 Total $ 171,699 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 72,693 $ 89,308 2019 — 61,302 Total $ 150,610 All outstanding liabilities before 2018, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 21,089 * Unaudited supplemental information Credit Life —For credit life products, IBNR is calculated as a percentage of life insurance in force. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Accident Year 2018* 2019 2018 $ 5,849 $ 6,198 $ 8 8 2019 — 5,956 1,155 16 Total $ 12,154 Cumulative Paid Claims and Allocated Claim For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 4,795 $ 6,190 2019 — 4,772 Total $ 10,962 All outstanding liabilities before 2018, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,192 * Unaudited supplemental information Health Reserving Methodology —The following methods are utilized: • Completion Factor Approach—This method assumes that the historical claim patterns will be an accurate representation of unpaid claim liabilities. An estimate of the unpaid claims is calculated by subtracting period-to-date paid claims from an estimate of the ultimate “complete” payment for all incurred claims in the period. Completion factors are calculated which “complete” the current period-to-date payment totals for each incurred month to estimate the ultimate expected payout. • Tabular Claims Reserves—This method is used to calculate the reserves for disability income blocks of business. These reserves rely on published valuation continuance tables created using industry experience regarding assumptions of continued morbidity and subsequent recovery. Reserves are calculated by applying these continuance tables, along with appropriate company experience adjustments, to the stream of contractual benefit payments. These expected benefit payments are discounted at the required interest rate. • Future Policy Benefits—Reserves are equal to the aggregate of the present value of expected future benefit payments, less the present value of expected future premiums. Morbidity and termination assumptions are based on our experience or published valuation tables when available and appropriate. • Premium Deficiency Reserves—Deficiency reserves are established when the expected future claim payments and expenses for a classification of policies are in excess of the expected premiums for these policies. The determination of a deficiency reserve takes into consideration the likelihood of premium rate increases, the timing of these increases, and the expected benefit utilization patterns. We have established premium deficiency reserves for portions of the major medical business and the long-term care business that are in run-off. The assumptions and methods used to determine the deficiency reserves are reviewed periodically for reasonableness, and the reserve amount is monitored against emerging losses. There is no expected development on reported claims in the health blocks. Claim frequency is determined by totaling the number of unique claim numbers during the period as each unique claim number represents a claim event for an individual claimant. Health —Consists of stop-loss and other supplemental health products. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 34,069 $ 45,167 $ 41,513 $ 41,514 $ 41,595 $ — 32,535 2016 36,198 41,236 37,164 37,233 — 28,721 2017 41,544 39,930 35,466 1 31,389 2018 64,686 63,729 6,005 31,713 2019 48,175 14,212 28,826 Total $ 226,198 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 23,574 $ 41,491 $ 41,436 $ 41,462 $ 41,542 2016 24,357 37,040 37,115 37,191 2017 25,358 35,392 35,420 2018 34,894 57,759 2019 33,353 Total $ 205,265 All outstanding liabilities before 2015, net of reinsurance* 4,927 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 25,860 * Unaudited supplemental information Credit Health Reserving Methodology —The following methods are utilized: Tabular Claims Reserves—These reserves rely on published valuation continuance tables. The insureds age at disablement, the duration of the claim and the remaining term of the policy are used to provide a factor which is applied to the remaining exposure to calculate the present value of future benefits for insureds on claim. The claim liability consists of IBNR and Due/Unpaid. The IBNR utilizes an inventory type method based on historical patterns of claim payments incurred but not reported within the last six months of the valuation date. The Due/Unpaid reserves are the amount needed to pay an open claim from the last date of payment to the reserve valuation date. Credit Health —The claim liability consists of credit disability. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Cumulative Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 3,162 $ 3,089 $ 3,072 $ 3,036 $ 3,028 $ 19 3,259 2016 4,323 3,975 3,914 4,029 90 3,593 2017 4,555 4,852 4,773 162 3,771 2018 4,631 4,163 280 3,520 2019 3,902 610 2,268 Total $ 19,895 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 1,082 $ 2,254 $ 2,669 $ 2,864 $ 2,943 2016 1,300 2,745 3,330 3,630 2017 1,389 3,328 4,058 2018 1,473 2,930 2019 1,208 Total $ 14,769 All outstanding liabilities before 2015, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,126 * Unaudited supplemental information The following table is supplementary information. A10-year average annual percentage payout of incurred claims is shown below: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Auto Liability 33.9 % 28.7 % 15.8 % 10.0 % 5.8 % 2.2 % 1.3 % 0.3 % 0.2 % 1.8 % Non-Auto Liability 18.3 % 20.4 % 16.5 % 14.8 % 8.8 % 5.1 % 2.8 % 1.6 % 0.9 % 10.8 % Commercial Multi-Peril 37.0 % 15.7 % 9.7 % 13.2 % 9.3 % 5.8 % 4.0 % 0.5 % 0.4 % 4.4 % Homeowners 73.9 % 20.1 % 2.7 % 1.5 % 0.3 % 0.2 % 0.1 % — % — % 1.2 % Short Tail Property 88.9 % 11.1 % — % — % — % — % — % — % — % — % Credit Property and Casualty 77.9 % 22.1 % — % — % — % — % — % — % — % — % Credit Life 78.7 % 21.3 % — % — % — % — % — % — % — % — % |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Reinsurance | American National reinsures portions of certain life insurance policies to provide a greater diversification of risk and manage exposure on larger risks. For the issue ages zero to 75, the maximum amount that would be retained by one life insurance company (American National) would be $5.0 million individual life, $250,000 individual accidental death, $100,000 group life, and $125,000 credit life. If individual, group and credit insurance were all in force at the same time, the maximum risk on any one life aged zero to 75 could be $5.475 million . For the issue ages 76 to 80, the maximum amount that would be retained by one life insurance company (American National) would be $2.0 million individual life, $250,000 individual accidental death, $100,000 group life, and $125,000 credit life. If individual, group and credit insurance were all in force at the same time, the maximum risk on any one life aged 76 to 80 could be $2.475 million . For the issue ages 81 and over, the maximum amount that would be retained by one life insurance company (American National) would be $1.0 million individual life, $250,000 individual accidental death, $100,000 group life, and $125,000 credit life. If individual, group and credit insurance were all in force at the same time, the maximum risk on any one life aged 81 and over could be $1.475 million . For the Property and Casualty segment, American National retains the first $1.0 million of loss per workers’ compensation risk and $1.5 million of loss per non-workers’ compensation risk. Reinsurance covers up to $6 million of property and liability losses per risk. Additional excess property per risk coverage is purchased to cover risks up to $20 million , and excess casualty clash coverage is purchased to cover losses up to $60 million . Excess casualty clash covers losses incurred as a result of one casualty event involving multiple policies, excess policy limits, and extra contractual obligations. Facultative reinsurance is purchased for individual risks attaching at $20 million , as needed. Corporate catastrophe coverage is in place for losses up to $500 million . American National retains the first $17.5 million of each catastrophe. Catastrophe aggregate reinsurance coverage is also purchased and is provided by two contracts. The first contract provides for $30 million of coverage after $90 million of aggregated catastrophe losses has been reached. The first $10 million of each catastrophe loss contributes to the $90 million aggregation of losses. The second aggregate contract is the Midyear Aggregate cover. It consists of a $35 million annual limit after satisfaction of $40 million annual aggregate deductible. Subject loss is $35 million excess of $5 million of each catastrophe. This cover was placed at 87.75% on July 1, 2019. American National remains primarily liable with respect to any reinsurance ceded and would bear the entire loss if the reinsurer does not meet their obligations under any reinsurance treaties. American National had amounts recoverable from reinsurers of $411,830,000 and $427,475,000 at December 31, 2019 and 2018 , respectively. None of the amount outstanding at December 31, 2019 is the subject of litigation or is in dispute with the reinsurers involved. Management believes the unfavorable resolution of any dispute that may arise would not have a material impact on American National’s consolidated financial statements. The amounts in the consolidated financial statements include the impact of reinsurance. Information regarding the effect of reinsurance is shown below (in thousands): Years ended December 31, 2019 2018 2017 Direct premiums $ 2,464,870 $ 2,499,584 $ 2,341,088 Reinsurance premiums assumed from other companies 236,504 286,165 227,053 Reinsurance premiums ceded to other companies (518,580 ) (557,556 ) (500,939 ) Net premiums $ 2,182,794 $ 2,228,193 $ 2,067,202 Life insurance in-force and related reinsurance amounts are shown below (in thousands): December 31, 2019 2018 2017 Direct life insurance in-force $ 117,886,265 $ 110,125,270 $ 102,843,372 Reinsurance risks assumed from other companies 218,020 230,845 257,552 Reinsurance risks ceded to other companies (24,913,905 ) (26,601,422 ) (29,646,646 ) Net life insurance in-force $ 93,190,380 $ 83,754,693 $ 73,454,278 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Years ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate Income tax expense before tax on equity in earnings of unconsolidated affiliates $ 145,819 18.3 % $ 29,643 18.2 % $ 114,921 27.7 % Tax on equity in earnings of unconsolidated affiliates 21,735 2.7 4,469 2.8 30,336 7.3 Total expected income tax expense at the statutory rate 167,554 21.0 34,112 21.0 145,257 35.0 Tax-exempt investment income (3,969 ) (0.5 ) (3,323 ) (2.0 ) (6,887 ) (1.7 ) Deferred tax change (519 ) (0.1 ) (4,354 ) (2.7 ) (217,622 ) (52.4 ) Dividend exclusion (3,628 ) (0.5 ) (4,080 ) (2.5 ) (8,701 ) (2.1 ) Miscellaneous tax credits, net (7,090 ) (0.9 ) (7,802 ) (4.8 ) (9,524 ) (2.3 ) Low income housing tax credit expense 6,394 0.8 6,231 3.8 5,263 1.3 Change in valuation allowance 383 — 2,700 1.7 — — Tax accrual adjustment 5,350 0.7 (2,893 ) (1.8 ) — — Return to provision 1,007 0.1 (20,301 ) (12.5 ) — — Other items, net (65 ) (0.1 ) 1,155 0.6 1,905 0.5 Provision for federal income tax before interest expense 165,417 20.5 1,445 0.8 (90,309 ) (21.7 ) Interest benefit — — — — (2,686 ) (0.6 ) Total $ 165,417 20.5 % $ 1,445 0.8 % $ (92,995 ) (22.3 )% During 2018, American National recorded an income tax benefit of $20,301,000 related to the filing of its 2017 tax return. The tax benefit was primarily a result of tax deductions taken at the prior year federal tax rate of 35% as opposed to the new federal tax rate of 21% primarily due to a pension plan contribution, depreciation on fixed assets and changes in our estimated income from joint ventures. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted. The Tax Reform included numerous changes to existing federal income tax laws, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. In addition, there were several changes that were specific to insurance companies, namely changes to the proration formula used to determine the amount of dividends eligible for the dividends-received deduction, and changes to the calculation of tax reserves associated with policyholder liabilities. As a result of the Tax Reform, we recorded a provisional tax benefit of $206.4 million in our 2017 financial statements. This tax benefit was primarily due to the remeasurement of our existing deferred tax balances to the 21% corporate income tax rate. There were no adjustments to the provisional tax benefit we recorded in 2017. The tax effects of temporary differences that gave rise to the deferred tax assets and liabilities are shown below (in thousands): December 31, 2019 2018 DEFERRED TAX ASSETS Invested assets, principally due to impairment losses $ 16,760 $ 18,148 Investment in real estate and other invested assets, principally due to investment valuation allowances 9,680 8,424 Policyholder funds, principally due to policy reserve discount 76,506 91,362 Policyholder funds, principally due to unearned premium reserve 25,726 24,586 Participating policyholders’ surplus 41,533 32,785 Pension — 3,598 Commissions and other expenses 3,495 3,108 Other assets 11,291 9,756 Tax carryforwards 2,344 138 Gross deferred tax assets before valuation allowance 187,335 191,905 Valuation allowance (3,083 ) (2,700 ) Gross deferred tax assets after valuation allowance 184,252 189,205 DEFERRED TAX LIABILITIES Marketable securities, principally due to net unrealized gains 278,144 161,256 Investment in bonds, principally due to differences between GAAP and tax basis 15,004 13,088 Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods 218,795 240,731 Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods 20,812 22,204 Pension 1,833 — Other liabilities 44,192 16,111 Gross deferred tax liabilities 578,780 453,390 Total net deferred tax liability $ 394,528 $ 264,185 American National made income tax payments of $86,440,000 , $22,234,000 and $33,640,000 during 2019 , 2018 , and 2017 , respectively. US GAAP requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax assets to an amount that is more-likely-than-not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. There were no material valuation allowances recorded during the years ended December 31, 2019 and 2018. Although realization is not assured, management believes it is more-likely-than-not that our remaining deferred tax assets will be realized and that no additional valuation allowance is necessary at this time. As of December 31, 2019 , American National had no material net operating loss or tax credit carryforwards. American National’s federal income tax returns for years 2016 to 2018 are subject to examination by the Internal Revenue Service. Tax returns for 2013 to 2015 are subject to examination with certain limitations. In April 2019, American National received notice from the Internal Revenue Service of its intent to audit tax years 2013 to 2016. The audit is ongoing. In the opinion of management, all prior year deficiencies have been paid or adequate provisions have been made for any tax deficiencies that may be upheld. No provision for penalties or interest were established during 2019 or 2018 relating to a dispute with the Internal Revenue Service. As of December 31, 2019, American National had no provision for uncertain tax positions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2016 $ 551,171 $ (92,393 ) $ (2,879 ) $ 455,899 Amounts reclassified from AOCI (net of tax benefit $18,789 and expense $5,005) (34,895 ) 18,827 — (16,068 ) Unrealized holding gains arising during the period (net of tax expense $113,604) 210,595 — — 210,595 Unrealized adjustment to DAC (net of tax benefit $729) (1,354 ) — — (1,354 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $2,480) (4,606 ) — — (4,606 ) Actuarial loss arising during the period (net of tax benefit of $796) — (2,996 ) — (2,996 ) Foreign currency adjustment (net of tax expense $198) — — 746 746 Balance at December 31, 2017 720,911 (76,562 ) (2,133 ) 642,216 Amounts reclassified from AOCI (net of tax benefit $561 and expense $1,532) (2,111 ) 5,764 — 3,653 Unrealized holding losses arising during the period (net of tax benefit $46,812) (183,981 ) — — (183,981 ) Unrealized adjustment to DAC (net of tax expense $10,903) 41,017 — — 41,017 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,343) 8,814 — — 8,814 Actuarial gain arising during the period (net of tax expense of $4,402) — 16,562 — 16,562 Foreign currency adjustment (net of tax benefit $239) — — (900 ) (900 ) Cumulative effect of changes in accounting (net of tax benefit $334,955) (627,119 ) — — (627,119 ) Balance at December 31, 2018 (42,469 ) (54,236 ) (3,033 ) (99,738 ) Amounts reclassified from AOCI (net of tax benefit $213 and expense $1,491) (800 ) 5,607 — 4,807 Unrealized holding gains arising during the period (net of tax expense $70,808) 266,373 — — 266,373 Unrealized adjustment to DAC (net of tax benefit $18,270) (68,733 ) — — (68,733 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,372) (12,684 ) — — (12,684 ) Actuarial gain arising during the period (net of tax expense $2,629) — 9,888 — 9,888 Foreign currency adjustment (net of tax expense $104) — — 390 390 Cumulative effect of changes in accounting 16,164 (16,491 ) (458 ) (785 ) Balance at December 31, 2019 $ 157,851 $ (55,232 ) $ (3,101 ) $ 99,518 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | American National has one class of common stock with a par value of $1.00 per share and 50,000,000 authorized shares. The amounts outstanding at the dates indicated are shown below: Years ended December 31, 2019 2018 2017 Common stock Shares issued 30,832,449 30,832,449 30,832,449 Treasury shares (3,945,249 ) (3,947,000 ) (3,900,565 ) Outstanding shares 26,887,200 26,885,449 26,931,884 Restricted shares (10,000 ) (10,000 ) (74,000 ) Unrestricted outstanding shares 26,877,200 26,875,449 26,857,884 Stock-based compensation American National has a stock-based compensation plan, which allows for grants of Non-Qualified Stock Options, Stock Appreciation Rights (“SAR”), Restricted Stock (“RS”) Awards, Restricted Stock Units (“RSU”), Performance Awards, Incentive Awards or any combination thereof. This plan is administered by the American National Board Compensation Committee. To date, only SAR, RS and RSU awards have been made. All awards are subject to review and approval by the Board Compensation Committee both at the time of setting applicable performance objectives and at payment of the awards. The number of shares available for grants under the plan cannot exceed 2,900,000 shares, and no more than 200,000 shares may be granted to any one individual in any calendar year. Grants were made to certain officers meeting established performance objectives, and grants are made to directors as compensation and to align their interests with those of other shareholders. SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RS Units Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2016 6,153 $ 113.36 76,000 $ 110.73 100,445 $ 105.97 Granted — — — — 16,500 117.69 Exercised (333 ) 116.48 (2,000 ) 130.52 (62,111 ) 108.90 Forfeited — — — — (2,069 ) 104.17 Expired (3,234 ) 118.37 — — — — Outstanding at December 31, 2017 2,586 106.70 74,000 110.19 52,765 106.26 Granted — — — — 8,250 121.93 Exercised (650 ) 99.79 (64,000 ) 114.90 (41,949 ) 106.94 Forfeited — — — — (750 ) 121.93 Expired (1,601 ) 114.17 — — — — Outstanding at December 31, 2018 335 84.41 10,000 80.05 18,316 111.12 Granted — — — — 8,250 113.19 Exercised — — — — (18,316 ) 111.12 Forfeited — — — — — — Expired (269 ) 77.90 — — — — Outstanding at December 31, 2019 66 $ 110.83 10,000 $ 80.05 8,250 $ 113.19 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.34 3.17 0.33 Exercisable shares 66 N/A N/A Weighted-average exercise price $ 110.83 $ 80.05 $ 111.12 Weighted-average exercise price exercisable shares 110.83 N/A N/A Compensation expense (credit) Year ended December 31, 2019 $ 15,000 $ 80,000 $ 1,168,000 Year ended December 31, 2018 (28,000 ) 328,000 1,098,000 Year ended December 31, 2017 (15,000 ) 823,000 3,227,000 Fair value of liability award December 31, 2019 $ 1,000 N/A $ 971,000 December 31, 2018 33,000 N/A 2,426,000 The SARs give the holder the right to cash compensation based on the difference between the stock price on the grant date and the stock price on the exercise date. The SARs vest at a rate of 20% per year for five years and expire five years after vesting. RS awards entitle the participant to full dividend and voting rights. Each RS share awarded has the value of one share of restricted stock and vests 10 years from the grant date. Unvested shares are restricted as to disposition, and are subject to forfeiture under certain circumstances. Compensation expense is recognized over the vesting period. The restrictions on these awards lapse after 10 years and most of these awards feature a graded vesting schedule in the case of the retirement, death or disability of an award holder. Restricted stock awards for 350,334 shares have been granted at an exercise price of zero , of which 10,000 shares are unvested. RSU awards to our directors and advisory directors vest after one-year or upon earlier death, disability or retirement from service after age 65. Upon vesting, RSU awards are settled in cash based upon the market price of our common stock on the date of vesting. Earnings per share Basic earnings per share were calculated using a weighted average number of shares outstanding. Diluted earnings per share include RS and RSU award shares. Years ended December 31, 2019 2018 2017 Weighted average shares outstanding 26,882,691 26,886,357 26,896,926 Incremental shares from RS awards and RSUs 8,552 30,286 63,769 Total shares for diluted calculations 26,891,243 26,916,643 26,960,695 Net income attributable to American National (in thousands)* $ 620,363 $ 158,995 $ 493,651 Basic earnings per share* $ 23.08 $ 5.91 $ 18.35 Diluted earnings per share* $ 23.07 $ 5.91 $ 18.31 * This includes the impact of the U. S. Tax Cut and Jobs Act ("Tax Reform") of a $206.4 million tax benefit, primarily due to the remeasurement of our existing deferred tax balances to the 21% corporate income tax rate. Excluding the impact of Tax Reform, the Company’s net income for the year ended December 31, 2017 would have been $287.3 million and net earnings per basic and diluted share would have been $10.68 and $10.65, respectively. Statutory Capital and Surplus Risk Based Capital (“RBC”) is a measure insurance regulators use to evaluate the capital adequacy of American National Insurance Company and its insurance subsidiaries. RBC is calculated using formulas applied to certain financial balances and activities that consider, among other things, investment risks related to the type and quality of investments, insurance risks associated with products and liabilities, interest rate risks and general business risks. Insurance companies that do not maintain capital and surplus at a level at least 200% of the authorized control level RBC are required to take certain actions. At December 31, 2019 and 2018 , American National Insurance Company’s statutory capital and surplus was $3,477,727,000 and $3,162,808,000 , respectively. American National Insurance Company and each of its insurance subsidiaries had statutory capital and surplus at December 31, 2019 and 2018 , substantially above 200% of the authorized control level. American National and its insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile, which include certain components of the National Association of Insurance Commissioners’ Codification of Statutory Accounting Principles (“NAIC Codification”). NAIC Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of American National Insurance Company and its insurance subsidiaries. Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of both American National Insurance Company and the Missouri domiciled insurance subsidiary by $70,339,000 and $69,787,000 at December 31, 2019 and 2018 , respectively. The statutory capital and surplus of both American National Insurance Company and the Missouri domiciled insurance subsidiary would have remained substantially above the Company action level RBC had it not used the permitted practice. The statutory capital and surplus and net income of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): December 31, 2019 2018 Statutory capital and surplus Life insurance entities $ 2,159,770 $ 1,989,586 Property and casualty insurance entities 1,329,782 1,183,913 Years ended December 31, 2019 2018 2017 Statutory net income Life insurance entities $ 47,133 $ 59,909 $ 46,820 Property and casualty insurance entities 96,269 66,680 72,267 Dividends We paid a dividend of $0.82 per share each quarter of the years ended December 31, 2019 and 2018. We expect to continue to pay regular cash dividends, although there is no assurance as to future dividends because they depend on future earnings, capital requirements and financial conditions. American National Insurance Company's payment of dividends to stockholders is restricted by insurance law. The restrictions require life insurance companies to maintain minimum amounts of capital and surplus, and in the absence of special approval, limit the payment of dividends to the greater of the prior year's statutory net income from operations, or 10% of prior year statutory surplus. American National Insurance Company is permitted without prior approval of the Texas Department of Insurance to pay total dividends of $347,773,000 during 2020. Similar restrictions on amounts that can transfer in the form of dividends, loans, or advances to American National Insurance Company apply to its insurance subsidiaries. Noncontrolling interests American National County Mutual Insurance Company (“County Mutual”) is a mutual insurance company owned by its policyholders. American National has a management agreement that effectively gives it control of County Mutual. As a result, County Mutual is included in the consolidated financial statements of American National. Policyholder interests in the financial position of County Mutual are reflected as noncontrolling interest of $6,750,000 at December 31, 2019 and 2018 . American National Insurance Company and its subsidiaries exercise control or ownership of various joint ventures, resulting in their consolidation into American National’s consolidated financial statements. The interests of the other partners in the consolidated joint ventures are shown as a noncontrolling deficit of $736,000 and noncontrolling equity of $7,517,000 at December 31, 2019 and 2018 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Management organizes the business into five operating segments: • Life—consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels. • Annuity—consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. • Health—consists of Medicare Supplement, stop loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. • Property and Casualty—consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. • Corporate and Other—consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. The accounting policies of the segments are the same as those described in Note 2 to the consolidated financial statements. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: • Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets. • Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment. • Expenses are charged to segments through direct identification and allocations based upon various factors. The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2019 2018 2017 Total Assets Life $ 6,825,120 $ 6,263,366 $ 6,101,458 Annuity 13,808,302 12,900,650 12,345,215 Health 511,440 527,525 468,947 Property and Casualty 2,570,818 2,216,628 2,189,515 Corporate and Other 4,881,886 5,004,184 5,281,629 Total $ 28,597,566 $ 26,912,353 $ 26,386,764 The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below (in thousands): Year ended December 31, 2019 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 359,419 $ 147,139 $ 165,035 $ 1,511,201 $ — $ 2,182,794 Other policy revenues 288,061 17,195 — — — 305,256 Net investment income 263,788 663,895 9,467 64,263 75,993 1,077,406 Net realized investment gains — — — — 30,751 30,751 Net gains on equity securities — — — — 422,535 422,535 Other income 1,967 2,727 20,762 11,897 14,048 51,401 Total premiums and other revenues 913,235 830,956 195,264 1,587,361 543,327 4,070,143 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 449,252 218,576 — — — 667,828 Claims incurred — — 109,013 1,042,153 — 1,151,166 Interest credited to policyholders' account balances 80,950 431,049 — — — 511,999 Commissions for acquiring and servicing policies 162,203 71,350 31,624 267,457 — 532,634 Other operating expenses 190,104 50,507 41,475 201,580 41,222 524,888 Change in deferred policy acquisition costs (26,036 ) 9,474 1,382 2,431 — (12,749 ) Total benefits, losses and expenses 856,473 780,956 183,494 1,513,621 41,222 3,375,766 Income before federal income tax and other items $ 56,762 $ 50,000 $ 11,770 $ 73,740 $ 502,105 $ 694,377 Year ended December 31, 2018 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 350,012 $ 231,027 $ 180,414 $ 1,466,740 $ — $ 2,228,193 Other policy revenues 270,839 14,710 — — — 285,549 Net investment income 233,181 467,788 9,376 62,320 85,702 858,367 Net realized investment gains — — — — 16,931 16,931 Net losses on equity securities — — — — (107,188 ) (107,188 ) Other income 2,266 2,611 24,185 10,628 4,840 44,530 Total premiums and other revenues 856,298 716,136 213,975 1,539,688 285 3,326,382 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 417,702 290,611 — — — 708,313 Claims incurred — — 122,547 1,049,112 — 1,171,659 Interest credited to policyholders' account balances 54,249 261,435 — — — 315,684 Commissions for acquiring and servicing policies 158,657 94,879 32,516 278,002 — 564,054 Other operating expenses 190,835 46,859 41,819 186,019 31,479 497,011 Change in deferred policy acquisition costs (33,893 ) (35,135 ) 2,846 (5,315 ) — (71,497 ) Total benefits, losses and expenses 787,550 658,649 199,728 1,507,818 31,479 3,185,224 Income before federal income tax and other items $ 68,748 $ 57,487 $ 14,247 $ 31,870 $ (31,194 ) $ 141,158 Year ended December 31, 2017 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 328,570 $ 222,207 $ 156,436 $ 1,359,989 $ — $ 2,067,202 Other policy revenues 234,979 13,547 — — — 248,526 Net investment income 245,835 573,789 9,538 61,688 75,227 966,077 Net realized investment gains — — — — 91,209 91,209 Other income 2,256 2,832 19,284 8,372 5,242 37,986 Total premiums and other revenues 811,640 812,375 185,258 1,430,049 171,678 3,411,000 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 410,152 270,970 — — — 681,122 Claims incurred — — 103,037 934,044 — 1,037,081 Interest credited to policyholders' account balances 73,965 341,225 — — — 415,190 Commissions for acquiring and servicing policies 147,176 105,389 27,400 265,440 — 545,405 Other operating expenses 190,482 44,486 38,475 177,345 34,552 485,340 Change in deferred policy acquisition costs (49,786 ) (30,022 ) 3,814 (5,490 ) — (81,484 ) Total benefits, losses and expenses 771,989 732,048 172,726 1,371,339 34,552 3,082,654 Income before federal income tax and other items $ 39,651 $ 80,327 $ 12,532 $ 58,710 $ 137,126 $ 328,346 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Savings plans American National sponsors a qualified defined contribution (401(k) plan) for all employees, and non-qualified defined contribution plans for certain employees whose otherwise eligible earnings exceed the statutory limits under the qualified plans. The total expense associated with these plans was $9,493,000 , $10,157,000 , and $13,466,000 for 2019 , 2018 , and 2017 , respectively. Pension benefits American National sponsors qualified and non-qualified defined benefit pension plans, all of which have been frozen. As such, no additional benefits are accrued through these plans for additional years of service credit or future salary increase credit, and no new participants are added to the plans. Benefits earned by eligible employees prior to the plans being frozen have not been affected. In 2017, the Company commenced a one-time window offering to terminated, vested participants of our qualified defined benefit pension plans. The offer allowed participants to take a lump sum or annuity payout funded from pension plan assets. A $7.2 million pension expense was recognized in the second quarter of 2017 for this de-risking. There was an additional pension settlement expense of $5.3 million recognized in the fourth quarter of 2017. This was part of the normal year-end actuarial valuation process of the defined pension plans. Due to plan amendments to make this option available in 2017, higher lump sum payouts were recorded. The qualified pension plans are noncontributory. The plans provide benefits for salaried and management employees and corporate clerical employees subject to a collective bargaining agreement based on years of service and employee compensation. The non-qualified pension plans cover key employees and restore benefits that would otherwise be curtailed by statutory limits on qualified plan benefits. Amounts recognized in the consolidated statements of financial position consist of (in thousands): Qualified Non-qualified December 31, 2019 2018 2019 2018 Reconciliation of benefit obligation Obligation at January 1, $ 344,974 $ 415,824 $ 68,035 $ 75,014 Service cost 524 498 — — Interest cost on projected benefit obligation 14,867 13,428 2,554 2,418 Actuarial (gain) loss 48,210 (57,807 ) 3,847 (496 ) Benefits paid (21,302 ) (26,969 ) (8,703 ) (8,901 ) Obligation at December 31, 387,273 344,974 65,733 68,035 Reconciliation of fair value of plan assets Fair value of plan assets at January 1, 402,579 382,724 — — Actual return on plan assets 88,827 (13,184 ) — — Employer contributions — 60,000 8,703 8,901 Benefits paid (21,305 ) (26,961 ) (8,703 ) (8,901 ) Fair value of plan assets at December 31, 470,101 402,579 — — Funded status at December 31, $ 82,828 $ 57,605 $ (65,733 ) $ (68,035 ) The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands): Years ended December 31, 2019 2018 2017 Service cost $ 523 $ 499 $ 63 Interest cost 17,421 15,846 18,772 Expected return on plan assets (24,248 ) (24,164 ) (23,579 ) Amortization of net actuarial loss 7,070 8,560 23,832 Net periodic benefit cost $ 766 $ 741 $ 19,088 Amounts related to the defined benefit pension plans recognized as a component of AOCI are shown below (in thousands): Years ended December 31, 2019 2018 2017 Actuarial gain $ 19,615 $ 28,260 $ 20,040 Deferred tax expense (4,120 ) (5,934 ) (4,209 ) Cumulative effect of change in accounting (16,491 ) — — Other comprehensive income, net of tax $ (996 ) $ 22,326 $ 15,831 The estimated actuarial loss for the plan that will be amortized from AOCI into the net periodic benefit cost over the next fiscal year is $4,789,000 . Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands): Years ended December 31, 2019 2018 Net actuarial loss $ (69,915 ) $ (68,653 ) Deferred tax benefit 14,683 14,417 Amounts included in AOCI $ (55,232 ) $ (54,236 ) The weighted average assumptions used are shown below: Used for Net Benefit Used for Benefit Discount rate 4.50 % 3.51 % Long-term rate of return 6.25 N/A American National’s funding policy for the qualified pension plans is to make annual contributions to meet the minimum funding standards of ERISA. American National and its affiliates did not contribute to its qualified plans in 2019 and do not expect to contribute in 2020 due to the substantial contribution over minimum funding standards made in 2018. American National contributed $60,000,000 and $25,023,000 to the qualified pension plans in 2018 and 2017 , respectively. The benefits paid from the non-qualified plans were $8,703,000 , $8,901,000 and $12,212,000 in 2019 , 2018 and 2017 , respectively. Future payments from the non-qualified pension benefit plans will be funded out of general corporate assets. The following table shows pension benefit payments expected to be paid (in thousands): 2020 $ 44,247 2021 33,417 2022 32,714 2023 32,113 2024 31,654 2025-2029 140,543 American National utilizes third-party pricing services to estimate fair value measurements of its pension plan assets. Refer to Note 9 Fair Value of Financial Instruments for further information concerning the valuation methodologies and related inputs utilized by the third-party pricing services. The fair value (hierarchy measurements) of the pension plan assets by asset category are shown below (in thousands): December 31, 2019 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 149,409 $ — $ 149,409 $ — Residential mortgage-backed securities 4,041 — 4,041 — Mutual funds 25,594 25,594 — — Equity securities by sector Consumer goods 46,260 46,260 — — Energy and utilities 27,410 27,410 — — Finance 57,900 57,900 — — Healthcare 37,017 37,017 — — Industrials 17,996 17,996 — — Information technology 60,225 60,225 — — Other 35,597 35,597 — — Commercial paper 2,948 — 2,948 — Unallocated group annuity contract 598 — 598 — Other 5,106 5,106 — — Total $ 470,101 $ 313,105 $ 156,996 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 140,836 $ — $ 140,836 $ — Residential mortgage-backed securities 4,644 — 4,644 — Mutual funds 9,161 9,161 — — Equity securities by sector Consumer goods 44,746 44,746 — — Energy and utilities 23,844 23,844 — — Finance 45,131 45,131 — — Healthcare 31,259 31,259 — — Industrials 16,033 16,033 — — Information technology 47,226 47,226 — — Other 28,963 28,963 — — Commercial paper 6,836 — 6,836 — Unallocated group annuity contract 1,131 — 1,131 — Other 2,769 2,714 55 — Total $ 402,579 $ 249,077 $ 153,502 $ — The investment policy for the retirement plan assets is designed to provide the highest return possible commensurate with sound and prudent underwriting practices. The investment diversification goals are to have investments in cash and cash equivalents as necessary for liquidity, debt securities up to 100% and equity securities up to 75% of the total invested plan assets. The amount invested in any particular investment is limited based on credit quality, and no single investment may at the time of purchase be more than 5% of the total invested assets. The corporate debt securities category are investment grade bonds of U.S and foreign issuers denominated and payable in U.S. dollars from diverse industries, with a maturity of 1 to 30 years . Foreign bonds in the aggregate shall not exceed 20% of the bond portfolio. Residential mortgage-backed securities represent asset-backed securities with a maturity date 1 to 30 years with a rating of NAIC 1 or 2. Equity portfolio managers have discretion to choose the degree of concentration in various issues and industry sectors for the equity securities. Permitted securities are those for which there is an active market providing liquidity for the specific security. Commercial paper investments generally have a credit rating of A2 Moody’s or P2 by Standard & Poor’s with at least BBB rating on the issuer’s outstanding debt, or selected issuers with no outstanding debt. Postretirement life and health benefits American National sponsors a contributory health and dental benefit plan to a closed block of retirees and their dependents who met certain age and length of service requirements as of December 31, 1993. The primary retiree health benefit plan provides Medicare Supplemental and prescription drug benefits. American National’s contribution is limited to $40 per month for retirees and spouses. Since American National’s contributions to the cost of the retiree benefits plans are fixed, the health care cost trend rate will have no effect on the future expense or the accumulated postretirement benefit obligation. Under American National’s various group benefit plans for active employees, life insurance benefits are provided upon retirement for eligible participants who meet certain age and length of service requirements. The accrued postretirement benefit obligation, included in the liability for retirement benefits, was $4,687,000 and $6,085,000 at December 31, 2019 and 2018 , respectively. These amounts were approximately equal to the unfunded accumulated postretirement benefit obligation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments American National and its subsidiaries lease insurance sales office space, technological equipment, and automobiles. The remaining long-term lease commitments at December 31, 2019 were approximately $14,095,000 . American National had aggregate commitments at December 31, 2019 , to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $1,292,620,000 of which $723,908,000 is expected to be funded in 2020 with the remainder funded in 2021 and beyond. American National has a $100,000,000 short-term variable rate borrowing facility containing a $55,000,000 sub-feature for the issuance of letters of credit. Borrowings under the facility are at the discretion of the lender and would be used only for funding working capital requirements. The combination of borrowings and outstanding letters of credit cannot exceed $100,000,000 at any time. As of December 31, 2019 and 2018 , the outstanding letters of credit were $3,484,000 and $2,995,000 , respectively, and there were no borrowings on this facility. This facility expires on October 31, 2020 . Federal Home Loan Bank (FHLB) Agreements In May 2018, the Company became a member of the Federal Home Loan Bank of Dallas (“FHLB”) to augment its liquidity resources. As membership requires the ownership of member stock, the Company purchased $7.0 million of stock to meet the FHLB’s membership requirement. The FHLB member stock is recorded in other invested assets on the Company’s consolidated statements of financial position. Through its membership, the Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of December 31, 2019 , certain municipal bonds and collateralized mortgage obligations (CMO’s) with a fair value of approximately $117.5 million and commercial mortgage loans of approximately $1.5 billion were on deposit with the FHLB as collateral for amounts subject to funding agreements, and there were no outstanding advances. The deposited securities and commercial mortgage loans are included in the Company’s consolidated statements of financial position within fixed maturity securities and mortgage loans on real estate, net of allowance, respectively. Guarantees American National has guaranteed bank loans for customers of a third-party marketing operation. The bank loans are used to fund premium payments on life insurance policies issued by American National. The loans are secured by the cash values of the life insurance policies. If the customer were to default on a bank loan, American National would be obligated to pay off the loan. As the cash values of the life insurance policies always equal or exceed the balance of the loans, management does not foresee any loss on these guarantees. The total amount of the guarantees outstanding as of December 31, 2019 , was approximately $123,574,000 , while the total cash value of the related life insurance policies was approximately $142,744,000 . Litigation American National and certain subsidiaries, in common with the insurance industry in general, are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain of these lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on American National’s consolidated financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on our consolidated financial position, liquidity or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to American National is remote and no estimate of range can be made for loss contingencies that are at least reasonably possible but not accrued. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | American National has entered into recurring transactions and agreements with certain related parties. These include mortgage loans, management contracts, agency commission contracts, marketing agreements, health insurance contracts, and legal services. The impact on the consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due to (from) American National Years ended December 31, December 31, Related Party Financial Statement Line Impacted 2019 2018 2019 2018 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 576 $ 1,647 $ — $ 576 Gal-Tex Hotel Corporation Net investment income 9 107 — 3 Greer, Herz & Adams, LLP Other operating expenses 12,088 11,173 (519 ) (329 ) Mortgage Loans to Gal-Tex Hotel Corporation (“Gal-Tex”) : American National held a first mortgage loan which originated in 1999, with an interest rate of 7.25% and final maturity date of April 1, 2019 issued to a subsidiary of Gal-Tex, which was collateralized by a hotel property in San Antonio, Texas. This loan has been paid in full. The Moody Foundation owns 34.0% of Gal-Tex and 22.75% of American National, and the Libbie Shearn Moody Trust owns 50.2% of Gal-Tex and 37.0% of American National. Transactions with Greer, Herz & Adams, LLP : Irwin M. Herz, Jr. is a director on the American National Board of Directors and a Partner with Greer, Herz & Adams, LLP, which serves as American National’s General Counsel. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Three months ended March 31, June 30, September 30, December 31, (in thousands, except per share data): 2019 2018 2019 2018 2019 2018 2019 2018 Premiums and other revenues $ 1,123,693 $ 803,375 $ 956,677 $ 952,071 $ 932,500 $ 1,052,236 $ 1,057,273 $ 518,700 Benefits, losses and expenses 838,995 782,591 852,773 850,796 848,134 868,969 835,864 682,868 Income (loss) before federal income tax and other items 284,698 20,784 103,904 101,275 84,366 183,267 221,409 (164,168 ) Provision (benefit) for federal income taxes 67,377 1,189 21,948 21,957 22,475 19,219 53,617 (40,920 ) Equity in earnings (losses) of unconsolidated affiliates 40,460 (545 ) 16,790 6,421 45,075 13,029 1,176 2,376 Other components of net periodic pension benefit (costs), net of tax (914 ) (792 ) (871 ) (1,677 ) (1,023 ) (1,236 ) 2,124 3,133 Net income (loss) 256,867 18,258 97,875 84,062 105,943 175,841 171,092 (117,739 ) Less: Net income (loss) attributable to noncontrolling interest, net of tax (1,350 ) (519 ) (965 ) (77 ) 13,759 2,377 (30 ) (354 ) Net income (loss) attributable to American National $ 258,217 $ 18,777 $ 98,840 $ 84,139 $ 92,184 $ 173,464 $ 171,122 $ (117,385 ) Earnings (loss) per share attributable to American National Basic $ 9.60 $ 0.70 $ 3.68 $ 3.13 $ 3.43 $ 6.45 $ 6.37 $ (4.37 ) Diluted $ 9.60 $ 0.70 $ 3.67 $ 3.12 $ 3.43 $ 6.44 $ 6.37 $ (4.37 ) |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (In thousands) December 31, 2019 Cost or Amortized Cost (1) Estimated Fair Value Amount at Which Shown in the Balance Sheet Type of Investment Fixed maturities Bonds held-to-maturity U.S. states and political subdivisions $ 195,241 $ 201,295 $ 195,241 Foreign governments 3,907 4,349 3,907 Corporate debt securities 8,068,966 8,393,788 8,068,966 Residential mortgage-backed securities 237,516 242,828 237,516 Collateralized debt securities 125,631 126,430 125,631 Bonds available-for-sale U.S. treasury and government 29,505 29,941 29,941 U.S. states and political subdivisions 1,047,326 1,096,101 1,096,101 Foreign governments 5,000 6,287 6,287 Corporate debt securities 5,320,990 5,558,684 5,558,684 Residential mortgage-backed securities 23,405 23,943 23,943 Collateralized debt securities 9,444 10,129 10,129 Equity securities Common stocks Consumer goods 121,124 320,444 320,444 Energy and utilities 94,916 132,700 132,700 Finance 116,653 291,696 291,696 Healthcare 70,693 221,319 221,319 Industrials 35,245 127,809 127,809 Information technology 99,502 426,682 426,682 Other 107,667 161,036 161,036 Preferred stocks 17,258 19,274 19,274 Other investments Mortgage loans on real estate, net of allowance 5,097,017 5,309,005 5,097,017 Investment real estate, net of accumulated depreciation 513,419 — 513,419 Real estate acquired in satisfaction of debt 37,800 — 37,800 Policy loans 379,657 379,657 379,657 Options (2) 103,518 256,005 2,008 Other long-term investments 74,561 — 74,561 Short-term investments 425,321 425,321 425,321 Total investments $ 22,361,282 $ 23,764,723 $ 23,587,089 (1) Original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and valuation write-downs and adjusted for amortization of premiums or accrual of discounts. (2) The amount shown in the Consolidated Statement of Financial Position represents options exposure net of collateral. See Note 7, Derivative Instruments, of the Notes to the Consolidated Financial Statements for more information. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | AMERICAN NATIONAL INSURANCE COMPANY (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF FINANCIAL POSITION (In thousands) December 31, 2019 2018 ASSETS Fixed maturity securities $ 10,024,143 $ 9,660,562 Equity securities 8,998 6,252 Mortgage loans on real estate, net of allowance 4,667,425 4,772,085 Other invested assets 1,305,533 1,487,383 Investment in subsidiaries 3,855,531 3,121,901 Deferred policy acquisition costs 1,159,812 1,224,752 Prepaid pension 78,990 57,117 Other assets 903,583 763,458 Separate account assets 1,073,891 918,369 Total assets $ 23,077,906 $ 22,011,879 LIABILITIES Policy liabilities $ 4,418,128 $ 4,373,398 Policyholders’ account balances 11,076,418 10,943,189 Other liabilities 519,720 519,675 Separate account liabilities 1,073,891 918,369 Total liabilities 17,088,157 16,754,631 EQUITY Common stock 30,832 30,832 Additional paid-in capital 21,011 20,694 Accumulated other comprehensive income (loss) 99,518 (99,738 ) Retained earnings 5,946,857 5,413,952 Treasury stock, at cost (108,469 ) (108,492 ) Total equity 5,989,749 5,257,248 Total liabilities and equity $ 23,077,906 $ 22,011,879 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL INSURANCE COMPANY (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS (In thousands) Years ended December 31, 2019 2018 2017 PREMIUMS AND OTHER REVENUES Premiums and other policy revenues $ 873,076 $ 943,071 $ 889,346 Net investment income 866,837 686,569 794,277 Net realized investment gains 5,600 2,053 21,052 Other-than-temporary impairments (6,663 ) (1,243 ) (6,105 ) Net gains (losses) on equity securities 958 (208 ) — Other income 28,037 19,028 17,558 Total premiums and other revenues 1,767,845 1,649,270 1,716,128 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 651,162 716,959 682,707 Other operating expenses 965,338 773,329 871,935 Total benefits, losses and expenses 1,616,500 1,490,288 1,554,642 Income before federal income tax and other items 151,345 158,982 161,486 Provision (benefit) for federal income taxes 27,568 28,308 (53,728 ) Equity in earnings of subsidiaries, net of tax 492,888 24,789 286,579 Other components of net periodic pension benefit (costs), net of tax 3,698 3,532 (8,142 ) Net income attributable to American National $ 620,363 $ 158,995 $ 493,651 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. AMERICAN NATIONAL INSURANCE COMPANY (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS (In thousands) Years ended December 31, 2019 2018 2017 OPERATING ACTIVITIES Net income $ 620,363 $ 158,995 $ 493,651 Adjustments to reconcile net income to net cash provided by operating activities Net realized investment gains (5,600 ) (2,053 ) (21,052 ) Other-than-temporary impairments 6,663 1,243 6,105 Accretion of premiums, discounts and loan origination fees (9,654 ) (11,236 ) (6,615 ) Net capitalized interest on policy loans and mortgage loans (31,366 ) (36,784 ) (31,853 ) Depreciation 30,658 30,492 32,991 Interest credited to policyholders’ account balances 441,268 269,933 370,270 Charges to policyholders’ account balances (291,160 ) (272,638 ) (236,336 ) Deferred federal income tax expense (benefit) 40,936 10,564 (57,337 ) Equity in earnings of affiliates (6,752 ) (8,323 ) (10,840 ) Net income of subsidiaries (486,136 ) (16,466 ) (275,739 ) Distributions from equity method investments 22,012 5,319 — Changes in Policyholder liabilities 44,732 165,931 179,497 Deferred policy acquisition costs (4,791 ) (61,881 ) (66,219 ) Reinsurance recoverables 18,826 (9,855 ) 584 Premiums due and other receivables 4,333 (1,302 ) 12,343 Prepaid reinsurance premiums 5,277 3,213 3,392 Accrued investment income (3,535 ) 2,306 (3,138 ) Current tax receivable/payable (83,470 ) 79,168 1,725 Liability for retirement benefits (5,482 ) (64,824 ) (31,830 ) Fair value of option securities (134,925 ) 50,299 (86,259 ) Fair value of equity securities (958 ) 208 — Other, net (6,193 ) (17,943 ) 20,437 Net cash provided by operating activities 165,046 274,366 293,777 INVESTING ACTIVITIES Proceeds from sale/maturity/prepayment of Held-to-maturity securities 706,230 514,393 730,143 Available-for-sale securities 366,696 296,545 315,030 Equity securities — — 5,635 Investment real estate — 3,782 58,840 Mortgage loans 789,088 799,413 794,011 Policy loans 42,316 42,407 44,253 Other invested assets 112,340 110,415 76,521 Disposals of property and equipment 69 — 158 Distributions from affiliates and subsidiaries 27,891 17,795 20,038 Payment for the purchase/origination of Held-to-maturity securities (936,646 ) (971,396 ) (824,831 ) Available-for-sale securities (326,476 ) (535,233 ) (345,677 ) Equity securities (351 ) (1,485 ) (128 ) Investment real estate (13,639 ) (23,790 ) (26,936 ) Mortgage loans (668,563 ) (1,021,303 ) (1,117,320 ) Policy loans (25,408 ) (23,014 ) (22,978 ) Other invested assets (102,275 ) (67,914 ) (42,849 ) Additions to property and equipment (11,163 ) (10,767 ) (20,441 ) Contributions to unconsolidated affiliates (147,547 ) (95,091 ) (26,056 ) Change in short-term investments 138,021 360,837 (401,110 ) Change in investment in subsidiaries 35,069 100,000 — Change in collateral held for derivatives 97,852 (63,069 ) 84,325 Other, net (92 ) 191 15,751 Net cash provided by (used in) investing activities 83,412 (567,284 ) (683,621 ) FINANCING ACTIVITIES Policyholders’ account deposits 1,375,003 1,513,478 1,732,494 Policyholders’ account withdrawals (1,391,881 ) (1,243,641 ) (1,182,754 ) Dividends to stockholders (88,243 ) (88,228 ) (88,335 ) Net cash provided by (used in) financing activities (105,121 ) 181,609 461,405 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 143,337 (111,309 ) 71,561 Beginning of the year 151,592 262,901 191,340 End of the year $ 294,929 $ 151,592 $ 262,901 The condensed financial statements should be read in conjunction with the consolidated financial statements and notes therein. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (In thousands) Segment Deferred Policy Acquisition Cost Future Policy Benefits, Policyholders’ Account Balances, Policy and Contract Claims and Other Policyholder Funds Unearned Premiums Premium Revenue Net Investment Income (1) Benefits, Claims, Losses and Settlement Expenses Amortization of Deferred Policy Acquisition Costs Other Operatin g Expenses (2) Premiums Written December 31, 2019 Life $ 852,900 $ 5,293,970 $ 27,080 $ 359,419 $ 263,788 $ 449,252 $ 113,300 $ 190,104 $ — Annuity 415,380 12,856,209 — 147,139 663,895 218,576 79,746 50,507 — Health 32,578 282,592 34,862 165,035 9,467 109,013 21,322 41,475 — Property & Casualty 122,149 1,084,983 871,617 1,511,201 64,263 1,042,153 316,141 201,580 1,546,144 Corporate & Other — — — — 75,993 — — 41,222 — Total $ 1,423,007 $ 19,517,754 $ 933,559 $ 2,182,794 $ 1,077,406 $ 1,818,994 $ 530,509 $ 524,888 $ 1,546,144 December 31, 2018 Life $ 839,133 $ 5,158,377 $ 29,901 $ 350,012 $ 233,181 $ 417,702 $ 97,263 $ 190,835 $ — Annuity 499,588 12,372,418 — 231,027 467,788 290,611 57,468 46,859 — Health 33,960 319,789 37,261 180,414 9,376 122,547 15,436 41,819 — Property & Casualty 124,580 1,034,265 841,694 1,466,740 62,320 1,049,112 309,990 186,019 1,514,563 Corporate & Other — — — — 85,702 — — 31,479 — Total $ 1,497,261 $ 18,884,849 $ 908,856 $ 2,228,193 $ 858,367 $ 1,879,972 $ 480,157 $ 497,011 $ 1,514,563 December 31, 2017 Life $ 791,276 $ 5,432,688 $ 33,298 $ 328,570 $ 245,835 $ 410,152 $ 74,068 $ 190,482 $ — Annuity 426,497 11,533,813 — 222,207 573,789 270,970 74,750 44,486 — Health 36,806 282,872 40,665 156,436 9,538 103,037 15,227 38,475 — Property & Casualty 119,265 990,341 801,331 1,359,989 61,688 934,044 280,306 177,345 1,414,024 Corporate & Other — — — — 75,227 — — 34,552 — Total $ 1,373,844 $ 18,239,714 $ 875,294 $ 2,067,202 $ 966,077 $ 1,718,203 $ 444,351 $ 485,340 $ 1,414,024 (1) Net investment income from fixed income assets (bonds and mortgage loans on real estate) is allocated to insurance lines based on the funds generated by each line at the average yield available from these fixed income assets at the time such funds become available. Net investment income from policy loans is allocated to the insurance lines according to the amount of loans made by each line. Net investment income from all other assets is allocated to the insurance lines as necessary to support the equity assigned to that line with the remainder allocated to capital & surplus. (2) Expenses are charged to segments through direct identification and allocations based on various factors. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE IV - REINSURANCE INFORMATION (In thousands) Direct Amount Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net Year ended December 31, 2019 Life insurance in-force $ 117,886,265 $ 24,913,905 $ 218,020 $ 93,190,380 0.2 % Premiums earned Life and Annuity $ 605,796 $ 99,856 $ 618 $ 506,558 0.1 Health 209,200 269,487 225,322 165,035 136.5 Property and Casualty 1,649,874 149,237 10,564 1,511,201 0.7 Total premiums $ 2,464,870 $ 518,580 $ 236,504 $ 2,182,794 10.8 Year ended December 31, 2018 Life insurance in-force $ 110,125,270 $ 26,601,422 $ 230,845 $ 83,754,693 0.3 Premiums earned Life and Annuity $ 684,399 $ 103,749 $ 389 $ 581,039 0.1 Health 209,109 303,623 274,928 180,414 152.4 Property and Casualty 1,606,076 150,184 10,848 1,466,740 0.7 Total premiums $ 2,499,584 $ 557,556 $ 286,165 $ 2,228,193 12.8 Year ended December 31, 2017 Life insurance in-force $ 102,843,372 $ 29,646,646 $ 257,552 $ 73,454,278 0.4 Premiums earned Life and Annuity $ 654,086 $ 104,599 $ 1,290 $ 550,777 0.2 Health 194,516 253,110 215,030 156,436 137.5 Property and Casualty 1,492,486 143,230 10,733 1,359,989 0.8 Total premiums $ 2,341,088 $ 500,939 $ 227,053 $ 2,067,202 11.0 % See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS (In thousands) Additions Deductions Balance at Beginning of Year Charged to Costs and Expenses Written Off Change in Estimate Balance at End of Year December 31, 2019 Investment valuation allowances: Mortgage loans on real estate $ 21,333 $ 2,412 $ (4,585 ) $ — $ 19,160 December 31, 2018 Investment valuation allowances: Mortgage loans on real estate $ 18,866 $ 4,798 $ (2,331 ) $ — $ 21,333 December 31, 2017 Investment valuation allowances: Mortgage loans on real estate $ 12,490 $ 7,700 $ (1,324 ) $ — $ 18,866 See accompanying Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The consolidated financial statements and notes thereto have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and are reported in U.S. currency. |
Consolidation | American National consolidates entities that are wholly-owned and those in which American National owns less than 100% |
Reclassification | Certain amounts in prior years have been reclassified to conform to current year presentation. |
Use of Estimates | The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported consolidated financial statement balances. Actual results could differ from those estimates. |
Investments | Investments Investment securities – |
Mortgage Loans on Real Estate | Mortgage loans on real estate are stated at unpaid principal balance, adjusted for any unamortized discount, deferred expenses, and allowances. Accretion of discounts is recorded using the effective yield method. Interest income, prepayment fees and accretion of discounts and origination fees are reported in “Net investment income” in the consolidated statements of operations. Interest income earned on impaired and non-impaired loans is accrued on the principal amount of the loan based on contractual interest rate. However, interest ceases to accrue for loans on which interest is more than 90 days past due, when the collection of interest is not probable or when a loan is in foreclosure. Income on past due loans is reported on a cash basis. When a loan becomes current, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement or other manner in accordance with the loan agreement. Gains and losses from the sale of loans and changes in allowances are reported in “Net realized investment gains” in the consolidated statements of operations. Each mortgage loan is evaluated quarterly and placed in a watchlist if events occur or circumstances exist that could indicate that American National will be unable to collect all amounts due according to the contractual terms. Additionally, loans with estimated collateral value less than their balance and loans with characteristics indicative of higher than normal credit risks are reviewed quarterly. All loans in the watchlist are analyzed individually for impairment. If a loan is concluded to be fully collectible, no loss allowance is recorded. Loans are considered impaired when, based upon current information and events, it is probable that all amounts due under the contractual terms of the loan will be uncollectible. A specific allowance for loan losses is established for the excess carrying value of the loan over either: (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, or (ii) the estimated fair value of the underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent. Allowances are also established on groups of loans with similar characteristics, such as property types, if based on experience, it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. The allowance is reviewed quarterly to determine if it is adequate, or if a recovery of the asset is assured and the allowance can be reduced. Management believes the recorded allowance is adequate and is the best estimate of probable loan losses, including losses incurred at the reporting date but not identified by a specific loan. The allowance is based on historical loan loss experience, known and inherent risks in the portfolio, adverse situations affecting the borrower’s ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Loans are charged off as uncollectible only when the loan is forgiven by a legal agreement. Prior to charging off a loan, an allowance is recorded based on the estimated recoverable amount. Upon forgiveness, both the allowance and the loan balance are reduced which results in no further gain or loss. |
Policy Loans | Policy loans are carried at cost, which approximates fair value. |
Investment Real Estate | Investment real estate including related improvements are stated at cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease. American National classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs, and is not depreciated while it is classified as held-for-sale. American National periodically reviews its investment real estate for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Net realized investment gains” in the consolidated statements of operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. |
Real Estate Joint Ventures and Other Limited Partnership Interests | Real estate joint ventures and other limited partnership interests in which the Company has more than a minor interest or influence over the investee’s operations, but it does not have a controlling interest and is not the primary beneficiary, are accounted for using the equity method. These investments are reported as “Investments in unconsolidated affiliates” in the consolidated statements of financial position. For certain joint ventures, American National records its share of earnings using a lag methodology of one to three months when timely financial information is not available and the contractual right does not exist to receive such financial information. In addition to the investees’ impairment analysis of its underlying investments, American National routinely evaluates its investments in those investees for impairments. American National considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, American National recognizes its share as an adjustment to “Equity in earnings of unconsolidated affiliates” to record the investment at its fair value. When an impairment results from American National’s separate analysis, an adjustment is made through “Net realized investment gains” to record the investment at its fair value. |
Short-Term Investments | Short-term investments |
Other Invested Assets | Other invested assets |
Impairments | Impairments are evaluated quarterly and where management believes the carrying value will not be realized, an other-than-temporary impairment (“OTTI”) loss is recorded. All fixed maturity securities with unrealized losses are assessed to determine if the creditworthiness of any of those securities has deteriorated to a point where its carrying value will not be realized at maturity. For fixed maturity securities at December 31, 2019 , the unrealized losses that were not other-than-temporarily impaired were the result of credit spread widening. There were no delinquent coupon payments attributed to these securities for the year ended December 31, 2019 . For all fixed maturity securities in unrealized loss positions which American National does not intend to sell and for which it is not more-likely-than-not that it will be required to sell before its anticipated recovery, American National assesses whether the amortized cost basis of securities will be recovered by comparing the net present value of the expected cash flows from those securities with its amortized cost basis. Management estimates the expected cash flows using historical experience information as well as market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security. The net present value of the expected cash flows from fixed maturity securities is calculated by discounting management’s best estimate of expected cash flows at the effective interest rate implicit in the fixed maturity security when acquired. If the net present value of the expected cash flows is less than the amortized cost, an OTTI has occurred in the form of a credit loss. The credit loss is recognized in earnings in the amount of excess amortized cost over the net present value of the expected cash flows. If the fair value is less than the net present value of its expected cash flows at the impairment measurement date, a non-credit loss exists which is recorded in other comprehensive income (loss) for the difference between the fair value and the net present value of the expected cash flows. |
Derivative Instruments | Derivative instruments |
Cash and Cash Equivalents | Cash and cash equivalents include cash on-hand and in banks, as well as amounts invested in money market funds, and are reported as “Cash and cash equivalents” in the consolidated statements of financial position. |
Property and Equipment | Property and equipment consist of buildings occupied by American National, data processing equipment, software, furniture and equipment, and automobiles which are carried at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset (typically 3 to 50 years). |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs (“DAC”) are capitalized costs related directly to the successful acquisition of new or renewal insurance contracts. Significant costs are incurred to acquire insurance and annuity contracts, including commissions and certain underwriting, policy issuance and processing expenses. DAC on traditional life (including limited-pay contracts) and health products is amortized with interest over the anticipated premium-paying period of the related policies, in proportion to the ratio of annual premium revenue expected to be received over the life of the policies. Expected premium revenue is estimated by using the same mortality, morbidity and withdrawal assumptions used in computing liabilities for future policy benefits. DAC is reduced by a provision for possible inflation of maintenance and settlement expenses determined by means of grading interest rates. DAC on universal life and investment-type contracts is amortized as a level percentage of the present value of anticipated gross profits from investment yields, mortality, and surrender charges. The effect of the realization of unrealized gains (losses) on DAC is recognized within AOCI in the consolidated statements of financial position as of the reporting date. A change in interest rates could have a significant impact on DAC calculated for these contracts. DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premiums earned. For short-duration and long-duration contracts, DAC is grouped consistent with the manner in which insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is not anticipated in assessing the recoverability of DAC for short-duration contracts. |
Liabilities for Future Policy Benefits | Liabilities for future policy benefits for traditional products have been provided on a net level premium method based on estimated investment yields, withdrawals, mortality, and other assumptions that were appropriate at the time policies were issued. Estimates are based on historical experience, adjusted for possible adverse deviation. These estimates are periodically reviewed and compared with actual experience. When it is determined that future expected experience differs significantly from existing assumptions, the estimates are revised for current and future issues. |
Policyholders' Account Balances | Policyholders’ account balances represent the contract value that has accrued to the benefit of the policyholders related to universal-life and investments-type contracts. For fixed products, these are generally equal to the accumulated deposits, plus interest credited, reduced by withdrawals, payouts, and accumulated policyholder assessments. Indexed product account balances are equal to the sum of host and embedded derivative reserves computed per derivative accounting guidance. |
Reserves for Claims and Claim Adjustment Expenses | Reserves for claims and claim adjustment expenses (“CAE”) are established to provide for the estimated costs of paying claims. These reserves include estimates for both case reserves and incurred but not reported (“IBNR”) claim reserves. Case reserves include the liability for reported but unpaid claims. IBNR reserves include a provision for potential development on case reserves, losses on claims currently closed which may reopen in the future, as well as incurred but not reported claims. These reserves also include an estimate of the expense associated with settling claims, including legal and other fees and the general expenses of administering the claims adjustment process. |
Reinsurance | Reinsurance —Reinsurance recoverables are estimated amounts due to American National from reinsurers related to paid and unpaid ceded claims and CAE and are presented net of a reserve for collectability. Recoveries of gross ultimate losses are estimated by a review of individual large claims and the ceded portion of IBNR using assumed distribution of loss by percentage retained. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. |
Separate Account Assets and Liabilities | Separate account assets and liabilities Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of American National and that represent the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of American National. American National reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from American National’s general account liabilities; (iii) investments are directed by the contractholder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. American National's qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the consolidated statements of operations. |
Premiums, Benefits, Claims Incurred and Expenses | Premiums, benefits, claims incurred and expenses Traditional ordinary life and health premiums are recognized as revenue when due. Benefits and expenses are associated with earned premiums to result in recognition of profits over the term of the insurance contracts. Annuity premiums received on limited-pay and supplemental annuity contracts involving a significant life contingency are recognized as revenue when due. Deferred annuity premiums are recorded as deposits rather than recognized as revenue. Revenues from deferred annuity contracts are principally surrender charges and, in the case of variable annuities, administrative fees assessed to contractholders. Universal life and single premium whole life revenues represent amounts assessed to policyholders including mortality charges, surrender charges actually paid and earned policy service fees. Amounts included in expenses are benefits in excess of account balances returned to policyholders. Property and casualty premiums are recognized as revenue proportionately over the contract period, net of reinsurance ceded. Claims incurred consist of claims and CAE paid and the change in reserves, net of reinsurance received and recoverable. |
Participating Insurance Policies | Participating insurance policies Participating business comprised approximately 4.5% of the life insurance in-force at December 31, 2019 and 17.2% of life premiums in 2019 . For the majority of this participating business, profits earned are reserved for the payment of dividends to policyholders, except for the stockholders’ share of profits on participating policies, which is limited to the greater of 10% of the profit on participating business, or 50 cents per thousand dollars of the face amount of participating life insurance in-force. Participating policyholders’ interest includes the accumulated net income from participating policies reserved for payment to such policyholders in the form of dividends (less net income allocated to stockholders as indicated above) as well as a pro rata portion of unrealized investment gains (losses) net of tax. Dividends to participating policyholders were $8.4 million , $7.6 million , and $6.1 million for the years ended 2019, 2018, and 2017, respectively. Additional income of $34.0 million , $4.2 million , and $16.2 million was allocated to participating policyholders for the years ended 2019, 2018, and 2017, respectively. For all other participating business, the allocation of dividends to participating policyowners is based upon a comparison of experienced rates of mortality, interest and expenses, as determined periodically for representative plans of insurance, issue ages and policy durations, with the corresponding rates assumed in the calculation of premiums. |
Federal Income Taxes | Federal income taxes American National files a consolidated life and non-life federal income tax return. Certain subsidiaries that are consolidated for financial reporting are not eligible to be included in the consolidated federal income tax return; accordingly, they file separate returns. Deferred income tax assets and liabilities are recognized to reflect the future tax consequences attributable to differences between the financial statement amounts of assets and liabilities and their respective tax bases. Deferred taxes are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effects of tax legislation are recognized in the period of enactment. On December 22, 2017, the U.S. Tax Cut and Jobs Act (“Tax Reform”) was enacted. The effects of Tax Reform were reflected in the 2017 financial statements as reasonably estimated provisional amounts based on available information subject to interpretation in accordance with the SEC's Staff Accounting Bulletin No. 118 ("SAB 118"). As a result of Tax Reform, we recorded a tax benefit of $206.4 million in 2017 primarily due to remeasuring our existing deferred tax balances to the 21% corporate tax rate. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” the position based on its technical merits will be sustained by taxing authorities. American National recognizes the largest benefit that is greater than 50% likely of being ultimately realized upon settlement. Tax benefits not meeting the “more-likely-than-not” threshold, if applicable, are included with “Other liabilities” in the consolidated statements of financial position. |
Pension and Postretirement Benefit Plans | Pension and postretirement benefit plans Pension and postretirement benefit obligations and costs for our frozen benefit plans are estimated using assumptions including demographic factors such as retirement age and mortality. American National uses a discount rate to determine the present value of future benefits on the measurement date. The guideline for setting this rate is a high-quality long-term corporate bond rate. For this purpose, a hypothetical bond portfolio to match the expected monthly benefit payments under the pension plan was constructed with the resulting yield of the portfolio used as a discount rate. To determine the expected long-term rate of return on plan assets, a building-block method is used. The expected rate of return on each asset is broken down into inflation, the real risk-free rate of return (i.e., the long-term estimate of future returns on default-free U.S. government securities), and the risk premium for each asset class (i.e., the expected return in excess of the risk-free rate). Using this approach, the calculated return will fluctuate from year to year; however, it is American National’s policy to hold this long-term assumption relatively constant. |
Stock-Based Compensation | Stock-based compensation Stock Appreciation Rights (“SARs”) liability and compensation cost is based on the fair value of the grants and is remeasured each reporting period through the settlement date. The fair value of the SAR’s is calculated using the Black-Scholes-Merton option-pricing model. The key assumptions used in the model include: the grant date and remeasurement date stock prices, expected life of the SARs and the risk-free rate of return. The compensation liability related to the SAR award is included in “Other liabilities” in the consolidated statements of financial position. Restricted Stock (“RS”) equity and compensation cost is based on the fair value of the underlying stock at grant date. The compensation cost accrued is included in “Additional paid-in capital” in the consolidated statements of financial position. Restricted Stock Units (“RSUs”) may be settled in cash, resulting in classifying RSUs as a liability award. The liability is remeasured each reporting period through the vesting date and is adjusted for changes in fair value. The compensation liability related to the RSUs is included in “Other Liabilities” in the consolidated statements of financial position. |
Litigation Contingencies | Litigation contingencies Existing and potential litigation is reviewed quarterly to determine if any adjustments to liabilities for possible losses are necessary. Reserves for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, a reserve is recorded based on the lowest amount of the range. |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | The cost or amortized cost and fair value of investments in securities are shown below (in thousands): December 31, 2019 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 165,109 $ 5,005 $ — $ 170,114 Foreign governments 3,907 442 — 4,349 Corporate debt securities 8,099,098 332,410 (6,539 ) 8,424,969 Residential mortgage-backed securities 237,516 6,460 (1,148 ) 242,828 Collateralized debt securities 125,631 1,146 (347 ) 126,430 Total bonds held-to-maturity 8,631,261 345,463 (8,034 ) 8,968,690 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 29,505 441 (5 ) 29,941 U.S. states and political subdivisions 1,030,309 47,865 (9 ) 1,078,165 Foreign governments 5,000 1,287 — 6,287 Corporate debt securities 5,338,007 251,408 (12,795 ) 5,576,620 Residential mortgage-backed securities 23,405 739 (201 ) 23,943 Collateralized debt securities 9,444 686 (1 ) 10,129 Total bonds available-for-sale 6,435,670 302,426 (13,011 ) 6,725,085 Total investments in fixed maturity securities $ 15,066,931 $ 647,889 $ (21,045 ) $ 15,693,775 December 31, 2018 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 245,360 $ 5,840 $ (301 ) $ 250,899 Foreign governments 3,961 469 — 4,430 Corporate debt securities 7,640,891 58,772 (150,834 ) 7,548,829 Residential mortgage-backed securities 315,306 7,237 (2,633 ) 319,910 Collateralized debt securities 5,214 71 — 5,285 Other debt securities 717 14 — 731 Total bonds held-to-maturity 8,211,449 72,403 (153,768 ) 8,130,084 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 28,304 338 (243 ) 28,399 U.S. states and political subdivisions 848,228 16,827 (3,025 ) 862,030 Foreign governments 5,000 1,210 — 6,210 Corporate debt securities 5,345,579 41,812 (103,573 ) 5,283,818 Residential mortgage-backed securities 31,735 424 (497 ) 31,662 Collateralized debt securities 2,775 675 (6 ) 3,444 Total bonds available-for-sale 6,261,621 61,286 (107,344 ) 6,215,563 Total investments in fixed maturity securities $ 14,473,070 $ 133,689 $ (261,112 ) $ 14,345,647 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2019 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 781,746 $ 791,175 $ 450,482 $ 454,992 Due after one year through five years 3,446,425 3,566,116 3,063,725 3,185,728 Due after five years through ten years 3,398,612 3,572,333 2,326,706 2,465,073 Due after ten years 1,004,478 1,039,066 594,757 619,292 Total $ 8,631,261 $ 8,968,690 $ 6,435,670 $ 6,725,085 |
Proceeds from Available for Sale Securities and Realized Gain Loss | Proceeds from sales of available-for-sale securities, with the related gross realized gains and losses, are shown below (in thousands): Years ended December 31, 2019 2018 2017 Proceeds from sales of fixed maturity available-for-sale securities $ 45,017 $ 85,590 $ 161,223 Gross realized gains 250 376 63,075 Gross realized losses (1,124 ) (2,298 ) (6,406 ) |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities | The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds available-for-sale: change in unrealized gains (losses) $ 335,473 $ (233,465 ) $ 53,115 Adjustments for Deferred policy acquisition costs (87,003 ) 51,920 (2,083 ) Participating policyholders’ interest (16,056 ) 11,157 (7,086 ) Deferred federal income tax benefit (expense) (48,258 ) 34,127 (15,516 ) Change in net unrealized gains (losses) on debt securities, net of tax $ 184,156 $ (136,261 ) $ 28,430 |
Gross Unrealized Losses and Fair Value of Investment Securities | The gross unrealized losses and fair value of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are shown below (in thousands): December 31, 2019 Less than 12 months 12 months or more Total Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity Corporate debt securities $ (5,300 ) $ 547,329 $ (1,239 ) $ 45,086 $ (6,539 ) $ 592,415 Residential mortgage-backed securities (638 ) 86,178 (510 ) 5,331 (1,148 ) 91,509 Collateralized debt securities (347 ) 45,533 — — (347 ) 45,533 Total bonds held-to-maturity (6,285 ) 679,040 (1,749 ) 50,417 (8,034 ) 729,457 Fixed maturity securities, bonds available-for-sale U.S. treasury and government — — (5 ) 8,299 (5 ) 8,299 U.S. states and political subdivisions (9 ) 1,733 — — (9 ) 1,733 Corporate debt securities (5,257 ) 94,942 (7,538 ) 132,626 (12,795 ) 227,568 Residential mortgage-backed securities (9 ) 10,169 (192 ) 722 (201 ) 10,891 Collaterized debt securities (1 ) 159 — — (1 ) 159 Total bonds available-for-sale (5,276 ) 107,003 (7,735 ) 141,647 (13,011 ) 248,650 Total $ (11,561 ) $ 786,043 $ (9,484 ) $ 192,064 $ (21,045 ) $ 978,107 December 31, 2018 Less than 12 months 12 months or more Total Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Unrealized (Losses) Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (301 ) $ 22,605 $ — $ — $ (301 ) $ 22,605 Corporate debt securities (90,931 ) 2,969,461 (59,903 ) 1,063,679 (150,834 ) 4,033,140 Residential mortgage-backed securities (703 ) 58,119 (1,930 ) 57,661 (2,633 ) 115,780 Total bonds held-to-maturity (91,935 ) 3,050,185 (61,833 ) 1,121,340 (153,768 ) 4,171,525 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (29 ) 9,741 (214 ) 13,478 (243 ) 23,219 U.S. states and political subdivisions (1,274 ) 119,987 (1,751 ) 61,992 (3,025 ) 181,979 Corporate debt securities (65,492 ) 2,383,548 (38,081 ) 572,600 (103,573 ) 2,956,148 Residential mortgage-backed securities (54 ) 6,034 (443 ) 13,515 (497 ) 19,549 Collateralized debt securities (2 ) 158 (4 ) 100 (6 ) 258 Total bonds available-for-sale (66,851 ) 2,519,468 (40,493 ) 661,685 (107,344 ) 3,181,153 Total $ (158,786 ) $ 5,569,653 $ (102,326 ) $ 1,783,025 $ (261,112 ) $ 7,352,678 |
Bond by Credit Quality Rating Distribution | The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): December 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value % of Fair Value Amortized Cost Estimated Fair Value % of Fair Value AAA $ 722,542 $ 751,560 4.8 % $ 690,009 $ 702,531 4.9 % AA 1,174,698 1,224,210 7.8 1,326,947 1,336,380 9.3 A 5,589,846 5,835,821 37.1 5,350,316 5,314,589 37.0 BBB 7,045,065 7,352,915 46.9 6,584,478 6,507,212 45.4 BB and below 534,780 529,269 3.4 521,320 484,935 3.4 Total $ 15,066,931 $ 15,693,775 100.0 % $ 14,473,070 $ 14,345,647 100.0 % |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below: December 31, 2019 2018 Consumer goods 18.9 % 21.1 % Energy and utilities 8.0 8.2 Finance 18.0 18.1 Healthcare 13.0 13.5 Industrials 7.6 9.0 Information technology 25.0 22.6 Other 9.5 7.5 Total 100.0 % 100.0 % |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Distribution Based on Carrying Amount of Mortgage Loans by Location | The distribution based on carrying amount of mortgage loans by location is as follows: December 31, 2019 2018 East North Central 13.1 % 13.9 % East South Central 2.8 2.8 Mountain 23.6 20.0 Pacific 16.7 16.2 South Atlantic 12.2 12.1 West South Central 25.0 27.2 Other 6.6 7.8 Total 100.0 % 100.0 % |
Age Analysis of Past Due Loans | The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total December 31, 2019 Past Due Past Due 90 Days Total Current Amount Percent Hotel $ — $ — $ — $ — $ 901,044 $ 901,044 17.6 % Industrial — 13,076 4,091 17,167 589,722 606,889 11.9 Office 22,870 — — 22,870 1,587,591 1,610,461 31.5 Retail — — 4,122 4,122 843,466 847,588 16.5 Other 11,759 — — 11,759 1,138,436 1,150,195 22.5 Total $ 34,629 $ 13,076 $ 8,213 $ 55,918 $ 5,060,259 $ 5,116,177 100.0 % Allowance for loan losses (19,160 ) Total, net of allowance $ 5,097,017 December 31, 2018 Hotel $ — $ 4,000 $ 18,888 $ 22,888 $ 806,878 $ 829,766 16.1 % Industrial — — — — 761,294 761,294 14.8 Office — — — — 1,747,926 1,747,926 34.0 Retail — — — — 896,429 896,429 17.4 Other — — — — 910,625 910,625 17.7 Total $ — $ 4,000 $ 18,888 $ 22,888 $ 5,123,152 $ 5,146,040 100.0 % Allowance for loan losses (21,333 ) Total, net of allowance $ 5,124,707 |
Change in Allowance for Credit Losses in Mortgage Loans | The change in allowance for credit losses in mortgage loans is shown below (in thousands, except number of loans): Collectively Evaluated for Impairment Individually Impaired Total Number of Loans Recorded Investment Valuation Allowance Number of Loans Recorded Investment Valuation Allowance Number of Loans Recorded Investment Valuation Allowance Balance at December 31, 2017 451 $ 4,762,315 $ 16,041 3 $ 6,550 $ 2,825 454 $ 4,768,865 $ 18,866 Change in allowance — — 2,566 — — (99 ) — — 2,467 Net change in recorded investment (2 ) 366,102 — (1 ) 11,073 — (3 ) 377,175 — Balance at December 31, 2018 449 5,128,417 18,607 2 17,623 2,726 451 5,146,040 21,333 Change in allowance — — 60 — — (2,233 ) — — (2,173 ) Net change in recorded investment (28 ) (12,733 ) — (1 ) (17,130 ) — (29 ) (29,863 ) — Balance at December 31, 2019 421 $ 5,115,684 $ 18,667 1 $ 493 $ 493 422 $ 5,116,177 $ 19,160 |
Schedule of Troubled Debt Restructuring Mortgage Loan Information | Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Years ended December 31, 2019 2018 Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Number of Loans Recorded Investment Pre-Modification Recorded Investment Post Modification Office 2 $ 21,211 $ 21,211 1 $ 5,164 $ 5,164 Retail 1 38,248 38,248 1 42,448 42,448 Other (hotel/motel) — — — 1 8,203 8,203 Total 3 $ 59,459 $ 59,459 3 $ 55,815 $ 55,815 |
Real Estate and Other Investm_2
Real Estate and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investment Real Estate by Property-Type and Geographic Distribution | Investment real estate by property-type and geographic distribution are as follows: December 31, 2019 2018 Industrial 12.5 % 13.1 % Office 39.8 37.3 Retail 39.1 37.0 Other 8.6 12.6 Total 100.0 % 100.0 % December 31, 2019 2018 East North Central 5.9 % 5.6 % East South Central 6.2 5.4 Mountain 12.4 11.9 Pacific 7.3 7.3 South Atlantic 15.2 13.8 West South Central 50.6 53.8 Other 2.4 2.2 Total 100.0 % 100.0 % |
Assets and Liabilities Related to VIEs | The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): December 31, 2019 2018 Investment real estate $ 134,534 $ 141,843 Short-term investments 500 500 Cash and cash equivalents 11,155 10,392 Other receivables 3,673 3,939 Other assets 15,355 13,231 Total assets of consolidated VIEs $ 165,217 $ 169,905 Notes payable $ 157,997 $ 137,963 Other liabilities 9,731 7,145 Total liabilities of consolidated VIEs $ 167,728 $ 145,108 |
Schedule of Long-term Notes Payable of Consolidated VIEs | The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): December 31, Interest rate Maturity 2019 2018 LIBOR 2021 $ 10,836 $ 10,834 4.18% fixed 2024 65,452 42,399 4% fixed 2022 81,709 84,730 Total $ 157,997 $ 137,963 |
Carrying Amount and Maximum Exposure to Loss Related to VIEs | The carrying amount and maximum exposure to loss relating to unconsolidated VIEs follows (in thousands): December 31, 2019 2018 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Investment in unconsolidated affiliates $ 332,742 $ 332,742 $ 330,730 $ 330,730 Mortgage loans 657,528 657,528 633,533 633,533 Accrued investment income 2,198 2,198 2,191 2,191 |
Schedule of Investment In and Equity In Earnings of Unconsolidated Affiliates | The Company’s total investment in and equity in earnings of unconsolidated affiliates, of which substantially all are LLCs or limited partnerships, were comprised of the following (in thousands): December 31, 2019 2018 Real estate $ 402,780 $ 386,981 Equity and fixed income 278,611 156,121 Other 24,330 28,795 Total investments in unconsolidated affiliates $ 705,721 $ 571,897 Years ended December 31, 2019 2018 2017 Income from operations $ 7,407 $ 7,595 $ 16,663 Net gain on sales 96,094 13,686 70,011 Equity in earnings of unconsolidated affiliates $ 103,501 $ 21,281 $ 86,674 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Reported in Financial Position | The detail of derivative instruments is shown below (in thousands, except number of instruments): December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2019 2018 Number of Instruments Notional Amounts Estimated Fair Value Number of Instruments Notional Amounts Estimated Fair Value Equity-indexed options Other invested assets 473 $ 2,654,600 $ 256,005 493 $ 2,391,000 $ 148,006 Equity-indexed embedded derivative Policyholders’ account balances 101,950 2,527,205 731,552 90,440 2,327,769 596,075 |
Schedule of Derivative Instruments Reported in Statements of Operations | Gains (Losses) Recognized in Income on Derivatives Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Years ended December 31, 2019 2018 2017 Equity-indexed options Net investment income $ 144,980 $ (54,951 ) $ 91,055 Equity-indexed embedded derivative Interest credited to policyholders’ account balances (162,011 ) 17,862 (98,351 ) |
Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds | Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): December 31, 2019 Counterparty Moody/S&P Rating Options Fair Value Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Collateral Amounts used to Offset Exposure Excess Collateral Exposure Net of Collateral Barclays Baa3/BBB $ 54,583 $ 27,343 $ 28,000 $ 55,343 $ 54,583 $ 760 $ — Credit Suisse Baa2/BBB+ 7,117 7,390 — 7,390 7,009 381 108 Goldman-Sachs A3/BBB+ 1,053 930 — 930 930 — 123 ING Baa1/A- 30,330 14,940 16,000 30,940 30,330 610 — Morgan Stanley A3/BBB+ 34,988 25,926 9,000 34,926 34,926 — 62 NATIXIS* A1/A+ 29,918 30,200 — 30,200 29,918 282 — SunTrust A3/A- 60,360 41,720 17,000 58,720 58,645 75 1,715 Wells Fargo A2/A- 37,656 24,110 15,000 39,110 37,656 1,454 — Total $ 256,005 $ 172,559 $ 85,000 $ 257,559 $ 253,997 $ 3,562 $ 2,008 December 31, 2018 Counterparty Moody/S&P Rating Options Fair Collateral Held in Cash Collateral Held in Invested Assets Total Collateral Collateral Excess Exposure Net of Collateral Barclays Baa3/BBB $ 38,905 $ 11,063 $ 28,041 $ 39,104 $ 38,905 $ 199 $ — Goldman-Sachs A3/BBB+ 615 670 — 670 615 55 — ING Baa1/A- 24,183 7,960 16,023 23,983 23,983 — 200 Morgan Stanley A3/BBB+ 11,649 2,046 9,013 11,059 11,059 — 590 NATIXIS* A1/A+ 26,786 27,610 — 27,610 26,786 824 — SunTrust Baa1/BBB+ 23,488 6,520 17,025 23,545 23,464 81 24 Wells Fargo A2/A- 22,380 7,030 15,022 22,052 22,052 — 328 Total $ 148,006 $ 62,899 $ 85,124 $ 148,023 $ 146,864 $ 1,159 $ 1,142 * Includes collateral restrictions |
Net Investment Income and Rea_2
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Net Investment Income | Net investment income is shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ 602,054 $ 566,513 $ 541,772 Equity securities 33,502 39,193 38,730 Mortgage loans 254,720 258,102 245,116 Real estate 8,849 13,533 12,672 Equity indexed options 144,980 (54,951 ) 91,055 Other invested assets 33,301 35,977 36,732 Total $ 1,077,406 $ 858,367 $ 966,077 |
Summary of Realized Investment Gains (Losses) | Net realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ 16,361 $ 10,903 $ 27,061 Equity securities* — — 56,528 Mortgage loans (2,412 ) (4,798 ) (7,700 ) Real estate 25,555 12,076 28,853 Other invested assets (1,785 ) (7 ) (147 ) Total $ 37,719 $ 18,174 $ 104,595 |
Schedule of Other Than Temporary Impairment Losses | Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2019 2018 2017 Bonds $ (6,968 ) $ (1,243 ) $ (6,416 ) Equity securities* — — (6,970 ) Total $ (6,968 ) $ (1,243 ) $ (13,386 ) * |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below (in thousands): December 31, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 8,631,261 $ 8,968,690 $ 8,211,449 $ 8,130,084 Fixed maturity securities, bonds available-for-sale 6,725,085 6,725,085 6,215,563 6,215,563 Equity securities 1,700,960 1,700,960 1,530,228 1,530,228 Equity-indexed options 256,005 256,005 148,006 148,006 Mortgage loans on real estate, net of allowance 5,097,017 5,309,005 5,124,707 5,049,468 Policy loans 379,657 379,657 376,254 376,254 Short-term investments 425,321 425,321 206,760 206,760 Separate account assets ($1,049,938 and $905,824 included in fair value hierarchy) 1,073,891 1,073,891 918,369 918,369 Separately managed accounts 50,503 50,503 16,532 16,532 Total financial assets $ 24,339,700 $ 24,889,117 $ 22,747,868 $ 22,591,264 Financial liabilities Investment contracts $ 10,254,959 $ 10,254,959 $ 10,003,990 $ 10,003,990 Embedded derivative liability for equity-indexed contracts 731,552 731,552 596,075 596,075 Notes payable 157,997 157,997 137,963 137,963 Separate account liabilities ($1,049,938 and $905,824 included in fair value hierarchy) 1,073,891 1,073,891 918,369 918,369 Total financial liabilities $ 12,218,399 $ 12,218,399 $ 11,656,397 $ 11,656,397 |
Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits | Shown below are the significant unobservable inputs used to calculate the Level 3 fair value of the embedded derivatives within policyholder contract deposits (in millions, except range percentages): Fair Value Range December 31, December 31, 2019 2018 Unobservable Input 2019 2018 Indexed Annuities $ 706.5 $ 592.8 Lapse Rate 1-70% 1-70% Mortality Multiplier 90-100% 90-100% Equity Volatility 11-46% 19-26% Indexed Life 25.1 3.3 Equity Volatility 11-46% 19-26% |
Quantitative Disclosures Regarding Fair Value Hierarchy Measurements | The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below (in thousands): December 31, 2019 FV Hierarchy Level Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions Level 2 $ 165,109 $ 170,114 Foreign governments Level 2 3,907 4,349 Corporate debt securities Level 2 8,099,098 8,424,969 Residential mortgage-backed securities Level 2 237,516 242,828 Collateralized debt securities Level 2 125,631 126,430 Total fixed maturity securities, bonds held-to-maturity 8,631,261 8,968,690 Mortgage loans on real estate, net of allowance Level 3 5,097,017 5,309,005 Policy loans Level 3 379,657 379,657 Total financial assets $ 14,107,935 $ 14,657,352 Financial liabilities Investment contracts Level 3 $ 10,254,959 $ 10,254,959 Notes payable Level 3 157,997 157,997 Total financial liabilities $ 10,412,956 $ 10,412,956 December 31, 2018 FV Hierarchy Level Carrying Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions Level 2 $ 245,360 $ 250,899 Foreign governments Level 2 3,961 4,430 Corporate debt securities Level 2 7,640,891 7,548,829 Residential mortgage-backed securities Level 2 315,306 319,910 Collateralized debt securities Level 2 5,214 5,285 Other debt securities Level 2 717 731 Total fixed maturity securities, bonds held-to-maturity 8,211,449 8,130,084 Mortgage loans on real estate, net of allowance Level 3 5,124,707 5,049,468 Policy loans Level 3 376,254 376,254 Total financial assets $ 13,712,410 $ 13,555,806 Financial liabilities Investment contracts Level 3 $ 10,003,990 $ 10,003,990 Notes payable Level 3 137,963 137,963 Total financial liabilities $ 10,141,953 $ 10,141,953 The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds available-for-sale U.S. treasury and government $ 29,941 $ — $ 29,941 $ — U.S. states and political subdivisions 1,078,165 — 1,078,165 — Foreign governments 6,287 — 6,287 — Corporate debt securities 5,576,620 — 5,531,776 44,844 Residential mortgage-backed securities 23,943 — 23,943 — Collateralized debt securities 10,129 — 10,129 — Total bonds available-for-sale 6,725,085 — 6,680,241 44,844 Equity securities Common stock 1,682,149 1,681,686 — 463 Preferred stock 18,811 18,811 — — Total equity securities 1,700,960 1,700,497 — 463 Options 256,005 — — 256,005 Short-term investments 425,321 — 425,321 — Separate account assets 1,049,938 271,575 778,363 — Separately managed accounts 50,503 — — 50,503 Total financial assets $ 10,207,812 $ 1,972,072 $ 7,883,925 $ 351,815 Financial liabilities Embedded derivative for equity-indexed contracts $ 731,552 $ — $ — $ 731,552 Separate account liabilities 1,049,938 271,575 778,363 — Total financial liabilities $ 1,781,490 $ 271,575 $ 778,363 $ 731,552 Assets and Liabilities Carried at Fair Value by Hierarchy Level at December 31, 2018 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds available-for-sale U.S. treasury and government $ 28,399 $ — $ 28,399 $ — U.S. states and political subdivisions 862,030 — 862,030 — Foreign governments 6,210 — 6,210 — Corporate debt securities 5,283,818 — 5,279,585 4,233 Residential mortgage-backed securities 31,662 — 31,662 — Collateralized debt securities 3,444 — 3,444 — Total bonds available-for-sale 6,215,563 — 6,211,330 4,233 Equity securities Common stock 1,509,186 1,509,073 — 113 Preferred stock 21,042 21,042 — — Total equity securities 1,530,228 1,530,115 — 113 Options 148,006 — — 148,006 Short-term investments 206,760 — 206,760 — Separate account assets 905,824 227,448 678,376 — Separately managed accounts 16,532 — — 16,532 Total financial assets $ 9,022,913 $ 1,757,563 $ 7,096,466 $ 168,884 Financial liabilities Embedded derivative for equity-indexed contracts $ 596,075 $ — $ — $ 596,075 Separate account liabilities 905,824 227,448 678,376 — Total financial liabilities $ 1,501,899 $ 227,448 $ 678,376 $ 596,075 |
Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs | For financial instruments measured at fair value on a recurring basis using Level 3 inputs during the period, a reconciliation of the beginning and ending balances is shown below (in thousands): Level 3 Assets Liability Investment Securities Equity-Indexed Options Separately Managed Accounts Embedded Derivative Balance at December 31, 2016 $ 14,264 $ 156,479 $ — $ 314,330 Total realized and unrealized investment losses included in other comprehensive income (4,465 ) — — — Net gain for derivatives included in net investment income — 90,433 — — Net change included in interest credited — — — 98,351 Purchases, sales and settlements or maturities Purchases — 47,134 — — Sales (12,436 ) (12,837 ) — — Settlements or maturities (7,020 ) (61,019 ) — — Premiums less benefits — — — 99,845 Carry value transfers in 15,000 — — — Gross transfers into Level 3 382 — — — Gross transfers out of Level 3 (5,725 ) — — — Balance at December 31, 2017 $ — $ 220,190 $ — $ 512,526 Net loss for derivatives included in net investment income — (55,093 ) — — Net change included in interest credited — — — (17,862 ) Purchases, sales and settlements or maturities Purchases 4,346 72,033 16,532 — Sales — (18 ) — — Settlements or maturities — (89,106 ) — — Premiums less benefits — — — 101,411 Balance at December 31, 2018 $ 4,346 $ 148,006 $ 16,532 $ 596,075 Net gain for derivatives included in net investment income — 144,980 — — Net change included in interest credited — — — 162,011 Net fair value change included in other comprehensive income — — 60 — Purchases, sales and settlements or maturities Purchases 45,307 75,163 33,911 — Sales (113 ) (13,396 ) — — Settlements or maturities — (98,748 ) — — Premiums less benefits — — — (26,534 ) Gross transfers out of Level 3 (4,233 ) — — — Balance at December 31, 2019 $ 45,307 $ 256,005 $ 50,503 $ 731,552 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Health Property & Casualty Total Balance at December 31, 2016 $ 745,840 $ 394,208 $ 40,620 $ 113,775 $ 1,294,443 Additions 123,854 104,772 11,413 285,796 525,835 Amortization (74,068 ) (74,750 ) (15,227 ) (280,306 ) (444,351 ) Effect of change in unrealized gains on available-for-sale debt securities (4,350 ) 2,267 — — (2,083 ) Net change 45,436 32,289 (3,814 ) 5,490 79,401 Balance at December 31, 2017 791,276 426,497 36,806 119,265 1,373,844 Additions 131,156 92,603 12,590 315,305 551,654 Amortization (97,263 ) (57,468 ) (15,436 ) (309,990 ) (480,157 ) Effect of change in unrealized gains on available-for-sale debt securities 13,964 37,956 — — 51,920 Net change 47,857 73,091 (2,846 ) 5,315 123,417 Balance at December 31, 2018 839,133 499,588 33,960 124,580 1,497,261 Additions 139,336 70,272 19,940 313,710 543,258 Amortization (113,300 ) (79,746 ) (21,322 ) (316,141 ) (530,509 ) Effect of change in unrealized gains on available-for-sale debt securities (12,269 ) (74,734 ) — — (87,003 ) Net change 13,767 (84,208 ) (1,382 ) (2,431 ) (74,254 ) Balance at December 31, 2019 $ 852,900 $ 415,380 $ 32,578 $ 122,149 $ 1,423,007 |
Liability for Unpaid Claims a_2
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Information regarding the liability for unpaid claims is shown below (in thousands): Years ended December 31, 2019 2018 2017 Unpaid claims balance, beginning $ 1,305,225 $ 1,218,652 $ 1,156,681 Less reinsurance recoverables 254,466 241,301 219,832 Net beginning balance 1,050,759 977,351 936,849 Incurred related to Current 1,207,796 1,193,216 1,107,381 Prior years (57,979 ) (19,852 ) (75,632 ) Total incurred claims 1,149,817 1,173,364 1,031,749 Paid claims related to Current 688,544 688,493 653,136 Prior years 435,642 411,463 338,111 Total paid claims 1,124,186 1,099,956 991,247 Net balance 1,076,390 1,050,759 977,351 Plus reinsurance recoverables 246,447 254,466 241,301 Unpaid claims balance, ending $ 1,322,837 $ 1,305,225 $ 1,218,652 |
Schedule of Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses in Consolidated Statement of Financial Position | The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows (in thousands): December 31, 2019 Net outstanding liabilities Auto Liability $ 466,481 Non-Auto Liability 266,892 Commercial Multi-Peril 94,515 Homeowners 79,903 Short Tail Property 33,097 Credit Property and Casualty 21,089 Credit Life 1,192 Health 25,860 Credit Health 5,126 Other 1,831 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 995,986 Reinsurance recoverable on unpaid claims Auto Liability 11,979 Non-Auto Liability 44,709 Commercial Multi-Peril 2,326 Homeowners 2,512 Short Tail Property 3,907 Credit Property and Casualty 14,110 Credit Life 768 Health 157,714 Credit Health 2,113 Other 6,943 Total reinsurance recoverable on unpaid claims 247,081 Insurance lines other than short-duration 191,123 Unallocated claim adjustment expenses 55,789 246,912 Total gross liability for unpaid claims and claim adjustment expense $ 1,489,979 |
Summary of Incurred and Paid Claims Development as Supplementary Information | Short Tail Property —Consists of auto physical damage, fire, rental owners, standard fire policy, country estates, inland marine and watercraft. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2018* 2019 2018 $ 248,182 $ 243,813 $ 208 66,743 2019 — 247,229 (2,442 ) 62,401 Total $ 491,042 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 218,095 $ 241,718 2019 — 218,333 Total $ 460,051 All outstanding liabilities before 2018, net of reinsurance* 2,106 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 33,097 * Unaudited supplemental information Credit Health —The claim liability consists of credit disability. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Cumulative Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 3,162 $ 3,089 $ 3,072 $ 3,036 $ 3,028 $ 19 3,259 2016 4,323 3,975 3,914 4,029 90 3,593 2017 4,555 4,852 4,773 162 3,771 2018 4,631 4,163 280 3,520 2019 3,902 610 2,268 Total $ 19,895 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 1,082 $ 2,254 $ 2,669 $ 2,864 $ 2,943 2016 1,300 2,745 3,330 3,630 2017 1,389 3,328 4,058 2018 1,473 2,930 2019 1,208 Total $ 14,769 All outstanding liabilities before 2015, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 5,126 * Unaudited supplemental information Non-Auto Liability —Consists of workers’ compensation and other liability occurrence. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 91,191 $ 85,498 $ 83,724 $ 82,287 $ 82,145 $ 82,087 $ 80,920 $ 78,279 $ 77,985 $ 77,215 $ 1,196 7,873 2011 86,409 76,038 75,390 74,372 73,647 71,423 68,248 67,979 67,307 1,611 5,708 2012 83,146 80,470 78,644 75,226 68,017 63,630 64,118 63,336 2,380 4,858 2013 74,183 75,815 70,772 67,841 65,096 64,564 63,284 2,722 4,542 2014 83,084 75,550 72,624 67,339 67,865 67,267 3,904 6,047 2015 83,897 78,968 76,724 67,548 64,189 6,682 5,542 2016 86,935 83,179 73,764 73,195 12,700 4,385 2017 102,616 88,902 81,240 16,401 8,021 2018 88,986 85,910 36,008 13,327 2019 96,064 57,352 10,158 Total $ 739,007 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 16,473 $ 31,819 $ 46,746 $ 57,354 $ 65,557 $ 69,091 $ 70,369 $ 71,509 $ 72,261 $ 72,941 2011 13,848 31,943 41,814 52,003 56,791 60,706 62,414 63,121 63,706 2012 13,862 27,574 38,826 49,585 55,194 57,863 59,528 60,900 2013 12,794 22,743 32,474 42,504 47,987 51,672 54,323 2014 11,201 26,587 36,220 45,206 51,853 55,307 2015 11,979 23,488 37,059 46,285 51,303 2016 12,733 24,633 35,502 45,820 2017 14,865 37,139 48,654 2018 13,156 26,115 2019 12,204 Total $ 491,273 All outstanding liabilities before 2010, net of reinsurance* 19,158 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 266,892 * Unaudited supplemental information Health —Consists of stop-loss and other supplemental health products. This line of business has substantially all claims settled and paid in less than five years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 34,069 $ 45,167 $ 41,513 $ 41,514 $ 41,595 $ — 32,535 2016 36,198 41,236 37,164 37,233 — 28,721 2017 41,544 39,930 35,466 1 31,389 2018 64,686 63,729 6,005 31,713 2019 48,175 14,212 28,826 Total $ 226,198 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 23,574 $ 41,491 $ 41,436 $ 41,462 $ 41,542 2016 24,357 37,040 37,115 37,191 2017 25,358 35,392 35,420 2018 34,894 57,759 2019 33,353 Total $ 205,265 All outstanding liabilities before 2015, net of reinsurance* 4,927 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 25,860 * Unaudited supplemental information Homeowners —Consists of homeowners and renters business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 206,606 $ 200,318 $ 198,111 $ 198,029 $ 197,443 $ 197,675 $ 197,465 $ 197,067 $ 196,639 $ 196,574 $ 2 37,075 2011 203,301 200,356 198,757 197,581 197,381 197,451 197,239 197,070 197,020 6 38,761 2012 181,284 177,664 175,523 175,509 175,178 175,032 174,611 174,276 9 30,997 2013 152,208 149,080 149,272 148,231 147,927 147,444 147,359 72 20,038 2014 132,651 131,634 130,287 131,546 130,895 130,747 116 18,176 2015 125,430 124,199 123,619 123,824 123,731 271 17,744 2016 147,264 145,373 144,376 145,019 217 21,535 2017 164,284 172,274 172,491 906 23,504 2018 174,495 179,561 4,623 22,382 2019 177,854 22,957 18,757 Total $ 1,644,632 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 149,755 $ 189,046 $ 193,006 $ 195,365 $ 195,714 $ 196,281 $ 196,419 $ 196,504 $ 196,480 $ 196,501 2011 160,625 190,946 194,237 195,327 196,575 196,628 196,717 196,757 196,787 2012 143,797 169,415 171,842 173,170 173,676 174,139 174,247 174,256 2013 115,605 140,309 145,152 146,650 146,920 147,145 147,233 2014 96,300 122,601 126,245 129,467 130,059 130,305 2015 86,617 114,696 119,331 122,585 122,955 2016 105,415 136,796 140,972 144,000 2017 116,075 159,107 166,009 2018 121,631 165,203 2019 122,530 Total $ 1,565,779 All outstanding liabilities before 2010, net of reinsurance* 1,050 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 79,903 * Unaudited supplemental information Credit Life —For credit life products, IBNR is calculated as a percentage of life insurance in force. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Accident Year 2018* 2019 2018 $ 5,849 $ 6,198 $ 8 8 2019 — 5,956 1,155 16 Total $ 12,154 Cumulative Paid Claims and Allocated Claim For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 4,795 $ 6,190 2019 — 4,772 Total $ 10,962 All outstanding liabilities before 2018, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,192 * Unaudited supplemental information Auto Liability —Consists of personal and commercial auto. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 288,166 $ 270,935 $ 266,223 $ 265,949 $ 264,104 $ 263,040 $ 261,930 $ 261,092 $ 261,207 $ 261,042 $ 24 47,101 2011 263,411 250,659 248,865 244,519 244,436 242,619 241,711 240,997 240,650 109 47,074 2012 251,593 242,255 231,312 228,013 229,426 228,559 228,864 228,486 178 44,686 2013 242,364 236,432 233,068 231,301 228,285 226,608 227,234 448 38,841 2014 232,146 223,386 217,819 215,419 214,870 214,557 1,049 35,986 2015 237,578 240,697 239,421 245,775 244,798 2,614 36,066 2016 259,177 256,080 261,400 259,128 6,330 37,050 2017 269,803 280,012 275,850 17,886 38,417 2018 314,467 299,512 44,542 37,354 2019 330,988 95,556 33,442 Total $ 2,582,245 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 92,589 $ 164,298 $ 208,531 $ 237,540 $ 250,647 $ 257,021 $ 259,173 $ 259,966 $ 260,404 $ 260,693 2011 93,245 161,387 197,326 217,640 230,585 236,187 238,510 239,409 240,085 2012 82,531 150,323 183,448 204,980 214,467 219,170 222,117 222,865 2013 79,358 143,709 181,535 204,480 215,280 219,303 223,739 2014 72,838 134,376 166,947 187,375 204,057 209,401 2015 78,861 149,366 186,281 211,908 231,530 2016 86,492 153,911 198,326 225,869 2017 88,357 175,175 218,435 2018 95,777 185,317 2019 98,545 Total $ 2,116,479 All outstanding liabilities before 2010, net of reinsurance* 715 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 466,481 * Unaudited supplemental information Credit Property and Casualty —Consists of credit property insurance, vendor’s or lender’s single interest insurance, GAP insurance, GAP waiver, debt cancellation products, involuntary unemployment insurance and collateral protection insurance. This line of business has substantially all claims settled and paid in less than two years. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2018* 2019 2018 $ 89,308 $ 89,308 $ — 31,246 2019 — 82,391 11,897 23,400 Total $ 171,699 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2018* 2019 2018 $ 72,693 $ 89,308 2019 — 61,302 Total $ 150,610 All outstanding liabilities before 2018, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 21,089 * Unaudited supplemental information Commercial Multi-Peril —Consists of business owners insurance and mortgage fire business. Claims and claim adjustment expenses are shown below (in thousands): Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2019 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 41,116 $ 37,736 $ 40,243 $ 37,520 $ 35,914 $ 37,839 $ 37,215 $ 36,367 $ 35,923 $ 35,999 $ 9 3,592 2011 42,185 40,825 39,037 38,160 38,456 36,945 37,014 36,638 35,964 35 3,563 2012 35,169 28,548 26,805 23,258 23,385 23,090 22,481 22,045 67 2,717 2013 33,979 27,592 27,867 26,970 25,948 26,028 24,790 315 2,226 2014 36,852 31,220 34,911 33,962 36,132 34,279 580 2,308 2015 33,997 31,488 29,023 32,282 31,285 751 2,226 2016 38,115 33,475 33,080 31,615 2,302 4,775 2017 42,411 37,079 40,611 6,851 6,737 2018 50,784 50,182 12,923 5,455 2019 56,062 25,359 2,928 Total $ 362,832 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 12,511 $ 17,490 $ 22,135 $ 27,152 $ 31,378 $ 33,384 $ 34,888 $ 34,764 $ 34,903 $ 35,881 2011 13,092 18,390 22,616 28,291 30,458 32,692 34,177 34,782 34,939 2012 11,525 14,454 16,263 18,670 20,716 21,026 21,352 21,415 2013 9,374 12,723 15,426 18,406 20,816 21,718 23,210 2014 12,001 16,484 20,199 24,602 27,339 31,448 2015 9,820 12,956 16,402 21,680 25,188 2016 11,327 17,193 19,085 22,339 2017 12,458 20,828 23,294 2018 18,027 30,078 2019 22,098 Total $ 269,890 All outstanding liabilities before 2010, net of reinsurance* 1,573 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 94,515 * Unaudited supplemental information |
Summary of Average Annual Percentage Payout Incurred Claims | The following table is supplementary information. A10-year average annual percentage payout of incurred claims is shown below: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Auto Liability 33.9 % 28.7 % 15.8 % 10.0 % 5.8 % 2.2 % 1.3 % 0.3 % 0.2 % 1.8 % Non-Auto Liability 18.3 % 20.4 % 16.5 % 14.8 % 8.8 % 5.1 % 2.8 % 1.6 % 0.9 % 10.8 % Commercial Multi-Peril 37.0 % 15.7 % 9.7 % 13.2 % 9.3 % 5.8 % 4.0 % 0.5 % 0.4 % 4.4 % Homeowners 73.9 % 20.1 % 2.7 % 1.5 % 0.3 % 0.2 % 0.1 % — % — % 1.2 % Short Tail Property 88.9 % 11.1 % — % — % — % — % — % — % — % — % Credit Property and Casualty 77.9 % 22.1 % — % — % — % — % — % — % — % — % Credit Life 78.7 % 21.3 % — % — % — % — % — % — % — % — % |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Effect of Reinsurance | Information regarding the effect of reinsurance is shown below (in thousands): Years ended December 31, 2019 2018 2017 Direct premiums $ 2,464,870 $ 2,499,584 $ 2,341,088 Reinsurance premiums assumed from other companies 236,504 286,165 227,053 Reinsurance premiums ceded to other companies (518,580 ) (557,556 ) (500,939 ) Net premiums $ 2,182,794 $ 2,228,193 $ 2,067,202 |
Life Insurance In-Force and Related Reinsurance | Life insurance in-force and related reinsurance amounts are shown below (in thousands): December 31, 2019 2018 2017 Direct life insurance in-force $ 117,886,265 $ 110,125,270 $ 102,843,372 Reinsurance risks assumed from other companies 218,020 230,845 257,552 Reinsurance risks ceded to other companies (24,913,905 ) (26,601,422 ) (29,646,646 ) Net life insurance in-force $ 93,190,380 $ 83,754,693 $ 73,454,278 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Reconciliation | A reconciliation of the effective tax rate to the statutory federal tax rate is shown below (in thousands, except percentages): Years ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate Income tax expense before tax on equity in earnings of unconsolidated affiliates $ 145,819 18.3 % $ 29,643 18.2 % $ 114,921 27.7 % Tax on equity in earnings of unconsolidated affiliates 21,735 2.7 4,469 2.8 30,336 7.3 Total expected income tax expense at the statutory rate 167,554 21.0 34,112 21.0 145,257 35.0 Tax-exempt investment income (3,969 ) (0.5 ) (3,323 ) (2.0 ) (6,887 ) (1.7 ) Deferred tax change (519 ) (0.1 ) (4,354 ) (2.7 ) (217,622 ) (52.4 ) Dividend exclusion (3,628 ) (0.5 ) (4,080 ) (2.5 ) (8,701 ) (2.1 ) Miscellaneous tax credits, net (7,090 ) (0.9 ) (7,802 ) (4.8 ) (9,524 ) (2.3 ) Low income housing tax credit expense 6,394 0.8 6,231 3.8 5,263 1.3 Change in valuation allowance 383 — 2,700 1.7 — — Tax accrual adjustment 5,350 0.7 (2,893 ) (1.8 ) — — Return to provision 1,007 0.1 (20,301 ) (12.5 ) — — Other items, net (65 ) (0.1 ) 1,155 0.6 1,905 0.5 Provision for federal income tax before interest expense 165,417 20.5 1,445 0.8 (90,309 ) (21.7 ) Interest benefit — — — — (2,686 ) (0.6 ) Total $ 165,417 20.5 % $ 1,445 0.8 % $ (92,995 ) (22.3 )% |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to the deferred tax assets and liabilities are shown below (in thousands): December 31, 2019 2018 DEFERRED TAX ASSETS Invested assets, principally due to impairment losses $ 16,760 $ 18,148 Investment in real estate and other invested assets, principally due to investment valuation allowances 9,680 8,424 Policyholder funds, principally due to policy reserve discount 76,506 91,362 Policyholder funds, principally due to unearned premium reserve 25,726 24,586 Participating policyholders’ surplus 41,533 32,785 Pension — 3,598 Commissions and other expenses 3,495 3,108 Other assets 11,291 9,756 Tax carryforwards 2,344 138 Gross deferred tax assets before valuation allowance 187,335 191,905 Valuation allowance (3,083 ) (2,700 ) Gross deferred tax assets after valuation allowance 184,252 189,205 DEFERRED TAX LIABILITIES Marketable securities, principally due to net unrealized gains 278,144 161,256 Investment in bonds, principally due to differences between GAAP and tax basis 15,004 13,088 Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods 218,795 240,731 Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods 20,812 22,204 Pension 1,833 — Other liabilities 44,192 16,111 Gross deferred tax liabilities 578,780 453,390 Total net deferred tax liability $ 394,528 $ 264,185 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Benefit Pension Plan Adjustments Foreign Currency Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2016 $ 551,171 $ (92,393 ) $ (2,879 ) $ 455,899 Amounts reclassified from AOCI (net of tax benefit $18,789 and expense $5,005) (34,895 ) 18,827 — (16,068 ) Unrealized holding gains arising during the period (net of tax expense $113,604) 210,595 — — 210,595 Unrealized adjustment to DAC (net of tax benefit $729) (1,354 ) — — (1,354 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $2,480) (4,606 ) — — (4,606 ) Actuarial loss arising during the period (net of tax benefit of $796) — (2,996 ) — (2,996 ) Foreign currency adjustment (net of tax expense $198) — — 746 746 Balance at December 31, 2017 720,911 (76,562 ) (2,133 ) 642,216 Amounts reclassified from AOCI (net of tax benefit $561 and expense $1,532) (2,111 ) 5,764 — 3,653 Unrealized holding losses arising during the period (net of tax benefit $46,812) (183,981 ) — — (183,981 ) Unrealized adjustment to DAC (net of tax expense $10,903) 41,017 — — 41,017 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $2,343) 8,814 — — 8,814 Actuarial gain arising during the period (net of tax expense of $4,402) — 16,562 — 16,562 Foreign currency adjustment (net of tax benefit $239) — — (900 ) (900 ) Cumulative effect of changes in accounting (net of tax benefit $334,955) (627,119 ) — — (627,119 ) Balance at December 31, 2018 (42,469 ) (54,236 ) (3,033 ) (99,738 ) Amounts reclassified from AOCI (net of tax benefit $213 and expense $1,491) (800 ) 5,607 — 4,807 Unrealized holding gains arising during the period (net of tax expense $70,808) 266,373 — — 266,373 Unrealized adjustment to DAC (net of tax benefit $18,270) (68,733 ) — — (68,733 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,372) (12,684 ) — — (12,684 ) Actuarial gain arising during the period (net of tax expense $2,629) — 9,888 — 9,888 Foreign currency adjustment (net of tax expense $104) — — 390 390 Cumulative effect of changes in accounting 16,164 (16,491 ) (458 ) (785 ) Balance at December 31, 2019 $ 157,851 $ (55,232 ) $ (3,101 ) $ 99,518 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The amounts outstanding at the dates indicated are shown below: Years ended December 31, 2019 2018 2017 Common stock Shares issued 30,832,449 30,832,449 30,832,449 Treasury shares (3,945,249 ) (3,947,000 ) (3,900,565 ) Outstanding shares 26,887,200 26,885,449 26,931,884 Restricted shares (10,000 ) (10,000 ) (74,000 ) Unrestricted outstanding shares 26,877,200 26,875,449 26,857,884 |
Stock-Based Compensation Information | SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RS Units Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at December 31, 2016 6,153 $ 113.36 76,000 $ 110.73 100,445 $ 105.97 Granted — — — — 16,500 117.69 Exercised (333 ) 116.48 (2,000 ) 130.52 (62,111 ) 108.90 Forfeited — — — — (2,069 ) 104.17 Expired (3,234 ) 118.37 — — — — Outstanding at December 31, 2017 2,586 106.70 74,000 110.19 52,765 106.26 Granted — — — — 8,250 121.93 Exercised (650 ) 99.79 (64,000 ) 114.90 (41,949 ) 106.94 Forfeited — — — — (750 ) 121.93 Expired (1,601 ) 114.17 — — — — Outstanding at December 31, 2018 335 84.41 10,000 80.05 18,316 111.12 Granted — — — — 8,250 113.19 Exercised — — — — (18,316 ) 111.12 Forfeited — — — — — — Expired (269 ) 77.90 — — — — Outstanding at December 31, 2019 66 $ 110.83 10,000 $ 80.05 8,250 $ 113.19 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.34 3.17 0.33 Exercisable shares 66 N/A N/A Weighted-average exercise price $ 110.83 $ 80.05 $ 111.12 Weighted-average exercise price exercisable shares 110.83 N/A N/A Compensation expense (credit) Year ended December 31, 2019 $ 15,000 $ 80,000 $ 1,168,000 Year ended December 31, 2018 (28,000 ) 328,000 1,098,000 Year ended December 31, 2017 (15,000 ) 823,000 3,227,000 Fair value of liability award December 31, 2019 $ 1,000 N/A $ 971,000 December 31, 2018 33,000 N/A 2,426,000 |
Summary of Basic and Diluted Earnings Per Share | Years ended December 31, 2019 2018 2017 Weighted average shares outstanding 26,882,691 26,886,357 26,896,926 Incremental shares from RS awards and RSUs 8,552 30,286 63,769 Total shares for diluted calculations 26,891,243 26,916,643 26,960,695 Net income attributable to American National (in thousands)* $ 620,363 $ 158,995 $ 493,651 Basic earnings per share* $ 23.08 $ 5.91 $ 18.35 Diluted earnings per share* $ 23.07 $ 5.91 $ 18.31 * This includes the impact of the U. S. Tax Cut and Jobs Act ("Tax Reform") of a $206.4 million tax benefit, primarily due to the remeasurement of our existing deferred tax balances to the 21% corporate income tax rate. Excluding the impact of Tax Reform, the Company’s net income for the year ended December 31, 2017 would have been $287.3 million and net earnings per basic and diluted share would have been $10.68 and $10.65, respectively. |
Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices | The statutory capital and surplus and net income of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands): December 31, 2019 2018 Statutory capital and surplus Life insurance entities $ 2,159,770 $ 1,989,586 Property and casualty insurance entities 1,329,782 1,183,913 Years ended December 31, 2019 2018 2017 Statutory net income Life insurance entities $ 47,133 $ 59,909 $ 46,820 Property and casualty insurance entities 96,269 66,680 72,267 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Total Assets by Operating Segments | The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2019 2018 2017 Total Assets Life $ 6,825,120 $ 6,263,366 $ 6,101,458 Annuity 13,808,302 12,900,650 12,345,215 Health 511,440 527,525 468,947 Property and Casualty 2,570,818 2,216,628 2,189,515 Corporate and Other 4,881,886 5,004,184 5,281,629 Total $ 28,597,566 $ 26,912,353 $ 26,386,764 |
Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments | The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below (in thousands): Year ended December 31, 2019 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 359,419 $ 147,139 $ 165,035 $ 1,511,201 $ — $ 2,182,794 Other policy revenues 288,061 17,195 — — — 305,256 Net investment income 263,788 663,895 9,467 64,263 75,993 1,077,406 Net realized investment gains — — — — 30,751 30,751 Net gains on equity securities — — — — 422,535 422,535 Other income 1,967 2,727 20,762 11,897 14,048 51,401 Total premiums and other revenues 913,235 830,956 195,264 1,587,361 543,327 4,070,143 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 449,252 218,576 — — — 667,828 Claims incurred — — 109,013 1,042,153 — 1,151,166 Interest credited to policyholders' account balances 80,950 431,049 — — — 511,999 Commissions for acquiring and servicing policies 162,203 71,350 31,624 267,457 — 532,634 Other operating expenses 190,104 50,507 41,475 201,580 41,222 524,888 Change in deferred policy acquisition costs (26,036 ) 9,474 1,382 2,431 — (12,749 ) Total benefits, losses and expenses 856,473 780,956 183,494 1,513,621 41,222 3,375,766 Income before federal income tax and other items $ 56,762 $ 50,000 $ 11,770 $ 73,740 $ 502,105 $ 694,377 Year ended December 31, 2018 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 350,012 $ 231,027 $ 180,414 $ 1,466,740 $ — $ 2,228,193 Other policy revenues 270,839 14,710 — — — 285,549 Net investment income 233,181 467,788 9,376 62,320 85,702 858,367 Net realized investment gains — — — — 16,931 16,931 Net losses on equity securities — — — — (107,188 ) (107,188 ) Other income 2,266 2,611 24,185 10,628 4,840 44,530 Total premiums and other revenues 856,298 716,136 213,975 1,539,688 285 3,326,382 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 417,702 290,611 — — — 708,313 Claims incurred — — 122,547 1,049,112 — 1,171,659 Interest credited to policyholders' account balances 54,249 261,435 — — — 315,684 Commissions for acquiring and servicing policies 158,657 94,879 32,516 278,002 — 564,054 Other operating expenses 190,835 46,859 41,819 186,019 31,479 497,011 Change in deferred policy acquisition costs (33,893 ) (35,135 ) 2,846 (5,315 ) — (71,497 ) Total benefits, losses and expenses 787,550 658,649 199,728 1,507,818 31,479 3,185,224 Income before federal income tax and other items $ 68,748 $ 57,487 $ 14,247 $ 31,870 $ (31,194 ) $ 141,158 Year ended December 31, 2017 Property Corporate Life Annuity Health & Casualty & Other Total PREMIUMS AND OTHER REVENUES Premiums $ 328,570 $ 222,207 $ 156,436 $ 1,359,989 $ — $ 2,067,202 Other policy revenues 234,979 13,547 — — — 248,526 Net investment income 245,835 573,789 9,538 61,688 75,227 966,077 Net realized investment gains — — — — 91,209 91,209 Other income 2,256 2,832 19,284 8,372 5,242 37,986 Total premiums and other revenues 811,640 812,375 185,258 1,430,049 171,678 3,411,000 BENEFITS, LOSSES AND EXPENSES Policyholder benefits 410,152 270,970 — — — 681,122 Claims incurred — — 103,037 934,044 — 1,037,081 Interest credited to policyholders' account balances 73,965 341,225 — — — 415,190 Commissions for acquiring and servicing policies 147,176 105,389 27,400 265,440 — 545,405 Other operating expenses 190,482 44,486 38,475 177,345 34,552 485,340 Change in deferred policy acquisition costs (49,786 ) (30,022 ) 3,814 (5,490 ) — (81,484 ) Total benefits, losses and expenses 771,989 732,048 172,726 1,371,339 34,552 3,082,654 Income before federal income tax and other items $ 39,651 $ 80,327 $ 12,532 $ 58,710 $ 137,126 $ 328,346 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Amounts Recognized in Consolidated Statements of Financial Position | Amounts recognized in the consolidated statements of financial position consist of (in thousands): Qualified Non-qualified December 31, 2019 2018 2019 2018 Reconciliation of benefit obligation Obligation at January 1, $ 344,974 $ 415,824 $ 68,035 $ 75,014 Service cost 524 498 — — Interest cost on projected benefit obligation 14,867 13,428 2,554 2,418 Actuarial (gain) loss 48,210 (57,807 ) 3,847 (496 ) Benefits paid (21,302 ) (26,969 ) (8,703 ) (8,901 ) Obligation at December 31, 387,273 344,974 65,733 68,035 Reconciliation of fair value of plan assets Fair value of plan assets at January 1, 402,579 382,724 — — Actual return on plan assets 88,827 (13,184 ) — — Employer contributions — 60,000 8,703 8,901 Benefits paid (21,305 ) (26,961 ) (8,703 ) (8,901 ) Fair value of plan assets at December 31, 470,101 402,579 — — Funded status at December 31, $ 82,828 $ 57,605 $ (65,733 ) $ (68,035 ) |
Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans | The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands): Years ended December 31, 2019 2018 2017 Service cost $ 523 $ 499 $ 63 Interest cost 17,421 15,846 18,772 Expected return on plan assets (24,248 ) (24,164 ) (23,579 ) Amortization of net actuarial loss 7,070 8,560 23,832 Net periodic benefit cost $ 766 $ 741 $ 19,088 |
Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss) | Amounts related to the defined benefit pension plans recognized as a component of AOCI are shown below (in thousands): Years ended December 31, 2019 2018 2017 Actuarial gain $ 19,615 $ 28,260 $ 20,040 Deferred tax expense (4,120 ) (5,934 ) (4,209 ) Cumulative effect of change in accounting (16,491 ) — — Other comprehensive income, net of tax $ (996 ) $ 22,326 $ 15,831 |
Net Periodic Benefit Cost Not yet Recognized | Amounts recognized as a component of AOCI that have not been recognized as a component of the combined net periodic benefit cost of the defined benefit pension plans, are shown below (in thousands): Years ended December 31, 2019 2018 Net actuarial loss $ (69,915 ) $ (68,653 ) Deferred tax benefit 14,683 14,417 Amounts included in AOCI $ (55,232 ) $ (54,236 ) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used are shown below: Used for Net Benefit Used for Benefit Discount rate 4.50 % 3.51 % Long-term rate of return 6.25 N/A |
Pension Benefit Payments Expected to be Paid | The following table shows pension benefit payments expected to be paid (in thousands): 2020 $ 44,247 2021 33,417 2022 32,714 2023 32,113 2024 31,654 2025-2029 140,543 |
Fair Values of Plan Assets by Asset Category | The fair value (hierarchy measurements) of the pension plan assets by asset category are shown below (in thousands): December 31, 2019 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 149,409 $ — $ 149,409 $ — Residential mortgage-backed securities 4,041 — 4,041 — Mutual funds 25,594 25,594 — — Equity securities by sector Consumer goods 46,260 46,260 — — Energy and utilities 27,410 27,410 — — Finance 57,900 57,900 — — Healthcare 37,017 37,017 — — Industrials 17,996 17,996 — — Information technology 60,225 60,225 — — Other 35,597 35,597 — — Commercial paper 2,948 — 2,948 — Unallocated group annuity contract 598 — 598 — Other 5,106 5,106 — — Total $ 470,101 $ 313,105 $ 156,996 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 140,836 $ — $ 140,836 $ — Residential mortgage-backed securities 4,644 — 4,644 — Mutual funds 9,161 9,161 — — Equity securities by sector Consumer goods 44,746 44,746 — — Energy and utilities 23,844 23,844 — — Finance 45,131 45,131 — — Healthcare 31,259 31,259 — — Industrials 16,033 16,033 — — Information technology 47,226 47,226 — — Other 28,963 28,963 — — Commercial paper 6,836 — 6,836 — Unallocated group annuity contract 1,131 — 1,131 — Other 2,769 2,714 55 — Total $ 402,579 $ 249,077 $ 153,502 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The impact on the consolidated financial statements of significant related party transactions is shown below (in thousands): Dollar Amount of Transactions Amount due to (from) American National Years ended December 31, December 31, Related Party Financial Statement Line Impacted 2019 2018 2019 2018 Gal-Tex Hotel Corporation Mortgage loan on real estate $ 576 $ 1,647 $ — $ 576 Gal-Tex Hotel Corporation Net investment income 9 107 — 3 Greer, Herz & Adams, LLP Other operating expenses 12,088 11,173 (519 ) (329 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Three months ended March 31, June 30, September 30, December 31, (in thousands, except per share data): 2019 2018 2019 2018 2019 2018 2019 2018 Premiums and other revenues $ 1,123,693 $ 803,375 $ 956,677 $ 952,071 $ 932,500 $ 1,052,236 $ 1,057,273 $ 518,700 Benefits, losses and expenses 838,995 782,591 852,773 850,796 848,134 868,969 835,864 682,868 Income (loss) before federal income tax and other items 284,698 20,784 103,904 101,275 84,366 183,267 221,409 (164,168 ) Provision (benefit) for federal income taxes 67,377 1,189 21,948 21,957 22,475 19,219 53,617 (40,920 ) Equity in earnings (losses) of unconsolidated affiliates 40,460 (545 ) 16,790 6,421 45,075 13,029 1,176 2,376 Other components of net periodic pension benefit (costs), net of tax (914 ) (792 ) (871 ) (1,677 ) (1,023 ) (1,236 ) 2,124 3,133 Net income (loss) 256,867 18,258 97,875 84,062 105,943 175,841 171,092 (117,739 ) Less: Net income (loss) attributable to noncontrolling interest, net of tax (1,350 ) (519 ) (965 ) (77 ) 13,759 2,377 (30 ) (354 ) Net income (loss) attributable to American National $ 258,217 $ 18,777 $ 98,840 $ 84,139 $ 92,184 $ 173,464 $ 171,122 $ (117,385 ) Earnings (loss) per share attributable to American National Basic $ 9.60 $ 0.70 $ 3.68 $ 3.13 $ 3.43 $ 6.45 $ 6.37 $ (4.37 ) Diluted $ 9.60 $ 0.70 $ 3.67 $ 3.12 $ 3.43 $ 6.44 $ 6.37 $ (4.37 ) |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Dec. 31, 2019state |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states | 50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Interest due on loan cease to accrue, number of days past due | 90 days | ||
Number of years property held for sale | 1 year | ||
Delinquent coupon payments | $ 0 | ||
Percentage of participating policy of life insurance in-force | 4.50% | ||
Percentage of participating policy of life premium | 17.20% | ||
Income tax expense (benefit) from tax reform | $ 206,400,000 | ||
Largest amount of tax benefit, percent | 50.00% | ||
Farm Family Life | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of profit on participating business, stockholders' share of profits | 10.00% | ||
Dividends to participating policyholders | $ 8,400,000 | $ 7,600,000 | 6,100,000 |
Additional income allocated to participating policyholders | 34,000,000 | $ 4,200,000 | $ 16,200,000 |
Share of profit on participating business, face amount of participating life insurance in-force | $ 0.50 | ||
Minimum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of real estate investment | 15 years | ||
Estimated useful lives | 3 years | ||
Maximum | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Entity ownership percentage | 100.00% | ||
Estimated useful life of real estate investment | 50 years | ||
Estimated useful lives | 50 years |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Apr. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred policy acquisition costs | $ 87,003 | $ (51,920) | $ 2,083 | ||||
Retained earnings | 5,946,857 | 5,413,952 | |||||
Accumulated other comprehensive income (loss) | 99,518 | (99,738) | |||||
ASU 2016-01 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative unrealized gains and losses reclassified from accumulated other comprehensive income to retained earnings | $ 667,700 | ||||||
Offset by participating policyholder's interest | 30,400 | ||||||
Deferred policy acquisition costs | $ 10,200 | ||||||
ASU 2016-13 | Minimum | Forecast | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative unrealized gains and losses reclassified from accumulated other comprehensive income to retained earnings | $ 30,000 | ||||||
ASU 2016-13 | Maximum | Forecast | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative unrealized gains and losses reclassified from accumulated other comprehensive income to retained earnings | $ 60,000 | ||||||
ASU 2017-07 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right-of-use asset | $ 13,100 | ||||||
Operating lease liability | 13,100 | ||||||
ASU 2018-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | 800 | ||||||
Accumulated other comprehensive income (loss) | $ (800) | ||||||
Investment Securities | ASU 2016-01 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net income from change in unrealized investment gains (losses) on securities | $ 333,800 | $ (84,700) | |||||
Retained Earnings | ASU 2016-16 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in retained earnings | $ 59,900 |
Investment in Securities - Inve
Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | $ 8,631,261 | $ 8,211,449 |
Held-to-maturity securities, gross unrealized gains | 345,463 | 72,403 |
Held-to-maturity securities, gross unrealized (losses) | (8,034) | (153,768) |
Held-to-maturity securities, fair value | 8,968,690 | 8,130,084 |
Available-for-sale debt securities, cost or amortized cost | 6,435,670 | 6,261,621 |
Available-for-sale debt securities, gross unrealized gains | 302,426 | 61,286 |
Available-for-sale debt securities, gross unrealized (losses) | (13,011) | (107,344) |
Available-for-sale debt securities, fair value | 6,725,085 | 6,215,563 |
Investments in securities, cost or amortized cost | 15,066,931 | 14,473,070 |
Investments in securities, gross unrealized gains | 647,889 | 133,689 |
Investments in securities, gross unrealized (losses) | (21,045) | (261,112) |
Investments in securities, fair value | 15,693,775 | 14,345,647 |
U.S. Treasury and Government | ||
Investment [Line Items] | ||
Available-for-sale debt securities, cost or amortized cost | 29,505 | 28,304 |
Available-for-sale debt securities, gross unrealized gains | 441 | 338 |
Available-for-sale debt securities, gross unrealized (losses) | (5) | (243) |
Available-for-sale debt securities, fair value | 29,941 | 28,399 |
U.S. States and Political Subdivisions | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 165,109 | 245,360 |
Held-to-maturity securities, gross unrealized gains | 5,005 | 5,840 |
Held-to-maturity securities, gross unrealized (losses) | 0 | (301) |
Held-to-maturity securities, fair value | 170,114 | 250,899 |
Available-for-sale debt securities, cost or amortized cost | 1,030,309 | 848,228 |
Available-for-sale debt securities, gross unrealized gains | 47,865 | 16,827 |
Available-for-sale debt securities, gross unrealized (losses) | (9) | (3,025) |
Available-for-sale debt securities, fair value | 1,078,165 | 862,030 |
Foreign Governments | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 3,907 | 3,961 |
Held-to-maturity securities, gross unrealized gains | 442 | 469 |
Held-to-maturity securities, gross unrealized (losses) | 0 | 0 |
Held-to-maturity securities, fair value | 4,349 | 4,430 |
Available-for-sale debt securities, cost or amortized cost | 5,000 | 5,000 |
Available-for-sale debt securities, gross unrealized gains | 1,287 | 1,210 |
Available-for-sale debt securities, gross unrealized (losses) | 0 | 0 |
Available-for-sale debt securities, fair value | 6,287 | 6,210 |
Corporate Debt Securities | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 8,099,098 | 7,640,891 |
Held-to-maturity securities, gross unrealized gains | 332,410 | 58,772 |
Held-to-maturity securities, gross unrealized (losses) | (6,539) | (150,834) |
Held-to-maturity securities, fair value | 8,424,969 | 7,548,829 |
Available-for-sale debt securities, cost or amortized cost | 5,338,007 | 5,345,579 |
Available-for-sale debt securities, gross unrealized gains | 251,408 | 41,812 |
Available-for-sale debt securities, gross unrealized (losses) | (12,795) | (103,573) |
Available-for-sale debt securities, fair value | 5,576,620 | 5,283,818 |
Residential Mortgage-Backed Securities | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 237,516 | 315,306 |
Held-to-maturity securities, gross unrealized gains | 6,460 | 7,237 |
Held-to-maturity securities, gross unrealized (losses) | (1,148) | (2,633) |
Held-to-maturity securities, fair value | 242,828 | 319,910 |
Available-for-sale debt securities, cost or amortized cost | 23,405 | 31,735 |
Available-for-sale debt securities, gross unrealized gains | 739 | 424 |
Available-for-sale debt securities, gross unrealized (losses) | (201) | (497) |
Available-for-sale debt securities, fair value | 23,943 | 31,662 |
Collateralized Debt Securities | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 125,631 | 5,214 |
Held-to-maturity securities, gross unrealized gains | 1,146 | 71 |
Held-to-maturity securities, gross unrealized (losses) | (347) | 0 |
Held-to-maturity securities, fair value | 126,430 | 5,285 |
Available-for-sale debt securities, cost or amortized cost | 9,444 | 2,775 |
Available-for-sale debt securities, gross unrealized gains | 686 | 675 |
Available-for-sale debt securities, gross unrealized (losses) | (1) | (6) |
Available-for-sale debt securities, fair value | $ 10,129 | 3,444 |
Other Debt Securities | ||
Investment [Line Items] | ||
Held-to-maturity securities, cost or amortized cost | 717 | |
Held-to-maturity securities, gross unrealized gains | 14 | |
Held-to-maturity securities, gross unrealized (losses) | 0 | |
Held-to-maturity securities, fair value | $ 731 |
Investment in Securities - Matu
Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Bonds held-to-maturity, amortized cost, due in one year or less | $ 781,746 | |
Bonds held-to-maturity, amortized cost, due after one year through five years | 3,446,425 | |
Bonds held-to-maturity, amortized cost, due after five years through ten years | 3,398,612 | |
Bonds held-to-maturity, amortized cost, due after ten years | 1,004,478 | |
Held-to-maturity securities, cost or amortized cost | 8,631,261 | $ 8,211,449 |
Bonds held-to-maturity, fair value, due in one year or less | 791,175 | |
Bonds held-to-maturity, fair value, due after one year through five years | 3,566,116 | |
Bonds held-to-maturity, fair value, due after five years through ten years | 3,572,333 | |
Bonds held-to-maturity, fair value, due after ten years | 1,039,066 | |
Held-to-maturity securities, fair value | 8,968,690 | 8,130,084 |
Bonds available-for-sale, amortized cost, due in one year or less | 450,482 | |
Bonds available-for-sale, amortized cost, due after one year through five years | 3,063,725 | |
Bonds available-for-sale, amortized cost, due after five years through ten years | 2,326,706 | |
Bonds available-for-sale, amortized cost, due after ten years | 594,757 | |
Available-for-sale debt securities, cost or amortized cost | 6,435,670 | 6,261,621 |
Bonds available-for-sale, fair value, due in one year or less | 454,992 | |
Bonds available-for-sale, fair value, due after one year through five years | 3,185,728 | |
Bonds available-for-sale, fair value, due after five years through ten years | 2,465,073 | |
Bonds available-for-sale, fair value, due after ten years | 619,292 | |
Available-for-sale debt securities, fair value | $ 6,725,085 | $ 6,215,563 |
Investment in Securities - Proc
Investment in Securities - Proceeds from Available for Sale Securities and Realized Gain Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of fixed maturity available-for-sale securities | $ 45,017 | $ 85,590 | $ 161,223 |
Gross realized gains | 250 | 376 | |
Gross realized gains | 63,075 | ||
Gross realized losses | $ (1,124) | $ (2,298) | |
Gross realized losses | $ (6,406) |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities transferred from held-to-maturity to available-for-sale | $ 157,939,000 | $ 34,850,000 |
Realized loss, transferred securities | 0 | 0 |
Assets held by insurance regulators | 48,017,000 | 48,068,000 |
Carrying value of bonds pledged | $ 162,233,000 | 168,118,000 |
Bonds | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities transferred from held-to-maturity to available-for-sale | $ 38,221,000 |
Investment in Securities - Chan
Investment in Securities - Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments for | |||
Deferred policy acquisition costs | $ 87,003 | $ (51,920) | $ 2,083 |
Change in net unrealized gains (losses) on debt securities, net of tax | 184,156 | (136,261) | 169,740 |
Net gains (losses) on equity securities | |||
Net gains (losses) on equity securities | 422,535 | (107,188) | 0 |
Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Bonds available-for-sale: change in unrealized gains (losses) | 335,473 | (233,465) | 53,115 |
Adjustments for | |||
Deferred policy acquisition costs | (87,003) | 51,920 | (2,083) |
Participating policyholders’ interest | (16,056) | 11,157 | (7,086) |
Deferred federal income tax benefit (expense) | (48,258) | 34,127 | (15,516) |
Change in net unrealized gains (losses) on debt securities, net of tax | 184,156 | (136,261) | $ 28,430 |
Equity Securities | |||
Net gains (losses) on equity securities | |||
Unrealized gains (losses) on equity securities | 375,395 | (109,230) | |
Net gains on equity securities sold | 47,140 | 2,042 | |
Net gains (losses) on equity securities | $ 422,535 | $ (107,188) |
Investment in Securities - Gros
Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Bonds held-to-maturity securities, less than 12 months, unrealized (losses) | $ (6,285) | $ (91,935) |
Bonds held-to-maturity securities, less than 12 months, fair value | 679,040 | 3,050,185 |
Bonds held-to-maturity securities, 12 months or more, unrealized (losses) | (1,749) | (61,833) |
Bonds held-to-maturity securities, 12 months or more, fair value | 50,417 | 1,121,340 |
Bonds held-to-maturity securities, total, unrealized (losses) | (8,034) | (153,768) |
Bonds held-to-maturity securities, total, fair value | 729,457 | 4,171,525 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | (5,276) | (66,851) |
Bonds available-for-sale securities, less than 12 months, fair value | 107,003 | 2,519,468 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | (7,735) | (40,493) |
Bonds available-for-sale securities, 12 months or more, fair value | 141,647 | 661,685 |
Bonds available-for-sale securities, total, unrealized (losses) | (13,011) | (107,344) |
Bonds available-for-sale securities, total, fair value | 248,650 | 3,181,153 |
Bonds investment in securities, less than 12 months, unrealized (losses) | (11,561) | (158,786) |
Bonds investment in securities, less than 12 months, fair value | 786,043 | 5,569,653 |
Bonds investment in securities, more than 12 months, unrealized (losses) | (9,484) | (102,326) |
Bonds investment in securities, more than 12 months, fair value | 192,064 | 1,783,025 |
Bonds investment in securities, total, unrealized (losses) | (21,045) | (261,112) |
Bonds investment in securities, total, fair value | 978,107 | 7,352,678 |
U.S. Treasury and Government | ||
Investment [Line Items] | ||
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | 0 | (29) |
Bonds available-for-sale securities, less than 12 months, fair value | 0 | 9,741 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | (5) | (214) |
Bonds available-for-sale securities, 12 months or more, fair value | 8,299 | 13,478 |
Bonds available-for-sale securities, total, unrealized (losses) | (5) | (243) |
Bonds available-for-sale securities, total, fair value | 8,299 | 23,219 |
U.S. States and Political Subdivisions | ||
Investment [Line Items] | ||
Bonds held-to-maturity securities, less than 12 months, unrealized (losses) | (301) | |
Bonds held-to-maturity securities, less than 12 months, fair value | 22,605 | |
Bonds held-to-maturity securities, 12 months or more, unrealized (losses) | 0 | |
Bonds held-to-maturity securities, 12 months or more, fair value | 0 | |
Bonds held-to-maturity securities, total, unrealized (losses) | 0 | (301) |
Bonds held-to-maturity securities, total, fair value | 22,605 | |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | (9) | (1,274) |
Bonds available-for-sale securities, less than 12 months, fair value | 1,733 | 119,987 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | 0 | (1,751) |
Bonds available-for-sale securities, 12 months or more, fair value | 0 | 61,992 |
Bonds available-for-sale securities, total, unrealized (losses) | (9) | (3,025) |
Bonds available-for-sale securities, total, fair value | 1,733 | 181,979 |
Corporate Debt Securities | ||
Investment [Line Items] | ||
Bonds held-to-maturity securities, less than 12 months, unrealized (losses) | (5,300) | (90,931) |
Bonds held-to-maturity securities, less than 12 months, fair value | 547,329 | 2,969,461 |
Bonds held-to-maturity securities, 12 months or more, unrealized (losses) | (1,239) | (59,903) |
Bonds held-to-maturity securities, 12 months or more, fair value | 45,086 | 1,063,679 |
Bonds held-to-maturity securities, total, unrealized (losses) | (6,539) | (150,834) |
Bonds held-to-maturity securities, total, fair value | 592,415 | 4,033,140 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | (5,257) | (65,492) |
Bonds available-for-sale securities, less than 12 months, fair value | 94,942 | 2,383,548 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | (7,538) | (38,081) |
Bonds available-for-sale securities, 12 months or more, fair value | 132,626 | 572,600 |
Bonds available-for-sale securities, total, unrealized (losses) | (12,795) | (103,573) |
Bonds available-for-sale securities, total, fair value | 227,568 | 2,956,148 |
Residential Mortgage-Backed Securities | ||
Investment [Line Items] | ||
Bonds held-to-maturity securities, less than 12 months, unrealized (losses) | (638) | (703) |
Bonds held-to-maturity securities, less than 12 months, fair value | 86,178 | 58,119 |
Bonds held-to-maturity securities, 12 months or more, unrealized (losses) | (510) | (1,930) |
Bonds held-to-maturity securities, 12 months or more, fair value | 5,331 | 57,661 |
Bonds held-to-maturity securities, total, unrealized (losses) | (1,148) | (2,633) |
Bonds held-to-maturity securities, total, fair value | 91,509 | 115,780 |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | (9) | (54) |
Bonds available-for-sale securities, less than 12 months, fair value | 10,169 | 6,034 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | (192) | (443) |
Bonds available-for-sale securities, 12 months or more, fair value | 722 | 13,515 |
Bonds available-for-sale securities, total, unrealized (losses) | (201) | (497) |
Bonds available-for-sale securities, total, fair value | 10,891 | 19,549 |
Collateralized Debt Securities | ||
Investment [Line Items] | ||
Bonds held-to-maturity securities, less than 12 months, unrealized (losses) | (347) | |
Bonds held-to-maturity securities, less than 12 months, fair value | 45,533 | |
Bonds held-to-maturity securities, 12 months or more, unrealized (losses) | 0 | |
Bonds held-to-maturity securities, 12 months or more, fair value | 0 | |
Bonds held-to-maturity securities, total, unrealized (losses) | (347) | 0 |
Bonds held-to-maturity securities, total, fair value | 45,533 | |
Bonds available-for-sale securities, less than 12 months, unrealized (losses) | (1) | (2) |
Bonds available-for-sale securities, less than 12 months, fair value | 159 | 158 |
Bonds available-for-sale securities, 12 months or more, unrealized (losses) | 0 | (4) |
Bonds available-for-sale securities, 12 months or more, fair value | 0 | 100 |
Bonds available-for-sale securities, total, unrealized (losses) | (1) | (6) |
Bonds available-for-sale securities, total, fair value | $ 159 | $ 258 |
Investment in Securities - Bond
Investment in Securities - Bond by Credit Quality Rating Distribution (Detail) - Bonds - Credit Risk Financial Instruments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Amortized cost | $ 15,066,931 | $ 14,473,070 |
Estimated fair value | $ 15,693,775 | $ 14,345,647 |
Percent of fair value | 100.00% | 100.00% |
AAA | ||
Concentration Risk [Line Items] | ||
Amortized cost | $ 722,542 | $ 690,009 |
Estimated fair value | $ 751,560 | $ 702,531 |
Percent of fair value | 4.80% | 4.90% |
AA | ||
Concentration Risk [Line Items] | ||
Amortized cost | $ 1,174,698 | $ 1,326,947 |
Estimated fair value | $ 1,224,210 | $ 1,336,380 |
Percent of fair value | 7.80% | 9.30% |
A | ||
Concentration Risk [Line Items] | ||
Amortized cost | $ 5,589,846 | $ 5,350,316 |
Estimated fair value | $ 5,835,821 | $ 5,314,589 |
Percent of fair value | 37.10% | 37.00% |
BBB | ||
Concentration Risk [Line Items] | ||
Amortized cost | $ 7,045,065 | $ 6,584,478 |
Estimated fair value | $ 7,352,915 | $ 6,507,212 |
Percent of fair value | 46.90% | 45.40% |
BB and Below | ||
Concentration Risk [Line Items] | ||
Amortized cost | $ 534,780 | $ 521,320 |
Estimated fair value | $ 529,269 | $ 484,935 |
Percent of fair value | 3.40% | 3.40% |
Investment in Securities - Equi
Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Equity Securities - Credit Concentration Risk | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Distribution, percentage | 100.00% | 100.00% |
Consumer Goods | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 18.90% | 21.10% |
Energy and Utilities | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 8.00% | 8.20% |
Finance | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 18.00% | 18.10% |
Healthcare | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 13.00% | 13.50% |
Industrials | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 7.60% | 9.00% |
Information Technology | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 25.00% | 22.60% |
Other | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 9.50% | 7.50% |
Mortgage Loans - Distribution B
Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - Mortgage Loans On Real Estate Concentration Risk - Geographic Concentration Risk | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Distribution, percentage | 100.00% | 100.00% |
East North Central | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 13.10% | 13.90% |
East South Central | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 2.80% | 2.80% |
Mountain | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 23.60% | 20.00% |
Pacific | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 16.70% | 16.20% |
South Atlantic | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 12.20% | 12.10% |
West South Central | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 25.00% | 27.20% |
Other | ||
Concentration Risk [Line Items] | ||
Distribution, percentage | 6.60% | 7.80% |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Receivables [Abstract] | ||
Number of mortgage loan foreclosed | loan | 2 | 4 |
Mortgage loans foreclosed | $ 16,008,000 | $ 22,608,000 |
Number of loans in foreclosure process | loan | 2 | 1 |
Mortgage loans foreclosure process | $ 13,345,000 | $ 7,363,000 |
Unamortized discounts | 0 | 0 |
Unamortized origination fees, mortgage loans | $ 29,294,000 | $ 31,586,000 |
Number of Loans | loan | 3 | 3 |
Commitment to lend additional funds to debtors with modified loans as TDRs | $ 0 | $ 0 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 55,918 | $ 22,888 | |
Current | 5,060,259 | 5,123,152 | |
Gross loan receivable amount | 5,116,177 | 5,146,040 | |
Allowance for loan losses | (19,160) | (21,333) | $ (18,866) |
Total, net of allowance | $ 5,097,017 | $ 5,124,707 | |
Total loans percent | 100.00% | 100.00% | |
Hotel | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 0 | $ 22,888 | |
Current | 901,044 | 806,878 | |
Gross loan receivable amount | $ 901,044 | $ 829,766 | |
Total loans percent | 17.60% | 16.10% | |
Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 17,167 | $ 0 | |
Current | 589,722 | 761,294 | |
Gross loan receivable amount | $ 606,889 | $ 761,294 | |
Total loans percent | 11.90% | 14.80% | |
Office | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 22,870 | $ 0 | |
Current | 1,587,591 | 1,747,926 | |
Gross loan receivable amount | $ 1,610,461 | $ 1,747,926 | |
Total loans percent | 31.50% | 34.00% | |
Retail | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 4,122 | $ 0 | |
Current | 843,466 | 896,429 | |
Gross loan receivable amount | $ 847,588 | $ 896,429 | |
Total loans percent | 16.50% | 17.40% | |
Other | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 11,759 | $ 0 | |
Current | 1,138,436 | 910,625 | |
Gross loan receivable amount | $ 1,150,195 | $ 910,625 | |
Total loans percent | 22.50% | 17.70% | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 34,629 | $ 0 | |
30-59 Days Past Due | Hotel | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
30-59 Days Past Due | Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
30-59 Days Past Due | Office | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 22,870 | 0 | |
30-59 Days Past Due | Retail | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
30-59 Days Past Due | Other | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 11,759 | 0 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 13,076 | 4,000 | |
60-89 Days Past Due | Hotel | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 4,000 | |
60-89 Days Past Due | Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 13,076 | 0 | |
60-89 Days Past Due | Office | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
60-89 Days Past Due | Retail | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
60-89 Days Past Due | Other | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
More Than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 8,213 | 18,888 | |
More Than 90 Days | Hotel | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 18,888 | |
More Than 90 Days | Industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 4,091 | 0 | |
More Than 90 Days | Office | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 0 | 0 | |
More Than 90 Days | Retail | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | 4,122 | 0 | |
More Than 90 Days | Other | |||
Financing Receivable, Past Due [Line Items] | |||
Total past due | $ 0 | $ 0 |
Mortgage Loans - Change in Allo
Mortgage Loans - Change in Allowance for Credit Losses in Mortgage Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Collectively evaluated for impairment, number of loans, beginning balance | loan | 449 | 451 |
Collectively evaluated for impairment, number of loans, change in recorded investment | loan | (28) | (2) |
Collectively evaluated for impairment, number of loans, ending balance | loan | 421 | 449 |
Collectively evaluated for impairment, recorded Investment, beginning balance | $ 5,128,417 | $ 4,762,315 |
Collectively evaluated for impairment, recorded investment, change in recorded investment | (12,733) | 366,102 |
Collectively evaluated for impairment, recorded investment, ending balance | 5,115,684 | 5,128,417 |
Collectively evaluated for impairment, valuation allowance, beginning balance | 18,607 | 16,041 |
Collectively evaluated for impairment, valuation allowance, change in allowance | 60 | 2,566 |
Collectively evaluated for impairment, valuation allowance, ending balance | $ 18,667 | $ 18,607 |
Individually impaired, number of loans, beginning balance | loan | 2 | 3 |
Individually impaired, number of loans, change in recorded investment | loan | (1) | (1) |
Individually impaired, number of loans, ending balance | loan | 1 | 2 |
Individually impaired, recorded investment, beginning balance | $ 17,623 | $ 6,550 |
Individually impaired, recorded investment, change in recorded investment | (17,130) | 11,073 |
Individually impaired, recorded investment, ending balance | 493 | 17,623 |
Individually impaired, valuation allowance, beginning balance | 2,726 | 2,825 |
Individually impaired, valuation allowance, change in allowance | (2,233) | (99) |
Individually impaired, valuation allowance, ending balance | $ 493 | $ 2,726 |
Total, number of loans, beginning balance | loan | 451 | 454 |
Total, number of loans, change in recorded investment | loan | (29) | (3) |
Total, number of loans, ending balance | loan | 422 | 451 |
Total, recorded investment, beginning balance | $ 5,146,040 | $ 4,768,865 |
Total, recorded investment, change in recorded investment | (29,863) | 377,175 |
Total, recorded investment, ending balance | 5,116,177 | 5,146,040 |
Total, valuation allowance, beginning balance | 21,333 | 18,866 |
Total, valuation allowance, change in allowance | (2,173) | 2,467 |
Total, valuation allowance, ending balance | $ 19,160 | $ 21,333 |
Mortgage Loans - Schedule of Tr
Mortgage Loans - Schedule of Troubled Debt Restructuring Mortgage Loan Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 3 | 3 |
Recorded Investment Pre-Modification | $ 59,459 | $ 55,815 |
Recorded Investment Post Modification | $ 59,459 | $ 55,815 |
Office | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 1 |
Recorded Investment Pre-Modification | $ 21,211 | $ 5,164 |
Recorded Investment Post Modification | $ 21,211 | $ 5,164 |
Retail | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Recorded Investment Pre-Modification | $ 38,248 | $ 42,448 |
Recorded Investment Post Modification | $ 38,248 | $ 42,448 |
Other (Hotel/Motel) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment Pre-Modification | $ 0 | $ 8,203 |
Recorded Investment Post Modification | $ 0 | $ 8,203 |
Real Estate and Other Investm_3
Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real Estate | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property Type Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 100.00% | 100.00% |
Property Type Concentration Risk | Industrial | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 12.50% | 13.10% |
Property Type Concentration Risk | Office | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 39.80% | 37.30% |
Property Type Concentration Risk | Retail | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 39.10% | 37.00% |
Property Type Concentration Risk | Other | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 8.60% | 12.60% |
Geographic Distribution | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 100.00% | 100.00% |
Geographic Distribution | East North Central | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 5.90% | 5.60% |
Geographic Distribution | East South Central | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 6.20% | 5.40% |
Geographic Distribution | Mountain | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 12.40% | 11.90% |
Geographic Distribution | Pacific | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 7.30% | 7.30% |
Geographic Distribution | South Atlantic | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 15.20% | 13.80% |
Geographic Distribution | West South Central | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 50.60% | 53.80% |
Geographic Distribution | Other | ||
Concentration Risk [Line Items] | ||
Percent of fair value | 2.40% | 2.20% |
Real Estate and Other Investm_4
Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment real estate | $ 551,219 | $ 587,516 |
Short-term investments | 425,321 | 206,760 |
Cash and cash equivalents | 452,001 | 268,164 |
Other assets | 171,285 | 163,222 |
Notes payable | 157,997 | 137,963 |
Other liabilities | 446,882 | 452,985 |
VIE, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investment real estate | 134,534 | 141,843 |
Short-term investments | 500 | 500 |
Cash and cash equivalents | 11,155 | 10,392 |
Other receivables | 3,673 | 3,939 |
Other assets | 15,355 | 13,231 |
Total assets of consolidated VIEs | 165,217 | 169,905 |
Notes payable | 157,997 | 137,963 |
Other liabilities | 9,731 | 7,145 |
Total liabilities of consolidated VIEs | $ 167,728 | $ 145,108 |
Real Estate and Other Investm_5
Real Estate and Other Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)investment | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Maximum amount of investment in long-term notes payable | $ 4,304 | $ 26,635 |
Number of real estate investment held for sale | investment | 1 | |
Real estate investments held-for-sale | $ 3,364 | |
Maximum | Investments in Joint Ventures | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 20.00% | |
Maximum | Investments in Joint Ventures | Assets Held | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 10.00% | |
Maximum | Investments in Joint Ventures | Total Assets | ||
Debt Instrument [Line Items] | ||
Percent of fair value (less than 3%) | 3.00% |
Real Estate and Other Investm_6
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 157,997 | $ 137,963 |
VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 157,997 | 137,963 |
Long Term Notes Payable Due 2024 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Interest rate on long-term notes | 4.18% | |
Long Term Notes Payable Due 2022 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 81,709 | 84,730 |
Interest rate on long-term notes | 4.00% | |
LIBOR | Long Term Notes Payable Due 2021 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 10,836 | 10,834 |
Basis spread on variable rate | LIBOR | |
LIBOR | Long Term Notes Payable Due 2024 | VIE, Primary Beneficiary | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 65,452 | $ 42,399 |
Real Estate and Other Investm_7
Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - VIE, Not Primary Beneficiary - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Loans | ||
Variable Interest Entity [Line Items] | ||
Carrying amount | $ 657,528 | $ 633,533 |
Maximum exposure to loss | 657,528 | 633,533 |
Investments in Unconsolidated Affiliates | ||
Variable Interest Entity [Line Items] | ||
Carrying amount | 332,742 | 330,730 |
Maximum exposure to loss | 332,742 | 330,730 |
Accrued Investment Income | ||
Variable Interest Entity [Line Items] | ||
Carrying amount | 2,198 | 2,191 |
Maximum exposure to loss | $ 2,198 | $ 2,191 |
Real Estate and Other Investm_8
Real Estate and Other Investments - Schedule of Investment in and Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | $ 705,721 | $ 571,897 | $ 705,721 | $ 571,897 | |||||||
Income from operations | 7,407 | 7,595 | $ 16,663 | ||||||||
Net gain on sales | 96,094 | 13,686 | 70,011 | ||||||||
Equity in earnings of unconsolidated affiliates | 1,176 | $ 45,075 | $ 16,790 | $ 40,460 | 2,376 | $ 13,029 | $ 6,421 | $ (545) | 103,501 | 21,281 | $ 86,674 |
Real Estate | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | 402,780 | 386,981 | 402,780 | 386,981 | |||||||
Equity and Fixed Income | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | 278,611 | 156,121 | 278,611 | 156,121 | |||||||
Other | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | $ 24,330 | $ 28,795 | $ 24,330 | $ 28,795 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments $ in Thousands | Dec. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($)derivative |
Equity-Indexed Options | Other Invested Assets | ||
Derivatives, Fair Value [Line Items] | ||
Number of instruments | derivative | 473 | 493 |
Notional amount, asset | $ 2,654,600 | $ 2,391,000 |
Estimated fair value, assets | $ 256,005 | $ 148,006 |
Equity-Indexed Embedded Derivative | Policyholders' Account Balances | ||
Derivatives, Fair Value [Line Items] | ||
Number of instruments | derivative | 101,950 | 90,440 |
Notional amount, liability | $ 2,527,205 | $ 2,327,769 |
Estimated fair value, liabilities | $ 731,552 | $ 596,075 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment Income | Equity-Indexed Options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in income on derivatives | $ 144,980 | $ (54,951) | $ 91,055 |
Interest Credited to Policyholders' Account Balances | Equity-Indexed Embedded Derivative | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in income on derivatives | $ (162,011) | $ 17,862 | $ (98,351) |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Derivatives [Line Items] | ||
Options fair value | $ 256,005 | $ 148,006 |
Collateral held | 257,559 | 148,023 |
Collateral amounts used to offset exposure | 253,997 | 146,864 |
Excess collateral | 3,562 | 1,159 |
Exposure net of collateral | 2,008 | 1,142 |
Barclays | Moody Baa3 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 54,583 | 38,905 |
Collateral held | 55,343 | 39,104 |
Collateral amounts used to offset exposure | 54,583 | 38,905 |
Excess collateral | 760 | 199 |
Exposure net of collateral | 0 | 0 |
Credit Suisse | Moody Baa2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 7,117 | |
Collateral held | 7,390 | |
Collateral amounts used to offset exposure | 7,009 | |
Excess collateral | 381 | |
Exposure net of collateral | 108 | |
Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 1,053 | 615 |
Collateral held | 930 | 670 |
Collateral amounts used to offset exposure | 930 | 615 |
Excess collateral | 0 | 55 |
Exposure net of collateral | 123 | 0 |
ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 30,330 | 24,183 |
Collateral held | 30,940 | 23,983 |
Collateral amounts used to offset exposure | 30,330 | 23,983 |
Excess collateral | 610 | 0 |
Exposure net of collateral | 0 | 200 |
Morgan Stanley | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 34,988 | 11,649 |
Collateral held | 34,926 | 11,059 |
Collateral amounts used to offset exposure | 34,926 | 11,059 |
Excess collateral | 0 | 0 |
Exposure net of collateral | 62 | 590 |
NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 29,918 | 26,786 |
Collateral held | 30,200 | 27,610 |
Collateral amounts used to offset exposure | 29,918 | 26,786 |
Excess collateral | 282 | 824 |
Exposure net of collateral | 0 | 0 |
SunTrust | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 60,360 | |
Collateral held | 58,720 | |
Collateral amounts used to offset exposure | 58,645 | |
Excess collateral | 75 | |
Exposure net of collateral | 1,715 | |
SunTrust | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 23,488 | |
Collateral held | 23,545 | |
Collateral amounts used to offset exposure | 23,464 | |
Excess collateral | 81 | |
Exposure net of collateral | 24 | |
Wells Fargo | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Options fair value | 37,656 | 22,380 |
Collateral held | 39,110 | 22,052 |
Collateral amounts used to offset exposure | 37,656 | 22,052 |
Excess collateral | 1,454 | 0 |
Exposure net of collateral | 0 | 328 |
Collateral Held in Cash | ||
Credit Derivatives [Line Items] | ||
Collateral held | 172,559 | 62,899 |
Collateral Held in Cash | Barclays | Moody Baa3 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 27,343 | 11,063 |
Collateral Held in Cash | Credit Suisse | Moody Baa2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 7,390 | |
Collateral Held in Cash | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 930 | 670 |
Collateral Held in Cash | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 14,940 | 7,960 |
Collateral Held in Cash | Morgan Stanley | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 25,926 | 2,046 |
Collateral Held in Cash | NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 30,200 | 27,610 |
Collateral Held in Cash | SunTrust | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 41,720 | |
Collateral Held in Cash | SunTrust | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 6,520 | |
Collateral Held in Cash | Wells Fargo | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 24,110 | 7,030 |
Collateral Held in Invested Assets | ||
Credit Derivatives [Line Items] | ||
Collateral held | 85,000 | 85,124 |
Collateral Held in Invested Assets | Barclays | Moody Baa3 Rating | S&P BBB Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 28,000 | 28,041 |
Collateral Held in Invested Assets | Credit Suisse | Moody Baa2 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 0 | |
Collateral Held in Invested Assets | Goldman-Sachs | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 0 | 0 |
Collateral Held in Invested Assets | ING | Moody Baa1 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 16,000 | 16,023 |
Collateral Held in Invested Assets | Morgan Stanley | Moody A3 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 9,000 | 9,013 |
Collateral Held in Invested Assets | NATIXIS | Moody A1 Rating | S&P A Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 0 | 0 |
Collateral Held in Invested Assets | SunTrust | Moody A3 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 17,000 | |
Collateral Held in Invested Assets | SunTrust | Moody Baa1 Rating | S&P BBB Plus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | 17,025 | |
Collateral Held in Invested Assets | Wells Fargo | Moody A2 Rating | S&P A Minus Rating | ||
Credit Derivatives [Line Items] | ||
Collateral held | $ 15,000 | $ 15,022 |
Net Investment Income and Rea_3
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment Income [Line Items] | |||
Net investment income | $ 1,077,406 | $ 858,367 | $ 966,077 |
Bonds | |||
Net Investment Income [Line Items] | |||
Net investment income | 602,054 | 566,513 | 541,772 |
Equity Securities | |||
Net Investment Income [Line Items] | |||
Net investment income | 33,502 | 39,193 | 38,730 |
Mortgage Loans | |||
Net Investment Income [Line Items] | |||
Net investment income | 254,720 | 258,102 | 245,116 |
Real Estate | |||
Net Investment Income [Line Items] | |||
Net investment income | 8,849 | 13,533 | 12,672 |
Other Invested Assets | |||
Net Investment Income [Line Items] | |||
Net investment income | 33,301 | 35,977 | 36,732 |
Equity Indexed Options | |||
Net Investment Income [Line Items] | |||
Net investment income | $ 144,980 | $ (54,951) | $ 91,055 |
Net Investment Income and Rea_4
Net Investment Income and Realized Investment Gains (Losses) - Summary of Realized Investment Gains (Losses) and Other Than Temporary Impairment Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | $ 37,719 | $ 18,174 | |
Net realized investment gains (losses) | $ 104,595 | ||
Bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | 16,361 | 10,903 | |
Net realized investment gains (losses) | 27,061 | ||
Equity Securities | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | 0 | 0 | |
Net realized investment gains (losses) | 56,528 | ||
Mortgage Loans | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | (2,412) | (4,798) | |
Net realized investment gains (losses) | (7,700) | ||
Real Estate | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | 25,555 | 12,076 | |
Net realized investment gains (losses) | 28,853 | ||
Other Invested Assets | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized investment gains (losses) | $ (1,785) | $ (7) | |
Net realized investment gains (losses) | $ (147) |
Net Investment Income and Rea_5
Net Investment Income and Realized Investment Gains (Losses) - Summary of Other Than Temporary Impairment Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary impairments | $ (6,968) | $ (1,243) | $ (13,386) |
Bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary impairments | (6,968) | (1,243) | (6,416) |
Equity Securities | |||
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary impairments | $ 0 | $ 0 | $ (6,970) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets | ||
Fair value of bonds held-to-maturity | $ 8,968,690 | $ 8,130,084 |
Fixed maturity securities, bonds available-for-sale | 6,725,085 | 6,215,563 |
Equity securities | 1,700,960 | 1,530,228 |
Policy loans | 379,657 | 376,254 |
Short-term investments | 425,321 | 206,760 |
Separate account assets | 1,073,891 | 918,369 |
Financial liabilities | ||
Separate account liabilities | 1,073,891 | 918,369 |
Carrying Amount | ||
Financial assets | ||
Fair value of bonds held-to-maturity | 8,631,261 | 8,211,449 |
Fixed maturity securities, bonds available-for-sale | 6,725,085 | 6,215,563 |
Equity securities | 1,700,960 | 1,530,228 |
Equity-indexed options | 256,005 | 148,006 |
Mortgage loans on real estate, net of allowance | 5,097,017 | 5,124,707 |
Policy loans | 379,657 | 376,254 |
Short-term investments | 425,321 | 206,760 |
Separate account assets | 1,073,891 | 918,369 |
Separately managed accounts | 50,503 | 16,532 |
Total financial assets | 24,339,700 | 22,747,868 |
Financial liabilities | ||
Investment contracts | 10,254,959 | 10,003,990 |
Embedded derivative liability for equity-indexed contracts | 731,552 | 596,075 |
Notes payable | 157,997 | 137,963 |
Separate account liabilities | 1,073,891 | 918,369 |
Total financial liabilities | 12,218,399 | 11,656,397 |
Fair Value | ||
Financial assets | ||
Fair value of bonds held-to-maturity | 8,968,690 | 8,130,084 |
Fixed maturity securities, bonds available-for-sale | 6,725,085 | 6,215,563 |
Equity securities | 1,700,960 | 1,530,228 |
Equity-indexed options | 256,005 | 148,006 |
Mortgage loans on real estate, net of allowance | 5,309,005 | 5,049,468 |
Policy loans | 379,657 | 376,254 |
Short-term investments | 425,321 | 206,760 |
Separate account assets | 1,073,891 | 918,369 |
Separately managed accounts | 50,503 | 16,532 |
Total financial assets | 24,889,117 | 22,591,264 |
Financial liabilities | ||
Investment contracts | 10,254,959 | 10,003,990 |
Embedded derivative liability for equity-indexed contracts | 731,552 | 596,075 |
Notes payable | 157,997 | 137,963 |
Separate account liabilities | 1,073,891 | 918,369 |
Total financial liabilities | 12,218,399 | 11,656,397 |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Financial assets | ||
Separate account assets | 1,049,938 | 905,824 |
Financial liabilities | ||
Separate account liabilities | $ 1,049,938 | $ 905,824 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized gain (losses) relating to assets still held and included in net investment income | $ 113,282,000 | $ 94,883,000 | $ 50,805,000 |
Transfer between Level 1 and Level 2 fair value hierarchies | $ 0 | $ 0 | $ 0 |
Price Volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity volatility (as percent) | 0.113 | 0.232 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Level 3 - Policyholder Contract Deposits - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 706.5 | $ 592.8 |
Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative financial liabilities | $ 25.1 | $ 3.3 |
Minimum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 1.00% | 1.00% |
Unobservable input, mortality multiplier | 90.00% | 90.00% |
Unobservable input, equity volatility | 11.00% | 19.00% |
Minimum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 11.00% | 19.00% |
Maximum | Indexed Annuities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, lapse rate | 70.00% | 70.00% |
Unobservable input, mortality multiplier | 100.00% | 100.00% |
Unobservable input, equity volatility | 46.00% | 26.00% |
Maximum | Indexed Life | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable input, equity volatility | 46.00% | 26.00% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | $ 6,725,085 | $ 6,215,563 | |
Equity securities | 1,700,960 | 1,530,228 | |
Short-term investments | 425,321 | 206,760 | |
Separate account assets | 1,073,891 | 918,369 | |
Fixed maturity securities, bonds held-to-maturity | 8,631,261 | 8,211,449 | |
Fair value of bonds held-to-maturity | 8,968,690 | 8,130,084 | |
Mortgage loans on real estate, net of allowance | 5,116,177 | 5,146,040 | $ 4,768,865 |
Policy loans | 379,657 | 376,254 | |
Total financial assets | 28,597,566 | 26,912,353 | $ 26,386,764 |
Financial liabilities | |||
Separate account liabilities | 1,073,891 | 918,369 | |
Notes payable | 157,997 | 137,963 | |
Total financial liabilities | 22,601,803 | 21,640,838 | |
U.S. Treasury and Government | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 29,941 | 28,399 | |
U.S. States and Political Subdivisions | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 1,078,165 | 862,030 | |
Fixed maturity securities, bonds held-to-maturity | 165,109 | 245,360 | |
Fair value of bonds held-to-maturity | 170,114 | 250,899 | |
Foreign Governments | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 6,287 | 6,210 | |
Fixed maturity securities, bonds held-to-maturity | 3,907 | 3,961 | |
Fair value of bonds held-to-maturity | 4,349 | 4,430 | |
Corporate Debt Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 5,576,620 | 5,283,818 | |
Fixed maturity securities, bonds held-to-maturity | 8,099,098 | 7,640,891 | |
Fair value of bonds held-to-maturity | 8,424,969 | 7,548,829 | |
Residential Mortgage-Backed Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 23,943 | 31,662 | |
Fixed maturity securities, bonds held-to-maturity | 237,516 | 315,306 | |
Fair value of bonds held-to-maturity | 242,828 | 319,910 | |
Collateralized Debt Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 10,129 | 3,444 | |
Fixed maturity securities, bonds held-to-maturity | 125,631 | 5,214 | |
Fair value of bonds held-to-maturity | 126,430 | 5,285 | |
Other Debt Securities | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 717 | ||
Fair value of bonds held-to-maturity | 731 | ||
Recurring | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 6,725,085 | 6,215,563 | |
Equity securities | 1,700,960 | 1,530,228 | |
Equity-indexed options | 256,005 | 148,006 | |
Short-term investments | 425,321 | 206,760 | |
Separate account assets | 1,049,938 | 905,824 | |
Separately managed accounts | 50,503 | 16,532 | |
Total financial assets | 10,207,812 | 9,022,913 | |
Financial liabilities | |||
Embedded derivative liability for equity-indexed contracts | 731,552 | 596,075 | |
Separate account liabilities | 1,049,938 | 905,824 | |
Total financial liabilities | 1,781,490 | 1,501,899 | |
Recurring | Common Stock | |||
Financial assets | |||
Equity securities | 1,682,149 | 1,509,186 | |
Recurring | Preferred Stock | |||
Financial assets | |||
Equity securities | 18,811 | 21,042 | |
Recurring | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Equity securities | 1,700,497 | 1,530,115 | |
Equity-indexed options | 0 | 0 | |
Short-term investments | 0 | 0 | |
Separate account assets | 271,575 | 227,448 | |
Separately managed accounts | 0 | 0 | |
Total financial assets | 1,972,072 | 1,757,563 | |
Financial liabilities | |||
Embedded derivative liability for equity-indexed contracts | 0 | 0 | |
Separate account liabilities | 271,575 | 227,448 | |
Total financial liabilities | 271,575 | 227,448 | |
Recurring | Level 1 | Common Stock | |||
Financial assets | |||
Equity securities | 1,681,686 | 1,509,073 | |
Recurring | Level 1 | Preferred Stock | |||
Financial assets | |||
Equity securities | 18,811 | 21,042 | |
Recurring | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 6,680,241 | 6,211,330 | |
Equity securities | 0 | 0 | |
Equity-indexed options | 0 | 0 | |
Short-term investments | 425,321 | 206,760 | |
Separate account assets | 778,363 | 678,376 | |
Separately managed accounts | 0 | 0 | |
Total financial assets | 7,883,925 | 7,096,466 | |
Financial liabilities | |||
Embedded derivative liability for equity-indexed contracts | 0 | 0 | |
Separate account liabilities | 778,363 | 678,376 | |
Total financial liabilities | 778,363 | 678,376 | |
Recurring | Level 2 | Common Stock | |||
Financial assets | |||
Equity securities | 0 | 0 | |
Recurring | Level 2 | Preferred Stock | |||
Financial assets | |||
Equity securities | 0 | 0 | |
Recurring | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 44,844 | 4,233 | |
Equity securities | 463 | 113 | |
Equity-indexed options | 256,005 | 148,006 | |
Short-term investments | 0 | 0 | |
Separate account assets | 0 | 0 | |
Separately managed accounts | 50,503 | 16,532 | |
Total financial assets | 351,815 | 168,884 | |
Financial liabilities | |||
Embedded derivative liability for equity-indexed contracts | 731,552 | 596,075 | |
Separate account liabilities | 0 | 0 | |
Total financial liabilities | 731,552 | 596,075 | |
Recurring | Level 3 | Common Stock | |||
Financial assets | |||
Equity securities | 463 | 113 | |
Recurring | Level 3 | Preferred Stock | |||
Financial assets | |||
Equity securities | 0 | 0 | |
Recurring | U.S. Treasury and Government | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 29,941 | 28,399 | |
Recurring | U.S. Treasury and Government | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | U.S. Treasury and Government | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 29,941 | 28,399 | |
Recurring | U.S. Treasury and Government | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | U.S. States and Political Subdivisions | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 1,078,165 | 862,030 | |
Recurring | U.S. States and Political Subdivisions | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | U.S. States and Political Subdivisions | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 1,078,165 | 862,030 | |
Recurring | U.S. States and Political Subdivisions | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Foreign Governments | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 6,287 | 6,210 | |
Recurring | Foreign Governments | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Foreign Governments | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 6,287 | 6,210 | |
Recurring | Foreign Governments | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Corporate Debt Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 5,576,620 | 5,283,818 | |
Recurring | Corporate Debt Securities | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Corporate Debt Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 5,531,776 | 5,279,585 | |
Recurring | Corporate Debt Securities | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 44,844 | 4,233 | |
Recurring | Residential Mortgage-Backed Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 23,943 | 31,662 | |
Recurring | Residential Mortgage-Backed Securities | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Residential Mortgage-Backed Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 23,943 | 31,662 | |
Recurring | Residential Mortgage-Backed Securities | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Collateralized Debt Securities | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 10,129 | 3,444 | |
Recurring | Collateralized Debt Securities | Level 1 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Recurring | Collateralized Debt Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 10,129 | 3,444 | |
Recurring | Collateralized Debt Securities | Level 3 | |||
Financial assets | |||
Fixed maturity securities, bonds available-for-sale | 0 | 0 | |
Nonrecurring | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 8,631,261 | 8,211,449 | |
Fair value of bonds held-to-maturity | 8,968,690 | 8,130,084 | |
Total financial assets | 14,107,935 | 13,712,410 | |
Total financial assets | 14,657,352 | 13,555,806 | |
Financial liabilities | |||
Total financial liabilities | 10,412,956 | 10,141,953 | |
Total financial liabilities | 10,412,956 | 10,141,953 | |
Nonrecurring | Level 3 | |||
Financial assets | |||
Mortgage loans on real estate, net of allowance | 5,097,017 | 5,124,707 | |
Mortgage loans on real estate, net of allowance | 5,309,005 | 5,049,468 | |
Policy loans | 379,657 | 376,254 | |
Policy loans | 379,657 | 376,254 | |
Financial liabilities | |||
Investment contracts | 10,254,959 | 10,003,990 | |
Investment contracts | 10,254,959 | 10,003,990 | |
Notes payable | 157,997 | 137,963 | |
Notes payable | 157,997 | 137,963 | |
Nonrecurring | U.S. States and Political Subdivisions | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 165,109 | 245,360 | |
Fair value of bonds held-to-maturity | 170,114 | 250,899 | |
Nonrecurring | Foreign Governments | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 3,907 | 3,961 | |
Fair value of bonds held-to-maturity | 4,349 | 4,430 | |
Nonrecurring | Corporate Debt Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 8,099,098 | 7,640,891 | |
Fair value of bonds held-to-maturity | 8,424,969 | 7,548,829 | |
Nonrecurring | Residential Mortgage-Backed Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 237,516 | 315,306 | |
Fair value of bonds held-to-maturity | 242,828 | 319,910 | |
Nonrecurring | Collateralized Debt Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 125,631 | 5,214 | |
Fair value of bonds held-to-maturity | $ 126,430 | 5,285 | |
Nonrecurring | Other Debt Securities | Level 2 | |||
Financial assets | |||
Fixed maturity securities, bonds held-to-maturity | 717 | ||
Fair value of bonds held-to-maturity | $ 731 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on Recurring Basis Using (Level 3) Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Separately Managed Accounts | |||
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | $ 16,532 | $ 0 | $ 0 |
Total realized and unrealized investment losses included in other comprehensive income | 0 | ||
Net gain (loss) for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 60 | ||
Purchases, sales and settlements or maturities | |||
Purchases | 33,911 | 16,532 | 0 |
Sales | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | 0 | 0 | 0 |
Carry value transfers in | 0 | ||
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | |
Ending balance | 50,503 | 16,532 | 0 |
Embedded Derivative | |||
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 596,075 | 512,526 | 314,330 |
Total realized and unrealized investment losses included in other comprehensive income | 0 | ||
Net gain (loss) for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 162,011 | (17,862) | 98,351 |
Net fair value change included in other comprehensive income | 0 | ||
Purchases, sales and settlements or maturities | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | (26,534) | 101,411 | 99,845 |
Carry value transfers in | 0 | ||
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | |
Ending balance | 731,552 | 596,075 | 512,526 |
Investment Securities | |||
Fair Value, Assets, Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 4,346 | 0 | 14,264 |
Total realized and unrealized investment losses included in other comprehensive income | (4,465) | ||
Net gain (loss) for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 0 | ||
Purchases, sales and settlements or maturities | |||
Purchases | 45,307 | 4,346 | 0 |
Sales | (113) | 0 | (12,436) |
Settlements or maturities | 0 | 0 | (7,020) |
Premiums less benefits | 0 | 0 | 0 |
Carry value transfers in | 15,000 | ||
Gross transfers into Level 3 | 382 | ||
Gross transfers out of Level 3 | (4,233) | (5,725) | |
Ending balance | 45,307 | 4,346 | 0 |
Equity-Indexed Options | |||
Fair Value, Assets, Measured on Recurring Basis [Roll Forward] | |||
Beginning balance | 148,006 | 220,190 | 156,479 |
Total realized and unrealized investment losses included in other comprehensive income | 0 | ||
Net gain (loss) for derivatives included in net investment income | 144,980 | (55,093) | 90,433 |
Net change included in interest credited | 0 | 0 | 0 |
Net fair value change included in other comprehensive income | 0 | ||
Purchases, sales and settlements or maturities | |||
Purchases | 75,163 | 72,033 | 47,134 |
Sales | (13,396) | (18) | (12,837) |
Settlements or maturities | (98,748) | (89,106) | (61,019) |
Premiums less benefits | 0 | 0 | 0 |
Carry value transfers in | 0 | ||
Gross transfers into Level 3 | 0 | ||
Gross transfers out of Level 3 | 0 | 0 | |
Ending balance | $ 256,005 | $ 148,006 | $ 220,190 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 1,497,261 | $ 1,373,844 | $ 1,294,443 |
Additions | 543,258 | 551,654 | 525,835 |
Amortization | (530,509) | (480,157) | (444,351) |
Effect of change in unrealized gains on available-for-sale debt securities | (87,003) | 51,920 | (2,083) |
Net change | (74,254) | 123,417 | 79,401 |
Ending balance | 1,423,007 | 1,497,261 | 1,373,844 |
Life | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 839,133 | 791,276 | 745,840 |
Additions | 139,336 | 131,156 | 123,854 |
Amortization | (113,300) | (97,263) | (74,068) |
Effect of change in unrealized gains on available-for-sale debt securities | (12,269) | 13,964 | (4,350) |
Net change | 13,767 | 47,857 | 45,436 |
Ending balance | 852,900 | 839,133 | 791,276 |
Annuity | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 499,588 | 426,497 | 394,208 |
Additions | 70,272 | 92,603 | 104,772 |
Amortization | (79,746) | (57,468) | (74,750) |
Effect of change in unrealized gains on available-for-sale debt securities | (74,734) | 37,956 | 2,267 |
Net change | (84,208) | 73,091 | 32,289 |
Ending balance | 415,380 | 499,588 | 426,497 |
Health | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 33,960 | 36,806 | 40,620 |
Additions | 19,940 | 12,590 | 11,413 |
Amortization | (21,322) | (15,436) | (15,227) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 | 0 | 0 |
Net change | (1,382) | (2,846) | (3,814) |
Ending balance | 32,578 | 33,960 | 36,806 |
Property & Casualty | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 124,580 | 119,265 | 113,775 |
Additions | 313,710 | 315,305 | 285,796 |
Amortization | (316,141) | (309,990) | (280,306) |
Effect of change in unrealized gains on available-for-sale debt securities | 0 | 0 | 0 |
Net change | (2,431) | 5,315 | 5,490 |
Ending balance | $ 122,149 | $ 124,580 | $ 119,265 |
Liability for Future Policy B_2
Liability for Future Policy Benefits and Policyholder Account Balances - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest credited investment type contracts low end (as percent) | 1.00% |
Interest credited investment type contracts high end (as percent) | 8.00% |
First year interest credited annuity low end (as percent) | 1.00% |
First year interest credited annuity high end (as percent) | 7.00% |
Non Participating Life Insurance Policies | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Non Participating Life Insurance Policies | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 8.00% |
Participating Life Insurance Policies | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 2.50% |
Participating Life Insurance Policies | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 5.50% |
Annuity | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Annuity | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 6.00% |
Non Medical Health | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.50% |
Non Medical Health | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 8.00% |
Disabled Lives | Minimum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 3.00% |
Disabled Lives | Maximum | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate (as percent) | 6.00% |
Liability for Unpaid Claims a_3
Liability for Unpaid Claims and Claim Adjustment Expenses - Liability for Unpaid Claims and Claim Adjustment Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | $ 1,481,294 | ||
Less reinsurance recoverables | (427,475) | ||
Paid claims related to | |||
Net balance | 995,986 | ||
Plus reinsurance recoverables | (411,830) | $ (427,475) | |
Unpaid claims balance, ending | 1,489,979 | 1,481,294 | |
Property and Casualty Accident and Health | |||
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | 1,305,225 | 1,218,652 | $ 1,156,681 |
Less reinsurance recoverables | 254,466 | 241,301 | 219,832 |
Net beginning balance | 1,050,759 | 977,351 | 936,849 |
Incurred related to | |||
Current | 1,207,796 | 1,193,216 | 1,107,381 |
Prior years | (57,979) | (19,852) | (75,632) |
Total incurred claims | 1,149,817 | 1,173,364 | 1,031,749 |
Paid claims related to | |||
Current | 688,544 | 688,493 | 653,136 |
Prior years | 435,642 | 411,463 | 338,111 |
Total paid claims | 1,124,186 | 1,099,956 | 991,247 |
Net balance | 1,076,390 | 1,050,759 | 977,351 |
Plus reinsurance recoverables | 246,447 | 254,466 | 241,301 |
Unpaid claims balance, ending | $ 1,322,837 | $ 1,305,225 | $ 1,218,652 |
Liability for Unpaid Claims a_4
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Insurance [Abstract] | |||
Description of increase (decrease) in claims and claim adjustment expenses | The net and gross reserve calculations have shown favorable development as a result of favorable loss emergence compared to what was implied by the loss development patterns used in the original estimation of losses in prior years. | ||
Decrease in claims and claim adjustments expenses amount | $ 57,979 | $ 19,852 | $ 75,632 |
Short-duration health insurance claims | $ 21,379 | ||
Percentage of IBNR reserves applied to paid adjusting and other expense to paid loss | 100.00% |
Liability for Unpaid Claims a_5
Liability for Unpaid Claims and Claim Adjustment Expenses - Schedule of Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses in Consolidated Statement of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 247,081 | |
Insurance lines other than short-duration | 191,123 | |
Unallocated claims adjustment expenses | 55,789 | |
Total claim adjustment expenses | 246,912 | |
Total gross liability for unpaid claims and claim adjustment expense | 1,489,979 | $ 1,481,294 |
Credit Property and Casualty | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 21,089 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 14,110 | |
Credit Life | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,192 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 768 | |
Credit Health | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 5,126 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 2,113 | |
Auto Liability | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 466,481 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 11,979 | |
Non-Auto Liability | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 266,892 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 44,709 | |
Commercial Multi-Peril | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 94,515 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 2,326 | |
Homeowners | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 79,903 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 2,512 | |
Short Tail Property | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 33,097 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 3,907 | |
Health | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 25,860 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 157,714 | |
Other | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,831 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | $ 6,943 |
Liability for Unpaid Claims a_6
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Auto Liability (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |||||||||
Auto Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 2,582,245 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,116,479 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 715 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 466,481 | |||||||||
Auto Liability | Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 261,042 | $ 261,207 | $ 261,092 | $ 261,930 | $ 263,040 | $ 264,104 | $ 265,949 | $ 266,223 | $ 270,935 | $ 288,166 |
IBNR plus expected development | $ 24 | |||||||||
Cumulative number of reported claims | claim | 47,101 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 260,693 | 260,404 | 259,966 | 259,173 | 257,021 | 250,647 | 237,540 | 208,531 | 164,298 | $ 92,589 |
Auto Liability | Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 240,650 | 240,997 | 241,711 | 242,619 | 244,436 | 244,519 | 248,865 | 250,659 | 263,411 | |
IBNR plus expected development | $ 109 | |||||||||
Cumulative number of reported claims | claim | 47,074 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 240,085 | 239,409 | 238,510 | 236,187 | 230,585 | 217,640 | 197,326 | 161,387 | $ 93,245 | |
Auto Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 228,486 | 228,864 | 228,559 | 229,426 | 228,013 | 231,312 | 242,255 | 251,593 | ||
IBNR plus expected development | $ 178 | |||||||||
Cumulative number of reported claims | claim | 44,686 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 222,865 | 222,117 | 219,170 | 214,467 | 204,980 | 183,448 | 150,323 | $ 82,531 | ||
Auto Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 227,234 | 226,608 | 228,285 | 231,301 | 233,068 | 236,432 | 242,364 | |||
IBNR plus expected development | $ 448 | |||||||||
Cumulative number of reported claims | claim | 38,841 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 223,739 | 219,303 | 215,280 | 204,480 | 181,535 | 143,709 | $ 79,358 | |||
Auto Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 214,557 | 214,870 | 215,419 | 217,819 | 223,386 | 232,146 | ||||
IBNR plus expected development | $ 1,049 | |||||||||
Cumulative number of reported claims | claim | 35,986 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 209,401 | 204,057 | 187,375 | 166,947 | 134,376 | $ 72,838 | ||||
Auto Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 244,798 | 245,775 | 239,421 | 240,697 | 237,578 | |||||
IBNR plus expected development | $ 2,614 | |||||||||
Cumulative number of reported claims | claim | 36,066 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 231,530 | 211,908 | 186,281 | 149,366 | $ 78,861 | |||||
Auto Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 259,128 | 261,400 | 256,080 | 259,177 | ||||||
IBNR plus expected development | $ 6,330 | |||||||||
Cumulative number of reported claims | claim | 37,050 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 225,869 | 198,326 | 153,911 | $ 86,492 | ||||||
Auto Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 275,850 | 280,012 | 269,803 | |||||||
IBNR plus expected development | $ 17,886 | |||||||||
Cumulative number of reported claims | claim | 38,417 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 218,435 | 175,175 | $ 88,357 | |||||||
Auto Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 299,512 | 314,467 | ||||||||
IBNR plus expected development | $ 44,542 | |||||||||
Cumulative number of reported claims | claim | 37,354 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 185,317 | $ 95,777 | ||||||||
Auto Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 330,988 | |||||||||
IBNR plus expected development | $ 95,556 | |||||||||
Cumulative number of reported claims | claim | 33,442 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 98,545 |
Liability for Unpaid Claims a_7
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Non-Auto Liability (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |||||||||
Non-Auto Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 739,007 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 491,273 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 19,158 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 266,892 | |||||||||
Non-Auto Liability | Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 77,215 | $ 77,985 | $ 78,279 | $ 80,920 | $ 82,087 | $ 82,145 | $ 82,287 | $ 83,724 | $ 85,498 | $ 91,191 |
IBNR plus expected development | $ 1,196 | |||||||||
Cumulative number of reported claims | claim | 7,873 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 72,941 | 72,261 | 71,509 | 70,369 | 69,091 | 65,557 | 57,354 | 46,746 | 31,819 | $ 16,473 |
Non-Auto Liability | Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 67,307 | 67,979 | 68,248 | 71,423 | 73,647 | 74,372 | 75,390 | 76,038 | 86,409 | |
IBNR plus expected development | $ 1,611 | |||||||||
Cumulative number of reported claims | claim | 5,708 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 63,706 | 63,121 | 62,414 | 60,706 | 56,791 | 52,003 | 41,814 | 31,943 | $ 13,848 | |
Non-Auto Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 63,336 | 64,118 | 63,630 | 68,017 | 75,226 | 78,644 | 80,470 | 83,146 | ||
IBNR plus expected development | $ 2,380 | |||||||||
Cumulative number of reported claims | claim | 4,858 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 60,900 | 59,528 | 57,863 | 55,194 | 49,585 | 38,826 | 27,574 | $ 13,862 | ||
Non-Auto Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 63,284 | 64,564 | 65,096 | 67,841 | 70,772 | 75,815 | 74,183 | |||
IBNR plus expected development | $ 2,722 | |||||||||
Cumulative number of reported claims | claim | 4,542 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 54,323 | 51,672 | 47,987 | 42,504 | 32,474 | 22,743 | $ 12,794 | |||
Non-Auto Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 67,267 | 67,865 | 67,339 | 72,624 | 75,550 | 83,084 | ||||
IBNR plus expected development | $ 3,904 | |||||||||
Cumulative number of reported claims | claim | 6,047 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 55,307 | 51,853 | 45,206 | 36,220 | 26,587 | $ 11,201 | ||||
Non-Auto Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 64,189 | 67,548 | 76,724 | 78,968 | 83,897 | |||||
IBNR plus expected development | $ 6,682 | |||||||||
Cumulative number of reported claims | claim | 5,542 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 51,303 | 46,285 | 37,059 | 23,488 | $ 11,979 | |||||
Non-Auto Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 73,195 | 73,764 | 83,179 | 86,935 | ||||||
IBNR plus expected development | $ 12,700 | |||||||||
Cumulative number of reported claims | claim | 4,385 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 45,820 | 35,502 | 24,633 | $ 12,733 | ||||||
Non-Auto Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 81,240 | 88,902 | 102,616 | |||||||
IBNR plus expected development | $ 16,401 | |||||||||
Cumulative number of reported claims | claim | 8,021 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 48,654 | 37,139 | $ 14,865 | |||||||
Non-Auto Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 85,910 | 88,986 | ||||||||
IBNR plus expected development | $ 36,008 | |||||||||
Cumulative number of reported claims | claim | 13,327 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 26,115 | $ 13,156 | ||||||||
Non-Auto Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 96,064 | |||||||||
IBNR plus expected development | $ 57,352 | |||||||||
Cumulative number of reported claims | claim | 10,158 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 12,204 |
Liability for Unpaid Claims a_8
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Commercial Multi-Peril (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |||||||||
Commercial Multi-Peril | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 362,832 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 269,890 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 1,573 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 94,515 | |||||||||
Commercial Multi-Peril | Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 35,999 | $ 35,923 | $ 36,367 | $ 37,215 | $ 37,839 | $ 35,914 | $ 37,520 | $ 40,243 | $ 37,736 | $ 41,116 |
IBNR plus expected development | $ 9 | |||||||||
Cumulative number of reported claims | claim | 3,592 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 35,881 | 34,903 | 34,764 | 34,888 | 33,384 | 31,378 | 27,152 | 22,135 | 17,490 | $ 12,511 |
Commercial Multi-Peril | Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 35,964 | 36,638 | 37,014 | 36,945 | 38,456 | 38,160 | 39,037 | 40,825 | 42,185 | |
IBNR plus expected development | $ 35 | |||||||||
Cumulative number of reported claims | claim | 3,563 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 34,939 | 34,782 | 34,177 | 32,692 | 30,458 | 28,291 | 22,616 | 18,390 | $ 13,092 | |
Commercial Multi-Peril | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 22,045 | 22,481 | 23,090 | 23,385 | 23,258 | 26,805 | 28,548 | 35,169 | ||
IBNR plus expected development | $ 67 | |||||||||
Cumulative number of reported claims | claim | 2,717 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 21,415 | 21,352 | 21,026 | 20,716 | 18,670 | 16,263 | 14,454 | $ 11,525 | ||
Commercial Multi-Peril | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 24,790 | 26,028 | 25,948 | 26,970 | 27,867 | 27,592 | 33,979 | |||
IBNR plus expected development | $ 315 | |||||||||
Cumulative number of reported claims | claim | 2,226 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 23,210 | 21,718 | 20,816 | 18,406 | 15,426 | 12,723 | $ 9,374 | |||
Commercial Multi-Peril | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 34,279 | 36,132 | 33,962 | 34,911 | 31,220 | 36,852 | ||||
IBNR plus expected development | $ 580 | |||||||||
Cumulative number of reported claims | claim | 2,308 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 31,448 | 27,339 | 24,602 | 20,199 | 16,484 | $ 12,001 | ||||
Commercial Multi-Peril | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 31,285 | 32,282 | 29,023 | 31,488 | 33,997 | |||||
IBNR plus expected development | $ 751 | |||||||||
Cumulative number of reported claims | claim | 2,226 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 25,188 | 21,680 | 16,402 | 12,956 | $ 9,820 | |||||
Commercial Multi-Peril | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 31,615 | 33,080 | 33,475 | 38,115 | ||||||
IBNR plus expected development | $ 2,302 | |||||||||
Cumulative number of reported claims | claim | 4,775 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 22,339 | 19,085 | 17,193 | $ 11,327 | ||||||
Commercial Multi-Peril | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 40,611 | 37,079 | 42,411 | |||||||
IBNR plus expected development | $ 6,851 | |||||||||
Cumulative number of reported claims | claim | 6,737 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 23,294 | 20,828 | $ 12,458 | |||||||
Commercial Multi-Peril | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 50,182 | 50,784 | ||||||||
IBNR plus expected development | $ 12,923 | |||||||||
Cumulative number of reported claims | claim | 5,455 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 30,078 | $ 18,027 | ||||||||
Commercial Multi-Peril | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 56,062 | |||||||||
IBNR plus expected development | $ 25,359 | |||||||||
Cumulative number of reported claims | claim | 2,928 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 22,098 |
Liability for Unpaid Claims a_9
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Homeowners (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |||||||||
Homeowners | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,644,632 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,565,779 | |||||||||
All outstanding liabilities before period one, net of reinsurance | 1,050 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 79,903 | |||||||||
Homeowners | Accident Year 2010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 196,574 | $ 196,639 | $ 197,067 | $ 197,465 | $ 197,675 | $ 197,443 | $ 198,029 | $ 198,111 | $ 200,318 | $ 206,606 |
IBNR plus expected development | $ 2 | |||||||||
Cumulative number of reported claims | claim | 37,075 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 196,501 | 196,480 | 196,504 | 196,419 | 196,281 | 195,714 | 195,365 | 193,006 | 189,046 | $ 149,755 |
Homeowners | Accident Year 2011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 197,020 | 197,070 | 197,239 | 197,451 | 197,381 | 197,581 | 198,757 | 200,356 | 203,301 | |
IBNR plus expected development | $ 6 | |||||||||
Cumulative number of reported claims | claim | 38,761 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 196,787 | 196,757 | 196,717 | 196,628 | 196,575 | 195,327 | 194,237 | 190,946 | $ 160,625 | |
Homeowners | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 174,276 | 174,611 | 175,032 | 175,178 | 175,509 | 175,523 | 177,664 | 181,284 | ||
IBNR plus expected development | $ 9 | |||||||||
Cumulative number of reported claims | claim | 30,997 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 174,256 | 174,247 | 174,139 | 173,676 | 173,170 | 171,842 | 169,415 | $ 143,797 | ||
Homeowners | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 147,359 | 147,444 | 147,927 | 148,231 | 149,272 | 149,080 | 152,208 | |||
IBNR plus expected development | $ 72 | |||||||||
Cumulative number of reported claims | claim | 20,038 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 147,233 | 147,145 | 146,920 | 146,650 | 145,152 | 140,309 | $ 115,605 | |||
Homeowners | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 130,747 | 130,895 | 131,546 | 130,287 | 131,634 | 132,651 | ||||
IBNR plus expected development | $ 116 | |||||||||
Cumulative number of reported claims | claim | 18,176 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 130,305 | 130,059 | 129,467 | 126,245 | 122,601 | $ 96,300 | ||||
Homeowners | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 123,731 | 123,824 | 123,619 | 124,199 | 125,430 | |||||
IBNR plus expected development | $ 271 | |||||||||
Cumulative number of reported claims | claim | 17,744 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 122,955 | 122,585 | 119,331 | 114,696 | $ 86,617 | |||||
Homeowners | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 145,019 | 144,376 | 145,373 | 147,264 | ||||||
IBNR plus expected development | $ 217 | |||||||||
Cumulative number of reported claims | claim | 21,535 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 144,000 | 140,972 | 136,796 | $ 105,415 | ||||||
Homeowners | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 172,491 | 172,274 | 164,284 | |||||||
IBNR plus expected development | $ 906 | |||||||||
Cumulative number of reported claims | claim | 23,504 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 166,009 | 159,107 | $ 116,075 | |||||||
Homeowners | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 179,561 | 174,495 | ||||||||
IBNR plus expected development | $ 4,623 | |||||||||
Cumulative number of reported claims | claim | 22,382 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 165,203 | $ 121,631 | ||||||||
Homeowners | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 177,854 | |||||||||
IBNR plus expected development | $ 22,957 | |||||||||
Cumulative number of reported claims | claim | 18,757 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 122,530 |
Liability for Unpaid Claims _10
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Short Tail Property (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |
Short Tail Property | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 491,042 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 460,051 | |
All outstanding liabilities before period one, net of reinsurance | 2,106 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 33,097 | |
Short Tail Property | Accident Year 2018 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 243,813 | $ 248,182 |
IBNR plus expected development | $ 208 | |
Cumulative number of reported claims | claim | 66,743 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 241,718 | $ 218,095 |
Short Tail Property | Accident Year 2019 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 247,229 | |
IBNR plus expected development | $ (2,442) | |
Cumulative number of reported claims | claim | 62,401 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 218,333 |
Liability for Unpaid Claims _11
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Property and Casualty (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |
Credit Property and Casualty | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 171,699 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 150,610 | |
All outstanding liabilities before period one, net of reinsurance | 0 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 21,089 | |
Credit Property and Casualty | Accident Year 2018 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 89,308 | $ 89,308 |
IBNR plus expected development | $ 0 | |
Cumulative number of reported claims | claim | 31,246 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 89,308 | $ 72,693 |
Credit Property and Casualty | Accident Year 2019 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 82,391 | |
IBNR plus expected development | $ 11,897 | |
Cumulative number of reported claims | claim | 23,400 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 61,302 |
Liability for Unpaid Claims _12
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Life (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | |
Credit Life | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,154 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,962 | |
All outstanding liabilities before period one, net of reinsurance | 0 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,192 | |
Credit Life | Accident Year 2018 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 6,198 | $ 5,849 |
IBNR plus expected development | $ 8 | |
Cumulative number of reported claims | claim | 8,000 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 6,190 | $ 4,795 |
Credit Life | Accident Year 2019 | ||
Claims Development [Line Items] | ||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 5,956 | |
IBNR plus expected development | $ 1,155 | |
Cumulative number of reported claims | claim | 16,000 | |
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 4,772 |
Liability for Unpaid Claims _13
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Health (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Claims Development [Line Items] | |||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | ||||
Health | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 226,198 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 205,265 | ||||
All outstanding liabilities before period one, net of reinsurance | 4,927 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 25,860 | ||||
Health | Accident Year 2015 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 41,595 | $ 41,514 | $ 41,513 | $ 45,167 | $ 34,069 |
IBNR plus expected development | $ 0 | ||||
Cumulative number of reported claims | claim | 32,535 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 41,542 | 41,462 | 41,436 | 41,491 | $ 23,574 |
Health | Accident Year 2016 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 37,233 | 37,164 | 41,236 | 36,198 | |
IBNR plus expected development | $ 0 | ||||
Cumulative number of reported claims | claim | 28,721 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 37,191 | 37,115 | 37,040 | $ 24,357 | |
Health | Accident Year 2017 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 35,466 | 39,930 | 41,544 | ||
IBNR plus expected development | $ 1 | ||||
Cumulative number of reported claims | claim | 31,389 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 35,420 | 35,392 | $ 25,358 | ||
Health | Accident Year 2018 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 63,729 | 64,686 | |||
IBNR plus expected development | $ 6,005 | ||||
Cumulative number of reported claims | claim | 31,713 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 57,759 | $ 34,894 | |||
Health | Accident Year 2019 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,175 | ||||
IBNR plus expected development | $ 14,212 | ||||
Cumulative number of reported claims | claim | 28,826 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 33,353 |
Liability for Unpaid Claims _14
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit Health (Detail) $ in Thousands | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Claims Development [Line Items] | |||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 995,986 | ||||
Credit Health | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 19,895 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 14,769 | ||||
All outstanding liabilities before period one, net of reinsurance | 0 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 5,126 | ||||
Credit Health | Accident Year 2015 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 3,028 | $ 3,036 | $ 3,072 | $ 3,089 | $ 3,162 |
IBNR plus expected development | $ 19 | ||||
Cumulative number of reported claims | claim | 3,259 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 2,943 | 2,864 | 2,669 | 2,254 | $ 1,082 |
Credit Health | Accident Year 2016 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,029 | 3,914 | 3,975 | 4,323 | |
IBNR plus expected development | $ 90 | ||||
Cumulative number of reported claims | claim | 3,593 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 3,630 | 3,330 | 2,745 | $ 1,300 | |
Credit Health | Accident Year 2017 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,773 | 4,852 | 4,555 | ||
IBNR plus expected development | $ 162 | ||||
Cumulative number of reported claims | claim | 3,771 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 4,058 | 3,328 | $ 1,389 | ||
Credit Health | Accident Year 2018 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,163 | 4,631 | |||
IBNR plus expected development | $ 280 | ||||
Cumulative number of reported claims | claim | 3,520 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 2,930 | $ 1,473 | |||
Credit Health | Accident Year 2019 | |||||
Claims Development [Line Items] | |||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 3,902 | ||||
IBNR plus expected development | $ 610 | ||||
Cumulative number of reported claims | claim | 2,268 | ||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 1,208 |
Liability for Unpaid Claims _15
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Average Annual Percentage Payout Incurred Claims (Detail) | Dec. 31, 2019 |
Credit Property and Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 77.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 22.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Auto Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 33.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 28.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 15.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 10.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 5.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 2.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 1.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 1.80% |
Non-Auto Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 18.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 20.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 16.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 14.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 8.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 5.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 2.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 10.80% |
Homeowners | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 73.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 20.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 2.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 1.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 1.20% |
Commercial Multi-Peril | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 37.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 15.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 9.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 13.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 9.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 5.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 4.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 4.40% |
Short Tail Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 88.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 11.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Credit Life | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance year one | 78.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance year two | 21.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance year three | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year four | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year five | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year six | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year seven | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year eight | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year nine | 0.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance year ten | 0.00% |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Effects of Reinsurance [Line Items] | ||
Loss per worker's compensation retained | $ 1,000,000 | |
Loss per non-worker's compensation retained | 1,500,000 | |
Property and liability losses per risk | 6,000,000 | |
Excess casualty clash coverage | 60,000,000 | |
Facultative reinsurance cover purchased | 20,000,000 | |
Corporate catastrophe coverage | 500,000,000 | |
Catastrophe amount retained | $ 17,500,000 | |
Number of coverage contracts | contract | 2 | |
Amount receivable from reinsurers | $ 411,830,000 | $ 427,475,000 |
Litigation or dispute with reinsurers involved | 0 | |
Maximum | ||
Effects of Reinsurance [Line Items] | ||
Additional excess property per risk coverage | 20,000,000 | |
Zero to Seventy-Five Issue Ages | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 5,475,000 | |
Zero to Seventy-Five Issue Ages | Individual Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 5,000,000 | |
Zero to Seventy-Five Issue Ages | Individual Accidental Death | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 250,000 | |
Zero to Seventy-Five Issue Ages | Group Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 100,000 | |
Zero to Seventy-Five Issue Ages | Credit Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 125,000 | |
Seventy-Six to Eighty Issue Ages | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 2,475,000 | |
Seventy-Six to Eighty Issue Ages | Individual Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 2,000,000 | |
Seventy-Six to Eighty Issue Ages | Individual Accidental Death | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 250,000 | |
Seventy-Six to Eighty Issue Ages | Group Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 100,000 | |
Seventy-Six to Eighty Issue Ages | Credit Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 125,000 | |
Eighty-One and Over Issue Ages | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 1,475,000 | |
Eighty-One and Over Issue Ages | Individual Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 1,000,000 | |
Eighty-One and Over Issue Ages | Individual Accidental Death | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 250,000 | |
Eighty-One and Over Issue Ages | Group Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 100,000 | |
Eighty-One and Over Issue Ages | Credit Life | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 125,000 | |
First Contract | ||
Effects of Reinsurance [Line Items] | ||
Catastrophe aggregate reinsurance coverage | 30,000,000 | |
Aggregated catastrophe losses | 90,000,000 | |
Contribution against aggregation of loss | 10,000,000 | |
Second Contract | ||
Effects of Reinsurance [Line Items] | ||
Annual limit of catastrophe aggregate reinsurance coverage | 35,000,000 | |
Annual aggregate deductible | 40,000,000 | |
Catastrophe aggregate reinsurance coverage | 35,000,000 | |
Reinsurance claim base amount loss | $ 5,000,000 | |
Catastrophe aggregate reinsurance coverage percentage | 87.75% | |
Reinsurance retention policy description | This cover was placed at 87.75% on July 1, 2019. |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Insurance [Abstract] | |||
Direct premiums | $ 2,464,870 | $ 2,499,584 | $ 2,341,088 |
Reinsurance premiums assumed from other companies | 236,504 | 286,165 | 227,053 |
Reinsurance premiums ceded to other companies | (518,580) | (557,556) | (500,939) |
Net premiums | $ 2,182,794 | $ 2,228,193 | $ 2,067,202 |
Reinsurance - Life Insurance In
Reinsurance - Life Insurance In-Force and Related Reinsurance (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Insurance [Abstract] | |||
Direct life insurance in-force | $ 117,886,265 | $ 110,125,270 | $ 102,843,372 |
Reinsurance risks assumed from other companies | 218,020 | 230,845 | 257,552 |
Reinsurance risks ceded to other companies | (24,913,905) | (26,601,422) | (29,646,646) |
Net life insurance in-force | $ 93,190,380 | $ 83,754,693 | $ 73,454,278 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense before tax on equity in earnings of unconsolidated affiliates | $ 145,819 | $ 29,643 | $ 114,921 | ||||||||
Tax on equity in earnings of unconsolidated affiliates | 21,735 | 4,469 | 30,336 | ||||||||
Total expected income tax expense at the statutory rate | 167,554 | 34,112 | 145,257 | ||||||||
Tax-exempt investment income | (3,969) | (3,323) | (6,887) | ||||||||
Deferred tax change | (519) | (4,354) | (217,622) | ||||||||
Dividend exclusion | (3,628) | (4,080) | (8,701) | ||||||||
Miscellaneous tax credits, net | (7,090) | (7,802) | (9,524) | ||||||||
Low income housing tax credit expense | 6,394 | 6,231 | 5,263 | ||||||||
Change in valuation allowance | 383 | 2,700 | 0 | ||||||||
Tax accrual adjustment | 5,350 | (2,893) | 0 | ||||||||
Return to provision | 1,007 | (20,301) | 0 | ||||||||
Other items, net | (65) | 1,155 | 1,905 | ||||||||
Provision for federal income tax before interest expense | 165,417 | 1,445 | (90,309) | ||||||||
Interest benefit | 0 | 0 | (2,686) | ||||||||
Total provision (benefit) for federal income taxes | $ 53,617 | $ 22,475 | $ 21,948 | $ 67,377 | $ (40,920) | $ 19,219 | $ 21,957 | $ 1,189 | $ 165,417 | $ 1,445 | $ (92,995) |
Income tax expense before tax on equity in earnings of unconsolidated affiliates, percentage | 18.30% | 18.20% | 27.70% | ||||||||
Tax on equity in earnings of unconsolidated affiliates, percentage | 2.70% | 2.80% | 7.30% | ||||||||
Total expected income tax expense at the statutory rate, percentage | 21.00% | 21.00% | 35.00% | ||||||||
Tax-exempt investment income, percentage | (0.50%) | (2.00%) | (1.70%) | ||||||||
Deferred tax change, percentage | (0.10%) | (2.70%) | (52.40%) | ||||||||
Dividend exclusion, percentage | (0.50%) | (2.50%) | (2.10%) | ||||||||
Miscellaneous tax credits, net, percentage | (0.90%) | (4.80%) | (2.30%) | ||||||||
Low income housing tax credit expense, percentage | 0.80% | 3.80% | 1.30% | ||||||||
Change in valuation allowance, percentage | 0.00% | 1.70% | 0.00% | ||||||||
Tax accrual adjustment, percentage | 0.70% | (1.80%) | 0.00% | ||||||||
Return to provision, percentage | 0.10% | (12.50%) | 0.00% | ||||||||
Other items, net, percentage | (0.10%) | 0.60% | 0.50% | ||||||||
Provision for federal income tax before interest expense, percentage | 20.50% | 0.80% | (21.70%) | ||||||||
Interest benefit, percentage | 0.00% | 0.00% | (0.60%) | ||||||||
Total provision (benefit) for federal income taxes, percentage | 20.50% | 0.80% | (22.30%) |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Return to provision | $ (1,007) | $ 20,301 | $ 0 |
Provisional tax benefit due to effect of reducing the statutory tax rate | 206,400 | 206,400 | |
Income taxes paid or refunded, net | $ 86,440 | $ 22,234 | $ 33,640 |
Income tax examination description | American National’s federal income tax returns for years 2016 to 2018 are subject to examination by the Internal Revenue Service. |
Federal Income Taxes - Componen
Federal Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DEFERRED TAX ASSETS | ||
Invested assets, principally due to impairment losses | $ 16,760 | $ 18,148 |
Investment in real estate and other invested assets, principally due to investment valuation allowances | 9,680 | 8,424 |
Policyholder funds, principally due to policy reserve discount | 76,506 | 91,362 |
Policyholder funds, principally due to unearned premium reserve | 25,726 | 24,586 |
Participating policyholders’ surplus | 41,533 | 32,785 |
Pension | 0 | 3,598 |
Commissions and other expenses | 3,495 | 3,108 |
Other assets | 11,291 | 9,756 |
Tax carryforwards | 2,344 | 138 |
Gross deferred tax assets before valuation allowance | 187,335 | 191,905 |
Valuation allowance | (3,083) | (2,700) |
Gross deferred tax assets after valuation allowance | 184,252 | 189,205 |
DEFERRED TAX LIABILITIES | ||
Marketable securities, principally due to net unrealized gains | 278,144 | 161,256 |
Investment in bonds, principally due to differences between GAAP and tax basis | 15,004 | 13,088 |
Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods | 218,795 | 240,731 |
Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods | 20,812 | 22,204 |
Pension | 1,833 | 0 |
Other liabilities | 44,192 | 16,111 |
Gross deferred tax liabilities | 578,780 | 453,390 |
Total net deferred tax liability | $ 394,528 | $ 264,185 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | $ 5,271,515 | $ 5,255,771 | $ 4,661,495 |
Foreign currency adjustment, net of tax expense (benefit) | 390 | (900) | 746 |
Balance at end of the period | 5,995,763 | 5,271,515 | 5,255,771 |
Net Unrealized Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (42,469) | 720,911 | 551,171 |
Amounts reclassified from AOCI, net of tax expense (benefit) | (800) | (2,111) | (34,895) |
Unrealized holding gains arising during the period, net of tax expense (benefit) | 266,373 | (183,981) | 210,595 |
Unrealized adjustment to DAC, net of tax expense (benefit) | (68,733) | 41,017 | (1,354) |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (12,684) | 8,814 | (4,606) |
Cumulative effect of changes in accounting | 16,164 | (627,119) | |
Balance at end of the period | 157,851 | (42,469) | 720,911 |
Defined Benefit Pension Plan Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (54,236) | (76,562) | (92,393) |
Amounts reclassified from AOCI, net of tax expense (benefit) | 5,607 | 5,764 | 18,827 |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | 9,888 | 16,562 | (2,996) |
Cumulative effect of changes in accounting | (16,491) | ||
Balance at end of the period | (55,232) | (54,236) | (76,562) |
Foreign Currency Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (3,033) | (2,133) | (2,879) |
Foreign currency adjustment, net of tax expense (benefit) | 390 | (900) | 746 |
Cumulative effect of changes in accounting | (458) | ||
Balance at end of the period | (3,101) | (3,033) | (2,133) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of the period | (99,738) | 642,216 | 455,899 |
Amounts reclassified from AOCI, net of tax expense (benefit) | 4,807 | 3,653 | (16,068) |
Unrealized holding gains arising during the period, net of tax expense (benefit) | 266,373 | (183,981) | 210,595 |
Unrealized adjustment to DAC, net of tax expense (benefit) | (68,733) | 41,017 | (1,354) |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (12,684) | 8,814 | (4,606) |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | 9,888 | 16,562 | (2,996) |
Foreign currency adjustment, net of tax expense (benefit) | 390 | (900) | 746 |
Cumulative effect of changes in accounting | (785) | (627,119) | |
Balance at end of the period | 99,518 | (99,738) | 642,216 |
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | 213 | 561 | 18,789 |
Amounts reclassified from AOCI, pension tax expense (benefit) | 1,491 | 1,532 | 5,005 |
Unrealized holding gains arising during the period, tax expense (benefit) | 70,808 | 46,812 | 113,604 |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 18,270 | 10,903 | 729 |
Unrealized gains on investments attributable to participating policyholders' interest, tax expense (benefit) | 3,372 | 2,343 | 2,480 |
Actuarial gain (loss) arising during the period, tax expense (benefit) | 2,629 | 4,402 | 796 |
Foreign currency adjustment, tax expense (benefit) | $ 104 | 239 | $ 198 |
Cumulative effect of changes in accounting | $ 334,955 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Maximum limit of shares available for grants under stock-based compensation plan | 2,900,000 | 2,900,000 | ||||||||||
Maximum limit of shares granted to any one individual in any calendar year | 200,000 | |||||||||||
Risk based capital action level percentage | 200.00% | |||||||||||
Cash dividends to common stockholders (in usd per share) | $ 0.82 | $ 820 | $ 820 | $ 820 | $ 820 | $ 820 | $ 820 | $ 820 | $ 3.28 | $ 3.28 | $ 3.28 | |
Description of regulatory capital requirement | American National Insurance Company's payment of dividends to stockholders is restricted by insurance law. The restrictions require life insurance companies to maintain minimum amounts of capital and surplus, and in the absence of special approval, limit the payment of dividends to the greater of the prior year's statutory net income from operations, or 10% of prior year statutory surplus. | |||||||||||
Noncontrolling interest | $ 6,014 | $ 14,267 | $ 6,014 | $ 14,267 | ||||||||
Forecast | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Statutory amount available for dividend payments without regulatory approval | $ 347,773 | |||||||||||
Parent Company | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Statutory capital and surplus | 3,477,727 | 3,162,808 | 3,477,727 | 3,162,808 | ||||||||
Subsidiaries | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Noncontrolling interest | 736 | 7,517 | $ 736 | $ 7,517 | ||||||||
Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Risk based capital action level percentage | 200.00% | 200.00% | ||||||||||
Insurance Subsidiary | Missouri | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Statutory accounting practices permitted practice amount | $ 70,339 | $ 69,787 | ||||||||||
County Mutual | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Noncontrolling interest | $ 6,750 | $ 6,750 | $ 6,750 | $ 6,750 | ||||||||
Stock Appreciation Rights | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 5 years | |||||||||||
Expiration of vesting period | 5 years | |||||||||||
Stock Appreciation Rights | Share-based Compensation Award, Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting rate per year | 20.00% | |||||||||||
Restricted Stock Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 10 years | |||||||||||
Lapse restrictions on restricted stock awards | 10 years | |||||||||||
Shares granted | 350,334 | 350,334 | ||||||||||
Exercise price of Restricted shares granted | $ 0 | |||||||||||
Number of shares unvested | 10,000 | 10,000 | ||||||||||
Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period description | one-year or upon earlier death, disability or retirement from service after age 65. Upon vesting, RSU awards are settled in cash based upon the market price of our common stock on the date of vesting. |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | |||
Shares issued | 30,832,449 | 30,832,449 | 30,832,449 |
Treasury shares | (3,945,249) | (3,947,000) | (3,900,565) |
Outstanding shares | 26,887,200 | 26,885,449 | 26,931,884 |
Restricted shares | (10,000) | (10,000) | (74,000) |
Unrestricted outstanding shares | 26,877,200 | 26,875,449 | 26,857,884 |
Stockholders' Equity and Nonc_5
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Appreciation Rights | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance, shares | 335 | 2,586 | 6,153 |
Exercised, shares | 0 | (650) | (333) |
Expired, shares | (269) | (1,601) | (3,234) |
Ending balance, shares | 66 | 335 | 2,586 |
Weighted-average grant date fair value, beginning balance | $ 84.41 | $ 106.70 | $ 113.36 |
Weighted-average grant date fair value, exercised | 0 | 99.79 | 116.48 |
Weighted-average grant date fair value, expired | 77.90 | 114.17 | 118.37 |
Weighted-average grant date fair value, ending balance | $ 110.83 | $ 84.41 | $ 106.70 |
Weighted-average contractual remaining life (in years) | 10 days | ||
Exercisable shares | 66 | ||
Weighted-average exercise price | $ 110.83 | ||
Weighted-average exercise price exercisable shares | $ 110.83 | ||
Compensation expense (credit) | $ 15,000 | $ (28,000) | $ (15,000) |
Fair value of liability award | $ 1,000 | $ 33,000 | |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance, shares | 10,000 | 74,000 | 76,000 |
Exercised, shares | 0 | (64,000) | (2,000) |
Ending balance, shares | 10,000 | 10,000 | 74,000 |
Weighted-average grant date fair value, beginning balance | $ 80.05 | $ 110.19 | $ 110.73 |
Weighted-average grant date fair value, exercised | 0 | 114.90 | 130.52 |
Weighted-average grant date fair value, ending balance | $ 80.05 | $ 80.05 | $ 110.19 |
Weighted-average contractual remaining life (in years) | 3 years 2 months 1 day | ||
Weighted-average exercise price | $ 80.05 | ||
Compensation expense (credit) | $ 80,000 | $ 328,000 | $ 823,000 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance, shares | 18,316 | 52,765 | 100,445 |
Granted, shares | 8,250 | 8,250 | 16,500 |
Exercised, shares | (18,316) | (41,949) | (62,111) |
Forfeited, shares | 0 | (750) | (2,069) |
Ending balance, shares | 8,250 | 18,316 | 52,765 |
Weighted-average grant date fair value, beginning balance | $ 111.12 | $ 106.26 | $ 105.97 |
Weighted-average grant date fair value, granted | 113.19 | 121.93 | 117.69 |
Weighted-average grant date fair value, exercised | 111.12 | 106.94 | 108.90 |
Weighted-average grant date fair value, forfeited | 0 | 121.93 | 104.17 |
Weighted-average grant date fair value, ending balance | $ 113.19 | $ 111.12 | $ 106.26 |
Weighted-average contractual remaining life (in years) | 10 days | ||
Weighted-average exercise price | $ 111.12 | ||
Compensation expense (credit) | $ 1,168,000 | $ 1,098,000 | $ 3,227,000 |
Fair value of liability award | $ 971,000 | $ 2,426,000 |
Stockholders' Equity and Nonc_6
Stockholders' Equity and Noncontrolling Interests - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||||||||||
Weighted average shares outstanding (in shares) | 26,882,691 | 26,886,357 | 26,896,926 | ||||||||
Incremental shares from RS awards and RSUs | 8,552 | 30,286 | 63,769 | ||||||||
Total shares for diluted calculations (in shares) | 26,891,243 | 26,916,643 | 26,960,695 | ||||||||
Net income attributable to American National | $ 171,122 | $ 92,184 | $ 98,840 | $ 258,217 | $ (117,385) | $ 173,464 | $ 84,139 | $ 18,777 | $ 620,363 | $ 158,995 | $ 493,651 |
Basic earnings per share (in usd per share) | $ 6.37 | $ 3.43 | $ 3.68 | $ 9.60 | $ (4.37) | $ 6.45 | $ 3.13 | $ 0.70 | $ 23.08 | $ 5.91 | $ 18.35 |
Diluted earnings per share (in usd per share) | $ 6.37 | $ 3.43 | $ 3.67 | $ 9.60 | $ (4.37) | $ 6.44 | $ 3.12 | $ 0.70 | $ 23.07 | $ 5.91 | $ 18.31 |
Provisional tax benefit due to effect of reducing the statutory tax rate | $ 206,400 | $ 206,400 | |||||||||
Net income excluding the impact of tax reform | $ 287,300 | ||||||||||
Basic earnings per share excluding the impact of tax reform | $ 10.68 | ||||||||||
Diluted earnings per share excluding the impact of tax reform | $ 10.65 |
Stockholders' Equity and Nonc_7
Stockholders' Equity and Noncontrolling Interests - Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Life | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | $ 2,159,770 | $ 1,989,586 | |
Statutory net income | 47,133 | 59,909 | $ 46,820 |
Property & Casualty | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 1,329,782 | 1,183,913 | |
Statutory net income | $ 96,269 | $ 66,680 | $ 72,267 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Segment information, number of operating segments | 5 |
Segment Information - Summary o
Segment Information - Summary of Total Assets by Operating Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 28,597,566 | $ 26,912,353 | $ 26,386,764 |
Life | |||
Segment Reporting Information [Line Items] | |||
Total assets | 6,825,120 | 6,263,366 | 6,101,458 |
Annuity | |||
Segment Reporting Information [Line Items] | |||
Total assets | 13,808,302 | 12,900,650 | 12,345,215 |
Health | |||
Segment Reporting Information [Line Items] | |||
Total assets | 511,440 | 527,525 | 468,947 |
Property & Casualty | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,570,818 | 2,216,628 | 2,189,515 |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 4,881,886 | $ 5,004,184 | $ 5,281,629 |
Segment Information - Summary_2
Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Premiums | $ 2,182,794 | $ 2,228,193 | $ 2,067,202 | ||||||||
Other policy revenues | 305,256 | 285,549 | 248,526 | ||||||||
Net investment income | 1,077,406 | 858,367 | 966,077 | ||||||||
Net realized investment gains | 30,751 | 16,931 | 91,209 | ||||||||
Net gains (losses) on equity securities | 422,535 | (107,188) | 0 | ||||||||
Other income | 51,401 | 44,530 | 37,986 | ||||||||
Total premiums and other revenues | $ 1,057,273 | $ 932,500 | $ 956,677 | $ 1,123,693 | $ 518,700 | $ 1,052,236 | $ 952,071 | $ 803,375 | 4,070,143 | 3,326,382 | 3,411,000 |
Policyholder benefits | 667,828 | 708,313 | 681,122 | ||||||||
Claims incurred | 1,151,166 | 1,171,659 | 1,037,081 | ||||||||
Interest credited to policyholders’ account balances | 511,999 | 315,684 | 415,190 | ||||||||
Commissions for acquiring and servicing policies | 532,634 | 564,054 | 545,405 | ||||||||
Other operating expenses | 524,888 | 497,011 | 485,340 | ||||||||
Deferred policy acquisition costs | (12,749) | (71,497) | (81,484) | ||||||||
Total benefits, losses and expenses | 835,864 | 848,134 | 852,773 | 838,995 | 682,868 | 868,969 | 850,796 | 782,591 | 3,375,766 | 3,185,224 | 3,082,654 |
Income before federal income tax and other items | $ 221,409 | $ 84,366 | $ 103,904 | $ 284,698 | $ (164,168) | $ 183,267 | $ 101,275 | $ 20,784 | 694,377 | 141,158 | 328,346 |
Life | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums | 359,419 | 350,012 | 328,570 | ||||||||
Other policy revenues | 288,061 | 270,839 | 234,979 | ||||||||
Net investment income | 263,788 | 233,181 | 245,835 | ||||||||
Net realized investment gains | 0 | 0 | 0 | ||||||||
Net gains (losses) on equity securities | 0 | 0 | |||||||||
Other income | 1,967 | 2,266 | 2,256 | ||||||||
Total premiums and other revenues | 913,235 | 856,298 | 811,640 | ||||||||
Policyholder benefits | 449,252 | 417,702 | 410,152 | ||||||||
Claims incurred | 0 | 0 | 0 | ||||||||
Interest credited to policyholders’ account balances | 80,950 | 54,249 | 73,965 | ||||||||
Commissions for acquiring and servicing policies | 162,203 | 158,657 | 147,176 | ||||||||
Other operating expenses | 190,104 | 190,835 | 190,482 | ||||||||
Deferred policy acquisition costs | (26,036) | (33,893) | (49,786) | ||||||||
Total benefits, losses and expenses | 856,473 | 787,550 | 771,989 | ||||||||
Income before federal income tax and other items | 56,762 | 68,748 | 39,651 | ||||||||
Annuity | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums | 147,139 | 231,027 | 222,207 | ||||||||
Other policy revenues | 17,195 | 14,710 | 13,547 | ||||||||
Net investment income | 663,895 | 467,788 | 573,789 | ||||||||
Net realized investment gains | 0 | 0 | 0 | ||||||||
Net gains (losses) on equity securities | 0 | 0 | |||||||||
Other income | 2,727 | 2,611 | 2,832 | ||||||||
Total premiums and other revenues | 830,956 | 716,136 | 812,375 | ||||||||
Policyholder benefits | 218,576 | 290,611 | 270,970 | ||||||||
Claims incurred | 0 | 0 | 0 | ||||||||
Interest credited to policyholders’ account balances | 431,049 | 261,435 | 341,225 | ||||||||
Commissions for acquiring and servicing policies | 71,350 | 94,879 | 105,389 | ||||||||
Other operating expenses | 50,507 | 46,859 | 44,486 | ||||||||
Deferred policy acquisition costs | 9,474 | (35,135) | (30,022) | ||||||||
Total benefits, losses and expenses | 780,956 | 658,649 | 732,048 | ||||||||
Income before federal income tax and other items | 50,000 | 57,487 | 80,327 | ||||||||
Health | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums | 165,035 | 180,414 | 156,436 | ||||||||
Other policy revenues | 0 | 0 | 0 | ||||||||
Net investment income | 9,467 | 9,376 | 9,538 | ||||||||
Net realized investment gains | 0 | 0 | 0 | ||||||||
Net gains (losses) on equity securities | 0 | 0 | |||||||||
Other income | 20,762 | 24,185 | 19,284 | ||||||||
Total premiums and other revenues | 195,264 | 213,975 | 185,258 | ||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Claims incurred | 109,013 | 122,547 | 103,037 | ||||||||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | ||||||||
Commissions for acquiring and servicing policies | 31,624 | 32,516 | 27,400 | ||||||||
Other operating expenses | 41,475 | 41,819 | 38,475 | ||||||||
Deferred policy acquisition costs | 1,382 | 2,846 | 3,814 | ||||||||
Total benefits, losses and expenses | 183,494 | 199,728 | 172,726 | ||||||||
Income before federal income tax and other items | 11,770 | 14,247 | 12,532 | ||||||||
Property & Casualty | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums | 1,511,201 | 1,466,740 | 1,359,989 | ||||||||
Other policy revenues | 0 | 0 | 0 | ||||||||
Net investment income | 64,263 | 62,320 | 61,688 | ||||||||
Net realized investment gains | 0 | 0 | 0 | ||||||||
Net gains (losses) on equity securities | 0 | 0 | |||||||||
Other income | 11,897 | 10,628 | 8,372 | ||||||||
Total premiums and other revenues | 1,587,361 | 1,539,688 | 1,430,049 | ||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Claims incurred | 1,042,153 | 1,049,112 | 934,044 | ||||||||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | ||||||||
Commissions for acquiring and servicing policies | 267,457 | 278,002 | 265,440 | ||||||||
Other operating expenses | 201,580 | 186,019 | 177,345 | ||||||||
Deferred policy acquisition costs | 2,431 | (5,315) | (5,490) | ||||||||
Total benefits, losses and expenses | 1,513,621 | 1,507,818 | 1,371,339 | ||||||||
Income before federal income tax and other items | 73,740 | 31,870 | 58,710 | ||||||||
Corporate & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums | 0 | 0 | 0 | ||||||||
Other policy revenues | 0 | 0 | 0 | ||||||||
Net investment income | 75,993 | 85,702 | 75,227 | ||||||||
Net realized investment gains | 30,751 | 16,931 | 91,209 | ||||||||
Net gains (losses) on equity securities | 422,535 | (107,188) | |||||||||
Other income | 14,048 | 4,840 | 5,242 | ||||||||
Total premiums and other revenues | 543,327 | 285 | 171,678 | ||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Claims incurred | 0 | 0 | 0 | ||||||||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | ||||||||
Commissions for acquiring and servicing policies | 0 | 0 | 0 | ||||||||
Other operating expenses | 41,222 | 31,479 | 34,552 | ||||||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||||||||
Total benefits, losses and expenses | 41,222 | 31,479 | 34,552 | ||||||||
Income before federal income tax and other items | $ 502,105 | $ (31,194) | $ 137,126 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)plan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expenses associated with plan | $ 9,493,000 | $ 10,157,000 | $ 13,466,000 | ||
Active, tax-qualified, defined-benefit pension plan | plan | 0 | ||||
Pension expense | $ 7,200,000 | ||||
Pension settlement expense | $ 5,300,000 | ||||
Estimated net loss to be amortized out of AOCI over the next fiscal year | $ 4,789,000 | ||||
Percentage of total invested plan assets | 5.00% | ||||
Minimum | Corporate Debt Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 1 year | ||||
Maximum | Corporate Debt Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 30 years | ||||
Debt Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of total invested plan assets | 100.00% | ||||
Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of total invested plan assets | 75.00% | ||||
Foreign Bonds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of bond portfolio, foreign bonds | 20.00% | ||||
Residential Mortgage-Backed Securities | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 1 year | ||||
Residential Mortgage-Backed Securities | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 30 years | ||||
Postretirement Life and Health Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contribution for pension plan | $ 40 | ||||
Accrued postretirement benefit obligation | 4,687,000 | 6,085,000 | |||
Qualified Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contribution for pension plan | 60,000,000 | 25,023,000 | |||
Non-qualified Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefits paid | $ 8,703,000 | $ 8,901,000 | $ 12,212,000 |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Amounts Recognized in Consolidated Statements of Financial Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of benefit obligation | |||
Service cost | $ 523 | $ 499 | $ 63 |
Interest cost on projected benefit obligation | 17,421 | 15,846 | 18,772 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at January 1, | 402,579 | ||
Fair value of plan assets at December 31, | 470,101 | 402,579 | |
Qualified | |||
Reconciliation of benefit obligation | |||
Obligation at January 1, | 344,974 | 415,824 | |
Service cost | 524 | 498 | |
Interest cost on projected benefit obligation | 14,867 | 13,428 | |
Actuarial (gain) loss | 48,210 | (57,807) | |
Benefits paid | (21,302) | (26,969) | |
Obligation at December 31, | 387,273 | 344,974 | 415,824 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at January 1, | 402,579 | 382,724 | |
Actual return on plan assets | 88,827 | (13,184) | |
Employer contributions | 0 | 60,000 | |
Benefits paid | (21,305) | (26,961) | |
Fair value of plan assets at December 31, | 470,101 | 402,579 | 382,724 |
Funded status | |||
Funded status at December 31, | 82,828 | 57,605 | |
Non-qualified | |||
Reconciliation of benefit obligation | |||
Obligation at January 1, | 68,035 | 75,014 | |
Service cost | 0 | 0 | |
Interest cost on projected benefit obligation | 2,554 | 2,418 | |
Actuarial (gain) loss | 3,847 | (496) | |
Benefits paid | (8,703) | (8,901) | |
Obligation at December 31, | 65,733 | 68,035 | 75,014 |
Reconciliation of fair value of plan assets | |||
Fair value of plan assets at January 1, | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 8,703 | 8,901 | |
Benefits paid | (8,703) | (8,901) | |
Fair value of plan assets at December 31, | 0 | 0 | $ 0 |
Funded status | |||
Funded status at December 31, | $ (65,733) | $ (68,035) |
Pension and Postretirement Be_5
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 523 | $ 499 | $ 63 |
Interest cost | 17,421 | 15,846 | 18,772 |
Expected return on plan assets | (24,248) | (24,164) | (23,579) |
Amortization of net actuarial loss | 7,070 | 8,560 | 23,832 |
Net periodic benefit cost | $ 766 | $ 741 | $ 19,088 |
Pension and Postretirement Be_6
Pension and Postretirement Benefits - Defined Benefit Pension Plans Recognized as Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Actuarial gain | $ 19,615 | $ 28,260 | $ 20,040 |
Deferred tax expense | (4,120) | (5,934) | (4,209) |
Cumulative effect of change in accounting | (16,491) | 0 | 0 |
Other comprehensive income, net of tax | $ (996) | $ 22,326 | $ 15,831 |
Pension and Postretirement Be_7
Pension and Postretirement Benefits - Net Periodic Benefit Cost Not yet Recognized (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Net actuarial loss | $ (69,915) | $ (68,653) |
Deferred tax benefit | 14,683 | 14,417 |
Amounts included in AOCI | $ (55,232) | $ (54,236) |
Pension and Postretirement Be_8
Pension and Postretirement Benefits - Weighted Average Assumptions Used in Measurement of Benefit Obligation (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Discount rate, used for net benefit cost (as percent) | 4.50% |
Long-term rate of return, used for net benefit cost (as percent) | 6.25% |
Discount rate, used for benefit obligations (as percent) | 3.51% |
Pension and Postretirement Be_9
Pension and Postretirement Benefits - Pension Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 44,247 |
2021 | 33,417 |
2022 | 32,714 |
2023 | 32,113 |
2024 | 31,654 |
2025-2029 | $ 140,543 |
Pension and Postretirement B_10
Pension and Postretirement Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 470,101 | $ 402,579 |
Corporate Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 149,409 | 140,836 |
Residential Mortgage-Backed Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 4,041 | 4,644 |
Mutual Fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 25,594 | 9,161 |
Consumer Goods | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 46,260 | 44,746 |
Energy and Utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 27,410 | 23,844 |
Finance | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 57,900 | 45,131 |
Equity Securities Healthcare | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 37,017 | 31,259 |
Industrials | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 17,996 | 16,033 |
Information Technology | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 60,225 | 47,226 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 35,597 | 28,963 |
Commercial Paper | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 2,948 | 6,836 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 5,106 | 2,769 |
Unallocated Group Annuity Contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 598 | 1,131 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 313,105 | 249,077 |
Level 1 | Mutual Fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 25,594 | 9,161 |
Level 1 | Consumer Goods | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 46,260 | 44,746 |
Level 1 | Energy and Utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 27,410 | 23,844 |
Level 1 | Finance | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 57,900 | 45,131 |
Level 1 | Equity Securities Healthcare | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 37,017 | 31,259 |
Level 1 | Industrials | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 17,996 | 16,033 |
Level 1 | Information Technology | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 60,225 | 47,226 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 35,597 | 28,963 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 5,106 | 2,714 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 156,996 | 153,502 |
Level 2 | Corporate Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 149,409 | 140,836 |
Level 2 | Residential Mortgage-Backed Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 4,041 | 4,644 |
Level 2 | Commercial Paper | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 2,948 | 6,836 |
Level 2 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 0 | 55 |
Level 2 | Unallocated Group Annuity Contract | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 598 | $ 1,131 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Remaining long-term lease commitments | $ 14,095,000 | |
Commitments outstanding, aggregate amount | 1,292,620,000 | |
Commitments expected to be funded in 2020 | 723,908,000 | |
Short-term borrowing facility, maximum capacity | 100,000,000 | |
Short-term borrowing facility, letters of credit | 55,000,000 | |
Letters of credit outstanding, amount | $ 3,484,000 | $ 2,995,000 |
Short-term borrowing facility, expiration date | Oct. 31, 2020 | |
FHLB stock purchased | $ 7,000,000 | |
Total amount of guarantees outstanding | 123,574,000 | |
Life insurance policies with guarantees, cash value | 142,744,000 | |
Collateralized Mortgage Obligations | ||
Financing Receivable, Impaired [Line Items] | ||
Fair value of collateral held at FHLB | 117,500,000 | |
Commercial Mortgage Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Fair value of collateral held at FHLB | $ 1,500,000,000 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gal-Tex Hotel Corporation | Mortgage Loan on Real Estate | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | $ 576 | $ 1,647 |
Gal-Tex Hotel Corporation | Net Investment Income | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | 9 | 107 |
Gal-Tex Hotel Corporation | Mortgage Loans on Real Estate | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | 0 | 576 |
Gal-Tex Hotel Corporation | Net Investment Income | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | 0 | 3 |
Greer, Herz & Adams, LLP | Other Operating Expenses | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | 12,088 | 11,173 |
Greer, Herz & Adams, LLP | Other Operating Expenses | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | $ (519) | $ (329) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Affiliate | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Interest rate on mortgage loans | 7.25% |
Due date of mortgage loans receivable | Apr. 1, 2019 |
Gal-Tex | Moody Foundation | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 34.00% |
Gal-Tex | Libbie Shearn Moody Trust | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 50.20% |
American National | Moody Foundation | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 22.75% |
American National | Libbie Shearn Moody Trust | |
Related Party Transaction [Line Items] | |
Noncontrolling owners, ownership percentage | 37.00% |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Premiums and other revenues | $ 1,057,273 | $ 932,500 | $ 956,677 | $ 1,123,693 | $ 518,700 | $ 1,052,236 | $ 952,071 | $ 803,375 | $ 4,070,143 | $ 3,326,382 | $ 3,411,000 |
Benefits, losses and expenses | 835,864 | 848,134 | 852,773 | 838,995 | 682,868 | 868,969 | 850,796 | 782,591 | 3,375,766 | 3,185,224 | 3,082,654 |
Income (loss) before federal income tax and other items | 221,409 | 84,366 | 103,904 | 284,698 | (164,168) | 183,267 | 101,275 | 20,784 | 694,377 | 141,158 | 328,346 |
Provision (benefit) for federal income taxes | 53,617 | 22,475 | 21,948 | 67,377 | (40,920) | 19,219 | 21,957 | 1,189 | 165,417 | 1,445 | (92,995) |
Equity in earnings (losses) of unconsolidated affiliates | 1,176 | 45,075 | 16,790 | 40,460 | 2,376 | 13,029 | 6,421 | (545) | 103,501 | 21,281 | 86,674 |
Other components of net periodic pension costs, net of tax | 2,124 | (1,023) | (871) | (914) | 3,133 | (1,236) | (1,677) | (792) | (684) | (572) | (12,408) |
Net income (loss) | 171,092 | 105,943 | 97,875 | 256,867 | (117,739) | 175,841 | 84,062 | 18,258 | 631,777 | 160,422 | 495,607 |
Less: Net income (loss) attributable to noncontrolling interest, net of tax | (30) | 13,759 | (965) | (1,350) | (354) | 2,377 | (77) | (519) | 11,414 | 1,427 | 1,956 |
Net income (loss) attributable to American National | $ 171,122 | $ 92,184 | $ 98,840 | $ 258,217 | $ (117,385) | $ 173,464 | $ 84,139 | $ 18,777 | $ 620,363 | $ 158,995 | $ 493,651 |
Earnings per share attributable to American National | |||||||||||
Basic (in usd per share) | $ 6.37 | $ 3.43 | $ 3.68 | $ 9.60 | $ (4.37) | $ 6.45 | $ 3.13 | $ 0.70 | $ 23.08 | $ 5.91 | $ 18.35 |
Diluted (in usd per share) | $ 6.37 | $ 3.43 | $ 3.67 | $ 9.60 | $ (4.37) | $ 6.44 | $ 3.12 | $ 0.70 | $ 23.07 | $ 5.91 | $ 18.31 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | $ 22,361,282 |
Estimated fair value | 23,764,723 |
Amount at which shown in the balance sheet | 23,587,089 |
Options | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 103,518 |
Estimated fair value | 256,005 |
Amount at which shown in the balance sheet | 2,008 |
Consumer Goods | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 121,124 |
Estimated fair value | 320,444 |
Amount at which shown in the balance sheet | 320,444 |
Energy and Utilities | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 94,916 |
Estimated fair value | 132,700 |
Amount at which shown in the balance sheet | 132,700 |
Finance | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 116,653 |
Estimated fair value | 291,696 |
Amount at which shown in the balance sheet | 291,696 |
Healthcare | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 70,693 |
Estimated fair value | 221,319 |
Amount at which shown in the balance sheet | 221,319 |
Industrials | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 35,245 |
Estimated fair value | 127,809 |
Amount at which shown in the balance sheet | 127,809 |
Information Technology | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 99,502 |
Estimated fair value | 426,682 |
Amount at which shown in the balance sheet | 426,682 |
Other | Common Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 107,667 |
Estimated fair value | 161,036 |
Amount at which shown in the balance sheet | 161,036 |
Preferred Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 17,258 |
Estimated fair value | 19,274 |
Amount at which shown in the balance sheet | 19,274 |
Mortgage Loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 5,097,017 |
Estimated fair value | 5,309,005 |
Amount at which shown in the balance sheet | 5,097,017 |
Real Estate | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 513,419 |
Estimated fair value | 0 |
Amount at which shown in the balance sheet | 513,419 |
Real Estate Acquired in Satisfaction of Debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 37,800 |
Estimated fair value | 0 |
Amount at which shown in the balance sheet | 37,800 |
Policy Loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 379,657 |
Estimated fair value | 379,657 |
Amount at which shown in the balance sheet | 379,657 |
Other Long-term Investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 74,561 |
Estimated fair value | 0 |
Amount at which shown in the balance sheet | 74,561 |
Short-term Investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 425,321 |
Estimated fair value | 425,321 |
Amount at which shown in the balance sheet | 425,321 |
Held-to-maturity Securities | Foreign Governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 3,907 |
Estimated fair value | 4,349 |
Amount at which shown in the balance sheet | 3,907 |
Held-to-maturity Securities | Corporate Debt Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 8,068,966 |
Estimated fair value | 8,393,788 |
Amount at which shown in the balance sheet | 8,068,966 |
Held-to-maturity Securities | U.S. States and Political Subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 195,241 |
Estimated fair value | 201,295 |
Amount at which shown in the balance sheet | 195,241 |
Held-to-maturity Securities | Residential Mortgage-Backed Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 237,516 |
Estimated fair value | 242,828 |
Amount at which shown in the balance sheet | 237,516 |
Held-to-maturity Securities | Collateralized Debt Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 125,631 |
Estimated fair value | 126,430 |
Amount at which shown in the balance sheet | 125,631 |
Available-for-sale Securities | Foreign Governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 5,000 |
Estimated fair value | 6,287 |
Amount at which shown in the balance sheet | 6,287 |
Available-for-sale Securities | Corporate Debt Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 5,320,990 |
Estimated fair value | 5,558,684 |
Amount at which shown in the balance sheet | 5,558,684 |
Available-for-sale Securities | U.S. States and Political Subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 1,047,326 |
Estimated fair value | 1,096,101 |
Amount at which shown in the balance sheet | 1,096,101 |
Available-for-sale Securities | Residential Mortgage-Backed Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 23,405 |
Estimated fair value | 23,943 |
Amount at which shown in the balance sheet | 23,943 |
Available-for-sale Securities | Collateralized Debt Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 9,444 |
Estimated fair value | 10,129 |
Amount at which shown in the balance sheet | 10,129 |
Available-for-sale Securities | U.S. Treasury and Government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 29,505 |
Estimated fair value | 29,941 |
Amount at which shown in the balance sheet | $ 29,941 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Equity securities | $ 1,700,960 | $ 1,530,228 | ||
Mortgage loans on real estate, net of allowance | 5,097,017 | 5,124,707 | ||
Other invested assets | 76,569 | 50,087 | ||
Deferred policy acquisition costs | 1,423,007 | 1,497,261 | $ 1,373,844 | $ 1,294,443 |
Prepaid pension | 78,990 | 57,117 | ||
Other assets | 171,285 | 163,222 | ||
Separate account assets | 1,073,891 | 918,369 | ||
Total assets | 28,597,566 | 26,912,353 | $ 26,386,764 | |
LIABILITIES | ||||
Policyholders’ account balances | 12,957,989 | 12,461,833 | ||
Other liabilities | 446,882 | 452,985 | ||
Separate account liabilities | 1,073,891 | 918,369 | ||
Total liabilities | 22,601,803 | 21,640,838 | ||
EQUITY | ||||
Common stock | 30,832 | 30,832 | ||
Additional paid-in capital | 21,011 | 20,694 | ||
Accumulated other comprehensive income (loss) | 99,518 | (99,738) | ||
Retained earnings | 5,946,857 | 5,413,952 | ||
Treasury stock, at cost | (108,469) | (108,492) | ||
Total equity | 5,989,749 | 5,257,248 | ||
Total liabilities and equity | 28,597,566 | 26,912,353 | ||
Parent Company | ||||
ASSETS | ||||
Fixed maturity securities | 10,024,143 | 9,660,562 | ||
Equity securities | 8,998 | 6,252 | ||
Mortgage loans on real estate, net of allowance | 4,667,425 | 4,772,085 | ||
Other invested assets | 1,305,533 | 1,487,383 | ||
Investment in subsidiaries | 3,855,531 | 3,121,901 | ||
Deferred policy acquisition costs | 1,159,812 | 1,224,752 | ||
Prepaid pension | 78,990 | 57,117 | ||
Other assets | 903,583 | 763,458 | ||
Separate account assets | 1,073,891 | 918,369 | ||
Total assets | 23,077,906 | 22,011,879 | ||
LIABILITIES | ||||
Policy liabilities | 4,418,128 | 4,373,398 | ||
Policyholders’ account balances | 11,076,418 | 10,943,189 | ||
Other liabilities | 519,720 | 519,675 | ||
Separate account liabilities | 1,073,891 | 918,369 | ||
Total liabilities | 17,088,157 | 16,754,631 | ||
EQUITY | ||||
Common stock | 30,832 | 30,832 | ||
Additional paid-in capital | 21,011 | 20,694 | ||
Accumulated other comprehensive income (loss) | 99,518 | (99,738) | ||
Retained earnings | 5,946,857 | 5,413,952 | ||
Treasury stock, at cost | (108,469) | (108,492) | ||
Total equity | 5,989,749 | 5,257,248 | ||
Total liabilities and equity | $ 23,077,906 | $ 22,011,879 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Operations (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Premiums and other revenues | |||||||||||
Net investment income | $ 1,077,406,000 | $ 858,367,000 | $ 966,077,000 | ||||||||
Net realized investment gains (losses) | 37,719,000 | 18,174,000 | |||||||||
Net realized investment gains (losses) | 104,595,000 | ||||||||||
Other-than-temporary impairments | (6,968,000) | (1,243,000) | (13,386,000) | ||||||||
Net gains (losses) on equity securities | 422,535,000 | (107,188,000) | 0 | ||||||||
Other income | 51,401,000 | 44,530,000 | 37,986,000 | ||||||||
Total premiums and other revenues | $ 1,057,273,000 | $ 932,500,000 | $ 956,677,000 | $ 1,123,693,000 | $ 518,700,000 | $ 1,052,236,000 | $ 952,071,000 | $ 803,375,000 | 4,070,143,000 | 3,326,382,000 | 3,411,000,000 |
BENEFITS, LOSSES AND EXPENSES | |||||||||||
Other operating expenses | 524,888,000 | 497,011,000 | 485,340,000 | ||||||||
Total benefits, losses and expenses | 835,864,000 | 848,134,000 | 852,773,000 | 838,995,000 | 682,868,000 | 868,969,000 | 850,796,000 | 782,591,000 | 3,375,766,000 | 3,185,224,000 | 3,082,654,000 |
Income before federal income tax and other items | 221,409,000 | 84,366,000 | 103,904,000 | 284,698,000 | (164,168,000) | 183,267,000 | 101,275,000 | 20,784,000 | 694,377,000 | 141,158,000 | 328,346,000 |
Provision (benefit) for federal income taxes | 53,617,000 | 22,475,000 | 21,948,000 | 67,377,000 | (40,920,000) | 19,219,000 | 21,957,000 | 1,189,000 | 165,417,000 | 1,445,000 | (92,995,000) |
Equity in earnings of unconsolidated affiliates | 1,176,000 | 45,075,000 | 16,790,000 | 40,460,000 | 2,376,000 | 13,029,000 | 6,421,000 | (545,000) | 103,501,000 | 21,281,000 | 86,674,000 |
Other components of net periodic pension costs, net of tax | 2,124,000 | (1,023,000) | (871,000) | (914,000) | 3,133,000 | (1,236,000) | (1,677,000) | (792,000) | (684,000) | (572,000) | (12,408,000) |
Net income attributable to American National | $ 171,122,000 | $ 92,184,000 | $ 98,840,000 | $ 258,217,000 | $ (117,385,000) | $ 173,464,000 | $ 84,139,000 | $ 18,777,000 | 620,363,000 | 158,995,000 | 493,651,000 |
Parent Company | |||||||||||
Premiums and other revenues | |||||||||||
Premiums and other policy revenues | 873,076,000 | 943,071,000 | 889,346,000 | ||||||||
Net investment income | 866,837,000 | 686,569,000 | 794,277,000 | ||||||||
Net realized investment gains (losses) | 5,600,000 | 2,053,000 | 21,052,000 | ||||||||
Net realized investment gains (losses) | 21,052,000 | ||||||||||
Other-than-temporary impairments | (6,663,000) | (1,243,000) | (6,105,000) | ||||||||
Net gains (losses) on equity securities | 958,000 | (208,000) | 0 | ||||||||
Other income | 28,037,000 | 19,028,000 | 17,558,000 | ||||||||
Total premiums and other revenues | 1,767,845,000 | 1,649,270,000 | 1,716,128,000 | ||||||||
BENEFITS, LOSSES AND EXPENSES | |||||||||||
Policyholder benefits | 651,162,000 | 716,959,000 | 682,707,000 | ||||||||
Other operating expenses | 965,338,000 | 773,329,000 | 871,935,000 | ||||||||
Total benefits, losses and expenses | 1,616,500,000 | 1,490,288,000 | 1,554,642,000 | ||||||||
Income before federal income tax and other items | 151,345,000 | 158,982,000 | 161,486,000 | ||||||||
Provision (benefit) for federal income taxes | 27,568,000 | 28,308,000 | (53,728,000) | ||||||||
Equity in earnings of unconsolidated affiliates | 492,888,000 | 24,789,000 | 286,579,000 | ||||||||
Other components of net periodic pension costs, net of tax | 3,698,000 | 3,532,000 | (8,142,000) | ||||||||
Net income attributable to American National | $ 620,363,000 | $ 158,995,000 | $ 493,651,000 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 171,092,000 | $ 105,943,000 | $ 97,875,000 | $ 256,867,000 | $ (117,739,000) | $ 175,841,000 | $ 84,062,000 | $ 18,258,000 | $ 631,777,000 | $ 160,422,000 | $ 495,607,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net realized investment gains | (37,719,000) | (18,174,000) | |||||||||
Other-than-temporary impairments | 6,968,000 | 1,243,000 | 13,386,000 | ||||||||
Accretion of premiums, discounts and loan origination fees | (4,394,000) | (6,163,000) | (2,008,000) | ||||||||
Net capitalized interest on policy loans and mortgage loans | (34,081,000) | (39,262,000) | (32,551,000) | ||||||||
Depreciation | 53,160,000 | 52,049,000 | 53,937,000 | ||||||||
Interest credited to policyholders’ account balances | 511,999,000 | 315,684,000 | 415,190,000 | ||||||||
Charges to policyholders’ account balances | (305,256,000) | (285,549,000) | (248,526,000) | ||||||||
Deferred federal income tax expense (benefit) | 78,385,000 | (22,599,000) | (142,096,000) | ||||||||
Changes in | |||||||||||
Policyholder liabilities | 145,396,000 | 288,065,000 | 320,743,000 | ||||||||
Deferred policy acquisition costs | (12,749,000) | (71,497,000) | (81,484,000) | ||||||||
Reinsurance recoverables | 15,645,000 | (8,886,000) | (16,880,000) | ||||||||
Premiums due and other receivables | 3,780,000 | (31,360,000) | (19,445,000) | ||||||||
Prepaid reinsurance premiums | 8,952,000 | 10,003,000 | (599,000) | ||||||||
Accrued investment income | (12,227,000) | (960,000) | (7,347,000) | ||||||||
Current tax receivable/payable | 18,893,000 | 35,315,000 | 17,252,000 | ||||||||
Liability for retirement benefits | (8,454,000) | (69,762,000) | (14,127,000) | ||||||||
Fair value of option securities | (144,978,000) | 54,951,000 | (90,357,000) | ||||||||
Fair value of equity securities | (422,535,000) | 107,188,000 | 0 | ||||||||
Other, net | 5,503,000 | 24,630,000 | 4,958,000 | ||||||||
Net cash provided by operating activities | 506,412,000 | 495,510,000 | 495,925,000 | ||||||||
Proceeds from sale/maturity/prepayment of | |||||||||||
Held-to-maturity securities | 864,481,000 | 629,359,000 | 893,977,000 | ||||||||
Available-for-sale securities | 500,724,000 | 451,292,000 | 489,902,000 | ||||||||
Equity securities | 294,798,000 | 214,737,000 | 137,780,000 | ||||||||
Investment real estate | 66,725,000 | 11,577,000 | 67,227,000 | ||||||||
Mortgage loans | 837,732,000 | 812,239,000 | 811,049,000 | ||||||||
Policy loans | 48,079,000 | 52,606,000 | 42,580,000 | ||||||||
Other invested assets | 120,455,000 | 118,846,000 | 80,901,000 | ||||||||
Disposals of property and equipment | 69,000 | 0 | 554,000 | ||||||||
Distributions from affiliates and subsidiaries | 91,325,000 | 58,287,000 | 102,000,000 | ||||||||
Payment for the purchase/origination of | |||||||||||
Held-to-maturity securities | (1,468,253,000) | (1,349,008,000) | (1,215,311,000) | ||||||||
Available-for-sale securities | (528,495,000) | (680,477,000) | |||||||||
Available-for-sale securities | (737,651,000) | ||||||||||
Equity securities | (49,016,000) | (79,514,000) | (108,054,000) | ||||||||
Investment real estate | (24,163,000) | (71,732,000) | (33,844,000) | ||||||||
Mortgage loans | (784,408,000) | (1,173,189,000) | (1,194,672,000) | ||||||||
Policy loans | (27,722,000) | (26,147,000) | (23,325,000) | ||||||||
Other invested assets | (109,074,000) | (75,233,000) | (47,134,000) | ||||||||
Additions to property and equipment | (21,402,000) | (17,670,000) | (24,395,000) | ||||||||
Contributions to unconsolidated affiliates | (262,569,000) | (151,261,000) | (27,869,000) | ||||||||
Change in short-term investments | (190,511,000) | 452,005,000 | (466,539,000) | ||||||||
Change in collateral held for derivatives | 107,133,000 | (68,565,000) | 89,981,000 | ||||||||
Other, net | 10,369,000 | 7,087,000 | 18,030,000 | ||||||||
Net cash used in investing activities | (523,723,000) | (884,761,000) | (1,144,813,000) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Policyholders’ account deposits | 1,770,646,000 | 1,717,153,000 | 2,095,734,000 | ||||||||
Policyholders’ account withdrawals | (1,481,234,000) | (1,345,498,000) | (1,271,128,000) | ||||||||
Dividends to stockholders | (88,243,000) | (88,228,000) | (88,335,000) | ||||||||
Net cash provided by financing activities | 201,148,000 | 281,578,000 | 735,387,000 | ||||||||
Beginning of the year | 268,164,000 | 268,164,000 | |||||||||
End of the year | 452,001,000 | 268,164,000 | 452,001,000 | 268,164,000 | |||||||
Parent Company | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 620,363,000 | 158,995,000 | 493,651,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net realized investment gains | (5,600,000) | (2,053,000) | (21,052,000) | ||||||||
Other-than-temporary impairments | 6,663,000 | 1,243,000 | 6,105,000 | ||||||||
Accretion of premiums, discounts and loan origination fees | (9,654,000) | (11,236,000) | (6,615,000) | ||||||||
Net capitalized interest on policy loans and mortgage loans | (31,366,000) | (36,784,000) | (31,853,000) | ||||||||
Depreciation | 30,658,000 | 30,492,000 | 32,991,000 | ||||||||
Interest credited to policyholders’ account balances | 441,268,000 | 269,933,000 | 370,270,000 | ||||||||
Charges to policyholders’ account balances | (291,160,000) | (272,638,000) | (236,336,000) | ||||||||
Deferred federal income tax expense (benefit) | 40,936,000 | 10,564,000 | (57,337,000) | ||||||||
Equity in earnings of affiliates | (6,752,000) | (8,323,000) | (10,840,000) | ||||||||
Net income of subsidiaries | (486,136,000) | (16,466,000) | (275,739,000) | ||||||||
Distributions from equity method investments | 22,012,000 | 5,319,000 | 0 | ||||||||
Changes in | |||||||||||
Policyholder liabilities | 44,732,000 | 165,931,000 | 179,497,000 | ||||||||
Deferred policy acquisition costs | (4,791,000) | (61,881,000) | (66,219,000) | ||||||||
Reinsurance recoverables | 18,826,000 | (9,855,000) | 584,000 | ||||||||
Premiums due and other receivables | 4,333,000 | (1,302,000) | 12,343,000 | ||||||||
Prepaid reinsurance premiums | 5,277,000 | 3,213,000 | 3,392,000 | ||||||||
Accrued investment income | (3,535,000) | 2,306,000 | (3,138,000) | ||||||||
Current tax receivable/payable | (83,470,000) | 79,168,000 | 1,725,000 | ||||||||
Liability for retirement benefits | (5,482,000) | (64,824,000) | (31,830,000) | ||||||||
Fair value of option securities | (134,925,000) | 50,299,000 | (86,259,000) | ||||||||
Fair value of equity securities | (958,000) | 208,000 | 0 | ||||||||
Other, net | (6,193,000) | (17,943,000) | 20,437,000 | ||||||||
Net cash provided by operating activities | 165,046,000 | 274,366,000 | 293,777,000 | ||||||||
Proceeds from sale/maturity/prepayment of | |||||||||||
Held-to-maturity securities | 706,230,000 | 514,393,000 | 730,143,000 | ||||||||
Available-for-sale securities | 366,696,000 | 296,545,000 | 315,030,000 | ||||||||
Equity securities | 0 | 0 | 5,635,000 | ||||||||
Investment real estate | 0 | 3,782,000 | 58,840,000 | ||||||||
Mortgage loans | 789,088,000 | 799,413,000 | 794,011,000 | ||||||||
Policy loans | 42,316,000 | 42,407,000 | 44,253,000 | ||||||||
Other invested assets | 112,340,000 | 110,415,000 | 76,521,000 | ||||||||
Disposals of property and equipment | 69,000 | 0 | 158,000 | ||||||||
Distributions from affiliates and subsidiaries | 27,891,000 | 17,795,000 | 20,038,000 | ||||||||
Payment for the purchase/origination of | |||||||||||
Held-to-maturity securities | (936,646,000) | (971,396,000) | (824,831,000) | ||||||||
Available-for-sale securities | (326,476,000) | (535,233,000) | |||||||||
Available-for-sale securities | (345,677,000) | ||||||||||
Equity securities | (351,000) | (1,485,000) | (128,000) | ||||||||
Investment real estate | (13,639,000) | (23,790,000) | (26,936,000) | ||||||||
Mortgage loans | (668,563,000) | (1,021,303,000) | (1,117,320,000) | ||||||||
Policy loans | (25,408,000) | (23,014,000) | (22,978,000) | ||||||||
Other invested assets | (102,275,000) | (67,914,000) | (42,849,000) | ||||||||
Additions to property and equipment | (11,163,000) | (10,767,000) | (20,441,000) | ||||||||
Contributions to unconsolidated affiliates | (147,547,000) | (95,091,000) | (26,056,000) | ||||||||
Change in short-term investments | 138,021,000 | 360,837,000 | (401,110,000) | ||||||||
Change in investment in subsidiaries | 35,069,000 | 100,000,000 | 0 | ||||||||
Change in collateral held for derivatives | 97,852,000 | (63,069,000) | 84,325,000 | ||||||||
Other, net | (92,000) | 191,000 | 15,751,000 | ||||||||
Net cash used in investing activities | 83,412,000 | (567,284,000) | (683,621,000) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Policyholders’ account deposits | 1,375,003,000 | 1,513,478,000 | 1,732,494,000 | ||||||||
Policyholders’ account withdrawals | (1,391,881,000) | (1,243,641,000) | (1,182,754,000) | ||||||||
Dividends to stockholders | (88,243,000) | (88,228,000) | (88,335,000) | ||||||||
Net cash provided by financing activities | (105,121,000) | 181,609,000 | 461,405,000 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 143,337,000 | (111,309,000) | 71,561,000 | ||||||||
Beginning of the year | $ 151,592,000 | $ 262,901,000 | 151,592,000 | 262,901,000 | 191,340,000 | ||||||
End of the year | $ 294,929,000 | $ 151,592,000 | $ 294,929,000 | $ 151,592,000 | $ 262,901,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | $ 1,423,007 | $ 1,497,261 | $ 1,373,844 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 19,517,754 | 18,884,849 | 18,239,714 |
Unearned premiums | 933,559 | 908,856 | 875,294 |
Premium revenue | 2,182,794 | 2,228,193 | 2,067,202 |
Net investment income | 1,077,406 | 858,367 | 966,077 |
Benefits, claims, losses and settlement expenses | 1,818,994 | 1,879,972 | 1,718,203 |
Amortization of deferred policy acquisition costs | 530,509 | 480,157 | 444,351 |
Other operating expenses | 524,888 | 497,011 | 485,340 |
Premiums written | 1,546,144 | 1,514,563 | 1,414,024 |
Life | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 852,900 | 839,133 | 791,276 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 5,293,970 | 5,158,377 | 5,432,688 |
Unearned premiums | 27,080 | 29,901 | 33,298 |
Premium revenue | 359,419 | 350,012 | 328,570 |
Net investment income | 263,788 | 233,181 | 245,835 |
Benefits, claims, losses and settlement expenses | 449,252 | 417,702 | 410,152 |
Amortization of deferred policy acquisition costs | 113,300 | 97,263 | 74,068 |
Other operating expenses | 190,104 | 190,835 | 190,482 |
Annuity | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 415,380 | 499,588 | 426,497 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 12,856,209 | 12,372,418 | 11,533,813 |
Premium revenue | 147,139 | 231,027 | 222,207 |
Net investment income | 663,895 | 467,788 | 573,789 |
Benefits, claims, losses and settlement expenses | 218,576 | 290,611 | 270,970 |
Amortization of deferred policy acquisition costs | 79,746 | 57,468 | 74,750 |
Other operating expenses | 50,507 | 46,859 | 44,486 |
Health | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 32,578 | 33,960 | 36,806 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 282,592 | 319,789 | 282,872 |
Unearned premiums | 34,862 | 37,261 | 40,665 |
Premium revenue | 165,035 | 180,414 | 156,436 |
Net investment income | 9,467 | 9,376 | 9,538 |
Benefits, claims, losses and settlement expenses | 109,013 | 122,547 | 103,037 |
Amortization of deferred policy acquisition costs | 21,322 | 15,436 | 15,227 |
Other operating expenses | 41,475 | 41,819 | 38,475 |
Property & Casualty | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred policy acquisition cost | 122,149 | 124,580 | 119,265 |
Future policy benefits, policyholders’ account balances, policy and contract claims and other policyholder funds | 1,084,983 | 1,034,265 | 990,341 |
Unearned premiums | 871,617 | 841,694 | 801,331 |
Premium revenue | 1,511,201 | 1,466,740 | 1,359,989 |
Net investment income | 64,263 | 62,320 | 61,688 |
Benefits, claims, losses and settlement expenses | 1,042,153 | 1,049,112 | 934,044 |
Amortization of deferred policy acquisition costs | 316,141 | 309,990 | 280,306 |
Other operating expenses | 201,580 | 186,019 | 177,345 |
Premiums written | 1,546,144 | 1,514,563 | 1,414,024 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Net investment income | 75,993 | 85,702 | 75,227 |
Amortization of deferred policy acquisition costs | 0 | ||
Other operating expenses | $ 41,222 | $ 31,479 | $ 34,552 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Life insurance in-force, direct amount | $ 117,886,265 | $ 110,125,270 | $ 102,843,372 |
Life insurance in-force, ceded to other companies | 24,913,905 | 26,601,422 | 29,646,646 |
Life insurance in-force, assumed from other companies | 218,020 | 230,845 | 257,552 |
Life insurance in-force, net amount | $ 93,190,380 | $ 83,754,693 | $ 73,454,278 |
Life insurance in-force, percentage of amount assumed to net | 0.20% | 0.30% | 0.40% |
Premiums earned, direct amount | $ 2,464,870 | $ 2,499,584 | $ 2,341,088 |
Premiums earned, ceded to other companies | 518,580 | 557,556 | 500,939 |
Premiums earned, assumed from other companies | 236,504 | 286,165 | 227,053 |
Net premiums | $ 2,182,794 | $ 2,228,193 | $ 2,067,202 |
Premiums earned, percentage of amount assumed to net | 10.80% | 12.80% | 11.00% |
Life and Annuity | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 605,796 | $ 684,399 | $ 654,086 |
Premiums earned, ceded to other companies | 99,856 | 103,749 | 104,599 |
Premiums earned, assumed from other companies | 618 | 389 | 1,290 |
Net premiums | $ 506,558 | $ 581,039 | $ 550,777 |
Premiums earned, percentage of amount assumed to net | 0.10% | 0.10% | 0.20% |
Health | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 209,200 | $ 209,109 | $ 194,516 |
Premiums earned, ceded to other companies | 269,487 | 303,623 | 253,110 |
Premiums earned, assumed from other companies | 225,322 | 274,928 | 215,030 |
Net premiums | $ 165,035 | $ 180,414 | $ 156,436 |
Premiums earned, percentage of amount assumed to net | 136.50% | 152.40% | 137.50% |
Property & Casualty | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums earned, direct amount | $ 1,649,874 | $ 1,606,076 | $ 1,492,486 |
Premiums earned, ceded to other companies | 149,237 | 150,184 | 143,230 |
Premiums earned, assumed from other companies | 10,564 | 10,848 | 10,733 |
Net premiums | $ 1,511,201 | $ 1,466,740 | $ 1,359,989 |
Premiums earned, percentage of amount assumed to net | 0.70% | 0.70% | 0.80% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Detail) - SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 21,333 | $ 18,866 | $ 12,490 |
Charged to costs and expenses | 2,412 | 4,798 | 7,700 |
Written off | (4,585) | (2,331) | (1,324) |
Change in estimate | 0 | 0 | 0 |
Balance at end of year | $ 19,160 | $ 21,333 | $ 18,866 |